Document:

Exhibit 10.5

 

Confidential

 

THE EXCLUSIVE SERVICE AGREEMENT

 

AMONG

 

HUAYA CONSULTANT (SHENZHEN) CO., LTD.

 

AND

 

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

 

9th October, 2018

 

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THE EXCLUSIVE SERVICE AGREEMENT

 

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

 

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

 

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

 

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

 

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

 

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

 

WHEREAS:

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE 1 – DEFINITION

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 2 – LICENSES AND SERVICES
BY HUAYA

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

		b.	Nominating the members of the board of directors;

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

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

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

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

		g.	Resolving on the issuance of the corporate bond;

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

		i.	Amending the articles of association;

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

 

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

 

		a.	Executing the resolution of the investors;

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

		c.	Composing the annual financial budget and settlement plan;

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

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

 

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

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

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

		i.	Representing the company to sign relative documents;

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

 

ARTICLE 3 – SERVICE FEES

 

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

 

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

 

(2) The amount of Service Fees agreed in (1) above shall be paid
to HUAYA on a monthly basis following the proportion according to their actual incomes from main business in the
current month.

 

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

 

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

 

ARTICLE 4 – EXCLUSIVITY

 

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

 

4.2 HUAYA shall no longer provide any other
commercial consulting companies at the local places of the ASIA TIMES and its subsidiaries with management and consulting services
similar to those hereunder. However, this Article does not restrict HUAYA from providing such similar services to
Commercial Consulting servicers in other cities. Such new Commercial Consulting servicers may, through signing Acknowledgement
Letter in the form of Appendix 1 hereof, become a party of this Agreement, to enjoy the same rights of the other Commercial Consulting
servicers and to assume the same obligations of the other Commercial Consulting servicers;

 

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provided that such new Commercial Consulting servicers shall perform,
starting from the date of execution of the Acknowledgement Letter, the payment obligations hereunder of the Exclusive Service Fees.
As the rights and obligations of the Commercial Consulting servicers hereunder are severable and independent from each other’s,
such new Commercial Consulting servicers will not, by their joining in this Agreement, affect in any way the rights and obligations
of the existing Commercial Consulting servicers, with the joining-in of such new Commercial Consulting servicers only subject to
the confirmation thereof by HUAYA in signing an agreement among them. ASIA TIMES or its subsidiaries agree hereby
irrevocably and unconditionally to such joining-in, and confirm further that any issue concerning the joining-in of new Commercial
Consulting servicers for business cooperation hereunder will not be subject to the agreement of the existing Commercial Consulting
servicers.

 

ARTICLE 5 – INTELLECTUAL PROPERTY

 

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

 

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

 

ARTICLE 6 – CONFIDENTIALITY

 

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

 

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

 

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

 

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

 

ARTICLE 7 – UNDERTAKINGS AND GUARANTEES

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 8 – AGREEMENT TERM

 

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

 

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

 

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

 

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

 

ARTICLE 9 – NOTICE

 

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

 

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

 

ARTICLE 10 – DEFAULT LIABILITY

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE 11 – FORCE MAJEURE

 

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

 

ARTICLE 12 – MISCELLANEOUS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[THE REMAINDER OF THIS PAGE IS LEFT BLANK]

 

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

 

	HUAYA
    (SHENZHEN) INFORMATION CO., LTD. (Company chop)
	 	 	 
	Signed by:	/s/ Qiang Chen	 
	Name:	Qiang Chen	 
	Position:	Authorized Representative	 
	 	 	 
	QIANHAI
    ASIA TIMES (SHENZHEN) INTERNATIONAL FINANCIAL SERVICES CO., LTD. (Company chop)
	 
	Signed by:	/s/ Qiang Chen	 
	Name:	Qiang Chen	 
	Position:	Authorized Representative	 

 

    	 	11Exhibit 10.6

 

CONFIDENTIAL

 

EQUITY PLEDGE AGREEMENT

 

AMONG

 

LIU RONGHUA

 

CHEN QIANG

 

QIANHAI ASIA TIMES (SHENZHEN) INTERNATIONAL
FINANCIAL

SERVICES CO., LTD..

 

AND

 

HUAYA CONSULTANT (SHENZHEN) CO., LTD.

 

October 9th, 2018

 

     

     

    

 

EQUITY PLEDGE AGREEMENT

 

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

 

(1) Liu Ronghua

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

ID Number: 450681199012101418

 

(2) ChenQiang

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

ID Number:320503197010060537

 

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

 

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

 

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

 

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

 

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

 

WHEREAS:

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 1 - DEFINITION

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

ARTICLE 2 - EQUITY PLEDGE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

ARTICLE 3 - RELEASE OF PLEDGE

 

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

 

ARTICLE 4 - DISPOSAL OF THE PLEDGED PROPERTY

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

-Third, to repay Pledgee for the Guaranteed Liabilities.

 

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

 

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

 

ARTICLE 5 - FEES AND COSTS

 

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

 

ARTICLE 6 - CONTINUITY AND NO WAIVE

 

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

 

ARTICLE 7 - REPRESENTATIONS AND WARRANTIES
BY PLEDGORS

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

ARTICLE 8 - REPRESENTATIONS AND WARRANTIES

BY TARGET COMPANY

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 9 - UNDERTAKINGS BY PLEDGORS

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 10 - UNDERTAKINGS BY TARGET COMPANY

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 11 - ENCUMBRANCE OF FIRST ORDER IN
PRIORITY

 

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

 

ARTICLE 12 - CHANGE OF CIRCUMSTANCES

 

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

 

     

     

    

 

		(1)	keep this Agreement remain in effect;

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

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

 

ARTICLE 13 - EFFECTIVENESS AND TERM OF THIS
AGREEMENT

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 14 - NOTICE

 

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

 

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

 

ARTICLE 15 - MISCELLANEOUS

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

[The remainder of this page is left blank]

 

     

     

    

 

(EXECUTION PAGE)

 

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

 

	Liu Ronghua	 	 
	Signature by:	/s/ Liu Ronghua	 
	 	 	 
	Chen Qiang	 	 
	Signature by:	/s/ Chen Qiang	 
	 	 	 
	HUAYA CONSULTANT (SHENZHEN) CO., LTD.	 
	 	 	 
	Signed by:	/s/ Chen Qiang	 
	Name:	Chen Qiang	 
	Position:	Authorized Representative	 
	 	 	 
	QIANHAI ASIA TIMES (SHENZHEN) INTERNATIONAL FINANCIAL SERVICES CO., LTD. (Company chop)	 
	 	 	 
	Signed by:	/s/ Chen Qiang	 
	Name:	Chen Qiang	 
	Position:	Authorized Representative

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