Document:

Exclusive Option Agreement

 Exhibit 10.17 
 Exclusive Option Agreement 
 This Exclusive Option Agreement (this “Agreement”) is executed
by and among the following Parties as of the 5th day of August, 2008 in Beijing, the People’s Republic of China (“China” or the “PRC”): 
  

			
	Party A:	 	Beijing PYPO Technology Group Company Limited
	Address:	 	South Wing of the Main Building, Building 15, Zhongli, Cuiwei Community, Wanshou Road, Haidian District, Beijing
		
	Party B:	 	Beijing Feijie Investment Co., Ltd.
	Address:	 	Room 203, South Wing of the Main Building, Building 15, Zhongli, Cuiwei Community, Wanshou Road, Haidian District, Beijing
		
	Party C:	 	Beijing Dongdian Wuxian Technology Co., Ltd.
	Address:	 	Room 102, Floor 1, South Wing of the Main Building, Building 15, Zhongli, Cuiwei Community, Wanshou Road, Haidian District, Beijing.

 In this Agreement, each of Party A, Party B and Party C shall be referred to as a
“Party” respectively, and they shall be collectively referred to as the “Parties”. 
 Whereas: Party B holds 100% of the
equity interest in Party C, and wishes to grant to Party A an exclusive option to purchase such equity interest in accordance with the terms of this Agreement. 
 Now therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement: 
  

	1.	Sale and Purchase of Equity Interest 

  

	 	1.1	Option Granted 

 In consideration of the payment of
RMB 10 by Party A, the receipt and adequacy of which is hereby acknowledged by Party B, Party B hereby irrevocably agrees that, on the condition that it is permitted by the PRC laws, Party A has the right to require Party B to fulfill and complete
all approval and registration procedures required under PRC laws for Party A to purchase, or designate one or more persons (each, a “Designee”) to purchase, Party B’s equity interests in Party C, once or at multiple times at any time
in part or in whole at Party A’s sole and absolute discretion and at the price described in Section 1.3 herein (such right being the “Equity Interest Purchase Option”). Party A’s Equity Interest Purchase Option shall be
exclusive. Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity
Interest Purchase Option to Party A. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations. 
  

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	 	1.2	Steps for Exercise of Equity Interest Purchase Option 

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

	 	1.3	Equity Interest Purchase Price 

 The purchase price
of the Optioned Interests (the “Base Price”) shall be RMB 10. If appraisal is required by the laws of China at the time when Party A exercises the Equity Interest Purchase Option, the Parties shall negotiate in good faith and based on the
appraisal result make necessary adjustment to the Equity Interest Purchase Price so that it complies with any and all then applicable laws of China (collectively, the “Equity Interest Purchase Price”). 
  

	 	1.4	Transfer of Optioned Interests 

 For each exercise
of the Equity Interest Purchase Option: 
  

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

  

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

  

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

  

	 	1.4.4	 The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government licenses and permits and take all
necessary actions to transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the registered owner(s) of the Optioned Interests.
For the purpose of this Section and this Agreement, “security interests” shall include securities, mortgages, third party’s rights or interests, any stock options, acquisition right, right of first refusal, right to offset, ownership
retention or other 

  

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security arrangements, but shall be deemed to exclude any security interest created by this Agreement and Party B’s Equity Pledge Agreement. “Party
B’s Equity Pledge Agreement” as used in this Section and this Agreement shall refer to the Equity Pledge Agreement (“Equity Pledge Agreement”) executed by and among Party A, Party B and Party C as of the date hereof, whereby
Party B pledges all of its equity interests in Party C to Party A, in order to guarantee Party C’s performance of its obligations under the Exclusive Business Corporation Agreement executed by and between Party C and Party A.

  

	2.	Covenants 

  

	 	2.1	Covenants regarding Party C 

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

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

  

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

  

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

  

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

  

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

  

	 	2.1.6	Without the prior written consent of Party A, they shall not cause Party C to execute any major contract, except the contracts in the ordinary course of business (for purpose of
this subsection, a contract with a price exceeding RMB500,000 shall be deemed a major contract); 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	2.1.14	At the request of Party A, they shall appoint any persons designated by Party A as directors or executive director of Party C. 

