Document:

EX10.9 Loan Agreement (September 2016)

 Exhibit 10.9 

LOAN AGREEMENT 
 This Loan
Agreement (this “Agreement”) is entered into by and among the following parties on September 26, 2016: 
  

	 	(1)	 NetEase Youdao Information Technology (Beijing) Co., Ltd. (“Lender”), a Wholly foreign owned
enterprise registered in Beijing, People’s Republic of China (“PRC”) with its address at 1/F, Tower C, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District; and

  

	 	(2)	 William Lei Ding(ID Number: ***********, “Borrower”), a PRC citizen with his address at
***********. 

 Lender and Borrower are hereinafter jointly referred to as the “Parties” and
individually, as a “Party”. 
 Whereas: 
  

	 	(A)	 Borrower intends to make an investment of RMB3,553,650 Yuan (the “Capital Contribution
Amount”) in the registered capital of Beijing NetEase Youdao Computer System Co., Ltd., a limited liability company registered in Beijing, PRC with its address at 2/F, Tower A, Building No. 7, West Zone Zhongguancun Software Park
(Phase II) No. 10 Xibeiwang East Road, Haidian District (the “Domestic Company”), in return for which Borrower will acquire 71.073% (the “Target Equity”) of the equity interest in the Domestic Company.

  

	 	(B)	 Lender agrees to provide to Borrower a loan in an amount equal to the Capital Contribution Amount in accordance
with this Agreement in order for Borrower to have sufficient funds to make such capital contribution in return for the Target Equity, and Lender may in its absolute discretion provide to Borrower additional loans from time to time in accordance with
this Agreement in amounts as agreed to by Lender and Borrower. 

  

	 	(C)	 The Parties desire to enter into this Agreement to clarify and confirm the rights and obligations of Lender and
Borrower. 

 Therefore, the Parties enter into this Agreement as follows upon friendly negotiation: 

 

	1.	 Loan 

  

	 	1.1.	 On and subject to the terms and conditions hereof, Lender provides Borrower with a loan in an aggregate amount
of RMB 3,553,650 Yuan on the date hereof (the “Loan”, which term shall be deemed to include Additional Loans (as defined in the following sentence), if any). Lender and Borrower further agree that Lender may in its absolute
discretion provide to Borrower one or more additional loans (“Additional Loan”) from time to time in such amounts as agreed to by Lender and Borrower, provided that, for each such Additional Loan, Lender and Borrower shall execute a
Supplemental Agreement to this Agreement substantially in the form attached hereto as Exhibit A. Both Parties agree and confirm that the Loan shall be interest-free, except as provided in Article 1.5 below. The Borrower agrees to use the Loan
to pay for the Capital Contribution Amount to acquire the Target Equity and, unless with the prior written consent of the Lender, will not use the Loan for any other purpose. 

	 	1.2.	 The term of this Agreement (“Term”) shall be ten (10) years from the date of this
Agreement. Unless otherwise indicated by the Lender at any time prior to its expiration, the Term will be automatically extended for another ten (10) years, and so forth thereafter. Subject to Article 1.3, Borrower shall repay all amounts
outstanding in respect of the Loan (including any penalty or interest thereon) according to Article 1.4 at the expiry or termination of the Term. 

  

	 	1.3.	 Borrower shall not, without Lender’s prior written consent, which may be granted at Lender’s sole and
absolute discretion on a case by case basis, make any prepayment of the Loan prior to the expiration of the Term, except that in the event that any one or more of the following circumstances occur, the entire amount of the Loan shall become
immediately due and payable at the Lender’s option, without requiring any notice period on the part of the Lender, in accordance with Article 1.4: 

  

	 	(a)	 Borrower becomes deceased, bankrupt, mentally incapacitated or is otherwise lacking in or has limitations in
civil capacity; 

  

	 	(b)	 Borrower, for any reason, ceases to be the holder of equity interests in the Domestic Company or reduces his
proportion of equity interests in the Domestic Company from that set forth in Recital (A) above except for transfers of equity interests in the Domestic Company to which Lender has consented; 

 

	 	(c)	 Borrower (i) ceases to be employed by or to provide service to Lender or any affiliate of Lender for any
reason, (ii) breaches his obligations set forth in the Equity Pledge Agreement, the Shareholder Voting Right Trust Agreement, the Exclusive Purchase Option Agreement or the Operating Agreement (collectively, the “Transaction
Documents”) or breaches his obligations set forth in this Agreement, or (iii) engages in any criminal act or is involved in any criminal activities; provided, that upon the occurrence of any of (i), (ii) or (iii) above, Borrower
shall transfer his rights and obligation under this Agreement, together with his rights and obligations under the Transaction Documents, to a person designated by Lender and shall complete such transfer within 10 days after the occurrence of
circumstance under this Article 1.3(c); 

  

	 	(d)	 Lender is permitted to acquire a direct equity interest in Domestic Company due to a change in PRC laws or
regulations or the application or interpretation thereof; or 

  
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	 	(e)	 A court or other government authority deems this Agreement or any of the Transaction Documents or a substantial
portion thereof to be invalid, illegal or unenforceable. 

 Notwithstanding the foregoing, Lender may at any time, in its
sole and absolute discretion, issue a written repayment notice to Borrower requiring the repayment of the Loan, upon the occurrence of which the entire amount of the Loan shall become due and payable upon the expiry of thirty (30) days from the
date of Lender’s written notice to Borrower. 
  

	 	1.4.	 Both Parties hereby agree and confirm that Borrower may repay the Loan only in one of the following repayment
methods as determined by Lender in its sole discretion, and Borrower agrees to take all actions (including executing and delivering documents or calling shareholders’ meetings) necessary or advisable to implement either of these methods:

  

	 	(a)	 Equity Option. If selected by Lender, Borrower shall repay the Loan by transferring his equity interests in the
Domestic Company (“Borrower’s Equity”) to Lender or Lender’s designated persons; or 

  

	 	(b)	 Alternative Repayment. As an alternative to the repayment method specified in Article 1.4(a) above, Lender may
in its sole discretion determine that the Loan shall be repaid by another method upon delivering a written notice of such decision to Borrower. In such case, Borrower shall pay to Lender the outstanding amount of the Loan (including any interest) in
cash or other property, as determined by Lender, following any conditions or procedures specified by Lender. 

