Document:

EX-4.7

 Exhibit 4.7 

English Translation 

Equity Pledge Agreement 
 This Equity
Pledge Agreement (this “Agreement”) is entered into as of                  in Shanghai, China by and among the following parties: 

 

	1.	 Pledgors:
                                        

  

	2.	 Company:
                                         
                    

  

	3.	 Pledgee:
                                         
                      

 (In
this Agreement, the above parties are hereinafter referred to individually as a “Party” and collectively as the “Parties”.) 

WHEREAS: 
  

	(1)	 The Pledgors are all the recorded shareholders of the Company, which leally hold all the equity interests of
the Company (the “Company Equity”). Their respective capital contributions and shareholding percentages in the Company’s registered capital as of the execution date of this Agreement are given in Annex 1 attached hereto.

  

	(2)	 The Parties have entered into the Shareholder Voting Right Proxy Agreement (“Proxy Agreement”) on
                    , pursuant to which the Pledgors irrevocably entrusts the person designated by the Pledgee with the full power to exercise on
their behalf all their shareholder voting rights in the Company. 

  

	(3)	 The Company and the Pledgee have entered into the Exclusive Technical Service Agreement (“Service
Agreement”) on                     , pursuant to which the Company exclusively engages the Pledgee to provide related services and agrees to
pay the corresponding service fee to the Pledgee with respect to such services. 

  

	(4)	 The Parties have entered into the Exclusive Call Option Agreement (“Call Option Agreement”) on
                    , pursuant to which the Pledgors shall, to the extent permitted by PRC Law and at the request of the Pledgee, transfer all or
part of their equity interests and/or assets in the Company to the Pledgee and/or any entity or individual designated by the Pledgee. 

  

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

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

Article 1 Definitions 
  

	1.1	 As used herein, the following terms shall be interpreted to have the following meanings, unless the context
otherwise requires: 

  

			
	“Contractual Obligations”	  	Means all the contractual obligations of the Pledgors under the Proxy Agreement and Call Option Agreement; all the contractual obligations of the Company under the Proxy Agreement, Service Agreement and Call Option Agreement; and
all the contractual obligations of the Pledgors and the Company under this Agreement.
		
	“Guaranteed Liabilities”	  	Means all direct, indirect and consequential losses and losses of foreseeable profits suffered by the Pledgee due to any Event of Default (as defined below) on the part of the Pledgors and/or the Company, which are based on
(including, but not limited to) the Pledgee’s reasonable business plan and profit forecast; and all fees incurred by the Pledgee for the enforcement of the Contractual Obligations of the Pledgors and/or the Company.
		
	“Transaction Agreements”	  	Means the Proxy Agreement, Service Agreement and Call Option Agreement.
		
	“Event of Default”	  	Means any breach by any Pledgor of any of its Contractual Obligations under the Proxy Agreement, Call Option Agreement and/or this Agreement; and any breach by the Company of any of its Contractual Obligations under the Proxy
Agreement, Service Agreement, Call Option Agreement and/or this Agreement.
		
	“Pledged Equity”	  	Means the entire Company Equity which is legally owned by the Pledgors as of the effective date hereof and is to be pledged to the Pledgee by the Pledgors according to provisions hereof as the guarantee for the performance of the
Contractual Obligations by the Pledgors and the Company (for details of such equity interest, see Annex 1), and the increased capital contribution and equity interest described in Articles 2.6 and 2.7 hereof.
		
	“PRC Law”	  	Means the then-current laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the People’s Republic of China.

  

	1.2	 The application to any PRC Law herein shall be deemed to include: 

 

	 	(1)	 a reference to the PRC Law as modified, amended, supplemented or reenacted, effective either before or after
the date hereof; and 

  
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	 	(2)	 a reference to any other decision, circular or rule made thereunder or effective as a result thereof.

  

	1.3	 Unless otherwise required by the context, a reference to a provision, clause, section or paragraph shall be a
reference to a provision, clause, section or paragraph of this Agreement. 

 Article 2 Equity Pledge 

 

	2.1	 Each Pledgor hereby agrees to pledge the Pledged Equity, which it legally owns and has the right to dispose of,
to the Pledgee according to the provisions hereof as the guarantee for the repayment of the Guaranteed Liabilities. The Company hereby agrees that the Pledgors pledge the Pledged Equity to the Pledgee according to the provisions hereof.

  

	2.2	 Each Pledgor hereby undertakes that it will be responsible for recording the arrangement of the equity pledge
hereunder (“Equity Pledge”) on the shareholders’ register of the Company on the date hereof. Each Pledgor further undertakes that it will make its best endeavors and take all necessary actions to handle the pledge registration
of the Equity Pledge hereunder with the relevant industrial and commercial administration as soon as possible after the execution of this Agreement. 

  

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

  

	2.4	 To the extent not violating the provisions of Article 2.3 above, in case of any possibility of obvious
reduction in value of the Pledged Equity which is sufficient to jeopardize the Pledgee’s rights, the Pledgee may at any time auction or sell off the Pledged Equity on behalf of Pledgors, and discuss with the Pledgors to use the proceeds from
such auction or sale-off for the prepayment of the Guaranteed Liabilities, or may deposit such proceeds with the local notary institution in the place where the Pledgee is domiciled (any fees incurred in
relation thereto shall be borne by the Pledgee). Additionally, at the Pledgee’s request, the Pledgors shall provide other property as the guarantee for the Guaranteed Liabilities. 

 

	2.5	 In case of any Event of Default, the Pledgee shall have the right to dispose of the Pledged Equity in the
manner as set out in Article 4 hereof. 

  

	2.6	 Only upon prior consent by the Pledgee shall the Pledgors be able to increase their capital contribution to the
Company. Further capital contributions made by the Pledgors to the registered capital of the Company shall also be a part of the Pledged Equity. 

  
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	2.7	 Only upon prior consent by the Pledgee shall the Pledgors be able to receive dividends in respect of the
Pledged Equity. The dividends received by the Pledgors in respect of the Pledged Equity shall be deposited in the account designated by the Pledgee, supervised by the Pledgee and first used to clear off the Guaranteed Liabilities.

