Document:

EX-10.33

 Exhibit 10.33 

Voting Trust Agreement 

By and Among 
 All the
shareholders listed in Schedule A 
 and 

Tencent Music (Beijing) Co., Ltd. 

and 
 Guangzhou Kugou
Computer Technology Co., Ltd. 
 March 26, 2018 

 Voting Trust Agreement 

This Voting Trust Agreement (the “Agreement”) is entered into on March 26, 2018 by and among the following Parties: 

 

	1.	All the Shareholders Listed in Schedule A, of which the information please see Schedule A. 

(All the shareholders listed in Schedule A separately and collectively referred to as the “Each of Shareholders”); 

 

	2.	Tencent Music (Beijing) Co., Ltd. (the “WFOE”) 

 Registered address: Room 303,
3rd Floor of 101, -2nd to 8th Floor, No.7 Building, East Tianchen Road, Chaoyang District, Beijing. 

Legal Representative: Hu Min 
  

	3.	Guangzhou Kugou Computer Technology Co., Ltd. (the “Company”) 

 Registered
address: Room 1301, Building 2, No. 16, Keyun Road, Tianhe District, Guangzhou. 
 Legal Representative: Xie Zhenyu 

(In this Agreement, each Party shall be referred to as a “Party” respectively or as the “Parties” collectively.) 

Whereas: 
  

	1.	Each of Shareholders is the shareholder of the Company and hold 100% equity interests of the Company. 

  

	2.	Each of Shareholders intend to respectively entrust the persons designated by the WFOE to exercise the voting rights they hold in the Company and the WFOE wishes to accept such entrustment through its designated
persons. 

 The Parties agree as follows through friendly negotiation: 

Article 1 Voting Rights Entrustment 
  

	1.1	Each of Shareholders hereby irrevocably undertake to, after execution of this Agreement, respectively sign the power of attorney according to the substance and form set forth in Schedule B hereof, under which the
person (the “Trustee”) then designated by the WFOE shall have the power and authority to exercise the following rights respectively granted to Each of Shareholders as the shareholders of the Company according to the Article of
Association of the Company (the “Entrusted Rights”): 

  

	 	(1)	proposing to convene or attending shareholder meetings of the Company as the proxy of the Each of Shareholders, according to the Article of Association; 

  
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	 	(2)	exercising the voting rights on behalf of the Each of Shareholder in respect of all matters subject to discussion and resolution at the shareholder meetings, including but not limited to the appointment and election of
directors and other senior management members who should be appointed by the shareholders; 

  

	 	(3)	other voting rights (including any other voting rights of shareholders conferred after the amendment of the Article of Association) vested in shareholders under the Articles of Association of the Company.

 The precondition of the above authorization and entrustment is that the Trustee is a PRC citizen and the WFOE consents to
such authorization and entrustment. When and only when a written notice is issued by the WFOE to Each of Shareholders with respect to the removal of the Trustee, Each of Shareholders shall immediately revoke the entrustment to the existing Trustee
hereunder, and entrust any other PRC citizen then designated by the WFOE to exercise the Entrusted Rights in accordance with this Agreement, and the new power of attorney shall supersede the previous one once it is executed. Except for the above
circumstances, Each of Shareholders shall not revoke the authorization and entrustment to the Trustee. 
  

	1.2	The Trustee shall perform the entrusted obligation lawfully with diligence and duty of care within the authorization scope provided in this Agreement. Each of Shareholders shall accept and assume relevant liabilities
for any legal consequences arising out of the exercise of the aforementioned Entrusted Rights. 

  

	1.3	Each of Shareholders hereby acknowledge that the Trustee is not required to solicit the opinions of Each of Shareholders before exercising the Entrusted Rights. Nevertheless, the Trustee shall immediately notify Each of
Shareholders after any resolution or proposal for convening an interim shareholder meeting is made. 

 Article 2 Right of
Information 
  

	2.1	For the purpose of exercising the Entrusted Rights under this Agreement, the Trustee shall have the right to understand the operation, businesses, clients, financial affairs, employees of the Company and have access to
relevant materials, while Each of Shareholders and the Company shall provide sufficient cooperation in this regard. 

  
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 Article 3 Exercise of Entrusted Rights 

 

	3.1	Each of Shareholders shall provide sufficient assistance to the Trustee for his or her exercise of the Entrusted Rights, including prompt execution of the resolutions of the shareholders’ meeting made by the
Trustee or other relevant legal documents when necessary (e.g., to satisfy the document submission requirements for the approval of, registration or filing with governmental authorities). 

 

	3.2	If at any time within the term of this Agreement, the entrustment or exercise of the Entrusted Rights hereunder is unenforceable for any reason (except for the default by Each of Shareholders or the Company), the
Parties shall immediately seek the alternative plan which is most similar to the unenforceable provision and, if necessary, enter into supplementary agreement to amend or adjust the provisions herein, so as to ensure the fulfilment of the purposes
hereof. 

 Article 4 Exemption and Indemnification 

 

	4.1	The Parties acknowledge that in no event shall the WFOE be liable to or be required to compensate financially or in any other aspect, any other party or any third party for any exercise of the Entrusted Rights by the
person designated by the WFOE. 

  

	4.2	Each of Shareholders and the Company agree to hold the WFOE harmless and compensate the WFOE for all losses suffered or likely to suffered in connection with designating the Trustee to exercise the Entrusted Rights,
including but not limited to, any loss resulting from any litigation, demand, arbitration or claim initiated by any third party, and any loss resulting from administrative investigation or penalty by governmental authorities. Nevertheless, losses
suffered as a result of the intentional misconduct or gross negligence of the Trustee shall not be indemnified. 

 Article 5
Representations and Warranties 
  

	5.1	Each of Shareholders severally and not jointly represents and warrants as follow, except for the disclosure of Schedule A: 

  

	 	5.1.1	If the shareholder is a natural person, he/she is a PRC citizen with full capacity, have full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent
party in any lawsuit. If the shareholder is not a natural person, the shareholder shall promise and undertake that it is a limited liability company legally established and validly existing under the laws of the PRC and has an independent legal
personality; each of them has complete and independent legal status and legal capacity to execute, deliver and perform this Agreement, and is independently a legal subject of litigation. 

  
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	 	5.1.2	Each of them have full power and authority to execute and deliver this Agreement and all the other documents to be entered into by them which are related to the transaction contemplated hereunder, as well as to
consummate the transaction hereunder. This Agreement shall be duly and lawfully executed and delivered by Each of Shareholders and shall constitute their legal, valid and obligations, enforceable against them in accordance with the provisions
hereof. 

  

	 	5.1.3	Each of them is a legitimate shareholder of the Company recorded in the register of members at the time when this Agreement came into effect and the authorized Rights are not subject to any third party encumbrance,
other than the encumbrance created under this Agreement as well as the Equity Interest Pledge Agreement and the Exclusive Option Agreement concluded by and among Each of Shareholders, the Company and the WFOE. In accordance with this Agreement, the
Trustee may completely and fully exercise the Entrusted Rights according to the Articles of Association of the Company then in effect. 

