Document:

EX-4.39

 Exhibit 4.39 

AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT 

This Amended and Restated Equity Pledge Agreement (this “Agreement”) is entered into in Beijing, PRC by the following parties on
June 20, 2016: 
 Pledgee: 
 Party A: Baidu
Online Network Technology (Beijing) Co., Ltd. 
 Address: Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Pledgor: 
 Party B: Zhixiang Liang 

ID No.: 
 WHEREAS: 

1. Party A is a wholly foreign-owned enterprise registered in Beijing, the People’s Republic of China (the “PRC”). 

2. Party B is a citizen of the PRC owning 50% equity interests in Beijing Perusal Technology Co., Ltd. (“Perusal”), a limited
liability company registered in Beijing, the PRC. 
 3. Party A and Party B entered into an Amended and Restated Loan Agreement dated
June 20, 2016, whereby Party B obtains a loan (the “Loan Arrangement”) up to a total amount of RMB1,598,440,000 (the “Loan”), of which Party B pledges his equity interests for RMB1,580,000,000. 

4. Party A and Perusal entered into an Exclusive Technology Consulting and Services Agreement dated June 23, 2006 with infinite term (the
“Services Agreement”), pursuant to which Perusal shall pay Party A technical consulting and services fee (the “Service Fees”) for the technology consulting and services provided by Party A. 

5. In order to ensure that Party B will perform its obligations under the Loan Agreement and Party A will be able to collect Service Fees from
Perusal, Party B agrees to pledge all his equity interest in Perusal as security for performance of his obligations under the Loan Agreement and for the Service Fees. Party A (the “Pledgee”) and Party B (the “Pledgor”) intend to
enter into this Agreement to specify their respective rights and obligations in respect of such pledge. 
 NOW THEREFORE, the Pledgee
and the Pledgor agree as follows through negotiations and to be bound hereby: 

  
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	1.	 Definitions 

Unless otherwise provided in this Agreement, the following terms shall have the following meanings: 

1.1 “Pledge”: refers to the full content of Article 2 hereunder. 

1.2 “Equity Interest”: refers to all of the equity interest in Perusal legally held by the Pledgor. 

1.3 “Rate of Pledge”: refers to the ratio between the value of the Pledge under this Agreement and the total amount of the Service
Fees and the Loan. 
 1.4 “Term of Pledge”: refers to the period provided for under Article 3.2 hereunder. 

1.5 “Principal Agreement”: refers to the Services Agreements and the agreements under the Loan Arrangement. 

1.6 “Event of Default”: refers to any event listed in Article 7.1 hereunder. 

1.7 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement. 

 

	2.	 Pledge 

The Pledgor will pledge all of his Equity Interest in Perusal to the Pledgee as security for (i) all his obligations under the Loan
Arrangement and (ii) all the obligations of Perusal under the Services Agreement. For purpose of this Agreement, “Pledge” refers to the right of the Pledgee to be entitled to priority in receiving payment in the form of the Equity
Interest based on the conversion value thereof, or from the proceeds from the auction or sale of the Equity Interest pledged by the Pledgor to the Pledgee. 
  

	3.	 Rate of Pledge and Term of Pledge  

3.1 Rate of the Pledge 
 The rate
of the Pledge shall be approximately 100%. 
 3.2 Term of the Pledge 

3.2.1 The Pledge shall take effect as of the date when the pledge of the Equity Interest is recorded in the Register of Shareholders of
Perusal and when the pledge is registered with the Administration for Industry and Commerce and shall remain in effect until two (2) years after the obligations under the Principal Agreement will have been fulfilled. 

3.2.2 During the term of the Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance with this Agreement in the
event that the Pledgor does not perform his obligations under the Loan Arrangement or Perusal does not perform his obligations under the Services Agreement. 

  
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	4.	 Physical Possession of Documents  

4.1 During the term of the Pledge under this Agreement, the Pledgor shall deliver the physical possession of his Certificate of Capital
Contribution and the Register of Shareholders of Perusal to the Pledgee within one (1) week from the date of this Agreement. 
 4.2 The
Pledgee shall be entitled to receive dividends from the Equity Interest. 
 4.3 The Pledge under this Agreement will be recorded in the
Register of Shareholders of Perusal (See Appendix I) after the execution of this Agreement. 
  

	5.	 Representations and Warranties of the Pledgor  

5.1 The Pledgor is the legal owner of the Equity Interest pledged and has adopted shareholders’ resolutions to approve the Pledge (See
Appendix II). 
 5.2 Except for the benefit of the Pledgee, the Pledgor has not pledged the Equity Interest or created other encumbrance on
the Equity Interest. 
  

	6.	 Covenants of the Pledgor  

6.1 During the term of this Agreement, the Pledgor covenants to the Pledgee for its benefit that the Pledgor shall: 

6.1.1 not transfer or assign the Equity Interest, create or permit the existence of any other pledges which may have an adverse effect on the
rights or benefits of the Pledgee without prior written consent of the Pledgee; 
 6.1.2 comply with and implement the laws and regulations
with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by relevant government authorities within five (5) days upon receiving such notices, orders or
suggestions; comply with such notices, orders or suggestions or, alternatively, at the reasonable request of the Pledgee or with consent from the Pledgee, raise objection to such notices, orders or suggestions; 

6.1.3 timely notify the Pledgee of any events or any notices received which may affect the Pledgor’s right to all or any part of the
Equity Interest, and any events or any received notices which may change the Pledgor’s warranties and obligations under this Agreement or affect the Pledgor’s performance of its obligations under this Agreement. 

6.2 The Pledgor agrees that the Pledgee’s right to the Pledge obtained from this Agreement shall not be suspended or inhibited by any
legal procedure initiated by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any other person. 

  
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 6.3 The Pledgor promises to the Pledgee that in order to protect or perfect the security for the
payment of the Loan and the Services Fees, the Pledgor shall execute in good faith and cause other parties who have interests in the Pledge to execute, all title certificates and contracts and/or to perform any other actions (and cause other parties
who have interests to take action) as required by the Pledgee and facilitate the exercise of the rights and authorization vested in the Pledgee under this Agreement. 

6.4 The Pledgor promises to the Pledgee that he/she will execute all amendment documents (if applicable and necessary) in connection with the
certificate of the Equity Interest with the Pledgee or its designated person (being a natural person or a legal entity) and, within a reasonable period, provide to the Pledgee all notices, orders and decisions about the Pledge as the Pledgee deems
necessary. 
 6.5 The Pledgor promises to the Pledgee that he/she will comply with and perform all the guarantees, covenants, warranties,
representations and conditions for the benefit of the Pledgee. The Pledgor shall compensate the Pledgee for all losses suffered by the Pledgee because of the Pledgor’s failure to perform in whole or in part its guarantees, covenants,
warranties, representations and conditions. 
 6.6 During the term of this Agreement, the Pledgor will not perform any action/non-action
which may affect the value of the Equity Interest to maintain or increase the value. The Pledgor shall timely notify the Pledgee of any events, which may decrease the value of the Equity Interest or affect the Pledgor’s performance of the
obligations under this Agreement, and shall provide security satisfactory to the Pledgee of the decreased value of the Equity Interest upon the Pledgee’s request. 

6.7 Under the permission of the applied laws or regulations, the Pledgor shall use his/her best efforts to cooperate with all the
registration, record or other procedures relating to the Pledge as required by relevant laws and regulations. 
  

	7.	 Event of Default  

7.1 Each of the following events shall be regarded as an Event of Default: 

 

	7.1.1	 Pledgor fails to perform his obligations under the Loan Arrangement and supplementary agreements;

 7.1.2 Perusal fails to pay the Services Fees in due course in full amount or perform other obligations under the
Services Agreements; 
 7.1.3 Any representation or warranty made by the Pledgor in Article 5 hereof contains material misleading statements
or errors and/or the Pledgor breaches any warranty in Article 5 hereof; 
  

	7.1.4	 The Pledgor breaches the covenants under Article 6 hereof; 

 

	7.1.5	 The Pledgor breaches any other provision of this Agreement; 

  
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 7.1.6 The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity
Interest without prior written consent from the Pledgee; 
 7.1.7 Any of the Pledgor’s external loans, guaranties, compensations,
undertakings or other obligations (1) is required to be repaid or performed prior to the scheduled due date because of a default; or (2) is due but cannot be repaid or performed as scheduled, causing the Pledgee to believe that the
Pledgor’s ability to perform the obligations hereunder has been affected; 
  

	7.1.8	 Perusal is incapable of repaying its general debts or other debts; 

7.1.9 This Agreement becomes illegal or the Pledgor is not capable of continuing to perform the obligations hereunder due to any reason other
than a force majeure event; 
 7.1.10 There have been adverse changes to the properties owned by the Pledgor, causing the Pledgee to believe
that the capability of the Pledgor to perform the obligations hereunder has been affected; 
 7.1.11 The successor or custodian of Perusal
only partially performs or refuses to perform the payment obligation under the Services Agreements; and 
  

	7.1.12	 The breach of the other provisions of this Agreement by the Pledgor due to his act or omission.

 7.2 The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor knows or discovers that any event
specified under Article 7.1 hereof or any event that may result in the foregoing events has occurred. 
 7.3 Unless an event of default
under Article 7.1 hereof has been solved to the Pledgee’s satisfaction, the Pledgee, at any time when the event of default occurs or at any time thereafter, may give a written Notice of Default to the Pledgor, requiring the Pledgor to
immediately make full payment of the outstanding amount under the Loan Arrangement or under the Services Agreements or requesting to exercise the Pledge in accordance with Article 8 hereof. 

