Document:

Exhibit 4.38

 

Credit Agreement

 

Credit Provider: China Merchants
Bank Shenzhen Branch (hereinafter “Party A”)

 

Principal Responsible Person: Ying Yue

 

Credit Applicant: Shenzhen Xunlei Networking Technologies Co., Ltd. (hereinafter “Party B”)

 

Legal Representative/Principal Responsible
Person: Kening Wu

 

Upon Party B’s
application, Party A hereby agrees to provide a credit amount for Party B. Now therefore, in accordance with applicable laws and
regulations, Party A and Party B (hereinafter “the Parties”), through adequate negotiation, hereby make and enter into
this Credit Agreement (hereinafter “this Agreement”), subject to the following terms and conditions.

 

1. Credit Amount

 

1.1 Party A will extend
a credit amount of Eighty Five Million Yuan (including other currencies of equivalent value converted at the exchange rate
published by Party A at the time when a specific transaction actually occurs, same below) (including revolving credit amount and/or
one-time credit amount) (hereinafter “the Credit Amount”).

 

Credit products and
services offered under the Credit Amount include without limit one or more credit products or services of: loan/order loan, trade
financing, bills discount, commercial bills acceptance, commercial acceptance bills guarantee, international/domestic guarantee,
customs payment guarantee, legal-person account overdraft, derivative transaction, gold lease, etc.(hereinafter “Credit Services”).

 

Revolving credit amount
refers to the maximum balance sum of principals of one or more foregoing Credit Services offered by Party A to Party B during the
Credit Period, which can be used by Party B on a continuous and revolving basis.

 

One-time credit amount
refers to a credit amount under which the cumulative amount of all foregoing Credit Products offered by Party A to Party B must
not exceed the amount of the one-time credit amount approved by Party A. One-time credit amount may not be used by Party B revoltingly;
amounts of the multiple Credit Services applied for by Party B will take up corresponding amounts of the one-time credit amount
cumulatively, until the credit amount is exhausted.

 

“Trade financing”
includes but not limited to such service types as international/domestic letter of credit, import bill advance, delivery guarantee,
advance against import documentary collection, packing finance, export bill advance, export negotiation, advance against export
documentary collection, import/export remittance financing, credit insurance financing, factoring, commercial paper guarantee,
etc.

 

1.2 If Party A provides
import factoring or domestic buyer factoring service with Party B as the payer, the accounts receivable debt against Party B acquired
by Party A under these services will take up amounts of the Credit Amount; if Party B applies for provision of domestic seller
factoring or export factoring service from Party A, the basic purchase money (basic acquisition money) provided by Party A to Party
B by using Party A’s own funds or other funds of lawful sources will take up amounts of the Credit Amount.

 

     

     

    

 

1.3 If Party A entrusts
other branches of China Merchants Bank to issue back-to-back letter of credit to the beneficiary according to its internal procedures
after issuing the letter of credit, such letters of credit and documentary credits and delivery guarantees arising thereunder will
take up amounts of the Credit Amount.

 

Under the import letter
of credit service, if any subsequent import bill advance is made under the same letter of credit, the letter of credit and import
bill advance will take up the same amount of the Credit Amount at different stage. That is to say, when an import bill advance
is made, amount recovered after payment by the letter of credit will be reused to make import bill advance, and will be deemed
to take up the same amount as the original import letter of credit.

 

1.4 The Credit Amount
shall be exclusive of credit amounts corresponding to bonds or deposit pledges provided by Party B or a third party for any separate
transactions under this Agreement, same below.

 

1.5 Any outstanding
balances under specific transactions processed under the ____—___
Agreement (insert name of the Agreement) No.___——___
originally signed between Party A (or any subordinate body of Party A) will be automatically incorporated into this Agreement and
take up corresponding amounts of the Credit Amount hereunder.

 

2. Credit Period

 

The credit period is
twelve months from __April__17th, 2018 _to _ April__16th, 2019_ (“the
Credit Period”). Party B shall apply for credit utilization within the Credit Period; unless otherwise provided herein, Party
A will not accept any credit utilization application submitted beyond the expiration date of the Credit Period.

 

3. Type and Scope of Credit Amount

 

The type of Credit Amount
hereunder (revolving credit amount or one-time credit amount) and applicable types of Credit Services, credit amounts extended
for different types of Credit Services, whether different types of Credit Services can be swapped, and specific conditions for
utilizing the Credit Amount are subject to approval of Party A. If Party A makes any adjustment to its original approval according
to Party B’s application during the Credit Period, any subsequent approvals issued by Party A will constitute supplements
and modifications to the original approval, and so on.

 

4. Utilization of the Credit Amount

 

4.1 Separate service
agreements (whether single-transaction agreements/applications or framework agreement) signed between Party A and Party B for specific
services hereunder will constitute integral parts of this Agreement, which collectively provide for the arrangement of rights and
obligations of such specific services.

 

Party B must apply for
utilization of the Credit Amount batch by batch by submitting the required documentation for examination and approval by Party
A on a case-by-case basis. Party A shall have the right to decide whether to approve each application based on its internal management
requirements, Party B’s operation status and other relevant conditions, and may reject Party B’s application at its
sole discretion without assuming any legal liability to Party B. Where there is any inconsistency between this provision with any
other provisions hereof, this provision shall prevail.

