Document:

EX-10.39

 Exhibit 10.39 

Equity Interest Pledge Agreement 

This Equity Interest Pledge Agreement (the “Agreement”) is entered into by and among the following Parties on
January 11, 2018 in Shenzhen, People’s Republic of China (the “PRC”): 
 Party A: Shenzhen Ultimate Xiangyue Culture
and Technology Co., Ltd. (the “Pledgee”), a wholly foreign-owned enterprise incorporated and existing under the laws of the PRC, with its registered address at Room 201, Building A, No. 1 Qianwan First Road, Qianhai Shenzhen-Hongkong Cooperation Zone, Shenzhen (premises of Shenzhen Qianhai Commerce Secretariat Co., Ltd.); 
 Party
B: Ding Gang, a Chinese citizen with Chinese Identification No. [    ]; and 
 Ma Xiudong, a Chinese
citizen with Chinese Identification No. [    ]; and 
 Tencent Music Entertainment (Shenzhen) Co., Ltd., a
limited liability company incorporated and existing under the laws of the PRC (together with Ding Gang and Ma Xiudong, hereinafter referred to as a “Pledgor” respectively and as the “Pledgors” collectively); 

Party C: Shenzhen Ultimate Music Culture and Technology Co., Ltd., a limited liability company incorporated and existing under the laws of the
PRC, with its registered address at Room 2401, Building A, Tianxia Jinniu Plaza, Taoyuan Road, Nantou Street, Nanshan District, Shenzhen. 

  
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 In this Agreement, each of the Pledgee, the Pledgors and Party C shall be referred to as a
“Party” respectively or as the “Parties” collectively. 
 Whereas: 

 

	1.	The Pledgors Ding Gang and Ma Xiudong are Chinese citizens, and the Pledgor Tencent Music Entertainment (Shenzhen) Co., Ltd. is a Chinese legal person. As of the date of this Agreement, the registered capital of Party C
is RMB 39,487,074, and Ding Gang holds 1.9524% equity interests of Party C, representing RMB 770,950 of Party C’s registered capital; Ma Xiudong holds 1.9524% equity interests of Party C, representing RMB 770,950 of Party C’s registered
capital; Tencent Music Entertainment (Shenzhen) Co., Ltd. holds 96.0952% equity interests of Party C, representing RMB 37,945,174 of Party C’s registered capital. Party C is a limited liability company registered in Shenzhen, China, and is
engaged in the business of “Technical development of music software, computer hardware and software, and computer network information system; domestic trade; ticket agency; operation of e-commerce;
operation of advertising business (excluding any project that is prohibited in accordance with the laws, administrative regulations and decisions of State Council, and restricted projects are subject to approval before business operation)”.
Party C hereby acknowledges the rights and obligations of the Pledgors and the Pledgee under this Agreement and intends to provide any necessary assistance in registering the Pledge; 

  
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	2.	The Pledgee is a wholly foreign-owned enterprise registered in China. The Pledgee and Party C owned by the Pledgors have executed an Exclusive Technical Service Agreement in Shenzhen (as defined below); the Pledgee, the
Pledgors and Party C have executed an Exclusive Option Agreement (as defined below); each of the Pledgors has executed a Voting Trust Agreement in favor of the Pledgee (as defined below); 

 

	3.	To ensure that Party C and the Pledgors fully perform its or their obligations under the Exclusive Technical Service Agreement, the Exclusive Option Agreement and the Voting Trust Agreement, the Pledgors pledge to the
Pledgee all the equity interests they hold in Party C as security for the performance of Party C’ and the Pledgors’ obligations under the Exclusive Technical Service Agreement, the Exclusive Option Agreement and the Voting Trust Agreement.

 To perform the terms of the Transaction Documents, the Parties have mutually agreed to execute this Agreement upon the
following terms. 
  

	1.	Definitions 

 Unless otherwise provided in this Agreement, the terms below shall have the
following meanings: 
  

	1.1.	Pledge: means the security interest granted by the Pledgors to the Pledgee pursuant to Section 2 of this Agreement, i.e., the right of the Pledgee to be compensated on a preferential basis with any proceeds
received from conversion, auction or sale of the Pledged Equity Interest. 

  

	1.2.	Pledged Equity Interest: means 100% of the equity interests in Party C in aggregate held by the Pledgors now, representing RMB 39,487,074 of Party C’s registered capital, and all the future equity rights and
interests in Party C held by the Pledgors. 

  
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	1.3.	Term of Pledge: means the term set forth in Section 3.1 of this Agreement. 

  

	1.4.	Transaction Documents: means the Exclusive Technical Service Agreement entered into by and between Party C and the Pledgee on January 11, 2018, in Shenzhen (the “Exclusive Technical Service
Agreement”); the Exclusive Option Agreement entered into by and among the Pledgors, Party C and the Pledgee on January 11, 2018, in Shenzhen (the “Exclusive Option Agreement”) ; the Voting Trust Agreement executed by
the Pledgors on January 11, 2018, in Shenzhen (the “Voting Trust Agreement”), and any amendments, revisions and/or restatements to the aforesaid documents. 

 

	1.5.	Contractual Obligations: means all the obligations of the Pledgors under the Exclusive Option Agreement, the Voting Trust Agreement and this Agreement, and all the obligations of Party C under the Exclusive
Technical Service Agreement, the Exclusive Option Agreement and this Agreement. 

  

	1.6.	Secured Indebtedness: means all direct, indirect, consequential losses and losses of anticipated profits suffered by the Pledgee as a result of any Event of Default of the Pledgors and/or Party C, of which the
basis for the amount of such losses includes without limitation reasonable business plans and profit forecasts of the Pledgee, the service fees that Party C is obliged to pay under Exclusive Technical Service Agreement, as well as all expenses as
incurred by the Pledgee in connection with its enforcement for the performance of Contractual Obligations against the Pledgors and/or Party C. 

  
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	1.7.	Event of Default: means any circumstances as set forth in Section 7 of this Agreement. 

  

	1.8.	Notice of Default: means the notice issued by the Pledgee in accordance with this Agreement declaring an Event of Default. 

  

	2.	The Pledge 

  

	2.1.	The Pledgors hereby agree to pledge to the Pledgee the Pledged Equity Interest in accordance with this Agreement as security for the performance of the Contractual Obligations and the repayment of the Secured
Indebtedness. Party C hereby agrees for the Pledgors to so pledge the Pledged Equity Interest to the Pledgee in accordance with this Agreement. 

