Document:

EX-4.81

 Exhibit 4.81 

THE SYMBOL “[    ]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT
BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL 
 Equity Interest Pledge
Agreement 
 This Equity Interest Pledge Agreement (the “Agreement”) is entered into by and among the following Parties
on September 25, 2020 in Beijing, People’s Republic of China (the “PRC”): 
 Party A: Tencent Music (Beijing) Co.,
Ltd. (the “Pledgee”), a wholly foreign-owned enterprise incorporated and existing under the laws of the PRC, with its registered address at Room 303, 3rd Floor of 101, -2nd to 8th Floor,
No.7 Building, East Tianchen Road, Chaoyang District, Beijing; 
 Party B: Beijing Zhizheng Music Culture Co., Ltd. (the
“Pledgor”), a limited liability company incorporated and existing under the laws of the PRC, with its registered address at Room 0118, 4th Floor, Block A, Building 24, No. 68 Beiqing Road, Haidian District, Beijing; and 

Party C: Shenzhen Qianhai Daizheng Music Culture Co., Ltd., a limited liability company, organized and existing under the laws of the PRC, with
its address at Shenzhen Qianhai Commerce Secretariat Co., Ltd., Qianhai Complex A201, Qianwan Road 1, Qianhai Shenzhen-Hong Kong Cooperation Zone, Shenzhen. 

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

	1.	 As of the date hereof, the Pledgor, Beijing Zhizheng Music Culture Co., Ltd., holds 100% of the equity
interests of Party C, representing RMB 10,000,000 in the registered capital of Party C. Party C is a limited liability company registered in Beijing, China, and is engaged in “organization of cultural and artistic exchange activities; corporate
management; corporate management consulting; consulting and planning services; market research (excluding foreign-related investigation); intellectual property services; copyright agency; advertising design & agency; advertising production;
advertising release (excluding broadcasting stations, television stations, newspapers and publications); technical service, technical development, technical consultation, technical exchange, technical transfer, technical promotion (operating
activities, except those subject to approval under laws, may be carried out independently upon obtaining the business license according to laws.)”. Party C hereby acknowledges the rights and obligations of the Pledgor and the Pledgee under this
Agreement and intends to provide any necessary assistance in registering the Pledge. 

  

	2.	 The Pledgee is a wholly foreign-owned enterprise registered in China. The Pledgee and Party C have executed an
Exclusive Business Cooperation Agreement in Beijing (as defined below). The Pledgee, the Pledgor and Party C have executed an Exclusive Option Agreement (as defined below). The Pledgee and the Pledgor have executed a Loan Agreement (as defined
below). The Pledgor has executed a Power of Attorney in favor of the Pledgee (as defined below). 

  
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	3.	 To ensure that Party C and the Pledgor fully perform their obligations under the Exclusive Business Cooperation
Agreement, the Exclusive Option Agreement, the Loan Agreement and the Power of Attorney, the Pledgor pledges to the Pledgee all the equity interests they hold in Party C as security for the performance of Party C’s and the Pledgor’s
obligations under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, the Loan Agreement and the Power of Attorney. 

To perform the terms of the Transaction Documents, the Parties have mutually agreed to execute this Agreement upon the following terms. 

 

	1.	 Definitions 

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

 

	1.1.	 Pledge: means the security interest granted by the Pledgor to the Pledgee pursuant to Section 2 of
this Agreement, i.e., the right of the Pledgee to be compensated on a preferential basis with any proceeds received from conversion, auction or sale of the Pledged Equity Interest. 

 

	1.2.	 Pledged Equity Interest: means 100% of the equity interests in Party C held by the Pledgor now,
representing RMB 10,000,000 of Party C’s registered capital, and all the future equity rights and interests in Party C held by the Pledgor. 

  

	1.3.	 Term of Pledge: means the term set forth in Section 3.1 of this Agreement. 

 

	1.4.	 Transaction Documents: means the Exclusive Business Cooperation Agreement entered into by and between
Party C and the Pledgee on September 25, 2020 in Beijing (the “Exclusive Business Cooperation Agreement”); the Exclusive Option Agreement entered into by and among the Pledgor, Party C and the Pledgee on September 25, 2020
in Beijing (the “Exclusive Option Agreement”); the Loan Agreements entered into by and between the Pledgee and Pledgor on September 25, 2020 (the “Loan Agreement”); the Power of Attorney with respect to the
shareholder’s right to Party C executed by the Pledgor on September 25, 2020 in Beijing (the “Power of Attorney”), and any amendments, revisions and/or restatements to the aforesaid documents. 

  
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	1.5.	 Contractual Obligations: means all the obligations of the Pledgor under the Exclusive Option Agreement,
the Power of Attorney and this Agreement, and all the obligations of Party C under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, the Loan Agreement and this Agreement. 