 

     

     

    

 

Amounts, interest rates,
duration, purposes, fees and other transaction elements of each loan or other credits will be subject to separate service agreements,
the transaction vouchers confirmed by Party A and the transaction records in Party A’s system.

 

4.2 Duration of each
loan or other credits within the scope of the Credit Amount shall be determined according to Party B’s business need and
Party A’s business management rules; the expiration date of each specific service may be later than that of the Credit Period
(unless required otherwise by Party A).

 

☑ 4.3
During the Credit Period, Party A shall have the right to evaluate Party B’s business and financial status on an annual basis,
and adjust the usable credit amount of Party B based on such assessment (check the box □ with “√” if this
provision is applicable).

 

5. Guarantee Clause

 

5.1 GIGANOLOGY (SHENZHEN)
CO., LTD. is the Guarantor who assumes joint and several liability for all debts of Party B to Party A hereunder and must issue
a separate letter of guarantee to Party A, and/or

 

5.2 All debts of Party
B to Party A hereunder will be secured by __ —____
mortgaging or pledging the assets which it has ownership or the right of disposal, for which a separate security contract must
be signed.

 

If the Guarantor fails
to sign relevant security document and go through the security procedures in accordance with this provision (including the case
that an accounts receivable debtor raises an objection against the accounts receivable before they are pledged), Party A shall
have the right to refuse extending credit to Party B.

 

5.3 When the mortgagor
provides real estate mortgage as a guarantee for Party B’s debts to Party A hereunder, if Party B knows that the mortgaged
assets are already or may be listed into the government’s demolition and expropriation plan, it shall inform Party A promptly
and urge the mortgagor to renew the mortgage guarantee for Party B’s debts with the compensation offered by the demolition
party and go through corresponding mortgage procedures in accordance with provisions of the mortgage contract, or provide other
security measures acceptable to Party in accordance with Party A’s requirements.

 

All fees and expenses
incurred for reestablishing the guarantee or adopting other measures in the event the aforementioned condition happens to the mortgaged
assets shall be borne by the mortgagor, and Party B shall assume joint and several liability for the repayment of such fees and
expenses, which Party A may deduct directly from Party B’s account.

 

6. Party B’s Rights and Obligations

 

6.1 Party B shall have
the following rights to:

 

6.1.1 Require Party
A to provide loans or other credits within the scope of the Credit Amount in accordance with the terms and conditions hereof;

 

6.1.2 Make use of the
Credit Amount in accordance with the terms and conditions hereof;

 

     

     

    

 

6.1.3 Require Party
A to maintain confidentiality for information provided by Party B regarding Party B’s production, operation, properties,
accounts and other aspects, unless it is required otherwise by laws and regulations or the supervisory authority;

 

6.1.4 Transfer its debts
to a third party with Party A’s consent.

 

6.2 Party B shall be
obligated to:

 

6.2.1 Provide authentic
documents required by Party A (including but not limited to, on the frequency required by Party A, provide authentic financial
books/statements and annual financial reports, important decisions and changes in production, operation and management, money withdrawal/utilization
information, information related to collateral, etc.), and information regarding all banks of deposit, account numbers and deposit
& loan balances, and cooperate with Party A’s investigation, review and inspection;

 

6.2.2 Accept Party A’s
inspection on its use of credit funds and related production, operation and financial activities;

 

6.2.3 Make use of the
loans and/or other credits in accordance with provisions of this Agreement and separate contracts and/or the committed purposes;

 

6.2.4 Repay on time
principals, interests and fees of loans, advances and other credits in accordance with provisions of this Agreement and separate
contracts;

 

6.2.5 Obtain Party A’s
written consent before transferring debts hereunder to any third party in whole or in part;

 

6.2.6 Inform Party A
promptly and actively coordinate with Party A in arranging for measures to secure repayment of principals, interests and fees of
all loans, advances and other credits hereunder under any condition as follows:

 

6.2.6.1 Material financial
loss, loss of assets or other financial crisis has occurred;

 

6.2.6.2 It provides
loans or guarantee security for any third party or provide mortgage/pledge security with its own assets (rights);

 

6.2.6.3 Suspension of
business, revocation or deregistration of business license, filing or being filed for bankruptcy or dissolution, etc.;

 

6.2.6.4 Its controlling
shareholder or other affiliated company encounters major crisis in their operation or finance, causing adverse impact to its normal
operation;

 

6.2.6.5 It enters into
related-party transaction reaching 10% or more of its net assets value with its controlling shareholder or other affiliated company;

 

6.2.6.6 Any litigation,
arbitration or criminal/administrative penalty has been brought by or against it, causing material negative effect on its operation
or financial status;

 

6.2.6.7 Other material
circumstances that may affect its solvency.

 

     

     

    

 

6.2.7 Party B shall
not be slack in managing or claiming its mature debts or dispose its existing major properties without compensation or by other
improper means.

 

6.2.8 Party B must obtain
Party A’s prior written consent before engaging in consolidation (merger), separation, restructuring, equity joint venture
(cooperative joint venture), transfer of property rights or equity, reforming its shareholding system, overseas investment, increasing
debt financing, etc.

