Document:

Exhibit 4.114

 

 

 

Our Ref: Corporate Banking – G140930 [M]

 

Confidential

 

	16 October 2014	 	 
	 	 	 
	KongZhong Corporation	 	 
	中國北京海淀區西直門外大街168號騰達大廈35層	 	 
	郵編 : 100044 (35th
    floor, Tengda Plaza, No.168 Xizhimenwai Street, Beijing China 100044)	 	 
	 	 	 
	Attention: 楊洋小姐,
        執行副總裁 (Ms. Yang
    Yang, Executive vice president)

         

        Dear Sirs,

         

        BANKING FACILITIES

         

        With reference to our recent discussions,
        we, Hang Seng Bank Limited (the “Bank”) are pleased to offer the following banking facility/ facilities
        (the “Facilities”) to the borrower(s) specified below (the “Borrower”).

         

        The Facilities will be made available
        on the terms and conditions set out in this letter and the Standard Terms and Conditions for Banking Facilities attached
        and upon satisfactory completion of the security specified below.

         

        The Facilities are subject to review
        at any time and in any event by 30 September 2015 and also subject to our overriding right of repayment on demand,
        including the right to call for cash cover on demand for prospective and contingent liabilities. The Bank shall have an
        unrestricted discretion to cancel or suspend, or determine whether or not to permit drawings in relation to, the Facilities.

 

	1.	Borrower
	 	 
	 	KongZhong Corporation

 

	2.	Facilities and Limits

 

	Term Loan Facility	 	RMB310,000,000  
	 	 	 
	Total Facility Limit	 	RMB310,000,000

 

 

    	 

    	 

    

 

KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	3.	Facilities and Conditions

 

	 	Term Loan Facility	:	Loan Amount: RMB310,000,000 or its equivalent in
    HKD/ USD
	 	 	 	 
	 	 	 	Purpose: To finance the Group’s general offshore working
    capital including dividend payment, offshore procurement and M&A.
	 	 	 	 
	 	 	 	Final Maturity Date: 12 months from the date of drawdown or
    2 weeks before the expiry date of SBDC (as mentioned under “Security” section below), whichever is earlier.
	 	 	 	 
	 	 	 	Drawdown Availability Period: Subject to the fulfilment of Conditions
    Precedent, this facility will be available within 3 months from the date of this letter.
	 	 	 	 
	 	 	 	Drawdown: Drawdown can be made on any Business Day within the
    availability period by giving the Bank three Business Days prior written notice and the drawdown may be in minimum of RMB10,000,000/
    USD1,000,000/ HKD10,000,000 and in its integral multiple.
	 	 	 	 
	 	 	 	Each drawdown shall be supported by receipt by the Bank of the SBDC for an amount not less
    than the proposed drawdown amount, provided that total SBDC issued shall not be less than aggregate amount of drawdown under
    this facility. Total limit available for drawdown shall not exceed 100% of the total credit amount of the SBDC(s) received
    at any time.
	 	 	 	 
	 	 	 	Disbursement control: The Borrower shall provide to the Bank
    sufficient documentary proof of loan proceeds satisfying purpose of this facility and direct remittance to 3rd party outside
    PRC.
	 	 	 	 
	 	 	 	Interest Rate and Payment:
	 	 	 	For drawdown in RMB: 4% per annum over RMB Prime Rate and payable quarterly.
	 	 	 	 
	 	 	 	For drawdown in HKD/USD: 1.35% per annum over 3 month HIBOR/ LIBOR or the Bank’s Cost
    of Funds, whichever is higher, payable at the end of each interest period. No Interest Period shall extend beyond the Final
    Maturity Date.

 

 

    	2

    	 

    

 

KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	 	 	 	Repayment: Repayment in one
        lump sum on the Final Maturity Date.

         

        All sums which may become due to the
        Bank from time to time in respect of this facility (including but not limited to principal and interest) are to be directly
        debited from the account maintained with the Bank.

	 	 	 	 
	 	 	 	Prepayment: Prepayment (in whole or in part) is
    allowed provided that the Bank receives 30 days’ prior written notice and such prepayment is made on an interest payment
    date with a minimum amount of RMB10,000,000/ USD1,000,000/ HKD10,000,000. A prepayment fee 0.5% on the amount prepaid shall
    be charged. Amount prepaid shall not be available for redrawing thereafter.
	 	 	 	 
	 	 	 	Arrangement Fee: 0.25% on Loan Amount and payable
    upon acceptance of this letter.
	 	 	 	 
	 	 	 	Representations and Warranties:  Customary
    for financings of this nature and appropriate in the judgement of the Bank to be applied to the Borrower, including but not
    limited to the following:
	 	 	 	 
	 	 	 	(i)	All necessary government and regulatory approvals for this facility to be obtained;
	 	 	 	 	 
	 	 	 	(ii)	The borrowings made under this facility will constitute direct, unsecured and unsubordinated
    obligations of the Borrower and will at all times rank at least pari passu among themselves and with all other present and
    future unsecured and unsubordinated obligations of the Borrower;
	 	 	 	 	 
	 	 	 	(iii)	No material adverse change in the business, condition (financial or otherwise), operations,
    performance, properties or prospects of the Borrower, the guarantor or any of its subsidiaries taken as a whole since the
    first drawdown date of this facility.

 

 

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KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	 	 	 	Top-up provision: The Borrower shall ensure Loan-To-Valuation
    Ratio throughout the entire period of this facility shall equivalent to not more than 100% (the exchange rates of RMB/HKD/USD
    shall be at the discretion of the Bank). The Borrower shall pay down the outstanding balance of this facility within 7 Business
    Days upon receipt of a notice from the Bank to restore the Loan-To-Valuation Ratio to 100% or below in any event if the Loan-To-Valuation
    Ratio exceeds 102%.
	 	 	 	 
	 	 	 	“Loan-To-Valuation Ratio” means the ratio of aggregate outstanding
    amount of this facility to the amount of SBDC received by the Bank.
	 	 	 	 
	 	 	 	Furthermore, the Borrower shall pay the Bank the remaining outstanding balance
    of this facility when exchange difference between RMB/HKD/USD occurs upon final maturity or the claiming of the SBDC by the
    Lender, whichever is earlier, to ensure the principal and interest of this facility are fully settled.
	 	 	 	 
	 	 	 	Other Covenants: Customary for financing of this
    nature and appropriate in the judgment of the Bank to be applied to the Borrower and/or the guarantor(s) throughout the life
    of this facility, including but not limited to:
	 	 	 	 
	 	 	 	(i)	The Borrower shall not merge or consolidate with any non-group companies which,
    in the opinion of the Bank, shall impair the ability of the Borrower to fulfill its obligations under this facility.
	 	 	 	 	 
	 	 	 	(ii)	The Borrower shall remain its listing status in NASDAQ and its shares shall not be suspended
    for trading for more than ten consecutive trading days, unless getting the Bank’s consent.
	 	 	 	 	 
	 	 	 	(iii)	The Borrower undertakes not to, without the prior written consent of the Bank, sell, transfer,
    assign or dispose of the whole or a substantial part of its assets or revenues, whether by one transaction or a series of
    related or unrelated transactions and whether at the same time or over a period of time.
	 	 	 	 	 
	 	 	 	(iv)	The Borrower shall not change the nature and scope of business in any material aspect.

 

 

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KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	 	 	 	(v)	The Borrower undertakes that the use of loans, and the flow of, proceeds of any
    facilities granted by the Bank complies with all applicable legal and regulatory requirements of the People's Republic of
    China (“PRC”) and Laws of HKSAR, and that the Borrower irrevocably and unconditionally undertakes to indemnify
    the Bank on demand for all losses, liabilities, claims, demand, damage, taxes, costs, charges and expenses of any kind which
    may be incurred or suffered by the Bank arising out of or in connection with any breach of this undertaking by the Borrower
    at any time.
	 	 	 	 	 
	 	 	 	(vi)	The Borrower shall undertake that the proceeds of this facility will not be directly
    or indirectly repatriated into PRC.
	 	 	 	 	 
	 	 	 	(vii)	The Borrower declares and undertakes that the entry into and performance by the
    Borrower of, and the utilization of any Facilities or the flow of proceeds drawn under this letter do not and will not conflict
    with any law or regulation applicable to the Borrower (including without limitation (i) those in force in the PRC and Hong
    Kong and (ii) those relating to economic sanctions, anti-bribery / corruption, anti-money laundering and anti-terrorist financing).
    This declaration and undertaking is deemed to be made by the Borrower by reference to the facts then existing on each day
    during the subsistence of this letter;
	 	 	 	 	 
	 	 	 	(viii)	In the case of a drawdown made in a currency  different from the currency
    in which  the SBDC referred to in paragraph 4 below is denominated (“SBDC Currency”);
	 	 	 	 	 
	 	 	 	 	(a)	payments to be made to the Bank by the issuer of the SBDC should be in the SBDC
    Currency;
	 	 	 	 	 	 
	 	 	 	 	(b)	the loan outstanding has to be converted to SBDC currency 1) before claim should there be
    default or 2) per the issuing bank’s request should there be change in PRC policy; and

 

 

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KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	 	 	 	 	(c)	the Borrower agrees that the Bank shall convert any outstanding indebtedness to
    the SBDC currency at a rate determined by the Bank to be prevailing in the relevant foreign exchange market at the relevant
    time, such determination to be conclusive and binding on the Borrower.
	 	 	 	 	 
	 	 	 	(ix)	Throughout life of this facility, KongZhong Information Technologies (Beijing)
    Co., Ltd. and KongZhong China Co., Ltd. should maintain existing respective shareholding of its subsidiary, Beijing
    AirInbox Information Technologies Co., Ltd. and Shanghai Dacheng Network Technology Co Ltd.
	 	 	 	 	 
	 	 	 	(x)	A legal opinion satisfactory to the Bank on the Borrower’s capacity to enter
    into this letter shall be obtained within 3 months after drawdown of this facility.
	 	 	 	 	 
	 	 	 	(xi)	The Borrower shall ensure all dividend payout by obligors of the Bank or Hang
    Seng Bank (China) Limited should be channeled through the Bank or Hang Seng Bank (China) Limited.
	 	 	 	 	 
	 	 	 	 	“Dividend Payment” means the aggregate of final and interim
    dividend and other distribution declared, recommended or made.
	 	 	 	 	 
	 	 	 	(xii)	The Borrower shall ensure all withholding tax arising from dividend payout should
    be borne by the Borrower.
	 	 	 	 	 
	 	 	 	Information Covenants: The Borrower and the corporate
    guarantor(s) shall provide to the Bank other relevant financial or operational information of the Borrower, the guarantor(s)
    and any of the Group subsidiaries as the Bank may from time to time reasonably request.

 

 

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KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	 	 	 	Conditions Precedent: Subject to the due diligence
    in form and substance satisfactory to the Bank, conditions precedent to Drawdown shall include, without limitation, the following:
	 	 	 	 	 
	 	 	 	(i)	The relevant loan and security documents have been executed and delivered in form and substance
    satisfactory to the Bank and registered with relevant authorities. (if any)
	 	 	 	 	 
	 	 	 	(ii)	Evidence showing that all necessary government and corporate approvals have been obtained.
    (if any)
	 	 	 	 	 
	 	 	 	(iii)	No event of default is in existence and continuing or would result from the relevant drawing
    being made and no force majeure event shall exist.
	 	 	 	 	 
	 	 	 	(iv)	The Representations and Warranties contained in this letter are true and correct in all material
    respects.
	 	 	 	 	 
	 	 	 	(v)	Documentary proof showing loan proceeds are utilized or to be satisfied in accordance with
    the purpose of this facility, including but not limited to declaration of dividend payment, interest payment and refinancing
    of debt.
	 	 	 	 	 
	 	 	 	(vi)	Loan proceeds should not be used to finance the acquisition of any company has ownership/direct
    holding of most of its assets located in the Mainland.
	 	 	 	 	 
	 	 	 	(vii)	Loan proceeds will not be directly/ indirectly remitted to any receiving agent of a PRC entity.
	 	 	 	 	 
	 	 	 	Conditions Subsequent: The Borrower shall submit
    evidence satisfactory to the Bank that the drawdown proceeds is for offshore general working capital needs including the repayment
    of the Group’s offshore interest expenses within 3 months from the drawdown date.