 

	8.	 Exercise of the Pledge  

8.1 The Pledgor shall not transfer or assign the Equity Interest without prior written approval from the Pledgee prior to the full performance
of his obligations under the Loan Arrangement and supplementary agreement and full payment of all Service Fees under the Services Agreements, whichever is later. 

8.2 The Pledgee shall give a Notice of Default to the Pledgor when the Pledgee exercises the Pledge. 

8.3 Subject to Article 7.3, the Pledgee may exercise the Pledge when the Pledgee gives a Notice of Default in accordance with Article 7.3 or
at any time thereafter. 

  
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 8.4 The Pledgee is entitled to priority in receiving payment in the form of all or part of the
Equity Interest based on the conversion value thereof, or from the proceeds from the auction or sale of all or part of the Equity Interest in accordance with legal procedure, until the outstanding debt and all other payables of the Pledgor under
Loan Arrangement and Services Agreements are repaid. 
 8.5 The Pledgor shall not hinder the Pledgee from exercising the Pledge in
accordance with this Agreement and shall give necessary assistance so that the Pledgee could fully exercise its Pledge. 
  

	9.	 Assignment 

9.1 The Pledgor shall not assign or transfer its rights and obligations hereunder without prior consent from the Pledgee. 

9.2 This Agreement shall be binding upon the Pledgor and his successors and be binding on the Pledgee and each of its successors and permitted
assigns. 
 9.3 To the extent permitted by law, the Pledgee may transfer or assign any or all of its rights and obligations under the Loan
Arrangement and supplementary agreements to any person (natural person or legal entity) designated by it at any time. In that case, the assignee shall have the same rights and obligations as those of the Pledgee as if the assignee were an original
party hereto. When the Pledgee transfers or assigns the rights and obligations under the Services Agreement, Loan Arrangement and supplementary agreements, it is only required to provide a written notice to the Pledgor, and at the request of the
Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment. 
 9.4 After the
Pledgee has been changed as a result of a transfer or an assignment, the new parties to the Pledge shall execute a new pledge contract. 
  

	10.	 Effectiveness and Term  

This Agreement is executed on the date first set forth above and becomes effective from the date when the pledge is recorded on Perusal’s
Register of Shareholders. 
  

	11.	 Termination  

This Agreement shall terminate when the loan under the Loan Arrangement and the Services Fees under the Services Agreement have been fully
repaid and the Pledgor no longer has any outstanding obligations under the Loan Arrangement and Perusal no longer has any outstanding obligations under the Services Agreements. Thereafter, the Pledgee shall cancel or terminate this Agreement as soon
as reasonably practicable. 

  
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	12.	 Fees and Other Charges  

12.1 The Pledgor shall be responsible for all of the fees and actual expenses in relation to this Agreement including, but not limited to,
legal fees, production costs, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with the laws, the Pledgor shall fully indemnify the Pledgee for such taxes paid by the Pledgee. 

12.2 In the event that the Pledgee has to make a claim against the Pledgor by any means as a result of the Pledgor’s failure to pay any
tax or expense payable by the Pledgor under this Agreement, the Pledgor shall be responsible for all the expenses arising from such claim (including but not limited to any taxes, handling fees, management fees, litigation fees, attorney’s fees,
and various insurance premiums in connection with the disposition of the Pledge). 
  

	13.	 Force Majeure 

13.1 Force Majeure, which includes but is not limited to acts of governments, changes of law, acts of God, fires, explosions, typhoons, floods,
earthquake, tides, lightning or war, refers to any unforeseen event that is beyond a party’s reasonable control and cannot be prevented with reasonable care. However, any insufficiency of creditworthiness, capital or financing shall not be
regarded as an event beyond a party’s reasonable control. The affected party by Force Majeure shall promptly notify the other party of such event resulting in exemption. 

13.2 In the event that the affected party is delayed or prevented from performing its obligations under this Agreement by Force Majeure, and
only to the extent of such delay and prevention, the affected party shall not be liable for obligations under this Agreement. The affected party shall take appropriate measures to minimize or remove the effects of Force Majeure and attempt to resume
performance of the obligations that were delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, both Parties agree to resume the performance of this Agreement using their best efforts. 

 

	14.	 Confidentiality  

The Parties acknowledge and confirm that all the oral and written materials exchanged relating to this Agreement are confidential. Each party
must keep such materials confidential and cannot disclose such materials to any other third party without the other party’s prior written approval, unless: (a) the public knows or will know the materials (not due of the disclosure by the
receiving party); (b) the disclosed materials are required by law or stock exchange rules to be disclosed; or (c) materials relating to the transactions under this Agreement are disclosed to the Parties’ legal or financial advisors,
who must keep them confidential as well. Disclosure of the confidential information by employees or institutions hired by the Parties is deemed as an act by the Parties, therefore, subjecting them to liability. 

 

	15.	 Dispute Resolution  

15.1 This Agreement shall be governed by and construed in accordance with PRC law. 

15.2 The Parties shall strive to settle any dispute arising from the interpretation or performance of this Agreement through friendly
consultation. In case no settlement can be reached through consultation, each party can submit such matter to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the
current rules of CIETAC, the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing, PRC. The arbitration award shall be final and binding upon the Parties. 

  
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	16.	 Notice  

Any notice which is given by the Parties hereto for the purpose of performing the rights and obligations hereunder shall be in writing. If such
notice is delivered personally, the time of notice is the time when such notice actually reaches the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time when such notice is transmitted. If such notice does
not reach the addressee on a business day or reaches the addressee after business hours, the next business day following such day is the date of notice. The delivery place is the address first written above for each of the Parties hereto or the
address advised by such party in writing, including facsimile and telex, from time to time. 
  

			
	 Party A:
	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Telephone:
	  	 010-59928888

		
	 Party B:
	  	 Zhixiang Liang

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Telephone:
	  	 010-59928888

  

	17.	 Entire Agreement  

Notwithstanding provisions in Article 10 hereof, the Parties agree that this Agreement constitutes the entire agreement of the Parties hereto
with respect to the subject matters herein upon its effectiveness and supersedes and replaces all prior oral and/or written agreements and understandings relating to the subject matters of this Agreement. 

 

	18.	 Severability  

Should any provision of this Agreement be held invalid or unenforceable because of inconsistency with applicable laws, such provision shall be
invalid or unenforceable only to the extent of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 
  

	19.	 Appendices  

The appendices to this Agreement shall constitute an integral part of this Agreement. 

  
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	20.	 Amendment or Supplement  

20.1 The Parties may amend or supplement this Agreement by written agreement. The amendments or supplements to this Agreement duly executed by
both Parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 
 20.2 This Agreement
and any amendments, modifications, supplements, additions or changes hereto shall be in writing and shall be effective upon being executed and sealed by the Parties hereto. 
  

	21.	 Counterparts  

This Agreement is made in Chinese in two originals, with each Party holding one original. Both originals have the same legal effect. 

[no text below] 

  
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 [This page contains no body text] 

IN WITNESS WHEREOF, each Party has caused this Agreement to be executed by himself/herself, its legal representative or its duly
authorized representative as of the date first written above. 
  

			
	 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.
	 	
		
	 /s/: Hailong Xiang
	 	
		
	 Seal of Baidu Online Network Technology (Beijing) Co., Ltd.
	 	
		
	 Party B: Zhixiang Liang
	 	
		
	 /s/: Zhixiang Liang
	 	

  
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 Appendices: 
  

	 	I.	 Register of Shareholders of Beijing Perusal Technology Co., Ltd. 

 

	 	II.	 Resolutions of the Shareholders’ Meeting of Beijing Perusal Technology Co., Ltd. 

  
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 Appendix I 

Register of shareholders of Beijing Perusal Technology Co., Ltd. 

 

			
	 Name of the Shareholder:
	  	 Zhixiang Liang

	 ID number:
	  	
	 Residence
	  	
	 Contribution Amount:
	  	 RMB1.58 billion

	 Percentage of Share Capital:
	  	 50%

	 Number of the certificate of capital contribution:
	  	
		
	 Name of the Shareholder:
	  	 Xiaodong Wang

	 ID number:
	  	
	 Residence
	  	
	 Contribution Amount:
	  	 RMB1.58 billion

	 Percentage of Share Capital:
	  	 50%

	 Number of the certificate of capital contribution:
	  	

 Zhixiang Liang holds 50% equity interests in Beijing Perusal Technology Co., Ltd., the entirety of which has
been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Xiaodong Wang holds 50% equity interests in Beijing Perusal
Technology Co., Ltd., the entirety of which has been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Baidu Online Network
Technology (Beijing) Co., Ltd. is the pledgee of 100% of the equity interests in Beijing Perusal Technology Co., Ltd. 
  

			
	 Beijing Perusal Technology Co., Ltd.

		
	 Signature:
	 	 /s/ Hailong Xiang

	 Name: Hailong Xiang

 Title: Legal representative 

Stamp: 
 Date: June 20, 2016 

  
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 Appendix II 

Resolutions of the Shareholders’ Meeting 

of Beijing Perusal Technology Co., Ltd. 