  

	2.2.	During the Term of Pledge, the Pledgee is entitled to receive any dividends or distributions in respect of the Pledged Equity Interest. With the prior written consent of the Pledgee, the Pledgors may collect such
dividends or distributions in respect of the Pledged Equity Interest. Any dividends or distributions received by the Pledgee in respect of the Pledged Equity Interest after deduction of income tax paid by Pledgors shall, upon the Pledgee’s
request, (1) be deposited into a bank account designated by the Pledgee, be placed under the custody of the Pledgee, be used as security for the Contractual Obligations and be first applied towards full satisfaction of the Secured Indebtedness;
or (2) to the extent permitted by the PRC laws, be unconditionally donated to the Pledgee or any person designated by the Pledgee. 

  
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	2.3.	With the prior written consent of the Pledgee, the Pledgors may subscribe for capital increase in Party C. Any increase in the capital contributed by the Pledgors to the registered capital of Party C as a result of any
capital increase shall also be deemed as the Pledged Equity Interest. 

  

	2.4.	In the event that Party C is to be dissolved or liquidated as required by any mandatory rules of the PRC laws, upon the lawful completion of such dissolution or liquidation procedure, any proceeds distributed by Party C
to the Pledgors by laws shall, upon the Pledgee’s request, (1) be deposited into a bank account designated by the Pledgee, be placed under the custody of the Pledgee, and be used as security for the Contractual Obligations and be first
applied towards full satisfaction of the Secured Indebtedness; or (2) to the extent permitted by the PRC laws, be unconditionally donated to the Pledgee or any person designated by the Pledgee. 

 

	3.	Term of Pledge 

  

	3.1.	The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated herein has been registered with the relevant administration for industry and commerce. The Pledge shall be
continuously valid until full performance of the Contractual Obligations and full satisfaction of the Secured Indebtedness. The Pledgors and Party C shall, (1) register the Pledge in the shareholders’ register of Party C within 3 business
days following the execution of this Agreement, and (2) submit an application to the relevant administration for industry and commerce for the registration of the Pledge contemplated herein within 30 business days following the execution of
this Agreement. The Parties covenant that for the purpose of registration of the Pledged Equity Interest, the Parties and other shareholders of Party C shall submit to the administration of industry and commerce this Agreement or an equity interest
pledge agreement in the form required by the administration of industry and commerce at the location of Party C which shall truly reflect the information of the Pledge hereunder (the “AIC Pledge Agreement”). For matters not
specified in the AIC Pledge Agreement, the parties shall be bound by the provisions of this Agreement. The Pledgors and Party C shall submit all necessary documents and complete all necessary procedures, as required by the PRC laws and regulations
and the relevant administration of industry and commerce, to ensure that the Pledge shall be registered as soon as possible after filing. 

  
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	3.2.	During the Term of Pledge, in the event the Pledgors and/or Party C fail to fulfill the Contractual Obligations or pay the Secured Indebtedness, the Pledgee shall be entitled to, but not be obliged to, exercise the
Pledge in accordance with this Agreement. 

  

	4.	Custody for Certificates of the Pledge 

  

	4.1.	During the Term of Pledge, the Pledgors shall deliver to the Pledgee within one (1) week following the execution of this Agreement the certificate of capital contributions to Party C and the register of
shareholders which records the Pledge. The Pledgee will place such documents in custody throughout the entire Term of Pledge specified in this Agreement. 

  
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	5.	Representations and Warranties of the Pledgors and Party C 

 The Pledgors and Party C
hereby severally and jointly represent and warrant to the Pledgee as of the date hereof as follows: 
  

	5.1.	The Pledgors, Ding Gang, Ma Xiudong and Tencent Music Entertainment (Shenzhen) Co., Ltd., are the legal and beneficial owners of the Pledged Equity Interest. 

 

	5.2.	The Pledgors are entitled to dispose of and transfer the Pledged Equity Interest in accordance with this Agreement. 

  

	5.3.	Except for the Pledge, the Pledgors have not created any other pledges or other security interest on the Pledged Equity Interest. 

  

	5.4.	The Pledgors and Party C have obtained all necessary approvals and consents from government authorities and third parties (if any) in connection with the execution, delivery and performance of this Agreement.

  

	5.5.	The execution, delivery and performance of this Agreement do not (i) result in any violation of any relevant PRC laws; (ii) result in any conflict with the articles of association or other constituent
documents of Party C; (iii) result in any breach of any agreement to which it is a party or by which it is bound, or constitute any default under any agreement to which it is a party or by which it is bound; (iv) result in any breach of
any permit or license issued or granted to it and/or any condition of the validity thereof; or (v) result in the revocation or suspension of, or imposition of conditions on, any permit or license issued to it. 

  
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	6.	Undertakings by the Pledgors and Party C 

  

	6.1.	During the Term of Pledge, the Pledgors and Party C severally and jointly undertake to the Pledgee that: 

  

	6.1.1.	Without the prior written consent of the Pledgee, the Pledgors shall not transfer the Pledged Equity Interest, create or permit to be created any security interest or other encumbrances on the Pledged Equity Interest,
except for the performance of the Transaction Documents; 

  

	6.1.2.	The Pledgors and Party C shall comply with the provisions of all the laws and regulations relating to the pledge of rights, and shall, within five (5) days upon receipt of any notice, order or recommendation issued
or promulgated by the relevant competent authorities regarding the Pledge, present such notice, order or recommendation to the Pledgee, and concurrently comply with such notice, order or recommendation, or object thereto upon the reasonable request
or consent of the Pledgee; 

  

	6.1.3.	The Pledgors and Party C shall promptly notify the Pledgee of any event or notice received by the Pledgors that may have an impact on the Pledged Equity Interest or any portion thereof, and that may change any
undertakings and obligations of the Pledgors hereunder or may have an impact on the fulfillment of any obligations by the Pledgors hereunder. 

  

	6.1.4.	Party C shall complete its business term extension registration formalities three (3) months prior to the expiry of its business term such that the validity of this Agreement shall be maintained. 