  

	2.8	 In case of any Event of Default, the Pledgee shall be entitled to dispose of any Pledged Equity of any Pledgor
pursuant to the provisions hereof. 

 Article 3 Release of Pledge 

 

	3.1	 Upon full and complete performance of all the Contractual Obligations and full and complete repayment of all
the Guaranteed Liabilities by the Pledgors and the Company, the Pledgee shall, at the request of the Pledgors, release the Equity Pledge hereunder and shall cooperate with the Pledgors to go through the formalities to cancel the record of the Equity
Pledge in the shareholders’ register of the Company and at the industrial and commercial administration governing the Company. The reasonable fees incurred in connection with such release shall be borne by the Pledgee. 

Article 4 Disposal of Pledged Equity 
  

	4.1	 The Parties hereby agree that, in case of any Event of Default, the Pledgee shall be entitled to, upon giving
written notice to the Pledgors, exercise all the remedial rights and powers available to it under PRC Law, Transaction Agreements and this Agreement, including, but not limited to, being compensated in first priority with proceeds from auctions or
sale-offs of the Pledged Equity. The Pledgee shall not be liable for any loss as a result of its reasonable exercise of such rights and powers. 

  

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

  

	4.3	 The reasonable costs incurred by the Pledgee in connection with its exercise of any and all rights and powers
set out above shall be borne by the Pledgors, and the Pledgee shall have the right to deduct the actual costs from the sums received as a result of its exercise of the rights and powers. 

 

	4.4	 The sums received by the Pledgee as a result of the exercise of its rights and powers shall be used in order of
precedence as follows: 

 First, to pay any cost incurred in connection with the disposal of the Pledged Equity and the
exercise by the Pledgee of its rights and powers (including remunerations paid to its legal counsel and agent); 
 Second, to pay any taxes
and levies payable for the disposal of the Pledged Equity; and 

  
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 Third, to repay the Pledgee for the Guaranteed Liabilities. 

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

 

	4.5	 The Pledgee may exercise, simultaneously or in sequence, any default remedies available to it. The Pledgee
shall not be obliged to exercise other default remedies before its exercise of the right to the auctions or sale-offs of the Pledged Equity hereunder. 

Article 5 Expenses and Costs 
  

	5.1	 All the expenses and costs actually incurred in connection with the creation of the Equity Pledge hereunder,
including, but not limited to, stamp duty, other taxes and all legal fees, shall be borne by the Company. 

 Article 6
Continuity and No Waiver 
  

	6.1	 The Equity Pledge hereunder is a continuing guarantee, with its validity to continue until the full performance
of the Contractual Obligations or the full repayment of the Guaranteed Liabilities. No exemption or grace period granted by the Pledgee to the Pledgors in respect of their breach, and no delay by the Pledgee in exercising any of its rights under the
Transaction Agreements and this Agreement shall affect the rights of the Pledgee under this Agreement, relevant PRC Law and the Transaction Agreements to demand at any time thereafter the strict performance of the Transaction Agreements and this
Agreement by the Pledgors or the rights the Pledgee may have with respect to any subsequent breach by the Pledgors of the obligations under the Transaction Agreements and/or this Agreement. 

Article 7 Representations and Warranties by the Pledgors 

The Pledgors hereby severally represent and warrant to the Pledgee that: 
  

	7.1	 Each Pledgor is a Chinese citizen or a limited liability company duly organized and validly existing under PRC
Law (as the case may be) with full capacity, has the legal right and capacity to execute and perform this Agreement and may sue or be sued as an independent party. 

 

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

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

 

	7.4	 At the time of the effectiveness of this Agreement, the Pledgors are the sole legal owners of the Pledged
Equity, free and clear of any existing dispute whatever concerning the ownership of the Pledged Equity. The Pledgors have the right to dispose of the Pledged Equity or any part thereof. 

 

	7.5	 Except for the security interest created on the Pledged Equity hereunder and the rights created under the
Transaction Agreements, the Pledged Equity is free and clear of any other security interest, third party interest or other restriction. 

  

	7.6	 The Pledged Equity is capable of being pledged or transferred according to the laws, and the Pledgors have the
full right and power to pledge the Pledged Equity to the Pledgee pursuant to the provisions hereof. 

  

	7.7	 This Agreement, when duly executed by the Pledgors, constitutes a legal, valid and binding obligation of the
Pledgors. 

  

	7.8	 Other than the equity pledge registration with the industry and commerce administration, any consent, permit,
waiver or authorization by any third person, or any approval, permit or exemption by any government authority, or any registration or filing formalities (if required by laws) with any government authority to be handled or obtained in respect of the
execution and performance hereof and the Equity Pledge hereunder have already been handled or obtained, and will remain in full force throughout the term of this Agreement. 

 

	7.9	 The execution and performance by the Pledgors of this Agreement do not violate or conflict with any laws
applicable to them, or any agreement to which they is a party or by which their assets are bound, any court judgment, any arbitration award, or any decision of any administration authority. 

 

	7.10	 The pledge hereunder constitutes the security interest (first in order) on the Pledged Equity.

  

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

  

	7.12	 There is no litigation, legal proceedings or demand at any court or any arbitral tribunal pending or, to the
knowledge of the Pledgors, threatened against the Pledgors or their property or the Pledged Equity, nor is there any litigation, legal proceedings or demand at any government authority or any administrative authority pending or, to the knowledge of
the Pledgors, threatened against the Pledgors or their property or the Pledged Equity, which has a material adverse effect on the economic status of the Pledgors or their ability to perform the obligations hereunder and the Guaranteed Liabilities.

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

Article 8 Representations and Warranties by the Company 

The Company hereby represents and warrants to the Pledgee that: 
  

	8.1	 The Company is a limited liability company duly organized and validly existing under PRC Law with an
independent legal personality. It also has the full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party. 

