Document:

EX-10.23

 Exhibit 10.23 

OPERATING AGREEMENT 
 This Operating
Agreement (this “Agreement”) is entered into among the following parties in Beijing as of March 25, 2019: 
  

			
	Party A:	  	NetEase Youdao Information Technology (Beijing) Co., Ltd
		
	Address:	  	1/F, Tower C, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District
		
	Party B:	  	Hangzhou NetEase Linjiedian Education Technology Co., Ltd. 
		
	Address:	  	Room 508, Building No.4 , No. 599 Wangshang Road, Binjiang District, Hangzhou
		
	Party C:	  	William Lei Ding 
		
	Address:	  	***************

 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 duly incorporated and validly existing under the laws of the
People’s Republic of China (the “PRC”); 

  

	2.	 Party B is a limited liability company duly incorporated and validly existing under PRC law, which is
registered in Beijing, to carry out the business; 

  

	3.	 Party C is the shareholder of Party B, in which Party C owns 99% of the equity interest; 

 

	4.	 Party A has established a business relationship with Party B by entering into a Cooperation Agreement (the
“Cooperation Agreement”) and other agreements; and 

  

	5.	 Pursuant to the above-mentioned agreements between Party A and Party B, Party B shall pay certain sums of money
to Party A. The daily operations of Party B will have a material effect on Party B’s ability to pay such account payable to Party A; 

NOW, THEREFORE, through negotiations, all parties to this Agreement hereby agree as follows: 

 

	1.	 Party A agrees, subject to the satisfaction of the relevant provisions herein by Party B and subject to the
other provisions in this Agreement, to be the guarantor of Party B in the contracts, agreements or transactions entered into between Party B and any third party in connection with Party B’s business and operations, to provide full guarantees
for the performance of such contracts, agreements or transactions by Party B. As counter-guarantee, Party B agrees to pledge the accounts receivable in its operations and all of its assets to Party A. According to the aforesaid guarantee
arrangement, Party A, when necessary, is willing to enter into written guarantee contracts with Party B’s counterparties to assume the guarantor’s liabilities. Party B and Party C shall take all necessary actions (including, but not
limited to, executing the relevant documents and filing the relevant registrations) to carry out the counter-guarantee arrangement with Party A. 

  
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	2.	 In consideration of the requirements of Article 1 hereof and to ensure the performance of the various business
agreements between Party A and Party B and the payment by Party B of the amounts payable to Party A thereunder, Party B, together with its shareholder Party C, hereby jointly agree that, without Party A’s prior written consent, Party B shall
not engage in any transaction that may materially affect its assets, liabilities, rights or operations (except that Party B may, in the ordinary course of its business, enter into business contracts or agreements, sell or purchase assets and create
liens in favor of relevant counter parties as required by law), including, but not limited to, the following: 

  

	 	2.1	 To declare any dividend or distribution to any shareholder; 

 

	 	2.2	 To borrow money from any third party or assume any debt; 

 

	 	2.3	 To sell to or acquire from any third party any asset or rights, including, but not limited to, any intellectual
property rights; 

  

	 	2.4	 To provide a guarantee for any third party using its assets or intellectual property rights as collateral;

  

	 	2.5	 To assign to any third party its business contracts; 

 

	 	2.6	 To engage in any activity beyond its normal business scope; 

 

	 	2.7	 To change or dismiss any of its directors or remove and replace any of its officers; 

 

	 	2.8	 To amend its articles of association or change its business scope; 

 

	 	2.9	 To change its normal business procedures or amend any of its important rules and regulations; or

  

	 	2.10	 To transfer its rights and obligations under this Agreement to any third party. 

 

	3.	 In order to ensure the performance of the various business agreements between Party A and Party B and the
payment by Party B of the amounts payable to Party A thereunder, Party B, together with its shareholder Party C, hereby jointly agree to accept and comply in all respects with advice and guidance provided by Party A from time to time relating to its
corporate policies on matters such as employment and dismissal of employees, daily operations and management, and financial management. 

