Document:

EXHIBIT 4.29
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Equity Interest Pledge Agreement
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This Equity Interest Pledge Agreement (this “Agreement”) is executed by and among the following Parties as of February 1, 2020 in Shanghai, the People’s Republic of China (“China” or the “PRC”):
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(1) Yimi Education Technology (Shanghai) Co., Ltd., a limited liability company validly existing under the laws of the PRC, with its registered address at Room 601-16, Building 1-A, No. 3000 Longdong Avenue, China (Shanghai) Pilot Free Trade Zone (“Pledgee”);
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(2) Xiangyuan (Shanghai) Education Technology Co., Ltd., a limited liability company validly existing under the laws of the PRC, with its registered address at Room 301, Building 1, No. 2143 North Zhongshan Road, Putuo District, Shanghai (“Company”);
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(3) Shanghai OneSmart Education Technology Group Co., Ltd., a limited liability company validly existing under the laws of the PRC, with its registered address at Room 2637, 2/F, No. 3 Xuanhua Road, Changning District, Shanghai (“OneSmart Technology”); and
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(4) Shanghai OneSmart Education Investment Co., Ltd., a limited liability company validly existing under the laws of the PRC, with its registered address at Room 118, Building 20, No. 1-42, Lane 83, North Hongxiang Road, Wanxiang Town, Pudong New Area (“OneSmart Investment”, together with OneSmart Technology collectively as the “Pledgors”).
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In this Agreement, each of the Pledgee, the Pledgors and the Company shall be hereinafter referred to as a “Party” individually, and as the “Parties” collectively.
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Whereas:
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1. Each of the Pledgors is a shareholder of record of the Company. They legally hold 100% equity interests in the Company in aggregate, representing RMB10,000,000 (ten million) in the registered capital of the Company. To be specific, OneSmart Technology holds 90% equity interests in the Company, representing RMB9,000,000 (nine million) in the registered capital thereof, while OneSmart Investment holds 10% equity interests in the Company, representing RMB1,000,000 (one million) in the registered capital thereof;
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2. The Company acknowledges the respective rights and obligations of the Pledgors and the Pledgee under this Agreement, and intends to provide any necessary assistance in registering the Pledge (as defined below);
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3. The Pledgee is a wholly foreign-owned enterprise registered in China. The Pledgee and the Company have executed an Exclusive Business Cooperation Agreement (as defined below); the Pledgee, the Pledgors and the Company have executed an Exclusive Option Agreement (as defined below); each of the Pledgors has executed a Power of Attorney (as defined below) in favor of the Pledgee;
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4. To ensure that the Company and the Pledgors fully perform their obligations under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement and the Power of Attorney, the Pledgors hereby pledge to the Pledgee all of the equity interests that the Pledgors hold in the Company as security for the Company’s and the Pledgors’ performance of their respective obligations under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement and the Power of Attorney.
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To perform the provisions of the Transaction Documents (as defined below), the Parties agree to execute this Agreement upon the following terms.
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1.     Definitions
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Unless otherwise provided herein, the terms below shall have the following meanings:
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1.1     Pledge: shall refer to the security interest granted by the Pledgors to the Pledgee pursuant to Section 2 of this Agreement, i.e., the right of the Pledgee to be paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into or from the proceeds from the auction or sale of the Equity Interest.
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1.2     Equity Interest: shall refer to the 100% equity interests in the Company currently held by the Pledgors, representing RMB10,000,000 in the registered capital of the Company, and all of the equity interests legally acquired by the Pledgors in the Company thereafter.
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1.3     Term of the Pledge: shall refer to the term set forth in Section 3 of this Agreement.
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1.4     Transaction Documents: shall refer to the Exclusive Business Cooperation Agreement executed by and between the Company and the Pledgee on February 1, 2020 (the “Exclusive Business Cooperation Agreement”), the Exclusive Option Agreement executed by and among the Company, the Pledgee and the Pledgors on February 1, 2020 (the “Exclusive Option Agreement”), and the Power of Attorney executed on February 1, 2020 by each of the Pledgors (the “Power of Attorney”) and any modification, amendment and restatement to the aforementioned documents.
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1.5     Contract Obligations: shall refer to all the obligations of the Pledgors under the Exclusive Option Agreement, the Power of Attorney and this Agreement; all the obligations of the Company under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement and this Agreement.
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1.6     Secured Indebtedness: shall refer to all the direct, indirect and derivative losses and losses of anticipated profits, suffered by the Pledgee, incurred as a result of any Event of Default on the part of the Pledgors and/or the Company under the Transaction Documents. The amount of such losses shall be calculated based on such factors as the reasonable business plan and profit forecast of the Pledgee, the consulting and service fees payable to the Pledgee under the Exclusive Business Cooperation Agreement, damages and relevant fees under the Transaction Documents, all expenses occurred by the Pledgee in connection with enforcement of the Pledgors’ and/or the Company’s Contract Obligations, etc.
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1.7     Event of Default: shall refer to any of the circumstances set forth in Section 7 of this Agreement. 
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1.8     Notice of Default: shall refer to the notice issued by the Pledgee in accordance with this Agreement declaring an Event of Default. 
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2.     Pledge
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2.1     The Pledgors agree to pledge all the Equity Interest as security for performance of the Contract Obligations and payment of the Secured Indebtedness under this Agreement. The Company hereby assents that the Pledgors pledge the Equity Interest to the Pledgee pursuant to this Agreement.
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2.2     During the Term of the Pledge, unless prohibited by the applicable laws and regulations, the Pledgee is entitled to receive dividends distributed on the Equity Interest. Without the prior written consent of the Pledgee, the Pledgors shall not receive dividends distributed on the Equity Interest. Dividends received by the Pledgors on Equity Interest after the deduction of relevant taxes paid by the Pledgors shall be, as required by the Pledgee, (1) deposited into an account designated and supervised by the Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior and in preference to making any other payment; or (2) to the extent not prohibited by the applicable PRC laws, unconditionally donated to the Pledgee or any other person designated by the Pledgee in the manner permitted by the PRC laws.
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2.3     The Pledgors may subscribe for a capital increase in the Company only with prior written consent of the Pledgee. Any additional equity interest obtained by the Pledgors as a result of the Pledgors’ subscription of the increased registered capital of the Company shall also be deemed as Equity Interest, and the Parties shall enter into further equity pledge agreement for this purpose and complete registration of the pledge of such additional equity interest.