 

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

 

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

 

	8.4	 This Agreement, when duly executed by the Company, constitutes a legal, valid and binding obligation of the
Company. 

  

	8.5	 It has the full corporate power and authority to execute and deliver this Agreement and all other documents
relating to the transaction contemplated hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated hereby. 

 

	8.6	 There is no litigation, legal proceedings or demand at any court or any arbitral tribunal pending or, to the
knowledge of the Company, threatened against the Pledged Equity, the Company or its property, nor is there any litigation, legal proceedings or demand at any government authority or any administrative authority pending or, to the knowledge of the
Company, threatened against the Pledged Equity, the Company or its property, which has a material adverse effect on the economic status of the Company or the Pledgors’ ability to perform the obligations hereunder and the Guaranteed Liabilities.

  

	8.7	 The Company hereby agrees to bear joint responsibilities to the Pledgee in respect of the representations and
warranties made by the Pledgors under Articles 7.4, 7.5, 7.6, 7.8 and 7.10 hereof. 

  

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

  
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 Article 9 Undertakings by the Pledgors 

The Pledgors hereby severally agree and undertake to the Pledgee that: 
  

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

 

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

  

	9.3	 In case of any litigation, arbitration or other demand which may be adverse to the interests of the Pledgors or
the Pledgee under the Transaction Agreements and hereunder or to the Pledged Equity, the Pledgors shall notify the Pledgee thereof in writing as practicable as possible and at the reasonable request of the Pledgee, take all necessary actions to
ensure the pledge interests of the Pledgee in the Pledged Equity. 

  

	9.4	 The Pledgors shall, within three (3) months prior to the expiry of the Company’s duration, complete
the registration procedures concerning the extension thereof so as to maintain the validity of this Agreement. 

  

	9.5	 The Pledgors shall not do or permit any act that may be adverse to the interests of the Pledgee under the
Transaction Agreements and hereunder or to the Pledged Equity. Each Pledgor shall waive the preemptive right at the exercise of the right of pledge hereunder by the Pledgee. 

 

	9.6	 Upon execution of this Agreement, the Pledgors shall do its best and take all necessary actions to handle the
pledge registration of the Equity Pledge hereunder with the relevant industrial and commercial administration as promptly as possible. At the Pledgee’s reasonable request, the Pledgors shall take all such actions and execute all such documents
(including but not limited to any supplementary agreement hereto) as may be necessary to ensure the pledge interests of the Pledgee in the Pledged Equity and the exercise and realization of the rights thereof. 

 

	9.7	 If assignment of any Pledged Equity arises as a result of the exercise of the right of pledge hereunder, the
Pledgors shall take all such actions as may be necessary or requisite for such assignment. 

  

	9.8	 The Pledgors shall warrant that the convening procedures of and method and contents of voting at the meetings
of the board of shareholders and board of directors (or executive directors) of the Company held for the execution of this Agreement, the creation of the right of pledge hereunder and the exercise of the right of pledge hereunder will not be in
violation of any law, administrative regulations or the Company’s articles of association. 

  
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	9.9	 The Pledgors undertake to, within twenty (20) business days following the execution of this Agreement,
apply to the competent industrial and commercial administration for the registration of the Equity Pledge in respect of the Equity Pledge hereunder and provide all necessary cooperation to complete such registration in time. 

Article 10 Undertakings by the Company 
  

	10.1	 If any consent, permit, waiver or authorization by any third person, or any approval, permit or exemption by
any government authority, or any registration or filing formalities (if required by laws) with any government authority need to be handled or obtained in respect of the execution and performance hereof and the Equity Pledge hereunder, the Company
shall do its best to cooperate to handle or obtain them and ensure that they will remain in full force throughout the term of this Agreement. 

  

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

  

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

  

	10.4	 In case of any litigation, arbitration or other demand which may be adverse to the interests of the Company or
the Pledgee under the Transaction Agreements and hereunder or to the Pledged Equity, the Company shall notify the Pledgee thereof in writing as practicable as possible and at the reasonable request of the Pledgee, take all necessary actions to
ensure the pledge interests of the Pledgee in the Pledged Equity. 

  

	10.5	 The Company shall, within three (3) months prior to the expiry of its duration, complete the registration
procedures concerning the extension thereof so as to maintain the validity of this Agreement. 

  

	10.6	 The Company shall not do or permit any act that may be adverse to the interests of the Pledgee under the
Transaction Agreements and hereunder or to the Pledged Equity. 

  

	10.7	 The Pledgors shall provide to the Pledgee the Company’s financial statements for the previous calendar
quarter within the first month of each calendar quarter, including, but not limited to, balance sheet, income statement and cash flow statement. 

  

	10.8	 At the Pledgee’s reasonable request, the Company shall take all such actions and execute all such
documents (including, but not limited to, any supplemental agreement hereto) as may be necessary to ensure the pledge interests of the Pledgee in the Pledged Equity and the exercise and realization of the rights thereof. 

  
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	10.9	 If assignment of any Pledged Equity arises as a result of the exercise of the right of pledge hereunder, the
Company shall take all such actions as may be necessary or requisite for such assignment. 

  

	10.10	 The Company undertakes to, within ten (10) business days following the execution of this Agreement, assist
the Pledgors to apply to the competent industrial and commercial administration for the registration of the Equity Pledge in respect of the Equity Pledge hereunder and provide all necessary cooperation to complete such registration in time.

 Article 11 Change of Circumstances 
  

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

 

	 	1)	 maintain the validity of this Agreement; 

 

	 	2)	 facilitate the disposal of the Pledged Equity in the manner provided herein; and/or 

 

	 	3)	 maintain or realize the guaranty created or intended to be created hereunder. 

Article 12 Effectiveness and Term 
  

	12.1	 This Agreement shall become effective upon the satisfaction of all of the following conditions:

  

	 	(1)	 this Agreement is duly executed by the Parties; and 

 

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

  

	12.2	 This Agreement shall be valid until the full performance of the Contractual Obligations or the full repayment
of the Guaranteed Liabilities. 