 

	1.6.	 Secured Indebtedness: means all direct, indirect, consequential losses and losses of anticipated profits
suffered by the Pledgee as a result of any Event of Default of the Pledgor and/or Party C, of which the basis for the amount of such losses includes without limitation reasonable business plans and profit forecasts of the Pledgee, the service fees
that Party C is obliged to pay under Exclusive Business Cooperation Agreement, as well as all expenses as incurred by the Pledgee in connection with its enforcement for the performance of Contractual Obligations against the Pledgor and/or Party C.

  

	1.7.	 Event of Default: means any circumstances as set forth in Section 7 of this Agreement.

  

	1.8.	 Notice of Default: means the notice issued by the Pledgee in accordance with this Agreement declaring an
Event of Default. 

  

	2.	 The Pledge 

  

	2.1.	 The Pledgor hereby agrees to pledge to the Pledgee the Pledged Equity Interest in accordance with this
Agreement as security for the performance of the Contractual Obligations and the repayment of the Secured Indebtedness. Party C hereby agrees for the Pledgor to pledge the Pledged Equity Interest to the Pledgee in accordance with this Agreement.

  

	2.2.	 During the Term of Pledge, the Pledgee is entitled to receive any dividends or distributions in respect of the
Pledged Equity Interest. With the prior written consent of the Pledgee, the Pledgor may collect such dividends or distributions in respect of the Pledged Equity Interest. Any dividends or distributions received by the Pledgee in respect of the
Pledged Equity Interest after deduction of income tax paid by Pledgor shall, upon the Pledgee’s request, (1) be deposited into a bank account designated by the Pledgee, be placed under the custody of the Pledgee, be used as security for
the Contractual Obligations and be first applied towards full satisfaction of the Secured Indebtedness; or (2) to the extent permitted by the PRC laws, be unconditionally donated to the Pledgee or any person designated by the Pledgee.

  

	2.3.	 With the prior written consent of the Pledgee, the Pledgor may subscribe for increased capital in Party C. Any
increase in the capital contributed by the Pledgor to the registered capital of Party C as a result of any capital increase shall also be deemed as the Pledged Equity Interest. 

  
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	2.4.	 In the event that Party C is to be dissolved or liquidated as required by any mandatory rules of the PRC laws,
upon the lawful completion of such dissolution or liquidation procedure, any proceeds distributed by Party C to the Pledgor shall, upon the Pledgee’s request, (1) be deposited into a bank account designated by the Pledgee, be placed under
the custody of the Pledgee, and be used as security for the Contractual Obligations and be first applied towards full satisfaction of the Secured Indebtedness; or (2) to the extent permitted by the PRC laws, be unconditionally donated to the
Pledgee or any person designated by the Pledgee. 

  

	3.	 Term of Pledge 

 

	3.1.	 The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated
herein has been registered with the relevant administration for industry and commerce. The Pledge shall be continuously valid until full performance of the Contractual Obligations and full satisfaction of the Secured Indebtedness. The Pledgor and
Party C shall, (1) register the Pledge in the shareholders’ register of Party C within 3 business days following the execution of this Agreement, and (2) submit an application to the relevant administration for industry and commerce
for the registration of the Pledge contemplated herein within 30 business days following the execution of this Agreement. The Parties covenant that for the purpose of registration of the Pledged Equity Interest, the Parties and other shareholders of
Party C shall submit to the administration for industry and commerce this Agreement or an equity interest pledge agreement in the form required by the administration for industry and commerce of where Party C locates, which shall truly reflect the
information of the Pledge hereunder (the “AIC Pledge Agreement”). For matters not specified in the AIC Pledge Agreement, the parties shall be bound by the provisions of this Agreement. The Pledgor and Party C shall submit all
necessary documents and complete all necessary procedures, as required by the PRC laws and regulations and the relevant administration for industry and commerce, to ensure that the Pledge shall be registered as soon as possible after filing.

  

	3.2.	 During the Term of Pledge, in the event the Pledgor and/or Party C fail to fulfill the Contractual Obligations
or pay the Secured Indebtedness, the Pledgee shall be entitled to, but not be obliged to, exercise the Pledge in accordance with this Agreement. 

  

	4.	 Custody for Certificates of the Pledge 

 

	4.1.	 During the Term of Pledge, the Pledgor shall deliver to the Pledgee within one (1) week following the
execution of this Agreement the certificate of capital contributions to Party C and the register of shareholders which records the Pledge. The Pledgee will place such documents in custody throughout the entire Term of Pledge specified in this
Agreement. 

  
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	5.	 Representations and Warranties of the Pledgor and Party C 

The Pledgor and Party C hereby severally and jointly represent and warrant to the Pledgee as of the date hereof as follows: 

 

	5.1.	 The Pledgor is the legal and beneficial owner of the Pledged Equity Interest. 

 

	5.2.	 The Pledgee is entitled to dispose of and transfer the Pledged Equity Interest in accordance with this
Agreement. 

  

	5.3.	 Except for the Pledge, the Pledgor has not created any other pledges or other security interest on the Pledged
Equity Interest. 

