Document:

Exclusive Option Agreement, dated 28 September 2005

 Exhibit 4.48 
 Among 
 Puccini International Limited 
 and 
 Ou’yang Zheng Yu 
 and 
 Beijing Lei Ting Wu Ji Network
Technology Company Limited 
 Exclusive Option Agreement 
 Dated 28 Sep 2005 

 Exclusive Option Agreement 
 This exclusive option agreement (hereinafter referred to as this “Agreement”) is entered into on 28 September 2005 by and among: 
  

	1.	Puccini International Limited, a limited company duly incorporated and existing under the laws of Caymen Islands with its registered address at Scotia Centre, 4th Floor, P.O. Box 2804, George Town, Grand Cayman, Cayman Islands (hereinafter referred to as “Party A”);

  

	2.	Ou’yang Zheng Yu, a citizen of the People’s Republic of China, whose ID number is 362428197707192733 with the address at Bai Jia Yu Town, Bai Jia Town, Wan An Town, Jiang
Xi (hereinafter referred to as “Party B”); and 

  

	3.	Beijing Lei Ting Wu Ji Network Technology Company Limited, a limited company duly incorporated and existing under the laws of People’s Republic of China with its registered
address at Room 607, Suite C, No.18 of Xi Huan Road (S), Beijing Economic-Technological Area, Beijing 

 In this Agreement, Parry A, Party B
and Party C shall be hereinafter referred to as a “Party” and collectively the “Parties”. 
 WHEREAS:

  

	1.	Party B holds 80% of the equity in Party C. 

  

	2.	Party A and Party B entered into a Loan Agreement (hereinafter “Loan Agreement”) on [ ] [ ] 2005. 

  

	3.	Party C and the Puccini Network Technology (Beijing) Co., Ltd., which is a subsidiary company wholly controlled by Party A, entered into a series of agreements, including but not
limited to Exclusive Technical and Consulting Services Agreement. 

 Through consultation the Parties conclude
the agreement as follows: 
  

	1.	Stock Option and Sale 

 1.1 Stock Option Grant

 Party B hereby irrevocably grants Party A an irrevocable right to purchase in person or by a designated person or designated persons
(hereinafter referred to as the “Designee”) the whole or the portion of the shares of Party C held by Party B at any time at Party A’s discretion to the extent permitted by the laws of the People’s Republic of China and at the
price prescribed in Clause 1.3. (such right hereinafter referred to as “the Stock Option”). No other person shall be entitled to the Stock Option except for Party A and its Designee. Party C hereby agrees that Party B shall have the right
to grant Party A the Stock Option. The term “person” as mentioned hereof shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations. 
 1.2 Step of Exercise of Stock Option 
 Party
A’s exercising of the Stock Option shall subject to the laws and regulations of the People’s Republic of China. And Party A shall issue a notice to Party B (the notice hereinafter referred to as the “Stock Option Notice”) which
shall specify the following items: 
 (1) The Party A’s decision to exercise the Stock Option; 

 (2) The number of shares to be purchased from Party B (hereinafter referred to as the “Option
Shares”); 
 (3) The purchase date / the transfer date. 
 1.3 Stock Option Price 
 The purchase price of the Option Stock (hereinafter referred to as the “Stock
Option Price”) shall be equivalent to the actual contribution issued by Party B for the Option Shares. 
 1.4 Transfer of the Option
Shares 
 When Party A exercises the Stock Option: 
  

	 	(1)	Party B shall procure Party C to convene a shareholders meeting promptly, on which Party B, as one of the shareholders of Party C, shall vote in favor of such Option Transfer from
Party B to Party A and/or its Designee(s). 

  

	 	(2)	Party B shall execute a share transfer contract with Party A or its Designee (if applicable) pursuant to the provisions of this Agreement and the Stock Option Notice.

  

	 	(3)	The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government licenses and permits and take all necessary actions, to
assign to Parry A and/or its Designee the valid title to the Option Shares without any encumbrance of any security interest, and to cause Party A and/or its Designee to become the legal holder of the Option Share with registration in the Industry
and Commerce Administration Bureau. For the purpose of this clause and this Agreement, “security interest” shall include security, mortgage, third party’s right or interest, any stock options, acquisition right, right of first
refusal, right to offset, ownership detention or other security arrangements etc., except for any security rights arising from this Agreement or Party B’s Share Pledge Agreement. The “Party B’s Share Pledge Agreement” as
mentioned in this clause and this Agreement shall refer to the Share Pledge Agreement executed by and between Puccini Network Technology (Beijing) Co., Ltd. and Party B on the same date hereof, and in which Party B pledges all of its equity in Party
C to Puccini Network Technology (Beijing) Co., Ltd. in order to guarantee Party C’s performance of its obligations under the “Exclusive Technical and Consulting Service Agreement” executed by and between Party C and Puccini Network
Technology (Beijing) Co., Ltd. 