 

 

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KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	4.	Security

 

	 	The availability of
    the Facilities is conditional upon the Bank’s receipt of the following documents in form and substance satisfactory
    to the Bank:-
	 	 
	 	(1)	A Guarantee in the
    Bank’s standard form for unlimited amount from KongZhong China Co., Ltd.
	 	 
	 	(2)	A Guarantee in the Bank’s
    standard form for unlimited amount from KongZhong Information Technologies (Beijing) Co., Ltd.
	 	 
	 	(3)	A Standby Documentary Credits
    for RMB310,000,000 issued or to be issued in favour of the Bank by a reputable bank and in the contents that are acceptable
    to the Bank. (the “SBDC”)
	 	 
	 	The Borrower and the corporate
    guarantor(s) (if any) and the corporate security provider(s) (if any) shall provide certified true copies of any consent,
    license, approval or authorization of, or registration or declaration with any governmental authority, bureau or agency required
    in connection with the execution, delivery, performance, validity and enforceability of this facility and all other documents
    required by the Bank.
	 	 
	 	The Borrower and the corporate
    guarantor(s) (if any) and the corporate security provider(s) (if any) shall provide such other documents, items or evidence
    as the Bank may reasonably request from time to time.
	 	 
	5.	Undertakings
	 	 
	 	The Borrower and the
    under-mentioned undertaking parties (if any) will undertake to the Bank as follows:-
	 	 
	 	(1)	The Borrower shall submit to the Bank
    a new SBDC or an amendment of any SBDC which the Bank has accepted for the purpose of Clause 4 above, which is acceptable
    to the Bank and in favour of the Bank, within 14 calendar days prior to the expiry date of any SBDC which the Bank has accepted
    for the purpose of Clause 4 above.

 

 

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KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	 	(2)	The Borrower undertakes that for any
        Facilities denominated in Renminbi (if any), it will not directly or indirectly on-lend the proceeds of such Facilities
        to (i) any individuals and (ii) any Designated Business Customers if the proceeds of such Facilities (or any other Renminbi
        proceeds derived therefrom) are directly or indirectly credited to Renminbi accounts for the category of Designated Business
        Customers which are maintained for limited purposes of handling Renminbi cashnotes obtained in their ordinary course of
        business as Designated Business Customers and for Renminbi bond investment.

         

        "Designated Business Customers"
        means establishments that have had a business relationship with a Hong Kong Renminbi business participating bank for more
        than three years which engage in commercial retail, catering, accommodation, transportation services, communications services,
        medical services, or educational services, including such establishments that have had a business relationship with such
        participating bank for less than three years, but with concrete evidence to show that they have the actual relevant business
        background.

         

        The Borrower shall and agree to indemnify
        the Bank for all losses and liabilities incurred or suffered by the Bank arising out of or in connection with any breach
        of the above undertaking by the Borrower.

	 	 	 
	 	(3)	The Borrower and the corporate guarantor(s) (if any) shall provide to the Bank a certified
    copy of its annual audited accounts/financial statements (consolidated if applicable) within 120 days after the end of each
    financial year and such other relevant financial information as the Bank may from time to time reasonably request.
	 	 	 
	 	(4)	The Borrower and the corporate guarantor(s) (if any) shall provide to the Bank a certified
    copy of its semi-annual unaudited accounts/financial statements (consolidated if applicable) within 90 days after the end
    of each financial period and such other relevant financial information as the Bank may from time to time reasonably request.
	 	 	 
	 	(5)	Each of the Borrower and the corporate guarantor(s) (if any) and the corporate security provider(s)
    (if any) shall immediately inform the Bank once there are changes of its directors or beneficial shareholders or amendment
    to its memorandum of association (if any) and articles of association or equivalent constitutional documents and shall ensure
    that such changes/amendment are updated in the company registry of its place of incorporation promptly.

 

 

    	9

    	 

    

 

KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	6.	Fees

 

	 	Upon completing each review of the
        Facilities, the Bank is authorised to debit the current account maintained by the Borrower with the Bank for the facility
        review fee as the Bank may prescribe from time to time.

         

        If applicable, a valuation fee shall
        be payable by the Borrower for the purpose of valuation of the property by surveyor appointed by the Bank in its sole
        discretion. The Bank is authorised to debit the current account maintained by the Borrower with the Bank for such valuation
        fee as the surveyor may charge, notwithstanding that the Borrower does not accept this Facility Letter, the Facilities
        are not made available due to the Borrower failing to comply with the terms and conditions set out in this Facility Letter,
        or the Facilities are cancelled or suspended at any time.

 

	Section 83 of the Banking Ordinance 
	 

        Section 83 of the Banking Ordinance
        (Cap. 155, Laws of Hong Kong) has imposed on us as a bank certain limitations on advances to persons related to our directors
        or employees. In accepting the Facilities, the Borrower should advise us whether the Borrower is in any way related to
        any of our directors or employees within the meaning of Section 83 and in the absence of such advice we will assume that
        the Borrower is not so related. We would also ask that if the Borrower becomes so related subsequent to accepting the
        Facilities, the Borrower should immediately advise us in writing.

	 
	Please note that in reviewing the
        Facilities, we may make reference to the credit report(s) of the Borrower(s)/guarantor(s)/security provider(s) (as the
        case may be) from the credit reference agency(ies). If you wish to access the report(s) yourself, you can contact the
        credit reference agency(ies) directly at the following address:

        Commercial credit reference
        agency:

        Dun & Bradstreet (HK)
        Ltd., Unit 1308-1315, 13/F., BEA Tower, Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Kowloon.

        Tel: 2516 1100 ; Fax: 2960
        4721.

	 
	Please arrange for the enclosed copy of this letter to be signed by the Borrower and all guarantors
    and security providers of the Facilities and return the same to the Bank with Board Resolution(s) and Shareholder’s
    Resolution(s) (if applicable) of the Borrower and all guarantors and security providers before 15 November 2014, failing
    which our offer shall lapse unless it is extended by us at our absolute discretion.
	 
	By accepting this Facility Letter, you would agree to channel all your remittance transactions
    and insurance arrangement to the Bank. Our Payments and Cash Management Department and General Insurance Sales Department
    would contact you to offer our services on remittance and insurance respectively.

 

 

    	10

    	 

    

 

KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	Should you have any queries, please do not hesitate to contact the following
    persons:-

 

	Queries on	Name	Telephone No.
	Banking arrangement	Mr. Yang Ming David	21983942
	Factoring arrangement	Ms. Joan Kwan	21988678
	Insurance	Mr. Vincent Mak	36625077
	 	Mr. John Li	21982522
	Remittance	Mr. Billy Chow	21984534
	 	Remittance Hotline	21986919
	Wealth management	Mr. Patrick Lai	21985920
	Execution of documents	Documentation Hotline	21982094

 

	Kindly return a signed copy of this
        letter and other relevant documents to Credit Services Manager of Credit Services & Mortgage Department
        at L21, Tower 2, Enterprise Square V, 38 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.

         

        We trust that you will make active
        use of the Facilities and are pleased to be of continued assistance.

         

        Yours faithfully,

        For Hang Seng Bank Limited

 

	/s/ CHAN Wai Leung	 	/s/ CHUNG Hon-ko, Jones
	Authorized Signature(s)	 	Authorized Signature(s)

 

HM/am

 

 

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KongZhong Corporation

Our Ref: Corporate Banking – G140930 [M]

 

	I/We hereby accept the Facilities and agree to be bound by all the terms and
    conditions set out in this letter and the Standard Terms and Conditions for Banking Facilities, which I/we have read and understood.
     

 

	/s/ Leilei Wang	 
	KongZhong Corporation	 

 

	I/We agree to act as guarantor/ security provider of the Facilities upon the
    terms and conditions set out in this letter and the Standard Terms and Conditions for Banking Facilities.

 

	/s/ Yingnan Zhang (Sealed)	 	/s/ Yingnan Zhang (Sealed)
	KongZhong China Co., Ltd.	 	KongZhong Information Technologies (Beijing) Co., Ltd

 

 

    	12

    	 

    

 

 

Standard Terms and Conditions for Banking
Facilities 

 

		1.	Definitions and Interpretation
                                         

 

		1.1	In the Facility Letter and these
                                         Standard Terms and Conditions, unless defined otherwise or the context otherwise requires:-

 

“Bank” means Hang
Seng Bank Limited which includes all its branches and offices wherever situated and its successors and assigns;

 

“Base Rate” means
CNH HIBOR, HIBOR, LIBOR, SIBOR or such other interest rate on the lending and borrowing between banks in other interbank market
as may be quoted as the base interest rate for the relevant Facilities and specified in the relevant Facility Letter;

 

“BLR” means the
rate which the Bank announces or applies from time to time as its best lending rate for lending Hong Kong dollars or, if applicable,
United States dollars or other foreign currency, which rate is subject to fluctuation at the Bank’s discretion;

 

“Borrower” means
the borrower, and where there is more than one borrower, all references to the “Borrower” shall mean all such persons
or any one of them specified in the Facility Letter;

 

“Business Day”
means a day (other than a Saturday or a general holiday within the meaning of the General Holidays Ordinance (Cap. 149, Laws of
Hong Kong)) on which commercial banks are open for business in Hong Kong and, if applicable, the principal financial centre of
the relevant currency or interbank offered rate;

 

"CNH HIBOR" means
the CNH Hong Kong Interbank Offered Rate for the relevant period quoted on the Thomson Reuters Screen Page “CNHHIBOR”
at or about 11:15 a.m. two Business Days prior to the first day of the relevant period;

 

"CNH Offer Rate"
means the offer rate for Reminibi finance quoted by the Bank from time to time for the relevant period, which rate is subject
to fluctuation at the Bank's discretion;

 

“Cost of Funds”
means the cost to the Bank of funding the Facilities from whatever source(s) it may reasonably select;

 

“Facilities” means
the banking facilities made available by the Bank to the Borrower;

 

“Facility Letter”
means the facility letter issued by the Bank to the Borrower in relation to the Facilities;

 

“Hong Kong” means
the Hong Kong Special Administrative Region of the People’s Republic of China;

 

“HIBOR” means the
Hong Kong Interbank Offered Rate quoted by the Bank for the relevant period, which rate is subject to fluctuation at the Bank’s
discretion;

 

“LIBOR” means the
London Interbank Offered Rate quoted by the Bank for the relevant period, which rate is subject to fluctuation at the Bank’s
discretion;

 

“Margin” means
the interest margin (i.e. the percentage rate per annum) specified in the Facility Letter;

 

“Quotation Day”
means in relation to any period for which an interest rate is to be determined, the first day of that period unless market practice
differs in the relevant interbank market in which case the Quotation Day will be determined in accordance with market practice
in the relevant interbank market (and if quotation would normally be given by leading banks in the relevant market on more than
one day, the Quotation Day will be the last of those days);

 

“RMB Prime Rate”
means the rate which the Bank announces or applies from time to time as its base rate for Renminbi finance, which rate is subject
to fluctuation at the Bank’s discretion;

 

“SIBOR” means the
Singapore Interbank Offered Rate quoted by the Bank for the relevant period, which rate is subject to fluctuation at the Bank’s
discretion;

 

“Subsidiary” has
the meaning given to it in the Companies Ordinance (Cap. 622, Laws of Hong Kong); and

 

“Supplement” means
a supplement to these Standard Terms and Conditions.

 

		1.2	In the Facility Letter and these Standard
                                         Terms and Conditions, unless the context otherwise requires:-

 

		(a)	any reference to a person includes
                                         an individual, a company, a partnership, a sole proprietorship or an unincorporated body
                                         and its successors and assigns;

 

		(b)	any reference to a document includes
                                         that document as amended, varied, supplemented, replaced or restated in any manner from
                                         time to time;

 

		(c)	any reference to an enactment
                                         includes that enactment as amended or re-enacted and any subsidiary legislation made
                                         under it;

 

		(d)	words importing the singular
                                         include the plural and vice versa and words importing a gender include every gender;

 

		(e)	the words “other”,
                                         “include(s)”, “including” and “in particular” do
                                         not limit the generality of any preceding words and are not to be construed as being
                                         limited to the same class as the preceding words where a wider construction is possible;
                                         and

 

		(f)	headings are inserted for reference
                                         only and are to be ignored in construing the Facility Letter and these Standard Terms
                                         and Conditions.