  

	5.4.	 The Pledgor and Party C have obtained all necessary approvals and consents from government authorities and
third parties (if any) in connection with the execution, delivery and performance of this Agreement. 

  

	5.5.	 The execution, delivery and performance of this Agreement do not (i) result in any violation of any
relevant PRC laws; (ii) result in any conflict with the articles of association or other constitutional documents of Party C; (iii) result in any breach of any agreement to which it is a party or by which it is bound, or constitute any
default under any agreement to which it is a party or by which it is bound; (iv) result in any breach of any permit or license issued or granted to it and/or any condition of the validity thereof; or (v) result in the revocation or
suspension of, or imposition of conditions on, any permit or license issued to it. 

  

	6.	 Undertakings by the Pledgor and Party C 

 

	6.1.	 During the Term of Pledge, the Pledgor and Party C severally undertake to the Pledgee that:

  

	6.1.1.	 Without the prior written consent of the Pledgee, the Pledgor shall not transfer the Pledged Equity Interest,
create or permit to be created any security interest or other encumbrances on the Pledged Equity Interest, except for the performance of the Transaction Documents. 

 

	6.1.2.	 The Pledgor and Party C shall comply with the provisions of all the laws and regulations relating to the pledge
of rights, and shall, within five (5) days upon receipt of any notice, order or recommendation issued or promulgated by the relevant competent authorities regarding the Pledge, present such notice, order or recommendation to the Pledgee, and
concurrently comply with such notice, order or recommendation, or object thereto upon the reasonable request or consent of the Pledgee. 

  
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	6.1.3.	 The Pledgor and Party C shall promptly notify the Pledgee of any event or notice received by the Pledgor that
may have an impact on the Pledged Equity Interest or any portion thereof, and that may change any undertakings and obligations of the Pledgor hereunder or may have an impact on the fulfillment of any obligations by the Pledgor hereunder.

  

	6.1.4.	 Party C shall complete its business term extension registration formalities three (3) months prior to the
expiry of its business term such that the validity of this Agreement shall be maintained. 

  

	6.2.	 The Pledgor agrees that the rights granted to the Pledgee in respect of the Pledge hereunder shall not be
interrupted or harmed by any legal procedure initiated by the Pledgor, any successors of the Pledgor or their entrusting party or any other persons. 

  

	6.3.	 The Pledgor undertakes to the Pledgee that in order to protect or perfect the security for the Contractual
Obligations and the Secured Indebtedness under this Agreement, the Pledgor shall execute in good faith and cause other parties who have interests in the Pledge to execute all the certificates of rights, agreements, and/or perform and procure other
parties who have interests in the Pledge to perform acts as required by the Pledgee, facilitate the exercise of the Pledgee’s rights granted hereunder and enter into all relevant documents regarding ownership of the Pledged Equity Interest with
the Pledgee or any person (individuals or legal persons) designated by the Pledgee, as well as provide the Pledgee with all notices, orders and decisions regarding the Pledge as required by the Pledgee within a reasonable period of time.

  

	6.4.	 The Pledgor hereby undertakes to the Pledgee to comply with and perform all the undertakings, representations
and warranties and terms hereunder. In the event that the Pledgor fails to perform or fail to fully perform such undertakings, representations and warranties and terms hereunder, the Pledgor shall indemnify the Pledgee against all the losses
resulting therefrom. 

  

	7.	 Event of Default 

 

	7.1.	 Each of the following circumstances shall constitute an Event of Default: 

 

	7.1.1.	 The Pledgor breaches any of its obligations under the Transaction Documents and/or this Agreement.

  

	7.1.2.	 Party C breaches any of its obligations under the Transaction Documents and/or this Agreement.

  
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	7.2.	 Should there arise any event set forth in Section 7.1 or any circumstance that may result in the foregoing
events, the Pledgor and Party C shall immediately notify the Pledgee in writing. 

  

	7.3.	 Unless an Event of Default set forth in this Section 7.1 has been remedied at the request of the Pledgee
within twenty (20) days upon receipt of the notice of the Pledgee to the Pledgor and/or Party C requesting the rectification of such Event of Default, the Pledgee may issue a Notice of Default to the Pledgor in writing at any time thereafter,
requesting the exercise of the Pledge in accordance with Section 8 hereof. 

  

	8.	 Exercise of the Pledge 

 

	8.1.	 The Pledgee shall issue a Notice of Default to the Pledgor for the exercise of the Pledge.

  

	8.2.	 Subject to the provisions of Section 7.3, the Pledgee may exercise its right to dispose of the Pledge at
any time after the issuance of the Notice of Default in accordance with Section 8.1. Upon the Pledgee’s exercise of its right to dispose of the Pledge, the Pledgor shall no longer own any right and interest in respect of the Pledged Equity
Interest. 