  
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	6.2.	The Pledgors agree that the rights granted to the Pledgee in respect of the Pledge hereunder shall not be interrupted or harmed by any legal procedure initiated by the Pledgors, any successors of the Pledgors or their
entrusting party or any other persons. 

  

	6.3.	The Pledgors undertake to the Pledgee that in order to protect or perfect the security for the Contractual Obligations and the Secured Indebtedness under this Agreement, the Pledgors shall execute in good faith and
cause other parties who have interests in the Pledge to execute all the certificates of rights, agreements, and/or perform and procure other parties who have interests in the Pledge to perform acts as required by the Pledgee, facilitate the exercise
of the Pledgee’s rights granted hereunder and enter into all relevant documents regarding ownership of the Pledged Equity Interest with the Pledgee or any person (individuals or legal persons) designated by the Pledgee, as well as provide the
Pledgee with all notices, orders and decisions regarding the Pledge as required by the Pledgee within a reasonable period of time. 

  

	6.4.	The Pledgors hereby undertake to the Pledgee to comply with and perform all the undertakings, representations and warranties and terms hereunder. In the event that the Pledgors fail to perform or fail to fully perform
such undertakings, representations and warranties and terms hereunder, the Pledgors shall indemnify the Pledgee against all the losses resulting therefrom. 

  

	7.	Event of Default 

  

	7.1.	Each of the following circumstances shall constitute an Event of Default: 

  

	7.1.1.	The Pledgors breach any of its obligations under the Transaction Documents and/or this Agreement; 

  
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	7.1.2.	Party C breaches any of its obligations under the Transaction Documents and/or this Agreement. 

  

	7.2.	Should there arises any event set forth in Section 7.1 or any circumstance that may result in the foregoing events, the Pledgors and Party C shall immediately notify the Pledgee in writing. 

 

	7.3.	Unless an Event of Default set forth in this Section 7.1 has been remedied at the request of the Pledgee within twenty (20) days upon receipt of the notice of the Pledgee to the Pledgors and/or Party C
requesting the rectification of such Event of Default, the Pledgee may issue a Notice of Default to the Pledgors in writing at any time thereafter, requesting the exercise of the Pledge in accordance with Section 8 hereof. 

 

	8.	Exercise of the Pledge 

  

	8.1.	The Pledgee shall issue a Notice of Default to the Pledgors for the exercise of the Pledge. 

  

	8.2.	Subject to the provisions of Section 7.3, the Pledgee may exercise its right to dispose of the Pledge at any time after the issuance of the Notice of Default in accordance with Section 8.1. Upon the
Pledgee’s exercise of its right to dispose of the Pledge, the Pledgors shall no longer own any right and interest in respect of the Pledged Equity Interest 

  
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	8.3.	Upon the issuance of the Notice of Default in accordance with Section 8.1, the Pledgee is entitled to exercise all the remedies, rights and powers available to it under the PRC laws, the Transaction Documents and
this Agreement, including without limitation to converse, auction or sell the Pledged Equity Interests for prior satisfaction of indebtedness. The Pledgee shall not be held liable for any losses arising from its reasonable exercise of such rights
and powers. 

  

	8.4.	The proceeds received by the Pledgee as a result of the exercise of the Pledge shall be first applied towards payment of the taxes and expenses payable in connection with the disposal of the Pledged Equity Interest and
the performance of the Contractual Obligations and the repayment of the Secured Indebtedness to the Pledgee. Any remaining balance after the deduction of the foregoing payments, if any, shall be returned to the Pledgors or any other person who is
entitled to such balance under applicable laws and regulations, or be deposited with the notary public at the place where the Pledgee is located, any costs incurred arising out of such deposit shall be borne by the Pledgors; and to the extent
permitted by the PRC laws, the Pledgors shall unconditionally donate such balance to the Pledgee or any person designated by the Pledgee. 

  

	8.5.	The Pledgee shall be entitled to elect to exercise, simultaneously or successively, any of its breach of contract remedies; the Pledgee shall not be required to first exercise other breach of contract remedies prior to
exercising its right to converse, auction or sell the Pledged Equity Interest hereunder. 

  

	8.6.	The Pledgee shall be entitled to designate in writing its legal counsel or other agents to exercise on its behalf the Pledge, and neither the Pledgors nor Party C shall object thereto. 

  
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	8.7.	When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgors and Party C shall provide necessary assistance to the Pledgee for its exercise of the Pledge. 

 

	9.	Default Liabilities 

  

	9.1.	In the event that the Pledgors or Party C materially breach any provision under this Agreement, the Pledgee is entitled to terminate this Agreement and/or claim damages from the Pledgors or Party C; this Section 9
shall not preclude any other rights entitled to the Pledgee as provided under this Agreement. 

  

	9.2.	The Pledgors or Party C may not terminate or cancel this Agreement in any event unless otherwise provided under the laws. 

  

	10.	Assignment 

  

	10.1.	The Pledgors and Party C shall not donate, transfer or dispose of their rights and obligations under this Agreement without prior written consent of the Pledgee. 

 

	10.2.	This Agreement shall be binding upon the Pledgors and its successors and any permitted assignees, and effective upon the Pledgee and each of its successors and assignees. 

 

	10.3.	The Pledgee may assign any or all of its rights and obligations under the Transaction Documents and this Agreement to any person designated by it at any time. In this case, the assignee shall enjoy and assume the rights
and obligations of the Pledgee under the Transaction Documents and this Agreement as if the assignee were a party hereto. 

  
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	10.4.	In the event of a change of Pledgee due to assignment, the Pledgors shall, at the request of the Pledgee, execute a new pledge agreement with the new pledgee with the same terms and conditions as this Agreement, and
register such new pledge with the relevant administration for industry and commerce. 

  

	10.5.	The Pledgors and Party C shall strictly comply with the provisions of this Agreement and other relevant agreements to which any Party is a party, including the Transaction Documents, and perform the obligations
thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Unless with the written instructions of the Pledgee, the Pledgors shall not exercise their remaining rights in respect of the Pledged
Equity Interest. 

  

	11.	Termination 

  

	11.1.	Upon the full and complete performance by the Pledgors and Party C of all of their Contractual Obligations and full satisfaction of the Secured Indebtedness, the Pledgee shall, upon the Pledgors’ request, release
the Pledge of the Pledged Equity Interest hereunder and cooperate with the Pledgors in relation to both the deregistration of the Pledge of the Pledged Equity Interest in the shareholders’ register of Party C and the deregistration of the
Pledge of the Pledged Equity Interest with the relevant administration of industry and commerce. 

