Document:

EX-4.25

 Exhibit 4.25 

English Translation 

OPTION AGREEMENT 
 AMONG

 HUIYOU DIGITAL (SHENZHEN) LTD 

AND 
 KEN JIAN XIAO,
XIONGFEI LIU 
 EXECUTED IN SHENZHEN ON 16 SEPTEMBER 2013 

 OPTION AGREEMENT 

THIS OPTION AGREEMENT (“this Agreement”) is entered in to on the 16th day of September, 2013, by and among the following parties
(“Parties”): 
 Huiyou Digital (Shenzhen) Ltd. (“Pledgee” or “Obligee”), a wholly foreign owned
enterprise duly organized and existing under the laws of the People’s Republic of China (“China”), with its registered address at 13e, 13th Floor, B Block, Shenye Tairan Xuesong Building, Tairan Industry Park, Futian District,
Shenzhen; 
 Ken Jian Xiao, China, identity card no.: 44020319791020206133; 

Xiongfei Liu, a citizen of China, identity card no.: 440223199012100518; 

Ken Jian Xiao and Xiongfei Liu are collectively referred to as “Obligors”. 

WHEREAS, 
  

	1.	Shenzhen Lanyue Internet Technology Co., Ltd., (“Lanyue”), a domestic company with limited liability duly organized and existing under the laws of China, Lanyue is currently applying for (i) the
Value-added Telecom Service Operation License, (ii) the Internet Publication Permit, and (iii) the Network Culture Operation License (collectively, the “Qualifications for Operating Mobile Online Games”). Upon obtaining
the Qualifications for Operating Mobile Online Games, Lanyue will engage in the value-added telecom service as well as the development and operation of mobile games and online games. 

 

	2.	The Obligors are the shareholders of and they lawfully hold 100% of the shares of Lanyue in total (“Shares”); of which Ken Jian Xiao holds 99% of the Shares; and Xiongfei Liu holds 1% of the Shares.

 NOW, THEREFORE, IT IS HEREBY AGREED BY THE PARTIES THAT: 
  

	1	INTERPRETATION 

 “Business Day” shall mean any day during which the
companies and enterprises in China are open to business normally, except public holidays, Saturday and Sunday. 
 “Closing
Day” shall mean the day when the Price specified in Article 2.3 hereof is due for the purpose of the Option. 
  

	2	OPTION ARRANGEMENT 

  

	2.1	The Obligors shall severally and jointly grant an exclusive option to the Obligee in respect of all or part of the Shares in Lanyue in accordance with the terms and conditions of this Agreement. To the extent permitted
by the laws of China, the Obligee may exercise the Option at any time it considers appropriate. 

	2.2	Upon occurrence of any of the following circumstances, the Obligors shall transfer the Shares to the Obligee or its nominee in accordance with the terms and conditions of this Agreement within ten (10) days upon
receipt of written notice (“Exercise Notice”) from the Obligee: 

  

	 	(1)	According to the opinion of the Obligee or its legal counsel, the laws of China permit overseas enterprises or individuals or wholly foreign owned enterprises to invest in China and operate the same kind of business
that is being operated by Lanyue; or 

  

	 	(2)	According to the opinion of the Obligee or its legal counsel, although the laws of China do not permit overseas enterprises or individuals or wholly foreign owned enterprises to invest in China and operate the same kind
of business that is being operated by Lanyue, the Obligee has found an enterprise or individual to acquire the Shares in accordance with the laws of China. 

  

	2.3	The consideration for the transfer of the Shares under this Agreement to the Obligee or its nominee shall be the minimum price permitted by the current applicable laws of China. 

 

	2.4	Prior to the Closing Day, the Obligors shall jointly set up an escrow account controlled by an independent third-party according to the requirement of the Obligee or its nominee, to receive the price paid by the Obligee
or its nominee. The Obligee or its nominee shall pay the price as specified in Article 2.3 above to the escrow account on the Closing Day. The Obligors shall complete the relevant formalities for transfer of the Shares with the competent
administration for industry and commerce, and the Obligee or its nominee shall give the necessary assistance. 

  

	2.5	Subject to Article 2.2 above, after the Shares are transferred, the transfer of the Shares is duly registered with the competent administration for industry and commerce, the Obligee or its nominee is registered in the
register of shareholders and the Obligee or its nominee obtains an investment certificate, the Obligors shall, within three Business Days upon receipt of a written notice from the Obligee, transfer the aforesaid price from the escrow account to an
account designated by the Obligee or its nominee. 