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2.4     In the event that the Company is required by PRC law to be liquidated or dissolved, any interest distributed to the Pledgors upon the Company’s dissolution or liquidation shall, upon the request of the Pledgee, be (1) deposited into an account designated and supervised by the Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior and in preference to make any other payment; or (2) to the extent not prohibited by PRC laws, unconditionally donated to the Pledgee or any other person designated by the Pledgee in the manner permitted by the applicable PRC laws.
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3.     Term of the Pledge
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3.1     The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein is registered with the relevant administration for industry and commerce (the “AIC”). The Pledge shall remain effective until all Contract Obligations have been fully performed and all Secured Indebtedness has been fully paid. The Pledgors and the Company shall (1) register the Pledge in the shareholders’ register of the Company within 3 business days following the execution of this Agreement, and (2) submit an application to the AIC for the registration of the Pledge of the Equity Interest contemplated herein within thirty (30) days following the execution of this Agreement. The Parties covenant that for the purpose of registration of the Pledge, the Parties hereto and all other shareholders of the Company shall submit to the AIC this Agreement or an equity interest pledge contract in the form required by the AIC at the location of the Company which shall truly reflect the information of the Pledge hereunder (the “AIC Pledge Contract”). For matters not specified in the AIC Pledge Contract, the Parties shall be bound by the provisions of this Agreement. The Pledgors and the Company shall submit all necessary documents and complete all necessary procedures, as required by the relevant PRC laws and regulations and the competent AIC, to ensure that the Pledge of the Equity Interest shall be registered with the AIC as soon as possible after submission for filing.
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3.2     During the Term of the Pledge, in the event the Pledgors and/or the Company fail/fails to perform the Contract Obligations or pay Secured Indebtedness, the Pledgee shall have the right, but not the obligation, to exercise the Pledge in accordance with the provisions of this Agreement.
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4.     Custody of Records for Equity Interest subject to the Pledge
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4.1     During the Term of the Pledge set forth in this Agreement, the Pledgors shall deliver to the Pledgee’s custody the capital contribution certificate for the Equity Interest and the shareholders’ register containing the Pledge within one week from the execution of this Agreement. The Pledgee shall have custody of such documents during the entire Term of the Pledge set forth in this Agreement.
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5.     Representations and Warranties of the Pledgors and the Company
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As of the execution date of this Agreement, each of the Pledgors and the Company hereby represents and warrants to the Pledgee, severally but not jointly, that:
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5.1     The Pledgors are the sole legal and beneficial owner of the Equity Interest. The Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions set forth in this Agreement.
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5.2     Each of the Pledgors and the Company has the power, capacity and
authority to execute and deliver this Agreement, and to perform their obligations under this Agreement. This Agreement constitutes the Pledgors’ and the Company’s legal, valid and binding obligations and shall be enforceable against them in accordance with the provisions thereof.
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5.3     Except for the Pledge, the Pledgors have not placed any security interest or other encumbrance on the Equity Interest.
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5.4     The Pledgors and the Company have obtained any and all approvals and consents from the applicable government authorities and third parties (if required) for the execution, delivery and performance of this Agreement.
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5.5     The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC laws; (ii) conflict with the Company’s articles of association or other constitutional documents; (iii) result in any breach of or constitute any default under any contract or document to which it is a party or by which it is otherwise bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit or approval granted to any Party; or (v) cause any permit or approval granted to any Party to be suspended, cancelled or attached with additional conditions.
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6.     Covenants of the Pledgors and the Company
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6.1     During the term of this Agreement, both Pledgors and the Company hereby covenant to the Pledgee, severally but not jointly, that:
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6.1.1    The Pledgors shall not transfer the Equity Interest, place or permit the existence of any security interest or other encumbrance on the Equity Interest or any portion thereof, without the prior written consent of the Pledgee, except for the performance of the Transaction Documents; the Company shall not assent to or assist in the aforesaid behaviors;
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6.1.2    The Pledgors and the Company shall comply with and carry out all requirements under applicable laws and regulations relating to pledge, and within five (5) days of receipt of any notice, order or recommendation issued or made by the competent authorities regarding the Pledge (if any), shall present the aforementioned notice, order or recommendation to the Pledgee, and shall comply with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon the Pledgee’s reasonable request or upon consent of the Pledgee;
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6.1.3    Each of the Pledgors and the Company shall promptly notify the Pledgee of any event or notice received by it that may have an impact on the Equity Interest (or any portion thereof,) as well as any event or notice received by it that may have an impact on any guarantees and obligations of the Pledgors under this Agreement or the performance of obligations of the Pledgors under this Agreement;
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6.1.4    The Company shall complete the registration procedures for the extension of the operation term within three (3) months prior to the expiration of such term to maintain the validity of this Agreement.
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6.2     The Pledgors agree that the rights acquired by the Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted or harmed by the Pledgors or any successors, heirs or representatives of the Pledgors or any other persons through any legal proceedings.
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6.3     To protect or perfect the security interest granted by this Agreement for the Contract Obligations and Secured Indebtedness, the Pledgors hereby undertake 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 the Pledgee. The Pledgors also undertake to perform and to cause other parties who have an interest in the Pledge to perform actions required by the Pledgee, to facilitate the exercise by the Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all relevant documents regarding ownership of Equity Interest with the Pledgee or designee(s) of the Pledgee (natural persons/legal persons). The Pledgors undertake to provide the Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are required by the Pledgee.