In respect of the Amended and Restated Equity Pledge Agreement dated June 20, 2016 between the shareholders of Beijing Perusal Technology
Co., Ltd. (the “Company”) and Beijing Online Network Technology (Beijing) Co., Ltd., a resolution is unanimously adopted at the shareholders’ meeting of the Company that: 

It is approved that the shareholders of the Company pledge all of their equity interest in the Company to Baidu Online Network Technology
(Beijing) Co., Ltd. 
 The resolution was signed and delivered on June 20, 2016 by the undersigned shareholders. 

 

	
	 Shareholder: Zhixiang Liang

	
	 /s/: Zhixiang Liang

	
	 Xiaodong Wang

	
	 /s/: Xiaodong Wang

  
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 AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT 

This Amended and Restated Equity Pledge Agreement (this “Agreement”) is entered into in Beijing, PRC by the following parties on
June 20, 2016: 
  

			
	Pledgee:	  	
		
	 Party A:
	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

		
	 Pledgor:
	  	
		
	 Party B:
	  	 Xiaodong Wang

	 ID No.:
	  	

 WHEREAS: 

1. Party A is a wholly foreign-owned enterprise registered in Beijing, the People’s Republic of China (the “PRC”). 

2. Party B is a citizen of the PRC owning 50% equity interests in Beijing Perusal Technology Co., Ltd. (“Perusal”), a limited
liability company registered in Beijing, the PRC. 
 3. Party A and Party B entered into an Amended and Restated Loan Agreement dated
June 20, 2016, whereby Party B obtains a loan (the “Loan Arrangement”) up to a total amount of RMB1,598,440,000 (the “Loan”), of which Party B pledges his equity interests for RMB1,580,000,000. 

4. Party A and Perusal entered into an Exclusive Technology Consulting and Services Agreement dated June 23, 2006 with infinite term (the
“Services Agreement”), pursuant to which Perusal shall pay Party A technical consulting and services fee (the “Service Fees”) for the technology consulting and services provided by Party A. 

5. In order to ensure that Party B will perform its obligations under the Loan Agreement and Party A will be able to collect Service Fees from
Perusal, Party B agrees to pledge all his equity interest in Perusal as security for performance of his obligations under the Loan Agreement and for the Service Fees. Party A (the “Pledgee”) and Party B (the “Pledgor”) intend to
enter into this Agreement to specify their respective rights and obligations in respect of such pledge. 

  
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 NOW THEREFORE, the Pledgee and the Pledgor agree as follows through negotiations and to be bound hereby:

  

	1.	 Definitions 

Unless otherwise provided in this Agreement, the following terms shall have the following meanings: 

1.1 “Pledge”: refers to the full content of Article 2 hereunder. 

1.2 “Equity Interest”: refers to all of the equity interest in Perusal legally held by the Pledgor. 

1.3 “Rate of Pledge”: refers to the ratio between the value of the Pledge under this Agreement and the total amount of the Service
Fees and the Loan. 
 1.4 “Term of Pledge”: refers to the period provided for under Article 3.2 hereunder. 

1.5 “Principal Agreement”: refers to the Services Agreements and the agreements under the Loan Arrangement. 

1.6 “Event of Default”: refers to any event listed in Article 7.1 hereunder. 

1.7 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement. 

 

	2.	 Pledge 

The Pledgor will pledge all of his Equity Interest in Perusal to the Pledgee as security for (i) all his obligations under the Loan
Arrangement and (ii) all the obligations of Perusal under the Services Agreement. For purpose of this Agreement, “Pledge” refers to the right of the Pledgee to be entitled to priority in receiving payment in the form of the Equity
Interest based on the conversion value thereof, or from the proceeds from the auction or sale of the Equity Interest pledged by the Pledgor to the Pledgee. 
  

	3.	 Rate of Pledge and Term of Pledge  

3.1 Rate of the Pledge 
 The rate
of the Pledge shall be approximately 100%. 
 3.2 Term of the Pledge 

3.2.1 The Pledge shall take effect as of the date when the pledge of the Equity Interest is recorded in the Register of Shareholders of
Perusal and when the pledge is registered with the Administration for Industry and Commerce and shall remain in effect until two (2) years after the obligations under the Principal Agreement will have been fulfilled. 

3.2.2 During the term of the Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance with this Agreement in the
event that the Pledgor does not perform his obligations under the Loan Arrangement or Perusal does not perform his obligations under the Services Agreement. 

  
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	4.	 Physical Possession of Documents  

4.1 During the term of the Pledge under this Agreement, the Pledgor shall deliver the physical possession of his Certificate of Capital
Contribution and the Register of Shareholders of Perusal to the Pledgee within one (1) week from the date of this Agreement. 
 4.2 The
Pledgee shall be entitled to receive dividends from the Equity Interest. 
 4.3 The Pledge under this Agreement will be recorded in the
Register of Shareholders of Perusal (See Appendix I) after the execution of this Agreement. 
  

	5.	 Representations and Warranties of the Pledgor  

5.1 The Pledgor is the legal owner of the Equity Interest pledged and has adopted shareholders’ resolutions to approve the Pledge (See
Appendix II). 
 5.2 Except for the benefit of the Pledgee, the Pledgor has not pledged the Equity Interest or created other encumbrance on
the Equity Interest. 
  

	6.	 Covenants of the Pledgor  

6.1 During the term of this Agreement, the Pledgor covenants to the Pledgee for its benefit that the Pledgor shall: 

6.1.1 not transfer or assign the Equity Interest, create or permit the existence of any other pledges which may have an adverse effect on the
rights or benefits of the Pledgee without prior written consent of the Pledgee; 
 6.1.2 comply with and implement the laws and regulations
with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by relevant government authorities within five (5) days upon receiving such notices, orders or
suggestions; comply with such notices, orders or suggestions or, alternatively, at the reasonable request of the Pledgee or with consent from the Pledgee, raise objection to such notices, orders or suggestions; 

6.1.3 timely notify the Pledgee of any events or any notices received which may affect the Pledgor’s right to all or any part of the
Equity Interest, and any events or any received notices which may change the Pledgor’s warranties and obligations under this Agreement or affect the Pledgor’s performance of its obligations under this Agreement. 

6.2 The Pledgor agrees that the Pledgee’s right to the Pledge obtained from this Agreement shall not be suspended or inhibited by any
legal procedure initiated by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any other person. 

  
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 6.3 The Pledgor promises to the Pledgee that in order to protect or perfect the security for the
payment of the Loan and the Services Fees, the Pledgor shall execute in good faith and cause other parties who have interests in the Pledge to execute, all title certificates and contracts and/or to perform any other actions (and cause other parties
who have interests to take action) as required by the Pledgee and facilitate the exercise of the rights and authorization vested in the Pledgee under this Agreement. 

6.4 The Pledgor promises to the Pledgee that he/she will execute all amendment documents (if applicable and necessary) in connection with the
certificate of the Equity Interest with the Pledgee or its designated person (being a natural person or a legal entity) and, within a reasonable period, provide to the Pledgee all notices, orders and decisions about the Pledge as the Pledgee deems
necessary. 
 6.5 The Pledgor promises to the Pledgee that he/she will comply with and perform all the guarantees, covenants, warranties,
representations and conditions for the benefit of the Pledgee. The Pledgor shall compensate the Pledgee for all losses suffered by the Pledgee because of the Pledgor’s failure to perform in whole or in part its guarantees, covenants,
warranties, representations and conditions. 
 6.6 During the term of this Agreement, the Pledgor will not perform any action/non-action
which may affect the value of the Equity Interest to maintain or increase the value. The Pledgor shall timely notify the Pledgee of any events, which may decrease the value of the Equity Interest or affect the Pledgor’s performance of the
obligations under this Agreement, and shall provide security satisfactory to the Pledgee of the decreased value of the Equity Interest upon the Pledgee’s request. 

6.7 Under the permission of the applied laws or regulations, the Pledgor shall use his/her best efforts to cooperate with all the
registration, record or other procedures relating to the Pledge as required by relevant laws and regulations. 
  

	7.	 Event of Default  

7.1 Each of the following events shall be regarded as an Event of Default: 

7.1.1 Pledgor fails to perform his obligations under the Loan Arrangement and supplementary agreements; 

7.1.2 Perusal fails to pay the Services Fees in due course in full amount or perform other obligations under the Services Agreements; 

7.1.3 Any representation or warranty made by the Pledgor in Article 5 hereof contains material misleading statements or errors and/or the
Pledgor breaches any warranty in Article 5 hereof; 
 7.1.4 The Pledgor breaches the covenants under Article 6 hereof; 

7.1.5 The Pledgor breaches any other provision of this Agreement; 

  
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 7.1.6 The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity
Interest without prior written consent from the Pledgee; 
 7.1.7 Any of the Pledgor’s external loans, guaranties, compensations,
undertakings or other obligations (1) is required to be repaid or performed prior to the scheduled due date because of a default; or (2) is due but cannot be repaid or performed as scheduled, causing the Pledgee to believe that the
Pledgor’s ability to perform the obligations hereunder has been affected; 
  

	7.1.8	 Perusal is incapable of repaying its general debts or other debts; 

7.1.9 This Agreement becomes illegal or the Pledgor is not capable of continuing to perform the obligations hereunder due to any reason other
than a force majeure event; 
 7.1.10 There have been adverse changes to the properties owned by the Pledgor, causing the Pledgee to believe
that the capability of the Pledgor to perform the obligations hereunder has been affected; 
 7.1.11 The successor or custodian of Perusal
only partially performs or refuses to perform the payment obligation under the Services Agreements; and 
  

	7.1.12	 The breach of the other provisions of this Agreement by the Pledgor due to his act or omission.

 7.2 The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor knows or discovers that any event
specified under Article 7.1 hereof or any event that may result in the foregoing events has occurred. 
 7.3 Unless an event of default
under Article 7.1 hereof has been solved to the Pledgee’s satisfaction, the Pledgee, at any time when the event of default occurs or at any time thereafter, may give a written Notice of Default to the Pledgor, requiring the Pledgor to
immediately make full payment of the outstanding amount under the Loan Arrangement or under the Services Agreements or requesting to exercise the Pledge in accordance with Article 8 hereof. 