 1.5 Payment 
 Whereas in the Loan Agreement executed by and between Party A and Party B and other loan contracts/agreements executed by and between them thereafter from time to time, Party A and Party B agrees that Party B’s
any interest arising from its transferring its shares in Party C shall be used to repay Party A the loan pursuant to the Loan Agreement and other loan agreements/contracts. Therefore, when Party A exercises Stock Option, Stock Option Price shall be
used by Party B to repay the loan heretofore to Party A, and Party A shall not pay Party B for the Stock Option Price additionally. 
  

	2.	Covenants and Undertakings to Stock Option 

 2.1
Covenants and Undertakings of Party C 
 Party C hereby undertakes as follows: 
  

	 	(1)	Without prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party B in the People’s Republic of China, it shall not
supplement, amend or modify in any ways its Article of Association, or increase or decrease its registered capital, or reform the shareholding structure in any way; 

	 	(2)	It shall maintain its business operation, and deal with its business duly and diligently in accordance with the good financial and commercial code and practice;

  

	 	(3)	Without prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party B in the People’s Republic of China, it shall not
sell, assign, pledge or dispose in any way any rights or benefits in connection with its asset, business or income, or create any other security interest over the same after the execution of the Agreement. 

  

	 	(4)	Without prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party B in the People’s Republic of China, it shall not
conduct, accede, guarantee or bear any debt, except that (i) the debts are incurred in the normal or daily business other than through a loan; or (ii) the debts which have been disclosed to Party A where a written consent from Party A has
been obtained. 

  

	 	(5)	It shall operate all of its business in the ordinary course of its business to maintain its asset value and shall not conduct any action or non-action which may affect its operating
status and asset value. 

  

	 	(6)	Without prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party B in the People’s Republic of China, it shall not
enter into any material agreement except for the agreements entered into in the ordinary course of business (for the purpose of this section, any agreement with a value exceeding RMB100,000 shall be deemed as a material agreement.)

  

	 	(7)	Without prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party B in the People’s Republic of China, it shall not
provide any person a loan or credit; 

  

	 	(8)	It shall provide Party A the information in connection with its operation status and asset value as Party A request; 

  

	 	(9)	It shall purchase and hold insurance policies from the insurance company accepted by Party A. The insured amount and category shall be equal to or in the same level with those of
the company with the similar business, assets and properties in the district. 

  

	 	(10)	Without prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party B in the People’s Republic of China, it shall not
merge, consolidate, acquire or invest in any person; 

  

	 	(11)	It shall notify Party A when any legal action, arbitration or administrative procedure relating to its assets, business and incomes occurs or is likely to occur;

  

	 	(12)	For the purpose of maintaining property rights of assets, it shall execute all necessary or proper documents, take all necessary or proper actions, bring forward all necessary or
proper claims, and conduct all necessary or proper defenses against any third party’s claim. 

  

	 	(13)	Without the proper written consent of Party A, it shall not distribute in any way any dividends to its shareholders, however, once upon Party A, it shall immediately allot all
distributable profits to its shareholders; 

	 	(14)	At the request of Puccini Network Technology (Beijing) Co., Ltd. which is subsidiary company of Party A in the People’s Republic of China, it shall appoint any persons
designated by Puccini Network Technology (Beijing) Co., Ltd. as its directors. 

  

	 	2.2	Covenants and Undertakings of Party B 

 Party B hereby
undertakes as follows: 
  

	 	(1)	Without prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party A in the People’s Republic of China, it shall not
sell, assign, pledge or dispose in any other ways any legal rights or benefits in connection with its equity, or create any security interest over the same, except for the pledge on such equity provided in Party B’s Share Pledge Agreement.

  

	 	(2)	It shall procure that the shareholders’ meeting, without the prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party A
in the People’s Republic of China, shall not approve sale, assignment, pledge or disposal in any way of any legal rights or benefits in connection with its equity, or any creation of security interest over the same, except for the pledge on
such equity provided in Party B’s Share Pledge Agreement. 

