Document:

EX-4.31

 Exhibit 4.31 
 Equity Disposition Agreement 
 This Equity Disposition Agreement (the
“Agreement”) is executed in Beijing of China on September 11, 2013 by the following parties (the “Parties”): 
 Party
A: Beijing Wanpu Media Technologies Co., Ltd. 
 Address: Room 301, Building 1, No. A-43 Xizhimen North Street, Haidian District, Beijing,
P.R.C., Beijing 
 Party B: 
 Lin Yu,
ID Card No. *** 
 Address: *** 
 Shi
Wenyong, ID Card No. *** 
 Address: *** 
 Party C: Beijing Wanpu Century Co., Ltd. (“Wanpu”) 
 Address: Room 401A, Building 1, Bei
Tai Ping Zhuang Road No.25, Haidian District, Beijing 
 Whereas: 

 

	1.	Party A is a wholly foreign-owned enterprise duly incorporated and validly existing within the territory of the People’s Republic of China;

  

	2.	Party C is a limited liability company incorporated in China; 

  

	3.	Party B are shareholders of Wanpu (“Authorizers”), among which, Lin Yu holds 78% equity thereof, Shi Wenyong holds 22% equity; 

 

	4.	Party A and Party B have executed an equity interest pledge agreement, under which Party B will provide security for Wanpu in order to perform its obligations under the
exclusive consulting services agreement signed between Wanpu and Party A. In order for the safety of such rights of pledge and in consideration of the technical support provided by Party A for Wanpu and the favorable cooperation relationships
between the Parties, the Parties hereby agree as follows: 

	1.	GRANT OF OPTION 

  

	1.1	Grant 

 The Parties hereto agree
that as of the effectiveness of this Agreement, Party A is entitled to an exclusive option to purchase by itself or via a third party designated by it all equity interests held by the Authorizers in Wanpu in an amount equivalent to price of actual
registered capital contribution corresponding to equity already purchased by Party B under the covenants of this Agreement, unless as disclosed to and approved expressly in writing by Party A in advance. Such option is conferred on Party A upon
execution by the Parties and effectiveness of this Agreement. Such option may neither be revoked nor modified within the valid term of this Agreement (including any extension under Article 1.2 hereafter) once granted. 

 

	1.2	Term 

 This Agreement shall be
executed and effected on the date first above written. This Agreement shall be valid for ten years, commencing from the date of effectiveness thereof. If required by Party A prior to the expiration of this Agreement, the Parties shall extend the
term hereof as required by Party A, and execute a separate equity disposal agreement or continue to perform this Agreement. 
  

	2.	EXERCISE OF OPTION AND CLOSING 

  

	2.1	Time of exercise 

  

	2.1.1	The Authorizers agree that Party A may exercise the option hereunder in whole or in part at any time after this Agreement is executed and becomes effective to the
extent as permitted by the laws and regulations of the People’s Republic of China. 

  

	2.1.2	The Authorizers unanimously agree that the number of times that Party A may exercise the option is without limitation, unless and until it acquires and holds 100% of
the equity interests of Wanpu. 

  

	2.1.3	The Authorizers unanimously agree that Party A may exercise its option through any third parties designated by it on its behalf, provided that Party A shall give prior
notice in writing to the Authorizers before such exercise. 

  

	2.2	Disposal of price of exercise 

The Authorizers agree that if Party A exercises the option, the full price of exercise so received by them shall repay fully the loan
provided to authorizers under the loan agreements. 

	2.3	Assignment 

 The Authorizers
agree that the option hereunder may be assigned in whole or in part to a third party without prior consent of the Authorizers. Such third party shall be deemed as a party to this Agreement and may exercise such option under the terms hereof, and
shall assume the rights and obligations of Party A hereunder. 
  

	2.4	Notice of exercise 

 Where Party
A exercises the option, it shall send a notice to the Authorizers ten working days prior to the Closing Date (as defined below), specifying the following terms: 
  

	2.4.1	Effective closing date of equity interest upon exercise of option (hereinafter referred to as the “Closing Date”); 

 

	2.4.2	The names of holders of such equity to be registered upon exercise; 

  

	2.4.3	Quantities and percentages of equity interests purchased from the Authorizers respectively; 

 

	2.4.4	Exercise price and form of payment 

  

	2.4.5	Power of attorney (if exercised by a third party designated by Party A). 

 The Parties hereto agree that Party A may from time to time designate a third party to exercise the option and register equities in the name of such third party. 