  

	 	1.5.	 If the transfer price for Borrower’s Equity pursuant to Article 1.4(a) or the other consideration provided
by Borrower pursuant to Article 1.4(b) exceeds the outstanding principal of the Loan hereunder, then such excess shall be deemed the aggregate interest upon the loan (calculated by the highest permitted by the PRC laws) and financing cost. Borrower
shall repay all interest on the Loan, together with principal and financing cost, at the expiry or termination of the Term or when otherwise required hereunder. 

 

	 	1.6.	 Provided Borrower repays the Loan by transferring all of Borrower’s Equity to Lender or Lender’s
designated persons pursuant to Article 1.4(a) or provides the other required consideration pursuant to Article 1.4(b) and subject to Borrower’s indemnification obligations set forth in Article 4.2 herein, Borrower shall have no further
obligation to Lender for any principal, interest or penalty (if any) under the Loan. 

  

	 	1.7.	 Any part or whole of the Loan repaid by Borrower may not be re-borrowed
under this Agreement without Lender’s consent. 

  
 -3- 

	2.	 Representations and Warranties 

 

	 	2.1.	 As of the date of this Agreement and during the Term through the date of termination or expiration of this
Agreement, Lender represents and warrants to Borrower as follows: 

  

	 	(a)	 Lender is a Wholly foreign owned enterprise duly registered and existing under PRC law. 

 

	 	(b)	 Lender has the power to execute and perform its obligations under this Agreement. The execution and performance
of this Agreement by Lender are in compliance with the articles of association or other organizational documents of Lender, and Lender has obtained all necessary and appropriate approvals and authorizations for the execution and performance of this
Agreement. 

  

	 	(c)	 The execution and performance of this Agreement by Lender do not violate any laws and regulations or government
approvals, authorizations, notices or other governmental documents having binding effect on or affecting Lender, nor do they violate any agreements between Lender and any third party or any covenants made to any third party. 

 

	 	(d)	 This Agreement shall constitute lawful, valid and enforceable obligations of Lender upon execution.

  

	 	2.2.	 As of the date of this Agreement and during the Term through the date of termination or expiration of this
Agreement, Borrower represents and warrants to Lender as follows: 

  

	 	(a)	 The Domestic Company is a limited liability company duly registered and existing under PRC law and Borrower is
or will be the lawful holder of Borrower’s Equity. 

  

	 	(b)	 Borrower has the power and capacity to execute and perform his obligations under this Agreement.

  

	 	(c)	 The execution and performance of this Agreement by Borrower do not violate any laws and regulations or
government approvals, authorizations, notices or other governmental documents having binding effect on or affecting Borrower, nor do they violate any agreements between Borrower and any third party or any covenants made to any third party.

  

	 	(d)	 This Agreement shall constitute lawful, valid and enforceable obligations on Borrower upon execution.

  
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	 	(e)	 Except in accordance with the provisions of the Equity Pledge Agreement or otherwise agreed by relevant
parties, Borrower has not (i) created any mortgage, pledge or other security interests on any whole or part of Borrower’s Equity, (ii) made any offer to any third party or accepted any offer made by any third party for the transfer of
any whole or part of Borrower’s Equity, or (iii) entered into any agreement with any third party for the transfer of any whole or part of Borrower’s Equity unless consented by Lender. To the extent applicable, the spouse of Borrower
shall not have any right to or interest in Borrower’s Equity, and Borrower’s Equity is Borrower’s individual property instead of marital property. 

 

	 	(f)	 There are no pending disputes, litigations, arbitrations, administrative proceedings or any other legal
proceedings relating to or involving Borrower and/or any of Borrower’s Equity, nor are there any potential disputes, litigations, arbitrations, administrative proceedings or any other legal proceedings relating to or involving Borrower and/or
any of Borrower’s Equity. 

  

	3.	 Borrower’s Undertakings 

 

	 	3.1.	 Borrower undertakes in his capacity as a shareholder of the Domestic Company that Borrower will, and together
with the other shareholder(s) of the Domestic Company will cause the Domestic Company to (as applicable): 

  

	 	(a)	 enter into the Transaction Documents. 

 

	 	(b)	 not without the prior written consent of Lender, supplement, amend or modify the business scope or
organizational documents (including the articles of association) of the Domestic Company, or increase or reduce or in any form change the structure of the registered capital of the Domestic Company. 

 

	 	(c)	 not without the prior written consent of Lender, sell, transfer, mortgage or otherwise dispose of any legal or
beneficial rights and interests in the Domestic Company or any of its assets, businesses or revenues, or permit or create any encumbrance or other third party right thereon; 

 

	 	(d)	 not without the prior written consent of Lender, incur, succeed to, guarantee or permit the existence of any
debts except (i) debts incurred in the ordinary course of business and (ii) debts which have been disclosed to Lender and for which prior written consent has been obtained from Lender; 

 

	 	(e)	 not without the prior written consent of Lender, grant any loan or credit to any person; 

 

	 	(f)	 upon Lender’s request, provide to Lender all the information with respect to the operations and financial
status of the Domestic Company; 

  
 -5- 

	 	(g)	 not without the prior written consent of Lender, merge or amalgamate with or form any alliance with any person,
or acquire or invest in any person; 

  

	 	(h)	 immediately notify Lender of the occurrence or threat of any litigation, arbitration or administrative
proceedings in relation to or involving its assets, businesses and revenues; 

  

	 	(i)	 to the extent necessary to maintain its ownership of all its assets, execute all necessary or appropriate
documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims; 

 

	 	(j)	 not without the prior written consent of Lender, declare or distribute any profit or dividend to shareholders
in any form, but upon request of Lender, to immediately declare and distribute all the distributable profits to its respective shareholders; 

  

	 	(k)	 at the request of Lender, appoint the persons designated by Lender as directors and senior officers of the
Domestic Company; and 

  

	 	(l)	 strictly comply with the provisions under any agreements to which Borrower and Lender are parties and not take
any actions or omit to take any actions that may adversely affect the effectiveness and enforceability of such agreements. 