  

	4.	 Party B, together with its shareholder Party C, hereby jointly agree that Party C shall appoint candidates
recommended by Party A as directors of Party B, and Party B shall appoint Party A’s senior executive officers recommended by Party A as its president, chief financial officer and other senior executive officers. If any of the above-mentioned
senior executive officers of Party A leaves Party A, whether voluntarily or as a result of dismissal by Party A, he or she shall also lose his/her right to hold any position at Party B, and Party B shall appoint other senior executive officers of
Party A recommended by Party A to fill such a position. The persons recommended by Party A in accordance with this Article 4 shall comply with the legal requirements regarding the qualifications of directors, presidents, chief financial officers,
and other senior executive officers. 

  
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	5.	 Party B, together with its shareholder Party C, hereby jointly agree and confirm that Party B shall first seek
a guarantee from Party A if Party B needs any guarantee for its performance of any of its contracts or for any borrowing for working capital purposes in the course of its operations. In such cases, Party A shall have the right, but not the
obligation, to provide the appropriate guarantee to Party B at Party A’s sole discretion. If Party A decides not to provide such a guarantee, Party A shall immediately issue a written notice to Party B and Party B may seek a guarantee from
third parties. 

  

	6.	 In the event that any of the agreements between Party A and Party B terminates or expires, Party A shall have
the right, but not the obligation, to terminate all agreements between Party A and Party B including, but not limited to, the Cooperation Agreement. 

  

	7.	 Any amendment or supplement to this Agreement shall be made in writing. The amendment or supplement duly
executed by all Parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 

  

	8.	 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. 

 

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

  

	10.	 All Parties acknowledge and confirm that any oral or written materials exchanged pursuant to this Agreement are
confidential. Each Party shall keep confidential all such materials and not disclose any such materials to any third Party without the prior written consent from the other Parties except in the following situations: (a) such materials are or
will become known by the public (through no fault of the receiving Party); (b) any materials as required to be disclosed by the applicable laws or rules of any stock exchange or governmental entity; and (c) any materials disclosed by each Party
to its legal or financial advisors relating to the transactions contemplated by this Agreement, and such legal or financial advisors shall comply with the confidentiality provisions set forth in this Article 10. Any disclosure of confidential
information by the personnel of any Party or by the institutions engaged by such Party shall be deemed as a disclosure by such Party, and such Party shall be liable for the breach under this Agreement. Both Parties agree that this Article 10 shall
survive the invalidity, cancellation, termination or unenforceability of this Agreement. 

  

	11.	 The formation, validity, interpretation and performance of and settlement of disputes under this Agreement
shall be governed by the laws of the PRC. 

  
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	12.	 Any dispute, conflict, or claim arising in connection with the interpretation and performance of the provisions
of this Agreement (including any issue relating to the existence, validity, and termination 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 a Party makes a request for dispute resolution through negotiations, any Party may refer such dispute to a competent court having legal jurisdiction over the registration place of Party A. The Parties agree to submit to the
jurisdiction of such court. The Parties agree that the dispute and any court proceedings shall be kept confidential and that the existence of the proceedings and any element of it (including but not limited to any pleadings, briefs or other
documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed beyond the court, the Parties, their counsels and any person necessary to the conduct of the proceeding, except as may be lawfully
required in judicial proceedings or as required by the rules of the U.S. Securities and Exchange Commission, the NASDAQ stock market rules or the rules of any other quotation system or exchange on which the securities of the disclosing Parties or
their affiliates are listed or as otherwise required by applicable law. The Parties further agree to request that the court conduct any proceedings in closed session and to keep the existence of the proceedings and any element of it, including the
decision of the court, confidential and refrain from publishing or otherwise disclosing any of the foregoing information to the public, except as may be lawfully required in judicial proceedings or as otherwise required by applicable law.

  

	13.	 This Agreement shall be executed by a duly authorized representative of each Party and become effective as of
the date first written above. 

  

	14.	 Notwithstanding Article 13 hereof, once effective, this Agreement shall constitute the entire agreement of the
Parties hereto with respect to the subject matters hereof and supersede all prior oral and/or written agreements and understandings by the Parties with respect to the subject matters hereof. 

