Document:

Loan Agreement, dated April 4, 2005

 Exhibit 4.26 
 THIS LOAN AGREEMENT is made the 4th day of April, 2005 
 BETWEEN :- 
  

	(1)	China Interactive (Singapore) Pte. Ltd., a company incorporated under the laws of Singapore with its registered office situate at 45 Sam Leong Road, Singapore 207935 (the
“Borrower”); and 

  

	(2)	GameNow.net (Hong Kong) Limited, a company incorporated under the laws of the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong
Kong”) with its registered office situate at 22nd Floor, Hang Lung Centre, 2-20 Paterson Street, Causeway
Bay, Hong Kong (the “Lender”). 

 WHEREAS 
  

	(A)	The Lender is the registered holder of 26,805,545 shares in China The9 Interactive Limited (“C9I”) which represent 68.9% of the issued share capital of C9I
and the Borrower is the registered holder of 12,099,455 shares in C9I which represent 31.1% of the issued share capital of C9I. 

  

	(B)	At the request of the Borrower, the Lender has agreed to advance to the Borrower the Loan (as defined in Clause 1 below) and in consideration of the advancement of the Loan,
the Borrower has agreed to grant the Option (as defined in Clause 2 below) in favour of the Lender in the manner and upon the terms set out hereunder. 

 THE PARTIES HEREBY AGREE as follows :- 
  

	1.	THE LOAN 

 The Lender hereby agrees, at the
request of the Borrower, to advance to the Borrower a loan in the principal sum of United States Dollars Six Million (US$6,000,000) (the “Loan”) subject to the satisfaction of the condition precedent set out in Clause 2 below.

  

	2.	CONDITION PRECEDENT 

 The obligation of the
Lender to advance the Loan to the Borrower is subject to the condition precedent that an option shall have been granted to the Lender to purchase all the shares in C9I which are now and from time to time held by the Borrower together with all bonus
shares and other shares, warrants, options, rights and interests derived from or in exchange for such shares from time to time (collectively, the “Option Shares”) on such terms and conditions to the satisfaction of the Lender.

  

	3.	DRAWDOWN 

 The Borrower may draw the Loan at
any time within the next fourteen (14) days from the date of this Agreement by serving on the Lender two (2) days’ prior notice in writing and the Lender shall advance the Loan to the Borrower in such manner as requested by the
Borrower which the Lender may consider acceptable at its absolute discretion. 

	4.	INTEREST 

  

	4.1	The Borrower shall pay interest to the Lender on the amount of the Loan at the rate of 2% per annum (“Interest Rate”) commencing from the date of drawdown to
the Repayment Date (inclusive). 

  

	4.2	Without prejudice to the other rights and remedies of the Lender herein, if the Borrower fails to pay any sum (whether principal, interest or default interest) on its due date(s)
for payment under this Agreement, it shall pay default interest to the Lender (in addition to the interest under Clause 4.1) on the overdue sum for the period commencing on its due date and ending on the date of its actual receipt by the Lender
(both before and after judgement, if any) at 5% per annum above the Interest Rate. 

  

	4.3	Interest and default interest shall accrue from day to day and be calculated on the basis of actual number of days elapsed over a year of 360 days. 

  

	5.	REPAYMENT 

  

	5.1	Without prejudice to the overriding right of the Lender to demand immediate repayment of the Loan and the Borrower’s repayment obligations resulting therefrom in accordance
with Clause 6, the Borrower shall immediately repay to the Lender the Loan in full together with all unpaid interest accrued thereon upon the expiry of six (6) months from the date of drawdown of the Loan (the “Repayment
Date”). 

  

	5.2	The Borrower shall not repay the Loan or any interest accrued thereon, or any part thereof, prior to the Repayment Date without the prior written consent of the Lender.

  

	6.	TERMINATION OF THE LOAN 

 Notwithstanding any
provision contained in this Agreement or any other document to the contrary, the Lender reserves the overriding right to demand immediate repayment of the Loan together with any unpaid interest accrued thereon upon occurrence of any Event of Default
(as defined in Clause 7 below) by issuing a written notice of demand to the Borrower whereupon the Loan together with all unpaid interest accrued thereon shall become immediately due and payable without further notice or demand. 
  