 

	2.5	Transfer of Stock 

 Each time
when Party A exercises the option, within ten working days upon receipt of a notice of exercise sent by Party A under Article 2.4 hereof: 
  

	 	(1)	The Authorizers shall direct Wanpu to convene a shareholders’ meeting, which shall: 

adopt a resolution of the shareholders meeting that approves the Authorizers to assign their equities to Party A and/or its designated
third parties: 
  

	 	(2)	The Authorizer shall execute an assignment agreement with Party A (or its designated third party, as the case may be) substantially in the form of the Stock Transfer
Agreement as set out in Appendix 1 attached hereto; 

	 	(3)	Party B shall each execute all contracts, agreements or instruments as required and obtain all necessary government approvals and consents, and take all necessary
actions to transfer the effective ownership of equity interests as purchased to Party A and/or its designated third parties free of any security interest, and cause Party A and/or its designated third parties to be registered owners of such equity
interests as purchased with the competent AIC, and submit up-to-date business license, Articles of Associations, certificates of approval (if applicable) and any other relevant documents as issued or filed for recordation by competent authorities of
China to Party A and/or its designated third parties, indicating such matters as the change of equity interests of Wanpu and change of directors and legal representative of A. 

 

	3.	REPRESENTATIONS AND WARRANTIES 

  

	3.1	The Authorizers represent and warrant that: 

  

	3.1.1	they have full power and authority to execute and perform this Agreement; 

  

	3.1.2	the performance of this Agreement and the obligations hereunder will not violate any laws, regulations and other agreements binding upon them, and does not require any
governmental approval or authorization; 

  

	3.1.3	there is no pending or threatened action, arbitration or other judicial or administrative proceedings that may materially affects this Agreement;

  

	3.1.4	they have disclosed to Party A all circumstances that may have adverse effects on this Agreement; 

 

	3.1.5	none of them is declared bankrupt and that they are in good financial standing; 

 

	3.1.6	the equity interests held by them in Wanpu are free of any pledge, guaranty, liability and other third party encumbrance, and free of any recourse by any third party;

  

	3.1.7	they will not set any pledge, liability or any other third party encumbrance on the equity interests held by them in Wanpu, nor dispose of the equity interests held by
them in Wanpu to any other person other than Party A or its designated third parties by way of transfer, gift, pledge or otherwise; 

	3.1.8	the option granted to Party A hereunder is exclusive, and the Authorizers may not grant such option or similar right to any other person other than Party A or its
designated third parties in any other way; 

  

	3.1.9	during the valid term hereof, the business as carried out by Wanpu complies with all laws, regulations, provisions and other administrative provisions and guidelines
promulgated by other governmental authorities, and is free of any circumstance in contravention of any of the foregoing and that may constitute substantial adverse effect on the business and assets of the company; 

 

	3.1.10	they will use good financial and commercial standards and practices to maintain the existence of Wanpu, prudently and effectively run its business and deal with its
affairs, exert all efforts to ensure Wanpu to maintain all licenses, permits and approvals necessary for its operation, and that such permits, licenses and approvals will not be cancelled, withdrawn or declared invalid; 

 

	3.1.11	they will provide all operating and financial information in respect of Wanpu as required by Party A; 

 

	3.1.12	Before Party A (or its designated third parties) exercises the option and acquires 100% equity or interest of Wanpu, and unless as approved by Party A (or its
designated third parties) in writing, Wanpu may not: 

  

	 	(a)	sell, transfer, pledge or otherwise dispose of any asset, business or earning, or allow any other security interest to be set thereon (unless as arising during normal
or daily business process or as disclosed to Party A and approved expressly in writing by Party A in advance); 

  

	 	(b)	conclude any transaction that may cause material adverse effect on its asset, liability, operation, equity interest or other legitimate rights (unless as arising during
normal or daily business process or as disclosed to and approved expressly in writing by Party A in advance); 

  

	 	(c)	distribute any dividend or bonus to its shareholders by any means; 

  

	 	(d)	incur, inherit, secure for or permit the existence of any liability, except for (i) any liability arising in normal or daily business process other than through
borrowing; or (ii) any liability as disclosed to and approved expressly in writing by Party A; 

	 	(e)	execute any important contracts, excluding such contracts as executed during normal business process (for the purposes of this paragraph, a contract with a value
exceeding RMB one hundred thousand (100,000) shall be taken as an important contract); 

  

	 	(f)	increase or decrease the registered capital of Wanpu through shareholders meetings or otherwise change the structure of the registered capital;

  

	 	(g)	make additions, changes or modifications to the Articles of Association of Wanpu; or 

 

	 	(h)	consolidate or associate with any other person, or acquire any person or invest in any person. 