 

		2.	Bank’s rights

 

		2.1	The Bank reserves the right to terminate
                                         any offer of facilities set out in the Facility Letter by notice to the Borrower without
                                         giving any reason and the Borrower shall not be entitled to claim any damages or compensation
                                         for such termination from the Bank.

 

		2.2	The Bank shall have the right at any
                                         time to require any security or further security to be provided by the Borrower or any
                                         third party to secure the Facilities or any other obligations of the Borrower to the
                                         Bank. At the request of the Bank, the Borrower shall execute such documents and perform
                                         such acts as the Bank may consider necessary to create and perfect the required security.

 

		3.	Interest

 

The Bank shall be entitled
to debit any interest due and payable by the Borrower under the Facilities from any account of the Borrower maintained with the
Bank. 

 

		4.	Default Interest

 

Notwithstanding any provisions
in these Standard Terms and Conditions and the Facility Letter, all sums (whether principal, interest, fees, charges or otherwise)
due but unpaid in respect of the Facilities shall bear default interest at such rate as the Bank may at its absolute discretion
determine from time to time. 

 

		5.	Changes to Calculation of
                                         Interest 

 

		5.1	Market disruption

 

		(a)	If a Market Disruption Event
                                         (as defined below) occurs in relation to the Facilities for any interest period, then
                                         the rate of interest on those Facilities for that interest period shall be the percentage
                                         rate per annum which is the sum of:- 

 

		(i)	the Margin; and 

 

		(ii)	the percentage rate per annum
                                         notified to the Borrower by the Bank, as soon as practicable and in any event before
                                         interest is due to be paid in respect of that interest period, as the Cost of Funds.
                                         

 

		(b)	“Market Disruption
                                         Event” means:- 

 

		(i)	at or about noon on the Quotation
                                         Day for the relevant interest period the Bank determines (which determination shall be
                                         conclusive and binding) that (aa) it is unable to obtain a quotation to determine the
                                         relevant Base Rate applicable for the relevant interest period; or (bb), by reason of
                                         circumstances affecting the relevant interbank market generally, adequate or fair means
                                         do not or will not exist to ascertain the relevant Base Rate applicable for the relevant
                                         interest period; or (cc) the relevant Base Rate is zero or negative or is not available
                                         for whatever reasons; or 

 

		(ii)	at any time on the Quotation
                                         Day for the relevant interest period, the Bank determines (which determination shall
                                         be conclusive and binding) that the cost to it of obtaining matching deposits in the
                                         relevant interbank market would be in excess of the relevant Base Rate. 

 

		(c)	If a Market Disruption Event
                                         shall occur, the Bank shall promptly notify the Borrower thereof. 

 

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		6.	Drawings against Uncleared
                                         Funds

 

If the Bank permits the Borrower
to draw against funds to be collected or transferred from any account, the Borrower shall on demand reimburse the Bank in full
the amount so drawn if the Bank does not receive the funds in full at the time the Bank ought to have received the same or if,
after the Bank has accepted the transfer, the Bank is prevented from collecting or freely dealing with the funds in accordance
with usual banking practice.

 

		7.	Refusal of Payment

 

The Borrower hereby irrevocably
authorizes the Bank to refuse payment of any cheque, bill or any other document the payment of which would reduce the Borrower’s
credit balance with the Bank below the amount of total indebtedness owing by the Borrower to the Bank whether actually or contingently.

 

		8.	Borrower’s Accounts

 

The Bank may, at any time,
continue any existing account and open any new account in the name of the Borrower and no subsequent transactions, receipts or
payments involving such new accounts shall affect the liabilities of the Borrower.

 

		9.	Representations and Warranties

 

The Borrower represents and
warrants to the Bank that:-

 

		(a)	in respect of all transactions
                                         under the Facilities it is acting as principal and not as agent;

 

		(b)	it is duly incorporated and validly
                                         existing under the law of its incorporation;

 

		(c)	its total borrowings and liabilities,
                                         actual or contingent and including any sums owing hereunder, are within its powers under
                                         the terms of its constitutional documents;

 

		(d)	it has the power to enter into
                                         the Facility Letter and to perform its obligations thereunder and all corporate and other
                                         actions required to authorize the execution of the Facility Letter and the performance
                                         of its obligations thereunder have been duly taken; and

 

		(e)	all acts, conditions and things
                                         required to be done, fulfilled and performed in order to ensure that the obligations
                                         to be assumed by it under the Facility Letter are legal, valid and binding have been
                                         done, fulfilled and performed.

 

		10.	Undertakings

 

		10.1 	Without prejudice to any other
                                         undertakings of the Borrower to the Bank, the Borrower undertakes to the Bank that so
                                         long as any of the Facilities are made available to the Borrower or any amount remains
                                         outstanding under the Facilities, the Borrower shall at all times promptly advise the
                                         Bank of any material adverse change in the condition (financial or otherwise) of the
                                         Borrower or any of its Subsidiary and notify the Bank of any litigation, arbitration
                                         or proceedings, pending or threatened against the Borrower or any of its Subsidiary which
                                         might materially affect the continued operations or financial condition of the Borrower.
                                         If the Borrower fails to provide such advice or notice to the Bank within seven (7) days
                                         after the Borrower has knowledge of such change or proceedings, all outstandings under
                                         the Facilities shall become immediately due and payable and the Bank shall have the right
                                         to demand immediate repayment of such outstandings.

 

		10.2 	If the Borrower or a shareholder
                                         (whether direct or indirect, legal or beneficial) of the Borrower is a company incorporated
                                         in a country that permits issuance of bearer shares, the Borrower confirms and warrants
                                         that neither it nor such shareholder has issued any bearer shares and further undertakes
                                         that neither it nor such shareholder will issue or convert any of its shares or such
                                         shareholder's shares (as the case may be) to bearer form without the prior written consent
                                         of the Bank.

 

		11.	Fees and Expenses

 

		11.1 	The Borrower shall on demand
                                         pay to the Bank such commission, fees and charges in connection with the Facilities and
                                         other services provided to the Borrower (including insurance cover) at such rate, in
                                         such amount and in such manner as the Bank may stipulate. The Bank may, from time to
                                         time at its absolute discretion and without prior notice to or consent from the Borrower,
                                         impose further fees and charges which may be chargeable on the Facilities of the same
                                         type and change the terms of the existing and future fees and charges including the rate
                                         thereof. The Bank shall be entitled to debit all commission, fees and charges payable
                                         by the Borrower from any account of the Borrower maintained with the Bank without prior
                                         notice. All commission, fees and charges once paid by the Borrower shall not be refundable.

 

		11.2 	All costs and expenses (including
                                         legal fees) incurred by the Bank in connection with the Facilities and any matters arising
                                         therefrom shall be reimbursed by the Borrower on demand.

 

		11.3	All fees, charges, costs and expenses
                                         payable by the Borrower shall continue to be payable notwithstanding that the Borrower’s
                                         application for the Facilities is not accepted or the Facilities are cancelled, modified
                                         or withdrawn at any time.

 

		12.	Insurance

 

Any property mortgaged
to the Bank shall be insured against the risks of fire, earthquake (fire, shock and flood), landslip and subsidence endorsement,
explosion, typhoon, windstorm and flood for an amount which is not less than the reinstatement cost of such property or any other
amount as required and determined by the Bank at its sole discretion. The insurance shall be taken out with QBE General Insurance
(Hong Kong) Limited or such other insurance company with the Bank’s prior approval at the Bank’s sole discretion and
the insurance policy denoting the Bank’s interest as chargee, together with the receipt for premium paid, shall be lodged
with the Bank on or before execution of the mortgage over the property; the renewal policy, also with the Bank’s interest
being denoted thereon, shall be lodged with the Bank no later than 14 days prior to the renewal date of the policy. Otherwise,
the Bank will insure the property on behalf of the Borrower or, as the case may be, the mortgagor, the premium of which shall
be debited to the Borrower’s or, as the case may be, the mortgagor’s account with the Bank. If the insured amount
is based on the reinstatement cost, a valuation and administration fee shall be charged for the initial and each subsequent renewal.
The Bank may require an updated valuation report at any time as it thinks fit and all valuation fees shall be for the account
of the Borrower.

 

Any machinery charged
to the Bank shall be insured for the full replacement value of the machinery when it is new. The insurance shall be taken out
with QBE General Insurance (Hong Kong) Limited or such other insurance company with the Bank’s prior approval at
the Bank’s sole discretion and the insurance policy noting the Bank’s interest as chargee, together with the receipt
for premium paid, shall be lodged with the Bank on or before drawdown of the facility. The renewal policy, also with the Bank’s
interest noted thereon, shall be lodged with the Bank no later than 14 days prior to the renewal date of the policy. Otherwise,
the Bank will insure the machinery on behalf of the Borrower or, as the case may be, the chargor, the premium of which shall be
debited to the Borrower’s or, as the case may be, the chargor’s account with the Bank.

 

		13.	Taxes

 

		13.1	All payments to be made by the Borrower,
                                         any guarantor, security provider or other person (collectively “the obligors”
                                         and each “an obligor”) to the Bank in respect of the Facilities or under
                                         any documents relating to the Facilities shall be made to the Bank as specified by the
                                         Bank without any set-off, counterclaim or condition and free and clear of all present
                                         and future taxes, deductions or withholdings of any nature whatsoever. If at any time
                                         an obligor is required to make any deduction or withholding for or on account of tax
                                         or otherwise from any payment to the Bank, the sum due from that obligor in respect of
                                         such payment shall be increased to the extent necessary to ensure that, after the making
                                         of such deduction or withholding, the Bank receives on the due date for such payment
                                         (and retains, free from any liability in respect of such deduction or withholding) a
                                         net sum equal to the sum which the Bank would have received had no such deduction or
                                         withholding been made or required to be made and it shall be the sole responsibility
                                         of the obligors to effect payment of such deduction or withholding to the relevant authority
                                         within the applicable time limit. The obligors shall jointly and severally indemnify
                                         the Bank against any losses, liabilities, interest, penalties, or costs and expenses
                                         payable or incurred by reason of any failure of the relevant obligor to make any such
                                         deduction or withholding or to effect payment of such deduction or withholding to the
                                         relevant authority within the applicable time limit or by reason of any increased payment
                                         not being made on the due date for such payment. Upon request of the Bank, the obligors
                                         shall jointly and severally and promptly deliver to the Bank evidence satisfactory to
                                         the Bank that such deduction or withholding has been made or (as applicable) any appropriate
                                         payment paid to the relevant authority.

 

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		13.2	Any fee or charge referred to in
                                         the Facility Letter and these Standard Terms and Conditions is exclusive of any value
                                         added tax, goods and services tax or any other tax which might be chargeable in connection
                                         with that fee or charge. If any value added tax, goods and services tax or other tax
                                         is so chargeable, it shall be paid by the relevant obligor at the same time as it pays
                                         the relevant fee or charge.

 

		14.	Payments

 

		14.1	For the avoidance of doubt, all payments
                                         by the Borrower to the Bank pursuant to the Facilities shall be made in immediately available
                                         funds.

 

		14.2	All payments by the Borrower to the
                                         Bank pursuant to the Facilities shall be made in the currency of the relevant facility
                                         or liability or, if the Bank so agrees, in a different currency, in which case the conversion
                                         to that different currency shall be made at the Bank’s prevailing exchange rate.

 

		14.3	No payment to the Bank pursuant to
                                         the Facilities shall discharge the obligation of the Borrower in respect of which it
                                         was made unless and until payment in full has been received in the currency in which
                                         it is payable under the Facilities and, to the extent that the amount of any such payment
                                         shall on actual conversion into such currency at the Bank’s prevailing exchange
                                         rate fall short of the amount of the obligation expressed in that currency, the Borrower
                                         shall be liable for the shortfall.

 

		15.	Set-off

 

The Bank may, at any time
and without notice, apply and set-off any credit balance to which the Borrower is entitled on any account with the Bank or any
other moneys owed by the Bank to the Borrower in or towards satisfaction of any obligations owed by the Borrower to the Bank.
For this purpose, the Bank is authorized to purchase, at its prevailing exchange rate, such other currencies as may be necessary
to effect such application with the moneys standing to the credit of such account or to effect conversion of one currency to another
in any other manner.