  

	2.6	The Obligors hereby agree that if the Obligors transfer the Shares at the minimum price permitted by the current applicable laws of China as mentioned above, they shall fully use the price to repay the loan received
from the Obligee under the Individual Loan Agreement entered into by the Parties on 10 September 2013. 

  

	2.7	The Obligee may exercise the Option or any part thereof at any time after the date of this Agreement in single or multiple instances, unless it has acquired all Shares of Lanyue. 

 

	2.8	If the Obligee reasonably believes (after seeking legal advice) that any change in law, regulation or the interpretation thereof will make it unlawful for the Obligors to maintain or perform any obligation hereunder,
the Obligee may notify the Obligors of such fact. In that case, the Obligee and the Obligors shall carry out good-faith negotiation (subject to the restriction caused by the aforesaid change) to seek a lawful alternative. If there is a lawful
alternative, the Obligors shall implement such lawful alternative to the satisfaction of the Obligee. 

  
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	2.9	When the Obligee or its nominee acquires all or part of the Shares of Lanyue, the Obligors shall waiver their right of first refusal. 

 

	3	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

  

	3.1	The Obligors hereby make the following representations and warranties: 

  

	 	(1)	They have full power and authority to execute and perform this Agreement; 

  

	 	(2)	The Obligors do not have any action, arbitration or any other judicial or administrative procedure pending or that may potentially materially affect the performance of this Agreement; 

 

	 	(3)	No Obligor has been declared bankrupt; 

  

	 	(4)	Other than the share pledge created in favor of the Obligee, there is not any mortgage, pledge, charge or any other third-party encumbrance created upon the Shares held by the Obligors; 

 

	 	(5)	The Option granted by the Obligors to the Obligee hereunder is exclusive, and the Obligors will not grant an option or similar right to any other third-party through other means. 

 

	3.2	The Obligors hereby undertake that, throughout the term of this Agreement: 

  

	 	(1)	They will sign a Share Transfer Agreement and adopt a shareholders’ resolution according to this Agreement, and assist the Obligee to obtain the necessary approval from the government authority regarding the share
transfer, to submit the Share Transfer Agreement, the amendment to the Articles of Association and the updated register of shareholders to the competent administration for industry and commerce, and to complete all other relevant formalities;

  

	 	(2)	Other than the share pledge created in favor of the Obligee, without the prior written consent of the Obligee, the Obligors may not create any mortgage, pledge, charge or any other third-party encumbrance on the Shares,
or assign, give away or otherwise dispose of the Shares to any person (other than the Obligee or its nominee); 

  

	 	(3)	Upon occurrence of any event or receipt of any notice which likely affects the Obligors, Shares or the rights therein or change any obligation of the Obligors hereunder or the performance of any obligation of the
Obligors hereunder, the Obligors will promptly notify the Obligee and take all actions and measures according to the reasonable instructions of the Obligee; 

  
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	 	(4)	Other than the Option granted to the Obligee hereunder, without the prior written consent of the Obligee, the Obligors may not grant any option or any other preemptive right to any third-party. 

 

	4	TAXES AND COSTS 

  

	4.1	Each Party agrees to pay its taxes incurred from the performance of this Agreement. The Obligee hereby agrees that, other than the taxes borne by the Obligors, all costs and expenses incurred from the transfer of the
Shares hereunder shall be borne by the Obligee. 

  

	5	BREACH OF CONTRACT 

  

	5.1	If any Party violates its representations, warranties, undertakings or obligations hereunder, it shall indemnify the non-breaching party against all actual losses and damages. 

 

	6	CONFIDENTIALITY 

  

	6.1	All contents of this Agreement shall be confidential. The Obligors shall not disclose any information in connection with this Agreement to any third-party, unless it is otherwise agreed by the Obligee in written forms.
This Article 6 shall survive after termination of this Agreement. 

  

	6.2	If any confidential information is to be disclosed as required by the applicable laws, court judgment, arbitral award or decision of government authority, such disclosure shall not be deemed as violation of Article 6.1
above. 

  

	7	ASSIGNMENT 

  

	7.1	The Obligors hereby agree that the Option or any part thereof hereunder may be assigned to any third-party by the Obligee, and such third-party shall be deemed to be a party to this Agreement and may exercise the Option
according to this Agreement, and shall have the rights and obligations as the Obligee hereunder. 