  

	8.3.	 Upon the issuance of the Notice of Default in accordance with Section 8.1, the Pledgee is entitled to
exercise all the remedies, rights and powers available to it under the PRC laws, the Transaction Documents and this Agreement, including without limitation to converse, auction or sell the Pledged Equity Interests for prior satisfaction of
indebtedness. The Pledgee shall not be held liable for any losses arising from its reasonable exercise of such rights and powers. 

  

	8.4.	 The proceeds received by the Pledgee as a result of the exercise of the Pledge shall be first applied towards
payment of the taxes and expenses payable in connection with the disposal of the Pledged Equity Interest and the performance of the Contractual Obligations and the repayment of the Secured Indebtedness to the Pledgee. Any remaining balance after the
deduction of the foregoing payments, if any, shall be returned to the Pledgor or any other person who is entitled to such balance under applicable laws and regulations, or be deposited with the notary public at the place where the Pledgee is
located, any costs incurred arising out of such deposit shall be borne by the Pledgor; and to the extent permitted by the PRC laws, the Pledgor shall unconditionally donate such balance to the Pledgee or any person designated by the Pledgee.

  

	8.5.	 The Pledgee shall be entitled to elect to exercise, simultaneously or successively, any of its breach of
contract remedies; the Pledgee shall not be required to first exercise other breach of contract remedies prior to exercising its right to converse, auction or sell the Pledged Equity Interest hereunder. 

  
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	8.6.	 The Pledgee shall be entitled to designate in writing its legal counsel or other agents to exercise on its
behalf the Pledge, and neither the Pledgor nor Party C shall object thereto. 

  

	8.7.	 When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgor and Party C shall
provide necessary assistance to the Pledgee for its exercise of the Pledge. 

  

	9.	 Default Liabilities 

 

	9.1.	 In the event that the Pledgor or Party C materially breaches any provision under this Agreement, the Pledgee is
entitled to terminate this Agreement and/or claim damages from the Pledgor or Party C; this Section 9 shall not preclude any other rights entitled to the Pledgee as provided under this Agreement. 

 

	9.2.	 The Pledgor or Party C may not terminate or cancel this Agreement in any event unless otherwise provided under
the laws. 

  

	10.	 Assignment 

  

	10.1.	 The Pledgor and Party C shall not donate, transfer or dispose of their rights and obligations under this
Agreement without prior written consent of the Pledgee. 

  

	10.2.	 This Agreement shall be binding upon the Pledgor and its successors and any permitted assignees, and effective
upon the Pledgee and each of its successors and assignees. 

  

	10.3.	 The Pledgee may assign any or all of its rights and obligations under the Transaction Documents and this
Agreement to any person designated by it at any time. In this case, the assignee shall enjoy and assume the rights and obligations of the Pledgee under the Transaction Documents and this Agreement as if the assignee were a party hereto or thereto,
as applicable. 

  

	10.4.	 In the event of a change of Pledgee due to assignment, the Pledgor shall, at the request of the Pledgee,
execute a new pledge agreement with the new pledgee with the same terms and conditions as this Agreement, and register such new pledge with the relevant administration for industry and commerce. 

 

	10.5.	 The Pledgor and Party C shall strictly comply with the provisions of this Agreement and other relevant
agreements to which any Party is a party, including the Transaction Documents, and perform the obligations thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Unless with the written
instructions of the Pledgee, the Pledgor shall not exercise their remaining rights in respect of the Pledged Equity Interest. 

  
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	11.	 Termination 

  

	11.1.	 Upon the full and complete performance by the Pledgor and Party C of all of their Contractual Obligations and
full satisfaction of the Secured Indebtedness, the Pledgee shall, upon the Pledgor’s request, release the Pledge of the Pledged Equity Interest hereunder and cooperate with the Pledgor in relation to both the deregistration of the Pledge of the
Pledged Equity Interest in the shareholders’ register of Party C and the deregistration of the Pledge of the Pledged Equity Interest with the relevant administration for industry and commerce. 

 

	11.2.	 The provisions under Section 9, Section 13, Section 14 and this Section 11.2 shall survive
the termination of this Agreement. 

  

	12.	 Costs and Other Expenses 

All costs and actual expenses arising in connection with this Agreement, including without limitation the legal fees, processing fees, stamp
duty, any other taxes and expenses, shall be borne by Party C. 
  

	13.	 Confidentiality 

The Parties acknowledge and confirm that the terms of this Agreement and any oral or written information exchanged among the Parties in
connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall keep all such confidential information confidential, and shall not, without prior written consent of the other Party,
disclose any confidential information to any third parties, except for information: (a) that is or will be available to the public (other than through the unauthorized disclosure to the public by the Party receiving confidential information);
(b) that is required to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) that is disclosed by any Party to its shareholders, directors,
employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar
to the terms set forth in this Section. Disclosure of any confidential information by the shareholders, directors, employees or entities engaged by any Party shall be deemed as disclosure of such confidential information by such Party, which Party
shall be held liable for breach of contract. 