 

	8.	 Exercise of the Pledge  

8.1 The Pledgor shall not transfer or assign the Equity Interest without prior written approval from the Pledgee prior to the full performance
of his obligations under the Loan Arrangement and supplementary agreement and full payment of all Service Fees under the Services Agreements, whichever is later. 

8.2 The Pledgee shall give a Notice of Default to the Pledgor when the Pledgee exercises the Pledge. 

8.3 Subject to Article 7.3, the Pledgee may exercise the Pledge when the Pledgee gives a Notice of Default in accordance with Article 7.3 or
at any time thereafter. 

  
 18 

 8.4 The Pledgee is entitled to priority in receiving payment in the form of all or part of the
Equity Interest based on the conversion value thereof, or from the proceeds from the auction or sale of all or part of the Equity Interest in accordance with legal procedure, until the outstanding debt and all other payables of the Pledgor under
Loan Arrangement and Services Agreements are repaid. 
 8.5 The Pledgor shall not hinder the Pledgee from exercising the Pledge in
accordance with this Agreement and shall give necessary assistance so that the Pledgee could fully exercise its Pledge. 
  

	9.	 Assignment 

9.1 The Pledgor shall not assign or transfer its rights and obligations hereunder without prior consent from the Pledgee. 

9.2 This Agreement shall be binding upon the Pledgor and his successors and be binding on the Pledgee and each of its successors and permitted
assigns. 
 9.3 To the extent permitted by law, the Pledgee may transfer or assign any or all of its rights and obligations under the Loan
Arrangement and supplementary agreements to any person (natural person or legal entity) designated by it at any time. In that case, the assignee shall have the same rights and obligations as those of the Pledgee as if the assignee were an original
party hereto. When the Pledgee transfers or assigns the rights and obligations under the Services Agreement, Loan Arrangement and supplementary agreements, it is only required to provide a written notice to the Pledgor, and at the request of the
Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment. 
 9.4 After the
Pledgee has been changed as a result of a transfer or an assignment, the new parties to the Pledge shall execute a new pledge contract. 
  

	10.	 Effectiveness and Term  

This Agreement is executed on the date first set forth above and becomes effective from the date when the pledge is recorded on Perusal’s
Register of Shareholders. 
  

	11.	 Termination  

This Agreement shall terminate when the loan under the Loan Arrangement and the Services Fees under the Services Agreement have been fully
repaid and the Pledgor no longer has any outstanding obligations under the Loan Arrangement and Perusal no longer has any outstanding obligations under the Services Agreements. Thereafter, the Pledgee shall cancel or terminate this Agreement as soon
as reasonably practicable. 

  
 19 

	12.	 Fees and Other Charges  

12.1 [The Pledgor] shall be responsible for all of the fees and actual expenses in relation to this Agreement including, but not limited to,
legal fees, production costs, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with the laws, the Pledgor shall fully indemnify the Pledgee for such taxes paid by the Pledgee. 

12.2 In the event that the Pledgee has to make a claim against the Pledgor by any means as a result of the Pledgor’s failure to pay any
tax or expense payable by the Pledgor under this Agreement, the Pledgor shall be responsible for all the expenses arising from such claim (including but not limited to any taxes, handling fees, management fees, litigation fees, attorney’s fees,
and various insurance premiums in connection with the disposition of the Pledge). 
  

	13.	 Force Majeure 

13.1 Force Majeure, which includes but is not limited to acts of governments, changes of law, acts of God, fires, explosions, typhoons, floods,
earthquake, tides, lightning or war, refers to any unforeseen event that is beyond a party’s reasonable control and cannot be prevented with reasonable care. However, any insufficiency of creditworthiness, capital or financing shall not be
regarded as an event beyond a party’s reasonable control. The affected party by Force Majeure shall promptly notify the other party of such event resulting in exemption. 

13.2 In the event that the affected party is delayed or prevented from performing its obligations under this Agreement by Force Majeure, and
only to the extent of such delay and prevention, the affected party shall not be liable for obligations under this Agreement. The affected party shall take appropriate measures to minimize or remove the effects of Force Majeure and attempt to resume
performance of the obligations that were delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, both Parties agree to resume the performance of this Agreement using their best efforts. 

 

	14.	 Confidentiality  

The Parties acknowledge and confirm that all the oral and written materials exchanged relating to this Agreement are confidential. Each party
must keep such materials confidential and cannot disclose such materials to any other third party without the other party’s prior written approval, unless: (a) the public knows or will know the materials (not due of the disclosure by the
receiving party); (b) the disclosed materials are required by law or stock exchange rules to be disclosed; or (c) materials relating to the transactions under this Agreement are disclosed to the Parties’ legal or financial advisors,
who must keep them confidential as well. Disclosure of the confidential information by employees or institutions hired by the Parties is deemed as an act by the Parties, therefore, subjecting them to liability. 

 

	15.	 Dispute Resolution  

15.1 This Agreement shall be governed by and construed in accordance with PRC law. 

15.2 The Parties shall strive to settle any dispute arising from the interpretation or performance of this Agreement through friendly
consultation. In case no settlement can be reached through consultation, each party can submit such matter to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the
current rules of CIETAC, the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing, PRC. The arbitration award shall be final and binding upon the Parties. 

  
 20 

	16.	 Notice  

Any notice which is given by the Parties hereto for the purpose of performing the rights and obligations hereunder shall be in writing. If such
notice is delivered personally, the time of notice is the time when such notice actually reaches the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time when such notice is transmitted. If such notice does
not reach the addressee on a business day or reaches the addressee after business hours, the next business day following such day is the date of notice. The delivery place is the address first written above for each of the Parties hereto or the
address advised by such party in writing, including facsimile and telex, from time to time. 
  

			
	 Party A:
	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Telephone:
	  	 010-59928888

		
	 Party B:
	  	 Xiaodong Wang

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Telephone:
	  	 010-59928888

  

	17.	 Entire Agreement  

Notwithstanding provisions in Article 10 hereof, the Parties agree that this Agreement constitutes the entire agreement of the Parties hereto
with respect to the subject matters herein upon its effectiveness and supersedes and replaces all prior oral and/or written agreements and understandings relating to the subject matters of this Agreement. 

 

	18.	 Severability  

Should any provision of this Agreement be held invalid or unenforceable because of inconsistency with applicable laws, such provision shall be
invalid or unenforceable only to the extent of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 
  

	19.	 Appendices  

The appendices to this Agreement shall constitute an integral part of this Agreement. 

  
 21 

	20.	 Amendment or Supplement  

20.1 The Parties may amend or supplement this Agreement by written agreement. The amendments or supplements to this Agreement duly executed by
both Parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 
 20.2 This Agreement
and any amendments, modifications, supplements, additions or changes hereto shall be in writing and shall be effective upon being executed and sealed by the Parties hereto. 
  

	21.	 Counterparts  

This Agreement is made in Chinese in two originals, with each Party holding one original. Both originals have the same legal effect. 

[no text below] 

  
 22 

 [This page contains no body text] 

IN WITNESS WHEREOF, each Party has caused this Agreement to be executed by himself/herself, its legal representative or its duly
authorized representative as of the date first written above. 
  

	
	 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.

	
	 /s/: Hailong Xiang

	
	 Seal of Baidu Online Network Technology (Beijing) Co., Ltd.

	
	 Party B: Xiaodong Wang

	
	 /s/: Xiaodong Wang

  
 23 

 Appendices: 
  

	 	I.	 Register of Shareholders of Beijing Perusal Technology Co., Ltd. 

 

	 	II.	 Resolutions of the Shareholders’ Meeting of Beijing Perusal Technology Co., Ltd. 

  
 24 

 Appendix I 

Register of shareholders of Beijing Perusal Technology Co., Ltd. 

 

			
	 Name of the Shareholder:
	  	 Zhixiang Liang

	 ID number:
	  	
	 Residence
	  	
	 Contribution Amount:
	  	 RMB1.58 billion

	 Percentage of Share Capital:
	  	 50%

	 Number of the certificate of capital contribution:
	  	
		
	 Name of the Shareholder:
	  	 Xiaodong Wang

	 ID number:
	  	
	 Residence
	  	
	 Contribution Amount:
	  	 RMB1.58 billion

	 Percentage of Share Capital:
	  	 50%

	 Number of the certificate of capital contribution:
	  	

 Zhixiang Liang holds 50% equity interests in Beijing Perusal Technology Co., Ltd., the entirety of which has
been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Xiaodong Wang holds 50% equity interests in Beijing Perusal
Technology Co., Ltd., the entirety of which has been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Baidu Online Network
Technology (Beijing) Co., Ltd. is the pledgee of 100% of the equity interests in Beijing Perusal Technology Co., Ltd. 
  