  
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 Article 13 Notices 

 

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

  

	13.2	 The abovementioned notices or other communications shall be deemed duly given or served: if sent by fax or
telex, immediately upon transmission; if delivered in person, at the time of delivery; if posted by mail, five (5) days after posting. 

Article 14 Miscellaneous 
  

	14.1	 The Pledgors and the Company agree that the Pledgee may, upon notice to the Pledgors and the Company but not
necessarily with the consent of the Pledgors and the Company, assign the Pledgee’s rights and/or obligations hereunder to any third party, provided that the Pledgors or the Company may not, without the Pledgee’s prior written consent,
assign their rights, obligations and/or liabilities hereunder to any third party. 

  

	14.2	 When the Pledgee exercises its right of pledge to the Pledged Equity pursuant to the provisions hereof, the
amount of the Guaranteed Liabilities determined by the Pledgee at its own discretion shall be regarded as the conclusive evidence of the Guaranteed Liabilities hereunder. 

 

	14.3	 This Agreement is written in Chinese and executed in eleven (11) originals, with one (1) original to
be retained by each Party hereto. 

  

	14.4	 The formation, validity and interpretation of, resolution of disputes in connection with, this Agreement, shall
be governed by PRC Law. 

  

	14.5	 Dispute Resolution 

  

	 	(1)	 Any dispute arising hereunder and in connection herewith shall be resolved through consultations among the
Parties, and if the Parties fail to reach a mutual agreement within thirty (30) days of its occurrence, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for
arbitration in accordance with CIETAC’s arbitration rules in effect at the time of applying for arbitration. The seat of arbitration shall be Shanghai and the language used in arbitration proceedings shall be Chinese. The arbitral award shall
be final and binding on the Parties. 

  

	 	(2)	 During dispute resolution, the Parties shall continue to perform the terms of this Agreement other than those
relating to disputes. 

  
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	14.6	 Any right, power or remedy conferred on any Party by any provision of this Agreement shall not be exclusive of
any other right, power or remedy available to it at law and under the other provisions of this Agreement, and the exercise by such Party of any of its rights, powers and remedies shall not preclude the exercise of any other rights, powers and
remedies it may have. 

  

	14.7	 No failure or delay by a Party in exercising any of its rights, powers and remedies available to it hereunder
or at law (hereinafter, the “Party’s Rights”) shall operate as a waiver thereof, nor shall the waiver of any single or partial exercise of the Party’s Rights shall preclude such Party from exercising such rights in any
other way and exercising the remaining part of the Party’s Rights. 

  

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

  

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

 

	14.10	 This Agreement, when executed, shall supersede any prior other legal document among the Parties with respect to
the subject matter hereof. Any amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto, but other than Pledgee’s transfer of its rights hereunder according to Article 14.1
hereof. 

  

	14.11	 This Agreement shall be binding on the legal assignees, successors or heirs of the Parties. The successors,
heirs or permitted assignees (if any) of the Pledgors and the Company shall continue to perform the obligations of the Pledgors and the Company under this Agreement. Each Pledgor warrants to the Pledgee that it has made (and will continue to make)
all such arrangements and has signed all such documents as are necessary to ensure that upon its death, incapacity, bankruptcy, divorce or the occurrence of any other circumstance that prevents it from exercising the equity, the persons that may
acquire the Company Equity or related rights as a result thereof, including its heir, guardian, creditor or spouse, will not affect or impede the performance of this Agreement. 

 

	14.12	 At the time of execution hereof, each Pledgor shall sign a power of attorney (“Power of
Attorney”, the form of which is given in Annex 2) to authorize any person designated by the Pledgee to sign, on the Pledgee’s behalf and according to this Agreement, any and all legal documents necessary for the exercise of
Pledgee’s rights hereunder. Such Power of Attorney shall be delivered to the Pledgee to keep in custody and, when necessary, the Pledgee may at any time submit the Power of Attorney to the relevant government authority. 

[Remainder of this page intentionally left blank] 

  
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 [Signature Page] 

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

 

	
	Pledgors
	
	  

	
	Company
	
	  

	
	Pledgee
	
	  

  
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 Annex 1: 

Company’s General Information 

Company name:
                                         
                    
 Registered capital:
RMB                     
 Legal representative:
                             

Shareholding structure: 
  

													
	 Shareholder’s name
	  	Contribution in registered
capital (RMB yuan)	 	  	Percentage of
contribution	 	  	Method of
contribution	 
		  	 	            	 	  	 	            	 	  	 	            	 
		  	 	    	 	  				  			
		  	 	    	 	  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	    	 	  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
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 Annex 2: 

Form of Power of Attorney 

I/we,             , hereby irrevocably entrust
             (ID card number:                     ) as my or our authorized
representative to sign all the necessary or useful legal documents for the exercise of the rights by                      under the “Equity
Pledge Agreement about                     ” among
                    , me/us and
                    . 
  

	
	Signature:
	
	Date:

  
 15 

 Schedule A 

The following schedule sets forth all major similar agreements the registrant entered into with each of its variable interest entities. Other
than the information set forth below, there is no material difference between such agreements and this exhibit. 
  