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6.4     The Pledgors hereby undertake to comply with and perform all guarantees, promises, agreements, representations and conditions under this Agreement. In the event of failure or partial performance of their guarantees, promises, agreements, representations and conditions, the Pledgors shall indemnify the Pledgee for all losses resulting therefrom.
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7.     Event of Default
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7.1     The following circumstances shall be deemed the Event of Default:
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7.1.1    Any breach by the Pledgors of any obligations under the Transaction Documents and/or this Agreement.
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7.1.2    Any breach by the Company of any obligations under the Transaction Documents and/or this Agreement.
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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, the Pledgors and the Company shall immediately notify the Pledgee in writing accordingly.
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7.3     Unless an Event of Default set forth in Section 7.1 has been successfully resolved to the Pledgee’s satisfaction within twenty (20) days after the Pledgee delivers a notice to the Pledgors and/or the Company requesting rectification of such Event of Default, the Pledgee may issue a Notice of Default to the Pledgors in writing at any time thereafter, demanding the immediate exercise of the Pledge in accordance with the provisions of Section 8 of this Agreement.
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8.     Exercise of the Pledge
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8.1     The Pledgee shall issue a written Notice of Default to the Pledgors when it exercises the Pledge. 
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8.2     Subject to the provisions of Section 7.3, the Pledgee may exercise the right to enforce the Pledge at any time after the issuance of the Notice of Default in accordance with Section 8.1. 
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8.3     After the Pledgee issues a Notice of Default to the Pledgors in accordance with Section 8.1, the Pledgee may exercise any remedy measure under the applicable PRC laws, the Transaction Documents and this Agreement, including but not limited to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into or from the proceeds from the auction or sale of the Equity Interest. The Pledgee shall not be liable for any loss incurred by its duly exercise of such rights and powers.
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8.4     The proceeds from the exercise of the Pledge by the Pledgee shall be used to pay for the taxes and expenses incurred as a result of disposing the Equity Interest and to perform the Contract Obligations and pay the Secured Indebtedness to the Pledgee prior and in preference to any other payment. After the payment of the aforementioned amounts, the remaining balance shall be returned to the Pledgors or any other person who have rights to such balance under applicable laws or be deposited to the local notary public office where the Pledgors reside, with all expenses incurred being borne by the Pledgors. To the extent not prohibited by the applicable PRC laws, the Pledgors shall unconditionally donate the aforementioned proceeds to the Pledgee or any other person designated by the Pledgee in the manner permitted by the PRC laws.
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8.5     The Pledgee may exercise any remedy measure available to it simultaneously or in any order. The Pledgee may exercise the priority right in compensation based on the monetary valuation that such Equity Interest is converted into or with the proceeds from the auction or sale of the Equity Interest under this Agreement, without being required to exercise any other remedy measure first.
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8.6     The Pledgee is entitled to designate an attorney or other representatives to exercise the Pledge on its behalf, and the Pledgors or the Company shall not raise any objection to such exercise.
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8.7     When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgors and the Company shall provide the necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreement.
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9.     Breach of Agreement
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9.1     If any of the Pledgors or the Company materially breaches any provision under this Agreement, or fails to perform, performs incompletely or delays to perform any obligation under this Agreement, it shall constitute a breach under this Agreement on the part of the Pledgors or the Company (as the case may be). The Pledgee is entitled to require the Pledgors or the Company to make rectification or take remedial measures. If within ten (10) days after the Pledgee delivers a written notice to the Pledgors or the Company and requires for rectification (or within any other reasonable period required by the Pledgee), the Pledgors or the Company (as the case may be) fails to make rectification or take remedial measures, the Pledgee is entitled to, at its sole discretion, (1) terminate this Agreement and require the Pledgors or the Company (as the case may be) to compensate all the losses; or (2) require specific performance of the obligations of the Pledgors or the Company (as the case may be) under this Agreement and require the Pledgors or the Company (as the case may be) to compensate all the losses. This Section shall not prejudice any other rights of the Pledgee under this Agreement.
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9.2     The Pledgors or the Company shall not have any right to terminate this Agreement unilaterally in any event unless otherwise required by the applicable laws.
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10.   Assignment
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10.1   Without the Pledgee’s prior written consent, neither the Pledgors nor the Company shall assign or delegate their rights and obligations under this Agreement.
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10.2   This Agreement shall be binding on the Pledgors and their successors, heirs (including who inherited the Equity Interest) and permitted assigns, and shall be valid with respect to the Pledgee and each of its successors, heirs and permitted assigns.
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10.3   At any time, the Pledgee may assign any and all of its rights and obligations under the Transaction Documents and this Agreement to its designee(s), in which case the assignee shall have the rights and obligations of the Pledgee under the Transaction Documents and this Agreement, as if it were the original party to the Transaction Documents and this Agreement.
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10.4   In the event of change of the Pledgee due to assignment, the Pledgors and/or the Company shall, at the request of the 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 competent AIC.
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10.5   The Pledgors and the Company 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 Transaction Documents, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any remaining rights of the Pledgors with respect to the Equity Interest pledged hereunder shall not be exercised by the Pledgors except in accordance with the written instructions of the Pledgee.
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11.   Termination
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11.1   Upon the fulfillment of all Contract Obligations and the full payment of all Secured Indebtedness by the Pledgors and the Company, the Pledgee shall release the Pledge under this Agreement upon the Pledgors’ request as soon as reasonably practicable and shall assist the Pledgors in de-registering the Pledge from the shareholders’ register of the Company and with the relevant AIC.
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11.2   The provisions under Sections 9, 13, 14 and this Section 11.2 of this Agreement shall survive the expiration or termination of this Agreement.
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12.   Handling Fees and Other Expenses
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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 the Company.
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13.   Confidentiality