  

	8	SEVERABILITY AND UNFAVORABLE INTERPRETATION 

  

	8.1	If any provision of this Agreement is invalid, unlawful or unenforceable, such provision will not affect the effect and force of the remaining provisions of this Agreement. If any arrangement can be made to render such
invalid, unlawful or unenforceable provision valid, lawful and enforceable, the Obligors shall execute all necessary documents or carry out certain actions to implement such arrangement upon the request of the Obligee. 

 

	8.2	The Parties agree that this Agreement shall be interpreted in a way to make all provisions of this Agreement enforceable, wherever possible. 

 

	8.3	Any provision of this Agreement shall not be interpreted unfavorably to a Party only because the Party drafts this Agreement or any part hereof. 

  
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	9	APPROVAL AND REGISTRATION 

  

	9.1	If the applicable laws and regulations of any jurisdiction permit and demand the approval and/or registration or filing of this Agreement from or with any government authority, the Obligors shall promptly complete the
formalities for such approval and/or registration or filing upon request of the Obligee, and shall provide the Obligee with the proof of such formalities. 

  

	10	INDEMNITY UNDERTAKINGS 

  

	10.1	The Obligors hereby undertake that, if the Obligee is imposed with any fine by any government authority or suffers any other loss due to the event that this Agreement is held as unlawful by any court or any other
competent authority in any jurisdiction, the Obligors shall fully indemnify the Obligee against all losses and damages resulting therefrom, including but not limited to all losses suffered by the Obligee, any fine or penalty imposed by any
government authority upon the Obligee, as well as all legal costs and other costs and expenses incurred by the Obligee due to such event. 

  

	11	GOVERNING LAW AND DISPUTE SETTLEMENT 

  

	11.1	This Agreement, including but not limited to the existence, performance, validity and interpretation of this Agreement, shall be governed by the laws of the People’s Republic of China. 

 

	11.2	Any controversy, dispute or claim (“Dispute”) arising out of or in connection with this Agreement shall be settled by the Parties through friendly negotiation. If no settlement can be reached, the
dispute shall be submitted by any Party to China International Economic and Trade Arbitration Commission South China Sub-commission according to its then effective arbitration rules for arbitration in Shenzhen. The arbitration shall be carried out
in Chinese. The arbitral tribunal shall be composed of one arbitrator. The award shall be final and binding upon the Parties. 

  

	11.3	The award shall be final and binding upon the Parties. Each Party shall accept and perform the award. 

  

	12	AMENDMENT AND SUPPLEMENTATION 

  

	12.1	Any amendment or supplementation to this Agreement shall be signed by the Parties in written forms. Any amendment and/or supplementation to this Agreement duly executed by the Parties shall be deemed as an integral part
of this Agreement, and shall have the same legal force as this Agreement. 

  

	13	EFFECTIVENESS AND TERM 

  

	13.1	This Agreement shall be executed and become effective as of the date mentioned first above. 

  
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	13.2	To the extent permitted by the laws of the People’s Republic of China, this Agreement shall expire when all Shares of the Obligors are acquired by the Obligee or its nominee according to Article 2.1 hereof.

  

	13.3	The Parties acknowledge and agree that the Obligee’s obtaining of the option hereunder is subject to Lanyue’s obtaining of the Qualifications for Operating Mobile Online Games and expansion of its business
scope to include the value-added telecom service and the development and operation of mobile games and online games. If Lanyue fails to obtain the Qualifications for Operating Mobile Online Games and complete such expansion or change of its business
scope by 31 December 2015, then unless otherwise agreed by the Obligee in writing, this Agreement shall terminate on such date, and the Parties shall cooperate in good faith and take all such reasonable actions and execute all such reasonable
and necessary documents as required to restore each party’s status prior to the date of this Agreement. 

  

	14	MISCELLANEOUS 

  

	14.1	This Agreement constitutes an entire agreement between the Obligee and the Obligors regarding the Option, and, upon execution of this Agreement, will automatically supersede any other oral or written agreement regarding
the Option. In case of any discrepancy between any other oral or written agreement regarding the Option and the provisions of this Agreement, the provisions of this Agreement shall prevail. 

 

	14.2	This Agreement shall be made and executed in triplicate, one for each party hereto and each being of equal authenticity. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
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 (No text in this page and this is the signature page of this Agreement.) 