					
	 VIE
	  	 Executing Parties
	  	 Execution Date

	Shanghai Liulishuo Information and Technology Co., Ltd.	  	 Pledgors: Dr. Yi Wang, Mr. Zheren Hu, Dr. Hui Lin, Zhuhai Xinran Consulting and Management Co., Ltd., Ningbo Meishan
Bonded Port Zhimei Fifth Equity Investment Partnership (Limited Partnership), Jiwei Enterprise Management and Consulting (Shanghai) Co., Ltd., Mr. Gu Jiong, Dazi Tongxin Kaiyuan Investment Management Co., Ltd., and Beijing Wu Capital Investment
Management;
  
 Company: Shanghai Liulishuo Information and Technology Co.,
Ltd.;
  
 Pledgee: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	May 29, 2018
			
	Shanghai Mengfan Cultural Communication Co., Ltd.	  	 Pledgors: Dr. Yi Wang, Mr. Zheren Hu, Dr. Hui Lin, Zhuhai Xinran Consulting and Management Co., Ltd., Ningbo Meishan
Bonded Port Zhimei Fifth Equity Investment Partnership (Limited Partnership), Jiwei Enterprise Management and Consulting (Shanghai) Co., Ltd., Mr. Gu Jiong, Dazi Tongxin Kaiyuan Investment Management Co., Ltd., and Beijing Wu Capital Investment
Management;
  
 Company: Shanghai Mengfan Cultural Communication Co., Ltd.;

 
 Pledgee: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	May 29, 2018

  
 16 

					
			
	 Shanghai Mengfan Education Technology Co., Ltd.*
	  	 Pledgors: Dr. Yi Wang, Mr. Zheren Hu and Dr. Hui Lin;

 
 Company: Shanghai Mengfan EducationTechnology Co., Ltd.;

 
 Pledgee: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	 April 22, 2019

  
  

	*	 Definitions of “Contractual Obligations” and “Transaction Agreements” under the equity
pledge agreement also include loan agreement among Yuguan Information Technology (Shanghai) Co., Ltd. and the shareholders of Shanghai Mengfan Education Training Co., Ltd. 

  
 17EX-4.8

 Exhibit 4.8 

English Translation 

Exclusive Technology Service Agreement 

This Exclusive Technology Service Agreement (this “Agreement”) is entered into as of
                     in Shanghai, China by and among the following parties: 
  

			
	1.	 	Party A:
                                        

		
	2.	 	Party B:
                                        

 (In this Agreement, Party A and Party B are hereinafter referred to individually as a “Party” and
collectively as the “Parties”.) 
 W I T N E S S E T H 

WHEREAS, Party A is a limited liability company duly registered and lawfully existing in
                    , which is mainly engaged in technology development, technology consulting, technology transfer and technical service in IT
field; selling of computer, software and auxiliary devices (other than computer information system security products); telecommunication business. 

WHEREAS, Party B is a wholly foreign-owned enterprise duly registered and lawfully existing in
                    , which is mainly engaged in development, design and making of computer software; selling of self-produced products; network
technology development; and provision of related technical consulting and technical services. 
 WHEREAS, Party A needs Party B to provide
it with the technical services relating to Party A Business (as defined below) and Party B agrees to provide such services to Party A. 

NOW, THEREFORE, upon friendly discussions, the Parties agree as follows: 

Article 1 Definitions 
  

	1.1	 Unless otherwise indicated herein or otherwise required by the context, the following terms shall have the
following meanings in this Agreement: 

  

			
	“Party A Business”	  	Means all of the business activities operated and developed by Party A now and at any time during the term hereof, including, without limitation, education consulting, education software development; technology development,
technology consulting, technology transfer and technical service in IT field; selling of computer, software and auxiliary devices (other than computer information system security products); telecommunication
business.

  
 1 

			
		
	“Services”	  	Means the services to be provided by Party B on an exclusive basis within its business scope to Party A in relation to Party A Business, including, without limitation, the services as set out in Annex 1 hereto.
		
	“Annual Business Plan”	  	Means the Party A Business development plan and budget report for the next calendar year to be prepared by Party A in accordance with this Agreement by November 30 of each year or such other date as may be agreed by the
Parties with the assistance of Party B.
		
	“Service Fees”	  	Means all the fees payable by Party A to Party B under Article 3 hereof in respect of the services provided by Party B.
		
	“Devices”	  	Means any and all devices owned or acquired from time to time by Party B and utilized for the purposes of the provision of the Services.
		
	“Business-Related Technology”	  	Means any and all intellectual property developed by Party A on the basis of the Services provided by Party B hereunder in relation to Party A Business.
		
	“Confidential Information”	  	Has the meaning ascribed to it in Article 6.2 hereof.
		
	“Defaulting Party”	  	Has the meaning ascribed to it in Article 11.1 hereof.
		
	Default”	  	Has the meaning ascribed to it in Article 11.1 hereof.
		
	“Party’s Rights”	  	Has the meaning ascribed to it in Article 13.5 hereof.

  

	1.2	 In this Agreement, any reference to any laws and regulations (“Laws”) shall be deemed to
include: 

  

	 	(1)	 a reference to such Laws as modified, amended, supplemented or reenacted, effective either before or after the
date hereof; and 

  

	 	(2)	 a reference to any other decision, circular or rule made thereunder or effective as a result thereof.

  
 2 

	1.3	 Unless otherwise required by the context, a reference to a provision, clause, section or paragraph shall be a
reference to a provision, clause, section or paragraph of this Agreement. 

 Article 2 Services 

 

	2.1	 During the term hereof, Party B shall, in accordance with the requirements of Party A Business, diligently
provide the Services to Party A. 

  

	2.2	 Party B shall be equipped with the resources and personnel reasonably necessary for the provision of the
Services and shall, in accordance with Party A’s Annual Business Plan and Party A’s reasonable requests, procure and purchase new Devices and intellectual property and add new personnel so as to meet the requirement of providing quality
Services to Party A in accordance with this Agreement. 

  

	2.3	 For the purpose of the provision of the Services hereunder, Party B shall communicate and exchange with Party A
the information pertaining to Party A Business. 

  

	2.4	 Notwithstanding any other provisions hereof, Party B shall have the right to designate any third party to
provide any or all of the Services hereunder or fulfill, in lieu of Party B, Party B’s obligations hereunder. Party A hereby agrees that Party B has the right to assign to any third party its rights and interests hereunder.

 Article 3 Service Fees 
  

	3.1	 In connection with the Services provided by Party B hereunder, Party B has the right to reasonably determine
the amount of the annual service fees after considering the following factors and Party A’s revenue: (i) technical difficulty and complexity of consulting and management services; (ii) the time required for Party B’s provision of
the Services; and (iii) the specific contents and commercial value of the Services. Upon determining the annual service fees, Party B shall inform Party A in writing; upon receiving the written payment notice from Party B, Party A shall make
payments according to the payment timetable reasonably requested in Party B’s written notice. 