			
	 Beijing Perusal Technology Co., Ltd.

		
	 Signature:
	 	 /s/ Hailong Xiang

	
	 Name: Hailong Xiang

 Title: Legal representative 

Stamp: 
 Date: June 20, 2016 

  
 25 

 Appendix II 

Resolutions of the Shareholders’ Meeting of Beijing Perusal Technology Co., Ltd. 

In respect of the Amended and Restated Equity Pledge Agreement dated June 20, 2016 between the shareholders of Beijing Perusal Technology
Co., Ltd. (the “Company”) and Beijing Online Network Technology (Beijing) Co., Ltd., a resolution is unanimously adopted at the shareholders’ meeting of the Company that: 

It is approved that the shareholders of the Company pledge all of their equity interest in the Company to Baidu Online Network Technology
(Beijing) Co., Ltd. 
 The resolution was signed and delivered on June 20, 2016 by the undersigned shareholders. 

 

	
	 Shareholder: Zhixiang Liang

	
	 /s/: Zhixiang Liang

	
	 Xiaodong Wang

	
	 /s/: Xiaodong Wang

  
 26EX-4.40

 Exhibit 4.40 

Amended And Restated Exclusive Equity Purchase and Transfer Option Agreement 

This Amended and Restated Exclusive Equity Purchase and Transfer Option Agreement (this “Agreement”) is entered into
by and among the following parties in Beijing, PRC on June 20, 2016: 
  

					
	Party A:	 		  	Baidu Online Network Technology (Beijing) Co., Ltd.
	 Address:
	 		  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

			
	Party B:	 		  	Zhixiang Liang
	 ID No.:
	 		  	
			
	Party C:	 		  	Beijing Perusal Technology Co., Ltd.
	 Address:
	 		  	 A2 2/F No. 17 Building Zhongguancun Software Park, 8 East Bei Wang Road (W), Haidian District, Beijing

 In this Agreement, Party A, Party B and Party C are called collectively as the “Parties” and each of
them is a “Party.” 
 WHEREAS: 

1. Party A, is a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the
“PRC”), which has technology expertise and practical experience in computer software development and design, and also has rich experience and human resources in information technology and services; 

2. Party C, a liability limited company incorporated in the PRC, carries out the business of value-added telecommunication services such as
Internet information services; 
 3. Party B is a shareholder of Party C, owning 50% equity interests in Party C (the “Equity
Interest”); 
 4. Party A and Party B entered into an Amended and Restated Loan Agreement dated June 20, 2016, whereby
Party B obtains an interest-free loan up to RMB1,598,440,000 (the “Loan Arrangement”) in connection with his investment in Party C; 

5. Party A and Party C entered into a series of agreement on June 23, 2006, including the Exclusive Technology Consulting and Service
Agreement (the “Services Agreements”); and 
 6. Party A and Party B entered into an Amended and Restated Equity
Pledge Agreement (the “Equity Pledge Agreement”) dated June 20, 2016; 

  
 1 

 NOW, THEREFORE, the Parties agree as follows through negotiations and to be bound hereby: 

 

	1.	 Purchase and Sale of Equity Interest  

1.1 Granting of Rights 
 Party B
hereby irrevocably grants to Party A an option to purchase or cause any one or more designated persons (“Designated Persons”) to purchase, to the extent permitted under PRC law, according to the steps determined by Party A,
at the price specified in Article 1.3 of this Agreement, and at any time from Party B (the “Transferor”), a portion or all of the equity interests held by Party B in Party C (the “Option”). No Option
shall be granted to any third party other than Party A and/or the Designated Persons. Party C hereby agrees to granting of the Option by Party B to Party A and/or the Designated Persons. For purpose of this Section 1.1 and this Agreement,
“person” means individual, corporation, joint venture, partnership, enterprise, trust or unincorporated organization. 
 1.2
Exercise Steps 
 Subject to PRC law and regulations, Party A and/or the Designated Persons may exercise the Option by issuing a written
notice (the “Option Notice”) to the Transferor, specifying the equity interest to be purchased from the Transferor (the “Purchased Equity Interest”) and the manner of such purchase. 

1.3 Purchase Price 
 1.3.1 If
Party A exercises the Option, the purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the actual paid-in capital paid by the Transferor for the Purchased Equity Interest, unless then
applicable PRC laws and regulations require appraisal of the Purchased Equity Interest or stipulate other restrictions on the Purchase price. 

1.3.2 If the applicable PRC laws require appraisal of the Purchased Equity Interest or stipulate other restrictions on the Purchase Price at
the time that Party A exercises the Option, the Parties agree that the Purchase Price shall be set at the lowest price permissible under applicable law. 

1.4 Transfer of the Purchased Equity Interest 

At each exercise of the Option: 

1.4.1 The Transferor shall, in accordance the terms and conditions of this Agreement and the Option Notice in connection with the Purchased
Equity Interest, enter into an equity transfer agreement with Party A and/or the Designated Persons (as applicable) for each transfer in a substance and form satisfactory to Party A; 

1.4.2 The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite government approvals and
consents, and take all necessary actions to unconditionally transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons free of any security interest, and cause Party A and/or the Designated Persons to be
the registered owner(s) of the Purchased Equity Interest. For purpose of this Section 1.4.2 and this Agreement, “Security Interest” includes without limitation guaranty, mortgage, pledge, third-party right or interest, any share
option, right of acquisition, right of first refusal, right of set-off, ownership retention or other security arrangements. However, it does not include any security interest arising under the Equity Pledge Agreement. 

  
 2 

 1.5 Payment 

Payment manner of the Purchase Price shall be determined through negotiations between Party A and/or the Designated Persons and the Transferor
in accordance with then applicable laws at the exercise of the Option. The Parties hereby agree that, subject to applicable laws, Transferor shall repay to Party A any amount that is paid by Party A and/or the Designated Persons to the Transferor in
connection with the Purchased Equity Interest (which amount may be net of any tax and other fees paid by the Transferor in connection with the proposed transaction contemplated under the transfer agreement). 

 

	2.	 Covenants Relating to the Equity Interest  

2.1 Covenants Relating to Party C 
 Party B and
Party C hereby covenant, in relation to Party C: 
 2.1.1 Not to supplement, amend or modify Party C’s articles of association in any
way, or to increase or decrease its registered capital, or to change its registered capital structure in any way without Party A’s prior written consent; 

2.1.2 To maintain the corporate existence of Party C and operate its business and deal with matters prudently and effectively according to
good financial and business rules and practices; 
 2.1.3 Not to sell, transfer, mortgage or otherwise dispose of, or permit any other
security interest to be created on, any of Party C’s assets, business or legal or beneficial interests in its revenue at any time after the signing of this Agreement without Party A’s prior written consent; 

2.1.4 Not to incur, succeed to, guarantee or permit the existence of any liability, without Party A’s prior written consent, except
(i) liabilities arising from the normal course of business, but not arising from loans; and (ii) liabilities disclosed to Party A and approved by Party A in writing; 

2.1.5 To operate persistently all the business in the normal course of business to maintain the value of Party C’s assets, and not to
commit any act or omission that would affect its operations and asset value; 
 2.1.6 Without prior written consent by Party A, not to enter
into any material agreement, other than agreements entered into in Party C’s normal course of business (for purpose of this paragraph, an agreement will be deemed material if its value exceeds RMB500,000); 

2.1.7 Not to provide loans or credit to any person without Party A’s prior written consent; 

2.1.8 To provide all information relating to Party C’s operations and financial conditions upon the request of Party A; 

  
 3 

 2.1.9 To purchase and maintain insurance from insurance companies accepted by Party A. The amount
and category of the insurance shall be the same as those of the insurance normally procured by companies engaged in similar businesses and possessing similar properties or assets in the area where Party C is located; 

2.1.10 Not to merge or consolidate with, or acquire or invest in, any person without Party A’s prior written consent; 

2.1.11 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings concerning Party C’s
assets, business or revenue; 
 2.1.12 To execute all necessary or appropriate documents, take all necessary or appropriate actions and to
bring all necessary or appropriate claims or to make all necessary and appropriate defenses against all claims in order for Party C to maintain the ownership over all its assets; 

2.1.13 Not to distribute dividends to Party C’s shareholders in any way without Party A’s prior written consent. However, Party C
shall promptly distribute all or part of its distributable profits to its shareholders upon Party A’s request; 
 2.1.14 At the request
of Party A, to appoint persons nominated by Party A to be executive directors of Party C; 
 2.2 Covenants Relating to the Transferor 

Party B hereby covenants: 

2.2.1 Not to sell, transfer, mortgage or otherwise dispose of, or allow any other security interest to be created on, the legal or beneficial
interest in the Equity Interest at any time after the signing of this Agreement without Party A’s prior written consent, other than the pledge created on the Transferor’s Equity Interest in accordance with the Equity Pledge Agreement; 

