Document:

EX-10.6

 Exhibit 10.6 

Equity Pledge Agreement 
 This Equity
Pledge Agreement (this “Agreement”) has been executed by and among the following parties on September 29, 2019 in Shanghai, the People’s Republic of China (“China” or the “PRC”): 

 

			
	Party A:	  	Hywin Enterprise Management Consulting (Shanghai) Co., Ltd. (hereinafter “Pledgee”)
		
	Address:	  	202, No.8, Middle Yincheng Rd, Pudong District, Shanghai
		
	Party B:	  	The undersigned shareholders (hereinafter each refers to “Pledgor”, collectively, “Pledgors”)
		
	Address:	  	See the address in the signature pages
		
	Party C:	  	Hywin Wealth Management Co., Ltd.
		
	Address:	  	Room 302, 8 Yincheng Middle Road, China (Shanghai) Pilot Free Trade Zone, PRC

 In this Agreement, each of Pledgee, Pledgor and Party C shall be referred to as a “Party” respectively, and they
shall be collectively referred to as the “Parties”. 

  
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Equity Pledge Agreement 

 Whereas: 
  

	1.	 Pledgors collectively hold 100% of the equity interest in Party C in record. Party C is a limited liability
company registered in Shanghai, China. Party C acknowledges the respective rights and obligations of Pledgor and Pledgee under this Agreement, and intends to provide any necessary assistance in registering the Pledge; 

 

	2.	 Pledgee is a wholly foreign-owned enterprise registered in China. Pledgee, Pledgor and Party C owned by Pledgor
have executed an Technical Consultation and Service Agreement and other control agreements (the “Control Agreements”); 

  

	3.	 To ensure that Pledgor and Party C fully perform their obligations under the Control Agreements, and pay the
consulting and service fees thereunder to the Pledgee when the sum becomes due, Pledgor hereby pledges to the Pledgee all of the equity interest he holds in Party C as security for payment of the consulting and service fees by Party C under the
Control Agreements. 

 To perform the provisions of the Control Agreements, the Parties have mutually agreed to execute this Agreement
upon the following terms. 

  
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Equity Pledge Agreement 

	1.	 DEFINITIONS 

Unless otherwise provided herein, the terms below shall have the following meanings: 

 

	1.1	 Pledge: shall refer to the security interest granted by Pledgor to Pledgee pursuant to Section 2 of this
Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales price of the Equity Interest. 

  

	1.2	 Equity Interest: shall refer to all of the equity interest lawfully now held and hereafter acquired by Pledgor
in Party C. 

  

	1.3	 Term of Pledge: shall refer to the term set forth in Section 3 of this Agreement. 

 

	1.4	 Control Agreements: shall refer to Technical Consultation and Service Agreements and other relevant control
agreements executed by and among Pledgor, Party C and Pledgee on September 28, 2019. 

  

	1.5	 Event of Default: shall refer to any of the circumstances set forth in Section 7 of this Agreement.

  

	1.6	 Notice of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement declaring an
Event of Default. 

  

	2.	 THE PLEDGE 

As collateral security for the performance of the Control Agreements and the timely and complete payment when due (whether at stated maturity,
by acceleration or otherwise) of any or all of the payments due by Party C and/or Pledgor, including without limitation the consulting and services fees payable to the Pledgee under the Control Agreements, Pledgor hereby pledges to Pledgee a first
security interest in all of Pledgor’s right, title and interest, whether now owned or hereafter acquired by Pledgor, in the Equity Interest of Party C. 

  
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Equity Pledge Agreement 

	3.	 TERM OF PLEDGE 

 

	3.1	 The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein has
been registered with relevant administration for market regulation (the “AMR”). The Pledge shall be continuously valid until the Pledgor is no longer a shareholder of Party C or the satisfaction of all its obligations by the Party C under
the Control Agreements. The Pledgors shall be responsible for recording of this Agreement in the Company’s Register of Shareholders. 

  

	3.2	 During the Term of Pledge, in the event Party C fails to pay the exclusive consulting or service fees in
accordance with the Control Agreements, Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance with the provisions of this Agreement. 