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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 the 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, directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the shareholders, director, employees of or agencies engaged by any Party shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.
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14.   Governing Law and Resolution of Disputes
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14.1   The execution, effectiveness, interpretation, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.
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14.2   In the event of any dispute with respect to the interpretation 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, either Party may submit the relevant dispute to China International Economic and Trade Arbitration Commission for arbitration, in accordance with the arbitration rules of such arbitration commission effective at that time. The place of the hearing of the arbitration shall be Shanghai. The arbitration award shall be final and binding on the Parties.
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14.3   Upon the occurrence of any disputes arising from the interpretation 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.
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15.   Notices
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All notices and other communications required to be given pursuant to this Agreement or otherwise given in connection with this Agreement shall be delivered personally, or sent by registered mail, prepaid postage, a commercial courier service, facsimile transmission or email to the address of such Party set forth below. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:
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15.1.1   Notices given by personal delivery shall be deemed effectively given on the date of receipt at the address set forth below, or the date on which such notices are placed at the address set forth below
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15.1.2   Notices given by courier service, registered mail or prepaid postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;
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15.1.3   Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission to the Fax no. set forth below (as evidenced by an automatically generated confirmation of transmission).  Notices given by email shall be deemed effectively given on the date of successful transmission, provided that the sending Party has received a system message indicating successful transmission or has not received a system message within 24 hours indicating failure of delivery or return of email.
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15.1   For the purpose of notices, the addresses of the Parties are as follows:
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Pledgee:     Yimi Education Technology (Shanghai) Co., Ltd.
Address:    [***]
Attn:          [***]
Email:        [***]
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Pledgor:     Shanghai OneSmart Education Technology Group Co., Ltd.
Address:    [***]
Attn:          [***]
Email:        [***]
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Pledgor:     Shanghai OneSmart Education Investment Co., Ltd.
Address:    [***]
Attn:          [***]
Email:        [***]
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Company:  Xiangyuan (Shanghai) Education Technology Co., Ltd.
Address:    [***]
Attn:          [***]
Email:        [***]
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15.2   Any Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms of this Section.
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16.   Severability
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In the event that one or several of the provisions of this Agreement are held to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect.  The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.
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17.   Attachments
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The attachments set forth herein shall be an integral part of this Agreement.
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18.   Effectiveness and Amendments
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18.1   This Agreement shall become effective upon execution by the Parties, until the Contract Obligations have been fully performed and the Secured Indebtedness have been fully paid.
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18.2  Any amendment, change and supplement to this Agreement shall be made in writing by all of the Parties. Any amendment agreement and supplementary agreement duly executed by the Parties hereto with regard to this Agreement shall constitute an integral part of this Agreement, and shall have equal legal validity as this Agreement.
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19.   Copies
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The number of copies of this Agreement to be executed is not limited.
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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.
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Pledgee:     Yimi Education Technology (Shanghai) Co., Ltd. (Seal)
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By:             /s/ Ke Jinshu
Name:        Ke Jinshu
Title:          Authorized Representative
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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.
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Company: Xiangyuan (Shanghai) Education Technology Co., Ltd. (Seal)
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By:             /s/ Ke Jinshu
Name:        Ke Jinshu
Title:          Legal Representative
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Pledgor:     Shanghai OneSmart Education Technology Group Co., Ltd. (Seal)
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By:             /s/ Ke Jinshu
Name:        Ke Jinshu
Title:          Legal Representative
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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.
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Pledgor:     Shanghai OneSmart Education Investment Co., Ltd. (Seal)
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By:             /s/ Meng Xiaoqiang
Name:        Meng Xiaoqiang
Title:          Legal Representative
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Attachment 1:
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1.       Exclusive Business Cooperation Agreement;
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2.       Exclusive Option Agreement;
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3.       Power of Attorney.
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Attachment 2
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Shareholders’ Register of
Xiangyuan (Shanghai) Education Technology Co., Ltd.
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1.   Name of shareholder: Shanghai OneSmart Education Technology Group Co., Ltd.
Unified social credit code: 91310105MA1FW8C215
Registered address: Room 2637, 2/F, No. 3 Xuanhua Road, Changning District, Shanghai
Capital contribution: RMB9,000,000 (paid within the period as stipulated in the articles of association)
Shareholding percentage: 90%
Capital contribution certificate no.: 001
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90% equity interests in Xiangyuan (Shanghai) Education Technology Co., Ltd. held by Shanghai OneSmart Education Technology Group Co., Ltd. are pledged to Yimi Education Technology (Shanghai) Co., Ltd. in whole.
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2.   Name of shareholder: Shanghai OneSmart Education Investment Co., Ltd.
Unified social credit code: 913101153231713733
Registered address: Room 118, Building 20, No. 1-42, Lane 83, North Hongxiang Road, Wanxiang Town, Pudong New Area
Capital contribution: RMB1,000,000 (paid within the period as stipulated in the articles of association)
Shareholding percentage: 10%
Capital contribution certificate no.: 002
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10% equity interests in Xiangyuan (Shanghai) Education Technology Co., Ltd. held by Shanghai OneSmart Education Investment Co., Ltd. are pledged to Yimi Education Technology (Shanghai) Co., Ltd. in whole.