 

6.2.9 As required by
Party A, Party B (check the box □ “√” when applicable)

 

 ̈ shall
obtain insurance for its core assets and designate Party A as the primary beneficiary;

 

 ̈ shall
not sell or create mortgage on the _—__ assets
designated by Party A before paying off all credit debts;

 

 ̈ 
shall restrict distribution of dividends to its shareholders as follows as required by Party A before paying off its credit debts:

 

—

 

 ̈ Others:
—

 

6.2.10 In the case
of dynamic pledge of accounts receivable, Party B shall guarantee that the credit balance at any time point during the Credit
Period is lower than —% of the balance of the pledged accounts receivable, otherwise it must provide new accounts
receivable acceptable to Party A for pledge or provide a bond, until the balance of the pledged accounts receivable ×—%
+ valid bond > credit balance.

 

6.2.11 In the case of
bond pledge, if fluctuation in exchange rate results in the balance of the bond account being lower than —% of the
amount of the corresponding credit service, Party B shall have the obligation to provide additional amount of bond or other guarantee
as required by Party A.

 

6.2.12 Party B shall
guarantee that payments for goods under import shall be collected into the account designated by Party A; under export negotiation,
shall transfer bills and/or documents under the letter of credit to Party A.

 

7. Party A’s Rights and Obligations

 

7.1 Party A shall have
the following rights to:

 

7.1.1 Require Party
B to fully repay on time principals and interests of all loans, advances and credit debts under this Agreement and separate contracts;

 

7.1.2 Require Party
B to provide documents and information related to its utilization of the Credit Amount;

 

7.1.3 Ask for information
about Party B’s production, operation and financial activities;

 

7.1.4 Supervise that
Party B is utilizing loans and/or other credits for the purposes agreed under this Agreement and separate contracts; when it is
required by its business, unilaterally suspend or restrict the corporate E-banking function of Party B’s account (including
but not limited closing the E-bank, presetting list of payees/single payment limit/phase payment limit, etc.), restrict sale of
settlement vouchers, or restrict telephone banking, mobile banking and other non-counter payment and exchange functions of Party
B’s account;

 

     

     

    

 

7.1.5 Authorize other
branches of China Merchants Bank in the place where the beneficiary is located to issue letter of credit to the beneficiary according
to its internal procedures.

 

7.1.6 Deduct funds from
any account of Party B at any outlet of China Merchants Bank for repaying Party B’s debts under this Agreement and separate
contracts (if credit debts are not denominated in RMB, to purchase exchange from Party B’s CNY account according to the exchange
rate published by Party A at the time of deduction to repay principals, interests and fees of the credit debts);

 

7.1.7 Transfer its claims
against Party B, and inform Party B about the transfer and collect from Party B by appropriate means at its sole discretion, including
but not limited to fax, mailing, personal service, announcement on the public media, etc.;

 

7.1.8 Monitor and entrust
other China Merchants Bank outlets to monitor Party B’s accounts, and control disbursement of loan funds according to the
loan purposes and payment scope agreed by the Parties;

 

7.1.9 Other rights provided
hereunder.

 

7.2 Party A shall be
obligated to:

 

7.2.1 Extend loans or
other credits to Party B within the scope of the Credit Amount according to the conditions provided under this Agreement and separate
contracts;

 

7.2.2 Maintain confidentiality
for the status of Party B’s assets, finance, production and operation, unless otherwise provided by laws and regulations
or otherwise required by the supervisory authorities.

 

8. Party B hereby makes the following
guarantees: 

 

8.1 Party B is an entity
with legal-person qualification lawfully established and existing under the laws of the People’s Republic of China, its procedures
for registration and annual reports publication are true, lawful and valid, and it has full capacity for civil conduct to sign
and perform this Agreement;

 

8.2 Party B has obtained
full authorization from its board of directors or any other authorities to sign and perform this Agreement;

 

8.3 Documents, data,
certificates and other information provided by Party B regarding Party B, the Guarantor, mortgagors/pledgors and mortgaged/pledged
assets are authentic, accurate, complete and valid, and do not contain material error or omission of any material fact that is
inconsistent with the facts;

 

8.4 Party B shall strictly
observe provisions of all separate transaction agreements and all letters and documents it issue to Party A;

 

8.5 No litigation, arbitration
or criminal/administrative penalty that may have material adverse consequences on Party B or its main property has taken place
at the time of signing this Agreement and no such litigation, arbitration or criminal/administrative penalty will take place during
the execution of this Agreement. In case any such condition occurs, Party B shall immediately notify Party A;

 

     

     

    

 

 

8.6 Party B shall strictly
abide by national laws and regulations in its business activities, carry out various businesses in strict accordance with the business
scope stipulated in its business license or approved according to the law, and go through the formalities of annual registration
inspection and business term renewal/extension on time;

 

8.7 Party B shall maintain
or improve the current operation and management level, ensure the maintenance and appreciation of its existing assets, shall not
give up any mature debt claims, and shall not dispose any existing main properties without compensation or in other inappropriate
ways;

 

8.8 Without permission
of Party A, Party B shall not repay other long-term debts in advance, and—, —;

 

8.9 At the time of signing
and performing this Agreement, Party B has not had any other major events affecting the performance of its obligations hereunder.