  

	11.2.	The provisions under Section 9, Section 13, Section 14 and this Section 11.2 shall survive the termination of this Agreement. 

  
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	12.	Costs and Other Expenses 

 All costs and actual expenses arising in connection with this
Agreement, including without limitation the legal fees, processing fees, stamp duty, any other taxes and expenses, shall be borne by Party C. 
  

	13.	Confidentiality 

 The Parties acknowledge and confirm that the terms of this Agreement
and any oral or written information exchanged among the Parties in connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall keep all such confidential information confidential, and
shall not, without prior written consent of the other Party, disclose any confidential information to any third parties, except for information: (a) that is or will be available to the public (other than through the unauthorized disclosure to
the public by the Party receiving confidential information); (b) that is required to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) that
is disclosed by any Party to its shareholders, directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors
shall be bound by the confidentiality obligations similar to the terms set forth in this Section. Disclosure of any confidential information by the shareholders, directors, employees or entities engaged by any Party shall be deemed as disclosure of
such confidential information by such Party, which Party shall be held liable for breach of contract. 
  

	14.	Governing Law and Disputes Resolution 

  

	14.1.	The execution, effectiveness, interpretation, performance, amendment and termination of this Agreement and the resolution of any disputes hereunder shall be governed by the PRC laws. 

  
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	14.2.	Any disputes arising in connection with the implementation and performance of this Agreement shall be settled through friendly consultations among the Parties, and where such disputes are still unsolved within thirty
(30) days upon issuance of the written notice by one Party to the other Parties for consultations, such disputes shall be submitted by either Party to the South China International Economic and Trade Arbitration Commission for arbitration in
accordance with its arbitration rules. The arbitration shall take place in Shenzhen. The arbitration award shall be final and binding upon all the Parties. 

  

	14.3.	The Parties agree that the arbitral tribunal or the arbitrator shall have the right to award any remedies in accordance with the terms hereunder and applicable PRC laws , including without limitation temporary and
permanent injunctive remedies (as required by the business operation of Party C or compulsory transfer of the assets), the specific performance of the Contractual Obligations, the remedies in respect of Party C’s equity interests or real
estates, and the liquidation orders against Party C. 

  

	14.4.	To the extent permitted by PRC laws, pending the formation of an arbitral tribunal or under the appropriate circumstances, the Parties are entitled to resort to a court of competent jurisdiction for temporary injunctive
remedies or other temporary remedies to support the arbitration. In this regard, the Parties reached a consensus that to the extent as permitted by applicable laws, the courts in Hong Kong, the Cayman Islands, the PRC and the place where Party
C’s major assets are located shall be deemed to have jurisdiction. 

  
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	14.5.	Upon the occurrence of any disputes arising from the interpretation and performance of this Agreement or during the pending arbitration of any disputes, except for the matters under dispute, the Parties to this
Agreement shall continue to exercise their respective rights and perform their respective obligations hereunder. 

  

	15.	Notices 

  

	15.1.	All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by
facsimile transmission to the designated address of such party as listed below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which notices shall be deemed to have been
effectively delivered shall be determined as follows: 

  

	15.2.	Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively delivered on the date of receipt or refusal at the address specified for notices.

  

	15.3.	Notices given by facsimile transmission shall be deemed effectively delivered on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission). 

  
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	15.4.	For the purpose of notification, the addresses of the Parties are as follows: 

 Party
A: Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd. 
 Address: Room 2302-2303, Building B, POSOC Center,
Wangjing Business Zone, Chaoyang District, Beijing 
 Attention: Ma Xiudong 

Tel: [            ] 

E-mail: [            ] 

Party B: 
 Name:
Ding Gang 
 Address: Room 2302-2303, Building B, POSOC Center, Wangjing Business Zone, Chaoyang District, Beijing 

Tel: [            ] 

E-mail: [            ] 

Name: Ma Xiudong 

Address: Room 2302-2303, Building B, POSOC Center, Wangjing Business Zone, Chaoyang District, Beijing 

Tel: [            ] 

E-mail: [            ] 

  
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 Name: Tencent Music Entertainment (Shenzhen) Co., Ltd. 

Address: 18F, Building B, China Technology Exchange Building, No.66 West Road, North 4th Ring Road, Haidian District, Beijing 

Attention: Zhao Xiang 

Tel: [            ] 

Party C: Shenzhen Ultimate Music Culture and Technology Co., Ltd. 

Address: Room 2302-2303, Building B, POSOC Center, Wangjing Business Zone, Chaoyang District, Beijing 

Attention: Ma Xiudong 

Tel: [            ] 

E-mail: [            ] 

Each Party may at any time change its address for notices by delivering a notice to the other Parties in accordance with this Section. 

 

	16.	Severability 

 In the event that one or several of the provisions of this Agreement are
found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The
Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such
effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions. 

  
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	17.	Effectiveness 

  

	17.1.	This Agreement comes into effect upon formal signing by all the Parties. 

  

	17.2.	Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective upon signing or stamping by the Parties and completion of the governmental registration procedures (if applicable)
in accordance with the regulations. 

  

	18.	Language and Counterparts 

 This Agreement is written in Chinese in six
(6) originals, with each of the Pledgee, the Pledgors (Ding Gang, Ma Xiudong and Tencent Music Entertainment (Shenzhen) Co., Ltd.) and Party C holding one original, and the other one original will be submitted for registration. 

[The remainder of this page is intentionally left blank] 

  
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 IN WITNESS HEREOF, the Parties have caused this Equity Interest Pledge Agreement to be executed
by their respective authorized representative on the date first above written. 
 Party A: Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.

 /s/ Seal of Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd. 

 

			
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal Representative
	
	Party B:
	
	The Pledgor: Ding Gang
	
	Signature: /s/ Ding Gang
	
	The Pledgor: Ma Xiudong
	
	Signature: /s/ Ma Xiudong

 The Pledgor: Tencent Music Entertainment (Shenzhen) Co., Ltd. 

/s/ Seal of Tencent Music Entertainment (Shenzhen) Co., Ltd. 
  

			
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal Representative

 Party C: Shenzhen Ultimate Music Culture and Technology Co., Ltd. 