  

	3.2	 Party A shall not refuse to pay the Service Fees determined by Party B under Article 3.1 hereof without good
reasons. However, the Parties agree that in principle, the payment of the said Service Fees shall not result in the cash flow and operating difficulties to either Party for the then current year. For such purpose and to the extent of achieving the
said principle, Party B agrees that Party A may delay the payment of the Service Fees. 

  
 3 

 Article 4 Party A’s Obligations 

 

	4.1	 Party B’s Services hereunder shall be exclusive; during the term hereof, without prior written consent of
Party B, Party A shall not enter into any agreement or otherwise with any third party and thereby accept from such third party services identical or similar to the Services of Party B. 

 

	4.2	 Party A shall by October 30 of each year provide to Party B its fixed Annual Business Plan of the next
year such that Party B may prepare the relevant Services plan and procure required software, Devices, personnel and technical services resources. If Party A needs Party B to procure additional Devices or personnel on an ad hoc basis, it shall
consult with Party B fifteen (15) days in advance so as to reach mutual agreement. 

  

	4.3	 In order to facilitate Party B’s provision of the Services, Party A shall at Party B’s request
provide in a timely manner such information as has been required by Party B. 

  

	4.4	 Party A shall in accordance with Article 3 pay the full amount of the Service Fees in a timely manner.

  

	4.5	 Party A shall maintain its own good reputation, actively expand its business and seek maximization of its
profits. 

  

	4.6	 During the term of this Agreement, Party A agrees to cooperate with Party B and Party B’s parent company
(direct or indirect) about connected party transaction audits and other various kinds of audits, and provide Party B, Party B’s parent company or the auditor engaged by Party B with the information and materials about Party A’s operations,
business, customers, finance and employees and further agrees that Party B’s parent company may disclose any such information and materials for the purpose of complying with the regulatory requirements of the venue where its securities are
listed. 

 Article 5 Intellectual Property 

 

	5.1	 All of the intellectual properties, which are either originally owned by Party B or acquired by it during the
term hereof, including the intellectual property to and in the work results created during its provision of the Services, shall belong to Party B. 

  

	5.2	 Considering that the conduct of Party A Business is dependent upon the Services provided by Party B hereunder,
Party A agrees to the following arrangement with respect to the Business-Related Technology developed on the basis of such Services: 

  
 4 

	 	(i)	 If the Business-Related Technology is developed and derived by Party A under Party B’s entrustment or is
derived by Party A through joint development with Party B, then such Business-Related Technology and relevant patent application right shall be owned by Party B; 

 

	 	(ii)	 If the Business-Related Technology is derived by Party A through further independent development, then it shall
be owned by Party A, provided however that: (A) Party A shall timely inform Party B of the details of such Business-Related Technology and shall provide relevant documents required by Party B; (B) if Party A intends to license or transfer
such Business-Related Technology, Party A shall, to the extent not contrary to mandatory requirements of PRC Laws, transfer the same to Party B or grant an exclusive license to Party B on a preemptive basis, and Party B may use such Business-Related
Technology within the specific scope of transfer or license (however, Party B may determine in its discretion whether to accept such transfer or license); if and only if Party B has waived its right to preemptive purchase or its right to exclusive
license with respect to such Business-Related Technology, Party A may then transfer the title of, or license, such Business-Related Technology, to a third party on terms and conditions no more favorable than those proposed to Party B (including,
without limitation, transfer price or royalty) but shall ensure that such third party shall fully comply with and perform the liabilities and obligations to be performed by Party A hereunder; (C) except in the case of a circumstance described
in (B), during the term hereof, Party B shall have the right to demand to purchase such Business-Related Technology, and in the event that such a request is so made, Party A shall, to the extent not contrary to mandatory requirements of PRC Laws,
agree to such purchase request of Party B at the lowest purchase price then permissible by PRC Laws. 

  

	5.3	 In the event that Party B is granted, in accordance with Article 5.2(ii), an exclusive license to use the
Business-Related Technology, such license shall comply with the following requirements: 

  

	 	(i)	 The term of the license shall be no less than ten (10) years (from the date of effectiveness of the
relevant license agreement); 

  

	 	(ii)	 The scope of the rights granted under the license shall be as broad as possible; 

 

	 	(iii)	 During the term of the license, no one (including Party A) other than Party B and its affiliate shall in any
way use or license another party to use such Business-Related Technology within the scope of the license; 

  

	 	(iv)	 To the extent not contrary to Article 5.3(iii), Party A shall have the right to relicense, in its discretion,
such Business-Related Technology to other third party; 

  
 5 

	 	(v)	 Upon expiry of the term of the license, Party B shall have the right to demand to renew the license agreement
and Party A shall grant its consent, and upon such renewal, the terms of such license agreement shall remain unchanged other than amendments thereto which have been confirmed by Party B. 

 

	5.4	 Notwithstanding Article 5.2(ii), a patent application in respect of any Business-Related Technology described
therein shall be dealt with as follows: 

  

	 	(i)	 If Party A intends to file a patent application with respect to any Business-Related Technology described in
Article 5.2(ii), it shall first obtain written consent from Party B; 

  

	 	(ii)	 If and only if Party B has waived its right to purchase the patent application right for such Business-Related
Technology, Party A may then file such patent application on its own or assign such right to a third party. Prior to so transferring such patent application right to a third party, Party A shall ensure that such third party shall fully comply with
and perform the liabilities and obligations to be performed by Party A hereunder; in addition, the terms on which Party A transfers such patent application right to a third party (including, without limitation, transfer price) shall not be more
favorable than those proposed by Party A to Party B under Article 5.4(iii); 

  

	 	(iii)	 During the term hereof, Party B may at any time request Party A to file patent applications with respect to
such Business-Related Technology and may decide in its discretion whether to purchase the right to file such patent application. If so requested by Party B, Party A shall, to the extent not contrary to the mandatory requirements of PRC Laws,
transfer such right to file patent applications to Party B at the lowest transfer price then permissible by PRC Laws; once Party B has been granted patents upon its so acquiring the right to file patent applications with respect to such
Business-Related Technology and so filing such applications, Party B shall become the lawful owner of such patents. 