  

	5.2	The WFOE and the Company severally represent and warrant as follows: 

  

	 	5.2.1	Each of them is a limited liability company duly registered and legally existing under the laws of PRC where it is registered and has independent legal personality; each of them has complete and independent legal status
and legal capacity to execute, deliver and perform this Agreement, and is independently a legal subject of litigation. 

  

	 	5.2.2	Each of them has complete power and authorization to execute and deliver this Agreement and all other documents that it will execute in relation to the transaction contemplated hereunder, and each of them has full power
and authorization to complete the transaction contemplated hereunder 

  

	5.3	The Company further represents and warrants as follows: 

  

	 	5.3.1	Each of Shareholders is legitimate shareholders of the Company recorded in the register of members at the time when this Agreement came into effect. The authorized Rights are not subject to any third party encumbrance,
other than the encumbrance created under this Agreement as well as the Equity Interest Pledge Agreement and the Exclusive Option Agreement concluded by and among each of Shareholders, the Company and the WFOE. In accordance with this Agreement, the
Trustee may completely and fully exercise the Entrusted Rights according to the Articles of Association of the Company then in effect. 

  
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 Article 6 Term of Agreement 

 

	6.1	Subject to Articles 6.3 and 6.4 of this Agreement, this Agreement shall take effect as of the date upon execution. The term of this Agreement is twenty (20) years after becoming effective, unless all the Parties
agree in writing to early termination or this Agreement is terminated pursuant to Article 9.1 hereunder. This Agreement shall be automatically renewed for one (1) year after the expiration of the term of this Agreement unless the WFOE informs
all the other parties not to renew thirty (30) days in advance of the expiration of this Agreement, and so forth. 

  

	6.2	This Agreement is the final agreement reached between the Parties on the entrustment of voting rights and relevant issues which shall supersedes any and all prior consultations, negotiations or discussions,
representations, memorandum, agreements or other documents, including but not limit to the Voting Trust Agreement signed by and among the Company, the WFOE and part of Each of shareholders on July 12, 2016. In case of any conflict,
contradiction or inconsistency, this Agreement shall prevail. 

  

	6.3	The Company or the WFOE shall, if necessary, within three months prior to the expiration of their respective business licenses, complete the approval and registration procedures for extending the business licenses to
ensure the effectiveness of this Agreement. 

  

	6.4	If any of Each of Shareholders transfers all equity interests it holds in the Company upon prior consent of the WFOE, such Party shall cease to act as a party of this Agreement, but the rights and undertakings of the
other Parties shall not be adversely affected hereby. 

  

	6.5	If any of Each of Shareholders transfers all or part of the equity of the equity interests it holds in the Company upon prior consent of the WFOE, unless otherwise informed by the WFOE in a written notice, the
transferee or transferees agree to inherit and fulfill such current shareholder or shareholders’ full responsibility, obligation and commitment under this Agreement. The other shareholders shall ensure the transferred equity interests to
satisfy the above conditions and refuse to take any actions (including but not limit to pass relevant company resolutions, update the register of members and manage the governmental approval and registration changing procedures) to facilitate or
corporate the equity transfer otherwise. 

  
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 Article 7 Notices 

 

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

 

	7.2	The above notice or other correspondences shall be deemed as delivered (i) when it is transmitted by facsimile or telex, or (ii) upon handed over to the receiver when it is delivered in person, or
(iii) upon the fifth (5) day after posting when it is delivered by mail, or (iv) on the date of receipt by the recipient if by express delivery. However, if the notice is returned due to the fault of the served party or the refusal of
the served party to sign for it, the date on which the notice is returned shall be deemed as service. In case of simultaneous delivery in any of the above forms, the earliest deemed time of delivery shall prevail. 

Article 8 Confidentiality 
  

	8.1	Regardless of whether this Agreement is terminated, each Party shall maintain strictly confidential all business secrets, proprietary information, client information and all the other information of confidential nature,
in relation to other Parties and obtained during the formulation and performance of this Agreement (the “Confidential Information”). Each receiving Party shall not disclose to any third party any Confidential Information, except
with prior written consent of the Party providing such information or in circumstances where such information must be disclosed to third parties according to relevant laws, regulations or listing requirements. Each receiving Party shall not use or
indirectly use any Confidential Information except for the purpose of performing this Agreement. 

  

	8.2	Confidential Information does not include the following: 

  

	 	(a)	information that the receiving Party has previously known by lawful means, as supported by written evidence; 

  

	 	(b)	information that enters public domain without the receiving Party’s fault; or 

  

	 	(c)	information received by other lawful means after the receiving Party receive Confidential Information. 

  

	8.3	The receiving Party may disclose Confidential Information to its relevant employees, agents or professionals it employs, but the receiving Party shall ensure that all such persons comply with relevant terms and
conditions of this Agreement and the receiving Party shall be responsible for any damages or consequences caused by the aforementioned persons in violation of the relevant terms and conditions of this Agreement. 

  
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	8.4	Notwithstanding other provisions of this Agreement, the effectiveness of this Article shall survive the termination of this Agreement. 

Article 9 Default Liability 
  

	9.1	The Parties agree and acknowledge that if any Party (the “Defaulting Party”) breaches any provision hereunder, or fails to perform or delays in performing any obligations hereunder, such breach, failure
or delay shall constitute a default hereunder (the “Default”) and that in such event, the non-defaulting Party/Parties (the “Non-Defaulting
Party”) shall have the right to demand the Defaulting Party to cure such Default or take remedial measures within a reasonable time. If the Defaulting Party fails to cure such Default or take remedial measures with such reasonable time or
within ten (10) days of the Non-Defaulting Party notifying the Defaulting Party in writing and requesting it to cure such Default, the Non-Defaulting Party may
elect, in its (their) discretion, to do the following: 

  

	 	9.1.1	if the Defaulting Party is any of Each of Shareholders or the Company, the WFOE shall have the right to terminate this Agreement and claim the Defaulting Party to indemnify the damages. In order to avoid doubt, the
responsibility of shareholders or the responsibility between the shareholders and the Company is independent, and the shareholders do not bear any joint liability for any obligation or responsibility of the other existing shareholders or Company.

  

	 	9.1.2	if the Defaulting Party is the WFOE, the Non-defaulting Party has right to claim the Defaulting Party to indemnify the damages, provided that in no event shall the Non-defaulting Party have the right to terminate or rescind this Agreement, except that the contrary is provided by the law. 

  

	9.2	Notwithstanding any other provisions herein, the effectiveness of this Article shall survive the suspension or termination of this Agreement. 

Article 10 Miscellaneous Provisions 
  

	10.1	This Agreement is made in Chinese in fifteen (15) originals with each Party retaining one (1) copy hereof. The Parties specifically agree that the Agreement restored in PDF format sent by emails from the
Parties is regarded as original and can be used separately as evidence for the establishment and validation of this Agreement. 