 

		16.	Indemnity

 

The Borrower shall indemnify
the Bank, its officers and employees against all liabilities, claims, demand, losses, damages, taxes, costs, charges and expenses
of any kind (including legal fees on a full indemnity basis and related expenses, and any claims by any relevant authorities on
the Bank for tax in respect of any profits or gains attributable to the Borrower) which may be incurred by any of them and all
actions or proceedings which may be brought by or against any of them in connection with the provision of the Facilities or any
services in connection with the Facilities to the Borrower or the exercise or preservation of the Bank’s powers and rights
under the Facility Letter and these Standard Terms and Conditions, unless due to the negligence or wilful default of the Bank,
its officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly
and solely therefrom. The Bank is entitled to withhold, retain or deduct such portion from the Borrower’s assets in the
possession or control of the Bank or such amount from any of the Borrower’s accounts with the Bank as it reasonably determines
to be sufficient to cover any amount which may be owed by the Borrower under this Clause. This indemnity shall survive notwithstanding
the termination of the Facilities or any services in connection with the Facilities or any part of them.

 

		17.	Joint Borrowers

 

Where the Borrower consist
of more than one person, each Borrower shall be jointly and severally liable with the other Borrower(s) for all sums payable or
owing to the Bank under the Facilities (whether incurred by that Borrower or not). The obligations and liabilities of each Borrower
shall take effect immediately upon its acceptance of the Facilities. Each Borrower further agrees that the Bank is not required
to make any reference to the other Borrower(s) in relation to the utilization of the Facilities by any Borrower(s).

 

The obligations and liabilities
of each Borrower shall not be affected by (i) any time or indulgence granted to or composition with any other Borrower(s) or any
other person; (ii) any change, variation or termination of any agreement or arrangement with any other Borrower(s) or any other
person; (iii) any release of, or any neglect to obtain, perfect or enforce, any rights or securities against any Borrower(s) or
any other person; or (iv) any unenforceability or invalidity of any obligations of any Borrower(s) or any other persons.

 

		18.	Borrower’s Consent
                                         to Release Information to Guarantors or Third Party Security Providers

 

The Borrower consents and acknowledges
that the Bank may provide the Borrower’s information to any proposed or actual guarantor or other third party security provider
(or their solicitors) in respect of the Facilities, including:-

 

		(a)	any financial information concerning
                                         the Borrower;

		(b)	a copy or a summary of the Facility
                                         Letter;

		(c)	a copy of any formal demand for
                                         overdue payment which is sent to the Borrower after it has failed to settle an overdue
                                         amount; and

		(d)	a copy of the latest statement
                                         of account provided to the Borrower.

 

		19.	Disclosure of Information
                                         to Credit Reference Agency

 

		(a)	Each Borrower acknowledges and
                                         agrees that, subject to sub-paragraph (b) below, any information with respect to such
                                         Borrower which is provided by such Borrower at the request of the Bank or collected in
                                         the course of dealings between such Borrower and the Bank may be disclosed to, or used
                                         and retained by, any credit reference agency or similar service provider for the purpose
                                         of verifying such information or enabling them to provide such information to other institutions
                                         (1) in order that they may carry out credit and other status checks in respect of such
                                         Borrower; (2) for the purposes of reasonable monitoring of any indebtedness while there
                                         is a current default by such Borrower as borrower or guarantor and/or (3) to assist them
                                         in collecting debts.

 

		(b)	For a Borrower which is a limited
                                         company:-

 

		(i)	Any Borrower may by giving the
                                         Bank 90 days’ notice in writing revoke the consent contained in sub-paragraph (a)
                                         above.

		(ii)	If any Borrower gives notice
                                         to revoke the consent given pursuant to sub-paragraph (a) in accordance with sub-paragraph
                                         (b)(i), the Bank may:-

 

		(01)	subject to (06) and (07) below,
                                         the Bank may continue to disclose information pursuant to sub-paragraph (a) until the
                                         notice of revocation given pursuant to sub-paragraph (b)(i) expires;

		(02)	the Bank may notify all persons
                                         to whom the Bank is permitted to disclose information pursuant to sub-paragraph (a) of
                                         the fact that a notice of revocation has been given pursuant to sub-paragraph (b)(i);

		(03)	the Bank may regard the notice
                                         of revocation served on the Bank as also applying to the consent such Borrower has previously
                                         given in respect of all other credit facilities (including hire purchase or leasing loans)
                                         granted to such Borrower by the Bank;

		(04)	the Bank may terminate the Facilities
                                         and any other facilities provided to such Borrower with effect from the date to be advised
                                         by the Bank, subject to the terms and conditions by which the relevant facilities are
                                         governed;

		(05)	the credit reference agency or
                                         similar service provider may continue to retain information provided to it by the Bank
                                         in its internal archive for its internal use but not for provision of such information
                                         to other institutions when they seek credit reports;

 

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		(06)	the Bank may continue to provide
                                         information relating to hire purchase and leasing transactions and loans to wholesalers
                                         and retailers to finance the acquisition of stock in trade to the credit reference agency
                                         or similar service provider notwithstanding revocation of the consent referred to in
                                         paragraph (b)(i) above; and

		(07)	the credit reference agency or
                                         similar service provider may continue to provide information relating to hire purchase
                                         and leasing transactions and loans to wholesalers and retailers to finance the acquisition
                                         of stock in trade and information which is a matter of public record notwithstanding
                                         the revocation of the consent referred to in paragraph (b)(i) above.

 

		(c)	For a Borrower which is a sole
                                         proprietorship or partnership, any Borrower may instruct the Bank, upon termination of
                                         an account by full repayment without any refinancing from the Bank, to make a request
                                         to the credit reference agency or similar service provider to delete relevant account
                                         data from its database, so long as the instruction is given within 5 years after account
                                         termination and at no time did the account have a default in payment for a period in
                                         excess of 60 days within 5 years immediately before account termination.

 

		(d)	Subject to sub-paragraphs (b)
                                         and (c), this consent shall remain in effect despite the termination of any Borrower’s
                                         account or borrowing relationship with the Bank.

 

		(e)	This consent is given by the
                                         Borrower, or if there are more than one Borrower, by each of the Borrowers severally.

 

		(f)	This consent is in addition to
                                         and does not affect any agreement or consent contained in any account rules, terms and
                                         conditions or other contracts and agreements or documents governing any Borrower’s
                                         account and/or borrowing relationship with the Bank.

 

		19A.	Disclosure of Personal
                                         Data and Borrower Information

 

		(a)	To enable the Bank to consider
                                         whether to make or continue to make available Facilities to the Borrower, the Borrower
                                         shall, upon the Bank’s request, supply to the Bank from time to time personal data
                                         relating to the Borrower and/or other information relating to the Borrower and, where
                                         applicable, any of the Borrower’s directors, authorized signatories and/or other
                                         officers or representatives and failure to do so may result in the Bank’s inability
                                         to make or continue to make available Facilities to the Borrower.

 

		(b)	All information and personal
                                         data in relation to the Borrower and, where applicable, each of the Borrower’s
                                         directors, authorized signatories and/or other officers or representatives and all other
                                         information relating to the Facility Letter or the Facilities and any transaction or
                                         dealing between each Borrower and the Bank which are in the Bank’s possession or
                                         control from time to time shall collectively be referred to as “Borrower Information”.

 

		(c)	The Borrower agrees (for and
                                         on behalf of the Borrower and each of the Borrower’s directors, authorized signatories
                                         and/or other officers or representatives) that the Bank may:-

 

		(i)	use, store, disclose, transfer
                                         (whether within or outside Hong Kong) and/or exchange any Borrower Information to or
                                         with such persons as the Bank may consider necessary including any member of the group
                                         of companies of which the Bank is a member (“the Group”) for any and all
                                         purposes in connection with any service and/or credit or banking facility and/or accommodation
                                         provided or to be provided by the Bank or any other member of the Group to the Borrower
                                         or to any other person at the request of the Borrower, and/or in connection with matching
                                         for whatever purpose (whether or not with a view to taking any adverse action against
                                         the Borrower) any Borrower Information with other personal data concerning the Borrower
                                         in the Bank’s possession, and/or for the purpose of promoting, improving and furthering
                                         the provision of other services and/or facilities by the Bank and any other member of
                                         the Group to the Borrower or to any other person at the request of the Borrower generally,
                                         and/or for the purpose of detecting or preventing money laundering, terrorist financing
                                         or other criminal activities, and/or any other purposes and to such persons as may be
                                         in accordance with the Bank’s general policy on disclosure of personal data and/or
                                         other information as set out in statements, circulars, notices or other terms and conditions
                                         made available by the Bank to the Borrower from time to time; and/or

 

		(ii)	deliver any Borrower Information
                                         to any credit reference agency or similar service provider, and in the event of default
                                         by the Borrower or by any other person (to whom the Bank has made advances or otherwise
                                         give credit or afford Facilities at the request of the Borrower) in performing any obligations
                                         or discharging any liabilities to the Bank, to any debt collection agency or similar
                                         service provider, and/or provide banker’s or credit references to other financial
                                         institutions or other parties in respect of the Borrower; and/or

 

		(iii)	where the Bank considers it
                                         necessary or appropriate, the Bank may transfer any Borrower Information to any service
                                         provider (whether situated in or outside Hong Kong) for the purpose of data processing
                                         or providing any service on the Bank’s behalf to the Borrower. Where the service
                                         provider is situated outside Hong Kong in an area where there are less stringent data
                                         protection laws, the Bank will impose on the service provider confidentiality undertakings
                                         substantially similar to the requirements of the data protection laws in Hong Kong. In
                                         any event, the Bank will remain responsible for ensuring the confidentiality of the Borrower
                                         Information so transferred.

 

		(d)	If the Borrower Information includes
                                         information or data of a third party, the Borrower confirms and warrants that the Borrower
                                         has obtained the consent of such third party to the provision of such information or
                                         data to the Bank for the foregoing purposes and for disclosure to such persons as stipulated
                                         above.

 

		20.	Severability

 

If any provision of the Facility
Letter or these Standard Terms and Conditions is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall
not affect the legality, validity or enforceability of any other provision of the Facility Letter and these Standard Terms and
Conditions or the legality, validity or enforceability of such provision in any other jurisdiction.

 

21.
Assignment

 

		21.1	The Borrower may not assign or transfer
                                         all or any of its rights, benefits or obligations under or referred to in the Facility
                                         Letter and these Standard Terms and Conditions without the Bank’s prior written
                                         consent.

 

		21.2	The Bank may at any time assign or
                                         transfer to any person all or any of its rights, benefits or obligations under or referred
                                         to in the Facility Letter and these Standard Terms and Conditions or change its lending
                                         office.

 

		22.	Changes in Circumstances

 

Without prejudice to other
provisions in the Facility Letter or these Standard Terms and Conditions, if at any time the Bank determines that it is or will
become unlawful or contrary to any directive of any agency of any state for it to continue with its obligations under the Facility
Letter or if in the Bank’s opinion there is a material change in market conditions including increased cost of funds which
does not adequately reflect the costs to the Bank of obtaining funding for or makes it unfeasible for the Bank to continue with
its obligations under the Facility Letter, the Bank may notify the Borrower of the same in writing and thereupon (unless the Borrower
and the Bank reach a suitable alternative arrangement) the Bank‘s obligations shall be cancelled and the Borrower shall
repay the indebtedness and accrued interest thereon and any other sum due to the Bank under the Facility Letter.

 

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		23.	Certificate by the Bank

 

A certificate in writing signed
by a manager or other duly authorized officer of the Bank stating the interest rate and the amount at any particular time due
and payable by the Borrower to the Bank under the Facility Letter, and any other certificate, determination or opinion of the
Bank provided in relation to the Facilities, save to the extent of manifest error, shall be conclusive and binding on the Borrower.

 

		24.	Amendment

 

The Bank may, at its absolute
discretion, by notice to the Borrower vary, amend or supplement (i) these Standard Terms and Conditions and (ii) if relating to
any interest, charges, commissions or fees, the terms of any Facility Letter and/or Facilities. Such variation, amendment or supplement
shall take effect on the date of the notice setting out details of such variation, amendment or supplement or, if later, the date
specified in the notice.

 

		25.	Inconsistency

 

		25.1	In the event of any inconsistency
                                         between these Standard Terms and Conditions and any Supplement, the relevant Supplement
                                         shall prevail.

 

		25.2	In the event of any inconsistency
                                         between the Facility Letter and these Standard Terms and Conditions, the Facility Letter
                                         shall prevail.

