Document:

Exhibit 10.5

 

Confidential

 

THE EXCLUSIVE SERVICE AGREEMENT

 

AMONG

 

HUAYA CONSULTANT (SHENZHEN) CO.,
LTD.

 

AND

 

QIANHAI ASIA TIMES (SHENZHEN) INTERNATIONAL
FINANCIAL SERVICES CO., LTD.

 

9th October, 2018

 

    	 	1	 

     

    

 

THE EXCLUSIVE SERVICE AGREEMENT

 

THIS EXCLUSIVE SERVICE AGREEMENT
(this “AGREEMENT”) is entered into as of 9th October, 2018 in Shenzhen, the
People’s Republic of China (“CHINA” or “PRC”) by and among the following five Parties:

 

(1)  HUAYA
CONSULTANT (SHENZHEN) CO., LTD. (HUAYA)

 

REGISTERED ADDRESS: Room 3902,
Building 5, Dachong International Center, No.39 Tong Gu Road, Yuehai Street, Nanshan district, Shen Zhen, China

 

(2)  QIANHAI
ASIA TIMES (SHENZHEN) INTERNATIONAL FINANCIAL SERVICES CO, LTD.("ASIA TIMES")

 

REGISTERED ADDRESS: Room 3902A, Building 5, Dachong
International Center, No.39 Tong Gu Road, Yuehai Street, Nanshan district, Shen Zhen, China

 

(In this Agreement, HUAYA, ASIA
TIMES and ASIA TIMES Subsidiaries shall hereinafter be referred to as a “PARTY” individually,
and collectively “PARTIES”.)

 

WHEREAS:

 

(1)  HUAYA
is a consulting company, which owns a series of managing consulting and commercial consulting services of enterprises.

 

(2)  ASIA
TIMES is a comprehensive company with professional commercial consulting services of enterprises, which specializes on
finance information consulting and counselling of IPO.

 

(3)  In order
to give HUAYA the actual control of ASIA TIMES and ASIA TIMES Subsidiaries, ASIA
TIMES and ASIA TIMES Subsidiaries intends to irrevocably entrust to HUAYA the right of management
and operation of ASIA TIMES and ASIA TIMES Subsidiaries and the responsibilities and authorities of
their shareholders and directors of ASIA TIMES and ASIA TIMES Subsidiaries.

 

(4)  HUAYA agrees to accept
the entrustment of ASIA TIMES and ASIA TIMES Subsidiaries, and to exercise the right of management
and operation of ASIA TIMES and ASIA TIMES Subsidiaries and the responsibilities and authorities of
their shareholders and board of directors of ASIA TIMES and ASIA TIMES Subsidiaries.

 

    	 	2	 

     

    

 

NOW,
THEREFORE, after friendly consultations among them, the Parties hereby agree as follows:

 

ARTICLE 1 – DEFINITION

 

1.1  Unless
to be otherwise interpreted by the terms or in the context herein, the following terms in this Agreement shall be interpreted to
have the following meanings:

 

“SERVICE FEES” means the provision of management
and consultation services charged by HUAYA hereunder.

 

“ASIA TIMES Subsidiaries”
means all of the companies held by ASIA TIMES (exclusive of Qianhai ASIA TIMES (Shenzhen) International Fund Management Company
(“Fund Company”))

 

1.2  References
in this Agreement to any laws and regulations (the “LAWS”) shall include reference (1) to the amendments, changes,
supplements and reformulations of such Laws, whether or not the effectiveness of the same is prior to or after the execution of
this Agreement; and (2) at the same time to other decisions, notices and rules formulated or becoming effective according to such
Laws.

 

1.3  Unless
otherwise specified in the context of this Agreement, the Article, sub-article, section or paragraph mentioned herein shall refer
to the corresponding content in this Agreement accordingly.

 

ARTICLE 2 - LICENSES AND SERVICES
BY HUAYA

 

2.1   ASIA
TIMES and ASIA TIMES Subsidiaries agree to irrevocably entrust the right of management and operation of ASIA
TIMES and ASIA TIMES Subsidiaries and the responsibilities and authorities of their shareholders and board
of directors to HUAYA in accordance with the terms and conditions of this Agreement. HUAYA agrees to
exercise the aforesaid rights and responsibilities in accordance with the terms and conditions of this Agreement.

 

2.2  The said
entrustment is irrevocable and shall not be withdrawn, unless the Agreement is terminated pursuant to written agreement of both
parties.

 

2.3  The purpose of the entrusted operation
is that HUAYA shall be in charge of the normal business operations of ASIA TIMES and ASIA TIMES
Subsidiaries and perform the responsibilities and rights of ASIA TIMES and ASIA TIMES Subsidiaries’
investors and directors. During the term of the entrusted operation, HUAYA, as the entrusted manager, shall provide
full management to ASIA TIMES and ASIA TIMES Subsidiaries’ operations.

 

2.4  The
contents of the entrusted operation shall include but not be limited to the following:

 

		1)	HUAYA shall be in charge of all aspects of
ASIA TIMES and ASIA TIMES Subsidiaries’ operations; nominate and replace the members of ASIA
TIMES and ASIA TIMES Subsidiaries’ board of directors, and engage ASIA TIMES and ASIA
TIMES Subsidiaries’ management staff and decide their compensation.

 

    	 	3	 

     

    

 

		2)	HUAYA shall manage
                                         and control all the funds of ASIA TIMES and ASIA TIMES Subsidiaries.
                                         The accounts of ASIA TIMES and ASIA TIMES Subsidiaries shall
                                         be managed solely by HUAYA. The seals and signatures for such account shall
                                         be the seals and signatures of the personnel appointed and confirmed by HUAYA.
                                         All the cash of ASIA TIMES and ASIA TIMES Subsidiaries
                                         shall be kept in this entrusted account and shall be handled through this account, including
                                         but not limited to receipt of all ASIA TIMES and ASIA TIMES
                                         Subsidiaries’ business income, current working capital, recovered account receivables,
                                         and the payment of all account payables and operation expenses, employee salaries and
                                         asset purchases.

 

		3)	All the matters of ASIA TIMES and ASIA TIMES Subsidiaries, including
but not limited to internal financial management, day-to-day operation, external contact execution and performance, tax filing
and payment, change of rights and personnel, shall be controlled and managed by HUAYA in all aspects.