 

9. Other Fees and Expenses

 

Where this Agreement
involves matters that require notarization (except for mandatory notarization) or third-party services, related fees and expenses
arising therefrom shall be borne by the entrusting party. If the entrusting is made by both parties collectively, they shall each
bear 50% of the fees and expenses.

 

In the event that Party
B fails to repay the debts owed to Party A under this Agreement as scheduled, all costs incurred by Party A in realizing its debt
claim, such as attorney's fees, legal fees, travel expenses, announcement fees, service fees, etc., shall be borne by Party B in
full, and Party B hereby authorizes Party A to directly deduct such costs from Party B's bank account at Party A. Where there is
any deficiency, Party B shall indemnify Party A in full upon the receipt of the notice from Party A without requiring any proof
from Party A.

 

10. Breach Events and Treatment

 

10.1 Party B shall be
deemed to have breached this Agreement when it:

 

10.1.1 Fails to perform
or breaches any of the obligations set forth herein;

 

10.1.2 Makes any representation
or warranty hereunder that is inauthentic or incomplete, or violates requirements of that provision and fails to rectify as required
by Party A;

 

10.1.3 Makes any material
breach event related to any lawful and valid contract signed by Party B with any other creditor and such breach is not satisfactorily
resolved within three months following the date of breach.

 

The aforementioned
material breach event refers to such breach of Party B that results in its creditor’s entitlement to claim from Party B an
indemnity of CNY One Hundred Million or more.

 

10.1.4 Fails or is hindered
to be listing on the National Equities Exchange and Quotations (“NEEQ”), or its listing application is suspended; it
has been issued with warning letters, ordered to make corrections, restricted in the trading of its securities account, or imposed
with other self-disciplinary measures by NEEQ, for more than 3 times; or it is being subject to disciplinary actions, or its listing
is terminated, or other similar circumstances;

 

10.1.5 Other circumstances
Party A considers to be harmful to Party A’s legitimate rights and interests.

 

     

     

    

 

10.2 In the event the
Guarantor has any of the following conditions, and Party A considers it may harm the Guarantor’s guarantee capability, thus
requires the Guarantor to eliminate adverse effect of such circumstance or requires Party B to increase security or change security
condition, but the Guarantor and Party B fails to cooperate with such requirement, it will be deemed a breach event has occurred:

 

10.2.1 A condition similar
to one of the conditions described under Article 6.2.6 hereof has occurred, or a condition described under Article 6.2.8 has occurred
without Party A’s consent;

 

10.2.2 The Guarantor
conceals its actual capability for undertaking the guarantee responsibility or has not obtained authorization from relevant authority
when issuing the irrevocable letter of guarantee;

 

10.2.3 The Guarantor
fails to go through formalities on time for annual registration inspection, renewal/extension of its business term, or other similar
circumstances;

 

10.2.4 The Guarantor
is being slack in managing and claiming for its mature debts or disposes its existing main properties without compensation or by
other improper means.

 

10.3 In the event the
Mortgagor (or Pledgor) has any of the following conditions, and Party A considers it may results in failure of creation of mortgage/pledge
or deficiency in the value of the mortgaged/pledged asset, thus requires the Mortgagor/Pledgor to eliminate adverse effect of such
condition or requires Party B to increase security or change security condition, it will be deemed a breach event has occurred
if the Mortgagor/Pledgor and Party B fails to cooperate with such requirement.

 

10.3.1 The mortgagor/pledgor
has no ownership or disposal right to the mortgaged/pledged asset or the ownership is disputable;

 

10.3.2 The mortgaged/pledged
asset is leased, attached, seized or supervised or being subject to any statutory prior senior right (including but not limited
to senior right of construction payment), and/or such conditions are concealed;

 

10.3.3 The mortgagor
transfers, leases, re-mortgages or disposes by any improper means the mortgaged asset without Party A’s written consent;
or even though such disposal is done with Party A’s written consent, the proceeds obtained from disposal of the mortgaged
asset is not used to repay Party B’s debts to Party A as required by Party A;

 

10.3.4 The mortgagor
fails to properly keep, maintain and repair the mortgaged asset, obviously derogating their value; or the act of the mortgagor
directly endangers the mortgaged asset, causing their value to decrease; or the mortgagor fails to obtain insurance for the mortgaged
asset as required by Party A during the mortgage term;

 

10.3.5 The mortgaged
asset is or is likely to be included in the government’s scope of demolition and expropriation, but the mortgagor fails to
inform Party A promptly and perform relevant obligations under the mortgage contract;

 

10.3.6 In case the mortgagor
uses its housing property which it has mortgaged with China Merchants Bank to provide residual mortgage security for the transaction
hereunder, the mortgagor pays off his/her personal mortgage loan without Party A’s consent before Party B’s has paid
off its credit debt hereunder.