  

	10.2	The execution, effectiveness, performance, amendment, interpretation and termination of this Agreement shall be governed by PRC laws. 

  
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	10.3	Dispute Resolutions 

  

	 	(a)	Any dispute arising out of or in relation to this Agreement, the Parties shall first resolve the dispute through friendly negotiation. The requesting party shall notify the other party of the dispute and explain the
nature of the dispute by overloading the date notice. If the Parties fail to reach an agreement regarding such a dispute within thirty (30) days of its occurrence, any Party is entitled to submit such dispute to the China International Economic
and Trade Arbitration Commission (the “CIETAC”) for arbitration in Beijing in accordance with the then effective arbitration rules thereof and the arbitration award shall be final and binding. 

 

	 	(b)	The arbitration tribunal shall consist of three (3) arbitrators, of whom the two parties have the right to appoint one (1) each. The third arbitrator (3rd) should be appointed jointly by the two sides. If the
party shall not be able to reach an agreement on the joint designation of the third arbitrator, he/she should be appointed by the director of the Arbitration Committee. The third arbitrator shall be the chief arbitrator of the arbitration tribunal.

  

	 	(c)	In making an arbitration award, the arbitrator shall take into account the intention of the Parties which may be determined in accordance with this Agreement. 

 

	 	(d)	The arbitration award made according to the Article10.3 in writing should be final and binding. The parties shall do their utmost to ensure that any such arbitration award is duly executed and to provide any necessary
assistance thereto. 

  

	 	(e)	The aforesaid provisions of the Article 10.3 shall not prevent the party concerned from applying for any pre suit protection or prohibition remedy available for any reason, including but not limited to the enforcement
of subsequent enforcement of the arbitration tribunal. 

  

	10.4	Any rights, powers and remedies entitled to any Party by any provision herein shall not preclude any other rights, powers and remedies entitled to such Party in accordance with laws and other provisions under this
Agreement, and a Party’s exercise of any of its rights, powers and remedies shall not preclude its exercise of other rights, powers and remedies. 

  

	10.5	No failure or delay by a Party to exercise any of its rights, powers and remedies hereunder or in accordance with laws (the “Rights”) shall be construed as a waiver of such Rights, and the waiver of any
single or partial exercise of the Rights shall not preclude its exercise of such Rights in any other way or its exercise of other Rights. 

  
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	10.6	The headings of the sections herein are for reference only, and in no circumstances shall such headings be used in or affect the interpretation of the provisions hereof. 

 

	10.7	Each provision contained herein shall be severable and independent from other provisions. If at any time one or several provisions herein shall be held to be invalid, illegal or unenforceable, the validity, legality or
enforceability of other provisions herein shall not be affected thereby. 

  

	10.8	Any amendments or supplements to this Agreement shall be in writing and shall become effective upon duly execution by the Parties hereto. 

 

	10.9	No Party shall assign any of its rights and/or obligations hereunder to any third parties without prior written consent from other Parties. 

 

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

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this page is intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written. 

 

			
	Tencent Music (Beijing) Co., Ltd.
	/s/ Seal of Tencent Music (Beijing) Co., Ltd.
	
	Guangzhou Kugou Computer Technology Co., Ltd.
	/s/ Seal of Guangzhou Kugou Computer Technology Co., Ltd.
	
	Xie Zhenyu
	Signature:	 	/s/ Xie Zhenyu
	
	Hu Huan
	Signature:	 	/s/ Hu Huan
	
	Xu Hanjie
	Signature:	 	/s/ Xu Hanjie
	
	Hangzhou Yong Xuan Yong Ming Capital Investment Partnership (Limited Partnership)
	/s/ Seal of Hangzhou Yong Xuan Yong Ming Capital Investment Partnership (Limited Partnership)
	
	Kashi Tianshan Red Sea Venture Capital Co., Ltd.
	/s/ Seal of Kashi Tianshan Red Sea Venture Capital Co., Ltd.
	
	Shenzhen Litong Industry Investment Fund Co., Ltd.
	/s/ Seal of Shenzhen Litong Industry Investment Fund Co., Ltd.

 
			
	Gao Yaping
	Signature:	 	/s/ Gao Yaping
	
	Guangzhou Lekong Investment Partnership (Limited Partnership)
	/s/ Seal of Guangzhou Lekong Investment Partnership (Limited Partnership)
	
	Xie Guomin
	Signature:	 	/s/ Xie Guomin
	
	Qiu Zhongwei
	Signature:	 	/s/ Qiu Zhongwei
	
	Dong Jianming
	Signature:	 	/s/ Dong Jianming
	
	Tang Liang
	Signature:	 	/s/ Tang Liang
	
	Linzhi Lichuang Information Technology Co., Ltd.
	/s/ Seal of Linzhi Lichuang Information Technology Co., Ltd.

 Schedule A: List of Shareholders 

 

													
	 #
	  	 Shareholder’s Name
	  	Identification No./
Registration No.	  	Registered
Capital	 	  	Shareholding
Percentage	 
	1	  	Xie Zhenyu	  	[             ]	  	 	4,480,350	 	  	 	6.59	% 
	2	  	Hu Huan	  	[             ]	  	 	800,000	 	  	 	1.18	% 
	3	  	Xu Hanjie	  	[             ]	  	 	375,000	 	  	 	0.55	% 
	4	  	Hangzhou Yong Xuan Yong Ming Capital Investment Partnership (Limited Partnership)	  	330100000160272	  	 	500,000	 	  	 	0.74	% 
	5	  	Kashi Tianshan Red Sea Venture Capital Co., Ltd.	  	653100051033463	  	 	2,000,000	 	  	 	2.94	% 
	6	  	Shenzhen Litong Industry Investment Fund Co., Ltd.	  	440301107721051	  	 	4,603,261	 	  	 	6.77	% 
	7	  	Dong Jianming	  	[             ]	  	 	1,004,950	 	  	 	1.48	% 
	8	  	Gao Yaping	  	[             ]	  	 	750,000	 	  	 	1.10	% 
	9	  	Guangzhou Lekong Investment Partnership (Limited Partnership)	  	440101000189740	  	 	735,880	 	  	 	1.08	% 
	10	  	Xie Guomin	  	[             ]	  	 	6,792,571	 	  	 	9.99	% 
	11	  	Qiu Zhognwei	  	[             ]	  	 	6,792,571	 	  	 	9.99	% 
	12	  	Tang Liang	  	[             ]	  	 	1,853,820	 	  	 	2.73	% 
	13	  	Linzhi Lichuang Information Technology Co., Ltd.	  	91540400MA6T10ME4F	  	 	37,312,489	 	  	 	54.87	% 
		  		  	  
	  	  
	  
	 	  	  
	  
	 
	 Total
	  	—  	  	 	68,000,892	 	  	 	100.0	% 
		  		  	  
	  	  
	  
	 	  	  
	  
	 

 Note: The equity interests transferred from Qihoo 360 Software (Beijing) Co., Ltd.to Dong Jianming still require approval and
registration with the governmental authority (including without limitation the review and approval from State Administration of Radio and Television and change registration with industrial and commercial authorities). 