 

	3.1.13	Before Party A (or its designated third parties) exercises the option and acquire 100% equity or assets of Wanpu, unless as expressly approved in writing by Party A (or
its designated third parties), Party B may not by individually or jointly: 

  

	 	(a)	in any way make any additions, changes or modifications to the constitutional documents of Wanpu that may cause material adverse effect on the asset, liability,
operation, equity interest or other legitimate rights of Wanpu (except for same percentage increment for compliance with the law), or on the effective performance of this Agreement, and other agreements executed by Party A, Party B and Wanpu;

  

	 	(b)	procure A to conclude any transaction that may have material adverse effect on the asset, liability, operation, equity interest and other legitimate rights of Wanpu
(unless as arising from normal or daily business process or as disclosed to and expressly approved in writing by Party A in advance); 

  

	 	(c)	procure the shareholders meeting of Wanpu to adopt any resolution of distribution of any dividend and bonus; 

 

	 	(d)	sell, transfer, charge or otherwise dispose of any legitimate or beneficiary interest of any equity interest of Wanpu, or permit any other security interest to be set
thereon at any time following the effectiveness of this Agreement; 

  

	 	(e)	procure a shareholders’ meeting of Wanpu to approve the sale, transfer, charge or otherwise disposal of any legitimate and beneficiary interests of any equity, or
permit any other security interest to be set thereon; 

	 	(f)	cause a shareholders’ meeting of Wanpu to approve any consolidation or association of Wanpu with any other person, or acquisition of any person or investment in
any person, or reorganization in any other form; or 

  

	 	(g)	voluntarily wind up, liquidate or dissolve Wanpu. 

  

	3.1.14	Before Party A (or its designated third parties) exercises the option and acquires 100% equity interest or assets of Wanpu, each of Party B undertakes to:

  

	 	(a)	immediately notify Party A in writing of any action, arbitration or administrative proceedings in respect of the equity owned by Party A that has occurred or may occur,
or any circumstance that may have any adverse effect on such equity interest; 

  

	 	(b)	cause the shareholders meeting of Wanpu to approve any transfer of equity interests purchased under this Agreement, cause Wanpu to modify its Articles of Association to
reflect the transfer of stock from Party B to Party A and/or its designated third parties, as well as other changes as set out herein, and immediately apply to competent authority of China for approval (as may be required by the law) and
registration of changes, and cause A to approve the appointment of any persons assigned by Party A and/or its designated third parties as new directors and new legal representative via shareholders meetings; 

 

	 	(c)	execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary charges and or provide necessary and appropriate
defense against all claims for the purpose of maintaining its legitimate and valid ownership in respect of its equity interest; 

  

	 	(d)	as required by Party A from time to time, unconditionally and immediately transfer its equity interest to any third party as designated by Party A, and waive its right
of first refusal in relation to said Stock Transfer by another existing shareholder; and 

  

	 	(e)	comply with this Agreement and any other contracts as executed by and between Party A and Party B individually or jointly in all respects, effectively perform all
obligations under such contracts, and refrain from any acts/omissions suffice to affect the validity and enforceability of this Agreement. 

	3.2	Undertakings 

 The Authorizers
undertake to bear all costs and expenses arising from stock transfer, and deal with all formalities necessary for Party A and/or its designated third parties to become shareholders of A, including without limitation to assisting Party A to obtain
all necessary governmental approvals for stock transfer, submitting such documents as Stock Transfer Agreement and resolutions of the shareholders meeting to relevant AIC and modifying the Articles of Association, share register and other
constitutional documents. 
  

	3.3	Each of Party B hereby jointly and severally represents and warrants to Party A on the date of this Agreement execution and each Closing Date that:

  

	 	(1)	it has full power and capacity to execute and deliver this Agreement and any Stock Transfer agreement executed under this Agreement for each transfer of purchased
equity interest to which it is a party (each a “Transfer Agreement”), and to perform the obligations under this Agreement and any Transfer Agreement. Once executed, this Agreement and each Transfer Agreement to which it is a party shall
constitute legitimate, valid and binding obligations and may be enforced against it under their terms; 

  

	 	(2)	Neither the execution and delivery of this Agreement or any Transfer Agreement nor the performance of obligations under this Agreement or any Transfer Agreement will:
(i) operate to violate any relevant Chinese laws or regulations; conflict with its Articles of Association or other constitutional documents; (iii) result in violation of any contract or instrument to which it is a party or that is binding
upon it, or constitute any breach under any contract or instrument to which it is a party or that is binding upon it; (iv) lead to any violation of any permit or approval issued to it and/or any condition with continued force and effect; or
(v) result in any suspension or revocation of any permit or approval issued to it or any additional conditions; 

  

	 	(3)	Party B has good and marketable ownership to all equity interests of Wanpu. Party B has not set any security interest on said equity interests;

  

	 	(4)	Wanpu is free of any outstanding obligations, except for (i) any obligations incurring during normal business process; and (ii) obligations that has disclosed
to and expressly approved in writing by Party A in advance; 

	 	(5)	Wanpu has complied with and will continue to comply with all laws and regulations applicable to the acquisition of equity interests and assets; and

  

	 	(6)	there is no on-going or pending or future threatened action, arbitration or administrative proceedings relating to equity, assets of Wanpu. 

 

	4.	TAXES 

 Any and all taxes
arising from the performance of this Agreement shall be borne by all parties hereto respectively. 
  