  

	 	(3)	It shall procure the shareholders’ meeting, without prior written consent of Party A or Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party A in the
People’s Republic of China, shall not approve Party C’s merger with, consolidation with, acquisition of or investment in any other person; 

  

	 	(4)	It shall notify Party A immediately when any legal action, arbitration or administrative procedure relating to its equity occurs or is likely to occur; 

  

	 	(5)	It shall procure the shareholders’ meeting to approve the Option Share transfer as set forth in this Agreement; 

  

	 	(6)	For the purpose of maintaining all rights to its equity, it shall execute all necessary or proper documents, take all necessary or proper actions, bring forward all necessary or
proper claims, and conduct all necessary or proper defenses against any third party’s claim. 

  

	 	(7)	At the request of Puccini Network Technology (Beijing) Co., Ltd., a subsidiary company of Party A in the People’s Republic of China, it shall appoint any persons designated by
Puccini Network Technology (Beijing) Co., Ltd. as Party C’s directors; 

  

	 	(8)	At Party A’s request from time to time, it shall unconditionally and promptly transfer its equity in Party C to representatives designated by Party A at any time and waive its
rights of first refusal in connection with the equity transfer conducted by the other shareholder of Party C; 

  

	 	(9)	It shall observe the provisions and perform its obligations under this Agreement and other agreements separately or jointly entered into by Party A, Party B, Party C and Puccini
Network Technology (Beijing) Co., Ltd., and shall not conduct any action or non-action which will materially affect the validity and enforceability of the above-mentioned agreements. 

	3.	Representations and Warranties of Party B and Party C 

 Party B and Party C
hereby represent and warrant to Party A as of the execution date of this Agreement and each transfer date of the Option Shares separately and jointly as follows: 
  

	 	(1)	They have the authority to execute and deliver this Agreement and any share transfer contracts which they are the parties concerning the Option Shares to be transferred hereunder
(each share transfer contract hereinafter referred to as “Transfer Contract”), and to perform their obligations under this Agreement and any Transfer Contract. The execution of this Agreement and the Transfer Contract which they are
parties shall constitute their legal, valid and binding obligations and shall be enforceable against them with the provisions thereof; 

  

	 	(2)	The execution and deliver of this Agreement or any Transfer Contract, or the performance of any obligations under this Agreement or any Transfer Contract shall not: (i) violate
any applicable laws of the People’s Republic of China; (ii) conflict with their respective articles of association or any other organizational documents; (iii) violate any contracts or instruments to which they are the parties or
which are binding on them, or constitute any breach under any contracts or instruments to which they the parties or which are binding on them; (iv) violate any grants, licenses or permits issued to either of them, and/or any existing and
effective conditions; or (v) impose additional conditions to, suspend or withdraw any licenses or permits issued to either of them. 

  

	 	(3)	Party B has a good and merchantable title to all of its assets without any encumbrance of security interest on the foregoing assets; 

  

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

  

	 	(5)	Party C shall observe all applicable laws and regulations in connection with acquisition of assets; and 

  

	 	(6)	There are no ongoing, pending or possible litigation, arbitration or administrative procedure relating to the equity in Party C held by Party B, Party C’s assets or Party C.

  

	4.	Effective Date 

 This Agreement shall take effect upon the date of
execution of this Agreement and remain effective for a term of 10 years, which may be renewed for an additional 10 years at Party A’s discretion. 
  

	5.	Applicable Laws and Dispute Resolution 

 5.1
Applicable Laws 
 The execution, effectiveness, construction and performance of this Agreement and dispute resolution hereunder shall be
governed by the laws of the People’s Republic of China. 
 5.2 Dispute Resolution 
 In the event of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties shall negotiate friendly to
resolve such disputes. If the dispute can not be resolved within 30 days after any Party sends a written notice to request for friendly resolution, any Party may submit the relevant dispute to the China International Economics and Trade Arbitration
Commission for resolution by arbitration in accordance with its then-effective arbitration rules. The arbitration shall be performed in Beijing. The award shall be final and binding on both Parties. 

	6.	Taxation and Fees 

 Each Party shall pay and bear any transfer and
registration taxes, expense and fees incurred or levied in accordance with the laws of the People’s Republic of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, and the fulfillment of the
transactions contemplated in this Agreement and the Transfer Contracts. 
  