  

	 	2.2	Covenants of Party B 

 Party B hereby covenants as
follows: 
  

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

  

	 	2.2.2	 Party B shall cause the shareholders’ meeting and/or the board of directors or executive director of Party C not to approve the sale, transfer, mortgage or
disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, 

  

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or allow the encumbrance thereon of any security interest, without the prior written consent of Party A, except for the pledge placed on these equity
interests in accordance with Party B’s Equity Pledge Agreement; 

  

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

  

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

  

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

  

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

  

	 	2.2.7	Party B shall appoint any designee of Party A as director and/or executive director of Party C, at the request of Party A; 

  

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

  

	 	2.2.9	Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by and among Party B, Party C and Party A, perform the
obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. 

  

	3.	Representations and Warranties 

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

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	4.	Effective Date 

 This Agreement shall become
effective upon the date hereof, and remain effective for a term of 10 years, and may be renewed at Party A’s election. 
  

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	5.	Governing Law and Resolution of Disputes 

  

	 	5.1	Governing law 

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

	 	5.2	Methods of Resolution of Disputes 

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

	6.	Taxes and Fees 

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

	7.	Notices 

  

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

  

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

  

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

  

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

  

			
	Party A:	  	Beijing PYPO Technology Group Company Limited.
	Address:	  	 Floor 3, South of Chang’anxingrong Center, No.1,
 Naoshikou Avenue, Xicheng District, Beijing.

	Attn:	  	Dongping Fei
	Phone:	  	+86-10-58325858
	Facsimile:	  	+86-10-58325705
		
	Party B:	  	Beijing Feijie Investment Co., Ltd.
	Address:	  	 Floor 3, South of Chang’anxingrong Center, No.1,
 Naoshikou Avenue, Xicheng District, Beijing.

	Attn:	  	Dongping Fei
	Phone:	  	+86-10-58325858
	Facsimile:	  	+86-10-58325705
		
	Party C:	  	Beijing Dongdian Wuxian Technology Co., Ltd
	Address:	  	 Room 102, Floor 1, South of Building
 15,Zhongli,Cuiwei Community, Wanshou Road, Haidian District, Beijing

	Attn.:	  	Dongping Fei
	Phone:	  	+86-10-58325858
	Facsimile:	  	+86-10-58325705

  

	 	7.3	Any Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms hereof. 

  

	8.	Confidentiality 

  

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

  

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by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This
Section shall survive the termination of this Agreement for any reason. 
  

	9.	Further Warranties 

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

	10.	Miscellaneous 

  

	 	10.1	Amendment, change and supplement 

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

	 	10.2	Entire agreement 

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

	 	10.3	Headings 

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

	 	10.4	Language 

 This Agreement is written in both Chinese
and English language in three copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. 
  

	 	10.5	Severability 

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

  

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intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid,
illegal or unenforceable provisions. 
  

	 	10.6	Successors 

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

	 	10.8	Survival 

  

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

  

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

  

	 	10.9	Waivers 

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

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

					
	Party A:	 	Beijing PYPO Technology Group Company Limited (Official Seal)
			
	By:	 	 /s/ Kuo Zhang
	 	
	Name:	 	Kuo Zhang	 	
	Title:	 	Legal Representative	 	
		
	Party B:	 	Beijing Feijie Investment Co., Ltd. (Official Seal)
			
	By:	 	 /s/ Dongping Fei
	 	
	Name:	 	Dongping Fei	 	
	Title:	 	Legal Representative	 	
		
	Party C:	 	Beijing Dongdian Wuxian Technology Co., Ltd. (Official Seal)
			
	By: 	 	 /s/ Dongping Fei
	 	
	Name:	 	Dongping Fei	 	
	Title:	 	Legal RepresentativeEquity Interest Pledge Agreement

 Exhibit 10.20 
 Equity Interest Pledge Agreement 
 This Equity Interest Pledge Agreement (this “Agreement”)
has been executed by and among the following parties on August 5, 2008 in Beijing, the People’s Republic of China (“China” or the “PRC”): 
  

			
	Party A:	 	Beijing PYPO Technology Group Company Limited (hereinafter “Pledgee”)
	Address:	 	South Wing of the Main Building, Building 15, Zhongli, Cuiwei Community, Wanshou Road, Haidian District, Beijing
		