	5.	BREACH 

  

	5.1	Where Party B or Party C breaches this Agreement or any representation or warranty made hereunder, Party A may send a notice in writing to the default party requiring
it to remedy such default within ten days upon receipt of such notice, take appropriate steps to avoid the occurrence of harmful consequences in an effective and timely manner, and continue to perform this Agreement. The default party shall
compensate Party A for any damage so incurred by Party A so that Party A may acquire all interests it is entitled to when this Agreement is duly performed. 

 

	5.2	Where Party B or Party C fails to remedy its breaches within ten days upon receipt of the notice under Article 5.1, Party A shall be entitled to require the
default party to provide compensation for any and all costs, liabilities or losses so incurred by Party A (including but not limited to any interests paid or lost due to such default and attorney’s fees). Simultaneously, Party A shall have the
right to enforce the Stock Transfer Agreement attached hereto and transfer the equity interests held by Party B to Party A and/or its designated third parties. 

 

	6.	GOVERNING LAW AND DISPUTE RESOLUTION 

  

	6.1	Governing law 

 This Agreement,
including but not limited to its completion, performance, validity and construction, shall be governed in accordance with the laws of the People’s Republic of China. 

	6.2	Amicable consultation 

 Any
dispute arising from the construction or performance of this Agreement shall be resolved by amicable consultations between and among the Parties or via conciliation by a third party. Failing which, such dispute shall be submitted to the competent
arbitral authority for determination within 30 days as of the commencement of relevant discussion as aforesaid. 
  

	6.3	Arbitration 

 Any dispute arising
in respect of this Agreement shall be submitted to the China International Trade Arbitration Commission (Beijing) for determination in accordance with its rules of arbitration. The arbitration shall take place in Beijing. The arbitral award shall be
final and binding upon all Parties hereto. 
  

	7.	CONFIDENCE 

  

	7.1	Confidential information 

 This
Agreement and its appendices shall be kept in confidential. No party hereto may disclose any information in relation to this Agreement to any third party (unless as approved by all Parties hereto in advance). This Article 7.1 shall survive the
termination of this Agreement. 
  

	7.2	Exception 

 Any information
disclosed as required by any law, court ruling, arbitral award and any decision of any governmental authority shall not be taken as a breach under Article 7.1. 
  

	8.	MISCELLANEOUS 

  

	8.1	Entire agreement 

 The Parties
acknowledge that this Agreement constitutes fair and reasonable covenants agreed on the base of equality and mutual benefit. This Agreement constitutes entire agreement with respect to the subject matter hereunder between the Parties. In the event
of any inconsistency between this Agreement and any prior discussion, negotiation or agreement, this Agreement shall take precedence. The Parties may modify this Agreement in writing. The appendices attached hereto constitute integral part of this
Agreement and shall be equally binding as this Agreement. 

	8.2	Notices 

  

	8.2.1	All notices sent under this Agreement by the Parties for the purpose of exercising and performing the rights and obligations hereunder shall be made in writing and sent
by personal delivery, registered post, prepaid post, recognized courier service or facsimile to the address of the party concerned or all Parties as follows: 

 Party A: Beijing Wanpu Media Technologies Co., Ltd. 
 Address: Room 301, Building 1, No. A-43
Xizhimen North Street, Haidian District, Beijing, P.R.C. 
 Facsimile: 
 Tel.: 
 Attention: 
 Party B: 
 Lin Yu 
 Address: *** 
 Facsimile: 
 Tel.: 
 Attention: 
 Shi Wenyong 
 Address: *** 
 Facsimile: 
 Tel.: 
 Attention: 
 Party C: Beijing Wanpu Century Co., Ltd. 

Address: Room 401A, Building 1, No. 25, Beitaipingzhuang Street, Haidian District, Beijing, P.R.C. 

Facsimile: 
 Tel.: 

Attention: 
  

	8.2.2	A notice or communication in any of the following cases shall be deemed as duly served: 

 

	8.2.2.1	If delivered by facsimile, on the date as shown on the fax, but if such fax is delivered later than 5:00 p.m. or on a non-working day, then on the following working day
after the date shown on the fax; 

  

	8.2.2.2	If delivered by personal delivery (including express delivery), on the date of sign-in; 

	8.2.2.3	If delivered by registered post, then on the fifteenth day after the date on the return receipt. 

 

	8.2.2.4	Binding force 

 This Agreement
shall be binding upon all Parties hereto. 
  

	8.3	Language 

 This Agreement is made
in quintuplicate in the Chinese language, with one copy thereof for each party hereto. 
  

	8.4	Day and working day 

 A
“day” as referred to herein shall be a calendar day, and a “working day” herein shall refer to any day from Monday to Friday. 
  

	8.5	Headings 

 The headings of this
Agreement are for convenience of reference only, and may not be used in the interpretation of this Agreement. 
  