  

	 	3.2.	 Borrower undertakes that during the Term, he shall: 

 

	 	(a)	 except in accordance with the Equity Pledge Agreement, not sell, transfer, mortgage or otherwise dispose of the
legal or beneficial rights and interests on Borrower’s Equity or permit or create any other security interest thereon without the prior written consent of Lender; 

 

	 	(b)	 cause the shareholders’ meeting of the Domestic Company not to approve the sale, transfer, mortgage or
disposal in any other way of the legal or beneficial rights and interests in Borrower’s Equity or permit the creation of any other security interest thereon without the prior written consent of Lender except in favor of Lender or Lender’s
designated person; 

  

	 	(c)	 cause the shareholders’ meeting of the Domestic Company not to approve the merger or alliance with any
person or acquisition or investment in any person without the prior written consent of Lender; 

  

	 	(d)	 immediately notify Lender of the occurrence or threat of any litigation, arbitration or administrative
proceedings in relation to or involving Borrower’s Equity; 

  

	 	(e)	 to the extent necessary to maintain his ownership of Borrower’s Equity, execute all necessary or
appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise all necessary and appropriate defenses against all claims; 

  
 -6- 

	 	(f)	 refrain from taking any action that may have a material adverse impact on the assets, business and liabilities
of the Domestic Company; 

  

	 	(g)	 at the request of Lender, appoint the persons designated by Lender as directors of the Domestic Company (unless
otherwise agreed by the Parties); 

  

	 	(h)	 to the extent permitted by PRC laws, at the request of Lender at any time, promptly and unconditionally
transfer all or part of Borrower’s Equity to Lender or Lender’s designated person(s) at any time; 

  

	 	(i)	 strictly abide by the provisions of this Agreement, the Transaction Documents and any other agreement to which
Borrower and Lender are parties, perform his obligations under this Agreement, the Transaction Documents and any such other agreement, and refrain from taking any action or omit to take any action that may affect the effectiveness and enforceability
of this Agreement, the Transaction Documents and any such other agreement; and 

  

	4.	 Liability for Default 

 

	 	4.1.	 In the event that Borrower fails to repay the outstanding amount of the Loan when due and payable, Borrower
shall be liable to pay default interest of 0.01% per day on the outstanding payment, until the date on which Borrower repays the outstanding amount of the Loan in full, together with interest thereon and any other amounts due and payable.

  

	 	4.2.	 Borrower hereby covenants that he will indemnify and hold harmless Lender against any action, charge, claim,
cost, harm, demand, fee, liability, loss and procedure incurred by Lender arising out of Borrower’s breach of any of his obligations hereunder. 

  

	5.	 Notices 

All notices, claims, certificates, requests, demands and other communications under this Agreement shall be made in writing and shall be
delivered to either Party hereto by hand or sent by facsimile, or sent, postage prepaid, by reputable overnight courier services, or by email properly addressed to the email address of the relevant Party and left the email gateway of the sender and
the sender did not receive a message that the email was undeliverable, at the following addresses (or at such other address for such Party as shall be specified by like notice), and shall be deemed given when so delivered by hand, or if sent by
facsimile, upon receipt of a confirmed transmittal receipt, or if sent by overnight courier, five (5) days after delivery to or pickup by the overnight courier service or, if sent by email, at the time of completion of transmission thereof:

  
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 If to Lender: NetEase Youdao Information Technology (Beijing) Co., Ltd. 

 

			
	Address:	  	 1/F, Tower C, Building No. 7, West Zone

Zhongguancun Software Park (Phase II) No. 10
 Xibeiwang East
Road, Haidian District

		
	Fax:	  	***********
		
	Email:	  	***********
		
	Attention:	  	Feng Zhou

 If to Borrower: William Lei Ding 

 

			
	 Address:
	  	 ***********

		
	 Fax:
	  	 ***********

		
	 Email:
	  	 ***********

  

	6.	 Confidentiality 

The Parties acknowledge and confirm that any oral or written information exchanged among them with respect to this Agreement constitutes
confidential information. The Parties shall maintain the confidentiality of all such information. Without the prior written consent of the Party who had provided such information, none of the Parties shall disclose any confidential information to
any third party, except in the following circumstances: (a) such information is or comes into the public domain (through no fault or disclosure by the receiving party); (b) information disclosed as required by applicable laws or rules or
regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal or financial advisors regarding the transactions contemplated hereunder, and such legal or financial advisors are also bound by duties of
confidentiality similar to the duties set forth in this Article. Disclosure of any confidential information by the staff or employee of any Party shall be deemed as disclosure of such confidential information by such Party, for which the Party shall
be held liable for breach of this Agreement. This Article shall survive the termination of this Agreement for any reason. 
  

	7.	 Applicable Law and Dispute Resolution 

 

	 	7.1.	 The formation, effect, interpretation, performance, amendment, termination and dispute resolution of this
Agreement shall be governed by PRC law. 

  
 -8- 

	 	7.2.	 Any dispute arising from the interpretation and performance of this Agreement shall first be resolved through
friendly consultations by the Parties. If the dispute fails to be resolved within thirty (30) days after one Party gives notice requesting consultations to the other Party, either Party may refer such dispute to a competent court having legal
jurisdiction over the registration place of Party A. The Parties agree to submit to the jurisdiction of such court. The Parties agree that the dispute and any court proceedings shall be kept confidential and that the existence of the proceedings and
any element of it (including but not limited to any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed beyond the court, the Parties, their counsels and any
person necessary to the conduct of the proceeding, except as may be lawfully required in judicial proceedings or as required by the rules of the U.S. Securities and Exchange Commission, the NASDAQ stock market rules or the rules of any other
quotation system or exchange on which the securities of the disclosing Parties or their affiliates are listed or as otherwise required by applicable law. The Parties further agree to request that the court conduct any proceedings in closed session
and to keep the existence of the proceedings and any element of it, including the decision of the court, confidential and refrain from publishing or otherwise disclosing any of the foregoing information to the public, except as may be lawfully
required in judicial proceedings or as otherwise required by applicable law. 

  

	 	7.3.	 During the existence of any dispute, the Parties shall continue to exercise their remaining respective rights,
and fulfill their remaining respective obligations under this Agreement, except insofar as the same may relate directly to the matters in dispute. 

  

	8.	 Miscellaneous 

 

	 	8.1.	 This Agreement shall become effective on the date hereof, and shall expire upon the date of full performance by
the Parties of their respective obligations under this Agreement. 