 Schedule B 

Power of Attorney 
 This Power of Attorney
(the “Power of Attorney”) is signed by [    ] (PRC Identification No.:[    ]/Address: [    ]/ Registration No.:[    ] on [     ],
[    ], to authorize [    ] (PRC Identification No.: [        ]/Address: [    ]) (the “Trustee”). 

I/ The company/ The partnership, grant to the Trustee a general trust authorizing the Trustee to exercise, as my trustee and on my behalf, the following
rights enjoyed by myself in my capacity as a shareholder of. Guangzhou Kugou Computer Technology Co., Ltd. (the “Company”): 
  

	 	(1)	proposing to convene or attending shareholder meetings of the Company as the proxy of the Each of Shareholders, according to the Article of Association; 

 

	 	(2)	exercising the voting rights on behalf of the Each of Shareholder in respect of all matters subject to discussion and resolution at the shareholder meetings, including but not limited to the appointment and election of
directors and other senior management members who should be appointed by the shareholders; 

  

	 	(3)	other voting rights (including any other voting rights of shareholders conferred after the amendment of the Article of Association) vested in shareholders under the Articles of Association of the Company.

 I hereby irrevocably confirm that, unless Tencent Music (Beijing) Co., Ltd.(the “WFOE”) serves me a written notice to
replace the Trustee, this Power of Attorney will be valid until the expiry or early termination of the Shareholders’ Voting Trust Agreement dated [            ],
[    ] by and among the WFOE, the Company and Each of Shareholders. 
 It is hereby authorized. 

 

	
	Name
	
	By:
	Date:EX-10.34

 Exhibit 10.34 

Equity Interest Pledge Agreement 

By and among 

Shareholders Listed in Schedule A 

Yeelion Online Network Technology (Beijing) Co., Ltd. 

And 
 Beijing Kuwo
Technology Co., Ltd. 
 Regarding 

Beijing Kuwo Technology Co., Ltd. 

July 12, 2016 

 EQUITY INTEREST PLEDGE AGREEMENT 

This Equity Interest Pledge Agreement (this “Agreement”) is entered into on July 12, 2016 by and among: 

 

	1.	All shareholders listed in Schedule A. Please refer to Schedule A for detailed information of each shareholder. 

(Each shareholder listed in Schedule A shall be hereinafter referred to as a “Pledgor” respectively, and as the
“Pledgors” collectively.) 
  

	2.	Yeelion Online Network Technology (Beijing) Co., Ltd. (hereinafter referred to as the “Pledgee”) 

Registered Address: Rooms 905-906, 9/F, Pacific International Building, 106 Zhichun Road, Haidian
District, Beijing 
  

	3.	Beijing Kuwo Technology Co., Ltd. (hereinafter referred to as the “Company”) 

Registered Address: B-207-161, 2/F, Building 2, 1 Nongda South
Road, Haidian District, Beijing 
 (In this Agreement, each of the Pledgors, the Pledgee and the Company shall be referred to as a “Party”
respectively, and as the “Parties” collectively.) 
 WHEREAS: 

 

	(1)	The Pledgors are registered shareholders on record of the Company as of the execution date of this Agreement, aggregately holding 100% of the equity interests in the Company (hereinafter the “Company
Equities”). Upon the execution date of this Agreement, the Pledgors’ capital contributions to the registered capital of the Company and proportions of shareholding are set out in Schedule A hereto. 

 

	(2)	The Parties herein have executed an Exclusive Option Agreement on July 12, 2016 (hereinafter the “Exclusive Option Agreement”), pursuant to which the Pledgors shall, to the extent permitted by the
PRC Laws, transfer all or partial Company Equities held by the Pledgors to the Pledgee and/or any other entity or individual designated by the Pledgee in accordance with the Pledgee’s request. 

 

	(3)	The Parties herein have executed a Voting Trust Agreement on July 12, 2016 (hereinafter the “Voting Trust Agreement”), pursuant to which the Pledgors shall irrevocably entrust its full rights and
authorities to the person designated by the Pledgee on the occasion to exercise all the shareholder voting power granted to the Pledgors in the Company. 

  
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	(4)	The Company and the Pledgee have executed an Exclusive Technology Service Agreement on July 12, 2016 (hereinafter the “Service Agreement”), pursuant to which the Company exclusively employs the
Pledgee to provide relevant technical services, and agrees to pay the corresponding service fees to the Pledgee for such technical services. 

  

	(5)	Mr. XIE Guomin, Mr. SHI Lixue (hereinafter the “borrowers” collectively) and the Pledgee have executed a Loan Agreement (hereinafter the “Loan Agreement”) on
July 12, 2016, pursuant to which the Pledgee has provided a loan of RMB10,000,000 to the borrowers to pay the equity transfer price for the subscription of the original registered capital of the Company. 

 

	(6)	As security for the performance of the Contractual Obligations (as defined hereunder) and for the full payment of the Secured Indebtedness, the Pledgors agree to pledge all their equity interests held by them in the
Company in favor of the Pledgee, and grant the Pledgee the most prioritized pledge right, with the Company’s consent on such equity pledge arrangement. 

THEREFORE, upon mutual discussion, the Parties agree as follows: 
  

	1	Definitions 

  

	 	1.1	Unless otherwise defined by the context, the following terms shall have the following meanings in this Agreement: 

 

			
	Contractual Obligations	  	shall refer to (i) for the Pledgors excluding the borrowers, all the contractual obligations under the Exclusive Option Agreement, the Voting Trust Agreement and this Agreement; (ii) for the borrowers, all the contractual
obligations under the Exclusive Option Agreement, Voting Trust Agreement and this Agreement; (iii) for the Company, all the contractual obligations under the Exclusive Option Agreement, Voting Trust Agreement, Service Agreement and this
Agreement.

  
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	Secured Indebtedness	  	shall refer to the Company’s obligation to pay the service fees under the Service Agreement and other obligations, the borrowers’ obligations of repayment, and all the direct, indirect and derivative losses and losses of
anticipated profits, suffered by the Pledgee, incurred as a result of any Event of Default (as defined hereunder) by the Pledgors and/or the Company. The amount of such loss shall be calculated in accordance with, without limitation, the reasonable
business plan and profit forecast of the Pledgee, the service fees payable by the Company to the Pledgee under the Service Agreement, the principal payable by the borrowers under the Loan Agreement, and all expenses occurred in connection with
enforcement by the Pledgee of the Pledgor’s and/or the Company’s Contract Obligations.
		
	Transaction Agreement	  	shall refer to the Exclusive Option Agreement, the Voting Trust Agreement, the Service Agreement and the Loan Agreement.
		
	 Event of
 Default
	  	shall refer to any breach to any contractual obligations under the Exclusive Option Agreement by the Pledgors excluding the borrowers, any borrower’s breach to any contractual obligations under the Exclusive Option Agreement,
the Voting Trust Agreement, the Loan Agreement and/or this Agreement, and the Company’s breach to any contractual obligations under the Exclusive Option Agreement, the Voting Trust Agreement, the Service Agreement and/or this
Agreement.
		