 

		4)	HUAYA shall enjoy all the other responsibilities and rights enjoyed by ASIA
TIMES and ASIA TIMES Subsidiaries’ investors in accordance with the applicable law and the articles
of association of ASIA TIMES and ASIA TIMES Subsidiaries, including but not limited to the following:

 

		a.	Deciding
                                         ASIA TIMES and ASIA TIMES Subsidiaries’ operation principles
                                         and investment plan;

		b.	Nominating the members of the board of directors;

		c.	Discussing and approving the report of the executive officers;

		d.	Discussing and approving the annual financial budget and
settlement plan;

		e.	Discussing and approving the profit distribution plan and the loss compensation plan;

		f.	Resolving on the increase or decrease of the registered
capital;

		g.	Resolving on the issuance of the corporate bond;

		h.	Resolving on the matters including merger, division, change of corporate form, dissolution and liquidation of the company;

		i.	Amending the articles of association;

		j.	Other responsibilities and rights provided by ASIA
TIMES and ASIA TIMES Subsidiaries’ articles of association.

 

		5)	HUAYA enjoys all the other responsibilities and rights enjoyed by ASIA TIMES and ASIA TIMES
Subsidiaries’ board of directors and executive officers in accordance with the applicable law and the articles of association
of ASIA TIMES and ASIA TIMES Subsidiaries, including but not limited to the following:

 

		a.	Executing the resolution of the investors;

		b.	Deciding the company’s operation plan and investment
scheme;

		c.	Composing the annual financial budget and settlement plan;

		d.	Formulating the profit distribution plan and the loss compensation
plan;

		e.	Formulating the plans regarding to the increase or decrease of the registered capital and the issuance of the corporate bond;

 

    	 	4	 

     

    

 

		f.	Formulating the plans regarding to the matters including merger, division, change of corporate form and dissolution of the
company;

		g.	Deciding on the establishment of the internal management structure of the company;

		h.	Formulating the basic rules and regulations of the company;

		i.	Representing the company to sign relative documents;

		j.	Other responsibilities
                                         and rights provided by ASIA TIMES and ASIA TIMES Subsidiaries’
                                         articles of association.

 

ARTICLE 3 SERVICE FEES

 

3.1  The Service
Fees to be charged by HUAYA for its provision of services hereunder shall be as follows:

 

(1)  All
revenue of ASIA TIMES and its subsidiaries, including revenue from the business on commercial consulting and counselling of IPO,
which can be waived by HUAYA from time to time in its sole discretion.

 

(2)  The amount
of Service Fees agreed in (I) above shall be paid to HUAYA on a monthly basis following the proportion according
to their actual incomes from main business in the current month.

 

3.2  Upon written
agreement between HUAYA and ASIA TIMES and its subsidiaries, the fees agreed in Article 3.1 or their calculation
percentage may be adjusted according to the circumstances in the actual performance, with particulars thereof to be stipulated
in separate supplementary agreements to be entered into between the two Parties as an appendix hereto.

 

3.3  ASIA TIMES and its subsidiaries shall,
in accordance with this Article 3, pay promptly the amounts due and payable to HUAYA to the bank account designated
by HUAYA. In case that HUAYA is to change its bank account, HUAYA shall notify the ASIA
TIMES and its subsidiaries thereof in writing seven (7) working days in advance.

 

ARTICLE 4
–  EXCLUSIVITY

 

4.1  Without the prior consent
in writing by HUAYA, none of the ASIA TIMES and its subsidiaries may accept any management and consulting
services from any other third parties.

 

4.2  HUAYA
shall no longer provide any other commercial consulting companies at the local places of the ASIA TIMES and its subsidiaries with
management and consulting services similar to those hereunder. However, this Article does not restrict HUAYA from
providing such similar services to Commercial Consulting servicers in other cities. Such new Commercial Consulting servicers may,
through signing Acknowledgement Letter in the form of Appendix 1 hereof, become a party of this Agreement, to enjoy the same rights
of the other Commercial Consulting servicers and to assume the same obligations of the other Commercial Consulting servicers; provided
that such new Commercial Consulting servicers shall perform, starting from the date of execution of the Acknowledgement Letter,
the payment obligations hereunder of the Exclusive Service Fees. As the rights and obligations of the Commercial Consulting servicers
hereunder are severable and independent from each other’s, such new Commercial Consulting servicers will not, by their joining
in this Agreement, affect in any way the rights and obligations of the existing Commercial Consulting servicers, with the joining-in
of such new Commercial Consulting servicers only subject to the confirmation thereof by HUAYA in signing an agreement
among them. ASIA TIMES or its subsidiaries agree hereby irrevocably and unconditionally to such joining-in, and confirm further
that any issue concerning the joining-in of new Commercial Consulting servicers for business cooperation hereunder will not be
subject to the agreement of the existing Commercial Consulting servicers.

 

    	 	5	 

     

    

 

ARTICLE 5 - INTELLECTUAL PROPERTY

 

5.1  The rights of intellectual
property concerning the work product created during the process of services provision by HUAYA hereunder shall belong
to HUAYA.

 

5.2  During
the valid term of this Agreement, if HUAYA develops any new solutions that may be used in the daily commercial consulting
business or management of the Commercial Consulting servicers, or provides the Commercial Consulting servicers with other services
not included herein at their request, the Parties agree to cooperate with each other thereon in the way, in priority, agreed herein
or in the way similar to that agreed herein, with necessary adjustments to be made to the Service Fee payment percentage or the
most similar percentage agreed in Article 3.

 

ARTICLE 6 – CONFIDENTIALITY

 

6.1  No matter if this
Agreement is terminated or not, the Parties shall be obliged to keep in strict confidence the commercial secret, proprietary information
and customer information in relation to other Parties and any other non-open information of other Parties which they may become
aware of as the result of their performance hereof (collectively, “CONFIDENTIAL INFORMATION”).

 

Unless with prior consent of such other Parties in writing or
required to disclose to parties other than Parties hereof according to relevant laws, regulations or listing rules, no Party shall
disclose the Confidential Information or any part thereof to any parties other than Parties hereof; unless for the purpose of performance
hereof, no Party shall use directly or indirectly the Confidential Information or any part thereof for any other purposes, or it
shall bear the default liability and indemnify the losses.

 

6.2  Upon termination
of this Agreement, the Parties shall, upon demand by other Parties providing the Confidential Information, return, destroy or otherwise
dispose of all the documents, materials or software containing the Confidential Information and suspend using such Confidential
Information.

 

    	 	6	 

     

    

 

6.3  Notwithstanding
any other provisions herein, the validity of this Article shall not be affected by the suspension or termination of this Agreement.