 

		26.	Force Majeure

 

Without prejudice to other
provisions in the Facility Letter or these Standard Terms and Conditions, in the event of the Bank directly or indirectly being
rendered unable by reason of force majeure to grant or continue granting the Facilities or any part thereof to the Borrower, such
Facilities or any part thereof not utilized whether or not notification, request or application whatsoever has been given to the
Bank to drawdown or utilize the Facilities shall cease to be available to the Borrower, and in the case of outstanding transactions,
the due date of such transactions shall be postponed until such impediment has ceased to exist, without any liabilities to the
Bank. Notwithstanding the occurrence of an event or events of force majeure, interest shall nevertheless continue to accrue on
all outstanding transactions until the Bank has received payment for the same.

 

Force majeure shall mean and
include such changes or events of national or international, financial, political or economic conditions or currency availability
or exchange rates or exchange controls as (in any case) would make it impossible, unlawful or contrary to any requirement of or
request from any central bank or other fiscal monetary authority (whether or not having the force of law) for the Bank to grant
or continue granting the Facilities to the Borrower or for the Bank to perform any outstanding transactions, or acts of God, strikes,
lockouts, boycotts, blockades (whether or not such strikes, lockouts, boycotts or blockades effected by or upon the Bank or its
employees), industrial disturbances, acts of the public enemy, wars (whether declared or not), blockades, insurrections, riots,
epidemics, earthquakes, fires, storms, floods, other natural catastrophe, civil disturbances, governmental regulations and any
other causes whether of the kind herein mentioned or otherwise not within the control of the Bank.

 

The Bank shall not be responsible
for any damages resulting from any force majeure, no matter how initiated.

 

Upon occurrence of any event
of force majeure, the Bank shall be entitled to demand repayment of all outstandings under the Facilities, and the Bank shall
not in any circumstances be liable to the Borrower in respect of any loss or damage suffered by the Borrower as a result of the
Bank exercising this right.

 

		27.	Governing Law and Jurisdiction

 

		27.1	The Facility Letter, these Standard
                                         Terms and Conditions and the Facilities shall be governed by and construed in accordance
                                         with the laws of Hong Kong. The Borrower irrevocably submits to the non-exclusive jurisdiction
                                         of Hong Kong courts.

 

		27.2	If the Borrower is not ordinarily
                                         resident in Hong Kong or a company incorporated under the laws of Hong Kong or a foreign
                                         company registered under the Companies Ordinance (Cap. 622, Laws of Hong Kong), the Borrower
                                         hereby appoints a process agent (as notified to the Bank) to accept service of any legal
                                         process in Hong Kong in connection with the Facilities. The Borrower agrees that any
                                         writ, summons, order, judgment or other document shall be deemed duly and sufficiently
                                         served on the Borrower when left at or sent by post to the address of the process agent
                                         last known to the Bank. The foregoing shall not limit the Bank’s right to serve
                                         process on the Borrower by any other mode of service.

 

		28.	Foreign Exchange

 

		28.1	Purpose

 

All foreign exchange facilities
provided by the Bank to the Borrower are for the Borrower’s utilization to cover interest or exchange rate exposure incurred
in the normal course of the Borrower’s business.

 

		28.2	Utilization

 

The aggregate amount of utilization
under any foreign exchange facility provided by the Bank to the Borrower will be calculated by the Bank on a risk-weighted basis
using the Bank’s standard risk-weighting algorithms. These will use different weightings for different products, but for
a deal of any given nominal amount of a particular product these weightings will be lower for deals of shorter maturities and
for deals where the value of a contract on a mark-to-market basis is in favour of the Borrower. The Bank will be pleased to advise
the Borrower at any time of the Borrower’s current utilization under the limits stated in the Facility Letter. The amount
of any and each utilization available to the Borrower shall be calculated by the Bank which calculation shall be conclusive.

 

		28.3	Inconsistency with ISDA
                                         Master Agreement

 

In the event of any inconsistency
between the Facility Letter and the ISDA Master Agreement made between the Borrower and the Bank, the Facility Letter shall prevail
and the provisions of the ISDA Master Agreement shall be amended to the extent of such inconsistency.

 

		28.4	Authorized Signatories

 

The Borrower shall at the Bank’s
request from time to time submit to the Bank the names and specimen signatures of the authorized signatories ("Authorized
Signatories") who are authorized to enter into any foreign exchange transaction orally or in writing and to execute any document
in relation to such transaction on behalf of the Borrower, including remittance instructions.

 

		28.5	Instructions

 

The Bank shall agree with the
Borrower in writing the use of a password from time to time such that one password shall be in use at any one time and any change
in the password shall automatically cancel the validity of the password previously in use. The Bank shall at all times when the
Bank’s dealing room is in operation be authorized to act on the instructions given verbally by telephone by any one of the
Authorized Signatories provided that the valid password is quoted. The Bank may at its absolute discretion determine that some
or all of the Authorized Signatories do not need to quote the password and the Bank shall be authorized to act on their instructions/orders
without the password being quoted. The Borrower expressly agrees to be conclusively bound by and liable for all the instructions/orders
of an Authorised Signatory and all the instructions/orders which the Bank reasonably believes are those of an Authorised Signatory.
In the event of dispute, the Borrower agrees to accept the Bank’s tape recordings as conclusive evidence of the instructions/orders
given verbally by telephone.

 

    	Page 5/6   Hang Seng Bank Limited	

    	 

    

 

		28.6	Confirmations

 

The Bank shall provide the
Borrower with a written confirmation of each foreign exchange transaction effected under the Facilities (“FX Transaction”).
Any delay or failure in delivering a confirmation shall not affect the validity of the relevant FX Transaction. In the absence
of manifest error, all confirmations and statements sent by the Bank shall be conclusive and binding on the Borrower unless, within
one Business Day of receipt, notice in writing is given to the Bank of any objection.

 

Each confirmation issued in
respect of a FX Transaction should be checked by the Borrower upon receipt with a copy of which signed and returned to the Bank.

 

		28.7	Bank’s rights

 

The Bank shall have an overriding
right to call for cash cover on demand and/or to close out any or all FX Transactions outstanding at any time without further
reference to the Borrower and to demand settlement of any balance owing by the Borrower to the Bank.

 

		29.	Loan Facility

 

		29.1	Purpose

 

Each term loan, revolving loan,
property instalment loan or other loan facility made available by the Bank to the Borrower shall be used by the Borrower solely
for the purpose specified in the Facility Letter.

 

		29.2	Drawdown

 

		29.2a	For any term loan or revolving
                                         loan facility which allows multi-currencies drawdown, the following provisions shall
                                         apply:-

 

		(i)	For the purpose of calculating
                                         the limit available for drawdown, all non-Hong Kong dollar advances outstanding and intended
                                         non-Hong Kong dollar drawdown shall be calculated as the equivalent of the Hong Kong
                                         dollar amount at the spot T/T selling rate as quoted by the Bank on the date of drawdown.
                                         If as a result of such calculation the intended drawdown (in Hong Kong dollar or other
                                         currencies) cause the limit of the facility to be exceeded, the drawdown notice shall
                                         be deemed not to have been served.

 

		(ii)	For the purpose of determining
                                         whether the limit of the facility has been exceeded, on the last day of each interest
                                         period (the “Calculation Date”) the aggregate of all non-Hong Kong dollar
                                         advances outstanding will be calculated as the equivalent of the Hong Kong dollar at
                                         the spot T/T selling rate of the relevant currency as quoted by the Bank on the Calculation
                                         Date. The effective limit of the facility shall be reduced: (i) by amount undrawn at
                                         the end of the availability period, (ii) in accordance with the relevant repayment provision
                                         and (iii) by any prepayment made by the Borrower. If as a result of such calculation
                                         the limit of the facility is exceeded, the Borrower shall repay such excess within 3
                                         Business Days upon notification by the Bank. Amount repaid to reduce limit excess cannot
                                         be re-borrowed.

 

		29.2b	Any undrawn amount after the availability
                                         period shall be cancelled.

 

		29.2c	In respect of any term loan facility,
                                         no amount repaid or prepaid can be reborrowed.

 

		29.2d	In respect of any term loan or
                                         revolving loan facility, no loan or interest period shall extend beyond the relevant
                                         final maturity date.

 

		29.2e	The Borrower shall on demand indemnify
                                         the Bank, without prejudice to any of the Bank’s other rights under these Standard
                                         Terms and Conditions, against any loss, cost (including but not limited to any break
                                         funding costs) or expense sustained or incurred by the Bank as a result of any advances
                                         or drawings not being made for any reason after a drawdown notice or notification has
                                         been given.

 

		29.3	Interest

 

Interest shall be calculated
on the basis of the actual number of days elapsed and (in respect of loans in Hong Kong dollars) a 365-day year or (in respect
of loans in currency other than Hong Kong dollars) a 360-day year. Interest shall be calculated up to but excluding an interest
payment date.

 

		29.4	Repayment

 

		29.4a 	If any repayment date falls
                                         on a day which is not a Business Day, repayment shall be made on the next Business Day
                                         unless such Business Day falls on the next calendar month in which case repayment shall
                                         be made on the preceding Business Day.

 

		29.4b 	In respect of any property
                                         instalment loan:-

 

		(i)	If a monthly instalment due date
                                         falls on a day which is not a Business Day, the instalment due date shall fall on the
                                         next Business Day, unless that next Business Day falls on the next calendar month in
                                         which case the instalment due date shall fall on the preceding Business Day. Interest
                                         shall be calculated up to but excluding the date on which an instalment is due and payable.
                                         Notwithstanding any contrary provisions in the legal charge over the property, any change
                                         in the Bank’s best lending rate will be effective on the date on which the change
                                         in that rate takes effect and in the event of such change either the amount of monthly
                                         instalment or the number of monthly instalments may be varied by the Bank by giving written
                                         notice to the Borrower (together with a revised repayment schedule) and the revision
                                         shall be effective on the date specified in the notice. If the amount of the instalment
                                         is inadequate to cover the interest accrued on the loan during the instalment period,
                                         the shortfall shall be carried forward to form part of the accrued interest payable in
                                         the subsequent instalments. Overdue instalment payment will be subject to a late charge.
                                         On the final instalment due date, the Borrower shall pay to the Bank all outstanding
                                         principal, accrued interest and all other sums then due and payable to the Bank.

 

		(ii)	Instalments shall be applied
                                         first towards payment of interest due on the outstanding loan; next (but only if the
                                         Bank shall elect to do so) in repayment of any sums, other than the principal, due and
                                         owing by the Borrower to the Bank in respect of the loan; and the balance (if any) shall
                                         be applied in reduction of the outstanding principal of the loan.

 

		29.4c  	The Borrower shall
                                         on demand indemnify the Bank, without prejudice to any of the Bank’s other rights
                                         under these Standard Terms and Conditions, against any loss, cost (including but not
                                         limited to any break funding costs) or expense sustained or incurred by the Bank as a
                                         result of all or any part of a loan being repaid or prepaid on a day which is not an
                                         interest payment date.

 

		29.4d  	If the Bank receives
                                         any payment which is insufficient to discharge all the amounts then due and payable by
                                         the Borrower to the Bank under the Facilities, the Bank may apply that payment in such
                                         manner and in such order as the Bank may consider appropriate, which shall override any
                                         appropriation by the Borrower.

 

    	Page 6/6   Hang Seng Bank LimitedExhibit 4.115

 

Private & Confidential 

 

Dated the 30th day of December 2014

 

KongZhong Corporation

(as Purchaser)

 

and

 

Foga Development Co. Ltd.