	7.	Notice 

 Any notice or other correspondences given by any Party
shall be written in Chinese, and shall be sent to the following addresses or any other designated addresses notified by other Party from time to time by courier, mail or facsimile. The date when such notices shall be deemed as being actually served
shall be determined as follows: (i) if a notice is sent by a courier, it shall be deemed actually served on the delivery date. (ii) if a notice is sent by a mail, on the tenth day (as indicated on the postmark) after the notice is sent by
a registered postage-prepaid air mail, or on the fourth day after the notice is given to an international-recognized express courier, it shall be deemed actually served; and (iii) if a notice is sent by a facsimile, the time of receipt shown on
the transmission confirmation sheet of the documents shall be deemed as the time of actual service. 
  

			
	Party A:	  	Puccini International Limited
	Address for Handover: 48F, The Center, No. 99 Queen’s Road Central, Central Hong Kong
	Addressee:	  	Secretary
	Facsimile:	  	852-2189 7446
		
	Party B:	  	Ou’yang Zheng Yu
	Address:	  	Bai Jia Yu Town, Bai Jia Town, Wan An Town, Jiangxi
		
	Party C:	  	Beijing Lei Ting Wu Ji Network Technology Company Limited
	Address:	  	Room 607, Suite C, No.18 of Xi Huan Road (S), Beijing Economic-Technological Area, Beijing
	Facsimile:	  	86-10-85181160

  

	8.	Confidentiality 

 The Parties acknowledge and confirm that all the
oral or written information in connection with this Agreement is the confidential information. The Parties shall keep them confidential, and shall not disclose such confidential information to any third party without the prior written consent from
the other Party except for: (i) such information has been disclosed or is to be disclosed to the public (except being disclosed to the public by the recipient at its discretion); (ii) such information shall be disclosed to the public in
accordance with the applicable laws, or the regulations or practices of the Hong Kong Stock Exchange; or (iii) such information needs to be disclosed for the transactions prescribed in this Agreement to the legal counsel or financial advisor
who shall bear the confidential obligations hereof; however, if this Clause is violated by employee or the engaged organization of any Party, it shall be deemed as violation of the Party, and the Party shall bear the liability of breach. This Clause
shall survive any termination of this Agreement. 
  

	9.	Further Undertakings 

 The Parties agree to promptly execute the
documents, which are reasonably required or positive for the purpose of implement of this Agreement, and to take further actions which are reasonably required or positive for the purpose of implement of this Agreement. 
  

	10.	Miscellaneous 

  

	 	10.1	Amendments, Modifications and Supplements 

 It is required
to execute a written agreement by all the Parties for any amendments, modifications and supplements of this Agreement. 

	 	10.2	Compliance with laws and regulations 

 Each Party shall
ensure that operations of each Party are in compliance with all formally published and publicly available laws and regulations of the People’s Republic of China. 
  

	 	10.3	Entire Agreement 

 Except for the written amendments,
supplements and modifications, this Agreement and Annex A constitute entire agreement entered into by all the Parties with respect to the subject matter hereof, and supersede any other prior consultations, statements and contracts, whether oral or
written, with respect to the subject matter hereof. 
  

	 	10.4	Headings 

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

	 	10.5	Languages 

 This Agreement is written in Chinese with 3
copies. 
  

	 	10.6	Severability 

 If any provision(s) of this Agreement is
held to be invalid, illegal or unenforceable subject to any law or regulations, the provision shall not affect or derogate the validity, legality or enforceability of the remaining provisions. The Parties shall negotiate in good faith to strive to
replace the invalid, illegal or unenforceable provisions by valid substitute provisions, the effect of which shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions. 
  

	 	10.7	Successors 

 This Agreement shall be binding on and shall
insure the interest of the respective successor of the Parties and the permitted assignees of the Parties. 
  

	 	10.8	Survival 

  

	 	(1)	Any obligations that occur or that are due upon the expiration or early termination of this Agreement shall survive the expiration or early termination thereof.

  

	 	(2)	The provisions of Clause 5, Clause 7 and Clause 10.8 shall survive the termination of this Agreement. 

  

	 	10.9	Waivers 

 Each Party may waive the terms and conditions of
this Agreement, and such waivers shall be conducted in writing with the execution of all Parties. The waiver made by a Party in some certain circumstances due to other Party’s default shall not be deemed as a waiver made by such Party in other
circumstances due to similar defaults. 
 IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to
execute this Agreement as of the date first above written. 