 

ARTICLE 7 - UNDERTAKINGS AND
GUARANTEES

 

HUAYA, ASIA
TIMES and ASIA TIMES Subsidiaries hereby undertake and guarantee for each of its own that:

 

7.1  it
is a company of limited liabilities duly registered and legally existing under the PRC laws with independent legal person status,
and with full and independent status and legal capacity to execute, deliver and perform this Agreement, and may act independently
as a subject of actions;

 

7.2  its has
full internal power and authority within its company to execute and deliver this Agreement and all the other documents to be entered
into by it in relation to the transaction referred to herein, and it has the full power and authority to complete the transaction
referred to herein. This Agreement shall be executed and delivered by it legally and properly, and constitutes the legal and binding
obligations on it and is enforceable on it in accordance with its tenus and conditions;

 

7.3  it has
all business licenses necessary for its business operations as of the effective date of this Agreement, has full rights and qualifications
to engage in its currently engaged businesses, may perform its obligations hereunder, and will maintain, during the valid term
of this Agreement, the validity of all its such business licenses; and

 

7.4  it shall
inform promptly the other Parties of any litigations it is involved in and other disadvantageous circumstances that may affect
the performance hereof, and shall endeavor at its best efforts to prevent the deterioration of losses caused by such litigations
or other disadvantageous circumstances.

 

ARTICLE 8 - AGREEMENT TERM

 

8.1  The Parties hereby confirm that, once
this Agreement is formally executed by the Parties, this Agreement shall be irrevocably effective as far as the date 9th
October, 2018; unless terminated earlier by the Parties in writing, this Agreement shall be valid for a term of
20 years starting from the date 9th October, 2018.

 

Notwithstanding the
provision in the preceding sentence, as the rights and obligations of each of the Commercial Consulting servicers there under
are separate and independent from each other, upon agreement in writing by HUAYA, this Agreement may be
terminated only in relation to any one of the Commercial Consulting servicers, with such termination not subject to the
agreement of the other Commercial Consulting servicers.

 

8.2  The Parties
hereby confirm that, from the year 2019 onward, the amount of the Service Fees shall be negotiated on January 1 each year, with
any adjustment thereto (if any) to be made in writing as an appendix hereto.

 

    	 	7	 

     

    

 

8.3  Upon termination
of this Agreement, each Party shall continue to abide by its obligations under Articles 3 and 6 hereunder.

 

ARTICLE 9 – NOTICE

 

9.1 Any notice,
request, demand and other correspondences made as required by or in accordance with this Agreement shall be made in writing and
delivered to the relevant Party.

 

9.2 The abovementioned
notice or other correspondences shall be deemed to have been delivered when it is transmitted if transmitted by facsimile or telex;
it shall be deemed to have been delivered when it is delivered if delivered in person; it shall be deemed to have been delivered
five (5) days after posting the same if posted by mail.

 

ARTICLE 10 - DEFAULT LIABILITY

 

10.1  The Parties
agree and confirm that, if any Party (the “DEFAULTING PARTY”) breaches substantially any of the agreements made under
this Agreement, or fails substantially to perform any of the obligations under this Agreement, such a breach shall constitute a
default under this Agreement (a “DEFAULT”), then the non-defaulting Party whose interest is damaged thereby shall have
the right to require the Defaulting Party to rectify such Default or take remedial measures within a reasonable period. If the
Defaulting Party fails to rectify such Default or take remedial measures within such reasonable period or within ten (10) days
of the non-defaulting Party notifying the Defaulting Party in writing and requiring it to rectify the Default, then the non-defaulting
Party shall have the right, at its own discretion, to (1) terminate this Agreement and require the Defaulting Party to indemnify
it fully for the damage; or (2) demand the enforcement of the Defaulting Party’s obligations hereunder and require the Defaulting
Party to indemnify it fully for the damage.

 

10.2  The Parties
agree that any of the following events shall be deemed to have constituted the Default:

 

(1) Any of ASIA TIMES or its subsidiaries or their
respective shareholders breaches any provisions of the Entrustment Agreement on Shareholder’s Voting Rights PROXY AGREEMENT
entered into by it with HUAYA;

 

(2) any of ASIA TIMES or its subsidiaries or their
respective shareholders breaches any provisions of other Agreements entered into by it with HUAYA on 9th
October, 2018.

 

10.3  The Parties
agree and confirm that under no circumstances shall ASIA TIMES and ASIA TIMES Subsidiaries be able
to demand termination of this Agreement for whatever reason, unless the Laws or this Agreement provides for otherwise.

 

10.4  Not withstanding
any other provisions herein, the validity of this Article 10 shall not be affected by the suspension or termination of this Agreement.

 

    	 	8	 

     

    

 

ARTICLE 11 - FORCE MAJEURE

 

In the event of earthquake, typhoon, flood, fire, war,
computer virus, loophole in the design of tooling software, internet system encountering hacker’s invasion, change of policies
or laws, and other unforeseeable or unpreventable or unavoidable event of force majeure, which directly prevents a Party from performing
this Agreement or performing the same on the agreed condition, the Party encountering such a force majeure event shall forthwith
issue a notice by a facsimile and, within ten (10) days, present the documents proving the details of such force majeure event
and the reasons for which this Agreement is unable to be performed or is required to be postponed in its performance, and such
proving documents shall be issued by the notaries office of the area where such force majeure event takes place. The Parties shall
consult each other and decide whether this Agreement shall be waived in part or postponed in its performance with regard to the
extent of impact of such force majeure event on the performance of this Agreement. No Party shall be liable to compensate for the
economic losses brought to the other Parties by the force majeure event.

 

ARTICLE 12 - MISCELLANEOUS

 

12.1  This Agreement
shall be prepared in the Chinese language in two (2) original copies, with each involved Party holding one (1) copy hereof.

 

12.2  The formation,
validity, execution, amendment, interpretation and termination of this Agreement shall be subject to the PRC Laws.

 

12.3  Any disputes
arising hereunder and in connection herewith shall be settled through consultations among the Parties, and if the Parties cannot
reach an agreement regarding such disputes within thirty (30) days of their occurrence, such disputes shall be submitted to Shenzhen
Court of International Arbitration in accordance with the arbitration rules of such Commission, and the arbitration award shall
be final and binding on the Parties involved in such dispute.

 

12.4  Any rights,
powers and remedies empowered to any Party by any provisions herein shall not preclude any other rights, powers and remedies enjoyed
by such Party in accordance with laws and other provisions under this Agreement, and the exercise of its rights, powers and remedies
by a Party shall not preclude its exercise of its other rights, powers and remedies by such Party.

 

12.5  Any failure
or delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with laws (the “PARTY’S
RIGHTS”) shall not lead to a waiver of such rights, and the waiver of any single or partial exercise of the Party’s
Rights shall not preclude such Party from exercising such rights in any other way and exercising the remaining part of the Party’s
Rights.

 

12.6  The titles
of the Articles contained herein shall be for reference only, and in no circumstances shall such titles be used in or affect the
interpretation of the provisions hereof.

 

12.7  Each provision
contained herein shall be severable and independent from each of other provisions, and if at any time any one or more articles
herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions herein shall
not be affected as a result thereof.

 

    	 	9	 

     

    

 

12.8  Once executed,
this Agreement shall replace any other legal documents entered into by the relevant Parties hereof in respect of the same subject
matter hereof.