  
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	14.	 Governing Law and Disputes Resolution 

 

	14.1.	 The execution, effectiveness, interpretation, performance, amendment and termination of this Agreement and the
resolution of any disputes hereunder shall be governed by the laws of the PRC. 

  

	14.2.	 Any disputes arising in connection with the implementation and performance of this Agreement shall be settled
through friendly consultations among the Parties, and where such disputes are still unsolved within thirty (30) days upon issuance of the written notice by one Party to the other Parties for consultations, such disputes shall be submitted by
either Party to the China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration rules. The arbitration shall take place in Beijing. The arbitration award shall be final and binding upon all the
Parties. 

  

	14.3.	 The Parties agree that the arbitral tribunal or the arbitrator shall have the right to award any remedies in
accordance with the terms hereunder and applicable PRC laws, including without limitation temporary and permanent injunctive remedies (as required by the business operation of Party C or compulsory transfer of the assets), the specific performance
of the Contractual Obligations, the remedies in respect of Party C’s equity interests or real estates, and the liquidation orders against Party C. 

  

	14.4.	 To the extent permitted by PRC laws, pending the formation of an arbitral tribunal or under the appropriate
circumstances, the Parties are entitled to resort to a court of competent jurisdiction for temporary injunctive remedies or other temporary remedies to support the arbitration. In this regard, the Parties reached a consensus that to the extent as
permitted by applicable laws, the courts in Hong Kong, the Cayman Islands, the PRC and the place where Party C’s major assets are located shall be deemed to have jurisdiction. 

 

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

 

	15.	 Notices 

  

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

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

  

	15.3.	 Notices given by facsimile transmission shall be deemed effectively delivered on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission). 

  

	15.4.	 For the purpose of notification, the addresses of the Parties are as follows: 

Party A: Tencent Music (Beijing) Co., Ltd. 

Address: 5th Floor, South District, Office Building, China National Convention Center, No. 7 Tianchen East Road, Chaoyang District,
Beijing 
 Attention: TME Legal Management Department-Investment and M&A 

E-mail: [    ] 

Party B: Beijing Zhizheng Music Culture Co., Ltd. 

Address: 5th Floor, South District, Office Building, China National Convention Center, No. 7 Tianchen East Road, Chaoyang District,
Beijing 
 Attention: TME Legal Management Department—Investment and M&A 

E-mail: [    ] 

Party C: Shenzhen Qianhai Daizheng Music Culture Co., Ltd. 

Address: 5th Floor, South District, Office Building, China National Convention Center, No. 7 Tianchen East Road, Chaoyang District,
Beijing 
 Attention: TME Legal Management Department—Investment and M&A 

E-mail: [    ] 

 

	15.5.	 Each Party may at any time change its address for notices by delivering a notice to the other Parties in
accordance with this Section. 

  

	16.	 Severability 

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

	17.	 Effectiveness 

 

	17.1.	 This Agreement comes into effect upon duly execution by all the Parties. 

  
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	17.2.	 Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective upon
signing or stamping by the Parties and completion of the governmental registration procedures (if applicable) in accordance with the regulations. 

  

	18.	 Language and Counterparts 

This Agreement is written in Chinese in four (4) originals, with each of the Pledgee, the Pledgor and Party C holding one original, and
the other one original will be submitted for registration. 
 [The remainder of this page is intentionally left blank] 

  
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 IN WITNESS HEREOF, the Parties have caused their authorized representatives to execute this
Equity Interest Pledge Agreement on the date first above written. 
 Party A: Tencent Music (Beijing) Co., Ltd.  

Signature: /s/ Yang Qihu 
 Name: Yang Qihu 

Title: Legal Representative 
 Party B: Beijing Zhizheng
Music Culture Co., Ltd. 
 Signature: /s/ Chen Xing 

Name: Chen Xing 
 Title: Legal Representative 

Party C: Shenzhen Qianhai Daizheng Music Culture Co., Ltd. 

Signature: /s/ Tian Chun 
 Name: Tian Chun 

Title: Legal Representative 
 Signature
Page of Equity Interest Pledge Agreement among Tencent Music (Beijing) Co., Ltd. and Beijing Zhizheng Music Culture Co., 
 Ltd. and Shenzhen
Qianhai Daizheng Music Culture Co., Ltd.EX-4.82

 Exhibit 4.82 

THE SYMBOL “[    ]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT
BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL 
 Loan Agreement 

This Loan Agreement (the “Agreement”) is entered into by and between the following Parties on September 25, 2020 in Beijing,
People’s Republic of China (the “PRC”): 
 (1) Tencent Music (Beijing) Co., Ltd. (the
“Lender”), a wholly foreign-owned enterprise incorporated and existing under the laws of the PRC, with its registered address at Room 303, 3rd Floor of 101, -2nd to 8th Floor, No.7 Building,
East Tianchen Road, Chaoyang District, Beijing; 
 (2) Beijing Zhizheng Music Culture Co., Ltd. (the “Borrower”), a
limited liability company, organized and existing under the laws of the PRC, with its address at Room 0118, 4/F, Block A, Building 24, No. 68 Beiqing Road, Haidian District, Beijing. 