  

	5.5	 Each Party undertakes to the other Party that it will indemnify the other Party against any and all economic
losses suffered by the other Party as a result of its infringement of third party intellectual properties (including copyrights, trademarks, patents and know-hows). 

Article 6 Confidentiality 
  

	6.1	 Regardless of whether this Agreement is terminated or not, each Party shall keep strictly confidential all the
business secrets, proprietary information, customer information and other information of a confidential nature about the other Party known by it during the execution and performance of this Agreement (collectively, the “Confidential
Information”). The receiving Party shall not disclose any Confidential Information to any third party except with the prior written consent of the disclosing Party or in accordance with relevant laws or regulations or under requirements of
the place where its affiliate is listed on a stock exchange. The receiving Party shall not use or indirectly use any Confidential Information other than for performing this Agreement. 

  
 6 

	6.2	 The following information shall not be deemed part of the Confidential Information: 

 

	 	(a)	 any information already known by the receiving Party by legal means prior to disclosure, which is substantiated
in writing; 

  

	 	(b)	 any information being part of public knowledge through no fault of the receiving Party; or

  

	 	(c)	 any information rightfully received by the receiving Party from other sources after disclosure.

  

	6.3	 The receiving Party may disclose the Confidential Information to its relevant employees, agents or engaged
professionals, but the receiving Party shall guarantee that they are in compliance with the relevant terms and conditions of this Agreement and assume any responsibility arising from any breach thereof by them. 

 

	6.4	 Notwithstanding any other provision herein, the validity of this Article shall survive the termination of this
Agreement. 

 Article 7 Representations and Warranties by Party A 

Party A hereby represents and warrants to Party B that: 
  

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

 

	7.2	 It has full internal corporate power and authority to execute and deliver this Agreement and all other
documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and authority to consummate the transactions contemplated hereunder. This Agreement will be lawfully and duly executed and delivered by
it, and will constitute its legal and binding obligations enforceable against it in accordance with its terms. 

  

	7.3	 It shall timely inform Party B of any circumstance which has or is likely to have a material adverse effect on
Party A Business or operations thereof and shall use its best efforts to prevent the occurrence of such circumstance and/or the expansion of losses. 

  
 7 

	7.4	 Without written consent of Party B, Party A will not dispose of its material assets or change its current
shareholding structure in whatsoever manner. 

 Article 8 Representations and Warranties by Party B 

Party B hereby represents and warrants to Party A that: 
  

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

 

	8.2	 It has full internal corporate power and authority to execute and deliver this Agreement and all other
documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and authority to consummate the transactions contemplated hereunder. This Agreement will be lawfully and duly executed and delivered by
it, and will constitute its legal and binding obligations enforceable against it in accordance with its terms. 

Article 9 Term of Agreement 
  

	9.1	 This Agreement shall become effective upon due execution by the Parties and its validity shall be retroactive
until Party A’s date of founding. The Parties acknowledge that prior to the signing of this Agreement, the Services have been provided and the fees have been settled in the manner provided herein. Unless expressly agreed herein or terminated by
the Parties in writing, this Agreement shall have a term of thirty (30) years. The term of this Agreement will be automatically extended for one (1) year, unless Party B gives Party A written notice of its intention not to extend at least
thirty (30) days prior to expiration. 

  

	9.2	 If Party A or Party B, upon expiry of its duration, fails to handle the examination, approval and registration
procedures concerning the extension thereof, this Agreement shall be terminated upon expiry of the duration of Party A or Party B. Party A or Party B shall, within three (3) months prior to expiry of its duration, complete the examination,
approval and registration procedures concerning the extension thereof so as to maintain the validity of this Agreement. 

  

	9.3	 Upon termination of this Agreement, the Parties shall continue to comply with their respective obligations
under Article 6 hereof. 

  
 8 

 Article 9 Notices 

 

	10.1	 Any notice, request, demand and other communications required to be made or given under or pursuant to this
Agreement shall be in writing and served on the relevant Party. 

  

	10.2	 The above notices or other communications shall be deemed duly given or served: if sent by fax or telex,
immediately upon transmission; if delivered in person, at the time of delivery; if posted by mail, five (5) days after posting. 

Article 11 Defaulting Liability 
  

	11.1	 The Parties agree and acknowledge that if any Party (“Defaulting Party”) substantially
breaches any provision hereunder, or substantially fails to perform or substantially delays in performing any obligations hereunder, such breach, failure or delay shall constitute a default hereunder (“Default”) and that in such
event, the non-defaulting Party shall have the right to demand the Defaulting Party to cure such Default or take remedial measures within a reasonable time. If the Defaulting Party fails to cure such Default
or take remedial measures within such reasonable time or within ten (10) days after the non-defaulting Party notifies the Defaulting Party in writing and requests it to cure such Default, the non-defaulting Party may elect, in its discretion, to (i) terminate this Agreement and demand the Defaulting Party to fully indemnify for damage; or (ii) demand enforced performance by the Defaulting Party
of its obligations hereunder and full indemnification from the Defaulting Party for damage. 

  

	11.2	 Notwithstanding Article 11.1 above, the Parties agree and acknowledge that unless otherwise stipulated by Laws,
Party A shall in no event be permitted to demand to terminate this Agreement on the ground of any reason 

  

	11.3	 Notwithstanding any other provisions hereof, the validity of this Article 11 shall not be affected by any
termination of this Agreement. 

