Document:

EX-4.25

 Exhibit 4.25 
 (English Translation) 
 Amended and Restated Equity Pledge Agreement 3

 This Amended and Restated Equity Pledge Agreement (this “Agreement”), dated January 20, 2015 is
made in Beijing by and between: 
 Pledgee: 

Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

Address: Baidu Campus, No. 10 Shangdi
10th Street, Haidian District, Beijing 

Pledgor: 
 Party B: Yazhu Zhang 
 Address: 

WHEREAS: 
  

	1.	 Party A is a wholly foreign-owned enterprise registered in Beijing, the People’s Republic of China (the “PRC”).

  

	2.	 Party B is a citizen of the PRC and owns 20% of the equity interest in Beijing Perusal Technology Co., Ltd., a limited liability company registered
in Beijing, PRC (“Beijing Perusal”). 

  

	3.	 Party A and Party B entered into the Amended and Restated Loan Agreement on January 20, 2015, pursuant to which Party A made a loan in an amount of
RMB204,000,000 (the “Loan”) to Party B (the “Loan Arrangement”). The amount of Party B’s debt obligation is RMB204,000,000. 

  

	4.	 Party A and Beijing Perusal entered into the Exclusive Technology Consulting and Service Agreement (the “Service Agreement”) on June 23,
2006. The term of the Service Agreement is 10 years. Pursuant to the Service Agreement, Beijing Perusal shall pay Party A consulting and service fees (the “Fees”) for the technology consulting and services provided by Party A.

  

	5.	 In order to ensure that Party B will perform the obligations under the Loan Agreement and Party A can collect the Fees from Beijing Perusal which is
held by Party B, Party B agrees to pledge all the equity interest in Beijing Perusal as security for the Loan and the Fees. Therefore, Party A (the “Pledgee”) and Party B (the “Pledgor”) intend to enter into this Agreement to
specify their rights and obligations. 

 NOW THEREFORE, through friendly negotiation, the Pledgee and
the Pledgor agree as follows: 
  

	1.	 Definitions: 

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

	 	1.1	 “Pledge” shall have the meaning specified in Section 2 of this Agreement. 

  
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	 	1.2	 “Equity Interest”: refers to all of the equity interest in Beijing Perusal legally held by the Pledgor. 

 

	 	1.3	 “Rate of Pledge”: refers to the ratio between the value of the Pledge under this Agreement and the total amount of the Loan and the Fees.

  

	 	1.4	 “Term of Pledge”: refers to the period specified in Section 3.2 of this Agreement. 

 

	 	1.5	 “Principal Agreements”: refers to the Service Agreement and the agreements under the Loan Arrangement. 

 

	 	1.6	 “Event of Default”: refers to any event listed in Section 7.1 of this Agreement. 

 

	 	1.7	 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement.

  

	2.	 Pledge 

 The Pledgor agrees to pledge the Equity Interest in Beijing Perusal to the Pledgee as security for (i) the obligations under the Loan Arrangement; and (ii) the obligations of Beijing Perusal
under the Service Agreement. “Pledge” refers to the right of the Pledgee to be entitled to priority in receiving payment in the form of the Equity Interest based on the conversion value thereof, or from the proceeds from the auction or
sale of the Equity Interest pledged by the Pledgor to the Pledgee. 
  

	3.	 Rate of Pledge and Term of Pledge 

  

	 	3.1	 Rate of Pledge 

 The rate of the Pledge shall be approximately 100%. 
  

	 	3.2	 Term of Pledge 

  

	 	3.2.1	 The Pledge shall take effect as of the date when the pledge of the Equity Interest is recorded in the register of shareholders of Beijing Perusal
and registered with the competent industrial and commercial authorities, and shall remain in effect until two (2) years after the obligations under the Principal Agreements have been fulfilled. 

 

	 	3.2.2	 During the Term of Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance with this Agreement in the event that
Pledgor do not perform the obligation under the Loan Arrangement or Beijing Perusal fails to pay the Fees under the Service Agreement. 

  
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	4.	 Physical Possession Of Pledge Documents 

  

	 	4.1	 During the Term of Pledge under this Agreement, the Pledgor shall deliver the physical possession of the certificate of capital contribution and the
register of shareholders of Beijing Perusal to the Pledgee within one (1) week after the date of this Agreement. 

  

	 	4.2	 The Pledgee shall be entitled to collect the dividends for the Equity Interest. 

 

	 	4.3	 The Pledge under this Agreement will be recorded in the register of shareholders of Beijing Perusal (see Appendix I).

  

	5.	 Representation and Warranty of the Pledgor 

  

	 	5.1	 The Pledgor is the legal owner of the Equity Interest pledged. The Pledge has been duly approved by the shareholders’ resolutions (see Appendix
II). 

  

	 	5.2	 The Pledgor did not pledge the Equity Interest and the Equity Interest is not encumbered to any other person except for the Pledgee.

  

	6.	 Undertaking of the Pledgor 

  

	 	6.1	 During the effective term of this Agreement, the Pledgor undertakes to the Pledgee for its benefit that the Pledgor shall:

  

	 	6.1.1	 Not transfer the Equity Interest, create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Pledgee
without prior written consent from the Pledgee; 

  

	 	6.1.2	 Comply with and implement laws and regulations with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with
respect to the Pledge issued or made by the competent authority within five (5) days upon receiving such notices, orders or suggestions; and comply with such notices, orders or suggestions; or object to the foregoing matters at the reasonable
request of the Pledgee or with consent from the Pledgee; 

  

	 	6.1.3	 Timely notify the Pledgee of any events or any received notices which may affect the Pledgor’s Equity Interest or any part of the
Pledgor’s right, and any events or any received notices which may change the Pledgor’s any warranty and obligation under this Agreement or affect the Pledgor’s performance of the obligations under this Agreement.

  

	 	6.2	 The Pledgor agrees that the Pledgee’s right to the Pledge under this Agreement shall not be suspended or inhibited by any legal procedure
launched by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any such other person. 

  

	 	6.3	 The Pledgor undertakes to the Pledgee that in order to protect or perfect the security for the payment of the Loan and the Fees, the Pledgor shall
execute in good faith and cause other parties who have interests in the Pledge to execute all the title certificates, contracts, and perform actions and cause other parties who have interests to take action, as required by the Pledgee, and
facilitate the Pledgee to exercise its rights under this Agreement. 

  
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	 	6.4	 The Pledgor undertakes to the Pledgee to execute all amendment documents (if applicable and necessary) in connection to the certificate of the
Equity Interest with the Pledgee or its designated person (natural person or a legal entity), and provide the notice, order and decision to the Pledgee within reasonable time if the Pledgee considers necessary. 

 

	 	6.5	 The Pledgor undertakes to the Pledgee to comply with and perform all the guarantees, covenants, warranties, representations and conditions for the
benefits of the Pledgee. The Pledgor shall compensate all the losses suffered by the Pledgee for the reasons that the Pledgor does not perform or fully perform such guarantees, covenants, warranties, representations and conditions.

  

	 	6.6	 During the term of this agreement, in order to preserve and increase the value of the pledged Equity Interest, the Pledgor shall refrain from any
act or omission that may negatively affect the value of the pledged Equity Interest. If any events that may negatively affect the value of the pledged Equity Interest or the Pledgor’s obligation under this Agreement occurs, the Pledgor shall
notify the Pledgee immediately, and the Pledgor shall provide financial guarantee for the amount of decrease in the value of the pledged Equity Interest in a form satisfactory to the Pledgee, if so requested by the Pledgee.

  

	 	6.7	 Under the applicable law, the Pledgor shall undertake, or actively cooperate with the Pledgee to assist the Pledgee, to complete the relevant
registration, filing or any other procedures required by the law and regulations in respect of the pledged Equity Interest. 

  

	7.	 Event Of Default 

  

	 	7.1	 The following events shall be regarded as events of default: 

 

	 	7.1.1	 The Pledgor fails to perform the obligations under the Loan Arrangement and its supplementary agreements; 

 

	 	7.1.2	 Beijing Perusal fails to make full payment of the Fees as scheduled under the Service Agreement; 

 

	 	7.1.3	 The Pledgor makes any material misleading or mistaken representations or warranties under Section 5, and/or the Pledgor breaches any warranties
under Section 5; 

  

	 	7.1.4	 The Pledgor breaches the covenants under Section 6; 

 

	 	7.1.5	 The Pledgor breaches other terms or conditions herein; 

 

	 	7.1.6	 The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity Interest without prior written consent of the Pledgee;

  

	 	7.1.7	 The Pledgor’s any external loan, security, compensation, covenants or any other compensation liabilities (1) are required to be repaid or
performed prior to the scheduled date due to breach; or (2) are due but can not be repaid or performed as scheduled and thereby cause the Pledgee to believe that the Pledgor’s capacity to perform the obligations herein is affected;

  

	 	7.1.8	 Beijing Perusal is incapable of repaying the general debt or other debt; 

 

	 	7.1.9	 This Agreement is illegal or the Pledgor is not capable of continuing to perform the obligations herein due to any reason except force majeure;

  
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	 	7.1.10	 The property of the Pledgor is adversely changed causing the Pledgee to believe that the capability of the Pledgor to perform the obligations herein
is affected; 

  

	 	7.1.11	 The successors or agents of Beijing Perusal are only able to perform a portion of or refuse to perform the payment obligation under the Service
Agreement; 

  

	 	7.1.12	 The breach of the other terms by action or omission under this Agreement by the Pledgor. 

 

	 	7.2	 The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor is aware of or realize any event under Section 7.1 or any
event that may result in the foregoing events. 