	8.6	Appendices 

 The obligations,
undertakings and liabilities of the Authorizers hereunder to Party A are joint and several, and the Authorizers are jointly and severally liable to each other. As for Party A, the breach of any of the Authorizers shall automatically constitute a
breach of the Authorizers. 
  

	8.7	Uncovered matters 

 Any and all
matters uncovered hereunder shall be resolved in accordance with the laws of the People’s Republic of China by consultation between and among the Parties. 
 (No text herein below) 

 [This page is for signatures and contains no text] 
 Party A: Beijing Wanpu Media Technologies Co., Ltd. 
 (Company Seal) 

 

	
	Authorized representative:
	
	/s/ Lin Yu
	 Lin Yu
  
 Party B:

  

	
	
	/s/ Lin Yu
	Lin Yu

  

	
	
	 /s/ Shi Wenyong

	Shi Wenyong

  

	
	
	Party C: Beijing Wanpu Century Co., Ltd.
	
	Authorized representative:
	  
 /s/ Huang
Bo

	Huang Bo

 Appendix I: Stock Transfer Agreement 

Stock Transfer Agreement 
 This
Stock Transfer Agreement (“Agreement” hereinafter) is entered into between the following parties on this [     ] day of [         ], 2013 in Beijing 

Party A: Beijing Wanpu Media Technologies Co., Ltd. 
 Address: Room 301, Building 1, No. A-43 Xizhimen North Street, Haidian District, Beijing, P.R.C. 

Party B: 
 Lin Yu, ID No. *** 

Address: *** 
 Shi Wenyong, ID No. ***

 Address: *** 
 Party C: Beijing
Wanpu Century Co., Ltd. (“Wanpu”) 
 Address: Room 401A, Building 1, No. 25, Beitaipingzhuang Street, Haidian District, Beijing,
P.R.C. 
 Party A, Party B and Party C are hereinafter referred to as individually as a “Party”, and collectively the
“Parties”. 
 Whereas: 
  

	1.	Party A is a wholly foreign-owned company validly incorporated and existing under the law of People’s Republic of China (hereinafter “China”);

  

	2.	Party C is a domestic company incorporated in China. At present, Party B holds 100% stock of Party C (hereinafter “Relevant Equity”).

  

	3.	When Party A and (or) the third party designated by it excises the right of option, Party B agrees to transfer part or all equity it holds in Party C to Party A and
(or) the third party designated by it according to the Contract for Exclusive Purchase Right entered into among Party B, Party A and Party C on September 11, 2013 (hereinafter referred to as the “Stock Transfer”).

 NOW THEREFORE, the parties reach the following terms after negotiation: 

 

	1.	Stock Transfer 

  

	1.1	Party B agrees to transfer the stock to Party A. Lin Yu from Party B will transfer 78 % equity. Shi Wenyong from Party B will transfer 22 % equity. Party A
agrees to purchase such transferred stock. After the completion of the Stock Transfer, Party A will own 100% equity. 

  

	1.2	As consideration for the equity to be transferred, Party A shall pay RMB 780,000 to Lin Yu from Party B and RMB 220,000 to Shi Wenyong from Party B pursuant to the
provisions of article 2. 

  

	1.3	Party B agrees to the Stock Transfer under this article 1, and is willing to encourage other shareholders of Party C (if any besides Party B) to sign necessary
documents including but not limited to shareholders’ resolution and declaration on waiver of preemptive right to purchase the equity, and provide assistance in performing formalities necessary for Stock Transfer. 

 

	1.4	Party B and Party C shall jointly and separately take all necessary actions, including but not limited to signing this agreement passing through shareholders’
resolution and the amendments to the articles of association so as to realize the transfer of equity from Party B to Party A, and shall complete all procedures for obtaining approval from government authorities and registration with administration
for industry and commerce within ten (10) working days since the date on which Exercise Notice is issued by Party A in accordance with Equity Disposition Agreement and make Party A to become the registered owner of the equity.

  

	2.	Payment of Consideration for Transferred Stock 

  

	2.1	Within 5 working days after execution of this agreement, Party A shall pay RMB 390,000 to Lin Yu and 110,000 to Shi Wenyong. Within 5 days after all procedures for
obtaining approval from government authorities and registration with administration for industry and commerce relating to Stock Transfer are completed, Party A shall pay RMB 390,000 to Lin Yu and 110,000 to Shi Wenyong. 

 

	2.2	Party B shall issue appropriate receipts to Party A within 5 working days after receipt of each payment mentioned in article 2.1. 