2.2.2 Without Party A’s prior written consent, not to vote for or sign any shareholders’ resolution at Party C’s
shareholders’ meetings to approve the sale, transfer, mortgage or disposition in any other manner of, or the creation of any other security interest on, any legal or beneficial interest in the Equity Interest, except to or for the benefit of
Party A or its designated persons; 
 2.2.3 Without Party A’s prior written consent, not to vote for or sign any shareholders’
resolution at Party C’s shareholders’ meetings to approve Party C’s merger or consolidation with, acquisition of or investment in, any person; 

2.2.4 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings concerning the Equity Interest
owned by it; 

  
 4 

 2.2.5 To execute all necessary or appropriate documents, to take all necessary or appropriate
actions and to bring all necessary or appropriate claims or to make all necessary and appropriate defenses against all claims in order to maintain his ownership over the Equity Interest; 

2.2.6 At the request of Party A, to appoint persons nominated by Party A to be executive directors of Party C; 

2.2.7 At any time upon the request of Party A, to transfer its Equity Interest immediately and unconditionally to the representative
designated by Party A, and waive its preemptive right with respect to the transfer of equity interest by the other shareholder of Party C; 

2.2.8 To fully comply with the provisions of this Agreement and the other agreements entered into jointly or respectively by and among the
Transferor, Party C and Party A, perform all obligations under these agreements and not commit any act or omission that would affect the validity and enforceability of these agreements; and 

2.2.9 To transfer to Party A all dividends and any other form of profit distributed to it by Party C. 

2.3 Covenants Relating to Party A 

Party A hereby covenants: 

2.3.1 If Party C needs any loan or other capital support in its business, under acceptable and reasonable scope, Party A shall provide such
capital support without imposing any condition or restriction; and 
 2.3.2 If Party C cannot repay the loan from Party A as loss incurred
and has sufficient evidence to prove, Party A agrees that it will unconditionally give up its right to require Party C to repay the loan. 
  

	3.	 Representations and Warranties  

As of the date of this Agreement and each transfer date, each of the Transferor and Party C hereby represents and warrants to Party A as
follows: 
 3.1 It has the power and authority to execute and deliver this Agreement, and any equity transfer agreement (the
“Transfer Agreement”) to which it is a party for each transfer of the Purchased Equity under this Agreement and to perform its obligations under this Agreement and any Transfer Agreement. Once executed, this Agreement and any
Transfer Agreement to which it is party will constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

3.2 The execution, delivery and performance of this Agreement or any Transfer Agreement by it will not: (i) violate any relevant PRC laws
and regulations; (ii) conflict with its articles of association or other organizational documents; (iii) violate or constitute a default under any contract or instrument to which it is party or that binds upon it; (iv) violate any
condition for the grant and/or continued effectiveness of any permit or approval granted to it; or (v) cause any permit or approval granted to it to be suspended, cancelled or attached with additional conditions; 

  
 5 

 3.3 Party C has good and marketable ownership interest in all of its assets and has not created
any security interest on the said assets; 
 3.4 Party C has no outstanding liabilities, except (i) liabilities arising in its normal
course of business; and (ii) liabilities disclosed to Party A and approved by Party A in writing; 
 3.5 There are currently no
existing, pending or threatened litigations, arbitrations or administrative proceedings related to the Equity Interest, Party C’s assets or Party C; and 

3.6 The Transferor has good and marketable ownership interest in the Equity Interest and has not created any security interest on such Equity
Interest, other than the security interest pursuant to the Equity Pledge Agreement. 
  

	4.	 Assignment of Agreement  

4.1 Party B and Party C shall not assign their rights and obligations under this Agreement to any third party without the prior written consent
of Party A. 
 4.2 Party B and Party C hereby agree that Party A may assign all its rights and obligation under this Agreement to a third
party as Party A sees fit, in which case Party A only needs to give a written notice to Party B and Party C and no further consent of Party B or Party C is required. 
  

	5.	 Effectiveness and Term  

5.1 This Agreement shall be effective as of the date first set forth above. 

5.2 This Agreement shall come into force when it is duly executed by each of the Parties and expires when all Equity Interest held by Party B
is transferred to Party A and/or Designated Persons in accordance with this Agreement. 
 5.3 If the duration of operation (including any
extension thereof) of Party A or Party C is expired or terminated for other reasons within the term set forth in Article 5.2, this Agreement shall be terminated simultaneously, except in the situation where Party A has assigned its rights and
obligations in accordance with Article 4.2 hereof. 
  

	6.	 Applicable Law and Dispute Resolution 

6.1 Applicable Law 
 The
formation, validity, interpretation and performance of and resolution of any dispute arising from this Agreement shall be protected and governed by the laws of the PRC. 

  
 6 

	6.2	 Dispute Resolution 

Any dispute arising in connection with the interpretation and performance of the provisions of this Agreement shall be resolved by the Parties
in good faith through negotiations. In case no resolution can be reached by the Parties within thirty (30) days after either party makes a request for dispute resolution through negotiations, either party may refer such dispute to China
International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be Beijing and language of proceedings shall be Chinese.
The arbitral award shall be final and binding upon the Parties. 
  

	7.	 Taxes and Expenses  

Every Party shall, in accordance with PRC laws, bear any and all transfer and registration taxes, expenses and charges incurred by or levied on
it with respect to the preparation and execution of this Agreement and each Transfer Agreement and the consummation of the transactions contemplated under this Agreement and each Transfer Agreement. 

 

	8.	 Notices  

Any notice or other communication forms which is given by the parties hereto shall be in Chinese and delivered personally to the addresses
listed as below or the addresses designated by the Parties. The notice time which is deemed as the time when the notice actually reaches the addressee follows: (a) the notice time of the notice delivered personally shall be the day when the
person conducts the delivery; (b) the notice time of the notice delivered as mail shall be the tenth (10th) day following the mailing date of the registered mail by air (marked by seal)
or shall be the fourth (4th) day following the day handing to internally recognized delivery services organizations; and (c) the notice time of the notice delivered by facsimile shall be
the acceptance time on the delivery confirmation. 
  

			
	 Party A:
	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Facsimile:
	  	 010-59928888

	 Telephone:
	  	 010-59928888

		
	 Party B:
	  	 Zhixiang Liang

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Facsimile:
	  	 010-59927435

	 Telephone:
	  	 010-59928888

		
	 Party C:
	  	 Beijing Perusal Technology Co., Ltd.

	 Address:
	  	 A2 2/F No. 17 Building Zhongguancun Software Park, 8 East Bei Wang Road (W), Haidian District, Beijing

	 Facsimile:
	  	 010-59927435

	 Telephone:
	  	 010-59928888

  
 7 

	9.	 Confidentiality  

The Parties acknowledge and confirm any oral or written materials exchanged by the Parties in connection with this Agreement are confidential.
The Parties shall maintain the confidentiality of all such materials. Without the written approval by the other Parties, any Party shall not disclose to any third party any relevant materials, but the following circumstances shall be excluded: 

 

	 	a.	 Materials that are or will become known by the public (through no fault of the receiving party);

  

	 	b.	 Materials required to be disclosed by the applicable laws or rules of the stock exchange; and

  

	 	c.	 Materials disclosed by each Party to its legal or financial advisors relating the transactions contemplated by
this Agreement, and such legal or financial advisors shall comply with the confidentiality provisions similar to this article. 

The disclosure of information by the staff or consultants of any party shall be deemed as disclosure by the party itself. This Article 9 shall
survive any invalidity, termination, expiration or unenforceability of this Agreement. 
  

	10.	 Further Assurances  

The Parties agree to promptly execute documents and take further actions that are reasonably required for, or beneficial to, the purpose of
performing the provisions and carrying out the intent of this Agreement. 
  

	11.	 Miscellaneous  

11.1 Amendment, Modification or Supplement 

Any amendment or supplement to this Agreement shall be made by the Parties in writing. The amendments or supplements duly executed by each
Party shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement. 
  

	11.2	 Entire Agreement 

Notwithstanding Article 5 of this Agreement, the Parties acknowledge that once this Agreement becomes effective, it shall constitute the
entire agreement of the Parties with respect to the subject matters hereof and shall supersede all prior oral and/or written agreements and understandings by the Parties with respect to the subject matters hereof. 

  
 8 

	11.3	 Severability 

If any provision of this Agreement is judged to be invalid, illegal or unenforceable in any respect according to any applicable law or
regulation, the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through good-faith negotiations, replace those invalid, illegal or unenforceable provisions with
valid provisions that may bring about economic effects as similar as possible to those from such invalid, illegal or unenforceable provisions. 

11.4 Headings 
 The headings
contained in this Agreement are for the convenience of reference only and shall not be used for the interpretation or explanation or otherwise affect the meaning of the provisions of this Agreement. 

11.5 Language and counterparts 

This Agreement is executed in Chinese in three originals; each Party holds one original and each original has the same legal effect. 

11.6 Successor 
 This Agreement
shall bind upon and inure to the benefit of the successors and permitted assigns of each Party. 
 11.7 Survival 

Any obligation arising from or becoming due under this Agreement before its expiration or premature termination shall survive such expiration
or premature termination. Articles 6, 8 and 9 and this Article 11.7 shall survive the termination of this Agreement. 
 11.8 Waiver 

Any Party may waive the terms and conditions of this Agreement by a written instrument signed by the Parties. Any waiver by a Party to a
breach by the other Parties in a specific situation shall not be construed as a waiver to any similar breach by the other Parties in other situations. 