(as Vendor)

 

and

 

Jieguang Zhuang (莊捷廣)

(as Guarantor)

 

 

 

AGREEMENT

relating to the sale and purchase of approximately

7% of the issued share capital

 

in

 

FORGAME HOLDINGS LIMITED

(雲遊控股有限公司 )

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	3
	 	 	 
	2.	SALE AND PURCHASE	6
	 	 	 
	3.	CONSIDERATION	6
	 	 	 
	4.	CONDITIONS PRECEDENT	6
	 	 	 
	5.	COMPLETION	7
	 	 	 
	6.	CONDUCT OF BUSINESS PENDING COMPLETION	10
	 	 	 
	7.	WARRANTIES AND UNDERTAKINGS BY THE WARRANTORS	10
	 	 	 
	8.	GUARANTEE BY THE GUARANTOR 	13
	 	 	 
	8A.	 LOCK-UP	13
	 	 	 
	9.	TERMINATION	14
	 	 	 
	10.	CONFIDENTIALITY AND ANNOUNCEMENTS	14
	 	 	 
	11.	GENERAL PROVISIONS	15

 

    	 

    	 

    

 

THIS AGREEMENT is dated 30 December 2014 and is made

 

BETWEEN:

 

		(1)	KongZhong Corporation, a company incorporated under the laws of the Cayman Islands and whose registered office is situated
at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Purchaser”);

 

		(2)	Foga Development Co. Ltd., a company incorporated under the laws of the British Virgin Islands and whose registered
office is situated at Portcullis TrustNet Chambers, P.O. Box 3444, Road Town, Tortola, British Virgin Islands (the “Vendor”);
and

 

		(3)	Jieguang Zhuang (莊捷廣), (PRC Identity Card No. : 445122198110117055) at Room 804, Jinhai
South Street No. 1, Tianhe District, Guangzhou, Guangdong Province, PRC (the “Guarantor”).

 

WHEREAS: 

 

		A.	Forgame Holdings Limited (雲遊控股有限公司) (“Target Company”,
together with its subsidiaries the “Target Group”) is a company incorporated in the Cayman Islands with limited
liability under the Companies Law and the issued Shares of which are listed on the Main Board (Stock code: 00484) and whose registered
office is at the offices of Osiris International Cayman Limited, Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, P.O.
Box 32311, Grand Cayman KY1-1209, Cayman Islands.

 

		B.	The Target Group is principally engaged in the development and the publishing of webgames in China.

 

		C.	As at the date hereof, 127,054,229 Shares have been issued and fully paid up or credited as fully paid.

 

		D.	As of the date hereof, the Vendor is the registered and beneficial owner of the Sale Shares, representing approximately 7%
of the total issued share capital of Target Company as at the date of this Agreement.

 

		E.	The Vendor has now agreed to sell and the Purchaser has now agreed to  purchase the Sale Shares upon the terms and
                                                          subject to the conditions set                                                           out in this Agreement.

 

BY WHICH IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION 

 

		1.1	Defined Terms 

 

In this Agreement), unless the
context otherwise requires, the following words and expressions shall have the following meanings ascribed to each of them below:

 

    	 

    	 

    

 

“Agreement”
means and includes this agreement (including the recitals, Schedules (if any) and Exhibits (if any)) as originally executed and
such modification, amendment, addition or supplement from time to time to be agreed between the parties hereto;

 

“Business Day”
means a day (other than a Saturday, Sunday or public holiday) on which banks are open in Hong Kong to the general public for business;

 

“Companies Law”
means the Companies Law of the Cayman Islands (as consolidated and amended from time to time);

 

“Companies Ordinance”
means the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as amended from time to time;

 

“Completion”
means completion of the sale and purchase of the Sale Shares in accordance with this Agreement;

 

“Completion Date”
means 23 January 2015 or such other date as the parties hereto may agree in writing or if Completion does not occur on such date
due to the hoisting of Typhoon Signal No. 8 (or above) or Black Rainstorm Warning in Hong Kong, on the immediately following Business
Day;

 

“Computershare”
means Computershare Hong Kong Investor Services Limited, the Target Company’s Hong Kong branch share registrar;

 

“Conditions”
means the conditions to Completion set out in Clause 4.1 and

"Condition" means any or a specific one of them;

 

“Consideration”
means HK$124,506,200;

 

“Encumbrances”
means any assignment, dealing, restriction, mortgage, charge, debenture, pledge, lien, title retention, option or right to acquire,
restriction, right of first refusal, right of pre-emption, third-party right or interest, other encumbrance or dispositions or
security interest of any kind, or another type of preferential arrangement (including, without limitation, a title transfer or
retention arrangement) having similar effect and any agreement or obligation to create or grant any of the aforesaid, whether or
not granted for the purpose of security; “Hong Kong” means the Hong Kong Special Administrative Region of the
PRC;

 

“Listing Rules”
means the Rules Governing the Listing of Securities on the Stock Exchange;

 

“Main Board”
means the main board of the Stock Exchange;

 

“PRC” means
the People's Republic of China;

 

“Purchaser”
bears the meaning as set forth in the recitals above;

 

“RSU Scheme”
means the restricted share units scheme adopted by the Target Company on 1 September 2013;

 

    	 

    	 

    

 

“Sale Shares” means 8,893,300 ordinary
shares in the issued share capital of Target Company, representing approximately 7% of the entire issued share capital of Target
Company as at the date of this Agreement, registered in the name of, and beneficially owned by, the Vendor;

 

“SFC” means the Securities and
Futures Commission of Hong Kong;

 

“Share Option Schemes” means (i)
the pre-IPO share option scheme adopted by the Target Company on 31 October 2012 and (ii) the post-IPO share option scheme adopted
by the Target Company on 1 September 2013;

 

“Shares” means the ordinary shares
in the share capital of Target Company;

 

“Stamp Duty Office” means the Stamp
Office of the Inland Revenue Department of Hong Kong;

 

"Stock Exchange" means The Stock
Exchange of Hong Kong Limited;

 

“Target Company” bears the meaning
set forth in the recitals above;

 

“Target Group” bears the meaning
set forth in the recitals above;

 

“Warranties” means the representations,
warranties and undertakings given by the Warrantors under this Agreement;

 

“Warrantors” means the Vendor and
the Guarantor;

 

“HK$” means Hong Kong Dollars, the lawful currency of Hong Kong; and

 

“%” means
per cent.

 

		1.2	Headings and Contents 

 

The headings and the tables of contents in this Agreement
do not affect its interpretation.

 

		1.3	Singular/Plural and Gender 

 

Unless the context requires otherwise, words importing
the singular include the plural and vice versa and words importing one gender include the other gender and the neuter.

 

		1.4	Time 

 

Any reference to time is a reference to the time in
Hong Kong.

 

		1.5	Clauses/Schedules 

 

This Agreement includes its Schedules. Unless the
context otherwise requires, any reference to a “Clause” or “Schedule” in this Agreement is a reference
to a clause or a schedule to this Agreement and, unless otherwise indicated, a reference to a Clause includes all the sub Clauses
of that Clause.

 

    	 

    	 

    

 

		1.6	Statutory provisions and others 

 

References to ordinance, statutes,
statutory provisions, rules or regulations shall where the context so admits or requires be construed as references to those ordinance,
statutes, statutory provisions, rules or regulations as respectively replaced, amended, consolidated, extended, or re-enacted or
as their application is modified by other ordinance, statutes, statutory provisions, rules or regulations from time to time and
for the time being in force, and shall include any subordinate legislation, rules or regulations made under such ordinance, statutes,
statutory provisions, rules or regulations.

 

		2.	SALE AND PURCHASE 

 

		2.1	Sale and Purchase of Sale Shares 

 

On the terms and subject to the
conditions set out in this Agreement, the Vendor shall sell and the Purchaser shall purchase the Sale Shares in each case with
effect from the Completion Date free from all Encumbrances and with all rights attached or accrued at Completion or subsequently
becoming attached or accrued to it, including the right to receive all dividends and other distributions declared prior to Completion
and in respect of which the record date for such dividend or other distribution is on or after the Completion Date.

 

		3.	CONSIDERATION 

 

The aggregate consideration for
the sale and purchase of the Sale Shares shall be the sum of HK$124,506,200 and shall be satisfied by the Purchaser at Completion
immediately following compliance by the Vendor with all the provision in Clauses 5.2 and 5.2A by way of electronic transfer to
a bank account nominated by the Vendor in immediately available funds in accordance with Clause 5.3(c).

 

		4.	CONDITIONS PRECEDENT 

 

		4.1	Completion under this Agreement is subject to and conditional upon each of the following conditions
being fulfilled or waived in accordance with Clause 4.5 on or before Completion:

 

		(a)	the current listing and trading of the Shares on the Main Board not having been suspended (save
for suspension of trading for a period of not more than 15 consecutive trading days or otherwise pending clearance of relevant
Stock Exchange announcements pursuant to the Listing Rules), cancelled or withdrawn;

 

		(b)	neither the Stock Exchange nor the SFC having indicated that the current listing and trading of
the Shares on the Stock Exchange will be suspended (other than for reasons of clearance of relevant Stock Exchange announcements
pursuant to the Listing Rules), cancelled or withdrawn before or after Completion or that it will object to the continued listing
and trading of the Shares on the Stock Exchange, whether or not for reasons related to or arising from the transactions contemplated
under this Agreement;

 

    	 

    	 

    

 

		(c)	the representations, warranties and undertakings of the Warrantors as set out in Clause 7 given
as at the date of this Agreement and repeated between the date of this Agreement and the Completion Date and on the Completion
Date being true, accurate and not misleading in all material respects;

 

		(d)	there shall not be any injunction, judgment, order, decree, administrative orders, ruling or charge
in effect preventing consummation of any of the transactions contemplated by this Agreement; and

 

		(e)	there being no ongoing, pending or (to the knowledge of the Vendor) threatened third party legal
proceedings in any courts or government organisations which shall prevent consummation of any of the transactions contemplated
by this Agreement.

 

		4.2	The Warrantors shall each use their reasonable endeavours to procure fulfillment of the Conditions
as soon as possible and in any event before Completion.

 

		4.3	If any Warrantor becomes aware of any matter, circumstance or thing that might prevent a Condition
from being satisfied, he/it shall as soon as reasonably practicable inform the Purchaser in writing.

 

		4.4	If any Condition has not been satisfied or waived in accordance with Clause 4.5 by 11:30 a.m. on
the Completion Date, each party hereto may by notice in writing to the other party:

 

		(a)	postpone Completion to a later date, being not more than ten (10) Business Days (or such later date as the Purchaser and the
Vendor may mutually agree) in which event the provisions of this Agreement shall apply as if that other date is the Completion
Date; or

 

		(b)	terminate this Agreement in which event the provisions of Clause 9 shall apply.

 

		4.5	The Purchaser may by notice to the Vendor waive, to such extent as it thinks fit, compliance with any of the Conditions in
whole or in part on or before the Completion Date but without prejudice to any other right which it may have under this Agreement.

 

		5.	COMPLETION 

 

		5.1	Completion 

 

Completion shall occur at 16th
Floor, Man Yee Building, 60 -68 Des Voeux Road Central, Central, Hong Kong at 11:30 a.m. on the Completion Date when the matters
set out in Clauses 5.2 to 5.3 below shall be transacted, subject to the terms and conditions of this Agreement.

 

		5.2	Upon Completion, the Vendor shall deliver or procure the delivery to the Purchaser and the Target
Company or to its order of all the following:

 

    	 

    	 

    

 

		(a)	copy, certified as true and complete by a director of the Vendor, of resolutions of the board of directors of the Vendor approving
the execution of, and the performance by the Vendor of its obligations under, this Agreement and other documents necessary for
the purpose of effecting the transactions contemplated hereunder; and

 

		(b)	such other reasonable documents as may be required to give the Purchaser good title to the Sale Shares and to enable the Purchaser
to become the registered owner thereof.

 

		5.2A	Upon Completion, the Vendor shall deliver or procure the delivery to the Target Company all the
following:

 

		(a)	an instrument of transfer and a sold note in respect of the transfer of the Sale Shares duly executed by the registered holder
thereof in favour of the Purchaser or its nominee; and

 

		(b)	share certificate(s) covering such Sale Shares (there should be four share certificates covering approximately 2%, 2%, 2% and
1%, respectively, of the entire issued share capital of Target Company as at the date of this Agreement).

 

The Vendor shall deliver copies of the
documents referred to in this Clause 5.2A to the Purchaser.

 

		5.2B	Upon
Completion, the Vendor shall procure the Target Company to, upon its receipt of the relevant documents as referred in Clauses 5.2,
5.2A, 5.3(a), 5.3(b) and 11.11 by the Target Company:

 

		(a)	arrange for the stamping of the bought and sold notes and instrument of transfer and to provide proof of such documents being
stamped to the Purchaser; and

 

		(b)	arrange for the registration of the Purchaser as the registered holder of the Sale Shares and to provide proof of such registration
to the Purchaser (including the issuance of share certificates to the Purchaser or its nominee).