	3.	Representations and Warranties 

  

	3.1	The Parties to this Agreement respectively make representations and warranties as follows: 

 

	 	(a)	It is a company legally incorporated and validly existing or an individual with full capacity for civil conduct. It has complete power and ability to perform this
Agreement and sign other related documents for the purpose of this agreement; 

  

	 	(b)	It has taken or will take all necessary action to duly and legally authorize the execution, delivery, and performance of this agreement and all other documents related
to the transactions under this agreement, and such execution, delivery, and performance does not violate any of the relevant laws, regulations and government decisions, and does not infringe upon the legitimate rights and interests of any third
party. 

  

	3.2	Party B and Party C jointly and respectively make representations and warranties to Party A as follows: 

 

	 	(a)	Party B currently legally owns 100% equity in Party C, Party B’s acquisition and holding of the equity does not violate any laws, regulations or government
decisions, and does not infringe upon the legitimate rights and interests of any third party; 

  

	 	(b)	Party C is a limited liability company legally incorporated and validly existing according to the laws of China. It has complete legal ability and behavior ability and
has the right to possess, dispose and manage its assets and business, and carry out the business ongoing or planned. Party C has obtained all licenses, qualification certificates or approvals from government departments and performed the procedures
for filing or registration as are necessary for conducting the business stipulated by its business license. 

  

	 	(c)	There is no violation of the provisions of relevant laws, regulations or government decisions since the establishment of Party C; 

 

	 	(d)	There is no any security interest or any other third party rights to the equity held by Party B in Party C; 

 

	 	(e)	It does not omit to provide the document or information relating to Party C or its business, which may affect Party A’s decision on signing this agreement;

	 	(f)	Before the completion of the Stock Transfer, it will not authorize or promise the issue of any new equity other than the equity which has been issued on the day of
signing this Agreement and will not change the registered capital or shareholder structure of Party C in any way. 

  

	4.	Effectiveness and Term 

 This Agreement is
signed and becomes effective on the date as first above written. 
  

	5.	Dispute Resolution 

 All disputes arising out of
the construction and performance of this Agreement shall be settled through friendly negotiation between the parties. If no consensus can be reached within 30 days after the requirement for negotiation is raised by one party, either party may submit
the disputes to China International Economic and Trade Arbitration Commission (Beijing Sub-Commission) (hereinafter “CIETAC”) for arbitration in accordance with its then effective arbitration rules. The arbitration shall be conducted in
Beijing. The language to be used in arbitration shall be Chinese. The arbitral award shall be final and binding upon both parties hereto. 
  

	6.	Governing Law 

 The validity, construction and
enforceability of this Agreement shall be governed by laws of People’s Republic of China. 
  

	7.	Supplement and Modification 

 Any supplement or
amendment of this Agreement shall be made in the form of written agreement. The agreement for supplement or amendment shall constitute part of this Agreement and have the same legal effect as this Agreement upon execution by the parties. 

 

	8.	Severability 

 In case any provision of this
Agreement becomes invalid or unenforceable due to its inconsistency with relevant laws, this provision shall be invalid or unenforceable within related jurisdiction and shall not affect the legal validity of other provisions of this Agreement.

	9.	Appendix 

 Any Appendix attached hereto shall be
an integral part of this Agreement which shall have the same legal effect as this Agreement. 
  

	10.	Miscellaneous 

  

	10.1	This Agreement is made in Chinese in five originals. 

  

	10.2	If Party A has specified any third party to exercise the right of option, then Party A in this Agreement may refer to Party A and (or) the third party specified by it.

 [No Text Below] 

 [No Text, Signature Page of Stock Transfer Agreement] 

Party A: Beijing Wanpu Media Technologies Co., Ltd. 
 Authorized representative: 

	
	
	 /s/ Lin Yu

	 Lin Yu

 Party B: 
 Lin
Yu 
 /s/ Lin
Yu                                     

Shi Wenyong 
 /s/ Shi
Wenyong                                     

Party C: 
 Beijing Wanpu Century Co., Ltd.

  

			
	Authorized Representative:	 	 /s/ Huang Bo

		 	Huang BoEX-4.32

 Exhibit 4.32 
 Loan Agreement 
 This Loan Agreement (this “Agreement”) dated September 11,
2013 is made in Beijing by and between: 
 Party A: Beijing Wanpu Media Technologies Co., Ltd. 

Registered Address: Room 301, Building 1, No. A-43 Xizhimen North Street, Haidian District, Beijing, P.R.C. 

Legal Representative: Lin Yu 

Party B: Lin Yu 
 ID No.: ***

 Address: *** 
 Shi Wenyong 
 ID No.: *** 

Address: *** 
 WHEREAS

  

	1.	Party A (the “Lender”) is a wholly foreign-owned company incorporated and registered in Beijing; 

 

	2.	Party B (the “Borrower”) is the shareholder of Beijing Wanpu Century Co., Ltd. (“Domestic-funded Company”), holding 100% equity of the
Domestic-funded Company. 