	Party B:	 	Beijing Feijie Investment Co., Ltd. (hereinafter “Pledgor”)
	Address:	 	Room 203, South Wing of the Main Building, Building 15, Zhongli, Cuiwei Community, Wanshou Road, Haidian District, Beijing
		
	Party C:	 	Beijing Dongdian Wuxian Technology Co., Ltd.
	Address:	 	Room 102, Floor 1, South Wing of the Main Building, Building 15, Zhongli, Cuiwei Community, Wanshou Road, Haidian District, Beijing

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

	1.	The Pledgor is a company duly organized under law of China, which contributes RMB50,000,000 to the registered capital of Party C and holds 100% of the equity interest in Party C.
Party C is a limited liability company registered in Beijing, China engaging in the E-commerce business and other value-added telecommunication service business. Party C acknowledges the respective rights and obligations of the Pledgor and the
Pledgee under this Agreement, and intends to provide all necessary assistance in registering the Pledge; 

  

	2.	Pledgee is a wholly foreign-owned enterprise registered in China. Pledgee and Party C partially owned by Pledgor have executed an Exclusive Business Cooperation Agreement in
Beijing; 

  

	3.	To ensure that Party C fully performs its obligations under the Exclusive Business Cooperation Agreement (including all ancillary agreements, if any) and pay the consulting and
service fees thereunder to the Pledgee when the same becomes due, the Pledgor hereby pledges to the Pledgee all of the equity interest he holds in Party C as security for due performance of the obligations and full payment of the consulting and
service fees by Party C under the Business Cooperation Agreement. 

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

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	1.	Definitions 

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

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

  

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

  

	 	1.3	Term of Pledge: shall refer to the term set forth in Section 3.2 of this Agreement. 

  

	 	1.4	Business Cooperation Agreement: shall refer to the Exclusive Business Cooperation Agreement executed by and between Party C and Pledgee on July 28, 2008 (refer to Appendix 3
for more details) and all the ancillary agreements currently entered into or to be entered into hereafter by Party C and the Pledgee according to the Business Cooperation Agreement (the “Ancillary Agreements”, refer to Appendix 4 for more
details, if any). 

  

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

  

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

  

	2.	The Pledge 

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

	3.	Term of Pledge 

  

	 	3.1	 The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein has been registered’ with relevant administration for
industry and commerce (the “AIC”). The Pledge shall be continuously valid until all payments due under the Business Cooperation Agreement have been fulfilled by Party C. The parties agree that within 3 business days following the execution
of this Agreement, Pledgor and Party C shall register the Pledge in the shareholders’ register of Party C, and within 10 business days after the competent AIC has formally begun accepting applications for the registration of equity interest
pledge, Pledgor 

  

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and Party C shall submit application to the AIC for the registration of the Pledge of the Equity Interest contemplated herein (the “Registration of
Pledge”). 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 AIC, to ensure that the Pledge of the Equity Interest shall be registered
with the AIC as soon as possible after filing. 

  

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

  

	4.	Custody of Records for Equity Interest subject to Pledge 

  

	 	4.1	During the Term of Pledge set forth in this Agreement, the Pledgor shall deliver to the Pledgee’s custody the capital contribution certificate (refer to Appendix 2) for the
Equity Interest and the shareholders’ register containing the Pledge (refer to Appendix 1) within 3 days from the execution of this Agreement, and shall deliver to the Pledgee’s custody the evidence of the Registration of Pledge (refer to
Appendix 5, as applicable, the “Registration Evidence”) within one week from the completion of the Registration of Pledge. The Pledgee shall have custody of such items during the entire Term of Pledge set forth in this Agreement.