[No text below] 

  
 9 

 [This page contains no body text] 

IN WITNESS WHEREOF, each Party has caused this Agreement to be executed by himself/herself, its legal representative or its duly
authorized representative as of the date first written above. 
  

	
	 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.

 
 /s/: Hailong
Xiang

	
	 Seal of Baidu Online Network Technology (Beijing) Co., Ltd.

	
	 Party B: Zhixiang Liang

	
	 /s/: Zhixiang Liang

	
	 Party C: Beijing Perusal Technology Co., Ltd.

	
	 /s/: Hailong Xiang

	
	 Seal of Beijing Perusal Technology Co., Ltd.

  
 10 

 Amended and Restated Exclusive Equity Purchase and Transfer Option Agreement 

This Amended and Restated Exclusive Equity Purchase and Transfer Option Agreement (this “Agreement”) is entered into
by and among the following parties in Beijing, PRC on June 20, 2016: 
  

					
	Party A:	 		  	Baidu Online Network Technology (Beijing) Co., Ltd.
	 Address:
	 		  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

			
	Party B:	 		  	Xiaodong Wang
	 ID No.:
	 		  	
			
	Party C:	 		  	Beijing Perusal Technology Co., Ltd.
	 Address:
	 		  	 A2 2/F No. 17 Building Zhongguancun Software Park, 8 East Bei Wang Road (W), Haidian District, Beijing

 In this Agreement, Party A, Party B and Party C are called collectively as the “Parties” and each of
them is a “Party.” 
 WHEREAS: 

1. Party A, is a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the
“PRC”), which has technology expertise and practical experience in computer software development and design, and also has rich experience and human resources in information technology and services; 

2. Party C, a liability limited company incorporated in the PRC, carries out the business of value-added telecommunication services such as
Internet information services; 
 3. Party B is a shareholder of Party C, owning 50% equity interests in Party C (the “Equity
Interest”); 
 4. Party A and Party B entered into an Amended and Restated Loan Agreement dated June 20, 2016, whereby
Party B obtains an interest-free loan up to RMB1,598,440,000 (the “Loan Arrangement”) in connection with his investment in Party C; 

5. Party A and Party C entered into a series of agreement on June 23, 2006, including the Exclusive Technology Consulting and Service
Agreement (the “Services Agreements”); and 
 6. Party A and Party B entered into an Amended and Restated Equity
Pledge Agreement (the “Equity Pledge Agreement”) dated June 20, 2016; 

  
 11 

 NOW, THEREFORE, the Parties agree as follows through negotiations and to be bound hereby: 

 

	1.	 Purchase and Sale of Equity Interest  

1.1 Granting of Rights 
 Party B
hereby irrevocably grants to Party A an option to purchase or cause any one or more designated persons (“Designated Persons”) to purchase, to the extent permitted under PRC law, according to the steps determined by Party A,
at the price specified in Article 1.3 of this Agreement, and at any time from Party B (the “Transferor”), a portion or all of the equity interests held by Party B in Party C (the “Option”). No Option
shall be granted to any third party other than Party A and/or the Designated Persons. Party C hereby agrees to granting of the Option by Party B to Party A and/or the Designated Persons. For purpose of this Section 1.1 and this Agreement,
“person” means individual, corporation, joint venture, partnership, enterprise, trust or unincorporated organization. 
 1.2
Exercise Steps 
 Subject to PRC law and regulations, Party A and/or the Designated Persons may exercise the Option by issuing a written
notice (the “Option Notice”) to the Transferor, specifying the equity interest to be purchased from the Transferor (the “Purchased Equity Interest”) and the manner of such purchase. 

1.3 Purchase Price 
 1.3.1 If
Party A exercises the Option, the purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the actual paid-in capital paid by the Transferor for the Purchased Equity Interest, unless then
applicable PRC laws and regulations require appraisal of the Purchased Equity Interest or stipulate other restrictions on the Purchase price. 

1.3.2 If the applicable PRC laws require appraisal of the Purchased Equity Interest or stipulate other restrictions on the Purchase Price at
the time that Party A exercises the Option, the Parties agree that the Purchase Price shall be set at the lowest price permissible under applicable law. 

1.4 Transfer of the Purchased Equity Interest 

At each exercise of the Option: 

1.4.1 The Transferor shall, in accordance the terms and conditions of this Agreement and the Option Notice in connection with the Purchased
Equity Interest, enter into an equity transfer agreement with Party A and/or the Designated Persons (as applicable) for each transfer in a substance and form satisfactory to Party A; 

1.4.2 The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite government approvals and
consents, and take all necessary actions to unconditionally transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons free of any security interest, and cause Party A and/or the Designated Persons to be
the registered owner(s) of the Purchased Equity Interest. For purpose of this Section 1.4.2 and this Agreement, “Security Interest” includes without limitation guaranty, mortgage, pledge, third-party right or interest, any share
option, right of acquisition, right of first refusal, right of set-off, ownership retention or other security arrangements. However, it does not include any security interest arising under the Equity Pledge Agreement. 

  
 12 

 1.5 Payment 

Payment manner of the Purchase Price shall be determined through negotiations between Party A and/or the Designated Persons and the Transferor
in accordance with then applicable laws at the exercise of the Option. The Parties hereby agree that, subject to applicable laws, Transferor shall repay to Party A any amount that is paid by Party A and/or the Designated Persons to the Transferor in
connection with the Purchased Equity Interest (which amount may be net of any tax and other fees paid by the Transferor in connection with the proposed transaction contemplated under the transfer agreement). 

 

	2.	 Covenants Relating to the Equity Interest  

2.1 Covenants Relating to Party C 
 Party B and
Party C hereby covenant, in relation to Party C: 
 2.1.1 Not to supplement, amend or modify Party C’s articles of association in any
way, or to increase or decrease its registered capital, or to change its registered capital structure in any way without Party A’s prior written consent; 

2.1.2 To maintain the corporate existence of Party C and operate its business and deal with matters prudently and effectively according to
good financial and business rules and practices; 
 2.1.3 Not to sell, transfer, mortgage or otherwise dispose of, or permit any other
security interest to be created on, any of Party C’s assets, business or legal or beneficial interests in its revenue at any time after the signing of this Agreement without Party A’s prior written consent; 

2.1.4 Not to incur, succeed to, guarantee or permit the existence of any liability, without Party A’s prior written consent, except
(i) liabilities arising from the normal course of business, but not arising from loans; and (ii) liabilities disclosed to Party A and approved by Party A in writing; 

2.1.5 To operate persistently all the business in the normal course of business to maintain the value of Party C’s assets, and not to
commit any act or omission that would affect its operations and asset value; 
 2.1.6 Without prior written consent by Party A, not to enter
into any material agreement, other than agreements entered into in Party C’s normal course of business (for purpose of this paragraph, an agreement will be deemed material if its value exceeds RMB500,000); 

2.1.7 Not to provide loans or credit to any person without Party A’s prior written consent; 

2.1.8 To provide all information relating to Party C’s operations and financial conditions upon the request of Party A; 

  
 13 

 2.1.9 To purchase and maintain insurance from insurance companies accepted by Party A. The amount
and category of the insurance shall be the same as those of the insurance normally procured by companies engaged in similar businesses and possessing similar properties or assets in the area where Party C is located; 

2.1.10 Not to merge or consolidate with, or acquire or invest in, any person without Party A’s prior written consent; 

2.1.11 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings concerning Party C’s
assets, business or revenue; 
 2.1.12 To execute all necessary or appropriate documents, take all necessary or appropriate actions and to
bring all necessary or appropriate claims or to make all necessary and appropriate defenses against all claims in order for Party C to maintain the ownership over all its assets; 

2.1.13 Not to distribute dividends to Party C’s shareholders in any way without Party A’s prior written consent. However, Party C
shall promptly distribute all or part of its distributable profits to its shareholders upon Party A’s request; 
 2.1.14 At the request
of Party A, to appoint persons nominated by Party A to be executive directors of Party C; 
 2.2 Covenants Relating to the Transferor 

Party B hereby covenants: 

2.2.1 Not to sell, transfer, mortgage or otherwise dispose of, or allow any other security interest to be created on, the legal or beneficial
interest in the Equity Interest at any time after the signing of this Agreement without Party A’s prior written consent, other than the pledge created on the Transferor’s Equity Interest in accordance with the Equity Pledge Agreement; 

2.2.2 Without Party A’s prior written consent, not to vote for or sign any shareholders’ resolution at Party C’s
shareholders’ meetings to approve the sale, transfer, mortgage or disposition in any other manner of, or the creation of any other security interest on, any legal or beneficial interest in the Equity Interest, except to or for the benefit of
Party A or its designated persons; 
 2.2.3 Without Party A’s prior written consent, not to vote for or sign any shareholders’
resolution at Party C’s shareholders’ meetings to approve Party C’s merger or consolidation with, acquisition of or investment in, any person; 

2.2.4 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings concerning the Equity Interest
owned by it; 

  
 14 

 2.2.5 To execute all necessary or appropriate documents, to take all necessary or appropriate
actions and to bring all necessary or appropriate claims or to make all necessary and appropriate defenses against all claims in order to maintain his ownership over the Equity Interest; 

2.2.6 At the request of Party A, to appoint persons nominated by Party A to be executive directors of Party C; 

2.2.7 At any time upon the request of Party A, to transfer its Equity Interest immediately and unconditionally to the representative
designated by Party A, and waive its preemptive right with respect to the transfer of equity interest by the other shareholder of Party C; 

2.2.8 To fully comply with the provisions of this Agreement and the other agreements entered into jointly or respectively by and among the
Transferor, Party C and Party A, perform all obligations under these agreements and not commit any act or omission that would affect the validity and enforceability of these agreements; and 

2.2.9 To transfer to Party A all dividends and any other form of profit distributed to it by Party C. 

2.3 Covenants Relating to Party A 

Party A hereby covenants: 

2.3.1 If Party C needs any loan or other capital support in its business, under acceptable and reasonable scope, Party A shall provide such
capital support without imposing any condition or restriction; and 
 2.3.2 If Party C cannot repay the loan from Party A as loss incurred
and has sufficient evidence to prove, Party A agrees that it will unconditionally give up its right to require Party C to repay the loan. 
  