 

	4.	 CUSTODY OF RECORDS FOR EQUITY INTEREST SUBJECT TO PLEDGE 

 

	4.1	 During the Term of Pledge set forth in this Agreement, Pledgor shall deliver to Pledgee’s custody the
shareholders’ register containing the Pledge within one week from the execution of this Agreement. Pledgee shall have custody of such items during the entire Term of Pledge set forth in this Agreement. 

 

	4.2	 Pledgee shall have the right to collect dividends generated by the Equity Interest during the Term of Pledge.

  
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Equity Pledge Agreement 

	5.	 REPRESENTATIONS AND WARRANTIES OF PLEDGOR 

 

	5.1	 Pledgor is the owner of the Equity Interest in record of register of shareholder. 

 

	5.2	 Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions
set forth in this Agreement. 

  

	5.3	 Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the Equity
Interest. 

  

	6.	 COVENANTS AND FURTHER AGREEMENTS OF PLEDGOR 

 

	6.1	 Pledgor hereby covenants to the Pledgee, that during the term of this Agreement, Pledgor shall:

  

	 	(1)	 not transfer the Equity Interest, place or permit the existence of any security interest or other encumbrance
on the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Equity Option Agreement (the “Equity Option Agreement”) executed by Pledgor, the Pledgee and Party C on the execution date of
this Agreement; 

  

	 	(2)	 comply with the provisions of all laws and regulations applicable to the pledge of rights, and within five
(5) working days of receipt of any notice, order or recommendation issued or prepared by relevant competent authorities regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall comply with the
aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon Pledgee’s reasonable request or upon consent of Pledgee; 

  
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Equity Pledge Agreement 

	 	(3)	 promptly notify Pledgee of any event or notice received by Pledgor that may have an impact on Pledgee’s
rights to the Equity Interest or any portion thereof, as well as any event or notice received by Pledgor that may have an impact on any guarantees and other obligations of Pledgor arising out of this Agreement. 

 

	6.2	 Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge
shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through any legal proceedings. 

  

	6.3	 To protect or perfect the security interest granted by this Agreement for payment of the consulting and service
fees under the Control Agreements, Pledgor hereby undertakes to execute in good faith and to cause other parties who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgor also
undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all
relevant documents regarding ownership of Equity Interest with Pledgee or designee(s) of Pledgee (natural persons/legal persons). Pledgor undertakes to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the
Pledge that are required by Pledgee. 

  
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Equity Pledge Agreement 

	6.4	 Pledgor hereby undertakes to comply with and perform all guarantees, promises, agreements, representations and
conditions under this Agreement. In the event of failure or partial performance of its guarantees, promises, agreements, representations and conditions, Pledgor shall indemnify Pledgee for all losses resulting therefrom. 

 

	6.5	 The Pledgors shall process the registration procedures with the competent AMR concerning the Pledge as soon as
practical after the execution of this Agreement. 

  

	6.6	 Without notifying Pledgee in advance and obtaining Pledgee’s prior written consent, Pledgor shall not
transfer the Equity Interest and any action for the proposed transfer of the Equity Interest of Pledgor shall be invalid. Any payment received by Pledgor for transfer of the Equity Interest shall be firstly used to repay the secured obligations to
Pledgee or be placed in escrow with a third party as agreed with Pledgee. 

  

	7.	 EVENT OF BREACH 

 

	7.1	 The following circumstances shall be deemed Event of Default: 

 

	 	(1)	 Party C fails to fully and timely fulfill any liabilities under the Control Agreements, including without
limitation failure to pay in full any of the consulting and service fees payable under the Control Agreements or breaches any other obligations of Party C thereunder; 

 

	 	(2)	 Pledgor or Party C has committed a material breach of any provisions of this Agreement; 

  
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Equity Pledge Agreement 

	 	(3)	 Except for the performance of the Equity Option Agreement, Pledgor transfers or purports to transfer or
abandons the Equity Interest pledged or assigns the Equity Interest pledged without the written consent of Pledgee; and 

  

	 	(4)	 The successor or custodian of Party C is capable of only partially performing or refusing to perform the
payment obligations under the Control Agreements. 

  

	 	(5)	 The occurrence of any adverse change to the assets or property of the Pledgor, which in Pledgee’s
determination, may impact the ability of the Pledgor to perform its obligations hereunder. 