The Lender and the Borrower shall hereinafter be referred to as a “Party” respectively and as the “Parties”
collectively. 
 Whereas: 
  

	1.	 As of the date of this Agreement, the Borrower holds 50% equity interests in Shenzhen Qianhai Daizheng Music
Culture Co., Ltd. (the “Borrower’s Company”). All the existing and future equity rights and interests the Borrower holds in the Borrower’s Company are referred to as the “Borrower’s Equity Interest”;

  

	2.	 The Lender agrees to provide a loan in the amount of RMB 10,000,000 to the Borrower for the purposes as
specified in this Agreement. 

 Upon friendly negotiation, the Parties have reached the following agreements for their
mutual compliance: 
  

	1	 Loan 

  

	 	1.1	 The Lender agrees to provide a loan in the amount of RMB 10,000,000 to the Borrower in accordance with the
terms hereof (the “Loan”). During the term of this Agreement, the Lender shall provide to the Borrower the respective amounts within one (1) month upon receipt of the notice by the Borrower requesting the provision of all or
part of the Loan. The Loan shall be a long-term loan. During the term of the Loan, if any of the following events occurs, the Lender shall repay the Loan immediately in advance: 

  
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	 	1.1.1	 30 days after the Borrower’s receipt of the written notice by the Lender requesting the repayment of the
Loan; 

  

	 	1.1.2	 the Borrower dies or becomes a person without capacity or with limited capacity for civil acts;

  

	 	1.1.3	 the Borrower is no longer the shareholder of the Borrower’s Company or its affiliates, regardless of the
reasons thereof; 

  

	 	1.1.4	 the Borrower or its shareholders, directors, supervisors and senior management commits a crime or is involved
in a crime; 

  

	 	1.1.5	 according to the applicable PRC laws, the foreigners may invest in the existing major business of the
Borrower’s Company in a manner of controlling or wholly owned shareholding and the relevant authorities in PRC begin to approve such business, and the Lender decides to exercise its right of exclusive option in accordance with the Exclusive
Option Agreement (together with its amendments from time to time, the “Exclusive Option Agreement”) to which it is a party. 

  

	 	1.2	 The Loan by the Lender under this Agreement only applies to the Borrower itself, not its shareholders, equity
owners, officers, successors or assignees. 

  

	 	1.3	 The Borrower agrees to accept the aforesaid loan provided by the Lender, and hereby agrees and warranties to
use the Loan to pay for its investment or increase in the registered capital of the Borrower’s Company or the working capital of the Borrower’s Company. Unless with prior written consent of the Lender, the Borrower will not use the Loan
for any other purpose. 

  

	 	1.4	 The Lender and the Borrower hereby agree and confirm that the Borrower may repay the loan only by the following
methods as required by the Lender: according to the Lender’s right to purchase the Borrower’s Equity Interest under the Exclusive Option Agreement, transfer all the Borrower’s Equity Interest to the Lender or any person (legal person
or individual) as designated by the Lender, and use any proceeds obtained through the transfer of the Borrower’s Equity Interest (to the extent as permitted) to repay the Loan in accordance with this Agreement to the Lender in the method as
designated by the Lender. 

  

	 	1.5	 The Lender and the Borrower hereby agree and confirm that, to the extent as permitted by the applicable laws,
the Lender shall be entitled to, but not be obliged to, purchase or designate any person (legal person or individual) to purchase all or part of the Borrower’s Equity Interest at any time, at a price as specified in the Exclusive Option
Agreement. 

  
 2 

	 	1.6	 The Borrower also warranties to execute an irrevocable power of attorney (together with its amendments from
time to time, the “Power of Attorney”), which authorizes the Lender or a legal person or an individual as designated by the Lender to exercise all its rights as a shareholder in the Borrower’s Company. 

 

	 	1.7	 The Loan under this Agreement will be deemed as an interest-free loan if the price to transfer the
Borrower’s Equity Interest from the Borrower to the Lender or any person as designated by the Lender is equal to or less than the amount of the Loan under this Agreement. However, if such transfer price exceeds the amount of the Loan under this
Agreement, the exceeding amount will be deemed as the interest upon the Loan under this Agreement and repaid to the Lender from the Borrower. 

  

	2	 Representations and Warranties 

 

	 	2.1	 The Lender represents and warrants to the Borrower that from the date of this Agreement until termination
hereof: 

  

	 	2.1.1	 it is a company duly incorporated and validly existing under the PRC laws; 

 

	 	2.1.2	 it has the power to execute and perform this Agreement. Its execution and performance of this Agreement are in
compliance with its business scope, articles of association or other organizational documents, and it has received all approvals and authorities necessary and appropriate to execute and perform this Agreement; and 

 

	 	2.1.3	 this Agreement, once executed, becomes legal, valid and enforceable obligations upon the Lender.