OBLIGEE 
 Huiyou Digital (Shenzhen) Ltd. [Company Seal
Affixed] 
 Signature: /s/ Ken Jian Xiao 
 Legal
Representative: Ken Jian Xiao 
 OBLIGORS 
 Ken Jian
Xiao 
 Signature: /s/ Ken Jian Xiao 
 Xiongfei Liu 

Signature: /s/ Xiongfei LiuEX-4.26

 Exhibit 4.26 

English Translation 

EQUITY PLEDGE AGREEMENT 

AMONG 
 KEN JIAN XIAO,
XIONGFEI LIU 
 HUIYOU DIGITAL (SHENZHEN) LTD 

AND 
 SHENZHEN LANYUE
INTERNET TECHNOLOGY CO., LTD. 
 EXECUTED IN SHENZHEN ON 16 SEPTEMBER 2013 

 Equity Pledge Agreement 

This Equity Pledge Agreement (“this Agreement”) is entered into by and between the following parties (“Parties”) on 16 September 2013
in Shenzhen, the People’s Republic of China (“China”): 
 Party A: Huiyou Digital (Shenzhen) Ltd, (“Huiyou”) 

Address: 13e, 13th Floor, B Block, Shenye Tairan Xuesong Building, Tairan Industry Park, Futian District, Shenzhen; 

Legal Representative: Ken Jian Xiao 
 Party B: Ken Jian Xiao, a
citizen of China, identity card no.: 44020319791020206133; 
 Party C: Xiongfei Liu, a citizen of China, identity card no.: 440223199012100518; 

Party D: Shenzhen Lanyue Internet Technology Co., Ltd., (“Lanyue”) 

Address at 1085-1086, Shangshuyuan Commerce Podium Building, Meilin Road, Meilin Sub-district, Futian District, Shenzhen 

Legal Representative: Ken Jian Xiao 
 Whereas 

 

	 	1.	Party A is a wholly owned foreign enterprise registered and incorporated in the PRC; 

  

	 	2.	Party D is a domestic company with limited liability duly organized and existing under the laws of China. It is currently applying for (i) the Value-added Telecom Service Operation License, (ii) the Internet
Publication Permit, and (iii) the Network Culture Operation License (collectively, the “Qualifications for Operating Mobile Online Games”). Upon obtaining the Qualifications for Operating Mobile Online Games, Party D will
engage in the value-added telecom service as well as the development and operation of mobile games and online games. 

  

	 	3.	Party A, Party B and Party C have entered into an Exclusive Technology and Market Promotion Services Agreement, a Voting Proxy Agreement, a Loan Agreement and an Option Agreement (hereinafter together with this
Agreement referred to as “Restructuring Agreements”) with Lanyue; 

  

	 	4.	Party B and Party C (collectively referred to as “Pledgors” and each a “Pledgor”) are shareholders of Lanyue, of which, Party B holds 99% of the equity shares and Party C holds 1% of the equity
shares in Lanyue; 

  

	 	5.	In order to guarantee the normal collection of service fees under the Exclusive Technology and Market Promotion Services Agreement by Party A from Lanyue, which is owned by the Pledgors, and to guarantee the overall
performance from the Pledgors and Lanyue of their respective obligations under the Restructuring Agreements (including but not limited to the repayment obligations of the Pledgors under the Loan Agreement), the Pledgors jointly and severally pledge
all of their share equities in Lanyue (totaling 100% of the equity shares of Lanyue) as security for the foregoing service fees and other rights and interests of Party A under the Restructuring Agreements, and Party A as the Pledgee.

 Now, therefore, through friendly consultation and based on the principle of equality and mutual benefits,
the Parties hereby reach the following agreement for mutual compliance: 
  

	1	Definition 

 Unless otherwise provided by this Agreement, the following terms shall be
interpreted as follows: 
 “Right of Pledge” shall refer to the whole provisions as set out in Clause 2 hereof. 

“Equity Shares” shall refer to 100% of the equity shares of Lanyue, which are jointly and legally held by the Pledgor and all current
and future rights and interests attributable to such equity shares. 
 “Event of Default” shall refer to any of the circumstances
as set out in Clause 7 hereof. 
 “Default Notice” shall refer to the notice issued by the Parties to announce the occurrence of
Event of Default. 
  

	2	Pledge 

 The Pledgors shall pledge all the Shares Equities to Party A as security for all
the rights and interests of Party A under the Restructuring Agreements. 
 The security provided by the equity pledge under this Agreement
shall cover all fees payable by Lanyue and the Pledgors to Party A under the Restructuring Agreements (including legal fees), all expenses, losses, interests, liquidated damages, compensations and costs incurred to realize creditor’s rights for
which Lanyue and the Pledgors shall be liable, and all liabilities assumed by Lanyue and the Pledgors for Party A in the event any of the Restructuring Agreements fails to be implemented due to any reason. 