  

	 	(6)	 The occurrence of any other circumstances under which the Pledgee is not or may not able to exercise its rights
hereunder in accordance with the applicable law. 

  

	7.2	 Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned
circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly. 

  

	7.3	 Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s
satisfaction within twenty (20) days after the Pledgee delivers a notice to the Pledgor requesting ratification of such Event of Default, Pledgee may issue a Notice of Default to Pledgor in writing at any time thereafter, demanding to
immediately dispose of the Pledge in accordance with the provisions of Section 8 of this Agreement. 

  
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Equity Pledge Agreement 

	8.	 EXERCISE OF PLEDGE 

 

	8.1	 Prior to the full payment of the consulting and service fees described in the Control Agreements, without the
Pledgee’s written consent, Pledgor shall not assign the Equity Interest in Party C. 

  

	8.2	 Pledgee may issue a written notice to Pledgor when exercising the Pledge. 

 

	8.3	 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge at any time
after the issuance of the Notice of Default in accordance with Section 7.3. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 

 

	8.4	 In the event of default, Pledgee is entitled to dispose of the Equity Interest in accordance with applicable
PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgor for proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to demand any such accounting from
Pledgee. 

  

	8.5	 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall provide
necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 

  
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Equity Pledge Agreement 

	9.	 ASSIGNMENT 

  

	9.1	 Without Pledgee’s prior written consent, Pledgor shall not have the right to assign or delegate its rights
and obligations under this Agreement. 

  

	9.2	 This Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall be valid with
respect to Pledgee and each of its successors and assigns. 

  

	9.3	 At any time, Pledgee may assign any and all of its rights and obligations under the Control Agreements to its
designee(s) (natural/legal persons), in which case the assigns shall have the rights and obligations of Pledgee under this Agreement, as if it were the original party to this Agreement. When the Pledgee assigns the rights and obligations under the
Control Agreements, upon Pledgee’s request, Pledgor shall execute relevant agreements or other documents relating to such assignment. 

  

	9.4	 In the event of a change in Pledgee due to an assignment, Pledgor shall, at the request of Pledgee, execute a
new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and register the same with the relevant AMR. 

  

	9.5	 Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or separately
executed by the Parties hereto or any of them, including the Equity Option Agreement and the Power of Attorney granted to Pledgee, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the
effectiveness and enforceability thereof. Any remaining rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except in accordance with the written instructions of Pledgee. 

  
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Equity Pledge Agreement 

	10.	 TERMINATION 

Upon the full payment of the consulting and service fees under the Control Agreements and upon termination of Party C’s obligations under
the Control Agreements, this Agreement shall be terminated, and Pledgee shall then terminate the equity pledge under this Agreement as soon as reasonably practicable. 
  

	11.	 HANDLING FEES AND OTHER EXPENSES 

All fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and
any other taxes and fees, shall be borne by Party C. 
  

	12.	 CONFIDENTIALITY 

The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in
connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it
shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the
obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, investors,
legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in
this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement.
This Section shall survive the termination of this Agreement for any reason. 

  
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Equity Pledge Agreement 

	13.	 GOVERNING LAW AND RESOLUTION OF DISPUTES 

 

	13.1	 The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the
resolution of disputes hereunder shall be governed by the laws of China. 

  

	13.2	 In the event of any dispute with respect to the construction and performance of this Agreement, the Parties
shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within thirty (30) days after either Party’s request to the other Parties for resolution of the dispute
through negotiations, either Party may submit the relevant dispute to the Shanghai Branch of China International Economic and Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted
in Shanghai, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties. 

  

	13.3	 Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during
the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

  
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Equity Pledge Agreement 

	14.	 NOTICES 

  

	14.1	 All notices and other communications required or permitted to be given pursuant to this Agreement shall be
delivered personally or sent by registered mail, postage prepaid, by a commercial courier service to the address of such party set forth below. A confirmation copy of each notice shall also be sent by E-mail.
The dates on which notices shall be deemed to have been effectively given shall be determined as follows: 

 Notices given
by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of acceptance or refusal at the address specified for notices. 

 

	14.2	 For the purpose of notices, the addresses of the Parties are as follows: 

 

			
	Party A:	  	Hywin Enterprise Management Consulting (Shanghai) Co., Ltd.
		