	Pledged Equity	  	shall refer to all Company Equities legally held by the Pledgors upon the effective date of this Agreement (the specific equity interest pledged by each Pledgor is set out in Schedule A in this Agreement), the increased capital
contribution and dividend under Clauses 2.6 and 2.7 herein, and other equity interest in the Company held by the Pledgors by any others means.
		
	PRC Laws	  	shall refer to the then effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the People’s Republic of China (for the purpose of
this Agreement, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan).

  

	 	1.2	In this Agreement, any reference to any PRC Laws shall be deemed to include (1) a reference to such PRC Laws as modified, amended, supplemented or reenacted, effective before or after the date of this Agreement;
and (2) a reference to any other decision, circular or rule made pursuant to such PRC Laws or effective as a result of such PRC Laws. 

  

	 	1.3	Unless otherwise stated in the context of this Agreement, a reference to a provision, clause, section or paragraph shall refer to a corresponding provision, clause, section or paragraph of this Agreement.

  

	2	Equity Pledge 

  

	 	2.1	The Pledgors hereby agree to pledge, in accordance with the terms of this Agreement, their lawfully owned and disposable equity interests in favor of the Pledgee as the security for the repayment of the Secured
Indebtedness. The Company hereby agrees that Pledgors pledge the Pledged Equities in favor of the Pledgee in accordance with the terms of this Agreement. 

  
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	 	2.2	The Pledgors undertake to record the share pledge arrangements (“Share Pledge”) in the register of shareholders on the effective date of this Agreement. The Pledgors further undertake to make the
best efforts and take all necessary actions to apply with the competent industrial and commercial authority for the registration of the Pledged Equity under this Agreement within ten (10) business days after the execution date of this
Agreement. The Pledgors and the Pledgee shall, pursuant to PRC Laws and all requirements of relevant industrial and commercial authorities, submit all necessary documents and deal with all necessary procedures, ensuring that the pledge right can be
registered as soon as possible after the application submission, and deliver the original copy of the registration certificate (including without limitation the pledge registration notification) to the Pledgee; the relevant fees shall be borne by
the Company. 

  

	 	2.3	During the term of this Agreement, the Pledgee shall not be liable in whatsoever manner for any decrease in the value of the Pledged Equities and the Pledgors are not entitled to seek any form of recourse or make any
request, unless such decrease is caused by the Pledgors’ intention or gross negligence having direct causation to the result. 

  

	 	2.4	Subject to Section 2.3 above, if the Pledged Equities could experience material impairment which is capable to prejudice the rights of the Pledgee, the Pledgee may at any time auction or sell the Pledged Equities
on behalf of the Pledgors and may, as agreed with the Pledgors, apply the proceeds from such auction or sale towards accelerated repayment of the Secured Indebtedness, or deposit such proceeds with a notary public at the place where the Pledgee is
located (any costs thereby incurred shall be entirely borne by the Pledgee). 

  

	 	2.5	Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of the Pledged Equities in such manner as prescribed in Article 4 of this Agreement. 

 

	 	2.6	The Pledgors shall not increase the capital of the Company without prior consent of the Pledgee. The amount of capital added to the Company’s registered capital because of the Pledgors’ contribution shall be
deemed as the Pledged Equities. The Pledgors undertake to record the equity pledge for the increased amount of registered capital under this Clause 2.6 in the register of shareholders within ten (10) business days after the capital increase, to
apply with the competent industrial and commercial authority for the registration, and to deliver the original copy of the registration certificate (including without limitation to the pledge registration notification) to the Pledgee; the relevant
fees shall be borne by the Company. 

  
 4 

	 	2.7	During the term of pledge, the Pledgors are entitled to receive proceeds (including without limitation any dividend, profit and other income) generated by the Pledged Equities. The Pledgors shall not receive any
dividend or bonus in respect of the Pledged Equities without prior consent of the Pledgee. The Pledgors’ dividend or bonus obtained from the Pledged Equities shall be deposited in the bank account designated by the Pledgee, being administrated
by the Pledgee, and shall be used for the repayment for the Secured Indebtedness. 

  

	 	2.8	Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of any Pledgor’s any pledged Equities in the manner as prescribed in this Agreement. 

 

	3	Release of Pledge 

  

	 	3.1	After full and complete performance of all the Contractual Obligations and full repayment of all the Secured Indebtedness by the Pledgors and the Company, the Pledgee shall, at the request of the Pledgors, release the
equity pledge under this Agreement and cooperate with the Pledgors to deregister the equity pledge recorded in the register of shareholders and to deregister the pledge with the competent industrial and commercial authority. Reasonable costs thereby
incurred shall be borne by the Pledgee. 

  

	4	Disposal of Pledged Equities 

  

	 	4.1	The Parties hereby agree that upon occurrence of any Event of Default, the Pledgee shall be entitled to exercise all rights and power to claim remedies available under the PRC Laws, the Transaction Agreements and this
Agreement with written notice to the Pledgors, including without limitation the right to auction or sell the Pledged Equities and to be indemnified in priority with the proceeds thereof. The Pledgee shall not be held liable for any losses from its
lawful and reasonable exercise of such rights and power. 

  

	 	4.2	The Pledgee shall be entitled to appoint in writing its legal advisor or any other agent to exercise any and all of its foregoing rights and power, to which the Pledgors shall not raise any objection and shall provide
necessary assistance. 

  
 5 

	 	4.3	The Pledgee shall be entitled to deduct all reasonable costs actually incurred in connection with its exercise of any or all of its aforesaid rights and power from the proceeds obtained from such exercise of rights and
power. 

  

	 	4.4	The proceeds obtained from the exercise by the Pledgee of its rights and power shall be applied in the following order of precedence: 

 

	 	(i)	payment of all costs arising out of the disposal of the Pledged Equities and the exercise by the Pledgee of its rights and power (including fees paid to its legal advisor and agent); 

 

	 	(ii)	payment of the taxes payable in connection with the disposal of the Pledged Equities; and 

  

	 	(iii)	repayment of the Secured Indebtedness to the Pledgee; 

 Any balance after the deduction of the
aforesaid payments shall either be returned by the Pledgee to the Pledgors or any other person who is entitled to such balance under relevant laws and regulations, or be deposited with a notary public at the place where the Pledgee is located (any
costs thereby incurred shall be entirely borne by the Pledgee). 
  

	 	4.5	The Pledgee shall have the option to exercise concurrently or successively any of the remedies available to it; the Pledgee shall not be required to exhaust all other remedies available to it prior to auction or sale of
the Pledged Equities under this Agreement. 

  

	5	Fees and Expenses 

  

	 	5.1	All costs and expenses actually incurred in connection with the creation of the equity pledge under this Agreement, including without limitation the stamp duty, any other taxes and all legal fees, shall be borne by the
Company. 