  

	 	8.2.	 This Agreement may not be amended or modified in any manner except by an instrument in writing signed by the
Parties hereto. 

  

	 	8.3.	 No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the
Parties. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by either Party to exercise any right or privilege hereunder shall be
deemed a waiver of such Party’s rights or privileges hereunder or shall be deemed a waiver of such Party’s rights to exercise the same at any subsequent time or times hereunder. 

 

	 	8.4.	 If any provision of this Agreement is deemed or becomes invalid, illegal or unenforceable, such provision shall
be construed or deemed amended to conform to applicable laws so as to be valid and enforceable; or, if it cannot be so construed or deemed amended without materially altering the intention of the Parties, it shall be stricken and the remainder of
this Agreement shall remain in full force and effect. 

  
 -9- 

	 	8.5.	 If required under any applicable law, regulations or listing rules or required or deemed desirable by any stock
exchange, government or other regulatory authority having competent jurisdiction over the Parties and their affiliates (the “Applicable Requirements”), Borrower agrees and undertakes to (a) take all such actions (including the
amendment of this Agreement and its appendices, any authorizations, documents and notices entered into or delivered in connection with this Agreement and the execution of additional documents) to comply with or, as applicable, meet the Applicable
Requirements and (b) take all actions referred to in paragraph (a) above within 3 Business Days from demand by Lender. 

[Signature page follows] 

  
 -10- 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties as of the
date first above written. 
  

			
	Lender:	 	NetEase Youdao Information Technology (Beijing) Co., Ltd. (seal)
		
		 	/s/ Seal of NetEase Youdao Information Technology (Beijing) Co., Ltd.
		
	Borrower:	 	William Lei Ding
		
		 	 /s/ William Lei Ding

 Exhibit A 

SUPPLEMENTAL AGREEMENT TO LOAN AGREEMENT 

This SUPPLEMENTAL AGREEMENT (this “Supplemental Agreement”) to that certain Loan Agreement dated September 26, 2016 (as the same
may be amended and supplemented from time to time, the “Agreement”) is entered into as of                      by and between
NetEase Youdao Information Technology (Beijing) Co., Ltd. (“Lender”), a Wholly foreign owned enterprise incorporated in the People’s Republic of China (the “PRC”), and William Lei Ding
(“Borrower”), a citizen of the PRC and owner of 71.073% of the equity interests of Beijing NetEase Youdao Computer System Co., Ltd. (the “Domestic Company”). Lender and Borrower are hereinafter collectively referred
to as the “Parties” and each individually as a “Party.” Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in the Agreement. 

WHEREAS, the Parties desire to supplement the Agreement in connection with the extension of a new loan from Lender to Borrower in connection with an
increase in the Company’s registered capital, as herein provided. 
 NOW THEREFORE, in consideration of the mutual agreements contained herein
and subject to the terms and conditions herein set forth, the Parties agree that the Agreement is hereby amended and supplemented as follows: 
  

	1.	 Lender agrees to provide an additional loan to Borrower with an aggregate principal amount of RMB
                     (the “Additional Loan”). 

 

	2.	 Borrower confirms that he has received the total amount of the Additional Loan and has invested it into the
Domestic Company as an additional capital contribution. 

  

	3.	 The definition of, and any reference to, “Loan” in the Agreement shall be deemed to include the
Additional Loan, and the Additional Loan shall be subject to the same terms and conditions of the Loan as provided in the Agreement. For the avoidance of doubt, the term of the Additional Loan shall be the same as the term of the Loan as specified
in the Agreement. 

  

	4.	 Each Party hereto represents and warrants to the other Party hereto that this Supplemental Agreement has been
duly authorized, executed and delivered by it/he and constitutes a valid and legally binding agreement with respect to the subject matter contained herein. 

  

	5.	 Articles 6, 7 and 8 of the Agreement are hereby incorporated into this Supplemental Agreement by this
reference. 

  

	6.	 This Supplemental Agreement contains the entire agreement between the Parties with respect to the subject
matter of this Supplemental Agreement and supersedes and extinguishes all prior agreement and understandings, oral or written, with respect to such matter. 

	7.	 As amended and supplemented hereby, the terms and conditions and all the provisions of the Agreement are and
will remain in full force and effect. 

  

	8.	 This Supplemental Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original instrument by the Parties executing such counterpart, but all of which shall be considered one and the same instrument. 

[Signature page follows] 

 IN WITNESS WHEREOF, this Supplemental Agreement has been signed by the Parties hereto as of the date
first written above. 
  

			
	Lender:	 	NetEase Youdao Information Technology (Beijing) Co., Ltd. (seal)
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Borrower:	 	William Lei Ding
		
		 	     

  
 [Signature page to
Supplemental Agreement]EX10.10 Equity Pledge Agreement (September 2016)

 Exhibit 10.10 

EQUITY PLEDGE AGREEMENT 

This Equity Pledge Agreement (this “Agreement”) is entered into by and among the following parties on September 26,
2016: 
  

	 	(1)	 NetEase Youdao Information Technology (Beijing) Co., Ltd. (the “Pledgee”), a Wholly foreign
owned enterprise registered in Beijing, People’s Republic of China (“PRC”) with its address at 1/F, Tower C, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian
District; and 

  

	 	(2)	 William Lei Ding (ID Number: ***********, the “Pledgor”), a PRC citizen with his address at
***********. 

 The Pledgee and the Pledgor are hereinafter jointly referred to as the “Parties” and
individually, as a “Party”. 
 Whereas: 
  

	 	(A)	 The Pledgor is a registered shareholder of Beijing NetEase Youdao Computer System Co., Ltd., a limited
liability company registered in Beijing, PRC with its address at 2/F, Tower A, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road, Haidian District (the “Domestic Company”), and holds 71.073%
of the equity interests in the Domestic Company. The equity structure of Domestic Company as of the date of execution of this Agreement is set forth in Appendix I. 

 

	 	(B)	 Pursuant to a Loan Agreement dated September 26, 2016 between the Pledgee and the Pledgor (as the same may
be amended and supplemented from time to time, the “Loan Agreement”), the Pledgee has provided a loan to the Pledgor in the original principal amount of RMB 3,553,650 Yuan. 