/s/ Seal of Shenzhen Ultimate Music Culture and Technology Co., Ltd. 
  

			
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal RepresentativeEX-10.40

 Exhibit 10.40 

Exclusive Option Agreement 

This Exclusive Option Agreement (this “Agreement”) is executed by and among the following Parties as of January 11, 2018 in
Shenzhen, the People’s Republic of China (“China” or the “PRC”): 
  

			
	Party A:	  	Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd. (“Pledgee”), a wholly foreign-owned enterprise, organized and existing under the laws of the PRC, with its address at Room 201, Building A, No.1 Qianwan
First Road, Qianhai Shenzhen-Hongkong Cooperation Zone, Shenzhen (premise of Shenzhen Qianhai Commerce Secretariat Co., Ltd.);
		
	Party B:	  	Ding Gang, a Chinese Citizen with Identification No.: [    ];
		
		  	Ma Xiudong, a Chinese Citizen with Identification No.: [    ]; and
		
		  	Tencent Music Entertainment Technology (Shenzhen) Co., Ltd., a limited liability company, organized and existing under the laws of the PRC with its organization code 91440300MA5DG8NC14;
		
	Party C:	  	Shenzhen Ultimate Music Culture and Technology Co., Ltd., a limited liability company, organized and existing under the laws of the PRC, with its address at Room 2401, Building A, Tianxia Jinniu Plaza, Taoyuan Road, Nantou
Street, Nanshan District, Shenzhen.

 In this Agreement, Party A, Party B, and Party C shall each be referred to as a “Party”
respectively, and they shall be collectively referred to as the “Parties.” 
 Whereas: 

 

	1.	Party B including Ding Gang, Ma Xiudong, and Tencen Music Entertainment Technology (Shenzhen) Co., Ltd. is the shareholder of Party C and as of the date hereof holds 100 % of the equity interests of Party C,
representing RMB 39,487,074 in the registered capital. Ding Gang holds 1.9524% of the equity interests of Party C, representing RMB 770,950 in the registered capital, Ma Xiudong holds 1.9524% of the equity interests of Party C, representing RMB
770,950 in the registered capital, and Tencent Music Entertainment Technology (Shenzhen) Co., Ltd. holds 96.0952% of the equity interests of Party C, representing RMB 37,945,174. 

 

	2.	Party B intends to irrevocably grant Party A an exclusive option to purchase the entire equity interest in Party C without prejudice of PRC laws, and Party A intends to accept such equity interest purchase option
(defined as below). 

  

	3.	Party C intends to irrevocably grant Party A an exclusive option to purchase its entire assets without prejudice to PRC laws, and Party A intends to accept such asset purchase option (defined as below).

  
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 After mutual discussions and negotiations, the Parties have now reached the following agreement:

  

	1.	Sale and Purchase of Equity Interest and Assets 

  

	 	1.1	Option Granted 

  

	 	1.1.1	Whereas Party A paid Party B RMB 10 as consideration, and Party B confirmed the receipt and the sufficiency of such consideration, Party B hereby irrevocably grants Party A an irrevocable and exclusive right to
purchase, or designate one or more persons (each, a “Designee”) to purchase the equity interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party A’s sole and absolute discretion to
the extent permitted by PRC laws and at the price described in Section 1.3 herein (“Equity Interest Purchase Option”). Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or
other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The term “person” as used herein shall refer to individuals, corporations,
partnerships, partners, enterprises, trusts, or non-corporate organizations. 

  

	 	1.1.2	Party C hereby exclusively, irrevocably and unconditionally grants Party A an irrevocable and exclusive right to require Party C to transfer part or all of company assets (the assets may be transferred in whole or in
part at Party A’s sole discretion and commercial consideration, “Asset Purchase Option”) to Party A or its Designee to the extent permitted by PRC laws and under the terms and conditions herein. Except for Party A and the Designee(s),
no other person shall be entitled to the Asset Purchase Option or any other right with respect to Party C’s assets. Party A agrees to accept such Asset Purchase Option. 

 

	 	1.1.3	Party B hereby jointly and severally agrees that Party C grants such Asset Purchase Option to Party A in accordance with Section 1.1.2 above and other terms herein, and the assets may be transferred to Party A or
Designee(s) by Party A when the Asset Purchase Option is exercised. 

  

	 	1.2	Steps for Exercise 

  

	 	1.2.1	The exercise of the Equity Interest Purchase Option and the Asset Purchase Option by Party A shall be subject to the provisions of the laws and regulations of China. 

 

	 	1.2.2	When Party A exercises the Equity Interest Purchase Option, a written notice shall be issued to Party B (the “Equity Interest Purchase Option Notice”), specifying:(a) Party A’s or the Designee’s
decision to exercise the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased by Party A or the Designee from Party B (the “Optioned Interests”); and (c) the date for purchasing the Optioned
Interests or the date for the transfer of the Optioned Interests. 

  
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	 	1.2.3	When Party A exercises the Asset Purchase Option, a written notice shall be issued to Party B (the “Asset Purchase Option Notice”), specifying:(a) Party A’s or the Designee’s decision to exercise the
Asset Purchase Option; (b) the list of assets to be purchased by Party A or the Designee from Party B (the “Optioned Asset”); and (c) the date for purchasing the Optioned Asset or the date for the transfer of the Optioned Asset.

  

	 	1.3	Purchase Price 

  

	 	1.3.1	The purchase price (“Benchmark Purchase Price”) of all equity interests shall be RMB 10. If PRC law requires a minimum price higher than the Benchmark Purchase Price when Party A exercises the Equity Interest
Purchase Option, the minimum price regulated by PRC law shall be the purchase price (collectively, the “Equity Interest Purchase Price”). 

  

	 	1.3.2	Party B undertakes that it shall transfer the full amount of Equity Interest Purchase Price obtained by Party B to Party A’s designated bank account. 

 

	 	1.3.3	In terms of Asset Purchase Option, Party A or its Designee shall pay RMB 1 as the purchase price for each exercise of the Asset Purchase Option. If PRC law requires a minimum price higher than the aforementioned net
book value of the assets, the minimum price regulated by PRC law shall be the purchase price (collectively, the “Asset Purchase Price”). 

  

	 	1.3.4	Party C undertakes that it shall transfer the full amount of Asset Interest Purchase Price obtained by Party C to Party A’s designated bank account. 