	7.	EVENTS OF DEFAULT 

  

	7.1	Each of the following events shall be an event of default under this Agreement (“Event of Default”): - 

  

	 	(a)	if in respect of the Borrower: 

  

	 	(i)	any loan, guarantee, indemnity or other indebtedness or obligation for borrowed money shall become or be declared or become capable (all grace periods, if any, having expired) of
being declared due prematurely by reason of a default in its obligations; or 

  

	 	(ii)	it shall fail to make any payment in respect of such loan, guarantee, indemnity or other indebtedness or obligation for borrowed money on the due date for such payment; or

  

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	 	(iii)	any order shall be made by a competent court or other appropriate authority or any resolution shall be passed for bankruptcy, liquidation, winding up or dissolution or for the
appointment of a liquidator, receiver, trustee or similar official of it or of all or a substantial part of its assets otherwise than for the purposes of solvent amalgamation, merger or re-construction, the terms of which have previously been
approved by the Lender; or 

  

	 	(iv)	it shall stop payment to creditors generally or shall be unable to pay its debts within the meaning of any applicable legislation relating to insolvency, bankruptcy, liquidation or
winding up, or shall cease or threaten to cease substantially to carry on business except for the purposes of solvent amalgamation, merger or reconstruction previously approved by the Lender; or 

  

	 	(v)	the security for any loan, guarantee, indemnity or other indebtedness or obligation for borrowed money shall, for whatever reason, become invalid; or 

  

	 	(vi)	if (in the opinion of the Lender) there shall occur an adverse change in the business, assets, general condition or prospects of the Borrower which could (in the opinion of the
Lender) affect the ability of the Borrower to perform its obligations under this Agreement; or 

  

	 	(b)	if the Borrower breaches its undertaking under Clause 8 or other undertakings or duties hereunder. 

  

	7.2	The Borrower shall inform the Lender by notice in writing immediately upon occurrence of any Event of Default (if applicable). 

  

	7.3	The Lender may, notwithstanding other provisions herein, at any time after the occurrence of an Event of Default (whether or not the same has been notified by the Borrower), unless
and until that Event of Default shall have been fully remedied to the satisfaction of the Lender, by notice in writing to the Borrower declare that the Loan (or any part thereof) and all unpaid interest accrued thereon have become immediately due
and payable, whereupon the same shall become immediately due and payable, notwithstanding that such default may have been remedied subsequent to the notice in writing of the Lender aforesaid. 

  

	8.	BORROWER’S UNDERTAKING 

  

	8.1	In consideration of the Loan by the Lender hereunder, the Borrower hereby undertakes to the Lender that without the prior written consent of the Lender it shall not, and shall
procure its holding company (including its ultimate holding company and individual shareholders) and subsidiaries not to, so long as the Loan or any part thereof or any interests accrued thereon remains outstanding, or if later, on or prior to the
Repayment Date: 

  

	 	(a)	commence or continue any negotiation, discussion, exchange of view or other contact in relation to or with a view to seeking any loan, advance, funding or other form of investment
or finance whatsoever from any third party, or enter into any contract, agreement, commitment, memorandum of understanding, letter of intent, or anything having similar effect to the foregoing, whether oral or written, with any third party to borrow
any amount of funds or seek any form of investment, advance or finance whatsoever from such third party; 

  

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	 	(b)	commence or continue any negotiation, discussion, exchange of view or other contact in relation to the sale or other form of disposal of the Option Shares, or any part thereof or
any interest therein, or with a view to seeking any intended or interested purchaser of the Option Shares, or enter into any contract, agreement, commitment, memorandum of understanding, letter of intent, or anything having similar effect to the
foregoing, whether oral or written, with any third party to sell or otherwise dispose of the Option Shares, or any part thereof or any interest therein; 

  

	 	(c)	issue to any third party any shares, securities, debentures, bonds, warrants or the like; or 

  

	 	(d)	sell, assign, transfer or otherwise dispose of any of its shares in C9I (or any interest or benefit therein) to any third party, or to pledge, charge or create encumbrances or third
party rights of any description on such shares, or permit to exist any lien, security interest, or other encumbrance upon or with respect to any of such shares, except for the security interest created by and under this Agreement.