 

12.9  Any amendments
or supplements to this Agreement shall be made in writing and shall take effect only when properly signed by the Parties to this
Agreement.

 

12.10  No
Party shall assign any of its rights and/or obligations hereunder to any parties other than the Parties hereof without the prior
written consent from the other Parties.

 

12.11  This
Agreement shall be binding on the legal successors of the Parties.

 

12.12   The
rights and obligations of each of the ASIA TIMES Subsidiaries hereunder are independent and severable from each other,
and the performance by any of the ASIA TIMES Subsidiaries of its obligations hereunder shall not affect the performance
by any other of the ASIA TIMES Subsidiaries of their obligations hereunder.

 

12.13  Each
of the Parties undertakes to declare and pay respectively according to the Laws any taxes in relation to the transaction hereunder.

 

[THE REMAINDER OF THIS PAGE IS
LEFT BLANK]

 

    	 	10	 

     

    

 

IN WITNESS HEREOF, the Parties have caused this Exclusive
Service Agreement to be executed in Guangzhou as of the date first hereinabove mentioned.

 

HUAYA (SHENZHEN) INFORMATION CO.,
LTD. (Company chop)

 

	Signed by: 	/s/ Qiang Chen	 
	Name: 	Qiang Chen	 
	Position:	Authorized Representative	 

 

QIANHAI ASIA TIMES (SHENZHEN) INTERNATIONAL FINANCIAL
SERVICES CO., LTD. (Company chop)

 

	Signed by: 	/s/ Qiang Chen	 
	Name: 	Qiang Chen	 
	Position:	Authorized Representative	 

 

    	 	11Exhibit 10.6

 

CONFIDENTIAL

 

EQUITY PLEDGE AGREEMENT

 

AMONG

 

LIU RONGHUA

 

CHEN QIANG

 

QIANHAI ASIA TIMES
(SHENZHEN) INTERNATIONAL FINANCIAL SERVICES CO., LTD..

 

AND

 

HUAYA CONSULTANT (SHENZHEN) CO., LTD.

 

October 9th, 2018

 

    	 	 	 

     

    

 

EQUITY PLEDGE AGREEMENT

 

This EQUITY PLEDGE AGREEMENT (hereinafter,
this “AGREEMENT”) is entered into in the People’s Republic of China (hereinafter, “PRC”) in Shenzhen as of
October 9th, 2018 by and among the following Parties:

 

(1)  Liu
Ronghua

 

ADDRESS: No. 16, 12 Team, Datang
Village, Dali Town, Beiliu, Guangxi Province, China

ID Number: 450681199012101418

 

(2)  Chen
Qiang

 

ADDRESS: Room 601, Unit 1, Building 9, Chengshi Shangu,
Nanshan District, Shenzhen City, Guangdong Province, China

ID Number:320503197010060537

 

(3)  Q1ANHAI
ASIA TIMES (SHENZHEN) INTERNATIONAL FINANCIAL SERVICES CO., LTD..( “ASIA TIMES”)

 

REGISTERED ADDRESS: Room 3902A,
Building 5, Dachong International Center, No.39 Tong Gu Road, Yuehai Street, Nanshan district, Shen Zhen, China

 

(4)  HUAYA
CONSULTANT (SHENZHEN) Co., Ltd. (HUAYA)

 

REGISTERED ADDRESS: Room 3902,
Building 5, Dachong International Center, No.39 Tong Gu Road, Yuehai Street, Nanshan district, Shen Zhen, China

 

(The above Parties hereinafter
each referred to as a “PARTY” individually, and collectively, the “PARTIES”. Among them, Liu Ronghua and Chen
Qiang hereinafter referred to as the “INDIVIDUAL PLEDGORS”; the Individual Pledgor and ASIA TIMES hereinafter referred
to as a “PLEDGOR” individually, and collectively, the “PLEDGORS”; HUAYA hereinafter referred to as a “PLEDGEE”.)

 

WHEREAS:

 

(l)  As of the date of this Agreement, Liu Ronghua and Cheng Qiang are the registered shareholders of ASIA TIMES, legally holding equity
in ASIA TIMES, of which Liu Ronghua holding 98.5% interest, Chen Qiang holding 1.5%. Liu Ronghua intends to pledged 98.5% of the
equity interests in ASIA TIMES which are legally owned by him to the HUAYA, and Chen Qiang intends to pledged 1.5% of the equity
interests in ASIA TIMES which are legally owned by him to the HUAYA.

 

    	 	1	 

     

    

 

(2) Pursuant to the Call Option
Agreement dated as of September 5th, 2018 among HUAYA, the Pledgors and the Target Companies (as defined below) (hereinafter,
the “CALL OPTION AGREEMENT”), the Pledgors shall transfer part or all of the equity interest of the Target Companies
to HUAYA and/or any other entity or individual designated by HUAYA at the request of the HUAYA.

 

(3) Pursuant to the
Shareholders’ Voting Right Proxy Agreement dated as of September 5th, 2018 among HUAYA, the Target Company and the
Pledgors (hereinafter, the “PROXY AGREEMENT”), Pledgors have already irrevocably entrusted the personnel designated
by HUAYA then with full power to exercise on their behalf all of their shareholders’ voting rights in respect of the relevant
Target Companies.

 

(4) Pursuant
to the Exclusive Service Agreement dated as of September 5th, 2018 among HUAYA and the Target Companies (hereinafter,
the “SERVICE AGREEMENT”), the Target Companies have already engaged HUAYA exclusively to provide them with relevant management
and consultation and other services, for which the Target Companies will respectively pay HUAYA services accordingly.

 

(5) As security for performance by the Pledgors of the Contract Obligations (as defined below) and repayment of the Guaranteed Liabilities
(as defined below), the Pledgors agree to pledge all of their Target Company Equity to the Pledgee and grant the Pledgee the right
to request for repayment in first priority and the Target Companies agree such equity pledge arrangement.

 

THEREFORE, the Parties hereby have
reached the following agreement upon mutual consultations:

 

ARTICLE 1 – DEFINITION

 

1.1  Except
as otherwise construed in the context, the following terms in this Agreement shall be interpreted to have the following meanings:

 

“CONTRACT OBLIGATIONS”
shall mean all contractual obligations of a Pledgor under the Call Option Agreement and Proxy Agreement; all contractual obligations
of a Target Company under the Exclusive Service Agreement, Call Option Agreement, Proxy Agreement; and all contractual obligations
of a Pledgor under this Agreement.

 

“TARGET COMPANY” shall
mean, to Liu Ronghua and Chen Qiang, ASIA TIMES and to ASIA TIMES, any and all of the companies in which it held equity interest
(exclusive of Qianhai ASIA TIMES (Shenzhen) International Fund Management Company (“Fund Company”)).