 

	15.	 The term of this Agreement is twenty (20) years unless terminated earlier in accordance with the
provisions of this Agreement or related agreements entered into by the Parties. This Agreement may be extended only with the written consent of Party A before its expiration. The term of the extension shall be decided by the Parties through
negotiation. If the duration of operation (including any extension thereof) of Party A or Party B is expired or terminated for other reasons within the aforesaid term of this Agreement, this Agreement shall be terminated simultaneously, unless such
Party has already assigned its rights and obligations hereunder in accordance with Article 9 hereof. 

  

	16.	 This Agreement will terminate on the expiration date unless it is renewed in accordance with the relevant
provision herein. During the term of this Agreement, Party B shall not terminate this Agreement. Notwithstanding the above stipulation, Party A shall have the right to terminate this Agreement at any time by issuing a thirty (30) days’
prior written notice to Party B. 

 [Signature page follows] 

  
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 IN WITNESS THEREOF, each Party hereto has caused this Agreement to be duly executed by
himself/herself or a duly authorized representative on its behalf as of the date first written above. 
 Party A: NetEase Youdao Information Technology
(Beijing) Co., Ltd. 
 /s/ Seal of NetEase Youdao Information Technology (Beijing) Co., Ltd. 

Party B: Hangzhou NetEase Linjiedian Education Technology Co., Ltd. 

/s/ Seal of Hangzhou NetEase Linjiedian Education Technology Co., Ltd. 

Party C: William Lei Ding 
 Signature: /s/ William Lei
Ding 

  
 5EX-10.24

 Exhibit 10.24 

SHAREHOLDER VOTING RIGHT TRUST AGREEMENT 

This Shareholder Voting Right Trust Agreement (this “Agreement”) is entered into as of March 25, 2019 between the following two parties
in Beijing. 
 Party A: NetEase Youdao Information Technology (Beijing) Co., Ltd., a wholly foreign owned enterprise registered in Beijing, PRC under
the laws of the PRC 
 Party B: Feng Zhou (ID Number: ****************), a citizen of the People’s Republic of China with his address at
******** 
 In this Agreement, Party A and Party B are called collectively as the “Parties” and each of them is a “Party.”

 WHEREAS 
  

	1.	 Party B is a shareholder of Hangzhou NetEase Linjiedian Education Technology Co., Ltd.(the
“Company”) on March 25, 2019, in which Party B owns 1%of the equity interests. 

  

	2.	 Party B is willing to entrust the person designated by Party A with full authority to exercise his
shareholder’s voting rights at the Company’s shareholders’ meetings. 

 NOW, THEREFORE, through negotiations, all
parties to this Agreement hereby agree as follows: 
  

	1.	 Party B hereby agrees to irrevocably entrust the person designated by Party A to exercise on his/her behalf all
shareholder’s voting rights and other shareholder’s rights at the shareholders’ meeting of the Company in accordance with PRC law and the Company’s articles of association, including, but not limited to, with respect to the sale
or transfer of all or part of Party B’s equity interests in the Company and the appointment and election of the directors and chairman of the Company. 

  

	2.	 Party A agrees to designate a person to accept the entrustment by Party B pursuant to Article 1 of this
Agreement, and such person shall represent Party B in the exercise of Party B’s shareholder’s voting rights and other shareholder’s rights pursuant to this Agreement. 

 

	3.	 Party B hereby acknowledges that, regardless how his/her equity interests in the Company will change, he/she
shall entrust the person designated by Party A with all of his/her shareholder’s voting rights and other shareholder’s rights. If Party B transfers his/her equity interests in the Company to any individual or company, other than Party A or
the individuals or entities designated by Party A (each, a “Transferee”), Party B shall cause such Transferee to, concurrently with the execution of the equity transfer documents, sign an agreement with the same terms and conditions
as this Agreement to entrust the person designated by Party A with the shareholder’s voting rights and other shareholder’s rights of the Transferee. In the event of Party B’s death or incapacity, the terms of this Agreement shall be
binding upon the executors, administrators, heirs and successors of Party B. Any equity interests in the Company held by Party B shall not be part of Party B’s estate upon death or incapacity and shall not pass to Party B’s heirs or
successors. Upon Party B’s death or incapacity, any equity interests in the Company held by Party B shall be transferred to Party A or its designated person(s). 