	3.	 Representations and Warranties  

As of the date of this Agreement and each transfer date, each of the Transferor and Party C hereby represents and warrants to Party A as
follows: 
 3.1 It has the power and authority to execute and deliver this Agreement, and any equity transfer agreement (the
“Transfer Agreement”) to which it is a party for each transfer of the Purchased Equity under this Agreement and to perform its obligations under this Agreement and any Transfer Agreement. Once executed, this Agreement and any
Transfer Agreement to which it is party will constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

3.2 The execution, delivery and performance of this Agreement or any Transfer Agreement by it will not: (i) violate any relevant PRC laws
and regulations; (ii) conflict with its articles of association or other organizational documents; (iii) violate or constitute a default under any contract or instrument to which it is party or that binds upon it; (iv) violate any
condition for the grant and/or continued effectiveness of any permit or approval granted to it; or (v) cause any permit or approval granted to it to be suspended, cancelled or attached with additional conditions; 

  
 15 

 3.3 Party C has good and marketable ownership interest in all of its assets and has not created
any security interest on the said assets; 
 3.4 Party C has no outstanding liabilities, except (i) liabilities arising in its normal
course of business; and (ii) liabilities disclosed to Party A and approved by Party A in writing; 
 3.5 There are currently no
existing, pending or threatened litigations, arbitrations or administrative proceedings related to the Equity Interest, Party C’s assets or Party C; and 

3.6 The Transferor has good and marketable ownership interest in the Equity Interest and has not created any security interest on such Equity
Interest, other than the security interest pursuant to the Equity Pledge Agreement. 
  

	4.	 Assignment of Agreement  

4.1 Party B and Party C shall not assign their rights and obligations under this Agreement to any third party without the prior written consent
of Party A. 
 4.2 Party B and Party C hereby agree that Party A may assign all its rights and obligation under this Agreement to a third
party as Party A sees fit, in which case Party A only needs to give a written notice to Party B and Party C and no further consent of Party B or Party C is required. 
  

	5.	 Effectiveness and Term  

5.1 This Agreement shall be effective as of the date first set forth above. 

5.2 This Agreement shall come into force when it is duly executed by each of the Parties and expires when all Equity Interest held by Party B
is transferred to Party A and/or Designated Persons in accordance with this Agreement. 
 5.3 If the duration of operation (including any
extension thereof) of Party A or Party C is expired or terminated for other reasons within the term set forth in Article 5.2, this Agreement shall be terminated simultaneously, except in the situation where Party A has assigned its rights and
obligations in accordance with Article 4.2 hereof. 
  

	6.	 Applicable Law and Dispute Resolution 

6.1 Applicable Law 
 The
formation, validity, interpretation and performance of and resolution of any dispute arising from this Agreement shall be protected and governed by the laws of the PRC. 

  
 16 

 6.2 Dispute Resolution 

Any dispute arising in connection with the interpretation and performance of the provisions of this Agreement shall be resolved by the Parties
in good faith through negotiations. In case no resolution can be reached by the Parties within thirty (30) days after either party makes a request for dispute resolution through negotiations, either party may refer such dispute to China
International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be Beijing and language of proceedings shall be Chinese.
The arbitral award shall be final and binding upon the Parties. 
  

	7.	 Taxes and Expenses  

Every Party shall, in accordance with PRC laws, bear any and all transfer and registration taxes, expenses and charges incurred by or levied on
it with respect to the preparation and execution of this Agreement and each Transfer Agreement and the consummation of the transactions contemplated under this Agreement and each Transfer Agreement. 

 

	8.	 Notices  

Any notice or other communication forms which is given by the parties hereto shall be in Chinese and delivered personally to the addresses
listed as below or the addresses designated by the Parties. The notice time which is deemed as the time when the notice actually reaches the addressee follows: (a) the notice time of the notice delivered personally shall be the day when the
person conducts the delivery; (b) the notice time of the notice delivered as mail shall be the tenth (10th) day following the mailing date of the registered mail by air (marked by seal)
or shall be the fourth (4th) day following the day handing to internally recognized delivery services organizations; and (c) the notice time of the notice delivered by facsimile shall be
the acceptance time on the delivery confirmation. 
  

			
	 Party A:
	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Facsimile:
	  	 010-59928888

	 Telephone:
	  	 010-59928888

		
	 Party B:
	  	 Xiaodong Wang

	 Address:
	  	 Room 1806 288 Fengyang Road, Huangpu District, Shanghai

	 Facsimile:
	  	 010-59927435

	 Telephone:
	  	 010-59928888

		
	 Party C:
	  	 Beijing Perusal Technology Co., Ltd.

	 Address:
	  	 A2 2/F No. 17 Building Zhongguancun Software Park, 8 East Bei Wang Road (W), Haidian District, Beijing

	 Facsimile:
	  	 010-59927435

	 Telephone:
	  	 010-59928888

  
 17 

	9.	 Confidentiality  

The Parties acknowledge and confirm any oral or written materials exchanged by the Parties in connection with this Agreement are confidential.
The Parties shall maintain the confidentiality of all such materials. Without the written approval by the other Parties, any Party shall not disclose to any third party any relevant materials, but the following circumstances shall be excluded: 

 

	 	a.	 Materials that are or will become known by the public (through no fault of the receiving party);

  

	 	b.	 Materials required to be disclosed by the applicable laws or rules of the stock exchange; and

  

	 	c.	 Materials disclosed by each Party to its legal or financial advisors relating the transactions contemplated by
this Agreement, and such legal or financial advisors shall comply with the confidentiality provisions similar to this article. 

The disclosure of information by the staff or consultants of any party shall be deemed as disclosure by the party itself. This Article 9 shall
survive any invalidity, termination, expiration or unenforceability of this Agreement. 
  

	10.	 Further Assurances  

The Parties agree to promptly execute documents and take further actions that are reasonably required for, or beneficial to, the purpose of
performing the provisions and carrying out the intent of this Agreement. 
  

	11.	 Miscellaneous  

11.1 Amendment, Modification or Supplement 

Any amendment or supplement to this Agreement shall be made by the Parties in writing. The amendments or supplements duly executed by each
Party shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement. 
  

	11.2	 Entire Agreement 

Notwithstanding Article 5 of this Agreement, the Parties acknowledge that once this Agreement becomes effective, it shall constitute the
entire agreement of the Parties with respect to the subject matters hereof and shall supersede all prior oral and/or written agreements and understandings by the Parties with respect to the subject matters hereof. 

  
 18 

	11.3	 Severability 

If any provision of this Agreement is judged to be invalid, illegal or unenforceable in any respect according to any applicable law or
regulation, the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through good-faith negotiations, replace those invalid, illegal or unenforceable provisions with
valid provisions that may bring about economic effects as similar as possible to those from such invalid, illegal or unenforceable provisions. 

11.4 Headings 
 The headings
contained in this Agreement are for the convenience of reference only and shall not be used for the interpretation or explanation or otherwise affect the meaning of the provisions of this Agreement. 

11.5 Language and counterparts 

This Agreement is executed in Chinese in three originals; each Party holds one original and each original has the same legal effect. 

11.6 Successor 
 This Agreement
shall bind upon and inure to the benefit of the successors and permitted assigns of each Party. 
 11.7 Survival 

Any obligation arising from or becoming due under this Agreement before its expiration or premature termination shall survive such expiration
or premature termination. Articles 6, 8 and 9 and this Article 11.7 shall survive the termination of this Agreement. 
 11.8 Waiver 

Any Party may waive the terms and conditions of this Agreement by a written instrument signed by the Parties. Any waiver by a Party to a
breach by the other Parties in a specific situation shall not be construed as a waiver to any similar breach by the other Parties in other situations. 

[No text below] 

  
 19 

 [This page contains no body text] 

IN WITNESS WHEREOF, each Party has caused this Agreement to be executed by himself/herself, its legal representative or its duly
authorized representative as of the date first written above. 
  

	
	 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.

	
	 /s/: Hailong Xiang

	
	 Seal of Baidu Online Network Technology (Beijing) Co., Ltd.

	
	 Party B: Xiaodong Wang

	
	 /s/: Xiaodong Wang

	
	 Party C: Beijing Perusal Technology Co., Ltd.

	
	 /s/: Hailong Xiang

	
	 Seal of Beijing Perusal Technology Co., Ltd.

  
 20

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