 

	 	1.4	Transfer of Optioned Interests 

 For each exercise of the Equity Interest Purchase Option: 

 

	 	1.4.1	Party B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution shall be adopted approving Party B’s transfer of the Optioned Interests to Party A and/or the Designee(s);

  

	 	1.4.2	Party B shall obtain written statements from the other shareholders (if any) of Party C giving consent to the transfer of the equity interest to Party A and/or the Designee(s) and waiving any right of first refusal
related thereto; 

  
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	 	1.4.3	Party B shall execute an equity interest transfer contract with respect to each transfer with Party A and/or each Designee (whichever is applicable), in accordance with the provisions of this Agreement and the Equity
Interest Purchase Option Notice regarding the Optioned Interests; 

  

	 	1.4.4	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 transfer the valid ownership of the
Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement,
“security interests” shall include securities, mortgages, third party’s rights or interests, any stock options, acquisition right, right of first refusal, right to offset, ownership retention, or other security arrangements, but shall
be deemed to exclude any security interest created by this Agreement, Party B’s Equity Interest Pledge Agreement, and Party B’s Voting Trust Agreement. “Party B’s Equity Interest Pledge Agreement” as used in this Agreement
shall refer to the Interest Pledge Agreement executed by and among Party A, Party B and Party C on the date hereof and any modifications, amendments, and restatements thereto. “Party B’s Voting Trust Agreement” as used in this
Agreement shall refer to the Voting Trust Agreement executed by Party B on the date hereof granting Party A with a power of attorney and any modifications, amendments, and restatements thereto. 

 

	 	1.5	Transfer of Optioned Assets 

 For each exercise of the Equity Interest Purchase Option: 

 

	 	1.5.1	Party C shall obtain all necessary internal authorizations in accordance with Party B’s effective Articles of Association; 

  

	 	1.5.2	Party C shall enter into an asset transfer contract with respect to each transfer with Party A and/or each Designee (whichever is applicable), in accordance with the provisions of this Agreement and the Asset Purchase
Option Notice regarding the Optioned Assets; 

  

	 	1.5.3	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 transfer the valid ownership of the
Optioned Assets to Party A and/or the Designee(s), unencumbered by any security interests. 

  
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	2.	Covenants 

  

	 	2.1	Covenants regarding Party C 

 Party B (as shareholders of Party C) and Party C hereby covenant
on the following: 
  

	 	2.1.1	Without the prior written consent of Party A, they shall not in any manner supplement, change, or amend the articles of association of Party C, increase or decrease its registered capital, or change its structure of
registered capital in other manners; 

  

	 	2.1.2	They shall maintain Party C’s corporate existence in accordance with good financial and business standards and practices, as well as obtain and maintain all necessary government licenses and permits by prudently
and effectively operating its business and handling its affairs; 

  

	 	2.1.3	Without the prior written consent of Party A, they shall not at any time following the date hereof, sell, transfer, mortgage, or dispose of in any manner any material assets of Party C or legal or beneficial interest in
the material business or revenues of Party C of more than RMB 100,000, or allow the encumbrance thereon of any security interests; 

  

	 	2.1.4	Without the prior written consent of Party A, they shall not incur, inherit, guarantee, or suffer the existence of any debt, except for (i) payables incurred in the ordinary course of business other than through
loans; and (ii) debts disclosed to Party A which Party A’s written consent has been obtained 

  

	 	2.1.5	They shall always operate all of Party C’s businesses within the normal business scope to maintain the asset value of Party C and refrain from any action/omission that may affect Party C’s operating status and
asset value; 

  

	 	2.1.6	Without the prior written consent of Party A, they shall not cause Party C to execute any material contract, except the contracts in the ordinary course of business (for the purpose of this subsection, a contract with a
price exceeding RMB 100,000 shall be deemed a material contract); 

  

	 	2.1.7	Without the prior written consent of Party A, they shall not cause Party C to provide any person with a loan or credit; 

  

	 	2.1.8	They shall provide Party A with information on Party C’s business operations and financial condition at Party A’s request; 

 

	 	2.1.9	If requested by Party A, they shall procure and maintain insurance in respect of Party C’s assets and business from an insurance carrier acceptable to Party A, at an amount and type of coverage typical for
companies that operate similar businesses and own similar assets in the same area; 

  
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	 	2.1.10	Without the prior written consent of Party A, they shall not cause or permit Party C to merge, consolidate with, acquire, or invest in any person; 

 

	 	2.1.11	They shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration, or administrative proceedings relating to Party C’s assets, business, or revenue; 

 

	 	2.1.12	To maintain the ownership by Party C of all of its assets, they shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, and raise
necessary or appropriate defenses against all claims; 

  

	 	2.1.13	Without the prior written consent of Party A, they shall ensure that Party C shall not in any manner distribute dividends to its shareholders, provided that upon Party A’s written request, Party C shall immediately
distribute all distributable profits to its shareholders; 

  

	 	2.1.14	At the request of Party A, they shall appoint any person designated by Party A as the director or executive director of Party C. 

  

	 	2.1.15	Without Party A’s prior written consent, they shall not engage in any business in competition with Party A or its affiliates; 

  

	 	2.1.16	Unless otherwise required by PRC law, Party C shall not be dissolved or liquated without prior written consent by Party A; 

  

	 	2.2	Covenants of Party B 

 Party B hereby covenants to the following: 

 

	 	2.2.1	Without the prior written consent of Party A, at any time from the date of execution of this Agreement, Party B shall not sell, transfer, mortgage, or dispose of in any other manner any legal or beneficial interest in
the equity interests in Party C held by Party B, or allow the encumbrance thereon, except for the interest placed in accordance with Party B’s Equity Interest Pledge Agreement and Party B’s Voting Trust Agreement; 

 

	 	2.2.2	Without the prior written consent of Party A, Party B shall cause the shareholders’ meeting and/or the directors (or the executive director) of Party C not to approve any sale, transfer, mortgage, or disposition in
any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any other security interest, except for the interest placed in accordance with Party B’s Equity
Interest Pledge Agreement and Party B’s Voting Trust Agreement; 

  
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	 	2.2.3	Without the prior written consent of Party A, Party B shall cause the shareholders’ meeting or the directors (or the executive director) of Party C not to approve the merger or consolidation with any person, or the
acquisition of or investment in any person; 