  

	8.2	So long as the Loan or any part thereof or any interests accrued thereon remains outstanding, the Borrower shall procure C9I, without the prior written consent of the Lender, not
to: 

  

	 	(a)	borrow any money or secure new financing other than through the Lender; or 

  

	 	(b)	issue to any third party any shares, securities, debentures, bonds, warrants or the like. 

  

	9.	SECURITY 

 The Borrower shall pledge to the
Lender, and grants to the Lender a security interest in, the Option Shares as security for the Borrower’s performance of its obligations hereunder (including without limitation, the timely repayment of the Loan, payment of interest and the
performance of the undertakings hereunder by the Borrower). 
  

	10.	SEVERABILITY 

 If at any time any provision
of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity and enforceability of such provision under the law of any other jurisdiction, and of the remaining provisions
of this Agreement, shall not be affected or impaired thereby and this Agreement shall be construed in accordance with its terms as if the illegal, invalid or unenforceable provisions were not contained herein. However, if such provision is in
relation to the option to purchase the Option Shares under Clause 2 or the security under Clause 9, the Borrower shall use its best genuine endeavours to come to an agreement with the Lender to modify or supplement such provision in such manner so
as to make such provision valid, legal and enforceable or if so requested by the Lender, the Borrower shall take such action or deed or enter into such other agreements with the Lender so as to provide the Lender with similar rights and interests as
such option and security. 
  

	11.	ASSIGNMENT 

 The Lender may assign to its
affiliate its rights and benefits contained herein (in whole but not in part). Save as aforesaid, no party hereto may assign or transfer any of its rights or obligations under this Agreement. 
  

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	12.	NOTICE 

 Any notice or other communication to
be given under this Agreement shall be in writing and may be sent by post or delivered by hand or given by facsimile or by courier to the address or fax number from time to time designated, the initial addresses so designated by each party are set
out at the beginning of this Agreement. Any such notice or communication shall be sent to the party to whom it is addressed and must contain sufficient reference and/or particulars to render it readily identifiable with the subject matter of this
Agreement. If so delivered by hand or given by facsimile such notice or communication shall be deemed received on the date of despatch, and if delivered by courier, shall be deemed received two (2) business days (meaning a day, excluding
Saturdays, on which licensed banks in Hong Kong are generally open for normal banking business) after the date of despatch, and if so sent by post, shall be deemed received three (3) business days after the date of despatch (in the case of
local mail or delivery by courier) and five (5) business days after the date of despatch (in the case of overseas mail). 
  

	13.	MISCELLANEOUS 

  

	13.1	Unless otherwise agreed by the parties hereto, all payments made pursuant to this Agreement shall be made in United States Dollars. 

  

	13.2	This Agreement may be executed in counterparts and by different parties hereto on separate copies or counterparts and which taken together shall constitute one and the same
document. 

  

	13.3	Unless otherwise provided in this Agreement, any remedy conferred on any party hereto for breach of this Agreement shall be in addition and without prejudice to all other rights and
remedies available to it. 

  

	13.4	No delay or omission on the part of any party hereto in exercising any right, power or privilege shall operate to impair such right, power or privilege or be construed as a waiver
by such party of the same and no single or partial exercise or non-exercise or delay in exercising any right, power or privilege by any party hereto shall in any circumstances preclude any other or further exercise by such party of such right, power
or privilege or the exercise of any other right, power or privilege by such party. 

  

	13.5	All legal costs and expenses in connection with the preparation, administration and enforcement of this Agreement (including all legal costs incurred by the Lender in enforcing this
Agreement on a full indemnity basis) shall be borne by the Borrower. 

