Document:

EX-10.20

 Exhibit 10.20 

Supplementary Agreement to 

Series C1 Preferred Share Purchase Agreement 

This Supplementary Agreement to the Series C1 Preferred Share Purchase Agreement (this “Agreement”) is entered into as of September 4, 2018
(the “Effective Date”) by and among: 

 

	(1)	 Qutoutiao Inc., a company organized under the Laws of Cayman Islands (the “Company”),

  

	(2)	 InfoUniversal Limited, a company organized under the Laws of Hong Kong (the “HK Company”),

  

	(3)	 Shanghai Quyun Internet Technology Co., Ltd.
(上海趣蕴网络科技有限公司), a wholly foreign-owned enterprise incorporated under the Laws of the PRC and a wholly owned subsidiary of the HK
Company (the “WFOE”), 

  

	(4)	 Shanghai Jifen Culture Communications Co., Ltd.
(上海基分文化传播有限公司), a limited liability company incorporated under the Laws of the PRC (“Jifen”),

  

	(5)	 Shanghai Xike Information Technology Service Co., Ltd.
(上海溪客信息技术服务有限公司), a limited liability company incorporated under the Laws of the PRC (“Xike”),

  

	(6)	 Shanghai Tuile Information Technology Service Co., Ltd.
(上海推乐信息技术服务有限公司), a limited liability company incorporated under the Laws of the PRC (“Tuile”),

  

	(7)	 Anhui Zhangduan Internet Technology Co., Ltd.
(安徽掌端网络科技有限公司), a limited liability company incorporated under the Laws of the PRC (“Zhangduan”),

  

	(8)	 Beijing Qukandian Internet Technology Co., Ltd.
(北京趣看点网络科技有限公司), a limited liability company incorporated under the Laws of the PRC (“Qukandian”, together
with “Jifen”, “Xike”, “Tuile” and “Zhangduan”, the “Domestic Companies”), 

  

	(9)	 Shanghai Dian Guan Network Technology Co., Ltd.
(上海点冠网络科技有限公司), a limited liability company incorporated under the Laws of the PRC (“Dian Guan”),

  
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	(10)	 the individuals listed on Schedule I attached hereto (each, a “Principal” and
collectively, the “Principals”), 

  

	(11)	 the holding companies listed on Schedule I attached hereto owned by the Principals set forth opposite each such
Principals (each, a “Principal Holding Company” and collectively, the “Principal Holding Companies”), and 

  

	(12)	 Shimmering Horizon L.P., a limited liability partnership organized and existing under the laws of the British
Virgin Islands, (the “Purchaser”). 

 Each of the parties listed above is referred to herein individually as a
“Party” and collectively as the “Parties”. 
 Whereas, Shimmering Investment (BVI)
Ltd.--the general partner of the Purchaser, the Company, and certain other parties, have entered into a Series C1 Preferred Share Purchase Agreement as of August 17, 2018 (the “Series C1 SPA”),
pursuant to which Shimmering Investment (BVI) Ltd., on behalf of the Purchaser, agrees to subscribe for certain series C1 preferred shares of the Company with a par value of US$0.0001 each (the “Series C1 Preferred Shares”); 

Whereas, Shimmering Investment (BVI) Ltd., the Purchaser and the Company have entered into a Supplemental Agreement as of August 29, 2018,
pursuant to which, the Purchaser has confirmed and certified its acceptance of and adoption into the Series C1 SPA in every manner as if it has executed and delivered the Series C1 SPA as an original party thereto, in the capacity of a purchaser of
such certain Series C1 Preferred Shares, and the Purchaser further agreed to continue to perform the Series C1 SPA and be bound by its terms in every way, including the obligation to purchase such certain Series C1 Preferred Shares and to pay the
Subscription Price (as defined in the Series C1 SPA); 
 Whereas, the Company and the Purchaser agree to amend and modify certain sections of the
Series C1 SPA; 
 WITNESSETH 
 NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties intending to be legally bound
hereto hereby agree as follows: 
 Capitalized terms used herein shall have the meaning ascribed to them in the Series C1 SPA. 