  

	 	2.2.4	Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration, or administrative proceedings relating to the equity interests in Party C held by Party B;

  

	 	2.2.5	Party B shall cause the shareholders’ meeting or the directors (or the executive director) of Party C to vote their approval of the transfer of the Optioned Interests as set forth in this Agreement and to take any
and all other actions that may be requested by Party A; 

  

	 	2.2.6	To the extent necessary to maintain Party B’s ownership in Party C, Party B shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate
complaints, and raise necessary or appropriate defenses against all claims; 

  

	 	2.2.7	Party B shall appoint any designee of Party A as the director or the executive director of Party C, at the request of Party A; 

  

	 	2.2.8	Party B hereby waives its right of first refusal in regards to the transfer of equity interest by any other shareholder of Party C to Party A (if any), and gives consent to the execution by each other shareholder of
Party C with Party A and Party C the exclusive option agreement, the equity interest pledge agreement and the power of attorney similar to this Agreement, Party B’s Equity Interest Pledge Agreement, and Party B’s Voting Trust Agreement,
and accepts not to take any actions in conflict with such documents executed by the other shareholders; 

  

	 	2.2.9	Party B shall promptly donate any profits, interests, dividends, or proceeds of liquidation to Party A or any other person designated by Party A to the extent permitted under the applicable PRC laws; and

  

	 	2.2.10	Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by and among Party B, Party C, and Party A, perform the obligations hereunder and thereunder, and
refrain from any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining rights with respect to the equity interests subject to this Agreement hereunder or under Party B’s
Equity Interest Pledge Agreement or under Party B’s Voting Trust Agreement, Party B shall not exercise such rights except in accordance with the written instructions of Party A. 

  
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	3.	Representations and Warranties 

 Party B and Party C hereby represent and warrant to
Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Interests, that: 
  

	 	3.1	They have the power, capacity, and authority to execute and deliver this Agreement and any equity interest transfer contracts to which they are parties concerning each transfer of the Optioned Interests as described
thereunder (each, a “Transfer Contract”), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer Contracts substantially consistent with the terms of this
Agreement upon Party A’s exercise of the Equity Interest Purchase Option. This Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal, valid, and binding obligations, and shall be enforceable
against them in accordance with the provisions thereof; 

  

	 	3.2	Party B and Party C have obtained any and all approvals and consents from the relevant government authorities and third parties (if required) for the execution, delivery, and performance of this Agreement.

  

	 	3.3	The execution and delivery of this Agreement or any Transfer Contracts and the obligations under this Agreement or any Transfer Contracts shall not: (i) cause any violations of any applicable PRC laws; (ii) be
inconsistent with the articles of association, bylaws, or other organizational documents of Party C; (iii) cause the violation of any contracts or instruments to which they are a party or which are binding on them, or constitute any breach
under any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for the grant and/or continued effectiveness of any licenses or permits issued to either of them; or
(v) cause the suspension or revocation of or imposition of additional conditions to any licenses or permits issued to either of them; 

  

	 	3.4	Party B has a good and merchantable title to the equity interests held by Party B in Party C. Except for Party B’s Equity Interest Pledge Agreement and Party B’s Voting Trust Agreement, Party B has not placed
any security interest on such equity interests; 

  

	 	3.5	Party C has a good and merchantable title to all of its assets, and has not placed any security interest on the aforementioned assets; 

  
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	 	3.6	Party C does not have any outstanding debts, except for (i) debt incurred within its normal business scope; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained.

  

	 	3.7	Party C has complied with all laws and regulations of China applicable to asset acquisitions; and 

  

	 	3.8	There is no pending or threatened litigation, arbitration, or administrative proceedings relating to the equity interests in Party C, assets of Party C, or Party C itself. 

 

	4.	Effective Date and Term 

 This Agreement shall become effective upon execution by the
Parties, and remain in effect until all equity interests held by Party B in Party C have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this Agreement. 

 

	5.	Governing Law and Disputes Resolution 

  

	 	5.1	Governing Law 

 The execution, effectiveness, interpretation, performance, amendment, and
termination of this Agreement as well as any dispute resolution hereunder shall be governed by the laws of the PRC. 
  

	 	5.2	Methods of Disputes Resolution 

 In the event of any dispute arising with respect to the
construction and performance of this Agreement, the Parties shall first attempt to resolve the dispute through friendly negotiations. In the event that the Parties fail to reach an agreement on the dispute within 30 days after either Party’s
written request to the other Parties for dispute resolution through negotiations, either Party may submit the relevant dispute to the South China International Economic and Trade Arbitration Commission for arbitration, in accordance with its
arbitration rules. The arbitration shall be conducted in Shenzhen, and the arbitration award shall be final and binding to all Parties. 

Each Party agrees that the arbitral tribunal or arbitrator shall have the right to gives any remedies, including preliminary and permanent
injunctive relief (such as injunction against carrying out business activities, or mandating the transfer of assets), specific performance of contractual obligations, remedies concerning the equity interest or assets of Party C and awards directing
Party C to conduct liquidation. 
 To the extent permitted by PRC laws, when awaiting the formation of the arbitration tribunal or otherwise
under appropriate conditions, either Party may seek preliminary injunctive relief or other interlocutory remedies from a court with competent jurisdiction to facilitate the arbitration. Without violating the applicable governing laws, the Parties
agree that the courts of Hong Kong, Cayman Islands, China and the place where the main assets of Party C are located shall all be deemed to have competent jurisdiction. 

  
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 Upon the occurrence of any disputes arising from the interpretation and performance of this
Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement. 

 

	6.	Taxes and Fees 

 Each Party shall pay any and all transfer and registration taxes,
expenses, and fees incurred thereby or levied thereon in accordance with the laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated
under this Agreement and the Transfer Contracts. 
  

	7.	Notices 

  

	 	7.1	All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, prepaid postage, commercial courier services, or facsimile
transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows: 

 

	 	7.1.1	Notices given by personal delivery, courier services, registered mail, or prepaid postage shall be deemed effectively given on the date of receipt or refusal at the address specified for such notices; 

 

	 	7.1.2	Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of the transmission). 