 Article 12 Force Majeure 

 

	12.1	 If there occurs an earthquake, typhoon, flood, war, computer virus, tool software design loophole, hacking
attack on the Internet, change of policy or law or any other force majeure event which is unforeseeable and whose consequences are insurmountable or unavoidable and a Party is directly affected thereby in its performance of this Agreement or is
prevented thereby from performing this Agreement on agreed terms, such prevented Party shall immediately notify the other Party by fax of the same and shall within thirty (30) days provide an evidencing document to be issued by the notary body
of the place of the force majeure event setting forth the details of such force majeure and the reasons for such failure to perform, or for the need for postponed performance of, this Agreement. The Parties shall in light of the extent of the effect
of such force majeure event on the performance of this Agreement, agree on whether to waive performance of part of this Agreement or to permit postponed performance thereof. No Party shall be held liable to indemnify the other Party against its
economic losses resulting from a force majeure event. 

  
 9 

 Article 13 Miscellaneous 

 

	13.1	 This Agreement is written in Chinese and executed in two (2) originals, with one (1) original to be
retained by each Party hereto. 

  

	13.2	 The formation, validity and interpretation of, resolution of disputes in connection with, this Agreement, shall
be governed by PRC Law. 

  

	13.3	 Dispute Resolution 

  

	 	(1)	 Any dispute arising hereunder and in connection herewith shall be resolved through consultations among the
Parties, and if the Parties fail to reach a mutual agreement within thirty (30) days of its occurrence, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for
arbitration in accordance with CIETAC’s arbitration rules in effect at the time of applying for arbitration. The seat of arbitration shall be Shanghai and the language used in arbitration proceedings shall be Chinese. The arbitral award shall
be final and binding on the Parties. 

  

	 	(2)	 During dispute resolution, the Parties shall continue to perform the terms of this Agreement other than those
relating to disputes. 

  

	13.4	 Any right, power or remedy conferred on any Party by any provision of this Agreement shall not be exclusive of
any other right, power or remedy available to it at law and under the other provisions of this Agreement, and the exercise by such Party of any of its rights, powers and remedies shall not preclude the exercise of any other rights, powers and
remedies it may have. 

  

	13.5	 No failure or delay by a Party in exercising any of its rights, powers and remedies available to it hereunder
or at law (hereinafter, the “Party’s Rights”) shall operate as a waiver thereof, nor shall the waiver of any single or partial exercise of the Party’s Rights shall preclude such Party from exercising such rights in any
other way and exercising the remaining part of the Party’s Rights. 

  

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

  
 10 

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

 

	13.8	 This Agreement, when executed, shall supersede any prior other legal document among the Parties with respect to
the subject matter hereof. Any amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto, but other than Party B’s transfer of its rights hereunder according to Article 13.9
hereof. 

  

	13.9	 Without Party B’s prior written consent, Party A shall not transfer any of its rights and/or obligations
hereunder to any third party. Party A hereby agrees that without the prior written consent of Party A, Party B is entitled to transfer any of its rights and/or obligations hereunder to any third party upon written notice thereof to Party A.

  

	13.10	 This Agreement shall be binding on the legal assignees, successors or heirs of the Parties.

  

	13.11	 Each Party agrees to declare and pay the taxes in connection with the transaction hereunder in accordance with
law. 

 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]  

  
 11 

 [Signature Page] 

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

 

	
	Party A
	
	By:
	Name:
	Title:
	(Company seal)
	
	Party B
	
	By:
	Name:
	Title:
	(Company seal)

  
 12 

 Annex 1: 

List of Services 
 Party B shall provide
Party A with the following services in accordance with this Agreement: 
  

	(1)	 License Party A to use the relevant intellectual property (including, but not limited to, copyright, patent,
etc.) that is lawfully owned by Party B and required for the Party A Business and provide relevant technical application and implementation on the operation of Party A Business, including, but not limited to, system general design plan, system
installation and commissioning and system trial operation. 

  

	(2)	 Be responsible for the research, development, maintenance and updating of relevant technologies and application
software required for the Party A Business, including developing, designing and producing database software, user interface software and other related technologies used to store related business information and licensing them to Party A;

  

	(3)	 Providing advisory services for the procurement of relevant Devices and software and hardware systems required
for Party A’s network operation, including, but not limited to, the selection, system installation and debugging of various tool software, applications and technical platforms, and the selection, models and performances of all kinds of
supporting hardware facilities and Devices; 

  

	(4)	 Be responsible for the daily management, maintenance, monitoring, debugging, troubleshooting and updating of
Party A’s computer network equipment and other hardware equipment and database A, including inputting in time the user’s information into the database, or updating the database in time on the basis of the other business information
provided by Party A., updating the user interface regularly, and providing other related technical services; 

  

	(5)	 Provide technical training, technical support and assistance to Party A’s related personnel, including,
but not limited to, providing appropriate training to Party A’s related personnel, including customer service or technical and other training; introducing knowledge and experience about the installation and operation of system and equipment to
Party A’s related personnel and assisting Party A in solving the problems that occur at any time during the installation and operation of the system and equipment; providing Party A with the advices on the use of other online editing platforms
and software applications and assisting Party A in compiling and collecting various kinds of information contents. 

  

	(6)	 In order to improve the quality of technical services hereunder, assist in collecting and analyzing technical
data about website operation, including error and defect information; and 

  

	(7)	 Other related services which shall be provided from time to time at the request of Party A.

  
 13 

 Schedule A 

The following schedule sets forth all major similar agreements the registrant entered into with each of its variable interest entities. Other
than the information set forth below, there is no material difference between such agreements and this exhibit. 
  

					
	 VIE
	 	 Executing Parties
	  	 Execution Date

	Shanghai Liulishuo Information and Technology Co., Ltd.	 	 Party A: Shanghai Liulishuo Information and Technology Co., Ltd.;

 
 Party B: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	May 29, 2018
			
	Shanghai Mengfan Cultural Communication Co., Ltd.	 	 Party A: Shanghai Mengfan Cultural Communication Co., Ltd.;
  

Party B: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	May 29, 2018
			
	 Shanghai Mengfan Education Technology Co., Ltd.
	 	 Party A: Shanghai Mengfan Education Technology Co., Ltd.;
  

Party B: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	 April 22, 2019

  
 14

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