 

     

     

    

 

10.4 Where accounts
receivable are pledged to secure the debt hereunder, if the accounts receivable debtor’s business has deteriorated significantly,
or the accounts receivable debtor transfers its properties or illegally withdraws capital for the purpose of debt evasion, or colludes
with the accounts receivable pledgor to change the payments collection channel to divert payment of accounts receivable from entering
the designated collection account, or loses its goodwill, or loses or is likely to lose its capability to perform the pledge agreement,
or has any other major event that impairs its solvency, Party A shall have the right to require Party B to provide corresponding
security or provide new valid accounts receivable for pledge, failing which, it will be deemed a breach event has arisen.

 

10.5 Once any of the
above breach events has arisen, Party A shall have the right to take the following measures separately or simultaneously:

 

10.5.1 Reduce the Credit
Amouny hereunder, or stop utilization of the remaining amount of the Credit Amount;

 

10.5.2 Recover in advance
principals, interests and related fees of all loans extended within the scope of the Credit Amount;

 

10.5.3 As for bills
accepted or letters of credit, letters of guarantee, delivery guarantees and other credit papers issued (including entrusted reissue)
by Party A within the Credit Period, regardless if any advance has been made, Party A shall have the right to require Party B to
increase the amount of bond, or transfer deposits from its other accounts at Party A into the bond account or deposit the corresponding
amounts with a third party, to secure for repayment of future advances made by Party A hereunder;

 

10.5.4 As for outstanding
accounts receivable claim of Party B acquired in factoring service, Party A shall have the right to require Party B to immediately
perform the repurchase obligation and adopt other recovery measures in accordance with relevant separate service agreement; as
for accounts receivable claim against Party B acquired in factoring service, Party A shall have the right to claim against Party
B immediately.

 

10.5.5 As appropriate,
Party A may also directly require Party B to provide other assets acceptable to Party A as new guarantee, failing which, Party
B shall be liable to pay a liquidated damages equivalent to 5% of the Credit Amount hereunder.

 

10.5.6 Directly freeze/deduct
deposit in/from any settlement account and/or other account opened by Party B at China Merchants Bank;

 

10.5.7 Take recourse
in accordance with provisions hereof;

 

10.6 Funds recovered
by Party A will be used to repay credit debts in a last-to-first order according to their respective maturity date. And each credit
will be repaid in the following order: fees, liquidated damages, compound interests, penalty interests, interests, and lastly principals
of the credit, until all principals, interests and related fees have been fully repaid.

 

Party A shall have the
right to unilaterally adjust the above repayment order, unless otherwise required by laws and regulations.

 

     

     

    

 

11. Modification and Termination of
Agreement

 

This Agreement may be
modified or terminated by the Parties in writing through negotiation. Before any written agreement has been reached in this regard,
this Agreement will remain in force. Neither party may unilaterally modify, amend or terminate this Agreement.

 

12. Others

 

12.1 During the term
of validity of this Agreement, any tolerance or grace period given by Party A for any breach or delay of Party B or any delay of
Party A in exercising any interest or right hereunder will not prejudice, affect or restrict any rights and interests Party A is
entitled to as the creditor under the law and this Agreement, and shall not be deemed as Party A’s permission or approval
for any breach or waiver of its right to adopt action against any existing or future breach.

 

12.2 In case this Agreement
or any part thereof becomes void or invalid in law due to any reason whatsoever, Party B shall still be liable for all debts owed
to Party A hereunder. In such case, Party A shall have the right to terminate performance of this Agreement and immediately claim
repayment of all debts owed by Party B hereunder.

 

If any change in applicable
laws or regulations results in increase in Party A’s cost for performing its obligations hereunder, Party B shall compensate
for Party A’s cost increase as required by Party A.

 

12.3 The Parties’
notifications, requirements and other correspondences related to this Agreement shall be delivered in writing (including but not
limited to mail, fax, email, Party A’s E-bank, mobile phone short message, WeChat, etc.).

 

Party A’s address: Building of
China Merchants Bank Shenzhen Branch, No. 2016, Shennan Avenue, Futian District, Shenzhen

Corporate email: — Fax: —

Mobile of contact person: —  Corporate WeChat: —

 

Party B’s address: 7-8/F, Building
11, Shenzhen Software Park, Keji Middle 2nd Road Middle. Yuehai Sub-district, Nanshan District, Shenzhen

Corporate email: wuzhenchao@xunlei.com Fax: —

Mobile of contact person: — Corporate WeChat: —

 

12.3.1 Notification,
if delivered by personal service (including but not limited to service by lawyer/notary public or express delivery) will be deemed
served upon being signed by the addressee (in case of rejection by the addressee, the notification will be deemed served upon the
rejection date/return date or seven days following posting, whichever is earlier), if delivered by postal mail, will be deemed
served seven days following posting, if delivered by fax, email, Party A’s E-bank notification, mobile phone SMS, WeChat
or other acceptable electronic means, will be deemed served upon the date of successfully sent as shown by the sender’s corresponding
system.

 

Notification of debt
transfer or debt collection to Party B announced by Party A on any public media will be deemed served upon the date of announcement.

 

     

     

    

 

Either party who changes
its postal address, email, fax, mobile phone or WeChat shall inform the other party about such change within five business days
of such change, otherwise the other party shall have the right to serve notification to the original address or contact details.
Notification failed due to change in address will be deemed served upon the date of return or seven days following posting, whichever
is earlier. The changing party shall bear the loss of such notification failure on its own without prejudice to the legal effectiveness
of the service.