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​Exhibit 4.30
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LOAN FRAMEWORK AGREEMENT
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THIS LOAN FRAMEWORK AGREEMENT (this “Agreement”), dated December 20, 2019, is entered into in Shanghai by and among:
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1.    Beijing Yangguang Juren Education and Technology Co., Ltd., a limited liability company established and validly existing under laws, with its registered address at 10/F, Tower A, Building 1, No.1 Zhongguancun East Road, Haidian District, Beijing (the “Borrower” or the “Company”);
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2.    Shanghai Jingrui Education Investment Co., Ltd., a limited liability company established and validly existing under laws, with its registered address at Room 118, Building 20, No. 1-42, Lane 83, Hongxiang North Road, Wanxiang Town, Pudong New Area (the “Lender”);
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3.    GENG Xiaofei (ID number [***]), is the controlling shareholder of the Borrower (the “Controlling Shareholder”).
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WHEREAS, the Lender intends to lend to the Borrower amounts which may be converted into a capital increase by the Lender to the Borrower in the future (the “Conversion into Investment”), as fully agreed by the parties through consultation. NOW, THEREFORE, in consideration of the foregoing borrowing and the Conversion into Investment, the parties hereby enter into this Agreement to be bound hereby.
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ARTICLE 1 AMOUNT OF LOAN:
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The Lender hereby agrees, if requested by the Borrower, to make a loan available to the Borrower (the “Loan”) in a total amount of up to RMB 51,210,000.
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ARTICLE 2 PURPOSE OF LOAN
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The parties agree that the Loan advanced by the Lender to the Borrower shall be used for the daily business running, operation and business development needs of the Borrower.
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The Borrower shall not change the use of the Loan without the written consent of the Lender. In particular, the Borrower shall not use the Loan for the following purposes: distributing profits to its shareholders, entrusting wealth management, entrusting loans, real estate, stocks, futures, funds and other financial derivatives, or the projects prohibited by laws, regulations, supervisory rules and related policies or the projects unapproved in line with law.
​
ARTICLE 3 DATE AND METHOD OF ADVANCING LOAN
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1.    Within 10 business days from the Borrower’s written request for the Loan to the Lender, the Lender will advance the required amount of Loan to the following bank account designated by the Borrower.
​
2.    The Borrower’s designated bank account information is as follows:
	​