  

	 	7.3	 Unless the event of default under Section 7.1 has been solved to the Pledgee’s satisfaction, the Pledgee, at any time when the event of
default happens or thereafter, may give a written Notice of Default to the Pledgor and require the Pledgor to immediately make full payment of the Loan and the outstanding Fees under the Service Agreement and other payables or exercise the Pledge
right in accordance with Section 8. 

  

	8.	 Exercise of the Pledge 

  

	 	8.1	 The Pledgor shall not transfer the Equity Interest without prior written consent of the Pledgee prior to the full repayment of the Loan or the Fees
under the Service Agreement (whichever date last occurs). 

  

	 	8.2	 The Pledgee shall give a Notice of Default to the Pledgor when the Pledgee exercises the right of pledge. 

 

	 	8.3	 Subject to Section 7.3, the Pledgee may exercise the right of pledge at any time when the Pledgee gives a Notice of Default in accordance with
Section 7.3 or thereafter. 

  

	 	8.4	 The Pledgee is entitled to a priority in receiving payment by the evaluation or proceeds from the auction or sale of whole or part of the Equity
Interest pledged herein in accordance with legal procedure until the unpaid Fees under the Service Agreement, the outstanding debt and all other payables of Pledgor under Loan Arrangement are repaid. 

 

	 	8.5	 The Pledgor shall not hinder the Pledgee from exercising the right of pledge in accordance with this Agreement and shall give necessary assistance
so that the Pledgee can realize the Pledge. 

  

	9.	 Assignment 

  

	 	9.1	 The Pledgor shall not donate or transfer there rights and obligations herein without prior consent of the Pledgee. 

  
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	 	9.2	 This Agreement shall be binding upon the Pledgor and the successors of the Pledgor, and be binding on the Pledgee and its each successor and
assignee. 

  

	 	9.3	 The Pledgee may transfer or assign its all or any rights and obligations under the Service Agreement, the Loan Arrangement and its supplementary
agreements to any individual it specifies (natural person or legal entity) at any time. In this case, the assignee shall enjoy and undertake the same rights and obligations herein of the Pledgee as if the assignee is a party hereto. When the Pledgee
transfers or assigns the rights and obligations under the Service Agreement, the Loan Arrangement and its supplementary agreements, and such transfer shall only be subject to a written notice serviced to the Pledgor, and at the request of the
Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment. 

  

	 	9.4	 After the Pledgee’s change resulting from the transfer or assignment, the new parties to the pledge shall execute a new pledge contract.

  

	10.	 Effectiveness and Term 

 The agreement is executed as of the date first set forth above and effective from the date when the pledge is recorded on the register of shareholders of Beijing Perusal. 

 

	11.	 Termination 

 This Agreement shall not be terminated until the Loan under the Loan Arrangement and the Fees under the Service Agreement are paid off and the Pledgor does not undertake any obligations under the Loan
Arrangement and Beijing Perusal does not undertake any obligations under the Service Agreement any more, and the Pledgee shall cancel or terminate this Agreement within reasonable time as soon as practicable thereafter. 

 

	12.	 Formalities Fees And Other Charges 

  

	 	12.1	 [The Pledgor] shall be responsible for all the fees and actual expenses in relation to this Agreement including but not limited to legal fees, cost
of production, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with the laws, [the Pledgor shall fully indemnify the Pledgee such taxes paid by the Pledgee.] 

 

	 	12.2	 [The Pledgor shall be responsible for all the fees (including but not limited to any taxes, formalities fees, management fees, litigation fees,
attorney’s fees, and various insurance premiums in connection with disposition of Pledge) incurred by the Pledgor for the reason that the Pledgor fails to pay any payable taxes, fees or charges for other reasons which cause the Pledgee to
recourse by any means or ways.] 

  

	13.	 Force Majeure 

  

	 	13.1	 Force Majeure, which includes but not limited to acts of governments, acts of nature, fire, explosion, typhoon, flood, earthquake, tide, lightning,
war, refers to any unforeseen events beyond the party’s reasonable control and cannot be prevented with reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s reasonable
control. The affected party by Force Majeure shall notify the other party of such event resulting in exemption promptly. 

  
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	 	13.2	 In the event that the affected party is delayed in or prevented from performing its obligations under this Agreement by Force Majeure, only within
the scope of such delay or prevention, the affected party will not be responsible for any damage by reason of such a failure or delay of performance. The affected party shall take appropriate means to minimize or remove the effects of Force Majeure
and attempt to resume performance of the obligations delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, both parties agree to resume the performance of this Agreement with their best efforts.

  

	14.	 Confidentiality 

 The parties of this agreement acknowledge and make sure that all the oral and written materials exchanged relating to this contract are confidential. All the parties have to keep them confidential and can
not disclose them to any other third party without other parties’ prior written approval, unless: (a) the public know and will know the materials (not because of the disclosure by any contractual party); (b) the disclosed materials
are required by laws or stock exchange rules; or (c) materials relating to this transaction are disclosed to parties’ legal consultants or financial advisors, however, who have to keep them confidential as well. Disclosure of the
confidential by Employees or hired institutions of the parties is deemed as the act by the parties, therefore, subjecting them to liability. 
  

	15.	 Dispute Resolution 

  

	 	15.1	 This Agreement shall be governed by and construed in accordance with the PRC law. 

 

	 	15.2	 The parties shall strive to settle any dispute arising from the interpretation or performance, or in connection with this Agreement through friendly
consultation. In case no settlement can be reached through consultation, each party can submit such matter to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the
current rules of CIETAC, and the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing. The arbitration award shall be final and binding upon the parties. 

 

	16.	 Notice 

 Any notice which is given by the parties hereto for the purpose of performing the rights and obligations hereunder shall be in writing. Where such notice is delivered in person, the time of notice is the
time when such notice actually reaches the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time when such notice is transmitted. If such notice does not reach the addressee on a business date or reaches the
addressee after the business time, the next business day following such day is the date of notice. The delivery place is the address first written above of the parties hereto or the address advised in writing including facsimile and telex from time
to time. 

  
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 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

Address: Baidu Campus, No. 10 Shangdi
10th Street, Haidian District, Beijing 

Telephone: 010-59928888 

Party B: Yazhu Zhang 
 Address: 
 Telephone: 

 

	17.	 Entire Agreement 

 Notwithstanding Section 10, all parties agree that this Agreement constitute the entire agreement of the Parties with respect to the subject matters therein upon its effectiveness and supersedes and
replaces all prior oral and/or written agreements and understandings relating to this Agreement. 
  

	18.	 Severability 

 Any provision of this Agreement which is invalid or unenforceable because of inconsistency with the relevant laws shall, as to that jurisdiction, be ineffective to the extent of such invalidity or
unenforceability, without affecting in any way the remaining provisions hereof. 
  

	19.	 Appendices 

 The appendices to this Agreement are integral parts of this Agreement. 
  

	20.	 Amendment or Supplement 

  

	 	20.1	 The parties may amend and supply this Agreement with a written agreement. The amendment and supplement duly executed and signed by both parties
shall be part of this Agreement and shall have the same legal effect as this Agreement. 

  

	 	20.2	 This Agreement and any amendments, modification, supplements, additions or changes hereto shall be in writing and come into effect upon being
executed and sealed by the parties hereto. 

  

	21.	 Copies of the Agreement 

 This Agreement is executed in Chinese in two originals, each party holding an original. All the originals shall have the same legal effect. 

[No text below] 

  
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 IN WITNESS WHEREOF, each party hereto have caused this Agreement to
be duly executed by its legal representative or authorized representative on its behalf as of the date first set forth above. 
  

					
		 	 Pledgee:
	  	Baidu Online Network Technology (Beijing) Co., Ltd.
		
		 	 Legal representative/authorized representative: /s/ Zhan Wang

		
		 	 Company seal: (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)

			
		 	 Pledgor:
	  	Yazhu Zhang
		
		 	 Signature: /s/ Yazhu Zhang

  
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 Appendix: 
  

	1.	 Register of shareholders of Beijing Perusal. 

  

	2.	 Resolutions of the General Shareholders’ Meeting of Beijing Perusal. 

  
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 Appendix I 
 Register of shareholders of Beijing Perusal 
 Name of the shareholder: Jiping Liu

 Residential address: 
 Capital contribution: RMB816,000,000 
 Percentage of capital contribution: 80%

 No. of the certificate of capital contribution: 
 Name of the shareholder: Yazhu Zhang 
 Residential address: 

Capital contribution: RMB204,000,000 
 Percentage of capital contribution: 20% 
 No. of the certificate of capital
contribution: 
 Jiping Liu holds 80% of the shares of Beijing Perusal Technology Co., Ltd. which have been
pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Yazhu Zhang holds 20% of the shares of Beijing
Perusal Technology Co., Ltd. which have been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 

Baidu Online Network Technology (Beijing) Co., Ltd. is the pledgee of 100% of the shares in Beijing Perusal Technology
Co., Ltd. 
 Beijing Perusal Technology Co., Ltd. 

Signature: 

Name: 
 Title:
Legal representative (with the company seal of Beijing Perusal Technology Co., Ltd.) 
 Date: 

  
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 Appendix II 
 Resolutions of the General Shareholders’ Meeting of Beijing Perusal 
 As for the Amended and Restated Equity Pledge Agreement executed on January 20, 2015 between the shareholders of Beijing Perusal Technology Co., Ltd. (the “Company”) and Baidu Online Network
Technology (Beijing) Co., Ltd., the general shareholders’ meeting of the Company made a resolution unanimously as follows: 
 Approve the shareholders of the Company to pledge all their equity interest of the company to Baidu Online Network Technology (Beijing) Co., Ltd. 