  

	14.	GOVERNING LAW AND DISPUTE RESOLUTION 

  

	14.1	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong. 

  

	14.2	The parties hereto irrevocably submit to the non-exclusive jurisdiction of the Hong Kong courts in respect of this Agreement and the transactions contemplated by this Agreement.

  

	14.3	The Borrower irrevocably appoints C9I as its process agent to receive and accept from time to time at the registered office of C9I, for or on behalf of the Borrower, service of
process in the proceedings in Hong Kong. Such service shall be deemed completed on delivery to C9I (whether or not it is forwarded to and received by the Borrower). If for any reason C9I ceases to be able to act as such or no longer has an address
in Hong Kong, the Borrower shall forthwith appoint a substitute process agent acceptable to the Lender, and to deliver to the Lender a copy of the new process agent’s acceptance of that appointment, within seven (7)

  

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 days. Until such time as the Borrower appoints a substitute process agent, C9I shall be the process agent
of the Borrower in the meantime and service on C9I pursuant to this Clause shall be effective. 
 IN WITNESS WHEREOF the parties hereto have caused
this Agreement to be duly executed the day and year first above written. 
  

							
	SIGNED by Ong Toon Wah	 	)	  		  	
	director, for and on behalf of	 	)	  		  	
	China Interactive (Singapore) Pte. Ltd.	 	 )
	  	 /s/ Ong Toon Wah
	  	
	in the presence of:-	 	)	  		  	
				
	SIGNED by Jun ZHU	 	)	  		  	
	director, for and on behalf of	 	)	  		  	
	GameNow.net (Hong Kong) Limited	 	)	  	 /s/ Jun ZHU
	  	
	in the presence of:-	 	)  	  		  	

  

 - 6 -Pledge of Shares, dated April 4, 2005

 Exhibit 4.27 
 THIS PLEDGE OF SHARES is made on the 4th day of April, 2005 
 BY CHINA INTERACTIVE (SINGAPORE) PTE. LTD., a company incorporated under the laws of Singapore with its registered office situate at 45 Sam Leong Road,
Singapore 207935 (the “Pledgor”) to GAMENOW.NET (HONG KONG) LIMITED, a company incorporated under the laws of the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong
Kong”) with its registered office situate at 22nd Floor, Hang Lung Centre, 2-20 Paterson Street, Causeway
Bay, Hong Kong (the “Pledgee”). 
 WHEREAS, the Pledgor is the legal and beneficial owner of 12,099,455 (31.1%) fully
paid Ordinary Shares of par value HK$1.00 in the capital of China The9 Interactive Limited, a company incorporated under the laws of Hong Kong whose registered office is at 7/F 80 Gloucester Road, Wan Chai, Hong Kong (the
“Company”), particulars of the said Ordinary Shares are set forth in the Schedule annexed hereto (the “Pledged Shares”); 
 WHEREAS, at the request of the Pledgor, the Pledgee had agreed to provide a loan in the principal amount of United States Dollars Six Million (US$6,000,000) (the “Loan”) to the Pledgor and in this
connection, (a) the Pledgor as borrower has entered into a loan agreement dated the date hereof (the “Loan Agreement”, and the terms defined therein and not otherwise defined herein shall be used herein as therein defined) with
the Pledgee as lender and (b) as a condition precedent to the advance of the Loan pursuant to the Loan Agreement, the Pledgor has also granted to the Pledgee an option to purchase the Pledged Shares together with all bonus shares and other
shares, warrants, options, rights and interests derived therefrom or in exchange therefor from time to time (the “Option”); and 
 WHEREAS, the Pledgor has agreed to make a pledge of the Pledged Shares to secure its obligations under the Loan Agreement. 
 NOW
THEREFORE, in consideration of the premises and in order to induce the Pledgee to make the Loan under the Loan Agreement, the Pledgor hereby agrees as follows: 
 1. Pledge 
 The
Pledgor hereby pledges to the Pledgee, and grants to the Pledgee a security interest in, the Pledged Shares and the certificates representing the Pledged Shares, and all dividends, bonus shares, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares. 
 2.
Security for Obligations 
 This Pledge secures the due and timely performance of all of its obligations now or hereafter existing
under the Loan Agreement, whether for principal, interest, fees, expenses, other payment obligation or otherwise (collectively, the “Obligations”). 
 3. Delivery of Pledged Shares 
 All certificates or instruments representing or evidencing the Pledged Shares shall be delivered to and held by or on behalf of the Pledgee pursuant hereto and shall be in suitable form for transfer by delivery, or
shall be accompanied by duly executed instrument of transfer (or assignment) and the contract note in blank, all in form and substance satisfactory to the Pledgee. The Pledgee shall have the right, at any time in its discretion subject to prior
written notice having been given to the Pledgor, to transfer to or to register in the name of the Pledgee or any of its nominees any or all of the Pledged Shares, subject only to the revocable rights specified in Clause 6(a) hereof. 
  