	​

	​

	Account Name:
	​
	Beijing Yangguang Juren Education and Technology Co., Ltd.

	Bank Name:
	​
	Beijing Zizhuyuan Sub-branch of Industrial and Commercial

	​
	​
	Bank of China

	Account No.:
	​
	[***]

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ARTICLE 4 RELEVANT PROVISIONS ON LIFE OF LOAN, INTEREST AND CONVERSION INTO INVESTMENT
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1.    Life of the Loan: 5 years from the date when the amount of Loan is actually paid to the account designated by the Borrower, unless otherwise agreed by the parties; if the Borrower and the Lender have reached a written agreement on the rollover, the life of Loan shall be subject to such agreement.
​
2.    Interest on the Loan: The Borrower shall pay to the Lender interest at the rate of 10% (simple interest) per annum. The interest rate shall be calculated from the date when the amount of the Loan is actually paid to the account designated by the Borrower till the date when the actual repayment reaches the account of the Lender (the “Actual Repayment Date”) or the date when company registration changes of the Conversion into Investment is completed. The Borrower shall pay interest on a yearly basis (During the life of the Loan, the full year since the date on which the amount of the Loan is actually paid to the account designated by the Borrower shall be the first year of the Loan, and each full year thereafter shall constitute a full year of loan. For calculation convenience, each year of loan shall be calculated as 365 days.), the interest shall be paid within 10 business days after the end of each year of loan to the Lender, and the principal of the Loan and the remaining interest payable (except for Conversion into Investment) shall be paid when they become due.
​
3.    The parties agree that the Lender is entitled to convert the Borrower’s Loan to its equity interest of the Borrower as the increased capital invested by the Lender to the Borrower in accordance with the following terms and conditions:
​
(1)      The Borrower and the Controlling Shareholder agree that, during the period from three years after the expiry of the life of the Loan hereunder to December 31, 2022, the Lender shall have the right (but no obligation) to increase its capital with all or part of the outstanding Loan and interest payable by the Borrower on the basis of the Borrower’s post-money valuation of RMB 1,117,200,000, obtaining the Borrower’s new registered capital by the way of capital increase at a premium.
​
(2)      The Borrower and the Controlling Shareholder agree that, from January 1, 2023 to December 31, 2023, the Lender shall have the right (but no obligation) to increase its capital with all or part of the outstanding Loan and interest payable by the Borrower on the basis of the Borrower’s post-money valuation of RMB 1,197,000,000, obtaining the Borrower’s new registered capital by the way of capital increase at a premium.
​
(3)      The parties agree that, if the Lender chooses the Conversion into Investment, the Borrower shall complete the company registration changes of the Conversion into Investment and obtain the changed business license of the Borrower (the “Company Registration Changes”) within 15 business days upon receipt of the Lender’s notice, and the Controlling Shareholder shall
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provide necessary cooperation. If the Company Registration Changes of the Conversion into Investment fails to be completed within the aforesaid time limit, the Lender shall be entitled to declare the Loan immediately due and request the Borrower to repay all the outstanding Loan and interest payable immediately. If the Company Registration Changes of the Conversion into Investment fails to be completed within the aforesaid time limit and such failure is caused by reasons attributable to the Controlling Shareholder, the Lender shall have the right to request the Controlling Shareholder to transfer to it free of charge the part of the shares held by the Controlling Shareholder in the Company (the “Equity Transfer”), and the Controlling Shareholder shall complete the company registration changes of the Equity Transfer within 15 Business Days following the receipt of the Equity Transfer Notice from the Lender. After the completion of the aforesaid Equity Transfer, the shares held by the Lender in the Company shall be the same as the shares held by the Lender in the Company in the case of Conversion into Investment, and the taxes in connection with such Equity Transfer shall be borne by the Controlling Shareholder.
​
4.    In the case that the Borrower fails to repay all the Loan and interest before the agreed repayment date or complete the Company Registration Changes of the Conversion into Investment, the Borrower shall pay extra liquidated damages to the Lender at the rate of 0.5% of the sum of outstanding amount and interest calculated from the agreed due date.
​
5.    The Borrower is entitled to repay all or part of the principal and interest of the Loan hereunder in advance according to the actual operation of the Company. If the total principal and interest payable are not fully covered by the amount repaid by the Borrower ahead of schedule, the amount repaid by the Borrower shall be used to firstly set off the interest payable by the Borrower as of the date of early repayment (calculated on a daily basis), and secondly to set off the principal. The interest of the remaining principal unpaid shall be calculated according to paragraph 2 of Article 4.
​