 

	1.	 Sale and Issuance of the Shares. Subject to the terms and conditions of the Series C1 SPA, at the
Closing, the Purchaser agrees to subscribe for and purchase, and the Company agrees to issue and sell to the Purchaser, 145,052 Series C1 Preferred Shares (the “Subscription Shares”), at an aggregate purchase price of US$5,400,000 (the
“Subscription Price”). 

  
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	2.	 Substitution and Replacement. Upon the Effective Date, the Subscription Price and Subscription Shares in
the foregoing paragraph will automatically substitute for and replace those stated in relevant sections, schedules, exhibits of the Series C1 SPA and other transaction documents (as defined in the Series C1 SPA) without any further action by the
Company, the Purchaser or other relevant parties relating to the Series C1 financing of the Company. 

  

	3.	 Effectiveness. Except the content expressly agreed otherwise herein, the terms and conditions in the
Series C1 SPA shall remain unchanged, effective and in force, and each Party agrees to continue to perform and carry out its respective obligations in accordance with the Series C1 SPA. 

 

	4.	 Counterparts. For the convenience of the parties hereto and to facilitate execution, this Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. Facsimile and e-mailed copies of signatures
shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

 [Signature pages follow]

  
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 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	 GROUP COMPANIES:
	 		 	 Qutoutiao Inc.
  

		 		 	By:	 	     /s/ Tan Siliang

		 		 		 	Name: Tan Siliang (谭思亮)
		 		 		 	Title: Director
		 		 	  
 InfoUniversal Limited

 

		 		 	By:	 	     /s/ Tan Siping

		 		 		 	Name: Tan Siping (谭思萍)
		 		 		 	Title: Director
		 		 	  
 Shanghai Quyun Internet Technology Co.,
Ltd.
  

(上海趣蕴网络科技有限公司)

 

		 		 	By:	 	     /s/ Li Lei

		 		 		 	Name: Li Lei (李磊)
		 		 		 	Title: Legal Representative
		 		 	  
 Shanghai Jifen Culture Communications Co.,
Ltd.
  

(上海基分文化传播有限公司)

 

		 		 	By:	 	     /s/ Chen Sihui

		 		 		 	Name: Chen Sihui (陈思晖)
		 		 		 	Title: Legal Representative

 Signature Page to the Supplementary Agreement to the Series C1 SPA 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	 GROUP COMPANIES:
	 		 	
			
		 		 	 Shanghai Xike Information Technology Service Co., Ltd.

 

(上海溪客信息技术服务有限公司)

				
		 		 	By:	 	     /s/ Li Lei

		 		 		 	Name: Li Lei (李磊)
		 		 		 	Title: Legal Representative
			
		 		 	 Shanghai Tuile Information Technology Service Co., Ltd.

 

(上海推乐信息技术服务有限公司)

				
		 		 	By:	 	     /s/ Chen Sihui

		 		 		 	Name: Chen Sihui (陈思晖)
		 		 		 	Title: Legal Representative
			
		 		 	 Anhui Zhangduan Internet Technology Co., Ltd.

 

(安徽掌端网络科技有限公司)

				
		 		 	By:	 	     /s/ Li Lei

		 		 		 	Name: Li Lei (李磊)
		 		 		 	Title: Legal Representative
			
		 		 	 Beijing Qukandian Internet Technology Co., Ltd.

 

(北京趣看点网络科技有限公司)

				
		 		 	By:	 	     /s/ Li Lei

		 		 		 	Name: Li Lei (李磊)
		 		 		 	Title: Legal Representative
			
		 		 	 Shanghai Dianguan Network Technology Co., Ltd.

 

(上海点冠网络科技有限公司)

				
		 		 	By:	 	     /s/ Liang Xiang

		 		 		 	Name: Liang Xiang (梁湘)
		 		 		 	Title: Legal Representative

 Signature Page to the Supplementary Agreement to the Series C1 SPA 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	PRINCIPALS:	 		 	Tan Siliang (谭思亮)
			
		 		 	     /s/ Tan Siliang

			
		 		 	
		 		 	Li Lei (李磊)
			
		 		 	     /s/ Li Lei

 Signature Page to the Supplementary Agreement to the Series C1 SPA 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	PRINCIPAL HOLDING COMPANIES:	 		 	Innotech Overseas Investment Ltd.
				
		 		 	By:	 	     /s/ Tan Siping

		 		 		 	 Name:    Tan Siping (谭思萍)

		 		 		 	 Title:      Director

			
		 		 	Innotech Group Holdings Ltd.
				