 

12.3.2 The above postal
address, email, fax, mobile phone and WeChat will also serve as the address for service of notarial and judicial documents to addressee
(including but not limited to complaints/arbitration applications, evidences, summons, notices of response, notices of proof, notices
of court session, notices of hearing, judgments/awards, orders, conciliation statements, notices of performance within a specified
time and other legal documents for the hearing and execution stages); service of documents by the court of litigation and the notary
public in writing as provided hereunder to the above address for service will be deemed duly served (refer to Article 12.3.1 above
for the specific service standard).

 

12.4 The Parties agree
that, to make an application for the trade financing service, Party B will only need to affix the reserved seal to application
form in accordance with the Letter of Authorization for Reserved Seal that it has provided to Party A; both parties hereby
acknowledge the validity of such seal.

 

12.5 When applying
for credit service through Party A’s online banking system, the digital signature generated by Party B’s digital certificate
will be Party B’s valid signature for the purpose of such application; Party A shall have the right to produce relevant transaction
vouchers according to the application information sent out from the online banking system, and Party B hereby acknowledges authenticity,
accuracy and legitimacy of such information. 

 

12.6 Written supplementary
agreements made and entered by and between the Parties through negotiation regarding matters not covered hereunder and modifications
hereto and all separate contracts entered into hereunder by the Parties shall form appendixes to and constitute integral parts
of this Agreement.

 

12.7 For convenience
of business handling, all operations of Party A related to transactions hereunder (including but not limited to applications acceptance,
documents review, loans releasing, transaction confirmation, deduction, inquiry, receipt printing, collection, payment deduction
and collection and notification) may be processed by any outlet within Party A’s jurisdiction which may generate, issue and
produce relevant letters and instruments; operations and instruments handled by other outlets within Party A’s jurisdiction
will be regarded as being done by Party A and be binding on Party B.

 

12.8 All appendixes
hereto shall constitute integral parts of this Agreement and will automatically apply to corresponding specific transaction conducted
between the Parties.

 

13. Applicable Law and Dispute Resolution

 

13.1 Conclusion, interpretation
and dispute resolution of this Agreement shall be governed by the laws of the People's Republic of China (excluding the laws of
Hong Kong SAR, Macao SAR and the Taiwan region); and the Parties’ rights and interests shall be protected by the laws of
the People’s Republic of China.

 

13.2 All disputes between
the Parties arising out of or in connection with this Agreement and the performance hereof shall be resolved by the Parties through
negotiation, failing which, either party may (choose one out of the following two options, check the box □ with “√”when
applicable):

 

     

     

    

 

☑
13.2.1 Bring an action with a competent people’s court at Party A’s place;

 

 ̈ 13.2.2
Apply for arbitration with __—__ (insert name of the
arbitration body) ; the place of arbitration shall be__—__.

 

13.3 After this Agreement
and all separate contracts concluded thereunder have been notarized with mandatory enforcement force, to claim for repayment of
debts owed by Party B under this Agreement and all separate contracts, Party A may directly submit an application to a competent
people’s court for enforcement.

 

14. Effectiveness

 

This Agreement will
enter into force upon being signed and affixed with signature seal by legal representatives/principal responsible persons of both
parties or their authorized agents and affixed with common seals/seal of contracts of both parties, and will expire automatically
upon the expiration date of the Credit Period or the date when all debts and other related fees owed by Party B to Party A hereunder
have been fully repaid (whichever comes later).

 

15. Supplementary Provisions

 

This Agreement is executed
in triplicate with Party A, Party B and the Guarantor each keeping one copy and all copies have the same legal effect.

 

     

     

    

 

Appendix 1: Special
Provisions Regarding Yin Guan Tong (Customs Payment Guarantee)

 

Appendix 2: Special
Provisions Regarding Buyer/Import Factoring

 

Appendix 3: Special
Provisions Regarding Order Loan

 

Appendix 4: Special
Provisions Regarding Commercial Acceptance Bills Guarantee

 

Appendix 5: Special
Provisions Regarding Derivative Transactions

 

Appendix 6: Special
Provisions Regarding Gold Lease

 

Appendix 7: Special
Provisions Regarding Cross-border Coordinated Trade Financing

 

     

     

    

 

Special notes: 

 

All terms and conditions
of this Agreement (including all appendixes hereof) have been fully negotiated by all parties hereto. The bank has reminded all
other parties to pay special attention to the terms and conditions regarding the exemption or limitation of the bank’s liabilities,
some rights unilaterally owned by the bank, and increase or limit of other parties’ liabilities or rights, and to comprehend
such terms and conditions fully and accurately. The bank has made corresponding explanations for the aforementioned terms and conditions
upon the request of other parties. All signatory parties’ understandings of the terms and conditions of this Agreement are
fully consistent. 