 

	 	(C)	 Pursuant to a Shareholder Voting Right Trust Agreement dated as of September 26, 2016 among the Pledgee,
the Pledgor, the Domestic Company and the other Parties thereto (as amended and supplemented from time to time, the “Voting Trust Agreement”), the Pledgor has irrevocably appointed the Pledgee as proxy and vested the Pledgee with
full power to exercise on his behalf all of his shareholder’s voting rights in respect of the Domestic Company. 

  

	 	(D)	 Pursuant to an Exclusive Purchase Option Agreement dated as of September 26, 2016 among the Pledgee, the
Pledgor and the Domestic Company (as amended and supplemented from time to time, the “Purchase Option Agreement”), the Pledgor has irrevocably granted to the Pledgee an option to purchase all or a portion of the Pledgor’s
equity interests in the Domestic Company. 

  

	 	(E)	 Pursuant to an Operating Agreement dated as of September 26, 2016 among the Pledgee, the Pledgor, the
Domestic Company and the other Parties thereto (as amended and supplemented from time to time, the “Operating Agreement”), the Pledgor has agreed, among other things, not to engage in certain transactions relating to the Domestic
Company without the Pledgee’s prior written consent. 

	 	(F)	 As security for performance by the Pledgor of the Contract Obligations (as defined below) and discharge and
satisfaction of the Secured Debts (as defined below), the Pledgor agrees to pledge all of his equity interests in the Domestic Company to the Pledgee and grants the Pledgee the right to repayment in first priority on and subject to the terms of this
Agreement. 

 Therefore, the Parties enter into this Agreement as follows upon friendly negotiation: 

 

	1.	 Definitions 

 

	 	1.1.	 Unless the context otherwise requires, the following terms in this Agreement shall have the following meanings:

 “Breaching Event” shall mean any breach by the Pledgor of any of his Contract Obligations (as defined
below). 
 “Contract Obligations” shall mean the obligations of the Pledgor to repay the Loan (as defined in the Loan
Agreement) under the Loan Agreement, all contractual obligations of the Pledgor under the Voting Trust Agreement, all contractual obligations of the Pledgor under the Purchase Option Agreement, all contractual obligations of the Pledgor under the
Operating Agreement and all contractual obligations of the Pledgor under this Agreement. 
 “Pledged Equity” shall mean all
of the equity interests in the Domestic Company which are legally owned by the Pledgor during the term of this Agreement and are to be pledged to the Pledgee pursuant to the provisions hereof as the security for the performance by the Pledgor of the
Contract Obligations. 
 “PRC Law” shall mean the then valid laws, administrative regulations, administrative rules, local
regulations, judicial interpretations and other binding regulatory documents of the PRC. 
 “Secured Debts” shall mean all
direct, indirect and consequential losses and losses of foreseeable profits suffered by the Pledgee due to any Breaching Event of any of the Pledgor, and all fees incurred by Pledgee for the enforcement of the Contract Obligations of the Pledgor.

 “Transaction Agreements” shall mean the Loan Agreement, the Purchase Option Agreement, the Operating Agreement and the
Voting Trust Agreement. 
  

	 	1.2.	 The references to any PRC Law herein shall be deemed: 

(1)    to include references to the amendments, changes, supplements and reenactments of such law, irrespective of whether
they take effect before or after the formation of this Agreement; and 

  
 -2- 

 (2)    to include references to other decisions, notices or regulations
enacted in accordance therewith or effective as a result thereof. 
  

	 	1.3.	 Unless otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall
refer to the relevant article, clause, item or paragraph of this Agreement. 

  

	2.	 Equity Pledge 

 

	 	2.1.	 As collateral security for the timely and complete payment and performance of all Contract Obligations, the
Pledgor hereby pledges to the Pledgee a first security interest in all of the Pledgor’s rights, title and interests, whether now owned or hereinafter acquired by the Pledgor, in the Pledged Equity (the “Equity Pledge”).

  

	 	2.2.	 The Pledgor shall have been or will be registered at the local branch of State Administration for Industry and
Commerce (“SAIC”) as one of the shareholders of the Domestic Company holding his proportion of the equity interests in the Domestic Company as set forth in Recital (A) above and hold such equity interests free and clear of
encumbrances except for the Equity Pledge as provided in this Agreement and/or as otherwise agreed by the Parties. 

  

	 	2.3.	 The Pledgor hereby undertakes that he will be responsible for recording the Equity Pledge on the register of
equityholders (if any) of the Domestic Company on the date hereof or as soon as practicable from the date hereof, and will use his best endeavors to register the Equity Pledge with SAIC (the “Registration of Equity Pledge”). In the
event the SAIC requires that the Registration of Equity Pledge be completed by using an equity pledge agreement between the Parties substantially in form stipulated by the SAIC, subject to Section 13.5, the Parties shall enter into an equity
pledge agreement in such stipulated form (the “Registration Version”) and the Pledgor shall and hereby undertakes that he will use his best endeavors to register the Equity Pledge with SAIC by using the Registration Version.

  

	 	2.4.	 During the term of this Agreement, the Pledgee shall not be liable in any way for impairment in value of the
Pledged Equity, nor shall the Pledgor have any right to make any claims against the Pledgee for such impairment in value. 

  

	 	2.5.	 Upon the occurrence of any Breaching Event, the Pledgee shall have the right to dispose of the Pledged Equity
in the manner set forth in Article 4 hereof. 

  

	 	2.6.	 Without the prior written consent of the Pledgee, the Pledgor shall not increase the registered capital of the
Domestic Company by contributing additional capital, or allowing any third party to contribute additional capital to the Domestic Company. 

  

	 	2.7.	 Without the prior written consent of the Pledgee, the Pledgor shall not consent to the adoption of any
shareholders’ resolution or by any other means permit the Domestic Company to declare or distribute any dividends or profits. 

  
 -3- 

	 	2.8.	 Without the prior written consent of the Pledgee, the Pledgor shall not enter into any transactions with the
Domestic Company. 

  

	 	2.9.	 During the term of the Equity Pledge, the Pledgor shall deliver to the Pledgee’s custody the original
capital contribution certificate for the Pledged Equity and the original equityholders’ register (if any) containing the Equity Pledge within five business days from the execution of this Agreement or from the completion of any re-registration of shareholding if the percentage of equity interests changes (in such case, the Pledgor shall deliver to the Pledgee’s custody the updated original capital contribution certificates for the
Pledged Equity and the updated original equityholders’ register (if any) containing the Equity Pledge). The Pledgee shall take custody of such original documents during the entire term of this Agreement. 