			
	Party A: Puccini International Limited
	Legal Representative:
	(Signature)	 	 /s/

		
	Party B:	 	Ou’yang Zheng Yu
	(Signature)	 	 /s/ Ou’yang Zheng Yu

	
	Party C: Beijing Lei Ting Wu Ji Network Technology Company Limited
	Legal Representative:
	(Signature)	 	 /s/ Ou’yang Zheng YuLoan Agreement, dated September 28, 2005

 Exhibit 4.49 
 LOAN AGREEMENT 
 The Loan Agreement (hereinafter referred to as the
“Agreement”) is entered into as of September 28, 2005 by and between: 
  

	(1)	Puccini International Limited (hereinafter referred to as the “Lender”), a limited liability company incorporated under the laws of the Cayman Islands with its registered
address at Scotia Centre, 4th Floor, P.O. Box 2804, George Town, Grand Cayman, Cayman Islands; and

  

	(2)	Ou’yang Zhengyu (hereinafter referred to as the “Borrower”), male, and whose ID number is 362428197707192733, with the residence address at Bai Jia Yu Sub-Town, Bai
Jia Town, Wan An County, Jiangxi. 

 The Lender and the Borrower are hereinafter individually referred to as a
“Party” and collectively the “Parties”. 
 WHEREAS, 
 The Borrower holds 80% of the equity interest in Beijing Lei Ting Wan Jun Network Technology Company Limited (hereinafter referred to as the “Borrower
Company”), a limited liability company registered in the People’s Republic of China (hereinafter referred to as the “PRC”). 
 The Parties, through friendly negotiation, agree that: 
  

	1.	Facility 

  

	1.1	The Lender agrees to provide the Borrower a loan of RMB8,000,000 (hereinafter referred to as the “Facility”) in accordance with the conditions and provisions of this
Agreement. The term of this Facility will be 10 years and shall be automatically extended upon the agreement of the Parties. If any of the following events occurs, maturity of the Facility will be accelerated before expiry of the Loan Agreement or
any extended term hereunder: 

  

	 	(1)	The Borrower dies or becomes a person with no or limited capacity of civil conduct; 

  

 1 

	 	(2)	The Borrower is leaves its office in or is dismissed by the Lender or its affiliate; 

  

	 	(3)	The Borrower commits crime or is involved in crime; 

  

	 	(4)	Any third party claims against the Borrower for a debt with the amount exceeding RMB500,000; and 

  

	 	(5)	Subject to the laws of the People’s Republic of China (hereinafter referred to as the “PRC”), foreign investors are allowed to invest in value-added telecommunication
business and the relevant authority has commenced to examine and approve such investment. 

  

	1.2	The Lender agrees that, if all conditions precedent in Article 2 are satisfied, the Lender shall remit this Facility in one-off payment to the account appointed by the Borrower
within 7 days after receiving a written notice to use this Facility from the Borrower. Simultaneously, the Borrower shall provide the Borrower with a receipt letter for confirmation. The commitments made by the Lender under this clause shall be
applied to the Borrower and the Third Party Designated by the Lender other than its assignee or successor. 

  

	1.3	The Borrower agrees to accept this Facility, and hereby acknowledges and warrants that, this Facility shall be used for the purpose of providing funds for the Borrower
Company’s business development only and not to use the Facility for any other purposes or transfer or pledge its equity interest or any other interest in the Borrower Company hereunder to any other third party without obtaining the prior
written consent from the Lender. 

  

	1.4	The Lender and the Borrower hereby jointly acknowledge and confirm that the Borrower shall repay the Facility only in the following way: the Borrower shall transfer all Borrower
Equity in the Borrower Company to the Lender or any third party (legal person or natural person) designated by the Lender. 

  

	1.5	The Lender and the Borrower hereby jointly acknowledge and confirm that, any proceeds obtained by the Borrower from the Borrower Equity transfer shall be used to repay the Facility
by the Borrower in the way agreed by the Lender in accordance with this Agreement and the Agreement shall be terminated at the same time. 

  

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	1.6	The Lender and the Borrower hereby jointly acknowledge and confirm that, subject to the applicable laws, the Lender is entitled without obligation to purchase in person or appoint a
third party (legal person or natural person) to purchase part or all of the Borrower Equity in the Borrower Company at the price agreed by the Parties at any time. 

 The Borrower warrants that it shall execute an irrevocable Power of Attorney to authorize a person designated by the Lender to exercise all the
shareholder rights in the Borrower Company on its behalf. 
  

	1.7	The interest of the Facility 

 When the Borrower transfers
its equity interest in the Borrower Company to the Lender or to the person appointed by the Lender, if the transfer price is equal to or lower than the principal of the Facility under this Agreement, the Facility shall be deemed as a loan without
interest. However, if the transfer price is higher than the principal of the loan under this Agreement, the part exceeding the principal shall be deemed as the interest of the Facility under this Agreement and shall be repaid by the Borrower to the
Lender. 
  