The resolution was executed and submitted on January 20, 2015 by the following shareholders: 

Shareholder: Jiping Liu 
 Signature: /s/ Jiping Liu 
 Shareholder: Yazhu Zhang 

Signature: /s/ Yazhu Zhang 

  
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 Amended and Restated Equity Pledge Agreement 3 

This Amended and Restated Equity Pledge Agreement (this “Agreement”), dated January 20, 2015 is made in Beijing
by and between: 
 Pledgee: 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 
 Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 
 Pledgor: 

Party B: Jiping Liu 
 Address: 
 WHEREAS: 

 

	1.	 Party A is a wholly foreign-owned enterprise registered in Beijing, the People’s Republic of China (the “PRC”).

  

	2.	 Party B is a citizen of the PRC and owns 80% of the equity interest in Beijing Perusal Technology Co., Ltd., a limited liability company registered
in Beijing, PRC (“Beijing Perusal”). 

  

	3.	 Party A and Party B entered into the Amended and Restated Loan Agreement on January 20, 2015, pursuant to which Party A made a loan in an amount of
RMB816,000,000 (the “Loan”) to Party B (the “Loan Arrangement”). The amount of Party B’s debt obligation is RMB816,000,000. 

  

	4.	 Party A and Beijing Perusal entered into the Exclusive Technology Consulting and Service Agreement (the “Service Agreement”) on June 23,
2006. The term of the Service Agreement is 10 years. Pursuant to the Service Agreement, Beijing Perusal shall pay Party A consulting and service fees (the “Fees”) for the technology consulting and services provided by Party A.

  

	5.	 In order to ensure that Party B will perform the obligations under the Loan Agreement and Party A can collect the Fees from Beijing Perusal which is
held by Party B, Party B agrees to pledge all the equity interest in Beijing Perusal as security for the Loan and the Fees. Therefore, Party A (the “Pledgee”) and Party B (the “Pledgor”) intend to enter into this Agreement to
specify their rights and obligations. 

 NOW THEREFORE, through friendly negotiation, the Pledgee and
the Pledgor agree as follows: 
  

	1.	 Definitions: 

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

	 	1.1	 “Pledge” shall have the meaning specified in Section 2 of this Agreement. 

  
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	 	1.2	 “Equity Interest”: refers to all of the equity interest in Beijing Perusal legally held by the Pledgor. 

 

	 	1.3	 “Rate of Pledge”: refers to the ratio between the value of the Pledge under this Agreement and the total amount of the Loan and the Fees.

  

	 	1.4	 “Term of Pledge”: refers to the period specified in Section 3.2 of this Agreement. 

 

	 	1.5	 “Principal Agreements”: refers to the Service Agreement and the agreements under the Loan Arrangement. 

 

	 	1.6	 “Event of Default”: refers to any event listed in Section 7.1 of this Agreement. 

 

	 	1.7	 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement.

  

	2.	 Pledge 

 The Pledgor agrees to pledge the Equity Interest in Beijing Perusal to the Pledgee as security for (i) the obligations under the Loan Arrangement; and (ii) the obligations of Beijing Perusal
under the Service Agreement. “Pledge” refers to the right of the Pledgee to be entitled to priority in receiving payment in the form of the Equity Interest based on the conversion value thereof, or from the proceeds from the auction or
sale of the Equity Interest pledged by the Pledgor to the Pledgee. 
  

	3.	 Rate of Pledge and Term of Pledge 

  

	 	3.1	 Rate of Pledge 

 The rate of the Pledge shall be approximately 100%. 
  

	 	3.2	 Term of Pledge 

  

	 	3.2.1	 The Pledge shall take effect as of the date when the pledge of the Equity Interest is recorded in the register of shareholders of Beijing Perusal
and registered with the competent industrial and commercial authorities, and shall remain in effect until two (2) years after the obligations under the Principal Agreements have been fulfilled. 

 

	 	3.2.2	 During the Term of Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance with this Agreement in the event that
Pledgor do not perform the obligation under the Loan Arrangement or Beijing Perusal fails to pay the Fees under the Service Agreement. 

  
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	4.	 Physical Possession Of Pledge Documents 

  

	 	4.1	 During the Term of Pledge under this Agreement, the Pledgor shall deliver the physical possession of the certificate of capital contribution and the
register of shareholders of Beijing Perusal to the Pledgee within one (1) week after the date of this Agreement. 

  

	 	4.2	 The Pledgee shall be entitled to collect the dividends for the Equity Interest. 

 

	 	4.3	 The Pledge under this Agreement will be recorded in the register of shareholders of Beijing Perusal (see Appendix I).

  

	5.	 Representation and Warranty of the Pledgor 

  

	 	5.1	 The Pledgor is the legal owner of the Equity Interest pledged. The Pledge has been duly approved by the shareholders’ resolutions (see Appendix
II). 

  

	 	5.2	 The Pledgor did not pledge the Equity Interest and the Equity Interest is not encumbered to any other person except for the Pledgee.

  

	6.	 Undertaking of the Pledgor 

  

	 	6.1	 During the effective term of this Agreement, the Pledgor undertakes to the Pledgee for its benefit that the Pledgor shall:

  

	 	6.1.1	 Not transfer the Equity Interest, create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Pledgee
without prior written consent from the Pledgee; 

  

	 	6.1.2	 Comply with and implement laws and regulations with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with
respect to the Pledge issued or made by the competent authority within five (5) days upon receiving such notices, orders or suggestions; and comply with such notices, orders or suggestions; or object to the foregoing matters at the reasonable
request of the Pledgee or with consent from the Pledgee; 

  

	 	6.1.3	 Timely notify the Pledgee of any events or any received notices which may affect the Pledgor’s Equity Interest or any part of the
Pledgor’s right, and any events or any received notices which may change the Pledgor’s any warranty and obligation under this Agreement or affect the Pledgor’s performance of the obligations under this Agreement.

  

	 	6.2	 The Pledgor agrees that the Pledgee’s right to the Pledge under this Agreement shall not be suspended or inhibited by any legal procedure
launched by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any such other person. 

  

	 	6.3	 The Pledgor undertakes to the Pledgee that in order to protect or perfect the security for the payment of the Loan and the Fees, the Pledgor shall
execute in good faith and cause other parties who have interests in the Pledge to execute all the title certificates, contracts, and perform actions and cause other parties who have interests to take action, as required by the Pledgee, and
facilitate the Pledgee to exercise its rights under this Agreement. 

  
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	 	6.4	 The Pledgor undertakes to the Pledgee to execute all amendment documents (if applicable and necessary) in connection to the certificate of the
Equity Interest with the Pledgee or its designated person (natural person or a legal entity), and provide the notice, order and decision to the Pledgee within reasonable time if the Pledgee considers necessary. 

 

	 	6.5	 The Pledgor undertakes to the Pledgee to comply with and perform all the guarantees, covenants, warranties, representations and conditions for the
benefits of the Pledgee. The Pledgor shall compensate all the losses suffered by the Pledgee for the reasons that the Pledgor does not perform or fully perform such guarantees, covenants, warranties, representations and conditions.

  

	 	6.6	 During the term of this agreement, in order to preserve and increase the value of the pledged Equity Interest, the Pledgor shall refrain from any
act or omission that may negatively affect the value of the pledged Equity Interest. If any events that may negatively affect the value of the pledged Equity Interest or the Pledgor’s obligation under this Agreement occurs, the Pledgor shall
notify the Pledgee immediately, and the Pledgor shall provide financial guarantee for the amount of decrease in the value of the pledged Equity Interest in a form satisfactory to the Pledgee, if so requested by the Pledgee.

  

	 	6.7	 Under the applicable law, the Pledgor shall undertake, or actively cooperate with the Pledgee to assist the Pledgee, to complete the relevant
registration, filing or any other procedures required by the law and regulations in respect of the pledged Equity Interest. 

  

	7.	 Event Of Default 

  

	 	7.1	 The following events shall be regarded as events of default: 

 

	 	7.1.1	 The Pledgor fails to perform the obligations under the Loan Arrangement and its supplementary agreements; 

 

	 	7.1.2	 Beijing Perusal fails to make full payment of the Fees as scheduled under the Service Agreement; 

 

	 	7.1.3	 The Pledgor makes any material misleading or mistaken representations or warranties under Section 5, and/or the Pledgor breaches any warranties
under Section 5; 

  

	 	7.1.4	 The Pledgor breaches the covenants under Section 6; 

 

	 	7.1.5	 The Pledgor breaches other terms or conditions herein; 

 

	 	7.1.6	 The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity Interest without prior written consent of the Pledgee;

  

	 	7.1.7	 The Pledgor’s any external loan, security, compensation, covenants or any other compensation liabilities (1) are required to be repaid or
performed prior to the scheduled date due to breach; or (2) are due but can not be repaid or performed as scheduled and thereby cause the Pledgee to believe that the Pledgor’s capacity to perform the obligations herein is affected;

  

	 	7.1.8	 Beijing Perusal is incapable of repaying the general debt or other debt; 

 

	 	7.1.9	 This Agreement is illegal or the Pledgor is not capable of continuing to perform the obligations herein due to any reason except force majeure;

  
 16 

	 	7.1.10	 The property of the Pledgor is adversely changed causing the Pledgee to believe that the capability of the Pledgor to perform the obligations herein
is affected; 

  

	 	7.1.11	 The successors or agents of Beijing Perusal are only able to perform a portion of or refuse to perform the payment obligation under the Service
Agreement; 

  

	 	7.1.12	 The breach of the other terms by action or omission under this Agreement by the Pledgor. 

 

	 	7.2	 The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor is aware of or realize any event under Section 7.1 or any
event that may result in the foregoing events. 