 

	 	2.10.	 The Pledgee shall have the right to collect dividends or any other distribution paid with respect to the
Pledged Equity during the term of this Agreement. 

  

	3.	 Release of Pledge 

Upon full and complete performance by the Pledgor of all of his Contract Obligations (including the full discharge and satisfaction of the
Secured Debts), the Pledgee shall, at the request of the Pledgor, release the pledge, and shall cooperate with the Pledgor to go through the formalities to cancel the record of the Equity Pledge in the register of equityholders (if any) of the
Domestic Company and the registration with SAIC, and all expenses reasonably incurred in connection with such release shall be borne by the Domestic Company. The Parties shall procure the Domestic Company to bear such expenses. 

 

	4.	 Disposal of the Pledged Equity 

 

	 	4.1.	 The Pledgor and the Pledgee hereby agree that, upon the occurrence of any Breaching Event, the Pledgee shall
have the right to exercise, upon giving written notice to the Pledgor, all of the rights and powers enjoyed by him under PRC Law, the Transaction Agreements and the terms hereof, including but not limited to being repaid in priority with proceeds
from the sale of the Pledged Equity. If the Pledgee disposes of the Pledged Equity in accordance with this Agreement, the Pledgor and the Domestic Company shall provide all necessary assistance to enable the Pledgee to enforce the Equity Pledge in
accordance with this Agreement. 

  

	 	4.2.	 The Pledgee shall have the right to designate in writing its legal counsel or other agents to exercise on its
behalf any and all rights and powers referred to above, and the Pledgor shall not raise any objection thereto. 

  

	 	4.3.	 The reasonable costs incurred by the Pledgee in connection with its exercise of any and all rights and powers
set out above shall be borne by the Pledgor, and the Pledgee shall have the right to deduct the costs actually incurred from the proceeds that it acquires from the exercise of its rights and powers. 

  
 -4- 

	 	4.4.	 The proceeds that the Pledgee acquires from the exercise of its rights and powers shall be applied in the
following order of priority: 

  

	 	(1)	 first, to pay any cost incurred in connection with the disposal of the Pledged Equity and the exercise by the
Pledgee of its rights and powers (including remuneration paid to its legal counsels and agents); 

  

	 	(2)	 second, to pay any taxes and levies payable for the disposal of the Pledged Equity (for the avoidance of doubt,
such taxes do not include any income tax); and 

  

	 	(3)	 third, to repay the Pledgee for the Secured Debts. 

Any proceeds remaining after payment of the above amounts shall be paid to the Pledgee or its designee. The Pledgee shall have no obligation to
account to the Pledgor for proceeds of disposition of the Pledged Equity and the Pledgor hereby waives any rights that he may have to demand such amount from the Pledgee. 
  

	5.	 Continuity and No Waiver 

The Equity Pledge hereunder is a continuous security, and will continue to be valid until the full performance of the Contract Obligations or
the full discharge and satisfaction of the Secured Debts. Neither exemption or grace period granted by the Pledgee to the Pledgor in respect of any breach, nor delay by the Pledgee in exercising any of its rights under the Transaction Agreements and
this Agreement, shall affect the rights of the Pledgee under this Agreement, relevant PRC Law and the Transaction Agreements, the rights of the Pledgee to demand at any time thereafter the strict performance of the Transaction Agreements and this
Agreement by the Pledgor or the rights the Pledgee may be entitled to due to any subsequent breach by the Pledgor of his obligations under the Transaction Agreements and/or this Agreement. 

 

	6.	 Representations and Warranties 

 

	 	6.1.	 As of the date of this Agreement and during the term of this Agreement through the date of termination or
expiration of this Agreement, the Pledgor hereby represents and warrants as follows: 

  

	 	(a)	 The Pledgor is a PRC citizen with power and capacity to execute and perform his obligations under this
Agreement. 

  

	 	(b)	 The execution and performance of this Agreement by the Pledgor do not violate any laws and regulations or
government approvals, authorizations, notices or other governmental documents having binding effect on or affecting the Pledgor, nor do they violate any agreements between the Pledgor and any third party or any covenants made to any third party.

  

	 	(c)	 This Agreement constitutes the lawful, valid and enforceable obligations of the Pledgor. 

  
 -5- 

	 	(d)	 All reports, documents and information provided by the Pledgor to the Pledgee are true, correct and accurate in
all material respects. 

  

	 	(e)	 The Pledgor constitutes the only legal owner of the Pledged Equity, with no existing dispute concerning the
ownership of the Pledged Equity. Except for the restrictions imposed by the Transaction Agreements and this Agreement or as otherwise agreed by the Parties, the Pledgor has the right to dispose of the Pledged Equity or any part thereof.

  

	 	(f)	 Except for the encumbrance set on the Pledged Equity hereunder and otherwise agreed by the Parties and the
rights set forth under the Transaction Agreements, there is no other encumbrance or third party interest over the Pledged Equity. 

  

	 	(g)	 The Pledged Equity is capable of being pledged or transferred according to PRC Law, and the Pledgor has the
full right and power to pledge the Pledged Equity to the Pledgee according to this Agreement. 

  

	 	(h)	 Any consent, permission, waiver or authorization by any third person, or any approval, permission or exemption
by any government authority, or any registration or filing formalities with any government authority to be effected or obtained in respect of the execution and performance hereof and the creation of the Equity Pledge hereunder have been or will be
handled or obtained, and will be fully effective during the term of this Agreement. 

  

	 	(i)	 The Equity Pledge hereunder constitutes a first pledge on the Pledged Equity. 

 

	 	(j)	 There is no pending or, to the knowledge of the Pledgor, threatened litigation, legal process or demand by any
court or any arbitral tribunal or by any government authority or any administration authority against the Pledgor, or his property, or the Pledged Equity, which would have a material adverse effect on the economic status of the Pledgor or his
capability to perform the obligations hereunder and the Contract Obligations or to discharge and satisfy the Secured Debts. 

  

	 	6.2.	 As of the date of this Agreement and during the term of this Agreement through the date of termination or
expiration of this Agreement, the Pledgee hereby represents and warrants as follows: 

  

	 	(a)	 The Pledgee is a Wholly foreign owned enterprise duly registered and existing under PRC Law.