	Address:	  	202, No.8, Middle Yincheng Rd, Pudong District, Shanghai
		
	Attn:	  	WANG Dian
		
	Party B:	  	The undersigned shareholders
		
	Address:	  	See the address in the signature pages
		
	Party C:	  	Hywin Wealth Management Co., Ltd.
		
	Address:	  	Room 302, 8 Yincheng Middle Road, China (Shanghai) Pilot Free Trade Zone, PRC
		
	Attn:	  	GONG, Qiaoli

  
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Equity Pledge Agreement 

	14.3	 If any Party change its address for notices or its contact person, a notice shall be delivered to the other
Parties in accordance with the terms hereof. 

  

	15.	 SEVERABILITY 

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in
accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid,
illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the
economic effect of those invalid, illegal or unenforceable provisions. 
  

	16.	 ATTACHMENTS 

The attachments set forth herein shall be an integral part of this Agreement. 

  
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Equity Pledge Agreement 

	17.	 EFFECTIVENESS 

 

	17.1	 This Agreement shall become effective upon and from the date on which it is signed by the authorized
representative and seal of each Party. 

  

	17.2	 Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective after
the affixation of the signatures or seals of the Parties. 

  

	17.3	 This Agreement is written in Chinese and English in four ([4]) copies. Pledgor, Pledgee and Party C shall hold
one (1) copy respectively. Each copy of this Agreement shall have equal validity. In case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. 

[The Remainder of this page is intentionally left blank] 

  
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Equity Pledge Agreement 

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Pledge Agreement as of the date first above written. 

 

					
	Party A:	  	Hywin Enterprise Management Consulting (Shanghai) Co., Ltd. (seal)

					
			
	Name:	  	WANG Dian	  	
			
	Title:	  	Authorized Representative	  	
			
	By:	  	 /s/ WANG Dian
	  	

  
 Equity Pledge Agreement

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Pledge Agreement as of the date first above written. 

 

					
	Party B:	  	Hywin Financial Holding Group Co., Ltd.	  	
			
	Shareholding Ratio:	  	85%	  	
		
	Address:	  	43th floor, 8 Yincheng Middle Road, Pudong New District, Shanghai, PRC.
			
	By:	  	 /s/ Hywin Financial Holding Group Co., Ltd. 
	  	

  
 Equity Pledge Agreement

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Pledge Agreement as of the date first above written. 

 

					
	Party B:	  	WANG, Pei	  	
			
	Shareholding Ratio:	  	15%	  	
		
	Address:	  	No. 51, Building 9, Block 49 Zhengtong Road, Erqi District, Zhengzhou City, PRC.
			
	By:	  	 /s/ WANG, Pei
	  	

  
 Equity Pledge Agreement

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Pledge Agreement as of the date first above written. 

 

					
	Party C:	  	 Hywin Wealth Management Co., Ltd. (seal)

			
	Name:	  	 GONG, Qiaoli
	  	
			
	Title:	  	 Authorized Representative
	  	
			
	By:	  	 /s/ GONG, Qiaoli
	  	

  
 Equity Pledge AgreementEX-10.7

 Exhibit 10.7 

Equity Option Agreement 
 This Equity
Option Agreement (this “Agreement”) is executed by and among the following Parties as of September 29, 2019 in Shanghai, the People’s Republic of China (“China” or the “PRC”): 

 

			
	Party A:	  	Hywin Enterprise Management Consulting (Shanghai) Co., Ltd.
		
	Address:	  	202, No.8, Middle Yincheng Rd, Pudong District, Shanghai
		
	Party B :	  	The undersigned shareholders
		
	Address:	  	See the address in the signature pages
		
	Party C:	  	Hywin Wealth Management Co., Ltd.
		
	Address:	  	Room 302, 8 Yincheng Middle Road, China (Shanghai) Pilot Free Trade Zone, PRC

  
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Equity Option Agreement 

 In this Agreement, each of Party A, Party B and Party C shall be referred to as a “Party”
respectively, and they shall be collectively referred to as the “Parties”. 
 Whereas, Party B collectively holds 100% of the equity interest in
Party C. Party A and Party C have executed a Technical Consultation and Service Agreement and other control agreements (the “Control Agreements”). 