  

	 	7.3	 Unless the event of default under Section 7.1 has been solved to the Pledgee’s satisfaction, the Pledgee, at any time when the event of
default happens or thereafter, may give a written Notice of Default to the Pledgor and require the Pledgor to immediately make full payment of the Loan and the outstanding Fees under the Service Agreement and other payables or exercise the Pledge
right in accordance with Section 8. 

  

	8.	 Exercise of the Pledge 

  

	 	8.1	 The Pledgor shall not transfer the Equity Interest without prior written consent of the Pledgee prior to the full repayment of the Loan or the Fees
under the Service Agreement (whichever date last occurs). 

  

	 	8.2	 The Pledgee shall give a Notice of Default to the Pledgor when the Pledgee exercises the right of pledge. 

 

	 	8.3	 Subject to Section 7.3, the Pledgee may exercise the right of pledge at any time when the Pledgee gives a Notice of Default in accordance with
Section 7.3 or thereafter. 

  

	 	8.4	 The Pledgee is entitled to a priority in receiving payment by the evaluation or proceeds from the auction or sale of whole or part of the Equity
Interest pledged herein in accordance with legal procedure until the unpaid Fees under the Service Agreement, the outstanding debt and all other payables of Pledgor under Loan Arrangement are repaid. 

 

	 	8.5	 The Pledgor shall not hinder the Pledgee from exercising the right of pledge in accordance with this Agreement and shall give necessary assistance
so that the Pledgee can realize the Pledge. 

  

	9.	 Assignment 

  

	 	9.1	 The Pledgor shall not donate or transfer there rights and obligations herein without prior consent of the Pledgee. 

  
 17 

	 	9.2	 This Agreement shall be binding upon the Pledgor and the successors of the Pledgor, and be binding on the Pledgee and its each successor and
assignee. 

  

	 	9.3	 The Pledgee may transfer or assign its all or any rights and obligations under the Service Agreement, the Loan Arrangement and its supplementary
agreements to any individual it specifies (natural person or legal entity) at any time. In this case, the assignee shall enjoy and undertake the same rights and obligations herein of the Pledgee as if the assignee is a party hereto. When the Pledgee
transfers or assigns the rights and obligations under the Service Agreement, the Loan Arrangement and its supplementary agreements, and such transfer shall only be subject to a written notice serviced to the Pledgor, and at the request of the
Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment. 

  

	 	9.4	 After the Pledgee’s change resulting from the transfer or assignment, the new parties to the pledge shall execute a new pledge contract.

  

	10.	 Effectiveness and Term 

 The agreement is executed as of the date first set forth above and effective from the date when the pledge is recorded on the register of shareholders of Beijing Perusal. 

 

	11.	 Termination 

 This Agreement shall not be terminated until the Loan under the Loan Arrangement and the Fees under the Service Agreement are paid off and the Pledgor does not undertake any obligations under the Loan
Arrangement and Beijing Perusal does not undertake any obligations under the Service Agreement any more, and the Pledgee shall cancel or terminate this Agreement within reasonable time as soon as practicable thereafter. 

 

	12.	 Formalities Fees And Other Charges 

  

	 	12.1	 [The Pledgor] shall be responsible for all the fees and actual expenses in relation to this Agreement including but not limited to legal fees, cost
of production, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with the laws, [the Pledgor shall fully indemnify the Pledgee such taxes paid by the Pledgee.] 

 

	 	12.2	 [The Pledgor shall be responsible for all the fees (including but not limited to any taxes, formalities fees, management fees, litigation fees,
attorney’s fees, and various insurance premiums in connection with disposition of Pledge) incurred by the Pledgor for the reason that the Pledgor fails to pay any payable taxes, fees or charges for other reasons which cause the Pledgee to
recourse by any means or ways.] 

  

	13.	 Force Majeure 

  

	 	13.1	 Force Majeure, which includes but not limited to acts of governments, acts of nature, fire, explosion, typhoon, flood, earthquake, tide, lightning,
war, refers to any unforeseen events beyond the party’s reasonable control and cannot be prevented with reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s reasonable
control. The affected party by Force Majeure shall notify the other party of such event resulting in exemption promptly. 

  
 18 

	 	13.2	 In the event that the affected party is delayed in or prevented from performing its obligations under this Agreement by Force Majeure, only within
the scope of such delay or prevention, the affected party will not be responsible for any damage by reason of such a failure or delay of performance. The affected party shall take appropriate means to minimize or remove the effects of Force Majeure
and attempt to resume performance of the obligations delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, both parties agree to resume the performance of this Agreement with their best efforts.

  

	14.	 Confidentiality 

 The parties of this agreement acknowledge and make sure that all the oral and written materials exchanged relating to this contract are confidential. All the parties have to keep them confidential and can
not disclose them to any other third party without other parties’ prior written approval, unless: (a) the public know and will know the materials (not because of the disclosure by any contractual party); (b) the disclosed materials
are required by laws or stock exchange rules; or (c) materials relating to this transaction are disclosed to parties’ legal consultants or financial advisors, however, who have to keep them confidential as well. Disclosure of the
confidential by Employees or hired institutions of the parties is deemed as the act by the parties, therefore, subjecting them to liability. 
  

	15.	 Dispute Resolution 

  

	 	15.1	 This Agreement shall be governed by and construed in accordance with the PRC law. 

 

	 	15.2	 The parties shall strive to settle any dispute arising from the interpretation or performance, or in connection with this Agreement through friendly
consultation. In case no settlement can be reached through consultation, each party can submit such matter to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the
current rules of CIETAC, and the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing. The arbitration award shall be final and binding upon the parties. 

 

	16.	 Notice 

 Any notice which is given by the parties hereto for the purpose of performing the rights and obligations hereunder shall be in writing. Where such notice is delivered in person, the time of notice is the
time when such notice actually reaches the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time when such notice is transmitted. If such notice does not reach the addressee on a business date or reaches the
addressee after the business time, the next business day following such day is the date of notice. The delivery place is the address first written above of the parties hereto or the address advised in writing including facsimile and telex from time
to time. 

  
 19 

 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

Address: Baidu Campus, No. 10 Shangdi
10th Street, Haidian District, Beijing 

Telephone: 010-59928888 

Party B: Jiping Liu 
 Address: 
 Telephone: 

 

	17.	 Entire Agreement 

 Notwithstanding Section 10, all parties agree that this Agreement constitute the entire agreement of the Parties with respect to the subject matters therein upon its effectiveness and supersedes and
replaces all prior oral and/or written agreements and understandings relating to this Agreement. 
  

	18.	 Severability 

 Any provision of this Agreement which is invalid or unenforceable because of inconsistency with the relevant laws shall, as to that jurisdiction, be ineffective to the extent of such invalidity or
unenforceability, without affecting in any way the remaining provisions hereof. 
  

	19.	 Appendices 

 The appendices to this Agreement are integral parts of this Agreement. 
  

	20.	 Amendment or Supplement 

  

	 	20.1	 The parties may amend and supply this Agreement with a written agreement. The amendment and supplement duly executed and signed by both parties
shall be part of this Agreement and shall have the same legal effect as this Agreement. 

  

	 	20.2	 This Agreement and any amendments, modification, supplements, additions or changes hereto shall be in writing and come into effect upon being
executed and sealed by the parties hereto. 

  

	21.	 Copies of the Agreement 

 This Agreement is executed in Chinese in two originals, each party holding an original. All the originals shall have the same legal effect. 

[No text below] 

  
 20 

 IN WITNESS WHEREOF, each party hereto have caused this Agreement to
be duly executed by its legal representative or authorized representative on its behalf as of the date first set forth above. 
  

					
		 	 Pledgee:
	  	Baidu Online Network Technology (Beijing) Co., Ltd.
		
		 	 Legal representative/authorized representative: /s/ Zhan Wang

		
		 	 Company seal: (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)

			
		 	 Pledgor:
	  	Jiping Liu
		
		 	 Signature: /s/ Jiping Liu

  
 21 

 Appendix: 
  

	1.	 Register of shareholders of Beijing Perusal. 

  

	2.	 Resolutions of the General Shareholders’ Meeting of Beijing Perusal. 

  
 22 

 Appendix I 
 Register of shareholders of Beijing Perusal 
 Name of the shareholder: Jiping Liu

 Residential address: 
 Capital contribution: RMB816,000,000 
 Percentage of capital contribution: 80%

 No. of the certificate of capital contribution: 
 Name of the shareholder: Yazhu Zhang 
 Residential address: 

Capital contribution: RMB204,000,000 
 Percentage of capital contribution: 20% 
 No. of the certificate of capital
contribution: 
 Jiping Liu holds 80% of the shares of Beijing Perusal Technology Co., Ltd. which have been
pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Yazhu Zhang holds 20% of the shares of Beijing
Perusal Technology Co., Ltd. which have been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 

Baidu Online Network Technology (Beijing) Co., Ltd. is the pledgee of 100% of the shares in Beijing Perusal Technology
Co., Ltd. 
 Beijing Perusal Technology Co., Ltd. 