  

	 	(b)	 The Pledgee has the power to execute and perform its obligations under this Agreement. The execution and
performance of this Agreement by the Pledgee is in compliance with the articles of association or other organizational documents of the Pledgee, and the Pledgee has obtained all necessary and appropriate approvals and authorizations for the
execution and performance of this Agreement. 

  
 -6- 

	 	(c)	 This Agreement shall constitute lawful, valid and enforceable obligations of the Pledgee.

  

	7.	 Undertakings by the Pledgor 

The Pledgor hereby undertakes to the Pledgee as follows: 
  

	 	(a)	 Without the prior written consent by the Pledgee, the Pledgor shall not establish or permit to establish any
further pledge or any other encumbrance on the Pledged Equity. Any pledge or other encumbrance on all or part of the Pledged Equity without such prior written consent shall be null and void. 

 

	 	(b)	 Without having the Pledgee’s prior written consent, the Pledgor shall not transfer the Pledged Equity, and
any attempt by the Pledgor to transfer the Pledged Equity shall be null and void. The proceeds from the transfer of the Pledged Equity by the Pledgor shall be used to repay to the Pledgee in advance the Secured Debts or submit the same to the third
party agreed with the Pledgee. 

  

	 	(c)	 The Pledgor shall promptly notify the Pledgee of any litigation, arbitration, claim or other proceedings which
may adversely affect the interest of the Pledgor or the Pledgee under the Transaction Agreements and hereunder or in respect of the Pledged Equity, shall keep the Pledgee timely informed of developments in connection therewith and shall take all
reasonable measures to defend such proceedings and protect the interest of the Pledgee in the Pledged Equity. 

  

	 	(d)	 The Pledgor shall not take or permit any act or action which may adversely affect the interest of the Pledgee
under the Transaction Agreements and hereunder or in respect of the Pledged Equity. 

  

	 	(e)	 At the request of the Pledgee, the Pledgor shall cause the Domestic Company to, within the first month of each
calendar quarter, provide the Pledgee with the financial statements, including (but not limited to) the balance sheet, the profit statement and the cash flow statement of the Domestic Company for the previous calendar quarter. 

  
 -7- 

	8.	 Change of Circumstances 

Subject to compliance with other terms of the Transaction Agreements and this Agreement, the event of any promulgation or change of any PRC
Law, regulations or rules, or change in interpretation or application of such laws, regulations and rules, or the change of the relevant registration procedures which causes the Pledgee to believe that it will be illegal or in conflict with such
laws, regulations or rules to further maintain the effectiveness of this Agreement and/or dispose of the Pledged Equity in the manner provided herein, the Pledgor shall, at the written direction of the Pledgee and in accordance with the reasonable
request of the Pledgee, promptly take all actions and/or execute any agreement or other document, in order to: 
  

	 	(1)	 keep this Agreement valid and effective; 

 

	 	(2)	 facilitate the disposal of the Pledged Equity in the manner provided herein; and/or 

 

	 	(3)	 maintain or realize the intention or the security established hereunder. 

 

	9.	 Effectiveness and Term of the Agreement 

 

	 	9.1.	 This Agreement shall become effective when it has been duly executed by the parties hereto and recorded in the
register of equityholders (if any) of the Domestic Company, and the Equity Pledge under this Agreement or the Registration Version, as applicable, shall become effective when it has been registered with SAIC to the extent permitted by SAIC. The
Pledgor shall carry out all the approval and registration formalities in a timely manner as required by PRC Law (including but not limited to the registration of the Equity Pledge with SAIC to the extent permitted by SAIC) and shall take all other
necessary actions required for completing such approval and/or registration formalities. 

  

	 	9.2.	 This Agreement shall continue to be valid until the full performance of the Contract Obligations or the full
discharge and satisfaction of the Secured Debts. 

  

	10.	 Notices 

All notices, claims, certificates, requests, demands and other communications under this Agreement shall be made in writing and shall be
delivered to either Party hereto by hand or sent by facsimile, or sent, postage prepaid, by reputable overnight courier services, or by email properly addressed to the email address of the relevant Party and left the email gateway of the sender and
the sender did not receive a message that the email was undeliverable, at the following addresses (or at such other address for such Party as shall be specified by like notice), and shall be deemed given when so delivered by hand, or if sent by
facsimile, upon receipt of a confirmed transmittal receipt, or if sent by overnight courier, five (5) days after delivery to or pickup by the overnight courier service or, if sent by email, at the time of completion of transmission thereof:

 If to Pledgee: NetEase Youdao Information Technology (Beijing) Co., Ltd. 

 

			
	Address:	  	 1/F, Tower C, Building
No. 7, West Zone
 Zhongguancun Software Park (Phase II) No. 10

Xibeiwang East Road, Haidian District

		
	Fax:	  	***********
		
	Email:	  	***********
		
	Attention:	  	Feng Zhou

  
 -8- 

 If to Pledgor: William Lei Ding 

 

			
	 Address:	  	***********
		
	 Fax:	  	***********
		
	 Email:	  	***********

  

	11.	 Confidentiality 

The Parties acknowledge and confirm that any oral or written information exchanged among them with respect to this Agreement constitutes
confidential information. The Parties shall maintain the confidentiality of all such information. Without the prior written consent of the Party who had provided such information, none of the Parties shall disclose any confidential information to
any third party, except in the following circumstances: (a) such information is or comes into the public domain (through no fault or disclosure by the receiving party); (b) information disclosed as required by applicable laws or rules or
regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal or financial advisors regarding the transactions contemplated hereunder, and such legal or financial advisors are also bound by duties of
confidentiality similar to the duties set forth in this Article. Disclosure of any confidential information by the staff or employee of any Party shall be deemed as disclosure of such confidential information by such Party, for which the Party shall
be held liable for breach of this Agreement. This Article shall survive the termination of this Agreement for any reason. 
  

	12.	 Applicable Law and Dispute Resolution 

 

	 	12.1.	 The formation, validity, interpretation, performance, amendment, termination and dispute resolution of this
Agreement shall be governed by PRC Law. 