 

		5.3	Against compliance and fulfillment of all acts and the requirements set out in Clause 5.2 and 5.2A,
the Purchaser shall:

 

		(a)	deliver to the Target Company a bought note and the instrument of transfer in respect of the Sale Shares executed by it or,
its nominee and copies of such documents to the Vendor;

 

		(b)	deliver to the Vendor and the Target Company copies, certified as true and complete by a director of the Purchaser, of resolutions
of the board of directors of the Purchaser approving the execution of, and the performance by the Purchaser of its obligations
under, this Agreement and other documents necessary for the purpose of effecting the transactions contemplated hereunder;

 

    	 

    	 

    

 

		(c)	pay the Consideration (less the Initial Estimation Amount (as defined below)) to the bank account nominated (such nomination
being made no later than 9:00 a.m. on the fifth Business Day immediately prior to the Completion Date) and designated, in writing,
by the Vendor, in immediately available funds.

 

The Vendor will pay all Hong Kong
seller's ad valorem stamp duty and fixed duty on the instrument of transfer as may be payable in respect of the sale of the Sale
Shares to the Purchaser and shall bear in equal shares with the Purchaser all charges, fees and expenses of Computershare including
(without limitation) their fees and expenses in effecting the transfer of the Sale Shares and the issue of certificates therefor
in board lots to the Purchaser (together, the “Vendor’s Expenses”), and the Purchaser is hereby authorised
to deduct from the payments to be made by it to the Vendor pursuant to the immediately preceding paragraph an amount equals to
HK$124,516.50 (the “Initial Estimation Amount”) (being the initial estimation of the amount of the Vendor's
Expenses) for the purposes of paying on the Vendor's behalf such costs, charges, fees and expenses as are payable by the Vendor.

 

For avoidance of doubt, in the
event that the Vendor’s Expenses turn out to be: (i) less than the Initial Estimation Amount, the Purchaser shall forthwith
return such difference to the Vendor (or its nominee) or (ii) more than the Initial Estimation Amount, the Vendor shall forthwith
(but in any event not later than the third Business Day upon the Vendor being notified to pay the difference) pay such difference
to the Purchaser or its nominee.

 

		5.4	In the event that the Vendor shall without reasonable ground acceptable to the Purchaser in its
reasonable opinion fail to do any or all of the acts and matters required to be done by it under Clauses 5.2 and 5.2A, without
prejudice to any other right or remedy available to the Purchaser, the Purchaser may:

 

		(a)	defer Completion to a day not more than 14 days after the date fixed for Completion (and so that the provision of this Clasue
5 shall apply to Completion as so deferred);

 

		(b)	elect to proceed to Completion so far as practicable but without prejudice to the Purchaser's right to the extent that the
Vendor shall not have complied with its obligations hereunder (incluing the right to set another date for the Vendor to comply
with those obligations which the Vendor has failed to comply with on the Completion Date); or

 

		(c)	rescind this Agreement (but without prejudice to any right, claim and remedy of the Purchaser for any breaches, defaults, failures,
non-compliances and non-performances of any terms and conditions of this Agreement on the part of the Vendor including but not
limited to the breach of Clause 5 by the Vendor).

 

    	 

    	 

    

 

		5.5	In the event that the Purchaser shall without reasonable ground acceptable to the Vendor in its
reasonable opinion fail to do anything required to be done by it under Clause 5.3, without prejudice to any other right or remedy
available to the Vendor, the Vendor may:

 

		(a)	defer Completion to a day not more than 14 days after the date fixed for Completion (and so that the provision of this Clause
5 shall apply to Completion as so deferred);

 

		(b)	elect to proceed to Completion so far as practicable but without prejudice to the Vendor’s right to the extent that the
Purchaser shall not have complied with its obligations hereunder (incluing the right to set another date for the Purchaser to comply
with those obligations which the Purchaser has failed to comply with on the Completion Date); or

 

		(c)	rescind this Agreement (but without prejudice to any right, claim and remedy of the Vendor for any breaches, defaults, failures,
non-compliances and non-performances of any terms and conditions of this Agreement on the part of the Purchaser including but not
limited to the breach of Clause 5 by the Purchaser).

 

		6.	CONDUCT OF BUSINESS PENDING COMPLETION 

 

The Warrantors jointly and severally
undertake that they shall pending Completion take all steps necessary to ensure that except as required by this Agreement or by
any applicable law or in the ordinary and usual course of business of the Target Company, the Target Company shall not carry out
any of the following actions and no resolution of the board of directors of Target Company or of its general meeting shall be passed
to carry out the same unless the written consent of the Purchaser is obtained:

 

		(a)	the alteration of the rights attached to any of the Sale Shares; and

 

		(b)	doing, allowing or procuring any act or omission on or before Completion which will constitute a material breach of any of
the Warranties.

 

The Vendor will, and will procure
the Target Company to, comply with any requirements of the Stock Exchange regarding the proposed sale of the Sale Shares.

 

		7.	WARRANTIES AND UNDERTAKINGS BY THE WARRANTORS 

 

		7.1	Warranties 

 

The Warrantors hereby jointly
and severally represent, warrant and undertake to and with the Purchaser that the Warranties are now and will be true, accurate
and not misleading in all material respects as at the date of this Agreement and at all times up to and including the Completion
Date. The Warrantors acknowledge that the Purchaser, in entering into this Agreement is relying on the Warranties and the covenants
and undertakings given by the Warrantors hereunder.

 

    	 

    	 

    

 

		7.2	Each of the Warranties are without prejudice to any other Warranties and, except herein expressly
or otherwise stated, no provision in any Warranty shall govern or limit the extent or application of any other provision in any
warranty.

 

		7.3	The Warrantors hereby jointly and severally represent, warrant and undertake to the Purchaser that:

 

		(a)	the Vendor has been duly established, is validly existing under the laws of the British Virgin
Islands, is of good standing and is able to pay its debts as they fall due;

 

		(b)	the Vendor is the registered and beneficial owner of the Sale Shares and is entitled to sell and
transfer the full legal and beneficial ownership of the Sale Shares to the Purchaser or its nominee free from Encumbrances with
effect from the Completion Date and with all rights attached or accrued at Completion or subsequently becoming attached or accrued
to it;

 

		(c)	no order has been made or petition presented or resolution passed for the winding up of the Vendor
and no distress, execution or other process has been levied on any of its assets. The Vendor is not insolvent nor unable to pay
its debts, no receiver or manager has been appointed by any person of its business or assets or any part thereof, no power to make
any such appointment has arisen, the Vendor has taken no steps to enter liquidation and, so far as the Warrantors are aware, there
are no grounds on which a petition or application could be based for the winding up or appointment of a receiver of the Vendor;

 

		(d)	no order has been made or petition presented for the bankruptcy of the Guarantor and no distress,
execution or other process has been levied on any of the Guarantor’s assets. The Guarantor is not insolvent nor unable to
pay his debts; the Guarantor has taken no steps to declare bankruptcy and, so far as the Guarantor is aware, there are no grounds
on which a petition or application could be based for the bankruptcy of the Guarantor;

 

		(e)	the Sale Shares represent approximately 7% of all of the issued ordinary shares in the capital
of Target Company as at the date of this Agreement;

 

		(f)	there are no Encumbrances and there is no agreement or commitment to give or create any Encumbrance
on, over or affecting any of the Sale Shares;

 

		(g)	no person has any right to alter or require any alteration to the share or loan capital of Target
Company except (i) disclosed by the Target Company in the public domain prior to the date of this Agreement and (ii) pursuant to
the Share Option Schemes and/or the RSU Scheme;

 

		(h)	there is no liability attaching to the Sale Shares and the Sale Shares are not subject to any claim,
demand, dispute, action, suit, investigation or legal or analogous proceedings;

 

    	 

    	 

    

 

		(i)	the Sale Shares have been properly and validly issued and are fully paid up and rank pari passu
in all respects with the other issued Shares and at Completion, it will be entitled to and will sell and transfer, or procure
the sale and transfer of, the full legal and beneficial ownership in the Sale Shares free from all Encumbrances at the date of
this Agreement;

 

		(j)	all necessary approvals, consents, authorisations and licenses required to be obtained by the Vendor
and the Guarantor in relation to the execution and performance of this Agreement (if any) have been obtained;

 

		(k)	the Vendor and the Guarantor have full power and authority and the legal capacity to enter into
and perform its obligations under this Agreement and each document to be delivered by it at Completion, when executed, will constitute
legal and binding obligations enforceable in accordance with its terms;

 

		(l)	the Vendor's and the Guarantor's execution, delivery and performance of this Agreement does not and shall not violate in any
respect any provision of:

 

		(i)	any law or regulation or any order or decree of any governmental authority, agency or court of Hong Kong and any other jurisdiction
to which it is subject; or

 

		(ii)	the laws and documents incorporating and constituting it; and/or

 

		(iii)	any agreement or other undertaking to which it is a party or which is binding upon it or any of its assets, and does not and
shall not result in the creation or imposition of any Encumbrance on any of its assets pursuant to the provisions of any such agreement
or other undertaking.

 

		(m)	the Vendor will be responsible for any fixed and ad valorem stamp duty payable by the seller and
will indemnify the Purchaser against any liability, claim, cost, charge or expense in respect thereof or in connection therewith;
and

 

		(n)	the information contained in the Recitals is true and accurate.

 

		7.4	The Warranties shall be deemed to be repeated by the Warrantors between the date of this Agreement
up to and at the Completion Date with reference to the facts then subsisting and shall remain in full force and effect notwithstanding
Completion and the transfer of the Sale Shares to the Purchaser.

 

		7.5	The Warrantors agree that each of the Warranties shall be separate and independent to the intent
that the Purchaser shall have a separate claim and right of action in respect of any breach thereof.

 

		7.6	The Warrantors hereby undertake to indemnify and keep the Purchaser fully indemnified in readily available cash against all
losses, claims, and liabilities suffered by the Purchaser as a result of or in connection with any breach of any of the Warranties
including, but not limited to any costs and expenses (including without limitation reasonable legal costs and expenses) incurred
as a result of such breach. This indemnity shall be without prejudice to any other rights and remedies of the Purchaser in relation
to any breach of any of the Warranties or any other parts of this Agreement, and all other rights and remedies are expressly reserved
to the Purchaser.

 

    	 

    	 

    

 

		7.7	The Warranties shall survive Completion and the rights and remedies of the Purchaser in respect
of any breach of the Warranties shall not be affected by the Purchaser rescinding, or failing to rescind this Agreement, or failing
to exercise or delaying the exercise of any right or remedy, or by any other event or matter whatsoever, except by way of a specific
and duly authorised written waiver or release of the Purchaser and no single or partial exercise of any right or remedy shall preclude
any further or other exercise.

 

		7.8	The Purchaser shall be entitled to take action after Completion in respect of any breach or non-fulfillment
of any of the Warranties and Completion shall not in any way constitute a waiver of any right of the Purchaser.

 

		7.9	The Warrantors hereby jointly and severally undertake in relation to any Warranties which refer
to the knowledge, information or belief of the Warrantors that they have made reasonable enquiry into the subject matter of that
Warranty and that it does not have the knowledge, information or belief that the subject matter of that Warranty may not be correct,
complete or accurate.

 

		7.10	The Warrantors shall as soon as reasonably practicable inform the Purchaser in writing of any fact,
matter, event or circumstance which renders any of the Warranties untrue, inaccurate or misleading or will give rise to a material
breach of any of the Warranties.

 

		8.	GUARANTEE BY THE GUARANTOR 

 

		8.1	In consideration of the Purchaser agreeing to enter into this Agreement, the Guarantor hereby unconditionally
and irrevocably as primary obligor guarantees to the Purchaser the due and punctual performance by the Vendor of all its obligations
under this Agreement and undertakes to indemnify and keep indemnified the Purchaser against all losses, damages, costs and expenses
of whatsoever nature which may be suffered or incurred by it by reason of any default on the part of the Vendor in the due and
punctual performance of the said obligations.

 

		8.2	Subject to Clause 8.3, the Guarantor shall not be discharged or released from its undertakings
under this Clause by any arrangement made between the other parties or by any alteration in the obligations on the part of the
Vendor or any of it under this Agreement or by time or other indulgence granted by the Purchaser.

 

		8.3	This guarantee and undertaking shall remain in force (regardless of any change in shareholding
or control of the Vendor or any of it) for so long as the Vendor has any liability or obligation under this Agreement.