 

    	 	2	 

     

    

 

“GUARANTEED LIABILITIES”
shall mean all direct, indirect and consequential losses and losses of foreseeable profits suffered by Pledgee due to any Breaching
Event (as defined below) a Pledgor and/or a Target Company, and all fees incurred by Pledgee for the enforcement of the Contractual
Obligations of a Pledgor and/or a Target Company.

 

“TRANSACTION AGREEMENTS”
shall mean the Call Option Agreement and the Proxy Agreement in respect of a Pledgor; the Exclusive Service Agreement, and Proxy
Agreement in respect of a Target Company.

 

“BREACHING EVENT” shall
mean any breach by either Pledgor of its Contract Obligations under the Proxy Agreement, Call Option Agreement or this Agreement;
any breach by a Target Company of its Contract Obligations under the Service Agreement, Call Option Agreement and/or Proxy Agreement.

 

“PLEDGED PROPERTY”
shall mean (1) in respect of Liu Ronghua and Chen Qiang, 98.5% and 1.5% of the equity interests in ASIA TIMES which are
legally owned by them as of the effective date hereof and is to be pledged by them to the Pledgee according to provisions
hereof as the security for the performance by them and ASIA TIMES of their Contractual Obligations, and the increased capital
contribution and equity interest described in Articles 2.6 and 2.7 hereof; (2) in respect of ASIA TIMES, all of the equity
interest in the Target Companies which is legally owned by it as of the effective date hereof and is to be pledged to the
Pledgee by it according to provisions hereof as the security for the performance of the Contractual Obligations by it and the
Target Companies (for details of such equity interest, see Appendix I), and the increased capital contribution and equity
interest described in Articles 2.6 and 2.7 hereof.

 

“PRC LAW” shall mean
the then valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding
regulatory documents of the People’s Republic of China.

 

1.2 The
references to any PRC Law here in shall be deemed:

 

(1)  to
include the references to the amendments, changes, supplements and reenactments of such law, irrespective of whether they take
effect before or after the formation of this Agreement; and

 

(2) toinclude the
references to other decisions, notices or regulations enacted in accordance therewith or effective as a result thereof.

 

1.3 Except
as otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall refer to the relevant
part of this Agreement.

 

    	 	3	 

     

    

  

ARTICLE 2 - EQUITY PLEDGE

 

2.1  Each
Pledgor hereby agrees to pledge the Pledged Property, which it legally owns and has the right to dispose of, to Pledgee according
to the provisions hereof as the security for the performance of the Contract Obligations and the repayment of the Guaranteed Liabilities.
Each Target Company hereby agrees that the Pledgors legally holding equity interest in it to pledge the Pledged Property to the
Pledgee according to the provisions hereof.

 

2.2  Each
Pledgor hereby undertakes that it will be responsible for, recording the arrangement of the equity pledge hereunder (hereinafter,
the “EQUITY PLEDGE”) on the shareholder register of each Target Company on the date hereof, and will do its best endeavor
to make registration with registration authorities of industry and commerce of each Target Company. Each Target Company respectively
undertakes that it will do its best to cooperate with the Pledgors to complete the registration with authorities of industry and
commerce under this Article.

 

2.3  During
the valid term of this Agreement, except for the willful misconduct or gross negligence of Pledgee which has direct cause and effect
relationship the reduction in value of the Pledged Property, Pledgee shall not be liable in any way to, nor shall Pledgors have
any right to claim in any way or propose any demands on Pledgee, in respect of the said reduction in value of the Pledged Property.

 

2.4  To
the extent not violating provision of Article 2.3 above, in case of any possibility of obvious reduction in value of the Pledged
Property which is sufficient to jeopardize Pledgee’s rights, Pledgee may at any time auction or sell off the Pledged Property on
behalf of Pledgors, and discuss with Pledgors to use the proceeds from such auction or sale-off as pre-repayment of the Guaranteed
Liabilities, or may submit such proceeds to the local notary institution where Pledgee are domiciled (any fees incurred in relation
thereto shall be borne by Pledgors).

 

2.5  HUAYA
as Pledgee shall be deemed to have created the encumbrance of first order in priority on the Pledged Property, and in case of any
Breaching Event, Pledgee shall have the right to dispose of the Pledged Property in the way set out in Article 4 hereof.

 

2.6  Only
upon prior consent by Pledgee shall Pledgors be able to increase their capital contribution to any or all of the Target Companies.
Further capital contribution made by Pledgor (s) in the Target Company shall also be part of the Pledged Property.

 

2.7  Only upon
prior consent by Pledgee shall Pledgors be able to receive dividends or share profits from the Pledged Property. The
dividends or the profits received by Pledgors from the Pledged Property shall be deposited into Pledgee’s bank account
designated by Pledgee respectively, to be under the supervision of Pledgee and used as the Pledged Property to repay in
priority the Guaranteed Liabilities.

 

    	 	4	 

     

    

 

2.8 Liu
Ronghua and Chen Qiang, agree to bear joint liabilities respectively to Pledgee upon occurrence of any Breaching Event on the part
of ASIA TIMES and Pledgee shall have the right, upon occurrence of the Breaching Event, to dispose of any Pledged Property of either
of Pledgors in accordance with the provisions hereof.

 

ARTICLE 3 - RELEASE OF PLEDGE

 

In respect of equity interest of
any Target Company, upon full and complete performance by relevant Pledgors of all of their Contractual Obligations, Pledgee shall,
at the request of relevant Pledgors, release the pledge created on such Target Company under this Agreement, and shall cooperate
with relevant Pledgors to go through the formalities to cancel the record of the Equity Pledge in the shareholder register of the
relevant Target Company, with the reasonable fees incurred in connection with such release to be borne by Pledgee with the same
proportion.

 

ARTICLE 4 - DISPOSAL OF THE PLEDGED
PROPERTY

 

4.1  Pledgors,
Target Companies and Pledgee hereby agree that, in case of any Breaching Event, Pledgee shall have the right to exercise, upon
giving written notice to Pledgors, all of the remedial rights and powers enjoyable by them under PRC Law, including but not limited
to being repayment in priority with proceeds from auctions or sale-offs of the Pledged Property. Pledgee shall not be liable for
any loss as the result of their reasonable exercise of such rights and powers.

 

4.2  Pledgee
shall have the right to designate in writing its legal counsel or other agents to exercise on their respective behalf any and all
rights and powers set out above, and neither Pledgors nor Target Companies shall not oppose thereto.

 

4.3  The
reasonable costs incurred by Pledgee in connection with their exercise of any and all rights and powers set out above shall be
borne by Pledgors, and Pledgee shall have the right to deduct the costs actually incurred from the proceeds that they acquire from
the exercise of the rights and powers.