  

	6	Continuity and No Waiver 

  

	 	6.1	The Pledged Equities shall be continuous security and shall remain valid until full performance of the Contractual Obligations or full repayment of the Secured Indebtedness. No waiver or grace period granted by the
Pledgee to the Pledgors in respect of any breach or any delay by the Pledgee in exercising any of its rights under the Transaction Agreements and this Agreement shall affect the rights available to the Pledgee under this Agreement, applicable PRC
Laws and the Transaction Agreements to demand at any time thereafter strict performance by the Pledgors of the Transaction Agreements and this Agreement, or any of the rights available to the Pledgee arising from any subsequent breach by the
Pledgors of the Transaction Agreements and/or this Agreement. 

  
 6 

	7	Representations and Warranties of the Pledgors 

 Excluding the circumstances as disclosed
in Schedule A, each Pledgor hereby respectively and not jointly represent and warrant to the Pledgee that: 
  

	 	7.1	If the Pledgor is a natural person, he is a Chinese citizen with full civil capacity, and has legal rights and capacity to execute this Agreement and bears legal obligations under this Agreement. If the Pledgor is not a
natural person, it is a legal entity duly incorporated under PRC Laws with legal rights and capacity to execute this Agreement and bears legal obligations under this Agreement. 

 

	 	7.2	As of the effective date of this Agreement, the Pledgor is the only lawful owner of the Pledged Equities free from any existing dispute in relation to the ownership thereof. Other than the security interests created on
the Pledged Equities under this Agreement and the rights created under the Transaction Agreements, the Pledgor has the right to dispose of the Pledged Equities or any part thereof. 

 

	 	7.3	Other than the security interests created on the Pledged Equities under this Agreement and the rights created under the Transaction Agreements, the Pledged Equities are free from any other security interests or third
party rights and interests and any other restriction. 

  

	 	7.4	The Pledged Equities can be lawfully pledged and transferred, and the Pledgor has full rights and power to pledge the Pledged Equities to the Pledgee in accordance with the terms of this Agreement. 

 

	 	7.5	This agreement, once properly signed by the Pledgor, constitutes legal, valid and binding obligations to the Pledgor. 

  

	 	7.6	As necessary to the execution and performance of this Agreement and the equity pledge under this Agreement, any consent, permission, waiver or authorization by any third party or any approval, license or exemption by
any governmental body or registration or filing formalities (if required by law) with any governmental body have been obtained or handled (except for the required approval and registration (including without limitation the review and approval from
State Administration of Radio and Television and change registration with industrial and commercial authorities) with the governmental authority of changed registered capital and share ownership structure under the SPA executed on the same date with
this Agreement, and except for that the pledge registration with the industrial and commercial authority will be processed as soon as possible in reasonably available time after the execution of this Agreement), and will remain in full force during
the term of this Agreement. 

  
 7 

	 	7.7	The execution and performance of this Agreement by the Pledgor do not violate or conflict with any law applicable to the Pledgor in effect, any agreement to which the Pledgor is a party or by which its assets are bound,
any court judgment, any arbitral award, or any decision of any administrative authority. 

  

	 	7.8	The pledge under this Agreement constitutes a first ranking security interest on the Pledged Equities held by the Pledgor. 

  

	 	7.9	All taxes and fees payable in connection with obtaining the Pledged Equities have been paid in full in accordance with the laws by the Pledgor. 

 

	 	7.10	There are no pending or, to the knowledge of the Pledgor, threatened suits, arbitrations, or other legal proceedings or claims before any court or arbitral tribunal, or administrative proceedings, or other legal
proceedings or claims before any governmental body or administrative authority against the Pledged Equities, the Pledgor or their properties , which will have a material or adverse effect on the economic conditions of the Pledgor or the
Pledgor’s ability to perform its obligations and security liability under this Agreement. 

  

	 	7.11	The Pledgor hereby warrants to the Pledgee that the representations and warranties made above will remain true and correct and will be fully complied with under all circumstances until full performance of the
Contractual Obligations or the full repayment of the Secured Indebtedness. 

  

	8	Representations and Warranties of the Company 

 The Company hereby represents and
warrants to the Pledgee that: 
  

	 	8.1	The Company is a limited liability company duly registered and lawfully existing under PRC Laws with independent legal personality, and has full and independent legal status and capacity to execute and deliver this
Agreement and may sue or be sued as an independent party. 

  

	 	8.2	All reports, documents and information provided by it to the Pledgee prior to or upon the effectiveness of this Agreement with respect to matters pertaining to the Pledged Equity or required by this Agreement are true
and correct in all material respects as of the effectiveness of this Agreement. 

  
 8 

	 	8.3	All reports, documents and information provided by it to the Pledgee after the effectiveness of this Agreement with respect to matters pertaining to the Pledged Equity or required by this Agreement are true and valid in
all material respects as of the effectiveness of this Agreement. 

  

	 	8.4	This agreement, once properly signed by the Company, constitutes legal, valid and binding obligations to the Company. 

  

	 	8.5	It has full internal corporate power and authority to execute and deliver this Agreement and all other documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and
authority to consummate the transactions contemplated hereunder; 

  

	 	8.6	There are no pending or, to the knowledge of the Company, threatened suits, arbitrations, or other legal proceedings or claims before any court or arbitral tribunal, or administrative proceedings, or other legal
proceedings or claims before any governmental body or administrative authority against the Pledged Equities, the Company or its assets, which will have a material or adverse effect on the economic conditions of the Company or the Pledgor’s
ability to perform its obligations and security liability under this Agreement. 

  

	 	8.7	The Company hereby agrees to be jointly liable to the Pledgee for the representations and warranties made by each Pledgor under Article 7 hereunder. 

 

	 	8.8	The Company hereby warrants to the Pledgee that the foregoing representations and warranties will remain true and correct and fully complied with under all circumstances at any time prior to full performance of the
Contractual Obligations or full repayment of the Secured Indebtedness. 

  

	9	Undertakings by the Pledgors 

 The Pledgors each respectively and not jointly undertake
to the Pledgee that: 
  

	 	9.1	Without prior written consent of the Pledgee, the Pledgors will not create or permit to be created any new pledge or any other security interest on the Pledged Equity and any pledge or other security interest created on
all or any part of the Pledged Equity without prior written consent of the Pledgee shall be null and void. 

  
 9 

	 	9.2	Without prior written notice to and prior written consent from the Pledgee, the Pledgors will not assign the Pledged Equity and all purported assignment of the Pledged Equity by the Pledgors shall be null and void. The
proceeds received by the Pledgors from the assignment of the Pledged Equity shall be first applied towards full repayment to the Pledgee of the Secured Indebtedness or shall be deposited with a third party as agreed with the Pledgee.

  

	 	9.3	Should there arise any suit, arbitration or other claims which are likely to have an adverse effect on the Pledgors’ or the Pledgee’s interest under the Transaction Agreements and this Agreement or on the
Pledged Equity, the Pledgors undertake that they will notify the Pledgee in writing of the same as promptly as possible without delay and will, in accordance with the reasonable request of the Pledgee, take all necessary measures to ensure the
Pledgee’s rights and interests of pledge in and to the Pledged Equity. 