6.    The Borrower and the Controlling Shareholder agree that, in respect of the subsequent loans provided by the Lender or its affiliates to the Borrower, the interest of the loans and conditions for conversion into investment shall be determined in accordance with Article 4 hereof. From January 1, 2022, the Lender shall have the right to convert the loans provided by it into investment. The post-money valuation of the Borrower corresponding to the conversion into investment for the relevant year shall be RMB [(1 + (the year of conversion into investment - 2018) * 10%) * 798,000,000].
​
ARTICLE 5 RIGHTS AND OBLIGATIONS
​
1.    The Borrower is entitled to obtain and use the amount of the Loan as provided herein.
​
2.    The Borrower shall repay the principal of the Loan hereunder and pay the interest accrued thereon on schedule or complete the Company Registration Changes of the Conversion into Investment. In case of special circumstances, if the Borrower is
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unable to repay the principal of the Loan hereunder and pay the interest accrued thereon prior to the repayment term and needs rollover, the Borrower shall apply to the Lender for rollover in writing five days prior to the expiry of the term. The rollover shall be available only upon the Lender’s written consent and the execution of a rollover agreement with the Borrower.
​
3.    The Borrower shall pay to the Lender all principal, interest, and all sums payable (if any) on the Actual Repayment Date.
​
4.    In case the Borrower incurs any material adverse event which may affect the ability of the Borrower to repay its debts or any other event which may endanger the creditor’s right of the Lender, the Borrower shall notify the Lender in writing within 3 days after the occurrence of such event and simultaneously clarify the liability for debt discharge or discharge its debts in advance.
​
5.    Any taxes and fees in whatever form payable by either party arising from the performance of this Agreement shall be borne by the Borrower.
​
ARTICLE 6 REPRESENTATIONS AND WARRANTIES
​
1.    The Borrower and the Controlling Shareholder represent and warrant to the Lender that:
​
(1)      It/He is an enterprise duly organized and/or validly existing under the laws with independent legal person status, a corporate entity or a person with full capacity for civil conduct, and is able to sue and respond to lawsuits in its/his own name;
​
(2)      It/He has the power, as a party, to enter into and perform this Agreement;
​
(3)      Its/His execution and performance of this Agreement or exercise of its/his rights and obligations hereunder will not: (i) conflict with the laws, amendments and any other official or judicial orders that it/he must abide by; (ii) conflict with its articles of association; or (iii) conflict with any agreement or document entered into by it/he, or any agreement or document binding upon it/he or its/his properties.
​
2.    The Borrower and the Controlling Shareholder further represent and warrant that the representations and warranties made by them in paragraph 1 of Article 6 hereof shall be true and accurate at all times during the term of this Agreement and with respect to the facts and circumstances existing at any time.
​
3.    The Borrower has fully and accurately disclosed to the Lender the material liabilities borne by it as at the date of this Agreement (whether actual or contingent).
​
4.    The Borrower understand that the Lender has entered into this Agreement and that the amount of the Loan advanced by the Lender to the Borrower is based on belief in and reliance on the representations and warranties set forth herein.
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ARTICLE 7 EVENTS OF DEFAULT AND LIABILITIES FOR DEFAULT
​
1.    Any of the following events shall constitute or shall be deemed as an event of default on the part of the Borrower/the Controlling Shareholder under this Agreement:
​
(1)      The Borrower fails to use the funds received for the purpose set forth in this Agreement;
​
(2)      The Borrower fails to repay any maturing principal or pay any interest, fee or any other payables due in accordance with this Agreement and fails to make Company Registration Changes for the Conversion into Investment;
​
(3)      The Borrower or the Controlling Shareholder makes any of untrue representations under this Agreement or breaches any of the representations or warranties under this Agreement;
​
(4)      The Borrower or the Controlling Shareholder breaches any other provision of this Agreement in respect of its/his obligations;
​
(5)      The Borrower ceases its business operation, or incurs dissolution, deregistration or bankruptcy events;
​
2.    In addition to other measures available under this Agreement, upon the occurrence of the aforementioned events of default, the Lender may take any one or more of the following remedial measures:
​
(1)      Requiring the Borrower to remedy the default within a prescribed time limit;
​
(2)      Suspending advancing the Loan;
​
(3)      Terminating or rescinding this Agreement, declaring all principal and interest hereunder immediately due, and requiring the Borrower to immediately repay all principal, interest, penalties and fees owed by it. The Borrower shall be entitled to have priority in repayment in case of dissolution, deregistration or bankruptcy liquidation.
​
(4)      Requiring the Borrower to pay other costs (including but not limited to attorney fees) incurred by the Borrower in connection with the recovery of claims against the Borrower.
​
ARTICLE 8 NOTICES AND COMMUNICATIONS
​
1.    Unless otherwise provided for herein, any notice, request or other communication to any party hereunder shall be made in writing and sent by personal delivery, prepaid mail, facsimile or other means to the addresses designated by the parties; in the case of facsimile, the facsimile numbers set forth below (another address or facsimile number may be used if given to the attention of the recipient three (3) banking days in advance by giving a specific written notice).
​