  

	 	2.2	 The Borrower represents and warrants that from the date of this Agreement until termination hereof:

  

	 	2.2.1	 the Borrower has the power to execute and perform this Agreement, and has received all approvals and
authorities necessary and appropriate to execute and perform this Agreement; 

  

	 	2.2.2	 this Agreement, once executed, becomes legal, valid and enforceable obligations upon the Borrower; and

  

	 	2.2.3	 there is no existing or potential dispute, suit, arbitration, administrative proceeding or any other legal
proceeding in which the Borrower is involved. 

  
 3 

	3	 Covenants from the Borrower 

 

	 	3.1	 The Borrower covenants in its capacity as the shareholder of the Borrower’s Company that during the term
of this Agreement it will procure the Borrower’s Company: 

  

	 	3.1.1	 to strictly comply with the provisions of the Exclusive Option Agreement and the exclusive business cooperation
agreement (together with its amendments from time to time, the “Exclusive Business Cooperation Agreement”) to which Borrower’s Company is a party, and to refrain from any action/omission that may affect the effectiveness and
enforceability thereof; 

  

	 	3.1.2	 to execute any contract or agreement regarding the business cooperation with the Lender (or any party as
designated by the Lender) upon the request of the Lender (or any party as designated by the Lender), and to ensure the strict performance of such contract agreement; 

 

	 	3.1.3	 to provide to the Lender any and all information regarding its operations and financial conditions upon the
request of the Lender; 

  

	 	3.1.4	 to immediately notify the Lender of any actual or potential litigation, arbitration or administrative
proceeding regarding its assets, business and income; 

  

	 	3.1.5	 to appoint any person as nominated by the Lender to be director of the Borrower’s Company upon the request
of the Lender. 

  

	 	3.2	 The Borrower covenants during the term of this Agreement: 

 

	 	3.2.1	 to procure, at his best efforts, the Borrower’s Company to conduct its major business, manage operation of
subsidiary companies. The specific business scope shall be subject to the business license and the agreement between the Borrower and the Lender; 

  

	 	3.2.2	 to strictly comply with the provisions of this Agreement, the Power of Attorney, the Equity Interest Pledge
Agreement (together with its amendments from time to time, the “Equity Interest Pledge Agreement”) and the Exclusive Option Agreement to which he as a party, perform the obligations thereunder, and to refrain from any
action/omission that may affect the effectiveness and enforceability thereof; 

  
 4 

	 	3.2.3	 except as provided under the Equity Interest Pledge Agreement, not to sell, transfer, pledge or otherwise
dispose any legal or beneficial interest of the Borrower’s Equity Interest, or allow creation of any other security interests thereupon; 

  

	 	3.2.4	 to procure the shareholders and/or the board of directors (or executive director) of the Borrower’s
Company not to approve any sale, transfer, pledge or otherwise disposal of any legal or beneficial interest of the Borrower’s Equity Interest or the assets of the Borrower’s Company, or creation of any other security interests thereupon
without prior written consent from the Lender, except to the Lender or its designated person; 

  

	 	3.2.5	 to procure the shareholders and/or the board of directors (or executive director) of the Borrower’s
Company not to approve its merger or association with, or acquisition of or investment in any person without prior written consent from the Lender; 

  

	 	3.2.6	 to immediately notify the Lender of any actual or potential litigation, arbitration or administrative
proceeding regarding the Borrower’s Equity Interest; 

  

	 	3.2.7	 to execute any document, conduct any action, and make any claim or defense, necessary or appropriate to
maintain its ownership of the Borrower’s Equity Interest; 

  

	 	3.2.8	 not to make any act and/or omission which may affect any asset, business or liability of the Borrower’s
Company without prior written consent from the Lender; 

  

	 	3.2.9	 to appoint any person as nominated by the Lender to the board of the Borrower’s Company upon the request
of the Lender; 

  

	 	3.2.10	 to the extent as permitted under the PRC laws and upon the request of the Lender at any time, to transfer
unconditionally and immediately the Borrower’s Equity Interest to the Lender or any person as designated by it, and procure any other shareholder of the Borrower’s Company to waive the right of first refusal regarding such transfer of
equity interest under this Section; 

  

	 	3.2.11	 to the extent permitted under the PRC laws and upon the request of the Lender at any time, to procure any other
shareholder of the Borrower’s Company to transfer unconditionally and immediately all the equity interests owned by such shareholder in the Borrower’s Company to the Lender or any person as designated by it, and the Borrower hereby waives
its right of first refusal regarding such transfer of equity interest under this Section; 

  
 5 

	 	3.2.12	 if the Lender purchases the Borrower’s Equity Interest from the Borrower pursuant to the Exclusive Option
Agreement, to use the consideration of such purchase to repay the Loan to the Lender on priority; and 

  

	 	3.2.13	 not to supplement, revise or amend its articles of association in any way, increase or decrease its registered
capital, or change its shareholding structure in any way without prior written consent from the Lender. 