  

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

  

	5.	Representations and Warranties of Pledgor 

  

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

  

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

  

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

  

	6.	Covenants and Further Agreements of Pledgor 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	7.	Event of Breach 

  

	 	7.1	The following circumstances shall be deemed Event of Default: 

  

	 	7.1.1	Party C fails to fully and timely fulfill any liabilities under the Business Cooperation Agreement, including without limitation failure to pay in full any of the consulting and
service fees payable under the Business Cooperation Agreement or breaches any other obligations of Party C thereunder; 

  

 4 

	 	7.1.2	Pledgor or Party C has committed a material breach of any provisions of this Agreement; 

  

	 	7.1.3	The Pledgor and Party C fail to register the Pledge in the shareholders’ register of Party C or fail to complete the Registration of Pledge stipulated in Section 3.1;

  

	 	7.1.4	Except as expressly stipulated in Section 6.1.1, Pledgor transfers or purports to transfer or abandons the Equity Interest pledged or assigns the Equity Interest pledged
without the written consent of Pledgee; and 

  

	 	7.1.5	The successor or custodian of Party C is capable of only partially perform or refuses to perform the payment obligations under the Business Cooperation Agreement.

  

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

  

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

  

	8.	Exercise of Pledge 

  

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

  

	 	8.2	Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 

  

	 	8.3	Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge at any time after the issuance of the Notice of Default in accordance with
Section 7.2. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 

  

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

  

 5 

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

  

	9.	Assignment 

  

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

  

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

  

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

  

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

  

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

  

	10.	Termination 

 Upon the full payment of the
consulting and service fees under the Business Cooperation Agreement and upon termination of Party C’s obligations under the Business Cooperation Agreement, this Agreement shall be terminated, and Pledgee shall then cancel or terminate this
Agreement as soon as reasonably practicable. 
  

	11.	Handling Fees and Other Expenses 

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

 6 

	12.	Confidentiality 

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

	13.	Governing Law and Resolution of Disputes 

  

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

  

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

  

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

  

	14.	Notices 

  

	 	17.1	 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 

  

 7 

	 	 
facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows: 

  

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

  

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

  

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

  

			
	Party A:	  	Beijing PYPO Technology Group Company Limited.
	Address:	  	Floor 3, South of Chang’anxingrong Center, No.1, Naoshikou Avenue, Xicheng District, Beijing.
	Attn:	  	Dongping Fei
	Phone:	  	+86-10-58325858
	Facsimile:	  	+86-10-58325705
		
	Party B:	  	Beijing Feijie Investment Co., Ltd.
	Address:	  	Floor 3, South of Chang’anxingrong Center, No.1, Naoshikou Avenue, Xicheng District, Beijing.
	Attn:	  	Dongping Fei
	Phone:	  	+86-10-58325858
	Facsimile:	  	+86-10-58325705
		
	Party C:	  	Beijing Dongdian Wuxian Technology Co., Ltd
	Address:	  	Room 102, Floor 1, South of Building 15, Zhongli, Cuiwei Community, Wanshou Road, Haidian District, Beijing
	Attn.:	  	Dongping Fei
	Phone:	  	+86-10-58325858
	Facsimile:	  	+86-10-58325705

  

	 	17.5	Any Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms hereof. 

  

	15.	Severability 

 In the event that one or several of
the provisions of this Contract 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 Contract shall not be affected
or compromised in any respect. The Parties 

  

 8 

	 	 
shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent
permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions. 

  

	16.	Attachments 

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

	17.	Effectiveness 

  

	 	17.1	This Agreement shall come into effect upon execution by the Parties as of the date first above written. Any amendments, changes and supplements to this Agreement shall be in writing
and shall become effective upon completion of the governmental filing procedures (if applicable) after the affixation of the signatures or seals of the Parties. 

  

	 	17.2	This Agreement is written in Chinese and English in five copies. The Pledgor, the Pledgee and Party C shall hold one copy respectively, and the other three copies shall be used for
registration. Each copy of this Agreement shall have equal validity. In case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. 

 The Remainder of this page is intentionally left blank 
  

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

					
	Party A: Beijing PYPO Technology Group Company Limited (Official Seal)
			
	By: 	  	 /s/ Kuo Zhang
	  	
	Name:	  	Kuo Zhang	  	
	Title:	  	Legal Representative	  	
	
	Party B: Beijing Feijie Investment Co., Ltd. (Official Seal)
	By:	  	 /s/ Dongping Fei
	  	
	Name:	  	Dongping Fei	  	
	Title:	  	Legal Representative	  	
	
	Party C: Beijing Dongdian Wuxian Technology Co., Ltd. (Official Seal)
	By: 	  	 /s/ Dongping Fei
	  	
	Name:	  	Dongping Fei	  	
	Title:	  	Legal Representative	  	

  

 10

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