 

4.4  The
proceeds that Pledgee acquire from the exercise of their respective rights and powers shall be used in the priority order as follows:

 

First, to pay any cost incurred
in connection with the disposal of the Pledged Property and the exercise by Pledgee of their respective rights and powers (including
remuneration paid to their respective legal counsels and agents);

 

- Second, to pay any taxes and
levies payable for the disposal of the Pledged Property; and

 

- Third, to repay Pledgee for
the Guaranteed Liabilities.

 

    	 	5	 

     

    

 

In case of any balance after payment
of the above amounts, Pledgee shall return the same to Pledgors or other persons entitled thereto according to the relevant laws
and rules or submit the same to the local notary institution where Pledgee are domiciled (any fees incurred in relation thereto
shall be borne by Pledgors).

 

4.5 Pledgee
shall have the option to exercise, simultaneously or in certain sequence, any of the remedies at breaching that it is entitled
to in respect of the equity interest of any Target Company holding by any Pledgor; Pledgee shall not be obliged to exercise other
remedies at breaching before their exercise of the right to the auctions or sale-offs of the Pledged Property hereunder. Pledgors
or Target Companies shall not oppose to whether Pledgee exercise any part of the right to the pledge or the sequence of exercising
the pledge interest.

 

ARTICLE 5 - FEES AND COSTS

 

All costs actually incurred in
connection with the establishment of the Equity Pledge hereunder, including but not limited to stamp duties, any other taxes, all
legal fees, etc shall be borne by Pledgee with the same proportion.

 

ARTICLE 6 - CONTINUITY AND NO
WAIVE

 

The Equity Pledge hereunder is
a continuous guarantee, with its validity to continue until the full performance of the Contractual Obligations or the full repayment
of the Guaranteed Liabilities. Neither exemption or grace period granted by Pledgee to Pledgors in respect of their breach, nor
delay by Pledgee in exercising any of their rights under this Agreement shall affect the rights of Pledgee under this Agreement,
relevant PRC Law, the rights of Pledgee to demand at any time thereafter the strict performance of this Agreement by Pledgors or
the rights Pledgee may be entitled to due to subsequent breach by Pledgors of the obligations under this Agreement.

 

ARTICLE 7 - REPRESENTATIONS AND
WARRANTIES BY PLEDGORS

 

Each of Pledgors hereby, in respect
of itself and Target Company in which it holds equity interest, represents and warrants to Pledgee as follows:

 

7.1  Each
Individual Pledgor is a PRC citizen with full capacity of disposition and has obtained due authorization to execute, deliver and
perform this Agreement and can independently be a subject of actions; ASIA TIMES is a limited liability corporation duly incorporated
and validly existing under PRC Law, has full right and authorization to execute and deliver this Agreement and other documents
relating to the transaction as stipulated in this Agreement and to be executed by them. It also has full right and authorization
to complete the transaction stipulated in this Agreement.

 

    	 	6	 

     

    

 

7.2  Target
Company is a limited liability corporation duly incorporated and validly existing under PRC Law, it has independent status as a
legal person; it has full and independent legal status and capacity to execute, deliver and perform this Agreement and can independently
be a subject of actions. It has full right and authorization to execute and deliver this Agreement and other documents relating
to the transaction as stipulated in this Agreement and to be executed by them. It also has full right and authorization to complete
the transaction stipulated in this Agreement.

 

7.3  All
reports, documents and information concerning Pledgors and all matters as required by this Agreement which are provided by Pledgors
to Pledgee before this Agreement comes into effect are true, correct and effective in all material aspects as of the execution
hereof.

 

7.4  At
the time of the effectiveness of this Agreement, Pledgors are the sole legal owner of the Pledged Property, with no existing dispute
whatever concerning the ownership of the Pledged Property. Pledgors have the right to dispose of the Pledged Property or any part
thereof.

 

7.5  Except
for the encumbrance set on the Pledged Property hereunder and the rights set under the Transaction Agreements, there is no other
encumbrance or third party interest set on the Pledged Property.

 

7.6  The
Pledged Property is capable of being pledged or transferred according to the laws, and Pledgors have the full right and power to
pledge the Pledged Property to Pledgee according to this Agreement.

 

7.7  This
Agreement constitutes the legal, valid and binding obligations on Pledgors when it is duly executed by Pledgors.

 

7.8  Any
consent, permission, waive or authorization by any third person, or any approval, permission or exemption by any government authority,
or any registration or filing formalities (if required by laws) with any government authority to be handled or obtained in respect
of the execution and performance hereof and the Equity Pledge hereunder have already been handled or obtained, and will be fully
effective during the valid term of this Agreement.

 

7.9  The
execution and performance by Pledgors of this Agreement are not in violation of or conflict with any laws applicable to them, or
any agreement to which they are a party or which has binding effect on their assets, any court judgment, any arbitration award,
or any administration authority decision.

 

    	 	7	 

     

    

 

7.10  The
pledge hereunder constitutes the encumbrance of first order in priority on the Pledged Property.

 

7.11  All
taxes and fees payable in connection with acquisition of the Pledged Property have already been paid in full amount by Pledgors.

 

7.12  There
is no pending or, to the knowledge of Pledgors, threatened litigation, legal process or demand by any court or any arbitral tribunal
against Pledgors, or their property, or the Pledged Property, nor is there any pending or, to the knowledge of Pledgors, threatened
litigation, legal process or demand by any government authority or any administration authority against Pledgors, or their property,
or the Pledged Property, which is of material or detrimental effect on the economic status of Pledgors or their capability to perform
the obligations hereunder and the Guaranteed Liabilities.

 

7.13  Pledgors
hereby warrant to Pledgee that the above representations and warranties will remain true, correct and effective at any time and
under any circumstance before the Contractual Obligations are fully performed or the Guaranteed Liabilities are fully repaid, and
will be fully complied with.

 

ARTICLE 8 - REPRESENTATIONS AND
WARRANTIES BY TARGET COMPANY

 

Each of Target Company hereby individually
represents and warrants to Pledgee as follows:

 

8.1 Target
Company is a limited liability corporation duly incorporated and validly existing under PRC Law, with full capacity of disposition
and has obtained due authorization to execute, deliver and perform this Agreement and can independently be a subject of actions.

 

8.2  All
reports, documents and information concerning Pledged Property and all matters as required by this Agreement which are provided
by Target Company to Pledgee before this Agreement comes into effect are true, correct and effective in all material aspects as
of the execution hereof.

 

8.3  All
reports, documents and information concerning Pledged Property and all matters as required by this Agreement which are provided
by Target Company to Pledgee after this Agreement comes into effect are true, correct and effective in all material aspects upon
provision.

 

    	 	8	 

     

    

 

8.4  This
Agreement constitutes the legal, valid and binding obligations on Target Company when it is duly executed by Target Company.