Signature: 

Name: 
 Title:
Legal representative (with the company seal of Beijing Perusal Technology Co., Ltd.) 
 Date: 

  
 23 

 Appendix II 
 Resolutions of the General Shareholders’ Meeting of Beijing Perusal 
 As for the Amended and Restated Equity Pledge Agreement executed on January 20, 2015 between the shareholders of Beijing Perusal Technology Co., Ltd. (the “Company”) and Baidu Online Network
Technology (Beijing) Co., Ltd., the general shareholders’ meeting of the Company made a resolution unanimously as follows: 
 Approve the shareholders of the Company to pledge all their equity interest of the Company to Baidu Online Network Technology (Beijing) Co., Ltd. 

The resolution was executed and submitted on January 20, 2015 by the following shareholders: 

Shareholder: Jiping Liu 
 Signature: /s/ Jiping Liu 
 Shareholder: Yazhu Zhang 

Signature: /s/ Yazhu Zhang 

  
 24EX-4.26

 Exhibit 4.26 
 (English Translation) 
 Amended and Restated Equity Purchase Option Agreement 3

 This Amended and Restated Equity Purchase Option Agreement (this “Agreement”) is entered into
by and among the following parties as of January 20, 2015 in Beijing: 
  

					
		 	 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.

		 	 Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing

		
		 	 Party B: Jiping Liu

		
		 	 Party C: Beijing Perusal Technology Co., Ltd.

		 	 Address:
	 	 Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8

Northeast Wangxi Road, Haidian District, Beijing

 Parties A, B and C are referred to as a “Party” individually and
“Parties” collectively hereinafter. 
 WHEREAS: 

 

	1.	 Party A, a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the “PRC”), which has
technology expertise and practical experience in computer software development and design, and also has rich experience and professionals in information technology and service; 

 

	2.	 Party C is a limited liability company incorporated in the PRC and engages in value-added telecommunication services, including internet information
services. 

  

	3.	 Party B is a shareholder of Party C, holding 80% of the shares in Party C. 

 

	4.	 Parties A and B entereed into the Amended and Restated Loan Agreement on January 20, 2015, pursuant to which Party B obtained an interest-free loan
of RMB816,000,000 from Party A (the “Loan Arrangement”) for Party B to invest in Party C. 

  

	5.	 Parties A and C entered into a series of agreements, including Exclusive Technology Consulting and Service Agreement (the “Service
Agreement”), on June 23, 2006. 

  

	6.	 Parties A and B entered into the Amended and Restated Equity Pledge Agreement (the “Equity Pledge Agreement) on January 20, 2015.

 NOWTHEREFORE, the parties agree as follows: 

 

	1.	 Purchase and Sale of Equity Interest 

  

	1.1	 Grant of Rights 

 Party B (the “Transferor”) hereby irrevocably grants to Party A an option to purchase or cause any designated person(s) (“Designated Persons”) to purchase, to the extent permitted
under PRC Law, according to the steps determined by Party A, at the price specified in Section 1.3 of this Agreement, at any time from the Transferor a portion or all of the equity interests held by Transferor in Party C (the
“Option”). No Option shall be granted to any third party other than Party A and/or the Designated Persons. Party C hereby agrees to the granting of the Option by Party B to Party A and/or the Designated Persons. The “person” set
forth in this clause and this Agreement means an individual person, corporation, joint venture, partnership, enterprise, trust or a non-corporation organization. 

  
 1 

	1.2	 Exercise Steps 

 Subject to the stipulations of PRC laws and regulation, Party A and/or the Designated Persons may exercise Option by issuing a written notice (the “Notice”) to the Transferor and specifying the
equity interest purchased from Transferor (the “Purchased Equity Interest”) and the manner of purchase. 
  

	1.3	 Purchase Price 

  

	 	1.3.1	 For Party A to exercise the Option, the purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the actual paid-in price of the Purchased Equity Interest by the Transferor, unless the applicable PRC laws and regulations require appraisal of the equity interests or stipulate other restrictions on the purchase price of
equity interests. 

  

	 	1.3.2	 If the applicable PRC laws require appraisal of the equity interests or stipulates other restrictions on the purchase price of Equity Interest at
the time that Party A exercise the Option, the Parties agree that the Purchase Price shall be set at the lowest price permissible under the applicable laws. 

 

	1.4	 Transfer of the Purchased Equity Interest 

 Upon the exercise of the Option: 
  

	 	1.4.1	 The Transferor shall, upon the terms and conditions of this Agreement and the Notice related to the Purchased Equity Interest, enter into Equity
Interest Transfer Agreement with Party A and/or the Designated Persons (as applicable) in form satisfactory to Party A; 

  

	 	1.4.2	 The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government,
conduct all necessary actions, without any security interest or other conditions, transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons, and cause Party A and/or the Designated Persons to be the
registered owner of the Purchased Equity Interest. In this Clause and this Agreement, “Security Interest” includes but is not limited to the ensure, mortgage, pledge, the right or interest of the third party, any purchase right of equity
interest, right of acquisition, right of first refusal, right of set-off, ownership detainment or other security arrangements. But it does not include any security interest subject to the Equity Pledge
Agreement. 

  
 2 

	1.5	 Payment 

 The payment of the Purchase Price shall be determined by the consultation of Party A and/or the Designated Persons with the Transferor according to the applicable laws at the performance of Option. The
Parties hereby agree that, subject to compliance with applicable laws and regulations, Transferor shall repay any amount that is paid by Party A and/or the Designated Persons to Transferor in connection with the Purchased Equity Interest to Party A
(provided however that the Transferor may deduct from such repayment the amount of taxes and fees, if any, that were incurred as a result of the transaction contemplated by the Equity Interest Transfer Agreement). 

 

	2.	 Undertakings related to the Equity Interest 

 

	2.1	 Undertakings related to Party C 

 Party B and Party C hereby undertake that in relation to Party C: 
  

	 	2.1.1	 Without prior written consent by Party A, not, in any form, to supplement, amend or modify the Articles of Association of Party C, to increase or
decrease registered capital of the corporation, or to change the structure of the registered capital in any other forms; 

  

	 	2.1.2	 According to fair finance and business standard and tradition, to maintain the existence of the corporation, prudently and effectively operate
business and deal with works; 

  

	 	2.1.3	 Without prior written consent by Party A, not, upon the execution of this Agreement, to sale, transfer, mortgage or dispose, in any other form, any
asset, legitimate or beneficial interest of business or income of Party C, or to approve any other security interest set on it; 

  

	 	2.1.4	 Without prior written notice by Party A, not cause, inherit, guarantee or allow the existence of any debt, other than (i) the debt arising from
normal or daily business but not from borrowing; and (ii) the debt disclosed to Party A and obtained the written consent from Party A; 

  

	 	2.1.5	 To normally operate all business to maintain the asset value of Party C, without make any action or nonfeasance that sufficiently affects its
operation and asset value; 

  

	 	2.1.6	 Without prior written consent by Party A, not to enter into any material agreement, other than the agreements in the process of normal business (as
in this paragraph, the amount in the Agreement that exceeds five hundred thousand Yuan (RMB 500,000) shall be deemed as a material agreement); 

  

	 	2.1.7	 Without prior written consent by Party A, not to provide loan or credit loan to any others; 

 

	 	2.1.8	 Upon the request of Party A, to provide all materials of operation and finance of Party C; 

 

	 	2.1.9	 Purchases and holds the insurance from the insurance company accepted by Party A. The insurance amount and category shall be the same with those
held by the companies in the same area, operating the similar business and owning the similar properties and assets with Party C; 

  
 3 

	 	2.1.10	 Without prior written consent by Party A, not to merger or associate with any person, or acquire or invest in any person;

  

	 	2.1.11	 To notify Party A of the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the assets,
business and income of Party C; 

  

	 	2.1.12	 In order to keep the ownership of Party C to all its assets, to execute all requisite or appropriate documents, do all requisite or appropriate
action, and advance all requisite or appropriate accusation, or make requisite or appropriate plea for all claims; 

  

	 	2.1.13	 Without prior written notice by Party A, not to assign dividends in any form to shareholders in any form, but to assign all or part of its
assignable profits to their own shareholders upon the request by Party A; 

  

	 	2.1.14	 According to the request of Party A, to appoint any person designated by Party A to be the directors of Party C. 

 

	2.2	 Undertakings related to the Transferor 

 Party B hereby undertakes: 
  

	 	2.2.1	 Without prior written consent by Party A, not, upon the execution of this Agreement, to sell, transfer, mortgage or dispose in any other form any
legitimate or beneficial interest of equity interest, or to approve any other security interest set on it, with the exception of the pledge set on the equity interest of the Transferor subject to the Equity Pledge Agreement;

  

	 	2.2.2	 Without the prior written notice by Party A, not to decide or support or execute any shareholders resolution on the Party C’s
shareholders’ meeting that approves any sale, transfer, mortgage or dispose of any legitimate or beneficial interest of equity interest, or allows any other security interest set on it, other than the pledge on the equity interests of
Transferor pursuant to Equity Pledge Agreement; 

  

	 	2.2.3	 With no prior written notice by Party A, not to agree or support or execute any shareholders resolution on the Party C’s shareholders’
meeting that approves Party C to merger or associate with any person, acquire any person or invest in any person; 

  

	 	2.2.4	 To notify Party A the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the equity
interest owned by Party B; 

  

	 	2.2.5	 In order to keep its ownership of the equity interest, to execute all requisite or appropriate documents, conduct all requisite or appropriate
actions, and make all requisite or appropriate claims, or make requisite or appropriate defense against claims of compensation; 

  
 4 

	 	2.2.6	 Upon the request of Party A, to appoint any person designated by Party A to be the directors of Party C; 

 

	 	2.2.7	 Upon the request of Party A at any time, to transfer its equity interest immediately to the representative designated by Party A unconditionally at
any time and abandon its prior right of first refusal of such equity interest transferring to another current shareholder; 

  

	 	2.2.8	 To prudently comply with the provisions of this Agreement and other agreements entered into collectively or respectively by the Transferor, Party C
and Party A and perform all obligations under these agreements, without taking any action or any nonfeasance that sufficiently affects the validity and enforceability of these agreements; 

 

	 	2.2.9	 To transfer all the dividends and profits in any other forms distributed by Party C to Party A. 

 

	2.3	 Undertakings related to Party A 

 Party A undertakes: 
  

	 	2.3.1	 Party A shall provide unlimited financial support to Party C unconditionally within an acceptable and reasonable scope when Party C needs any loan
or financial support in any other form during its course of business; 

  

	 	2.3.2	 Party A agrees to waive its right to Party C’s repayment to the loans provided by Party A when Party C incurs losses during its operation and
is unable to repay. Such inability of repayment shall be supported by sufficient evidence. 