  

	 	9.4	The Pledgors undertake to complete the registration procedure to extend the Company’s business period in three (3) months before the expiry of the Company’s business period, in order to maintain the
validity of this Agreement. 

  

	 	9.5	The Pledgors will not do or permit to be done any act or action likely to have an adverse effect on the interest of the Pledgee under the Transaction Agreements and this Agreement or on the Pledged Equity. The Pledgors
waive their preferential right of purchase if and when the Pledgee realizes its rights of pledge. 

  

	 	9.6	The Pledgors will, in accordance with the reasonable request of the Pledgee, take all steps and execute all documents (including without limitation any supplement hereto) necessary to ensure the Pledgee’s rights
and interests of pledge in and to the Pledged Equity as well as the exercise and realization by the Pledgee of such rights and interests. 

  

	 	9.7	Should the exercise of the rights of pledge hereunder result in an assignment of any Pledged Equity, the Pledgors undertake that they will take all measures to enable the realization of such assignment.

  

	10	Undertakings by the Company 

  

	 	10.1	The Company will use every effort to assist with the obtaining of any consents, permissions, waivers, authorizations of any third party or any approval, license or exemption from any governmental body or the completion
of any registration or filing formalities with any governmental body (if required by law), requisite in each case for the execution and performance of this Agreement and the creation of the Equity Pledge hereunder, and will maintain the same in full
force and effect during the term hereof. 

  
 10 

	 	10.2	Without prior written consent of the Pledgee, the Company will not assist or permit the Pledgors to create any new pledge or any other security interest on the Pledged Equity. 

 

	 	10.3	Without prior written consent of the Pledgee, the Company will not assist or permit the Pledgors to assign the Pledged Equity. 

  

	 	10.4	Should there arise any suit, arbitration or other claims which are likely to have an adverse effect on the Company, the Pledged Equities or the Pledgee’s interest under the Transaction Agreements and this
Agreement, the Company undertakes that it will notify the Pledge in writing of the same as promptly as possible without delay and will, in accordance with the reasonable request of the Pledgee, take all necessary measures to ensure the
Pledgee’s pledge rights and interests in and to the Pledged Equity. 

  

	 	10.5	The Company undertakes to complete the registration procedure to extend its business period in three (3) months before the expiry of its business period, in order to maintain the validity of this Agreement.

  

	 	10.6	The Company will not do or permit to be done any act or action likely to have an adverse effect on the interest of the Pledgee under the Transaction Agreements and this Agreement or on the Pledged Equity.

  

	 	10.7	The Pledgors will during the first month of each calendar quarter submit to the Pledgee the financial statements of the Company for the preceding calendar quarter, including without limitation the balance sheet, the
income statement and the cash flow statement. 

  

	 	10.8	The Company will, in accordance with the reasonable request of the Pledgee, take all steps and execute all documents (including without limitation any supplement hereto) necessary to ensure the Pledgee’s rights and
interests of pledge in and to the Pledged Equity as well as the exercise and realization by the Pledgee of such rights and interests. 

  

	 	10.9	Should the exercise of the rights of pledge hereunder result in an assignment of any Pledged Equity, the Company undertakes that it will take all measures to enable the realization of such assignment. 

  
 11 

	11	Fundamental Changes of Circumstances 

  

	 	11.1	As a supplementary agreement and without contravening other provisions of the Transaction Agreements and this Agreement, if, at any time, in the opinion of the Pledgee, as a result of any promulgation of or amendment to
any PRC Laws, regulations or rules, or of any change in the interpretation or application of such laws, regulations or rules, or of any change in relevant registration procedures, the maintaining of the validity of this Agreement and/or the disposal
of the Pledged Equity in the manner prescribed hereunder becomes illegal or contravenes such laws, regulations or rules, the Pledgors and the Company shall, on the Pledgee’s written instruction and in accordance with its reasonable request,
immediately take any actions and/or execute any agreements or other documents so as to: 

  

	 	(i)	maintain the validity of this Agreement; 

  

	 	(ii)	facilitate the disposal of the Pledged Equity in the manner prescribed hereunder; and/or 

  

	 	(iii)	maintain or realize the security created or purported to be created hereunder. 

  

	12	Effectiveness and Term of Agreement 

  

	 	12.1	This Agreement is valid once signed properly by all Parties. This Agreement is the final version agreement which the Parties have reached upon in respect of the equity pledge and relevant issues; this Agreement shall
fully replace any and all of previous consultation, negotiation or discussion which all Parties have reached upon, and any and all of letters of intent, memorandums, agreements or other documents which all Parties have reached upon and agreed. If
there is any conflict, contravention or inconsistence in such consultation, negotiation, discussion results, such letters of intent, memorandum, agreements or other documents against this Agreement, this Agreement shall prevail. All Parties shall,
bearing the principle of good faith, make all efforts to assist in having such equity pledge registered in the competent industrial and commercial authority in a short period. For this purpose, the Company shall apply for the registration with the
competent industrial and commercial authority in reasonable time. 

 The Pledgors shall deliver to the Pledgee for custody the
capital contribution certificate for the Equity Interest and the shareholders’ register containing the Pledge on the effective date of this Agreement. Upon the effectiveness of this Agreement, the Pledgors shall, at the Pledgee’s request,
provide the pledge registration certificate issued by the competent industrial and commercial authority to the Pledgee in a form satisfactory to the Pledgee. The Pledgee will keep these documents in its custody during the whole pledge period
prescribed in this Agreement. 

  
 12 

	 	12.2	The term of this Agreement shall end when the Contractual Obligations is performed in full or when the Secured Indebtedness is repaid in full. 

 

	 	12.3	To avoid ambiguity, each Pledgor is not jointly liable to any obligation or liability of other Pledgor or the Company. 

  

	13	Notice 

  

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

 

	 	13.2	Aforesaid notice or other correspondences shall be deemed delivered when it is transmitted if transmitted by fax or telex; or upon delivery, if delivered in person; or five (5) days after posting, if delivered by
mail; or upon the signature of the recipient, if delivered by courier service. But if the notice is returned due to the recipient’s fault or the recipient’s refusal to sign, the notice is deemed delivered on the date when the notice is
returned. 

  

	14	Miscellaneous 

  

	 	14.1	The Pledgors and the Company agree that the Pledgee may, immediately upon notice to the Pledgors and the Company, assign its rights and/or obligations hereunder to any third party; and that without prior written consent
of the Pledgee, neither the Pledgors nor the Company may assign their respective rights, obligations or liabilities hereunder to any third party. The successors or permitted assignees (if any) of the Pledgors and the Company shall be obligated to
continue to perform the Pledgors’ and the Company’s respective obligations hereunder. 

  

	 	14.2	The sum of the Secured Indebtedness determined by the Pledgee in its discretion in connection with its exercise of its rights of pledge with respect to the Pledged Equity in accordance with the terms hereof shall
constitute the conclusive evidence for the Secured Indebtedness hereunder. 