 Through friendly negotiations, the Parties reach the agreement as follows for mutual compliance:

 In accordance with the terms and conditions set forth herein, the Lender agrees to provide, and the Borrower agrees to accept, a loan in a
total amount of RMB one million (RMB 1, 000, 000). (Lin Yu, Shi Wenyong respectively holds 78%, 22% of the loan). 
  

	1.	The Borrower agrees to use the above mentioned loan only for purchase of all the capital contribution of the Domestic-funded Company. 

 The Borrower shall use such loan only for the purpose set forth in this Article, and shall
not use such loan for any other purpose, unless it has obtained the written consent in advance from the Lender. 
  

	2.	Conditions precedent for the provision of loan by the Lender to the Borrower are: 

 

	2.1	The representations and warranties made by the Borrower in the Article 8 hereof are true, complete, correct, and not misleading. 

 

	2.2	The Borrower does not breach any of its undertakings in the Article 9 and Article 10 hereof, and there is no any event occurring or threatening to occur which
will possibly influence the Borrower’s performance of its obligations hereunder. 

  

	3.	The Lender agrees that, on condition that all the conditions precedent set forth in the Article 3 hereof are satisfied or are waived by the Lender in
writing, the Lender will transfer the loan amount to the account designated by the Borrower in one lump sum. The Borrower or its trustee shall issue the receipt to the Lender at the same day of receiving such loan. The Parties hereby agree and
confirm, the undertakings with respect to the loan made by the Borrower under this Agreement are applicable to the Borrower or its designated trustee. 

  

	4.	Each Party hereby agrees and confirms that the loan hereunder is a non-interest-bearing loan unless otherwise specified herein. 

 

	5.	The term of loan hereunder is ten (10) years and may be extended by the Parties through a written consent. During the term of loan of the extended term of
loan, once the following circumstance occurs, the loan provided by the Lender to the Borrower hereunder shall expire early with immediate effect: 

  

	 	(1)	The Borrower resigns from or is dismissed by the Lender or any affiliate of the Lender; or 

 

	 	(2)	The Borrower is dead, becomes incapable for civil conduct, or has limited capability in civil conduct; or 

 

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

  

	 	(4)	Any other third party claims an amount exceeding RMB 100,000 from the Borrower. 

 Once the term of loan expires, any Borrower (or its successor or assignee) shall immediately return the amount borrowed by it to the Lender, or, with the Lender’s consent, transfer such borrowed
amount to any other shareholder of the Domestic-funded Company or the person designated by the Lender, and such Borrower’s rights and obligations hereunder shall terminate at same time. 

 

	6.	At the date hereof, the Lender represents and warrants to the Borrower: 

 

	6.1	The Lender is a duly registered and validly existing company; 

	6.2	The Lender has the power required for signing and performing this Agreement. The signature and performance of this Agreement by the Lender comply with the Lender’s
business scope and the articles of association or other constitution documents of the Lender. The Lender has obtained all necessary and appropriate approvals and authorizations for signature and performance of this Agreement;

  

	6.3	The signature and performance of this Agreement by the Lender do not violate any law or regulation, governmental approval, authorization, notice or any other
governmental document binding upon or imposing any effect on it, nor breach any agreement entered into by and between the Lender and any third party or any undertakings made by the Lender to any third party; and 

 

	6.4	This Agreement will immediately constitute legally valid and enforceable obligations of the Lender upon being signed. 

 

	7.	The Borrower represents and warrants to the Lender from the date hereof to the termination hereof: 

 

	7.1	The Domestic-funded Company is a duly incorporated and validly existing company with limited liabilities, and the Borrower is the lawful shareholder of the
Domestic-funded Company; 

  

	7.2	The Borrower has the power required for signing and performing this Agreement. The signature and performance of this Agreement by the Borrower comply with the articles
of association or other constitution documents of the Domestic-funded Company. The Borrower has obtained all necessary and appropriate approvals and authorizations for signature and performance of this Agreement; 

 

	7.3	The signature and performance of this Agreement by the Borrower do not violate any law or regulation, governmental approval, authorization, notice or any other
governmental document binding upon or imposing any effect on it, nor breach any agreement entered into by and between the Borrower and any third party or any undertakings made by the Borrower to any third party; and 

 

	7.4	This Agreement will immediately constitute legally valid and enforceable obligations of the Borrower upon being signed. 