 

	 	7.2	For the purpose of notices, the addresses of the Parties are as follows: 

  

			
	Party A:	  	Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.
	Address:	  	Room 2302-2303, Building B, POSCO Center, Wangjing Business Zone, Chaoyang District, Beijing
	Attn:	  	Ma Xiudong
	Phone:	  	[            ]

  
 10 

			
	Party B:	  	
		
	Name:	  	Ding Gang
	Address:	  	Room 2302-2303, Building B, POSCO Center, Wangjing Business Zone, Chaoyang District, Beijing
	Phone:	  	[            ]
	Email:	  	[            ]
		
	Name:	  	Ma Xiudong
	Address:	  	Room 2302-2303, Building B, POSCO Center, Wangjing Business Zone, Chaoyang District, Beijing
	Phone:	  	[            ]
	Email:	  	[            ]
		
	Name:	  	Tencent Music Entertainment Technology (Shenzhen) Co., Ltd.
	Address:	  	18F, Building B, China Technology Exchange Building, No.66 West Road, North 4th Ring Road, Haidian District, Beijing
	Attn:	  	Xiang Zhao
	Phone:	  	[            ]
		
	Party C:	  	Shenzhen Ultimate Music Culture and Technology Co., Ltd.
	Address:	  	Room 2302-2303, Building B, POSCO Center, Wangjing Business Zone, Chaoyang District, Beijing
	Attn:	  	Ma Xiudong
	Phone:	  	[            ]
	Email:	  	[            ]

  

	 	7.3	Any Party may at any time change its address for notices by having a notice delivered to the other Parties in accordance with the terms hereof. 

 

	8.	Confidentiality 

 The Parties acknowledge that the existence and the terms of this
Agreement, and any oral or written information exchanged between the Parties in connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall maintain the confidentiality of all such
confidential information, and without obtaining the written consent of other Parties, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be featured in the public
domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, directors, employees, legal counsels, or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors,
employees, legal counsels, or financial advisors shall be bound by the confidential obligations similar to those set forth in this Section. Disclosure of any confidential information by the shareholders, director, employees of, or agencies engaged
by any Party shall be deemed disclosure of such confidential information by such Party and that Party shall be held liable for breach of this Agreement. 

  
 11 

	9.	Further Warranties 

 The Parties agree to promptly execute the documents that are
reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and to take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of
this Agreement. 
  

	10.	Breach of Agreement 

  

	 	10.1	If Party B or Party C conducts any material breach of any term of this Agreement, Party A shall have right to terminate this Agreement and/or require Party B or Party C to compensate all damages; this Section 10
shall not prejudice any other rights of Party A herein; 

  

	 	10.2	Party B or Party C shall not have any right to terminate this Agreement in any event unless otherwise required by the applicable laws. 

 

	11.	Force Majeure Event 

  

	 	11.1	“Force Majeure Event” means any event that is beyond one Party’s scope of reasonable control, and is unavoidable under the affected Party’s reasonable care, including but not limited to,
natural disasters, wars, riots, etc. However, lack of credit, funding or financing may not be considered as beyond one Party’s reasonable control. When the implementation of this Agreement is delayed or hindered due to any Force Majeure Event,
the affected Party shall not bear any liability for such delayed and hindered performance under this Agreement. The Party affected by Force Majeure Event seeking to waive any liability under this Agreement shall notify the other Party as soon as
possible of the exemption and the steps to be taken to complete the performance. 

  

	 	11.2	The Party affected by Force Majeure Event shall not bear any liability under this Agreement. The Party seeking to waive liability can only be exempted when he affected Party has made reasonable and feasible efforts to
perform this Agreement and such exemption shall be limited to such delayed and hindered performance. Once the reasons for such exemption are corrected and remedied, the Parties agree to use their best efforts to perform this Agreement.

  

	12.	Miscellaneous 

  

	 	12.1	Amendments, changes, and supplements 

 Any amendments, changes, and supplements to this
Agreement shall require the execution of a written agreement by all of the Parties. 
  

	 	12.2	Entire agreement 

 Except for the amendments, supplements, or changes in writing executed after
the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations,
and contracts reached with respect to the subject matter of this Agreement. 

  
 12 

	 	12.3	Headings 

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

	 	12.4	Language 

 This Agreement is written in Chinese in four copies, with each Party having one
copy. 
  

	 	12.5	Severability 

 In the event that one or several of the provisions of this Agreement are found
to be invalid, illegal, or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality, or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The
Parties shall strive in good faith to replace such invalid, illegal, or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by the relevant laws and the intentions of the Parties, and the economic
effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal, or unenforceable provisions. 
  

	 	12.6	Successors 

 This Agreement shall be binding on and shall inure to the interest of the
respective successors of the Parties and the permitted assigns of such Parties. 
  

	 	12.7	Survival 

  

	 	12.7.1	Any obligations that occur or are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration or early termination thereof. 

 

	 	12.7.2	The provisions of Sections 5, 8, 10 and this Section 12.7 shall survive the termination of this Agreement. 

  

	 	12.8	Waivers 

 Any Party may waive the terms and conditions of this Agreement, provided that such a
waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall be deemed as a waiver by such a Party with respect to any similar
breach in other circumstances. 
 [The remainder of this page is intentionally left blank] 

  
 13 

 IN WITNESS WHEREOF, the authorized representatives of the Parties have executed this Exclusive
Option Agreement as of the date first above written. 
 Party A: Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd. 

/s/ Seal of Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd. 

			
	By:	 	/s/ Hu Min
	Name:	 	Hu Min
	Title:	 	Legal Representative
		
	Party B:	 	
	By:	 	/s/ Ding Gang
	Name:	 	Ding Gang
		
	By:	 	/s/ Ma Xiudong
	Name:	 	Ma Xiudong

 Tencent Music Entertainment Technology (Shenzhen) Co., Ltd.

 /s/ Seal of Tencent Music Entertainment Technology (Shenzhen) Co., Ltd. 

			
	By:	 	/s/ Hu Min
	Name:	 	Hu Min
	Title:	 	Legal Representative

 Party C: Shenzhen Ultimate Music Culture and Technology
Co., Ltd. 
 /s/ Seal of Shenzhen Ultimate Music Culture and Technology Co., Ltd. 

			
	By:	 	/s/ Hu Min
	Name:	 	Hu Min
	Title:	 	Legal Representative

 Signature Page of Exclusive Option Agreement

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