  

	 	14.3	This Agreement is made in Chinese in five (5) originals, with each Party holding one (1) copy. With the special consensus of all Parties, the digital version of the executed copy of this Agreement saved as the
form of PDF, as exchanged among all Parties, is deemed an original copy. 

  
 13 

	 	14.4	The entry into, effectiveness, performance, modification, interpretation and termination of this Agreement shall be governed by PRC Laws. 

 

	 	14.5	Dispute Resolution 

  

	 	(1)	Any dispute, argument or claim (hereinafter the “disputes”) arising out of or in connection with of this Agreement or breach, termination or invalidity of this Agreement shall be settled by both Parties
of the disputes through consultations. The Party raising the claim shall promptly inform the other Party that disputes have arisen and illustrate the nature of the dispute via a notice with date. In the absence of an agreement being reached by the
Parties within thirty (30) days after the dispute notice, the dispute may be brought by any Party the dispute before the China International Economic and Trade Arbitration Commission (hereinafter “CIETAC”) to be arbitrated in
Beijing pursuant to CIETAC’s effective arbitration rules upon the submission of the dispute and this Clause 14.5. The arbitration award shall be final and binding on the Parties to the dispute. 

 

	 	(2)	The arbitral tribunal shall consist of three (3) arbitrators. Each Party to the dispute has the right to respectively appoint one (1) arbitrator, and the third (3rd) arbitrator shall be jointly appointed by
both Parties to the dispute. If the Parties to the dispute cannot reach agreement on the appointment of the third (3rd) arbitrator, such arbitrator shall be appointed by the director of the Arbitration Commission. The third arbitrator shall be the
chief arbitrator of the arbitral tribunal. 

  

	 	(3)	When making an arbitral award, the arbitrator shall take into account the intention of hereto determined by this agreement the Parties. 

 

	 	(4)	The arbitral award made by the arbitral tribunal pursuant to this Clause 14.5 shall be made in writing and shall be final and binding upon both Parties to the dispute. Both Parties to the dispute should do their best to
enable any of such arbitral awards to be implemented in time and provide any necessary assistance to the implementation. 

  

	 	(5)	The aforesaid provisions of this Clause 14.5 shall not prevent the concerned Parties from applying for any prior protection or injunction for any reason, including without limitation the subsequent enforcement of the
arbitral award. 

  

	 	14.6	No right, power or remedy empowered to any Party by any provision of this Agreement shall preclude any other right, power or remedy enjoyed by such Party in accordance with law or any other provisions hereof and no
exercise by a Party of any of its rights, powers and remedies shall preclude its exercise of its other rights, powers and remedies. 

  
 14 

	 	14.7	No failure or delay by a Party in exercising any right, power or remedy under this Agreement or laws (hereinafter the “Party’s Rights”) shall result in a waiver of such right, and no single or
partial waiver by a Party of the Party’s Rights shall preclude such Party from exercising such rights in any other way or exercising the remaining part of the Party’s Rights. The Parties shall, via negotiation in good faith, endeavor to
replace those invalid, illegal or unenforceable provisions with provisions that permitted by laws and effective to the most extent that the Parties expect, while such effective provisions and those invalid, illegal or unenforceable provisions shall
be alike as much as possible in the economic effects. 

  

	 	14.8	The section headings herein are inserted for convenience of reference only and shall in no event be used in or affect the interpretation of the provisions hereof. 

 

	 	14.9	Each provision contained herein shall be severable and independent of any other provisions hereof, and if at any time any one or more provisions hereof become invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions hereof shall not be affected thereby. 

  

	 	14.10	Any amendments or supplements to this Agreement shall be made in writing and except where the Pledgee assigns its rights hereunder in accordance with Clause 14.1, such amendments or supplements shall take effect only
when properly signed by the Parties hereto. 

  

	 	14.11	This Agreement shall be binding upon the legal successors of the Parties. 

  

	 	14.12	Concurrently with the execution of this Agreement, the Pledgors shall each execute a power of attorney (hereinafter the “POA”) in the form as indicated in Schedule B, entrusting the nominee or any
person designated by the Pledgee to execute on its behalf in accordance with this Agreement any and all of legal documents as may be required in order for the Pledgee to exercise its rights hereunder. Such POA shall be submitted to the Pledgee for
custody and may be presented by the Pledgee to relevant governmental authorities whenever necessary. 

 [The remainder of
this page is intentionally left blank] 

  
 15 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date on the venue first above
written. 
  

	
	Yeelion Online Network Technology (Beijing) Co., Ltd.
	/s/ Seal of Yeelion Online Network Technology (Beijing) Co., Ltd.
	
	Beijing Kuwo Technology Co., Ltd.
	/s/ Seal of Beijing Kuwo Technology Co., Ltd.
	
	Xie Guomin
	Signature: /s/ Xie Guomin
	
	Shi Lixue
	Signature: /s/ Shi Lixue

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date on the venue first above
written. 
  

	
	Linzhi Lichuang Information Technology Co., Ltd.
	/s/ Seal of Linzhi Lichuang Information Technology Co., Ltd.

 Schedule A 

Basic information of the Company 
  

			
	Company Name:	  	Beijing Kuwo Technology Co., Ltd.
		
	Registered Address:	  	B-207-161, 2/F, Building 2, 1 Nongda South Road, Haidian District, Beijing
		
	Registered Capital:	  	RMB 26,068,822 Yuan
		
	Shareholding Structure:	  	

  

															
	 #
	  	 Shareholder’s Name
	  	Identification No. /
Registration No.	 	 	Registered
Capital	 	  	Shareholding
Percentage	 
	1	  	 Xie Limin
	  	 	[            ]	 	 	 	6,000,000	 	  	 	23.02	% 
	2	  	 Shi Lixue
	  	 	[            ]	 	 	 	4,000,000	 	  	 	15.34	% 
	3	  	 Linzhi Lichuang Information Technology Co., Ltd.
	  	 	91540400MA6T10ME4F	 	 	 	16,068,822	 	  	 	61.64	% 
		  		  				 	  
	  
	 	  	  
	  
	 
		  		  				 	 	26,068,822	 	  	 	100.00	% 
		  		  				 	  
	  
	 	  	  
	  
	 

 Note: The update of registered capital and shareholding structure under the SPA executed on the same date with this Agreement
still require approval and registration with the governmental authority (including without limitation the review and approval from State Administration of Radio and Television and change registration with industrial and commercial authorities). 

 Schedule B 

Form of POA 
 The undersigned,
[                    ], hereby irrevocably authorize
                 PRC Identification No.:
                    , as my Trustee or Authorized representative for signature, to sign all necessary or useful legal documents with respect
to the fulfilling of my obligations under the Equity Interest Pledge Agreement related to the equity of Beijing Kuwo Technology Co., Ltd., signed by and among myself, Yeelion Online Network Technology (Beijing) Co., Ltd. and Beijing Kuwo Technology
Co., Ltd. on [            ] [            ], 2016. 

 

	
	Signature:
	
	By:
	Date:

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