The right of pledge under this Agreement shall refer to the rights owned by Party A to have the priority over repayment with the proceeds
obtained from selling at a discount or by auction or selling off the Equity Shares pledged to Party A by the Pledgors. 
 Unless otherwise
agreed by Party A in writing after the execution of this Agreement, subject to Party A’s written consent, the pledge under this Agreement shall only be released when Lanyue and the Pledgors have duly performed all of their obligations and
responsibilities under the Restructuring Agreements or Party A has obtained all the Equity Shares. If Lanyue and/or the Pledgors fail to fully perform all or any part of their obligations or responsibilities under such Restructuring Agreements upon
the expiry of such term as provided by the Restructuring Agreements, Party A shall retain the right of pledge provided by this Agreement until when the foregoing relevant obligations and responsibilities are fully performed. 

  
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	3	Effectiveness 

  

	3.1	This Agreement shall take effect as of the date hereof, i.e.1 September 2013. The Right of Pledge shall be established and take effect after the equity pledge under this Agreement has been registered in the share
register of Lanyue (including both the original and the copy) and Lanyue has registered the share pledge with the Administration for Industry and Commerce. 

  

	3.2	The copy of Lanyue’s share register with registration of the pledge matters under this Agreement and affixed with Lanyue’s official seal shall be delivered to Party A for record. 

 

	3.3	During the term of pledge provided by this Agreement, if Lanyue fails to pay service fees in accordance with the Exclusive Technology and Market Promotion Services Agreement, or fails to implement the Restructuring
Agreements, Party A shall be entitled to exercise the Right of Pledge in accordance with the provisions of this Agreement. 

  

	4	Maintenance and Registration 

  

	4.1	During the term of pledge provided by this Agreement, the Pledgors shall deliver their respective capital contribution certificates in respect of their share equities in Lanyue (originals) to Party A for custody. The
Pledgors shall deliver such capital contribution certificates (originals) to Party A within seven (7) days from the date of this Agreement and provide Party A with the certificate evidencing the pledge under this Agreement being duly registered
in the share register. 

  

	4.2	Unless agreed by Party A in writing, during the term of this Agreement, all proceeds generated from the Equity Shares (if any, including but not limited to any dividends, profits) and received by the Pledgors will also
be treated as security provided for the debts owed by Lanyue pursuant to this Agreement. The Pledgors must ensure that Lanyue will complete registration of the equity pledge under this Agreement in accordance with the requirements for a domestic
limited liability company with the Guangzhou Administration for Industry and Commerce within ten (10) working days from the date of this Agreement. 

  

	5	Representations and Warranties of Pledgor 

 The Pledgors shall make the following
representations and warranties to Party A upon signing of this Agreement and confirm that Party A has signed and implemented this Agreement in reliance of such representations and warranties: 

 

	5.1	The Pledgor legally holds the Equity Shares and has the right to provide security with such Equity Shares for Party A. 

  

	5.2	Once the board of directors of Party A exercises Party A’s rights stipulated under this Agreement at any time, there will be no obstructions from any other parties. 

 

	5.3	Party A has the right to exercise the Right of Pledge in such a way as provided by law and/or this Agreement. 

  
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	5.4	The Pledgor has all the necessary competence to execute this Agreement and perform its obligations under this Agreement and has not violated any provisions of applicable laws and regulations. 

 

	5.5	Save and except the pledge under this Agreement, no encumbrances have been created over the Equity Shares held by the Pledgors (including but not limited to pledge). 

 

	5.6	On the date of this Agreement, there area no pending civil, administrative or criminal litigations, administrative penalties or arbitrations in relation to the Equity Shares, and to the reasonable judgment of the
Pledgors, there will be no potential civil, administrative or criminal litigations, administrative penalties or arbitrations in relation to the Equity Shares. 

  

	5.7	There are no payable but unpaid taxes and fees, or to be completed but uncompleted legal proceedings or formalities in relation to the Equity Shares on the date of this Agreement. 

 

	5.8	All the terms of this Agreement are reached by its true intention and shall be legally binding. 

  

	5.9	Lanyue has maintained one (1) original and one (1) copy of the share register. The original share register shall be maintained by Lanyue and the copy shall be delivered to Party A for record after completion
of the registration of the equity pledge. Lanyue guarantees that there are no discrepancies between the original and the copy of the share register, the registered matters are complete, true and accurate and consistent with the shareholder’s
names registered with the Administration for Industry and Commerce. 