Now therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement: 

 

	1.	 SALE AND PURCHASE OF EQUITY INTEREST 

 

	1.1	 Option Granted 

In consideration of the payment of RMB 1 by Party A, the receipt and adequacy of which is hereby acknowledged by Party B, Party B hereby
irrevocably agrees that, on the condition that it is permitted by the PRC laws, Party A has the right to require Party B to fulfill and complete all approval and registration procedures required under PRC laws for Party A to purchase, or designate
one or more persons (each, a “Designee”) to purchase, Party B’s equity interests in Party C, once or at multiple times at any time in part or in whole at Party A’s sole and absolute discretion and at the price described in
Section 1.3 herein (such right being the “Equity Interest Purchase Option”). Party A’s Equity Interest Purchase Option shall be exclusive. Except for Party A and the Designee(s), no other person shall be entitled to the Equity
Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The term “person” as used herein shall refer to
individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations. 

  
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Equity Option Agreement 

	1.2	 Steps for Exercise of Equity Interest Purchase Option 

Subject to the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written
notice to Party B (the “Equity Interest Purchase Option Notice”), specifying: (a) Party A’s decision to exercise the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased from Party B (the
“Optioned Interests”); and (c) the date for purchasing the Optioned Interests and/or the date for transfer of the Optioned Interests. 
  

	1.3	 Equity Interest Purchase Price 

The purchase price of the Optioned Interests (the “Base Price”) shall be the lowest price allowed by the laws of China. If appraisal
is required by the laws of China at the time when Party A exercises the Equity Interest Purchase Option, the Parties shall negotiate in good faith and based on the appraisal result make necessary adjustment to the Equity Interest Purchase Price so
that it complies with any and all then applicable laws of China (collectively, the “Equity Interest Purchase Price”). When the Base Price is higher than One RMB, Party B shall exempt Party A from the obligation of payment and agree that
Party A shall not fulfill the payment. 
  

	1.4	 Transfer of Optioned Interests 

For each exercise of the Equity Interest Purchase Option: 

  
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Equity Option Agreement 

	 	(1)	 Party B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution shall be
adopted approving Party B’s transfer of the Optioned Interests to Party A and/or the Designee(s); 

  

	 	(2)	 Party B shall obtain written statements from the other shareholders of Party C giving consent to the transfer
of the equity interest to Party A and/or the Designee(s) and waiving any right of first refusal related thereto. 

  

	 	(3)	 Party B shall execute a share transfer contract with respect to each transfer with Party A and/or each Designee
(whichever is applicable), in accordance with the provisions of this Agreement and the Equity Interest Purchase Option Notice regarding the Optioned Interests; 

 

	 	(4)	 The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary
government licenses and permits and take all necessary actions to transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the
registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, “security interests” shall include securities, mortgages, third party’s rights or interests, any stock options, acquisition right,
right of first refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created by this Agreement and Party B’s Equity Pledge Agreement. “Party B’s Equity
Pledge Agreement” as used in this Section and this Agreement shall refer to the Equity Pledge Agreement (“Party B’s Equity Pledge Agreement”) executed by and among Party A, Party B and Party C as of the date hereof, whereby Party
B pledges all of its equity interests in Party C to Party A, in order to guarantee Party C’s performance of its obligations under the Control Agreements executed by and between Party C and Party A. 

  
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Equity Option Agreement 

	2.	 COVENANTS 

  

	2.1	 Covenants regarding Party C 

Party B (as the shareholders of Party C) and Party C hereby covenant as follows: 

 

	 	(1)	 Without the prior written consent of Party A, they shall not in any manner supplement, change or amend the
articles of association and bylaws of Party C, increase or decrease its registered capital, or change its structure of registered capital in other manners; 

  

	 	(2)	 They shall maintain Party C’s corporate existence in accordance with good financial and business standards
and practices by prudently and effectively operating its business and handling its affairs; 

  

	 	(3)	 Without the prior written consent of Party A, they shall not at any time following the date hereof, sell,
transfer, mortgage or dispose of in any manner any assets of Party C or legal or beneficial interest in the business or revenues of Party C, or allow the encumbrance thereon of any security interest; 