		 		 	By:	 	     /s/ Tan Siping

		 		 		 	Name:    Tan Siping (谭思萍)
		 		 		 	Title:     Director
			
		 		 	News Optimizer (BVI) Ltd.
				
		 		 	By:	 	     /s/ Li Lei

		 		 		 	Name:    Li Lei (李磊)
		 		 		 	Title:     Director

 Signature Page to the Supplementary Agreement to the Series C1 SPA 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

							
	PURCHASER:	 		 	Shimmering Horizon L.P.
		 		 	  by Shimmering Investment (BVI) Ltd.
		 		 	  by its general partner
				
		 		 	By:	 	 

  

		 		 		 	Name:
		 		 		 	Title:

 Signature Page to the Supplementary Agreement to the Series C1 SPAEX-10.22

 Exhibit 10.22 

Strategic Cooperation Framework Agreement 

This Strategic Cooperation Framework Agreement (this “Agreement”) is entered into by and between the following Parties in Shanghai on
August 27, 2018: 
 Party A: Shanghai Dongfang Newspaper Co., Ltd. 

Party B: Shanghai Jifen Culture Communications Co., Ltd. 

The Paper, an all-media news and information platform operated by Party A which mainly publishes
original journalism, has obtained the Class I qualification for Internet news and information service. It produces and aggregates high-quality contents of current affairs, opinions, finance, economy and culture for Chinese Internet users 24/7,
aiming at building an operation platform in China for all-media contents production and all-media products innovation and services. 

Qutoutiao, a leading Chinese mobile platform operated by Party B which aggregates information and
pan-entertainment contents, is committed to providing high-quality digital contents and best content consumption experience to the vast Chinese mobile Internet users, especially those in the third-tier and the
fourth-tier cities and other lower-end markets. 
 After full and amicable consultation, the Parties
agree to coordinate in terms of their respective strategic layouts, user resources, capabilities and advantages to build up a multi-level and multi-dimensional strategic cooperation, and agree as follows in respect of such cooperation: 

Article 1    Principles of Cooperation 

The principles of cooperation are voluntariness and win-win, equality and mutual benefits,
complementary advantages and joint development. 
 Article 2    Cooperation Objectives 

  
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 Both Parties shall fully exert their respective advantages in regions, users, contents and other
aspects, establish an in-depth cooperation mechanism and an internal channel for communication, and build an in-depth strategic cooperation model with mutual priority
and mutual and win-win benefits in terms of the contents, promotion, traffic, data, technology and internal control, in order to realize joint development and win-win
cooperation. 
 Article 3    Scope of Cooperation 

 

	 	(I)	 The Parties will conduct in-depth cooperation in texts, pictures,
short videos and other contents 

 The Parties will execute a content cooperation agreement for cooperation including
but not limited to the following: 
  

	 	1.	 Party A will authorize Party B to use original works from The Paper, including original articles, news reports,
videos and other works that are drafted or shot by editors and journalists of The Paper, and publish such original works through its products such as Qutoutiao and other platforms; 

 

	 	2.	 Party B will expand the exposure of Party A’s contents on The Paper through Qutoutiao and other platforms;

  

	 	3.	 The Parties will conduct cooperation in other forms and separately enter into specific agreements thereon.

  

	 	(II)	 The Parties will explore the cooperation in data analysis and AI technology 

The Parties will share content distribution, data collection and analysis, content and advertising personalization, targeted recommendation and
other relevant technologies and product functions to the extent permitted by laws, including the laws in respect of users’ privacy protection. 
  

	 	(III)	 The Parties will explore the cooperation in advertising, on- and off-line promotion 

  

	 	1.	 Party A plans to open a special theme under the themed column in its App to display the brand of and promote
Party B’s products during the term of cooperation. 

  
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	 	2.	 The Parties plan to strengthen the cooperation in advertising, specifically including without limitation:
(a) each Party may create advertising slots satisfying the other Party’s technological specifications, the operation model of which shall be determined upon discussion between the Parties; (b)
Party B shall connect the performance-based advertising resources of Party A on The Paper to its programmatic automated bidding advertising platform to enhance the realization efficiency of The Paper. 