  

	5.10	Lanyue will complete registration of the equity pledge under this Agreement in accordance with the requirement for a domestic limited liability company with the Guangzhou Administration for Industry and Commerce within
ten (10) working days from the date of this Agreement. 

  

	6	Undertakings of Pledgor 

  

	6.1	During the term of this Agreement, the Pledgor undertakes to Party A that: 

  

	6.1.1	unless required by Party A to transfer the Equity Shares to Party A or other person designated by Party A, without Party A’s prior written consent, it shall not transfer or grant share equities to other third
parties, nor shall it impose or allow any pledge or other encumbrances that may prejudice Party A’s rights and interests; 

  

	6.1.2	it will observe and implement all the provisions of relevant applicable laws and regulations and, within five (5) working days after receiving the notice, order or suggestions issued or made by the relevant
competent authorities, it will present such notice, order or suggestions to Party A and act in accordance with Party A’s reasonable instructions; 

  

	6.1.3	it will notify Party A with any event or notice received that may have effect on the Pledgor’s Equity Shares or any part of its rights, and that may alter any obligations of the Pledgor under this Agreement or may
have effect on the performance of obligations under this Agreement by the Pledgor, and act in accordance with Party A’s instructions; and 

  
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	6.1.4	without Party A’s written consent, it will not amend and/or duplicate the original share register of Lanyue after the copy of the original share register has been delivered to Party A. 

 

	6.2	The Pledgor agrees that Party A’s exercise of its rights in accordance with the terms of this Agreement shall not be interrupted or jeopardized by the Pledgor or the successor or assignee of the Pledgor or any
other person. 

  

	6.3	The Pledgor undertakes to Party A that in order to protect and/or improve the security provided by this Agreement for the repayment of service fees under the Exclusive Technology and Market Promotion Services Agreement
and the implementation of the Restructuring Agreements, the Pledgor will execute in good faith and procure other parties having interests with the right of pledge to execute all the certificates of right and deeds required by Party A and/or take or
procure other interested parties to take actions required by Party A, and will provide facility for Party A to exercise its Right of Pledge, execute all amendments in relation to share certificate with Party A or any third-party designated by Party
A and provide Party A with all the documents in relation to the Right of Pledge required by Party A within a reasonable period of time. 

  

	6.4	The Pledgor undertakes to Party A that in order to protect Party A’s interest, the Pledgor will comply with and perform all the undertakings, warranties agreements and representations, or the Pledgor shall
indemnify Party A for any loss arising therefrom. 

  

	7	Events of Default 

  

	7.1	The following matters shall be deemed as material Events of Default: 

  

	7.1.1	Lanyue or its successor or assignee fails to make a full payment of service fees under the Exclusive Technology and Market Promotion Services Agreement on time, or the Pledgor, Lanyue or its successor or assignee fails
to implement the Restructuring Agreements; 

  

	7.1.2	There are materially misleading or mistakes in any representations, warranties or undertakings made by the Pledgor under Clause 5 and 6 hereof, and/or the Pledgor breaches the representations, warranties or undertakings
under Clause 5 and 6 hereof; 

  

	7.1.3	The Pledgor seriously breaches any terms of this Agreement and thereafter prejudice Party A’s interests; 

  

	7.1.4	Other than in accordance with the provisions of Clause 6.1.1 hereof, the Pledgor foregoes the pledged Equity Shares or unilaterally transfers or grants the pledged Equity Shares without Party A’s written consent;

  

	7.1.5	Any of the Pledgor’s own external loans, guarantees, compensations, undertakings or other liabilities for indebtedness are required for early repayment or performance due to any breach of contract or become due but
unable to be repaid or performed on time, which leads to Party A deeming that the ability of the Pledgor to perform the obligations under this Agreement has been affected and thereafter the interests of Party A have been affected; 

  
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	7.1.6	Promulgation of relevant laws which renders this Agreement illegal or the Pledgor becomes unable to continue performing the obligations under this Agreement; 

 

	7.1.7	If any necessary governmental consents, licenses, approvals or authorizations to make this Agreement enforceable, legal or valid are withdrawn, suspended, invalid or subject to material changes; 

 

	7.1.8	There are adverse changes to the properties owned by the Pledgor, which leads to Party A deeming that the ability of the Pledgor to perform the obligations under this Agreement has been affected; 

 

	7.1.9	Other circumstances as provided by the relevant laws in which Party A may not exercise the Right of Pledge. 

  

	7.2	If the Pledgor is aware or discovers that any matters as set out in the above Clause 7.1 or events that may lead to the above matters have occurred, the Pledgor shall promptly notify Party A with the same in writing.