	2.	Conditions Precedent 

 The Lender has the obligation to offer the
Borrower the Loan according to the Article 1.1 after all the following conditions are satisfied or waived in writing by the Lender: 
  

	2.1	The Lender has duly received the drawing notice formally executed by the Borrower pursuant to the Article 1.2 hereof; 

  

	2.2	The Borrower and Puccini Network Technology (Beijing) Co., Ltd. entered into a share pledge agreement (hereinafter referred to as the “Share Pledge Agreement”), in which
the Borrower agreed to pledge all the Borrower Equity to Puccini Network Technology (Beijing) Co., Ltd.. 

  

 3 

	2.3	The Borrower, the Lender and the Borrower Company entered into an exclusive option agreement (hereinafter referred to as the “Exclusive Option Agreement”), in which the
Borrower shall irrevocably grant the Lender an exclusive option to purchase all the Borrower Equity subject to the PRC laws. 

  

	2.4	The Share Pledge Agreement and the Exclusive Option Agreement are valid and effective without any default events thereunder, and all relevant formalities of filing, approval,
authorization, registration and governmental permits have been acquired and obtained (if necessary). 

  

	2.5	The Borrower’s representations and warranties of the Article 3.2 are authentic, complete, true and non-misunderstanding and the same as of the Drawing Notice Date and the
Drawing Date. 

  

	2.6	The Borrower didn’t violate any commitments provided in Article 4 hereof, and no events that may affect the Borrower’s performance of this Agreement occurred or will
occur. 

  

	3.	Representations and Warranties 

  

	3.1	During the term of this Agreement, the Lender makes the following representations and warranties to the Borrower: 

  

	 	(a)	The Lender is a company registered and validly existing under the laws of British Virgin Islands. 

  

	 	(b)	The Lender is entitled to execute and perform the Agreement. The execution and performance of this Agreement is in compliance with the Lender’s business scope, the
Lender’s Articles of Association and other constitutional documents. The Lender has obtained all necessary and proper approvals and authorizations to execute and perform this Agreement. 

  

	 	(c)	The Lender’s execution and performance of this Agreement didn’t violate any laws, regulations, or government approvals, authorizations, circular or any other government
documents, or any agreement between the Lender and any third party, or any warranties, undertakings to any third party; and 

  

 4 

	 	(d)	This Agreement shall constitute effective and enforceable obligations of the Lender upon execution. 

  

	3.2	During the term of this Agreement, the Borrower makes the representations and warranties as follows: 

  

	 	(a)	The Borrower Company is a limited liability company incorporated and validly existing under the laws of PRC and the Borrower is a legal shareholder of the Borrower Company.

  

	 	(b)	The Borrower is entitled to execute and perform the agreement. The execution and performance of this Agreement is in compliance with the Borrower’s business scope, the
Borrower’s Articles of Association and other constitutional documents. The Borrower has obtained all necessary and proper approvals and authorizations to execute or perform this Agreement. 

  

	 	(c)	The Borrower’s execution and performance of this Agreement didn’t violate any laws, regulations, or government approvals, authorizations, circular or any other government
documents, or any agreement between the Borrower and any third party, or any warranties, undertakings to any third party. 

  

	 	(d)	This Agreement shall constitute effective and enforceable obligations of the Borrower upon execution. 

  

	 	(e)	The Borrower has fulfilled its capital contribution in connection with the Borrower Equity and has obtained a capital verification report issued by a qualified accountant office
regarding the fulfillment of the capital contribution to the Borrower Company. 

  

	 	(f)	Except as otherwise provided under Share Pledge Agreement, the Borrower didn’t make any mortgage, pledge or any other security on the Borrower Equity, or offer any third party
the transfer of the Borrower Equity, or accept any offer to purchase Borrower Equity from any third party, or reach any agreement with any third party to transfer Borrower Equity. 

  

 5 

	 	(g)	There is no dispute, litigation, arbitration, administrative proceedings or any other legal proceedings related to the Borrower and /or the Borrower Equity, whether occurred or stay
potential. 

  

	 	(h)	The Borrower Company has obtained and acquired all government approvals, authorizations, licenses, registrations and filings in connection with its assets and operation within its
business scope. 