  

	 	12.2.	 Any dispute arising from the interpretation and performance of this Agreement shall first be resolved through
friendly consultations by the Parties. If the dispute fails to be resolved within thirty (30) days after one Party gives notice requesting consultations to the other Party, either Party may refer such dispute to a competent court having legal
jurisdiction over the registration place of Party A. The Parties agree to submit to the jurisdiction of such court. The Parties agree that the dispute and any court proceedings shall be kept confidential and that the existence of the proceedings and
any element of it (including but not limited to any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed beyond the court, the Parties, their counsels and any
person necessary to the conduct of the proceeding, except as may be lawfully required in judicial proceedings or as required by the rules of the U.S. Securities and Exchange Commission, the NASDAQ stock market rules or the rules of any other
quotation system or exchange on which the securities of the disclosing Parties or their affiliates are listed or as otherwise required by applicable law. The Parties further agree to request that the court conduct any proceedings in closed session
and to keep the existence of the proceedings and any element of it, including the decision of the court, confidential and refrain from publishing or otherwise disclosing any of the foregoing information to the public, except as may be lawfully
required in judicial proceedings or as otherwise required by applicable law. 

  
 -9- 

	 	12.3.	 During the existence of any dispute, the Parties shall continue to exercise their remaining respective rights,
and fulfill their remaining respective obligations under this Agreement, except insofar as the same may relate directly to the matters in dispute. 

  

	13.	 Miscellaneous 

 

	 	13.1.	 The Pledgee may, upon notice to the Pledgor but without the Pledgor’s consent, assign the Pledgee’s
rights and/or obligations hereunder to any third party. In the event of an assignment by the Pledgee hereunder, the Pledgor shall, at the request of the Pledgee, execute a new pledge agreement with the assignee on the same terms and conditions as
this Agreement and register such change with the SAIC. The Pledgor may not, without the Pledgee’s prior written consent, assign any of the Pledgor’s rights, obligations and/or liabilities hereunder to any third party. Successors or
permitted assignees (if any) of the Pledgor shall be bound by, and continue to perform, the obligations of the Pledgor under this Agreement. 

  

	 	13.2.	 The amount of Secured Debts determined by the Pledgee in exercising its rights over the Pledged Equity in
accordance with the provisions contained herein shall be conclusive evidence of the amount of the Secured Debts hereunder. 

  

	 	13.3.	 This Agreement may not be amended or modified in any manner except by an instrument in writing signed by the
Parties hereto. 

  

	 	13.4.	 No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the
Parties. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by either Party to exercise any right or privilege hereunder shall be
deemed a waiver of such Party’s rights or privileges hereunder or shall be deemed a waiver of such Party’s rights to exercise the same at any subsequent time or times hereunder. 

  
 -10- 

	 	13.5.	 In the event the Registration Version is used for the purposes of the Registration of the Equity Pledge, the
Parties agree that, to the extent there is any discrepancy between this Agreement and the Registration Version and/or to the extent any contents of this Agreement supplement the Registration Version, this Agreement shall prevail. If any provision of
this Agreement is deemed or becomes invalid, illegal or unenforceable, such provision shall be construed or deemed amended to conform to applicable laws so as to be valid and enforceable, or, if it cannot be so construed or deemed amended without
materially altering the intention of the Parties, it shall be stricken and the remainder of this Agreement shall remain in full force and effect, and the Parties will negotiate in good faith to amend this Agreement with respect to the unenforceable
provision to replace it with an enforceable provision which as closely as possible reflects the intent of the Parties. 

  

	 	13.6.	 Upon the execution of this Agreement, the Pledgor shall enter into a power of attorney (the “Power of
Attorney”, the form of which is set forth in Appendix II attached hereto) to authorize a person acceptable to the Pledgee to sign, on behalf of the Pledgor and according to this Agreement, any and all legal documents necessary for
the exercise of the Pledgee’s rights hereunder. Such Power of Attorney shall be delivered to the Pledgee and the Pledgee may, at any time if necessary, require the Pledgor to execute multiple copies of the Power of Attorney and deliver the same
to the relevant government authority. 

  

	 	13.7.	 Each Party shall use all reasonable efforts to do and perform, or cause to be done and performed, all such
further acts and things and shall execute and deliver all such other agreements, certificates, instruments and documents as may be necessary or desirable to give effect to the terms and intent of this Agreement and any ancillary documents. If
required under any applicable law, regulations or listing rules or required or deemed desirable by any stock exchange, government or other regulatory authority having competent jurisdiction over the Parties or their affiliates (the
“Applicable Requirements”), the Pledgor agrees and undertakes to (a) take all such actions (including the amendment of this Agreement and its appendices, any authorizations, documents and notices entered into or delivered in
connection with this Agreement and the execution of additional documents) to comply with or, as applicable, meet the Applicable Requirements and (b) take all actions referred to in paragraph (a) above within three (3) Business Days
from demand by the Pledgee. 

 [Signature page follows] 

  
 -11- 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties as of the
date first above written. 
  

			
	Pledgee:	 	NetEase Youdao Information Technology (Beijing) Co., Ltd. (seal)
		
		 	/s/ Seal of NetEase Youdao Information Technology (Beijing) Co., Ltd.
		
	Pledgor:	 	William Lei Ding
		
		 	 /s/ William Lei Ding

 Appendix I 

Basic Information of the Domestic Company 
  

			
	Company Name:	  	Beijing NetEase Youdao Computer System Co., Ltd.
		
	Registered Address:	  	2/F, Tower A, Building No. 7, West Zone Zhongguancun Software Park (Phase II) No. 10 Xibeiwang East Road,
Haidian District
		
	Registered Capital:	  	RMB 5,000,000 Yuan
		
	Equity Structure:	  	 William Lei Ding —71.073%
  

Feng Zhou —22.81%

		
		  	蒋炜航—0.645%
		
		  	吴迎晖—2%
		
		  	金磊—1%
		
		  	包塔—1.172%
		
		  	邓毅—1%
		
		  	胡琛—0.3%

 Appendix II 

Power of Attorney 
 I, William Lei Ding,
hereby irrevocably entrust                      as my authorized representative, to sign all legal documents necessary for NetEase Youdao Information
Technology (Beijing) Co., Ltd. as the pledgee to exercise its rights under the Equity Pledge Agreement entered into on September 26, 2016 by and between NetEase Youdao Information Technology (Beijing) Co., Ltd. and me. 

 

			
	Signature:	 	  

		
	Date:

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