  

	7.3	Unless the material Events of Default as set out in Clause 7.1 have been fully resolved to Party A’s satisfaction, Party A may send a written Default Notice to the Pledgor at any time upon or after the occurrence
of such Event of Default, requesting the Pledgor to promptly pay all the arrears and other payable amounts under the Exclusive Technology and Market Promotion Services Agreement, or timely implement other Restructuring Agreements, or exercising the
Right of Pledge in accordance with the provisions of Clause 8 hereof. 

  

	8	Exercise of the Right of Pledge 

  

	8.1	Prior to the full payment of service fees under the Exclusive Technology and Market Promotion Services Agreement and the full performance of other Restructuring Agreements, and in the absence of Party A’s written
consent, the Pledgor shall not transfer the Equity Shares. 

  

	8.2	Party A shall issue a Default Notice to the Pledgor upon exercising of the Right of Pledge. 

  

	8.3	Subject to Clause 7.3, Party A may exercise the Right of Pledge upon, or at any time after, issuing of the Default Notice to the Pledgor. 

 

	8.4	Party A shall be entitled to have a priority over repayment with the proceeds obtained from selling at a discount or by auction or selling off the Equity Shares in accordance with the legal process to such an extent
that all the unpaid service fees under the Exclusive Technology and Market Promotion Services Agreement and all other payable amounts are paid off and that the other Restructuring Agreements are fully performed. 

 

	8.5	When Party A exercises the Right of Pledge in accordance with this Agreement, the Pledgor shall not impose any obstructions and shall provide all necessary assistance required to realize Party A’s Right of Pledge.

  
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	9	Transfer 

  

	9.1	Unless agreed by Party A in advance, the Pledgor has no right to transfer any of its rights and/or obligations under this Agreement to a third-party. 

 

	9.2	This Agreement shall be binding upon both the Pledgor and its successor, and shall be effective to both Party A and its successor or assignee. 

 

	9.3	Party A may transfer all or any of its rights and obligations under the Restructuring Agreements to any third-party designated by it at any time. In such case, the transferee shall enjoy and assume the rights and
obligations which are enjoyed and assumed by Party A under this Agreement. When Party A transfers its rights and obligations under the Restructuring Agreements, at Party A’s request, the Pledgor shall execute the relevant agreement and/or
document in relation to such transfer. 

  

	9.4	Following the change of pledgee as a result of transfer, the Pledgor shall be obliged to re-enter into such equity pledge agreement in accordance with the requirements of the new pledgee, and to re-register the pledgor
in the share register of Lanyue and complete the re-registration of the equity pledge in accordance with the requirements for a domestic limited liability company with Guangzhou Administration for Industry and Commerce. 

 

	10	Fees and Other Costs 

  

	10.1	All costs and actual expenses in relation to this Agreement (including but not limited to legal fees, documentation costs, stamp duties and any other taxes, costs) shall be wholly borne by Party A. 

 

	11	Force Majeure 

  

	11.1	If the performance of this Agreement is delayed or prevented due to any “Force Majeure Event,” the party affected by such Force Majeure Event shall take no liabilities under this Agreement for such portion of
delayed or prevented performance. “Force Majeure Event” shall refer to any event which is beyond the reasonable control of a party and still unavoidable under the reasonable attention of the affected party, including but not limited to
governmental acts, acts of God, fire, explosion, geographical variation, storm, flood, earthquake, tidal wave, lightening or war. However, lack of credit, capital or finance shall not be deemed as matters that are beyond the reasonable control of a
party. Any party affected by “Force Majeure Event” and seeking for exemption from performance of obligations under this Agreement or any terms of this Agreement shall notify the other party of such exemption of obligations as soon as
possible and let inform the other party the necessary steps required to complete the performance of such obligations. 

  

	11.2	The party affected by a Force Majeure Event shall not be responsible for any liabilities under this Agreement resulting from the Force Majeure Event. However, the party seeking for exemption from liabilities may only be
exempted under the condition that the affected party has made the best endeavor to perform the agreement, and the exemption of liabilities shall be limited to such portion of performance which has been delayed or prevented. When the cause for such
exemption of liabilities is rectified, the Parties agree to resume the performance of this Agreement in their best effort. 