  

	4.	Covenants and Undertakings of Borrower 

  

	4.1	The Borrower, as one of the major shareholders of the Borrower Company, hereby undertake to procure with all efforts the Borrower Company to observe the following terms during the
term of this Agreement: 

  

	 	(a)	It shall not amend, change or modify in any way its Article of Association, or increase or decrease its registered capital, or reform in any way the shareholding structure without
the prior written consent of the Lender; 

  

	 	(b)	It shall maintain its business operation and deal with its business duly and diligently in accordance with the good financial and commercial codes and practices;

  

	 	(c)	It shall not sell, assign, transfer, pledge or dispose in any way any rights or benefits in connection with its asset, business or income, or create any other security interest over
the same without the prior written consent of the Lender after execution of this Agreement; 

  

	 	(d)	It shall not conduct, assume, guarantee or bear any debt without the prior written consent of the Lender, except that (i) the debts are incurred in the normal or daily business
other than through a loan; (ii) the debts have been disclosed to the Lender where a written consent has been obtained; 

  

 6 

	 	(e)	It shall operate all of its businesses in the ordinary course of business to maintain its asset value; 

  

	 	(f)	It shall not enter into any material agreements or contracts without the prior written consent of the Lender, except those entered into in the ordinary course of business (for the
purpose of this paragraph, any Agreement with a value exceeding RMB100,000 shall be deemed as a material Agreement); 

  

	 	(g)	It shall not provide any loan or credit for any party without the prior written consent of the Lender; 

  

	 	(h)	It shall provide the Lender with the information in connection with its finance or business as required; 

  

	 	(i)	It shall purchase and hold insurance policies from the insurance company accepted by the Lender. The insured amount and category shall be equal to or in the same level as those of
the companies with the similar business, assets and properties in the same district; 

  

	 	(j)	It shall not acquire, invest in, merge or consolidate with any party without the prior written consent of the Lender; 

  

	 	(k)	It shall notify the Lender immediately when any legal action, arbitration or administrative proceedings relating to its assets, operations and incomes occurs or is likely to occur;

  

	 	(l)	For the purpose of maintaining property rights to all of its assets, it shall execute all necessary or proper documents, take all necessary or proper actions, bring forward all
necessary or proper claims, and conduct all necessary or proper defenses against any third party’s claim; 

  

	 	(m)	It shall not distribute in any way any bonus or dividends to its shareholders without the prior written consent of the Lender, however, it shall immediately allot all distributable
profits to its shareholders on the request of the Lender; 

  

 7 

	 	(n)	It shall appoint any person designated by the Lender as the director of the Borrower Company on the request of the Lender; and 

  

	 	(o)	It shall strictly observe the provisions under the Exclusive Option Agreement without conducting any action or non-action that will materially affect the validity and enforceability
of the Exclusive Option Agreement. 

  

	4.2	The Borrower further undertakes during the term of this Agreement as follows: 

  

	 	(a)	Except as otherwise provided in the Share Pledge Agreement, it shall not sell, assign, transfer, pledge or dispose in any way any legal rights or benefits in connection with the
Borrower Equity, or create any other security interest over the same, without the prior written consent of the Lender; 

  

	 	(b)	It shall procure that the shareholders’ meeting, without the prior written consent of the Lender, shall not approve any sale, assignment, transfer, pledge or disposal in any
way of any legal rights or benefits in connection with the Borrower Equity or any creation of any other security interest over the same, except which the Lender or the person appointed by the Lender is a party; 

  

	 	(c)	It shall procure that its shareholders’ meeting shall not approve the Borrower Company’s acquisition of, investment in, merger or consolidation with any party without the
prior written consent of the Lender; 

  

	 	(d)	It shall notify the Lender immediately when any legal action, arbitration or administrative proceedings relating to Borrower Equity occurs or is likely to occur;

  

	 	(e)	For the purpose of maintaining all rights to the Company Equity, it shall execute all necessary or proper documents, take all necessary or proper actions, bring forward all
necessary or proper claims, and conduct all necessary or proper defenses against any third party’s claim; 

  

 8 

	 	(f)	It shall not conduct any action or non-action that will materially affect the assets, business, or liability of the Borrower Company without the prior written consent of the Lender;

  

	 	(g)	It shall appoint any person designated by the Lender as the director of the Borrower Company on the request of the Lender. 