 

(The reminder of this page is intentionally
left blank)

 

     

     

    

 

(This page is the signature page of the
Credit Agreement)

 

	Party A: China Merchants Bank Shenzhen Branch (Signature and seal)
	 	 	 
	By:	/s/ Ying Yue	 
	 	 	 
	Legal representative or authorized representative (signature or seal)
	 	 	 
	/s/ Seal of China Merchants Bank Shenzhen Branch 
	 	 	 
	Party B: Shenzhen Xunlei Networking Technologies Co., Ltd. (Seal)
	 	 	 
	By:	/s/ Kening Wu 	 
	 	 	 
	Legal representative or authorized representative (signature or seal)
	 	 	 
	/s/ Seal of Shenzhen Xunlei Networking Technologies Co., Ltd.

 

Signing date: March 15, 2018EX-10.4

 Exhibit 10.4 

Form of Lock-Up Agreement 

LOCK-UP AGREEMENT 

THIS LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of
[●], 2019 by and between (a) Chuck E. Cheese Brands Inc., a Delaware corporation (including any predecessor or successor entity thereto, the “Company”) and (b) AP VIII CEC Holdings, L.P., Delaware limited
partnership (“AP VIII”). Capitalized terms used but not otherwise defined in this Agreement will have the meaning ascribed to such term in the Business Combination Agreement, dated as of April [●], 2019, by and among
the Company, Queso Holdings Inc., a Delaware corporation, AP VIII, and solely for purposes of Section 7.14(f) thereof, Leo Investors Limited Partnership, a Cayman limited partnership (as it may be amended or supplemented from time to time, the
“BCA”). AP VIII and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 1 are referred to herein, individually, as a “Holder” and, collectively, as the “Holders.”

 WHEREAS, pursuant to the BCA, and in view of the valuable consideration to be received by the parties thereunder, the parties
desire to enter into this Agreement, pursuant to the Holders’ Leo Common Stock (the “Restricted Securities”) shall become subject to limitations on disposition as set forth herein. 

NOW, THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below,
and intending to be legally bound hereby, the parties hereby agree as follows: 
 1.    Lock-Up Provisions. 
 (a)    The Holders hereby agree not to, during the period
commencing from the Closing and through the earlier of (x) the one hundred and eightieth (180) day anniversary of the date of the Closing and (y) the date after the Closing on which the Company consummates a Change of Control (as
defined in the BCA) (the “Lock-Up Period”): (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of any Restricted Securities, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of the Restricted Securities, whether any such transaction described in clauses (i) or (ii) above is to be settled by delivery of Restricted Securities or other securities, in cash or otherwise (any of the
foregoing described in clauses (i) or (ii), a “Prohibited Transfer”); and provided, for the avoidance of doubt, that nothing in this Agreement shall restrict any Holder’s right to cause the Company to file
and cause to become effective a registration statement with the Securities and Exchange Commission naming such Holder as a selling securityholder (and to make any required disclosures on Schedule 13D in respect thereof). The foregoing sentence shall
not apply: 
 (A)    to the transfer of any or all of the Restricted Securities by a bona fide
gift or charitable contribution; 
 (B)    to the transfer of any or all of the Restricted Securities to
any Permitted Transferee; 

 (C)    to the establishment of a trading plan pursuant
to Rule 10b5-1 under the Exchange Act for the transfer of Restricted Securities; provided, that such plan does not provide for the transfer of Restricted Securities during the Lock-Up Period; and 
 (D)    with respect to voting rights pursuant to
the execution and delivery of a support, voting or similar agreement in connection with a Change of Control; 
 provided, however, that in any
of cases (A) or (B), it shall be a condition to such transfer that the transferee executes and delivers to the Company an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the provisions of this
Agreement applicable to such holder, and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement; provided, further, that in any of the of cases (A) or (B) such transfer or
distribution shall not involve a disposition for value. 
 As used in this Agreement, the term “Permitted
Transferee” shall mean: 
 (i)    as a distribution to the direct or indirect general
partners, limited partners, shareholders, members of, or owners of similar equity interests in a Holder; or 

(ii)    any affiliate of AP VIII. 

The Holders further agree to execute such agreements as may be reasonably requested by the Company that are consistent with the foregoing or
that are necessary to give further effect thereto. 
 (b)    If any Prohibited Transfer is made or attempted contrary to
the provisions of this Agreement, such purported Prohibited Transfer shall be null and void ab initio, and the Company shall refuse to recognize any such purported transferee of the Restricted Securities as one of its equity holders for any purpose.
In order to enforce this Section 1, the Company may impose stop-transfer instructions with respect to the Restricted Securities (and permitted transferees and assigns thereof) until the end of the Lock-Up
Period. 
 (c)    During the Lock-Up Period, each certificate or book-entry
position evidencing any Restricted Securities shall be marked with a legend in substantially the following form, in addition to any other applicable legends: 

“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT,
DATED AS OF [●], 2019, BY AND AMONG THE ISSUER OF SUCH SECURITIES AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). A COPY OF SUCH LOCK-UP AGREEMENT WILL BE
FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 (d)    For the avoidance of
doubt, each Holder shall retain all of its rights as a shareholder of the Company with respect to the Restricted Securities during the Lock-Up Period, including the right to vote any Restricted Securities that
are entitled to vote. The Company agrees to (i) instruct its transfer agent to remove the legends in clause (c) immediately above upon the expiration of the Lock-Up Period and (ii) cause its
legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction under subclause (i). 