 

8.5  It
has full right and authorization to execute and deliver this Agreement and other documents relating to the transaction as stipulated
in this Agreement and to be executed by them. It also has full right and authorization to complete the transaction stipulated in
this Agreement.

 

8.6  There
is no pending or, to the knowledge of Target Company, threatened litigation, legal process or demand by any court or any arbitral
tribunal against Target Company, or their property (including but are not limited to the Pledged Property), nor is there any pending
or, to the knowledge of Target Company, threatened litigation, legal process or demand by any government authority or any administration
authority against Target Company, or their property (including but are not limited to the Pledged Property), which is of material
or detrimental effect on the economic status of Target Company or their capability to perform the obligations hereunder and the
Guaranteed Liabilities.

 

8.7  Each
of Target Company hereby agree to bear joint responsibilities to Pledgee in respect of the representations and Warranties made
by its relevant Pledgor according to Article 7.5, Article 7.6, Article 7.7, Article 7.9 and Article 7.11 hereof.

 

8.8  Target
Company hereby warrant to Pledgee that the above representations and warranties will remain true, correct and effective at any
time and under any circumstance before the Contractual Obligations are fully performed or the Guaranteed Liabilities are fully
repaid, and will be fully complied with.

 

ARTICLE 9 - UNDERTAKINGS BY PLEDGORS

 

Each of Pledgors hereby individually
undertakes to Pledgee in respect of it and Its Target Company of which it holds equity as follows:

 

9.1  Without
the prior written consent by Pledgee, Pledgors shall not establish or permit to establish any new pledge or any other encumbrance
on the Pledged Property.

 

9.2  Without
first giving written notice to Pledgee and having Pledgee’s prior written consent, Pledgors shall not transfer the Pledged Property,
and any attempt by Pledgors to transfer the Pledged Property shall be null and void. The proceeds from transfer of the Pledged
Property by Pledgors shall be used to repay to Pledgee in advance the Guaranteed Liabilities or submit the same to the third party
agreed with Pledgee.

 

    	 	9	 

     

    

 

9.3   In
case of any litigation, arbitration or other demand which may affect detrimentally the interest of Pledgors or Pledgee under the
Transaction Agreements and hereunder or the Pledged Property, Pledgors undertake to notify Pledgee thereof in writing as soon as
possible and promptly and shall take, at the reasonable request of Pledgee, all necessary measures to ensure the pledge interest
of Pledgee in the Pledged Property.

 

9.4   Pledgors
shall not cany on or permit any act or action which may affect detrimentally the interest of Pledgee under the Transaction Agreements
and hereunder or the Pledged Property.

 

9.5   Pledgors
guarantee that they shall, at the reasonable request of Pledgee, take all necessary measures and execute all necessary documents
(including but not limited to supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee in the Pledged
Property and the exercise and realization of the rights thereof.

 

9.6   In
case of assignment of any Pledged Property as the result of the exercise of the right to the pledge hereunder, Pledgors guarantee
that they will take all necessary measures to realize such assignment.

 

9.7   Liu
Ronghua and Chen Qiang, undertake individually to bear joint responsibilities with the other party if the performance of the
Article 9 thereof of the other Party refers to ASIA TIMES; Liu Ronghua, Chen Qiang and ASIA TIMES undertake individually to
bear joint responsibilities with the other party if the performance of Article 9 thereof of the other party refers to any
Target Company listed in the Appendix I to this Agreement.

 

ARTICLE 10 - UNDERTAKINGS BY TARGET COMPANY

 

10.1  Any
consent, permission, waive or authorization by any third person, or any approval, permission or exemption by any government authority,
or any registration or filing formalities (if required by laws) with any government authority to be handled or obtained in respect
of the execution and performance hereof and the Equity Pledge hereunder will be cooperated to handle or obtain by Target Company
to their best and will be ensured to remain full effective during the valid term of this Agreement.

 

10.2  Without
the prior written consent by Pledgee, Target Company shall not cooperate to establish or permit to establish any new pledge or
any other encumbrance on the Pledged Property.

 

10.3  Without
having Pledgee’s prior written consent, Target Company shall not cooperate to transfer or permit to transfer the Pledged Property.

 

    	 	10	 

     

    

 

10.4  In
case of any litigation, arbitration or other demand which may affect detrimentally the interest of Target Company or Pledgee under
the Transaction Agreements and hereunder or the equity of Target Company as the Pledged Property, Target Company undertake to notify
Pledgee thereof in writing as soon as possible and promptly and shall take, at the reasonable request of Pledgee, all necessary
measures to ensure the pledge interest of Pledgee in the Pledged Property.

 

10.5  Target
Company shall not carry on or permit any act or action which may affect detrimentally the interest of Pledgee under the Transaction
Agreements and hereunder or the Pledged Property.

 

10.6  Target
Company shall provide Pledgee with the financial statement of the last calendar season within the first month of each calendar
season, including but are not limited to the balance sheet, the income statement and the statement of cash flow.

 

10.7  Target
Company guarantee that they shall, at the reasonable request of Pledgee, take all necessary measures and execute all necessaiy
documents (including but not limited to supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee in
the Pledged Property and the exercise and realization of the rights thereof.

 

10.8  In
case of assignment of any Pledged Property as the result of the exercise of the right to the pledge hereunder, Target Company guarantee
that they will take all necessary measures to realize such assignment.

 

ARTICLE 11 - ENCUMBRANCE OF FIRST
ORDER IN PRIORITY

 

11.1  HUAYA
has the encumbrance of first order in priority on any and all Pledged Property. Pursuant to the stipulations of the Transaction
Agreement, any Breaching Event under any Transaction Agreement shall result in the occurrence of Breaching Event under other Transaction
Agreement, HUAYA shall claim the pledge interest hereunder to Pledgor relevant to the Breaching Event, and be repaid in priority
in the proportion of their respective security amount from the proceeds obtained according to the disposal of Pledged Property
stipulated in Article 4 hereof.

 

ARTICLE 12 - CHANGE OF CIRCUMSTANCES

 

12 As supplement and subject to
compliance with other terms of the Transaction Agreements and this Agreement, in case that at any time the promulgation or change
of any PRC Law, regulations or rules, or change in interpretation or application of such laws, regulations and rules, or the change
of the relevant registration procedures enables Pledgee to believe that it will be illegal or in conflict with such laws, regulations
or rules to further maintain the effectiveness of this Agreement and/or dispose of the Pledged Property in the way provided herein,
Pledgors and Target Company shall, at the written direction of Pledgee and in accordance with the reasonable request of Pledgee,
promptly take actions and/or execute any agreement or other document, in order to:

 

    	 	11	 

     

    

 

		(1)	keep this Agreement remain in effect;

		(2)	facilitate the disposal of the Pledged Property in the
way provided herein; and/or

		(3)	maintain or realize the intention or the guarantee established
hereunder.