  

	3.	 Representations and Warranties 

 As of the execution date of this Agreement and every transferring date, the Transferor and Party C hereby represent and warrant collectively and respectively to Party A as follows: 

 

	3.1	 It has the power and ability to enter into and deliver this Agreement, and any equity interest transferring Agreement (a “Transferring
Agreement”, respectively) to which it is a party, for every single transfer of the Purchased Equity Interest according to this Agreement, and to perform its obligations under this Agreement and any Transferring Agreement. Upon execution, this
Agreement and the Transferring Agreements to which it is a party constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

 

	3.2	 The execution, delivery of this Agreement and any Transferring Agreement and performance of the obligations under this Agreement and any
Transferring Agreement does not: (i) cause to violate any relevant laws and regulations of PRC; (ii) constitute a conflict with its Articles of Association or other organizational documents; (iii) cause to breach any agreement or
instruments to which it is a party or having binding obligation on it, or constitute the breach under any agreement or instruments to which it is a party or having binding obligation on it; (iv) cause to violate relevant authorization of any
consent or approval to it and/or any continuing valid condition; or (v) cause any consent or approval authorized to it to be suspended, removed, or into which other requests be added; 

  
 5 

	3.3	 Party C bears the kind and sellable ownership of all assets. Party C does not set any security interest on the said assets;

  

	3.4	 Party C does not have any unpaid debt, other than (i) debt arising from its normal business; and (ii) debt disclosed to Party A and
obtained by the written consent from Party A; 

  

	3.5	 No litigation, arbitration or administrative procedure relevant to the equity interest and assets of Party C or the corporation is in the process,
to be settled or potentially take place; 

  

	3.6	 The Transferor bears the fair and salable ownership of its equity interest without setting any security interest on the aforesaid assets, other than
the security interest pursuant to the Equity Pledge Agreement. 

  

	4.	 Assignment of Agreement 

  

	4.1	 Party B and Party C shall not transfer their rights and obligations under this Agreement to any third party without the prior written consent of the
Party A. 

  

	4.2	 Party B and Party C hereby agree that Party A shall be able to transfer all of its rights and obligation under this Agreement to any third party
with its needs, and such transfer shall only be subject to a written notice sent to Party B and Party C by Party A, and no any further consent from Party B and Party C will be required. 

 

	5.	 Effective Date and Term 

  

	5.1	 This Agreement shall be effective as of the date first set forth above. 

 

	5.2	 This Agreement shall be terminated upon the legal transfer of all the shares held by Party B to Party A and/or its Designated Person pursuant to
this Agreement. 

  

	5.3	 If Party A or Party C is terminated by the expiration of its operating period (including any extended period) or other causes in the term set forth
in Section 5.2, this Agreement shall be terminated simultaneously, except Party A has transferred its rights and obligations in accordance with Section 4.2 of this Agreement. 

 

	6.	 Applicable Law and Dispute Resolution 

  

	6.1	 Applicable Law 

 The execution, validity, construing and performance of this Agreement and the disputes resolution under this Agreement shall be governed by the laws of PRC. 

  
 6 

	6.2	 Dispute Resolution 

 The parties shall strive to settle any dispute arising from the interpretation or performance in connection with this Agreement through friendly consultation. In case no settlement can be reached through
consultation within thirty (30) days after such dispute is raised, each party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration shall
take place in Beijing and the proceedings shall be conducted in Chinese. The arbitration award shall be final conclusive and binding upon both parties. 
  

	7.	 Taxes and Expenses 

 Every Party shall, according to the PRC laws, bear any and all registering taxes, costs and expenses for equity transfer arising from the preparation and execution of this Agreement and all Transferring
Agreements, and the completion of the transactions under this Agreement and all Transferring Agreements. 
  

	8.	 Notices 

 Notices or other communications required to be given by any party pursuant to this Agreement shall be written in English and Chinese and delivered personally or sent by registered mail or postage prepaid
mail or by a recognized courier service or by facsimile transmission to the address of relevant each party or both parties set forth below or other address of the party or of the other addressees specified by such party from time to time. The date
when the notice is deemed to be duly served shall be determined as the follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the
date when the air registered mail with postage prepaid has been sent out (as is shown on the postmark), or the fourth (4th) day after the delivery date to the internationally recognized courier service agency; and (c) a notice sent by
facsimile transmission is deemed duly served upon the receipt time as is shown on the transmission confirmation of relevant documents. 
  

					
		 	 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.

		 	 Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing

		 	 Telephone: 010-59928888

		 	 Fax: 010-59928888

		
		 	 Party B: Jiping Liu

		 	 Address:

		 	 Telephone:

		 	 Fax:

		
		 	 Party C: Beijing Perusal Technology Co., Ltd.

		 	 Address:
	 	 Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8

Northeast Wangxi Road, Haidian District, Beijing

		 	 Fax:

		 	 Telephone:

  
 7 

	9.	 Confidentiality 

 The Parties acknowledge and confirm any oral or written materials exchanged by the Parties in connection with this Agreement are confidential. The Parties shall maintain the secrecy and confidentiality of
all such materials. Without the written approval by the other Parties, any Party shall not disclose to any third party any relevant materials, but the following circumstances shall be excluded: 

 

	 	a.	 The materials that is known or may be known by the public (but not include the materials disclosed by each party receiving the materials);

  

	 	b.	 The materials required to be disclosed subject to the applicable laws or the rules or provisions of stock exchange; or 

 

	 	c.	 The materials disclosed by each Party to its legal or financial consultant relating the transaction of this Agreement, and this legal or financial
consultant shall comply with the confidentiality set forth in this Section. The disclosure of the confidential materials by staff or employed institution of any Party shall be deemed as the disclosure of such materials by such Party, and such Party
shall bear the liabilities for breaching the contract. This Clause shall survive whatever this Agreement is invalid, amended, revoked, terminated or unable to implement by any reason. 

The disclosure of information by the staff of consultants of any party shall be deemed as the disclosure by the party
itself. This Section 9 shall survive any invalidity, termination, expiration or unenforceability of this Agreement. 
  

	10.	 Further Warranties 

 The Parties agree to promptly execute documents reasonably required to perform the provisions and the aim of this Agreement or documents beneficial to it, and to take actions reasonably required to
perform the provisions and the aim of this Agreement or actions beneficial to it. 
  

	11.	 Miscellaneous 

  

	11.1	 Amendment, Modification and Supplement 

 Any amendment and supplement of this Agreement shall be made by the Parties in writing. The amendment and supplement duly executed by each Party shall be deemed as a part of this Agreement and shall have
the same legal effect as this Agreement. 
  

	11.2	 Entire Agreement 

 Notwithstanding Section 5 of this Agreement, the Parties acknowledge that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters therein and supercede and
replace all prior or contemporaneous agreements and understandings orally or/and in writing. 

  
 8 

	11.3	 Severability 

 If any provision of this Agreement is judged as invalid or non-enforceable according to relevant Laws, the provision shall be deemed invalid only within the
applicable area of the PRC Laws, and the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through fairly consultation, replace those invalid, illegal or non-enforceable provisions with valid provisions that may bring the similar economic effects with the effects caused by those invalid, illegal or non-enforceable provisions.

  

	11.4	 Headings 

 The headings contained in this Agreement are for the convenience of reference only and shall not affect the interpretation, explanation or in any other way the meaning of the provisions of this Agreement.

  

	11.5	 Language and Copies 

 This Agreement is executed in Chinese in three (3) copies; each Party holds one and each original copy has the same legal effect. 

 

	11.6	 Successor 

 This Agreement shall bind and benefit the successor of each Party and the transferee allowed by each Party. 
  

	11.7	 Survival 

 Any obligation taking place or at term hereof prior to the end or termination ahead of the end of this Agreement shall continue in force and effect notwithstanding the occurrence of the end or termination
ahead of the end of the Agreement. Sections 6, 8, 9 and 11.7 hereof shall continue in force and effect after the termination of this Agreement. 
  

	11.8	 Waiver 

 Any Party may waive the terms and conditions of this Agreement in writing with the signature of the Parties. Any waiver by a Party to the breach by other Parties within certain situation shall not be
construed as a waiver to any similar breach by other Parties within other situations. 
 [No text below] 

  
 9 

 IN WITNESS THEREFORE, the parties hereof have caused this Agreement
to be executed by their duly authorized representatives as of the date first written above. 
  