 

	8.	Throughout the term of this Agreement, the Borrower undertakes that: 

  

	8.1	Without the prior written consent by the Lender, it will not, at the Shareholders’ Meeting of the Domestic-funded Company, resolve to agree upon or support or sign
any shareholders’ resolutions to approve, any sale, assignment, mortgage or disposal in any other way of, or allow the creation of any other encumbrance on, any legal or beneficial interests with respect to the equity of the Domestic-funded
Company, except for those made for the Lender or any person designated by the Lender; 

	8.2	Without the prior written consent by the Lender, it will not, at the Shareholders’ Meeting of the Domestic-funded Company, resolve to agree upon or support or sign
any shareholders’ resolutions to approve, the merger or amalgamation between the Domestic-funded Company and any other person, or the acquisition of or investment in any other person by the Domestic-funded Company; 

 

	8.3	It will immediately notify the Lender of any litigation, arbitration or administrative proceeding occurring or threatening to occur with respect to the equity of the
Domestic-funded Company; 

  

	8.4	For maintaining its shareholding in the Domestic-funded Company, it will sign, take, initiate, and conduct all necessary or appropriate documents, actions, claims, or
defense against the claims; 

  

	8.5	Without the prior written consent by the Lender, it will not take any action and/or omission which may possibly have any material influence on the assets, business and
liabilities of the Domestic-funded Company. 

  

	9.	The Borrower undertakes that, during the term hereof it will, as the legal shareholder of the Domestic-funded Company, procure the Domestic-funded Company:

  

	9.1	Without the prior written consent by the Lender, not to sell, assign, mortgage or dispose of in any other way, or allow the creation of any other encumbrance on, the
legal or beneficial interests with respect to any asset, business or income of it, from the date hereof; 

  

	9.2	Without the prior written consent by the Lender, not incur, succeed, guarantee, or allow existence of, any liability, however, except for (i) the liability arising
from the normal or daily business operation rather than by means of borrowing certain amount of money; and (ii) the liability which has been disclosed to, and approved of by the Lender in writing; 

 

	9.3	To operate all of its business in course of business operation, to maintain the value of its assets; 

 

	9.4	Without the prior written consent by the Lender, not to enter into any material contract (in respect of this paragraph, the contract with a value exceeding one million
RMB will be deemed as a material contract), except for those entered into in course of normal business operation; 

  

	9.5	As requested by the Lender, to provide to the Lender with all materials in relation to its operation and financial status; 

 

	9.6	Without the prior written consent by the Lender, not to merge or amalgamate with any other person, or acquire or invest in any other person; 

 

	9.7	Will immediately notify the Lender of any litigation, arbitration or administrative proceeding occurring or threatening to occur with respect to its assets, business or
income. 

	10.	This Agreement inures only for the benefits of the Parties hereto, the successors and permitted assignees of the Parties hereto, and is binding upon the above
mentioned Parties. Without the other Party’s prior written consent, neither Party shall not assign, pledge or transfer in any other way, its rights, benefits or obligations hereunder. 

 

	11.	The conclusion, validity, interpretation, performance, amendment, termination of, and resolution of disputes arising from, this Agreement shall be governed by
laws of the PRC. 

  

	12.	Arbitration 

  

	12.1	Any dispute, controversy or claim arising from or in connection with this Agreement (including the existence, validity or termination of this Agreement) shall be
submitted to China International Trade and Economic Arbitration Commission (“CIETAC”) for arbitration according to its then effective rules and proceeding. The arbitral award is final and binding upon the Parties. The arbitration shall be
conducted in Beijing. The arbitration language is Mandarin Chinese. 

  

	12.2	The arbitral tribunal consists of three (3) arbitrators. Each Party appoints one (1) arbitrator. The presiding arbitrator of arbitral tribunal shall be
jointly appointed by both Parties through negotiations. Should both Parties fail to reach consensus regarding the appointment of the presiding arbitrator within twenty (20) days following the appointment of its respective arbitrator, the
Chairman of CIETAC shall appoint the presiding arbitrator. 

  

	13.	This Agreement becomes effective upon being signed, and becomes invalid once each Party fulfills the performance of its obligations hereunder.

  

	14.	This Agreement shall not be amended or changed unless agreed by both Parties in writing. Any issue not contemplated herein shall be supplemented by the Parties
by signing respective agreement in writing. Any amendment, change, supplemental to this Agreement as well as any exhibit hereto, shall constitute an integral part of this Agreement. 

 

	15.	This Agreement constitutes an integral agreement between the Parties regarding the subject matter hereof, and supersedes all previous oral discussion or written
advices reached by the Parties with respect to the above mentioned subject matter. 

  

	16.	This Agreement is severable. The invalidity or unenforceability of any term hereof does not influence the validity or enforceability of any other term hereof.

  

	17.	Each Party shall keep strictly confidential any confidential materials regarding the other Party’s business, operation, financial status obtained by it
through this Agreement or during the performance of this Agreement. 

	18.	This Agreement is made in six (6) original copies, each Party holding one (1) copy. Each copy has the same legal effect. 

[The remainder of this page is intentionally left blank] 

 Party A: Beijing Wanpu Media Technologies Co., Ltd. 
 (seal) 
  

	
	Signature of Authorized Representative: /s/ Lin Yu
                                    

 Party B: Lin Yu 
  

					
		 	Signature:	 	 /s/ Lin Yu

			
		 	Shi Wenyong	 	
			
		 	Signature:	 	 /s/ Shi Wenyong

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