	4.	 Party B hereby acknowledges that if Party A withdraws the appointment of the relevant person to whom Party B
has entrusted his shareholder’s voting rights and other shareholder’s rights, he/she will withdraw his/her authorization for this person and authorize other persons designated by Party A to exercise his/her shareholder’s voting rights
and other shareholder’s rights at the shareholders’ meeting of the Company. 

  

	5.	 This Agreement shall become effective as of the date it is duly executed by the Parties’ authorized
representatives. 

  

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

 

	7.	 This Agreement shall remain effective for as long as Party B is a shareholder of the Company unless this
Agreement is unilaterally terminated by Party A at its sole and absolute discretion by giving thirty (30) days prior written notice to Party B of its intention to terminate this Agreement. 

 

	8.	 Any amendment to, and/or cancellation of, this Agreement shall be agreed by the Parties in writing.

  

	9.	 Both Parties acknowledge and confirm that any oral or written materials exchanged pursuant to this Agreement
are confidential. Each Party shall keep confidential all such materials and not disclose any such materials to any third Party without the prior written consent from the other Parties except in the following situations: (a) such materials are
or will become known by the public (through no fault of the receiving Party); (b) any materials as required to be disclosed by the applicable laws or rules of any stock exchange or governmental entity; and (c) any materials disclosed by each
Party to its legal or financial advisors relating to the transactions contemplated by this Agreement, and such legal or financial advisors shall comply with the confidentiality provisions set forth in this Article 9. Any disclosure of confidential
information by the personnel of any Party or by the institutions engaged by such Party shall be deemed as a disclosure by such Party, and such Party shall be liable for the breach under this Agreement. Both Parties agree that this Article 9 shall
survive the invalidity, cancellation, termination or unenforceability of this Agreement. 

  

	10.	 Applicable Laws and Dispute Resolution 

 

	 	a.	 The formation, validity, interpretation and performance of and settlement of disputes under this Agreement
shall be governed by the laws of the PRC. 

  
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	 	b.	 Any dispute, conflict, or claim arising in connection with the interpretation and performance of the provisions
of this Agreement (including any issue relating to the existence, validity, and termination 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 a Party makes a request for dispute resolution through negotiations, any Party may refer such dispute to a competent court having legal jurisdiction over the registration place of Party A. The Parties agree to submit to the
jurisdiction of such court. The Parties agree that the dispute and any court proceedings shall be kept confidential and that the existence of the proceedings and any element of it (including but not limited to any pleadings, briefs or other
documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed beyond the court, the Parties, their counsels and any person necessary to the conduct of the proceeding, except as may be lawfully
required in judicial proceedings or as required by the rules of the U.S. Securities and Exchange Commission, the NASDAQ stock market rules or the rules of any other quotation system or exchange on which the securities of the disclosing Parties or
their affiliates are listed or as otherwise required by applicable law. The Parties further agree to request that the court conduct any proceedings in closed session and to keep the existence of the proceedings and any element of it, including the
decision of the court, confidential and refrain from publishing or otherwise disclosing any of the foregoing information to the public, except as may be lawfully required in judicial proceedings or as otherwise required by applicable law.

 [Signature page follows] 

  
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 Party A: NetEase Youdao Information Technology (Beijing) Co., Ltd. 

Authorized Representative: /s/ Feng Zhou     

/s/ Seal of NetEase Youdao Information Technology (Beijing) Co., Ltd. 

 

			
	Party B : Feng Zhou
		
	Signature:	 	 /s/ Feng Zhou

 This Agreement is agreed and accepted by: 

Hangzhou NetEase Linjiedian Education Technology Co., Ltd. 

Authorized Representative: /s/ Feng Zhou     

/s/ Seal of Hangzhou NetEase Linjiedian Education Technology Co., Ltd. 

  
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