  
 2 

 2.    Miscellaneous. 

(a)    Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure
to the benefit of the parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of a Holder are personal to such Holder and may not be transferred or delegated at any time. 

(b)    Third Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in
connection with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not a party hereto or thereto or a successor or permitted assign of such a party.

 (c)    Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE
PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEABILITY OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES HERETO SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY
JURISDICTION OTHER THAN THE STATE OF DELAWARE AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THE AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF DELAWARE. 

(d)    WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY
IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

(e)    Interpretation. The titles and subtitles used in this Agreement are for convenience only and are not to be
considered in construing or interpreting this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form
of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding or succeeding such term
and shall be deemed in each case to be followed by the words “without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement shall be deemed in each
case to refer to this Agreement as a whole and not to any 

  
 3 

 
particular section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting of
this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of this Agreement. 
 (f)    Notices. Any
notice provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid, return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the
Company or AP VIII, or its permitted assignees, as applicable, at the addresses set forth below. Notices shall be deemed to have been given hereunder when delivered personally, three days after deposit in the U.S. mail or one day after deposit with
a reputable overnight courier service, as applicable. 
 If to the Company, 

Leo Holdings Corp. 
 21 Grosvenor Place 

London, SW1X 7HF 
 United Kingdom 

Facsimile: +44 (0) 20 7201 2222 
 Email:
sbrown@lioncapital.com 
 Attention: Simon Brown, Secretary 

with copies (which shall not constitute notice) to: 

Kirkland & Ellis LLP 
 601 Lexington Avenue 

New York, NY 10022 

	Facsimile:	     (212) 446-4900 

	Email:    	       christian.nagler@kirkland.com 

 peter.seligson@kirkland.com 

Attention:     Christian O. Nagler 

  Peter S. Seligson 
 and 

Kirkland & Ellis LLP 
 333 South Hope Street 

Los Angeles, CA 90071 

	Facsimile:	     (213) 680-8500 

	Email:      	     damon.fisher@kirkland.com 

 luke.guerra@kirkland.com 

Attention:     Damon Fisher, P.C. 

  Luke Guerra, P.C. 

  
 4 

 if, to AP VIII, to: 

c/o Apollo Management VIII, L.P. 
 9 West 57th Street, 43rd Floor

 New York, NY 10019 
 Facsimile:     (646)
607-0528 
 Email:           lmedley@apollolp.com 

Attention:     Laurie Medley 
 with a copy
(which shall not constitute notice) to: 
 Morgan, Lewis & Bockius LLP 

101 Park Avenue 
 New York, NY 10178 

Facsimile:     (212) 309-6001 

Email:           robert.robison@morganlewis.com 

  andrew.milano@morganlewis.com 

  adam.benbassat@morganlewis.com 
  

	Attention:     Robert	 G. Robison 

 Andrew L. Milano 

 Adam Benbassat 

(g)    Amendments and Waivers. Only upon the approval by a majority of the members of the Board of Directors of the
Company then in office that qualify as “independent” for purposes of audit committee membership under Section 10A-3 under the Exchange Act of 1934, as amended, compliance with any of the
provisions, covenants and conditions set forth in this Agreement may be waived by the Company, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any
amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of Restricted Securities, shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any
other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial
exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 

(h)    Severability. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a
jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions
hereof shall not in any way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of
such invalid, illegal or unenforceable provision. 

  
 5 

 (i)    Specific Performance. Each Holder acknowledges that its
obligations under this Agreement are unique, recognizes and affirms that in the event of a breach of this Agreement by such Holder, money damages will be inadequate and the Company will have no adequate remedy at law, and agrees that irreparable
damage would occur in the event that any of the provisions of this Agreement were not performed by such Holder in accordance with their specific terms or were otherwise breached. Accordingly, the Company shall be entitled to an injunction or
restraining order to prevent breaches of this Agreement by a Holder and to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this
being in addition to any other right or remedy to which such party may be entitled under this Agreement, at law or in equity. 

(j)    Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the
parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled; provided, that, for the avoidance of doubt, the foregoing
shall not affect the rights and obligations of the parties under the BCA or any documents related thereto or referred to therein. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the rights or remedies of the Company or
any of the obligations of any of the Holders under any other agreement between any of the Holders and the Company or any certificate or instrument executed by any of the Holders in favor of the Company, and nothing in any other agreement,
certificate or instrument shall limit any of the rights or remedies of the Company or any of the obligations of any of the Holders under this Agreement. 

(k)    Further Assurances. From time to time, at another party’s request and without further consideration
(but at the requesting party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as may be reasonably necessary to consummate the transactions contemplated by this
Agreement. 
 (l)    Counterparts; Facsimile. This Agreement may also be executed and delivered by facsimile
signature or by other electronic means in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 6 

 IN WITNESS WHEREOF, the parties have executed this
Lock-Up Agreement as of the date first written above. 
  

			
	 Chuck E. Cheese Brands Inc.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 AP VIII CEC Holdings, L.P.

		
	By:	 	  

	Name:	 	
	Title:

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