  
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	12	Governing Law and Dispute Resolution 

  

	12.1	The execution, effectiveness, performance and construction of this Agreement and the dispute resolution shall be governed by and interpreted in accordance with the PRC laws. 

 

	12.2	When the Parties hereto have any disputes over the construction and performance of any terms under this Agreement, the Parties shall resolve such disputes in good faith through consultation. If no resolution can be
reached through consultation, any party may refer the relevant disputes to China International Economic and Trade Arbitration Commission, South China Sub- Commission for arbitration pursuant to the arbitration rules in effect. The arbitration shall
be held in Shenzhen and in Chinese. There shall be one arbitrator. The arbitral awards shall be final and binding upon the Parties. 

  

	12.3	Except the disputed matters, the Parties shall still continue performing their respective obligations in good faith in accordance with the provisions of this Agreement. 

 

	13	Schedule 

 The schedules to this Agreement shall be an integral part of this Agreement.

  

	14	Waiver 

 Party A’s failure or delay in exercising any rights, remedies, powers or
privileges under this Agreement shall not be deemed as a waiver of such rights, remedies, powers or privileges. Party A’s single or partial exercise of any rights, remedies, powers or privileges under this Agreement shall not exclude Party A
from exercising any other rights, remedies, powers or privileges. The rights, remedies, powers or privileges under this Agreement are cumulative and not excluding the application of any rights, remedies, powers or privileges provided by any laws.

  

	15	Miscellaneous 

  

	15.1	The Parties acknowledge and agree that the full performance of cooperation under the Restructuring Agreements is subject to Lanyue’s obtaining of the Qualifications for Operating Mobile Online Games and expansion
of its business scope to include the value-added telecom service and the development and operation of mobile games and online games. If Lanyue fails to obtain the Qualifications for Operating Mobile Online Games and complete such expansion or change
of its business scope by 31 December 2015, then unless otherwise agreed by Party A in writing, this Agreement shall terminate on such date, and the Parties shall cooperate in good faith and take all such reasonable actions and execute all such
reasonable and necessary documents as required to restore each party’s status prior to the date of this Agreement. 

  

	15.2	Any amendments, supplementations or changes to this Agreement shall be made in writing and take effect after being signed and sealed by the Parties. 

  
 9 

	15.3	If any terms under this Agreement are invalid or unenforceable due to inconsistency with relevant laws, such terms shall only be invalid or unenforceable to the extent governed by such laws and shall not prejudice the
legal effect of other terms of this Agreement. 

  

	15.4	This Agreement shall be written in Chinese with six original copies. 

 [No Text Below] 

  
 10 

 (No text in this page and this is the signature page of this Equity Pledge Agreement.) 

 

			
	Ken Jian Xiao
		
	Signature:	  	/s/ Ken Jian Xiao
	
	Xiongfei Liu
		
	Signature:	  	/s/ Xiongfei Liu
	
	Huiyou Digital (Shenzhen) Ltd. [Company Seal Affixed]
		
	Signature:	  	/s/ Ken Jian Xiao
		
	Name in Print:	  	Ken Jian Xiao
		
	Title:	  	Legal Representative
	
	Shenzhen Lanyue Internet Technology Co., Ltd. [Company Seal Affixed]
		
	Signature:	  	/s/ Ken Jian Xiao
		
	Name in Print:	  	Ken Jian Xiao
		
	Title:	  	Legal Representative

 Schedule 
  

	1.	Share Register of Lanyue 

  

	2.	Capital Contribution Certificates of Lanyue 

 Schedule 1 

Shenzhen Lanyue Internet Technology Co., Ltd. 

Share Register as of [date] 
  

											
	 Name of
Shareholder
	 	 Address
	 	 Capital
Contribution
(RMB)
	 	 Percentage of
Capital
Contribution
	 	 Capital
Contribution
Certificate No.
	  	 Remarks

	Ken Jian Xiao	 		 	9.9 million	 	99%	 	001	  	All equity interests of the shareholder pledged with Huiyou Digital (Shenzhen) Limited on [date]
	Xiongfei Liu	 		 	0.1 million	 	1%	 	002	  	All equity interests of the shareholder pledged with Huiyou Digital (Shenzhen) Limited on [date]
	Total	 		 	10 million	 	100%	 		  	

 Shenzhen Lanyue Internet Technology Co., Ltd. 

Company Seal: 
 Legal Representative: Ken Jian Xiao 

Date:

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