  

	4	 Default Liabilities 

 

	 	4.1	 In the event that the Borrower materially breaches any provision under this Agreement, the Lender is entitled
to terminate this Agreement and claim damages from the Borrower; this Section 4.1 shall not preclude any other rights entitled to the Lender as provided under this Agreement. 

 

	 	4.2	 The Borrower may not terminate or cancel this Agreement in any event unless otherwise provided under the laws.

  

	 	4.3	 If the Borrower fails to repay the Loan pursuant to the terms under this Agreement, he will be liable for a
penalty interest accrued upon the amount due and payable at a daily interest rate of 1%oo until the Loan as well as any penalty interest and any other amount accrued thereupon are fully repaid
by the Borrower. 

  

	5	 Notices 

  

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

  

	 	5.1.1	 Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed
effectively delivered upon the delivery. 

  
 6 

	 	5.1.2	 Notices given by facsimile transmission shall be deemed effectively delivered on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission). 

  

	 	5.2	 For the purpose of notification, the addresses of the Parties are as follows: 

The Lender: Tencent Music (Beijing) Co., Ltd. 

Address: 5th Floor, South District, National Convention Center, No. 7,
Tianchen East Road, Chaoyang District, Beijing 
 Attention: TME Legal Management Department—Investment and M&A 

Email:      [     ] 

The Borrower: Beijing Zhizheng Music Culture Co., Ltd. 

Address: 5th Floor, South District, National Convention Center, No. 7,
Tianchen East Road, Chaoyang District, Beijing 
 Attention: TME Legal Management Department—Investment and M&A 

Email:      [    ] 

 

	 	5.3	 Each Party may at any time change its address for notices by delivering a notice to the other Party in
accordance with this Section. 

  

	6	 Confidentiality 

The Parties acknowledge and confirm that the terms of this Agreement and any oral or written information exchanged among the Parties in
connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall keep all such confidential information confidential, and shall not, without prior written consent of the other Party,
disclose any confidential information to any third parties, except for information: (a) that is or will be available to the public (other than through the unauthorized disclosure to the public by the Party receiving confidential information);
(b) that is required to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) that is disclosed by any Party to its shareholders, directors,
employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar
to the terms set forth in this Section. Disclosure of any confidential information by the shareholders, directors, employees or entities engaged by any Party shall be deemed as disclosure of such confidential information by such Party, which Party
shall be held liable for breach of contract. 

  
 7 

	7	 Governing Law and Disputes Resolution 

 

	 	7.1	 The execution, effectiveness, interpretation, performance, amendment and termination of this Agreement and the
resolution of any disputes hereunder shall be governed by the PRC laws. 

  

	 	7.2	 Any disputes arising in connection with the implementation and performance of this Agreement shall be settled
through friendly consultations among the Parties, and where such disputes are still unsolved within thirty (30) days upon issuance of the written notice by one Party to the other Party for consultations, such disputes shall be submitted by
either Party to the China International Economic and Trade Arbitration Commission for arbitration in accordance with its then effective arbitration rules. The arbitration shall take place in Beijing. The arbitration award shall be final and binding
upon all the Parties. 

  

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

 

	8	 Miscellaneous 

 

	 	8.1	 This Agreement shall be effective as of the date of its execution and expire until the Parties have performed
their respective obligations under this Agreement. 

  

	 	8.2	 This Agreement is written in Chinese in two (2) originals, with each of the Lender and the Borrower
holding one original. 

  

	 	8.3	 The Parties may amend and supplement this Agreement in writing. Any amendment and/or supplement to this
Agreement by the Parties is an integral part of and has the same effect with this Agreement. 

  

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

  

	 	8.5	 The attachment to this Agreement (if any) is an integral part of and has the same effect with this Agreement.

  
 8 

	 	8.6	 Any obligation that occurs or becomes due under this Agreement prior to the expiry of this Agreement or early
termination shall survive the expiration or early termination of this Agreement. The provisions under Section 4, Section 6, Section 7 and this Section 8.6 shall survive the termination of this Agreement. 

[The remainder of this page is intentionally left blank] 

  
 9 

 IN WITNESS HEREOF, the Parties have caused their authorized representatives to execute this
Loan Agreement on the date first above written. 
 The Lender: Tencent Music (Beijing) Co., Ltd.  

Signature: /s/ Yang Qihu 
 Name: Yang Qihu 

Title: Legal Representative 
 The Borrower:
Beijing Zhizheng Music Culture Co., Ltd. 
 Signature: /s/ Chen Xing 

Name: Chen Xing 
 Title: Legal Representative 

Signature Page of Loan Agreement between Tencent Music (Beijing) Co., Ltd. and Beijing Zhizheng Music 

Culture Co., Ltd. with respect to Shenzhen Qianhai Daizheng Music Culture Co., Ltd.

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