 

    	 

    	 

    

 

		8A.	LOCK-UP 

 

The Purchaser agrees that it
will not (i) sell or dispose of (or create any agreement to sell or dispose of) the Sale Shares or (ii) pledge or create any Encumbrance
(or create any agreement to pledge or create any Encumbrance) on the Sale Shares, for a period of six months commencing from the
date of Completion.

 

		9.	TERMINATION 

 

If this Agreement is terminated
pursuant to Clause 4.4(b) or Clauses 5.4 and 5.5, all rights and obligations of the parties hereto shall cease immediately upon
termination except that:

 

		(a)	termination shall not affect the then accrued rights and obligations of the parties hereto unless
otherwise specified herein; and

 

		(b)	termination shall be without prejudice to the continued application of Clauses 1, 9, 10 and 11
which shall remain in full force and effect.

 

		10.	CONFIDENTIALITY AND ANNOUNCEMENTS 

 

		10.1	Subject to the provisions of Clause 10.2, any applicable statutory or regulatory rules or otherwise
as may be required by any court, relevant stock exchange, government or any other regulatory body with competent jurisdiction,
each party hereto shall at all times keep confidential and not directly or indirectly disclose or make use of any information in
its possession relating to any other party, or make any public announcement in relation to the transactions the terms of which
are set out in this Agreement or the transactions or arrangements hereby contemplated or herein referred to or any matter ancillary
hereto or thereto (together the “Information”) without the prior consent of the other (which consent shall not
be unreasonably withheld or delayed).

 

		10.2	The restrictions contained in Clause 10.1 shall not apply:

 

		(a)	to prevent any party from making any disclosure to such of the directors, officers or employees
of and any financial, legal or other professional advisers, lenders or auditors engaged by the Vendor, the Purchaser, the shareholders
of the Vendor and the Purchaser and/or their respective holding companies or subsidiaries (having the meanings ascribed to them
under the Companies Ordinance) who are involved in or have been engaged in connection with the transactions contemplated under
this Agreement (together the “Authorised Persons”), in each case only where such Authorised Persons shall comply
with or are subject to similar non-disclosure obligations;

 

		(b)	if and to the extent that disclosure is required for the purpose of any judicial, arbitration or
similar proceedings, or at the request of a relevant stock exchange, government or any other regulatory body with competent jurisdiction,
; or

 

		(c)	in respect of any Information which is or becomes generally available to the public otherwise than
by a breach of Clause 10.1 by any of the parties; or

 

    	 

    	 

    

 

		(d)	to any Information which is already in the possession of the receiving party at the time of disclosure,
otherwise than due to a breach of any obligations of confidentiality on the disclosing party; or

 

		(e)	to any public announcement or press release made by the Target Company pursuant to the rules of
any relevant stock exchange or regulatory body with competent jurisdiction, provided that the Vendor had consulted the Purchaser
on the contents of such press release or public announcement, insofar as such consultation is reasonably practicable and permitted
by relevant laws and regulations; or

 

		(f)	to any public announcement or press release made by the Purchaser pursuant to the rules of any
relevant stock exchange or regulatory body with competent jurisdiction, provided that the Purchaser had consulted the Vendor and
the Target Company on the contents of such press release or public announcement, insofar as such consultation is reasonably practicable
and permitted by relevant laws and regulations.

 

		11.	GENERAL PROVISIONS 

 

		11.1	Entire Agreement 

 

This Agreement contains the entire
agreement between the parties hereto as to their subject matter and supersede any previous agreements (whether written or oral)
between the parties relating to their subject matter.

 

		11.2	Remedies Cumulative 

 

The rights of the parties hereto
under this Agreement are cumulative and do not exclude or restrict any other rights (except as otherwise provided in the Agreement).

 

		11.3	No Waiver 

 

No failure or delay by a party
hereto to exercise (in whole or in part) any right under this Agreement or otherwise will operate as a waiver of that right or
any other right nor will any single or partial exercise of any such right preclude any other or further exercise of that right
or the exercise of any other right. A waiver of any breach of any provision of this Agreement shall not be effective, or implied,
unless that waiver is in writing and is signed by the party against whom that waiver is claimed. No consent or approval to be given
pursuant to this Agreement shall be effective unless it is in writing and signed by the relevant party giving such approval or
consent.

 

		11.4	Time of the Essence 

 

Time is of the essence of this
Agreement as regards any time, date or period specified for the performance of an obligation and as to any dates and periods which
may, by agreement in writing between the parties hereto, be substituted therefor.

 

    	 

    	 

    

 

		11.5	Severance 

 

If any provision of this Agreement
is not or ceases to be legal, valid, binding and enforceable under the law of any jurisdiction, neither the legality, validity,
binding effect or enforceability of the remaining provisions under that law nor the legality, validity, binding effect or enforceability
of that provision under the law of any other jurisdiction will be affected.

 

		11.6	Amendments 

 

No amendment to this Agreement
will be effective unless in writing and executed by all the parties hereto.

 

		11.7	Further Assurance 

 

The Vendor shall execute, do
and perform or procure to be executed, done and performed by other necessary parties all such further acts, agreements, assignments,
assurances, deeds and documents as the Purchaser may reasonably require to vest effectively the legal and beneficial ownership
of the Sale Shares in the Purchaser.

 

		11.8	Counterparts 

 

This Agreement may be executed
in any number of counterparts and by each party hereto on separate counterparts, each of which is an original but, together, they
constitute one and the same agreement.

 

		11.9	Successors and Personal Representatives 

 

This Agreement is binding on
the successors and permitted assigns of each party.

 

		11.10	Assignment 

 

The rights or obligations of
a party under this Agreement are incapable of assignment except with the prior written consent of all the other party to this Agreement.

 

		11.11	Expenses 

 

Each party hereto is responsible
for its own legal and other expenses incurred in the negotiation, preparation and completion of this Agreement. Stamp duty in connection
with the transactions contemplated in this Agreement (including the transfer of the Sale Shares) shall be borne as to 50% by the
Vendor on the one part and the remaining 50% of the stamp duty shall be borne by the Purchaser on the other part. All charges,
fees and expenses of Computershare including (without limitation) their fees and expenses in effecting the transfer of the Sale
Shares and the issue of certificates therefor in board lots to the Purchaser shall be borne as to 50% by the Vendor on the one
part and the remaining 50% shall be borne by the Purchaser on the other part.

 

The Vendor and the Purchaser
shall cooperate with the Target Company to provide such information as is requested by the Stamp Duty Office and/or Computershare,
and the Vendor shall procure the Target Company to submit the relevant bought and sold notes and instrument of transfer for adjudication
by the Stamp Duty Office.

 

    	 

    	 

    

 

Subject to Clause 5.3(c), after
the Target Company has received the relevant stamping request from the Stamp Duty Office (and the Vendor shall procure the Target
Company to notify the Purchaser of the same as soon as reasonably practicable), the Purchaser shall remit payment in immediately
available funds to the bank account nominated by the Target Company in the aggregate amount specified in such stamping request
within five Business Days after such nomination, to enable the Target Company to arrange for the stamping of the relevant bought
and sold notes and instrument of transfer.

 

Subject to Clause 5.3(c), after
the Target Company has received the amount of charges, fees and expenses from Computershare (and the Vendor shall procure the Target
Company to notify the Purchaser of the same as soon as reasonably practicable), the Purchaser shall remit payment in immediately
available funds to the bank account nominated by the Target Company in an amount equals to the amount of such charges, fees and
expenses within five Business Days after such nomination, to enable the Target Company to arrange for the registration of the Purchaser
as the registered holder of the Sale Shares (including the issuance of share certificates to the Purchaser or its nominee).

 

		11.12	Notices 

 

All notices, requests, demands,
claims or communication under this Agreement must be in writing and may, without prejudice to any other form of delivery, be delivered
personally or sent by post or transmitted by fax to the address set out below or at such other address or fax number as the addressee
may by three (3) Business Days’ prior notice have notified to the other party in writing:

 

To the Purchaser:

 

	Address:	35F, Tengda Tower, No. 168 Xiwai Street, Haidian District, Beijing, PRC 
	 	 
	Facsimile:	(+86) 10 6810 9402 
	 	 
	Attention:	Fan Tai / Zhu Jiang Hua 

 

To the Vendor:

 

	Address:	Floor 33A, Fu Li Ying Long Plaza, No.76 West Huangpu Road, Tianhe District, Guangzhou, 510623, the People’s Republic of China 
	 	 
	Facsimile:	(+852) 3796 2600 
	 	 
	Attention:	Mr. ZHUANG Jieguang 

 

    	 

    	 

    

 

To the Guarantor:

 

	Address:	Floor 33A, Fu Li Ying Long Plaza, No.76 West Huangpu Road, Tianhe District, Guangzhou, 510623, the People’s Republic of China 
	 	 
	Facsimile:	(+852) 3796 2600 
	 	 
	Attention:	Mr. ZHUANG Jieguang 

 

Any notice or communication so
addressed to the relevant party shall be deemed to have been delivered: (a) if given or made by personal delivery, when actually
delivered to the relevant address; (b) if sent by post, on the second (2nd) Business Day after the date of posting,
if local, or on the seventh (7th) Business Day after the date of posting, if outside of Hong Kong; and (c) if given
or made by facsimile, when despatched subject to machine-printed confirmation of receipt being received by the sender.

 

In proving service it shall be
sufficient to prove that the envelope containing such notice was properly addressed and delivered to the address shown thereon
or that the facsimile transmission was made and a facsimile confirmation report was received, as the case may be.

 

		11.13	Governing Law and Jurisdiction 

 

This Agreement is governed by
and will be construed in accordance with Hong Kong law.

 

The parties hereto submit to
the non-exclusive jurisdiction of the Hong Kong courts and each party waives any objection to proceedings in Hong Kong on the grounds
of venue or inconvenient forum.

 

		11.14	Process Agent 

 

The Vendor hereby appoints
Forgame Holdings Limited of 16th Floor, Man Yee Building, 60 - 68 Des Voeux Road Central, Central, Hong Kong Hong Kong as its
agent to receive, for itself and on its behalf, service of process in any proceedings in Hong Kong. Such service shall be
deemed completed on delivery to the process agent (whether or not it is forwarded to and received by the Vendor). If for any
such reason the process agent ceases to be able to act as such or no longer has an address in Hong Kong, the Vendor
irrevocably agrees to appoint a substitute process agent acceptable to the Purchaser, and to deliver to the Purchaser a copy
of the new agent’s acceptance of appointment, within 10 days of such acceptance. The appointment of the substitute
process agent shall not become effective for the purpose of this Clause 11.14 until the Purchaser receives a copy of the new
agent’s acceptance of appointment.

 

The Purchaser hereby
appoints Forgame Holdings Limited of 16th Floor, Man Yee Building, 60 - 68 Des Voeux Road Central, Central, Hong Kong Hong
Kong as its agent to receive, for itself and on its behalf, service of process in any proceedings in Hong Kong. Such service
shall be deemed completed on delivery to the process agent (whether or not it is forwarded to and received by the Purchaser).
If for any such reason the process agent ceases to be able to act as such or no longer has an address in Hong Kong, the
Purchaser irrevocably agrees to appoint a substitute process agent acceptable to the Vendor, and to deliver to the Vendor a
copy of the new agent’s acceptance of appointment, within 10 days of such acceptance. The appointment of the substitute
process agent shall not become effective for the purpose of this Clause 11.14 until the Vendor receives a copy of the new
agent’s acceptance of appointment.

 

    	 

    	 

    

 

AS WITNESS this Agreement has been signed and executed
by the duly authorised representatives of the parties the date first above written.

 

	 	 	

/s/ Leilei Wang
	 	 
	 	 
	SIGNED by Wang Leilei	)
	for and on behalf of	)
	KongZhong Corporation	)
	in the presence of:-	)
	 	)
	 	 
	Name:	 
	Title:	 	 
	 	 	

/s/ Jieguang ZHUANG
	SIGNED by Jieguang ZHUANG	)
	for and on behalf of	)
	Foga Development Co. Ltd.	)
	in the presence of:-  	/s/ Xiaoping SHEN	
        )

        )

	 	 
	Name: Fiona Shen	 	 
	Title: Assistant to CFO	 	 
	 	 	 
	SIGNED, SEALED AND DELIVERED by	 	

/s/ Jieguang ZHUANG
	Jieguang ZHUANG	)
	in the presence of:-	/s/ Xiaoping SHEN     	
        )

        )

	 	 
	Name: Fiona Shen	 
	Title: Assistant to CFO.

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