 

	 	3.	 The Parties will tap their respective advantages to jointly plan the themes and cooperate in hosting on- and off-line events. 

  

	 	(IV)	 The Parties will explore the cooperation in co-production of
contents 

  

	 	1.	 After the execution of this Agreement, the Parties will explore the cooperation methods of co-production of contents, etc. 

  

	 	2.	 The Parties shall execute a specific implementation agreement after further discussion on specific matters in
respect of co-production, such as rights allocation and content selection. 

  

	 	(V)	 Joint exploration of the Parties on the introduction of government affairs service platforms and expansion
of cooperation 

 After the execution of this Agreement, Party A will make use of its traditional advantages in
exploring the government affairs service platforms and actively seek the specific methods and ways of joint exploration in collaboration with Party B. 
  

	 	(VI)	 Establish cooperation mechanism of content censorship 

After the execution of this Agreement, the Parties will establish a cooperation mechanism in terms of content censorship, risk control and
value orientation, etc. Party A will appoint a professional team of content management to provide Party B with consultative services. Such team will provide Party B with professional guidance in terms of content censorship, perfect Party B’s
content censorship system, enhance the compliance and give directions to the positive orientation of contents on Party B’s platforms. The Parties will separately enter into specific agreements thereon. 

After the execution of this Agreement, the Parties will conduct negotiation in respect of the above cooperation matters as soon as possible,
and separately enter into specific agreements thereon. The determination and implementation of the cooperation contents shall be subject to such specific agreements. 

  
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 Article 4    Working Mechanism 

 

	 	1.	 The Parties agree to establish a mechanism for regular communications between the senior management of the
Parties to jointly discuss the major issues in cooperation. 

  

	 	2.	 The standing bodies for promoting and implementing the strategic cooperation of Party A and Party B will be led
by Huang Wufeng and Xiao Houjun respectively. The relevant business departments of the Parties will establish a coordination team to develop and refine the strategic cooperation plans, coordinate resources, and implement specific cooperation
matters. 

 Article 5    Term of Cooperation 

The term of cooperation hereunder shall commence on the execution date hereof and end on the date on which the Parties sign a written
termination agreement. This Agreement shall not be modified or terminated during the term hereof without the written consent of both Parties. If this Agreement is required to be modified or terminated due to the adjustment of policies, laws or
regulations or other reasons, the Parties shall consult with each other and sign a written supplementary agreement or a termination agreement. 

Article 6    Confidentiality 

During the cooperation, neither Party shall disclose any technical or financial information or other trade secrets provided by the other Party,
this Agreement or the development planning, plans or other information of the other Party it obtains during the cooperation to any third party or use the same for any purpose other than for this Agreement without the other Party’s written
consent. This confidentiality clause shall survive the termination, expiration, invalidity, revocation or rescission of this Agreement. Where either Party fails to perform its confidentiality duties, the breaching Party shall compensate the non-breaching Party for all losses arising therefrom. 

  
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 Either Party hereto shall and shall procure the subsidiaries and affiliates controlled by it to
seek the opinions of and obtain the written consent from the other Party prior to making or preparing to make any media report, public statement or disclosure relating to the transactions, documents and descriptions of any cooperation between or
interests allocation of Party A and Party B (including their respective affiliates) and relating to any other information in connection with Party A and/or Party B. Notwithstanding the foregoing, each Party may make any announcement, information
disclosure or notice as required by applicable laws, regulatory authorities or the rules and regulations of any relevant securities exchanges, provided that the Party obliged to make such announcement, information disclosure or notice shall, to the
extent reasonably practicable, consult with the other Party in respect of the information to be disclosed prior to its performance of such obligations. 

Article 7    Provisions on Intellectual Property 

 

	 	1.	 The execution and performance hereof shall not affect the Parties’ ownership of their respective existing
intellectual property. 

  

	 	2.	 The Parties agree and acknowledge that, for the purpose of achieving the relevant cooperation hereunder, during
the term of cooperation as specified in Article 5 hereof: 

  

	 	(1)	 without the prior written consent of Party A, Party B shall not and shall procure the affiliates or
subsidiaries controlled by it not to use (i) the trademarks, trade names or marks containing “澎湃” or “The Paper”, (ii) the trademarks, trade names or marks normally used by
Party A and its affiliates of which Party B is notified in writing in advance, even if “澎湃” or “The Paper” is not contained therein, and/or (iii) the registered trademarks of
Party A and its affiliates. Party B shall not hold itself out as a partner of Party A or Party A’s affiliates or make similar statements, unless with the prior written consent of Party A. 