  
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Equity Option Agreement 

	 	(4)	 Without the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer the existence
of any debt, except for (i) debts incurred in the ordinary course of business other than through loans; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained; 

 

	 	(5)	 They shall always operate all of Party C’s businesses during the ordinary course of business to maintain
the asset value of Party C and refrain from any action/omission that may affect Party C’s operating status and asset value; 

  

	 	(6)	 Without the prior written consent of Party A, they shall not cause Party C to execute any major contract,
except the contracts in the ordinary course of business (for purpose of this subsection, a contract with a price exceeding RMB 100,000 shall be deemed a major contract); 

 

	 	(7)	 Without the prior written consent of Party A, they shall not cause Party C to provide any person with any loan
or credit; 

  

	 	(8)	 They shall provide Party A with information on Party C’s business operations and financial condition at
Party A’s request; 

  

	 	(9)	 If requested by Party A, they shall procure and maintain insurance in respect of Party C’s assets and
business from an insurance carrier acceptable to Party A, at an amount and type of coverage typical for companies that operate similar businesses; 

  
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Equity Option Agreement 

	 	(10)	 Without the prior written consent of Party A, they shall not cause or permit Party C to merge, consolidate
with, acquire or invest in any person; 

  

	 	(11)	 They shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to Party C’s assets, business or revenue; 

  

	 	(12)	 To maintain the ownership by Party C of all of its assets, they shall execute all necessary or appropriate
documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims; 

 

	 	(13)	 Without the prior written consent of Party A, they shall ensure that Party C shall not in any manner distribute
dividends to its shareholders, provided that upon Party A’s written request, Party C shall immediately distribute all distributable profits to its shareholders; and 

 

	 	(14)	 At the request of Party A, they shall appoint any persons designated by Party A as directors of Party C;
without the prior written consent of Party A, they shall not replace the directors of Party C. 

  
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Equity Option Agreement 

	2.2	 Covenants of Party B 

Party B hereby covenants as follows: 
  

	 	(1)	 Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose of in any
other manner any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed on these equity interests in accordance with Party B’s
Equity Pledge Agreement; 

  

	 	(2)	 Party B shall cause the shareholders’ meeting and/or the board of directors of Party C not to approve the
sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, without the prior written consent of Party
A, except for the pledge placed on these equity interests in accordance with Party B’s Equity Pledge Agreement; 

  

	 	(3)	 Party B shall cause the shareholders’ meeting or the board of directors of Party C not to approve the
merger or consolidation with any person, or the acquisition of or investment in any person, without the prior written consent of Party A; 

  

	 	(4)	 Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the equity interests in Party C held by Party B; 

  

	 	(5)	 Party B shall cause the shareholders’ meeting or the board of directors of Party C to vote their approval
of the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that may be requested by Party A; 

  
 8 

Equity Option Agreement 

	 	(6)	 To the extent necessary to maintain Party B’s ownership in Party C, Party B shall execute all necessary or
appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims; 

 

	 	(7)	 Party B shall appoint any designee of Party A as director and/or executive director of Party C, at the request
of Party A; without the prior written consent of Party A, they shall not replace the directors of Party C; 

  

	 	(8)	 Party B shall issue such power of attorney as Party A may request from time to time, to authorize Party A
and/or the individual designated by Party A to exercise Party B’s voting rights as a shareholder in Party C. 

  

	 	(9)	 At the request of Party A at any time, Party B shall promptly and unconditionally transfer its equity interests
in Party C to Party A’s Designee(s) in accordance with the Equity Interest Purchase Option under this Agreement, and Party B hereby waives its right of first refusal to the respective share transfer by the other existing shareholder of Party C
(if any); and 

  
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Equity Option Agreement 

	 	(10)	 Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately
executed by and among Party B, Party C and Party A, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. If Party B retains any additional rights other
than those rights provided for under this Agreement, Party B’s Equity Pledge Agreement and the powers of attorney issued to Party A and/or the individual designated by Party A, Party B shall not exercise such rights without Party A’s
written direction. 