  

	 	(h)	Subject to PRC laws, if requested by the holding company of the Lender, it shall unconditionally transfer all its equity in the Borrower Company to the Lender or the
representative(s) designated by the Lender at any time and procure the other shareholder(s) in the Borrower Company to waive the right of first refusal in connection with the equity mentioned above; 

  

	 	(i)	Subject to PRC laws, if requested by the holding company of the Lender, it shall procure that the other shareholder in the Borrower Company shall unconditionally transfer to the
Lender or the representative(s) designated by the Lender all equity in the Borrower Company at any time and hereby the Borrower waives the right of first refusal in connection with the equity mentioned above; 

  

	 	(j)	If the Lender purchases the Borrower Equity pursuant to the Exclusive Option Agreement, the Borrower shall repay the Lender in priority from the above consideration paid by the
Lender; and 

  

	 	(k)	It shall strictly observe and perform the obligations and other provisions under the Share Pledge Agreement, the Exclusive Option Agreement and this Agreement without conducting any
action or non-action which will materially affect the validity and enforceability of the Share Pledge Agreement, the Exclusive Option Agreement and this Agreement. 

  

	5.	Defaults 

 If the Borrower fails to perform his
repayment obligation pursuant to the agreement, an overdue interest at the rate of 0.01% per day upon the outstanding amount of the loan shall be payable to the Lender until the Borrower has repaid all the principal, overdue interest and other
related amount. 
  

 9 

	6.	Notices 

 Unless a written notice of change of
address is issued, all correspondence relating to this Agreement shall be delivered in person, or by facsimile, or by registered mail to the following addresses. If the notice is delivered by registered mail, the date on the return receipt is the
delivery day. If the notice is delivered in person or by fax, the date when the notice is sent is the delivery day. If the notice is delivered by fax, the original shall be delivered immediately to the following address in person or by registered
mail: 
  

			
	The Lender:	  	Puccini Network Technology (Beijing) Co., Ltd.
		
	Address:	  	48F, The Centre, 99 Queen’s Road Central, Hong Kong
		
	Attention:	  	Secretary
		
	Fax:	  	(852) 2189 7446
		
	The Borrower:	  	Ou’yang Zhengyu
		
	Address:	  	Bai Jia Yu Sub-Town, Bai Jia Town, Wan An County, Jiangxi

  

	7.	Confidentiality 

 The Parties acknowledge and
confirm that all the oral or written information in connection with this Agreement is the confidential information. Both Parties shall keep them confidential, and shall not disclose such confidential information to any third party without the prior
written consent of the other party except that: (a) such information has been disclosed or is to be disclosed to the public (except being disclosed to the public by the information recipient without the consent of the other party);
(b) such information shall be disclosed to the public in accordance with the Hong Kong laws or the regulations or practices of the Hong Kong Stock Exchanges; or (c) such information needs to be disclosed to the legal counsel or the
financial advisor who shall bear the confidential obligations hereof, however, if the this Article is violated by the employees or the engaged third parties, it shall be deemed as violated by the Party who employs or engages such persons. The
Parties agree that this article shall survive any termination of this Agreement. 
  

 10 

	8.	Governing Law and Dispute Settlement 

  

	8.1	The conclusion, validity, construction, performance, modification, termination and the dispute resolution of the Agreement shall be governed by or in accordance with PRC laws.

  

	8.2	All disputes arising from the interpretation and performance of this Agreement shall initially be resolved by amicable negotiations. If no settlement is concluded within 30 days
after a written notice for negotiation is sent to the other Party, either Party shall have right to submit the dispute to China International Economic and Trade Arbitration Commission (CIETAC) and the arbitration proceedings shall take place in
Beijing in accordance with the current rules of CIETAC. The arbitration award shall be final and binding on both Parties. 

  

	8.3	In case of any disputes arising out of the interpretation and performance of this Agreement or any pending arbitration of such disputes, each Party shall continue to perform their
rights and obligations under this Agreement, except for the matters involved in the disputes. 

  

	9.	Miscellaneous 

  

	9.1	This Agreement shall come into effect on the execution date and expire when the parties have fulfilled their respective obligations under this Agreement. 

 

	9.2	This Agreement is made in two copies, each retained by one Party with equal legal effect. 

  

	9.3	This Agreement may be modified and supplemented in written form. The modification and/or supplement to this Agreement shall be integral part of this Agreement with equal legal
effect. 

  

	9.4	Any invalid article under this Agreement shall not affect the validity of other articles under this Agreement. 

  

	9.5	The annexes to this Agreement shall be integral parts of this Agreement and have the equal legal effect to this Agreement. 

  

 11 

 [Executive Page] 
  

			
	Lender: Puccini International Limited
	
	Legal Representative:
		
	Signature:	 	 /s/

		
	Borrower:	 	Ou’yang Zhengyu
		
	Signature:	 	 /s/ Ou’yang Zhengyu

  

 12

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