							
		 	Party A: Baidu Online Network Technology (Beijing) Co., Ltd.	 	
		 	Legal representative/Authorized representative:	 	 /s/ Zhan Wang
	 	

							
		 	 Company seal: (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)

				
		 	 Party B: Jiping Liu
	 		 	
		 	 Signature: /s/ Jiping Liu
	 		 	
		 	 Company seal:
	 		 	
			
		 	Party C: Beijing Perusal Technology Co., Ltd.	 	
		 	Legal representative/Authorized representative:	 	 /s/ Zhan Wang
	 	

			
		 	 Company seal: (with the company seal of Beijing Perusal Technology Co., Ltd.)

  
 10 

 Amended and Restated Equity Purchase Option Agreement 3 

This Amended and Restated Equity Purchase Option Agreement (this “Agreement”) is entered into by and among the
following parties as of January 20, 2015 in Beijing: 
  

					
		 	 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.

		 	 Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing

		
		 	 Party B: Yazhu Zhang

		
		 	 Party C: Beijing Perusal Technology Co., Ltd.

		 	 Address:
	  	 Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8

Northeast Wangxi Road, Haidian District, Beijing

 Parties A, B and C are referred to as a “Party” individually and
“Parties” collectively hereinafter. 
 WHEREAS: 

 

	1.	 Party A, a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the “PRC”), which has
technology expertise and practical experience in computer software development and design, and also has rich experience and professionals in information technology and service; 

 

	2.	 Party C is a limited liability company incorporated in the PRC and engages in value-added telecommunication services, including internet information
services. 

  

	3.	 Party B is a shareholder of Party C, holding 20% of the shares in Party C. 

 

	4.	 Parties A and B entereed into the Amended and Restated Loan Agreement on January 20, 2015, pursuant to which Party B obtained an interest-free loan
of RMB204,000,000 from Party A (the “Loan Arrangement”) for Party B to invest in Party C. 

  

	5.	 Parties A and C entered into a series of agreements, including Exclusive Technology Consulting and Service Agreement (the “Service
Agreement”), on June 23, 2006. 

  

	6.	 Parties A and B entered into the Amended and Restated Equity Pledge Agreement (the “Equity Pledge Agreement) on January 20, 2015.

 NOWTHEREFORE, the parties agree as follows: 

 

	1.	 Purchase and Sale of Equity Interest 

  

	1.1	 Grant of Rights 

 Party B (the “Transferor”) hereby irrevocably grants to Party A an option to purchase or cause any designated person(s) (“Designated Persons”) to purchase, to the extent permitted
under PRC Law, according to the steps determined by Party A, at the price specified in Section 1.3 of this Agreement, at any time from the Transferor a portion or all of the equity interests held by Transferor in Party C (the
“Option”). No Option shall be granted to any third party other than Party A and/or the Designated Persons. Party C hereby agrees to the granting of the Option by Party B to Party A and/or the Designated Persons. The “person” set
forth in this clause and this Agreement means an individual person, corporation, joint venture, partnership, enterprise, trust or a non-corporation organization. 

  
 11 

	1.2	 Exercise Steps 

 Subject to the stipulations of PRC laws and regulation, Party A and/or the Designated Persons may exercise Option by issuing a written notice (the “Notice”) to the Transferor and specifying the
equity interest purchased from Transferor (the “Purchased Equity Interest”) and the manner of purchase. 
  

	1.3	 Purchase Price 

  

	 	1.3.1	 For Party A to exercise the Option, the purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the actual paid-in price of the Purchased Equity Interest by the Transferor, unless the applicable PRC laws and regulations require appraisal of the equity interests or stipulate other restrictions on the purchase price of
equity interests. 

  

	 	1.3.2	 If the applicable PRC laws require appraisal of the equity interests or stipulates other restrictions on the purchase price of Equity Interest at
the time that Party A exercise the Option, the Parties agree that the Purchase Price shall be set at the lowest price permissible under the applicable laws. 

 

	1.4	 Transfer of the Purchased Equity Interest 

 Upon the exercise of the Option: 
  

	 	1.4.1	 The Transferor shall, upon the terms and conditions of this Agreement and the Notice related to the Purchased Equity Interest, enter into Equity
Interest Transfer Agreement with Party A and/or the Designated Persons (as applicable) in form satisfactory to Party A; 

  

	 	1.4.2	 The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government,
conduct all necessary actions, without any security interest or other conditions, transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons, and cause Party A and/or the Designated Persons to be the
registered owner of the Purchased Equity Interest. In this Clause and this Agreement, “Security Interest” includes but is not limited to the ensure, mortgage, pledge, the right or interest of the third party, any purchase right of equity
interest, right of acquisition, right of first refusal, right of set-off, ownership detainment or other security arrangements. But it does not include any security interest subject to the Equity Pledge
Agreement. 

  
 12 

	1.5	 Payment 

 The payment of the Purchase Price shall be determined by the consultation of Party A and/or the Designated Persons with the Transferor according to the applicable laws at the performance of Option. The
Parties hereby agree that, subject to compliance with applicable laws and regulations, Transferor shall repay any amount that is paid by Party A and/or the Designated Persons to Transferor in connection with the Purchased Equity Interest to Party A
(provided however that the Transferor may deduct from such repayment the amount of taxes and fees, if any, that were incurred as a result of the transaction contemplated by the Equity Interest Transfer Agreement). 

 

	2.	 Undertakings related to the Equity Interest 

 

	2.1	 Undertakings related to Party C 

 Party B and Party C hereby undertake that in relation to Party C: 
  

	 	2.1.1	 Without prior written consent by Party A, not, in any form, to supplement, amend or modify the Articles of Association of Party C, to increase or
decrease registered capital of the corporation, or to change the structure of the registered capital in any other forms; 

  

	 	2.1.2	 According to fair finance and business standard and tradition, to maintain the existence of the corporation, prudently and effectively operate
business and deal with works; 

  

	 	2.1.3	 Without prior written consent by Party A, not, upon the execution of this Agreement, to sale, transfer, mortgage or dispose, in any other form, any
asset, legitimate or beneficial interest of business or income of Party C, or to approve any other security interest set on it; 

  

	 	2.1.4	 Without prior written notice by Party A, not cause, inherit, guarantee or allow the existence of any debt, other than (i) the debt arising from
normal or daily business but not from borrowing; and (ii) the debt disclosed to Party A and obtained the written consent from Party A; 

  

	 	2.1.5	 To normally operate all business to maintain the asset value of Party C, without make any action or nonfeasance that sufficiently affects its
operation and asset value; 

  

	 	2.1.6	 Without prior written consent by Party A, not to enter into any material agreement, other than the agreements in the process of normal business (as
in this paragraph, the amount in the Agreement that exceeds five hundred thousand Yuan (RMB 500,000) shall be deemed as a material agreement); 

  

	 	2.1.7	 Without prior written consent by Party A, not to provide loan or credit loan to any others; 

 

	 	2.1.8	 Upon the request of Party A, to provide all materials of operation and finance of Party C; 

 

	 	2.1.9	 Purchases and holds the insurance from the insurance company accepted by Party A. The insurance amount and category shall be the same with those
held by the companies in the same area, operating the similar business and owning the similar properties and assets with Party C; 

  
 13 

	 	2.1.10	 Without prior written consent by Party A, not to merger or associate with any person, or acquire or invest in any person;

  

	 	2.1.11	 To notify Party A of the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the assets,
business and income of Party C; 

  

	 	2.1.12	 In order to keep the ownership of Party C to all its assets, to execute all requisite or appropriate documents, do all requisite or appropriate
action, and advance all requisite or appropriate accusation, or make requisite or appropriate plea for all claims; 

  

	 	2.1.13	 Without prior written notice by Party A, not to assign dividends in any form to shareholders in any form, but to assign all or part of its
assignable profits to their own shareholders upon the request by Party A; 

  

	 	2.1.14	 According to the request of Party A, to appoint any person designated by Party A to be the directors of Party C. 

 

	2.2	 Undertakings related to the Transferor 

 Party B hereby undertakes: 
  

	 	2.2.1	 Without prior written consent by Party A, not, upon the execution of this Agreement, to sell, transfer, mortgage or dispose in any other form any
legitimate or beneficial interest of equity interest, or to approve any other security interest set on it, with the exception of the pledge set on the equity interest of the Transferor subject to the Equity Pledge Agreement;

  

	 	2.2.2	 Without the prior written notice by Party A, not to decide or support or execute any shareholders resolution on the Party C’s
shareholders’ meeting that approves any sale, transfer, mortgage or dispose of any legitimate or beneficial interest of equity interest, or allows any other security interest set on it, other than the pledge on the equity interests of
Transferor pursuant to Equity Pledge Agreement; 

  

	 	2.2.3	 With no prior written notice by Party A, not to agree or support or execute any shareholders resolution on the Party C’s shareholders’
meeting that approves Party C to merger or associate with any person, acquire any person or invest in any person; 

  

	 	2.2.4	 To notify Party A the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the equity
interest owned by Party B; 

  

	 	2.2.5	 In order to keep its ownership of the equity interest, to execute all requisite or appropriate documents, conduct all requisite or appropriate
actions, and make all requisite or appropriate claims, or make requisite or appropriate defense against claims of compensation; 

  
 14 

	 	2.2.6	 Upon the request of Party A, to appoint any person designated by Party A to be the directors of Party C; 

 

	 	2.2.7	 Upon the request of Party A at any time, to transfer its equity interest immediately to the representative designated by Party A unconditionally at
any time and abandon its prior right of first refusal of such equity interest transferring to another current shareholder; 

  

	 	2.2.8	 To prudently comply with the provisions of this Agreement and other agreements entered into collectively or respectively by the Transferor, Party C
and Party A and perform all obligations under these agreements, without taking any action or any nonfeasance that sufficiently affects the validity and enforceability of these agreements; 

 

	 	2.2.9	 To transfer all the dividends and profits in any other forms distributed by Party C to Party A. 

 

	2.3	 Undertakings related to Party A 

 Party A undertakes: 
  

	 	2.3.1	 Party A shall provide unlimited financial support to Party C unconditionally within an acceptable and reasonable scope when Party C needs any loan
or financial support in any other form during its course of business; 

  

	 	2.3.2	 Party A agrees to waive its right to Party C’s repayment to the loans provided by Party A when Party C incurs losses during its operation and
is unable to repay. Such inability of repayment shall be supported by sufficient evidence. 