  

	3.	 REPRESENTATIONS AND WARRANTIES 

Party B and Party C hereby represent and warrant to Party A, jointly and severally, as of the date of this Agreement that: 

 

	3.1	 They have the authority to execute and deliver this Agreement and any share transfer contracts to which they
are parties concerning the Optioned Interests to be transferred thereunder (each, a “Transfer Contract”), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer
Contracts consistent with the terms of this Agreement upon Party A’s exercise of the Equity Interest Purchase Option. This Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal, valid and
binding obligations and shall be enforceable against them in accordance with the provisions thereof; 

  

	3.2	 The execution and delivery of this Agreement or any Transfer Contracts and the obligations under this Agreement
or any Transfer Contracts shall not: (i) cause any violation of any applicable laws of China; (ii) be inconsistent with the articles of association, bylaws or other organizational documents of Party C; (iii) cause the violation of any
contracts or instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for
the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of additional conditions to any licenses or permits issued to either of them;

  
 10 

Equity Option Agreement 

	3.3	 Party B has a good and merchantable title to the equity interests in Party C he holds. Except for Party
B’s Equity Pledge Agreement, Party B has not placed any security interest on such equity interests; 

  

	3.4	 Party C has a good and merchantable title to all of its assets, and has not placed any security interest on the
aforementioned assets; 

  

	3.5	 Party C does not have any outstanding debts, except for (i) debt incurred in the ordinary course of
business; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained. 

  

	3.6	 Party C has complied with all laws and regulations of China applicable to equity or asset acquisitions; and

  

	3.7	 There are no pending or threatened litigation, arbitration or administrative proceedings relating to the equity
interests in Party C, assets of Party C or Party C. 

  
 11 

Equity Option Agreement 

	4.	 EFFECTIVE DATE 

This Agreement shall become effective upon and from the date on which it is signed by the authorized representative and seal of each Party.
This Agreement shall remain effective until all the equity interest owned by Party B in Party C has been legally transferred to Party A or the Designee(s) in accordance with this Agreement. 

 

	5.	 GOVERNING LAW AND RESOLUTION OF DISPUTES 

 

	5.1	 The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the
resolution of disputes hereunder shall be governed by the formally published and publicly available laws of China. Matters not covered by formally published and publicly available laws of China shall be governed by international legal principles and
practices. 

  

	5.2	 In the event of any dispute with respect to the construction and performance of this Agreement, the Parties
shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within thirty (30) days after either Party’s request to the other Parties for resolution of the dispute
through negotiations, either Party may submit the relevant dispute to the Shanghai Branch of China International Economic and Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted
in Shanghai, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties. 

  
 12 

Equity Option Agreement 

	6.	 TAXES AND FEES 

Each Party shall pay any and all transfer and registration tax, expenses and fees incurred thereby or levied thereon in accordance with the
laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts. 

 

	7.	 NOTICES 

  

	7.1	 All notices and other communications required or permitted to be given pursuant to this Agreement shall be
delivered personally or sent by registered mail, postage prepaid, by a commercial courier service to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall be
deemed to have been effectively given shall be determined as follows: 

 Notices given by personal delivery, by courier
service or by registered mail, postage prepaid, shall be deemed effectively given on the date of acceptance or refusal at the address specified for notices. 

  
 13 

Equity Option Agreement 

	7.2	 For the purpose of notices, the addresses of the Parties are as follows: 

 

			
	Party A:	  	Hywin Enterprise Management Consulting (Shanghai) Co., Ltd.
		
	Address:	  	202, No.8, Middle Yincheng Rd, Pudong District, Shanghai
		
	Attn:	  	WANG Dian
		
	Party B:	  	The undersigned shareholders
		
	Address:	  	See the address in the signature pages
		
	Party C:	  	Hywin Wealth Management Co., Ltd.
		
	Address:	  	Room 302, 8 Yincheng Middle Road, China (Shanghai) Pilot Free Trade Zone, PRC
		
	Attn:	  	GONG, Qiaoli

  

	7.3	 If any Party change its address for notices or its contact person, a notice shall be delivered to the other
Party in accordance with the terms hereof. 

  
 14 

Equity Option Agreement 

	8.	 CONFIDENTIALITY 

The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in
connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it
shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the
obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, investors,
legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in
this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement.
This Section shall survive the termination of this Agreement for any reason. 
  

	9.	 FURTHER WARRANTIES 

The Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and
purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement. 
  