  
 5 

	 	(2)	 Without the prior written notice of Party B, Party A shall not and shall procure the affiliates or subsidiaries
controlled by it not to use (i) the trademarks, trade names or marks containing “基分”, “趣头条”, “趣”, “趣多拍”, “米读”,
“有读小说”, “趣字浏览器”, “趣看点”, “趣阅”, “趣评”, “趣刊”,“趣论”,
“Qutoutiao” or “QTT”, (ii) the trademarks, trade names or marks normally used by Party B and its affiliates of which Party B is notified in writing in advance, even if
“基分”, “趣头条”, “趣”,
“趣多拍”, “米读”, “有读小说”, “趣字浏览器”, “趣看点”, “趣阅”,
“趣评”, “趣刊”,“趣论”, “Qutoutiao” or “QTT” is not
contained therein, and/or (iii) the registered trademarks of Party B and its affiliates. 

  

	 	3.	 Notice and Delivery 

1. Each Party appoints the following contact as its authorized representative and recipient, who has the right to take all actions in
accordance with this Agreement and its corporate decisions, unless it informs the other Party in writing of the changes thereof. 
 2.
Unless otherwise agreed by the Parties, all notices under this Agreement shall be sent by fax, courier service, registered mail or email. Notices and correspondences between the Parties shall be sent to the addresses, fax numbers or email addresses
set out below (or such other address, fax number or email address as notified by a Party in writing to the other Party at least seven (7) days in advance): 

Party A: Shanghai Dongfang Newspaper Co., Ltd. 

Address: 10/F, No. 839 Middle Yan’an Road, Shanghai 

Contact: [REDACTED] 
 Telephone:
[REDACTED] 
 E-mail: [REDACTED] 

Party B: Shanghai Jifen Culture Communications Co., Ltd. 

Address: 11/F, Block 3, XingChuang Technology Center, Shen Jiang Road 5005, Pudong New Area, Shanghai 

Contact: [REDACTED] 
 Telephone:
[REDACTED] 
 Email: [REDACTED] 

  
 6 

 3. Any notice sent or delivered in accordance with the foregoing shall be deemed to have been
sent or delivered (1) upon the signature for confirmation of receipt by the recipient of such notice if it is sent by courier service or by hand; (2) upon the transmission of such notice to the fax number above or email address with
successful delivery confirmation if it is sent by fax or email; or (3) on the fifth (5) calendar day after posting if it is sent by registered mail, postage prepaid. 

Article 8    Miscellaneous 

1. The Parties shall perform this Agreement as agreed. If either Party (“Breaching Party”) breaches the provisions of this Agreement,
the non-Breaching Party shall have the right to immediately require the Breaching Party to make corrections and/or undertake the liability for breach. If the Breaching Party fails to make corrections within 15
days after receiving a written notice from the non-Breaching Party, the non-Breaching Party has the right to unilaterally terminate this Agreement, and to require the
Breaching Party to make compensation for all losses arising therefrom. 
 2. This Agreement shall be governed by the laws of mainland of the
People’s Republic of China (excluding the provisions on conflict of laws). Any dispute between the Parties arising in the implementation of specific cooperation shall firstly be resolved through friendly consultation, failing which the Parties
agree to initiate legal proceedings before the people’s court at the place where Party A is located. 
 3. This Agreement shall be made
in two copies, with each Party holding one copy. Both copies shall have the same legal effect. This Agreement shall become effective upon signature and affixing of the company seal or contract seal by the legal representatives or the authorized
representatives of the Parties. 
 (No content below) 

  
 7 

 (No content; signature page of the Strategic Cooperation Framework Agreement) 

Party A: Shanghai Dongfang Newspaper Co., Ltd. 
 Legal
Representative (or Authorized Representative): 
 /s/ Xiang Xu 

Party B: Shanghai Jifen Culture Communications Co., Ltd. 

Legal Representative (or Authorized Representative): 
 /s/
Sihui Chen 

  
 8

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