 

ARTICLE 13 - EFFECTIVENESS AND
TERM OF THIS AGREEMENT

 

13.1  This
Agreement shall become effective upon the satisfaction of all of the following conditions in respect of any Target Company and
any Pledgor who holds the equity of the Target Company:

 

(1)  this
Agreement is duly executed by Pledgors, the Target Company and the Pledgors who pledge the equity of the Target Company; and

 

(2)  the
Equity Pledge hereunder has been legally recorded in the shareholders’ register of the Target Company.

 

Pledgors shall provide the registration
certification of the Equity Pledge being recorded in the shareholders’ register as mentioned above to Pledgee in a way satisfactory
to Pledgee.

 

13.2  This
Agreement shall have its valid term until the full performance of the Contractual Obligations or the full repayment of the Guaranteed
Liabilities.

 

ARTICLE 14 - NOTICE

 

14.1  Any
notice, request, demand and other correspondences made as required by or in accordance with this Agreement shall be made in writing
and delivered to the relevant Party.

 

14.2  The
abovementioned notice or other correspondences shall be deemed to have been delivered when it is transmitted if transmitted by
facsimile or telex; it shall be deemed to have been delivered when it is delivered if delivered in person; it shall be deemed to
have been delivered five (5) days after posting the same if posted by mail.

 

ARTICLE 15 - MISCELLANEOUS

 

15.1  Pledgee
may, upon notice to Pledgors but not necessarily with Pledgors’ consent, assign Pledgee’s rights and/or obligations hereunder to
any third party; provided that Pledgors may not, without Pledgee’s prior written consent, assign Pledgors’ rights, obligations
and/or liabilities hereunder to any third party. Successors or permitted assignees (if any) of Pledgors shall continue to perform
the obligations of Pledgors under this Agreement.

 

    	 	12	 

     

    

 

15.2  This
Agreement shall be prepared in the Chinese language in six (6) original copies, with each involved Party holding one (1).

 

15.3  The
formation, validity, execution, amendment, interpretation and termination of this Agreement shall be subject to PRC Law.

 

15.4  Any
disputes arising hereunder and in connection herewith shall be settled through consultations among the Parties, and if the Parties
cannot reach an agreement regarding such disputes within thirty (30) days of their occurrence, such disputes shall be submitted
to Shenzhen Court of International Arbitration in accordance with the arbitration rules of such Commission, and the arbitration
award shall be final and binding on all Parties.

 

15.5  Any
rights, powers and remedies empowered to any Party by any provisions herein shall not preclude any other rights, powers and remedies
enjoyed by such Party in accordance with laws and other provisions under this Agreement, and the exercise of its rights, powers
and remedies by a Party shall not preclude its exercise of its other rights, powers and remedies by such Party.

 

15.6  Any
failure or delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with laws (hereinafter,
the “PARTY’S RIGHTS”) shall not lead to a waiver of such rights, and the waiver of any single or partial exercise of
the Party’s Rights shall not preclude such Party from exercising such rights in any other way and exercising the remaining part
of the Party’s Rights.

 

15.7  The
titles of the Articles contained herein shall be for reference only, and in no circumstances shall such titles be used in or affect
the interpretation of the provisions hereof.

 

15.8  Each
provision contained herein shall be severable and independent from each of other provisions, and if at any time any one or more
articles herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
herein shall not be affected as a result thereof.

 

15.9  This
Agreement shall substitute any other documents on the same subject executed by relevant Parties hereof once duly executed.

 

    	 	13	 

     

    

 

15.10  Any
amendments or supplements to this Agreement shall be made in writing. Except for assignment by Pledgee of its rights hereunder
according to Article 15.1 of this Agreement, the amendments or supplements to this Agreement shall take effect only when properly
signed by the Parties to this Agreement. Notwithstanding the preceding sentence, considering the rights and obligations of Target
Company and Pledgors are severable and independent, in case the amendment or supplement is intended to have impact upon one Party
of the Target Company and part of the Pledgors who hold the equity interest, the amendment or supplement requires the consent by
the Target Company and the part of the Pledgors only and it is not required to obtain the consent of other Target Company and other
Pledgors (to the extent the amendment or supplement does not have impact upon such Pledgor).

 

15.11  This
Agreement shall be binding on the legal successors of the Parties.

 

15.12  At
the time of execution hereof, each of Pledgors shall sign respectively a power of attorney (as set out in Appendix 1 hereto, hereinafter,
the “POWER OF ATTORNEY”) to authorize any person designated by HUAYA to sign on its behalf according to this Agreement
any and all legal documents necessary for the exercise by Pledgee of HUAYA’s rights hereunder. Such Power of Attorney shall be
delivered to HUAYA to keep in custody and, when necessary, HUAYA may at any time submit the Power of Attorney to the relevant government
authority.

 

15.13  Notwithstanding
any provision to the contrary in this Agreement, new companies except the Target Company and its shareholders can be included as
one party of this Agreement by executing the Acknowledgement Letter in the form of Appendix 2 to this Agreement. The new companies
shall enjoy the same rights and obligations as other Target Companies; the shareholders of the new companies shall enjoy the same
rights and obligations as other Pledgors hereunder. Considering that the rights and obligations of the Target Company and relevant
Pledgors under the Agreement are severable and independent, the participation of the new target companies and their shareholders
will not affect the rights and obligations of the original Target Company and relevant Pledgors, the participation of the new target
companies only requires confirmation of HUAYA by signature. Each of the Target Company hereby irrevocably and unconditionally agree
the participation of the new companies and their shareholders and further confirm that shareholders of any new target companies
can pledge their equity of the new target companies to HUAYA according to the stipulation of this Agreement not necessarily with
consent of the original Target Company or their relevant Pledgors.

 

[The remainder of this page is left blank]

 

    	 	14	 

     

    

 

(EXECUTION PAGE)

 

IN WITNESS HEREOF, the following Parties have caused this Equity
Pledge Agreement to be executed as of the date and in the place first here abovementioned.

 

	Liu Ronghua 	 	 
	Signature by: 	/s/ Liu Ronghua	 

 

	Chen Qiang 	 	 
	Signature by: 	/s/ Chen Qiang	 

 

HUAYA CONSULTANT (SHENZHEN) CO., LTD.

 

	Signed by:	/s/ Chen Qiang	 
	Name: 	Chen Qiang 	 
	Position: 	Authorized Representative	 

 

QIANHAI ASIA TIMES (SHENZHEN)
INTERNATIONAL FINANCIAL SERVICES CO., LTD. (Company chop)

 

	Signed by: 	/s/ Chen Qiang	 
	Name: 	Chen Qiang 	 
	Position: 	Authorized Representative	 

 

    	 	15

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