	10.	 MISCELLANEOUS 

 

	10.1	 Amendment, change and supplement 

Any amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties. 

  
 15 

Equity Option Agreement 

	10.2	 Entire agreement Except for the amendments, supplements or changes in writing executed after the execution of
this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations and contracts
reached with respect to the subject matter of this Agreement. 

  

	10.3	 Headings 

The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the
provisions of this Agreement. 
  

	10.4	 Language 

This Agreement is written in both Chinese and English language in four ([4]) copies, each party having one (1) copy with equal legal
validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. 

  
 16 

Equity Option Agreement 

	10.5	 Severability 

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in
accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid,
illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the
economic effect of those invalid, illegal or unenforceable provisions. 
  

	10.6	 Successors 

This Agreement shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of
such Parties. 
  

	10.7	 Waivers 

Any Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the
signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances. 

 

	10.8	 Survival 

  

	 	(1)	 Any obligations that occur or that are due as a result of this Agreement upon the expiration or early
termination of this Agreement shall survive the expiration or early termination thereof. 

  

	 	(2)	 The provisions of Sections 5, 7, 8 and this Section 10.8 shall survive the termination of this Agreement.

  
 17 

Equity Option Agreement 

	10.9	 LIABILITY FOR BREACH OF AGREEMENT 

 

	 	(1)	 The Parties agree and confirm that, if any Party (the “Defaulting Party”) is in material
breach of any provisions herein or fails to perform any obligations hereunder in any material respect, such breach or failure shall constitute a default under this Agreement (the “Default”), which shall entitle non-defaulting Party to request Defaulting Party to rectify or remedy such Default with a reasonable period of time. If the Defaulting Party fails to rectify or remedy such Default within the reasonable period of
time or within 10 days of non-defaulting Party’s written notice requesting for such rectification or remedy, the non-defaulting Party shall be entitled to elect any
one of the following remedial actions: (a) to terminate this Agreement and request the Defaulting Party to fully compensate its losses and damages; (b) to request the specific performance by the Defaulting Party of its obligations
hereunder and request the Defaulting Party to fully compensate non-defaulting Party’s losses and damages; or (c) to enforce the pledge under the Party B’s Equity Pledge Agreement by selling,
auctioning or exchanging the pledged equity thereunder and receive payment in priority from the proceeds derived therefrom, and in the meantime, request the Defaulting Party to fully compensate non-defaulting
Party for any losses as a result thereof. 

  

	 	(2)	 The rights and remedies provided for in this Agreement shall be accumulative and shall not affect any other
rights and remedies stipulated at law. 

 [The Remainder of this page is intentionally left blank] 

  
 18 

Equity Option Agreement 

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Option Agreement as of the date first above written. 

 

					
	Party A:	  	Hywin Enterprise Management Consulting (Shanghai) Co., Ltd. (seal)
			
	Name:	  	WANG, Dian	  	
			
	Title:	  	Authorized Representative	  	
			
	By:	  	 /s/ WANG, Dian
	  	

  
 Equity Option Agreement

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Option Agreement as of the date first above written. 

 

					
	Party B:	  	Hywin Financial Holding Group Co., Ltd.	  	
			
	Shareholding Ratio:	  	85%	  	
		
	Address:	  	43th floor, 8 Yincheng Middle Road, Pudong New District, Shanghai, PRC.
			
	By:	  	 /s/ Hywin Financial Holding Group Co., Ltd.
	  	

  
 Equity Option Agreement

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Option Agreement as of the date first above written. 

 

					
	Party B:	  	WANG, Pei	  	
			
	Shareholding Ratio:	  	15%	  	
		
	Address:	  	No. 51, Building 9, Block 49 Zhengtong Road, Erqi District, Zhengzhou City, PRC.
			
	By:	  	 /s/ WANG, Pei
	  	

  
 Equity Option Agreement

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Option Agreement as of the date first above written. 

 

							
	Party C:	  	 Hywin Wealth Management Co., Ltd. (seal)
	  		  	
				
	Name:	  	 GONG, Qiaoli
	  		  	
				
	Title:	  	 Authorized Representative
	  		  	
				
	By:	  	 /s/ GONG, Qiaoli
	  		  	

  
 Equity Option Agreement

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