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2.    Any notice, request or other communication to be sent to the relevant parties, (a) if it is sent by personal delivery, the delivery time shall be the time of handover; (b) if it is sent by a letter, it is deemed to be delivered at the time of three (3) banking days after posting, provided that such notice, request or other communication is proved to have been sent as well as that the delivery address is correct and the notice, request or other communication has been stamped and posted; (c) if it is sent by facsimile or telegram, it shall be deemed to be delivered at the time of transmission (evidenced by complete transmission record or (as the case may be) confirmed call back code). However, any notice, request or other communication sent to the Lender by the Borrower shall not be deemed to have been delivered until it is received by the Lender.
​
3.    The initial communication details and recipients of each party for delivery of notices shall be as follows:
	To the Borrower

	Address:
	[***]

	Recipient:
	ZHANG Guohong

	Contact number:

	​

	To the Lender

	Address:
	[***]

	Recipient:
	ZOU Qi

	Contact number:

	​

	To the Controlling Shareholder

	Address:
	[***]

	Recipient:
	GENG Xiaofei

	Contact number:

​
ARTICLE 9 GOVERNING LAW AND DISPUTE RESOLUTION
​
This Agreement and its performance shall be governed by the laws of the People’s Republic of China. Any dispute arising from or in connection with this Agreement shall be settled by the parties through amicable consultation. If such consultation fails, any party shall have the right to submit the dispute to the people’s court in the jurisdiction where this Agreement is executed for settlement through litigation.
​
ARTICLE 10 DIVISION
​
If, in accordance with applicable laws, any provision of this Agreement is declared illegal, invalid or unenforceable, or is declared illegal, invalid or unenforceable by a court or arbitration tribunal, such provision shall be deleted from this Agreement to the extent permitted by applicable laws so as to make the legality, validity and enforceability of other provisions hereof not affected, and all remaining provisions shall remain in full force and effect after the deletion.
​
ARTICLE 11 EFFECTIVENESS OF AGREEMENT
​
This Agreement shall take effect from the date of signature and seal of all parties.
​
ARTICLE 12 MISCELLANEOUS
​
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7

​
This agreement is made in triplicate, each party holds one copy and the three copies have the same legal effect.
​
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK AND THE SIGNATURE PAGE FOLLOWS.]
​
​

8

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[Signature Page of the Loan Agreement]
​
Borrower:        Beijing Yangguang Juren Education and Technology Co., Ltd. (Seal)
/s/ Authorized Signatory
​
Lender:            Shanghai Jingrui Education Investment Co., Ltd. (Seal)
/s/ Authorized Signatory
​
Controlling Shareholder:        GENG Xiaofei (Signature)
/s/ Xiaofei Geng
​
​

9

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AMENDMENT TO LOAN FRAMEWORK AGREEMENTS
​
THIS AMENDMENT TO LOAN FRAMEWORK AGREEMENT (this “Amendment”), dated February 18, 2020, is entered into in Shanghai by and among:
​
1.    Beijing Yangguang Juren Education and Technology Co., Ltd., a limited liability company established and validly existing under laws, with its registered address at 10/F, Tower A, Building 1, No.1 Zhongguancun East Road, Haidian District, Beijing (the “Borrower” or the “Company”);
​
2.    Shanghai Jingrui Education Investment Co., Ltd., a limited liability company established and validly existing under laws, with its registered address at Room 118, Building 20, No. 1-42, Lane 83, Hongxiang North Road, Wanxiang Town, Pudong New Area (the “Lender”);
​
3.    GENG Xiaofei (ID number [***]), is the controlling shareholder of the Borrower (the “Controlling Shareholder”).
​
In accordance with Loan Framework Agreement signed on October 31, 2018 that the Lender agrees, if requested by the Borrower, to make a loan available to the Borrower in a total amount of up to RMB 670,000,000; and
In accordance with Loan Framework Agreement signed on December 20, 2019 that the Lender agrees, if requested by the Borrower, to make a loan available to the Borrower in a total amount of up to RMB 51,210,000, collectively referred to as “Convertible Loan Framework Agreements”,
​
The Lender hereby agrees to amend the interest rate of 10% (simple interest) per annum stipulated in paragraph 2 of Article 4 of Convertible Loan Framework Agreements to interest rate of nil applicable to the outstanding loan period starting from December 1, 2019. All other terms and articles remain unchanged.
​
This Amendment shall take effect from the date of signature and seal of all parties.
​
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK AND THE SIGNATURE PAGE FOLLOWS.]
​
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10

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[Signature Page of the Loan Agreement]
​
Borrower:        Beijing Yangguang Juren Education and Technology Co., Ltd. (Seal)
/s/ Authorized Signatory
​
Lender:            Shanghai Jingrui Education Investment Co., Ltd. (Seal)
/s/ Authorized Signatory
​
Controlling Shareholder:        GENG Xiaofei (Signature)
/s/ Xiaofei Geng

11

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