  

	3.	 Representations and Warranties 

 As of the execution date of this Agreement and every transferring date, the Transferor and Party C hereby represent and warrant collectively and respectively to Party A as follows: 

 

	3.1	 It has the power and ability to enter into and deliver this Agreement, and any equity interest transferring Agreement (a “Transferring
Agreement”, respectively) to which it is a party, for every single transfer of the Purchased Equity Interest according to this Agreement, and to perform its obligations under this Agreement and any Transferring Agreement. Upon execution, this
Agreement and the Transferring Agreements to which it is a party constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

 

	3.2	 The execution, delivery of this Agreement and any Transferring Agreement and performance of the obligations under this Agreement and any
Transferring Agreement does not: (i) cause to violate any relevant laws and regulations of PRC; (ii) constitute a conflict with its Articles of Association or other organizational documents; (iii) cause to breach any agreement or
instruments to which it is a party or having binding obligation on it, or constitute the breach under any agreement or instruments to which it is a party or having binding obligation on it; (iv) cause to violate relevant authorization of any
consent or approval to it and/or any continuing valid condition; or (v) cause any consent or approval authorized to it to be suspended, removed, or into which other requests be added; 

  
 15 

	3.3	 Party C bears the kind and sellable ownership of all assets. Party C does not set any security interest on the said assets;

  

	3.4	 Party C does not have any unpaid debt, other than (i) debt arising from its normal business; and (ii) debt disclosed to Party A and
obtained by the written consent from Party A; 

  

	3.5	 No litigation, arbitration or administrative procedure relevant to the equity interest and assets of Party C or the corporation is in the process,
to be settled or potentially take place; 

  

	3.6	 The Transferor bears the fair and salable ownership of its equity interest without setting any security interest on the aforesaid assets, other than
the security interest pursuant to the Equity Pledge Agreement. 

  

	4.	 Assignment of Agreement 

  

	4.1	 Party B and Party C shall not transfer their rights and obligations under this Agreement to any third party without the prior written consent of the
Party A. 

  

	4.2	 Party B and Party C hereby agree that Party A shall be able to transfer all of its rights and obligation under this Agreement to any third party
with its needs, and such transfer shall only be subject to a written notice sent to Party B and Party C by Party A, and no any further consent from Party B and Party C will be required. 

 

	5.	 Effective Date and Term 

  

	5.1	 This Agreement shall be effective as of the date first set forth above. 

 

	5.2	 This Agreement shall be terminated upon the legal transfer of all the shares held by Party B to Party A and/or its Designated Person pursuant to
this Agreement. 

  

	5.3	 If Party A or Party C is terminated by the expiration of its operating period (including any extended period) or other causes in the term set forth
in Section 5.2, this Agreement shall be terminated simultaneously, except Party A has transferred its rights and obligations in accordance with Section 4.2 of this Agreement. 

 

	6.	 Applicable Law and Dispute Resolution 

  

	6.1	 Applicable Law 

 The execution, validity, construing and performance of this Agreement and the disputes resolution under this Agreement shall be governed by the laws of PRC. 

  
 16 

	6.2	 Dispute Resolution 

 The parties shall strive to settle any dispute arising from the interpretation or performance in connection with this Agreement through friendly consultation. In case no settlement can be reached through
consultation within thirty (30) days after such dispute is raised, each party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration shall
take place in Beijing and the proceedings shall be conducted in Chinese. The arbitration award shall be final conclusive and binding upon both parties. 
  

	7.	 Taxes and Expenses 

 Every Party shall, according to the PRC laws, bear any and all registering taxes, costs and expenses for equity transfer arising from the preparation and execution of this Agreement and all Transferring
Agreements, and the completion of the transactions under this Agreement and all Transferring Agreements. 
  

	8.	 Notices 

 Notices or other communications required to be given by any party pursuant to this Agreement shall be written in English and Chinese and delivered personally or sent by registered mail or postage prepaid
mail or by a recognized courier service or by facsimile transmission to the address of relevant each party or both parties set forth below or other address of the party or of the other addressees specified by such party from time to time. The date
when the notice is deemed to be duly served shall be determined as the follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the
date when the air registered mail with postage prepaid has been sent out (as is shown on the postmark), or the fourth (4th) day after the delivery date to the internationally recognized courier service agency; and (c) a notice sent by
facsimile transmission is deemed duly served upon the receipt time as is shown on the transmission confirmation of relevant documents. 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 
 Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 
 Telephone: 010-59928888 
 Fax: 010-59928888

 Party B: Yazhu Zhang 

Address: 
 Telephone: 
 Fax: 

 

					
		 	Party C:	 	Beijing Perusal Technology Co., Ltd.
		 	 Address:
	 	 Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8

Northeast Wangxi Road, Haidian District, Beijing

 Fax: 

Telephone: 

  
 17 

	9.	 Confidentiality 

 The Parties acknowledge and confirm any oral or written materials exchanged by the Parties in connection with this Agreement are confidential. The Parties shall maintain the secrecy and confidentiality of
all such materials. Without the written approval by the other Parties, any Party shall not disclose to any third party any relevant materials, but the following circumstances shall be excluded: 

 

	 	a.	 The materials that is known or may be known by the public (but not include the materials disclosed by each party receiving the materials);

  

	 	b.	 The materials required to be disclosed subject to the applicable laws or the rules or provisions of stock exchange; or 

 

	 	c.	 The materials disclosed by each Party to its legal or financial consultant relating the transaction of this Agreement, and this legal or financial
consultant shall comply with the confidentiality set forth in this Section. The disclosure of the confidential materials by staff or employed institution of any Party shall be deemed as the disclosure of such materials by such Party, and such Party
shall bear the liabilities for breaching the contract. This Clause shall survive whatever this Agreement is invalid, amended, revoked, terminated or unable to implement by any reason. 

The disclosure of information by the staff of consultants of any party shall be deemed as the disclosure by the party
itself. This Section 9 shall survive any invalidity, termination, expiration or unenforceability of this Agreement. 
  

	10.	 Further Warranties 

 The Parties agree to promptly execute documents reasonably required to perform the provisions and the aim of this Agreement or documents beneficial to it, and to take actions reasonably required to
perform the provisions and the aim of this Agreement or actions beneficial to it. 
  

	11.	 Miscellaneous 

  

	11.1	 Amendment, Modification and Supplement 

 Any amendment and supplement of this Agreement shall be made by the Parties in writing. The amendment and supplement duly executed by each Party shall be deemed as a part of this Agreement and shall have
the same legal effect as this Agreement. 
  

	11.2	 Entire Agreement 

 Notwithstanding Section 5 of this Agreement, the Parties acknowledge that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters therein and supercede and
replace all prior or contemporaneous agreements and understandings orally or/and in writing. 

  
 18 

	11.3	 Severability 

 If any provision of this Agreement is judged as invalid or non-enforceable according to relevant Laws, the provision shall be deemed invalid only within the
applicable area of the PRC Laws, and the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through fairly consultation, replace those invalid, illegal or non-enforceable provisions with valid provisions that may bring the similar economic effects with the effects caused by those invalid, illegal or non-enforceable provisions.

  

	11.4	 Headings 

 The headings contained in this Agreement are for the convenience of reference only and shall not affect the interpretation, explanation or in any other way the meaning of the provisions of this Agreement.

  

	11.5	 Language and Copies 

 This Agreement is executed in Chinese in three (3) copies; each Party holds one and each original copy has the same legal effect. 

 

	11.6	 Successor 

 This Agreement shall bind and benefit the successor of each Party and the transferee allowed by each Party. 
  

	11.7	 Survival 

 Any obligation taking place or at term hereof prior to the end or termination ahead of the end of this Agreement shall continue in force and effect notwithstanding the occurrence of the end or termination
ahead of the end of the Agreement. Sections 6, 8, 9 and 11.7 hereof shall continue in force and effect after the termination of this Agreement. 
  

	11.8	 Waiver 

 Any Party may waive the terms and conditions of this Agreement in writing with the signature of the Parties. Any waiver by a Party to the breach by other Parties within certain situation shall not be
construed as a waiver to any similar breach by other Parties within other situations. 
 [No text below] 

  
 19 

 IN WITNESS THEREFORE, the parties hereof have caused this Agreement
to be executed by their duly authorized representatives as of the date first written above. 
  

							
		 	 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.
	 	
		 	 Legal representative/Authorized representative:
	 	 /s/ Zhan Wang
	 	

							
		 	 Company seal: (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)

				
		 	 Party B: Yazhu Zhang
	 		 	
		 	 Signature: /s/ Yazhu Zhang
	 		 	
		 	 Company seal:
	 		 	
			
		 	 Party C: Beijing Perusal Technology Co., Ltd.
	 	
		 	 Legal representative/Authorized representative:
	 	 /s/ Zhan Wang
	 	

			
		 	 Company seal: (with the company seal of Beijing Perusal Technology Co., Ltd.)

  
 20

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