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 4. Representations and Warranties 
 The Pledgor represents and warrants to the Pledgee as follows: 
  

	 	(a)	the Pledged Shares have been duly authorized and validly issued and are fully paid up; 

  

	 	(b)	the Pledged Shares are free and clear of any lien, security interest, option or other charge or encumbrance except for the security interest created by this Pledge;

  

	 	(c)	the Pledged Shares constitute 31.1% of the total issued share capital of the Company; 

  

	 	(d)	the Pledgor is the sole legal and beneficial owner of the Pledged Shares; 

  

	 	(e)	this Pledge creates a valid and perfected first priority security interest in the Pledged Shares securing the payment and performance of the Obligations; 

 

	 	(f)	no authorization, approval, or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for this Pledge by the Pledgor or for the
execution, delivery or performance of this Pledge by the Pledgor; 

  

	 	(g)	the execution, delivery and performance by the Pledgor of this Pledge is within its powers and do not contravene any law or contractual restriction binding on or affecting the
Pledgor. 

 5. Further Assurances 
 The Pledgor agrees that at any time and from time to time, it shall, at its own expense, promptly execute and deliver all further instruments and
documents, and take all further action, that may be necessary or desirable, or that the Pledgee may request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Pledgee to exercise and
enforce its rights and remedies hereunder with respect to the Pledged Shares. 
 6. Voting Rights, Dividends, etc

 (a) So long as no Event of Default (as defined in the Loan Agreement) shall have occurred: 
  

	 	(i)	the Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Shares or any part thereof for any purpose not inconsistent with
the terms of this Pledge or the Loan Agreement or the Option; provided, however, that the Pledgor shall not exercise or refrain from exercising any such right, or shall exercise such right in such manner as the Pledgee may direct, if,
in the Pledgee’s judgment, such action would have an adverse effect on the value of the Pledged Shares or any part thereof; and provided, further, that the Pledgor shall give the Pledgee at least five (5) days’ written
notice in advance of the manner in which it intends to exercise, or the reasons for refraining from exercising, any such right; 

  

	 	(ii)	the Pledgor shall be entitled to receive and retain any and all dividends paid in respect of the Pledged Shares, provided, however, that any and all (A) dividends
paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any Pledged Shares, and (B) dividends and other distributions paid or payable
in cash in respect of any Pledged Shares in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus, 

  

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 shall be, and shall be forthwith delivered to the Pledgee to hold as, part of the pledged collateral
hereunder and shall, if received by the Pledgor, be received in trust for the benefit of the Pledgee, be segregated from the other property or funds of the Pledgor, and be forthwith delivered to the Pledgee as part of the pledged collateral
hereunder in the same form as so received (with any necessary indorsement); 
  

	 	(iii)	the Pledgee shall execute and deliver (or cause to be executed and delivered) to the Pledgor all such proxies and other instruments as the Pledgor may reasonably request for the
purpose of enabling the Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to paragraph (i) above and to receive the dividends which it is authorized to receive and retain pursuant to paragraph
(ii) above. 

 (b) Upon the occurrence and during the continuance of an Event of Default (as defined in the Loan
Agreement): 
  

	 	(i)	all rights of the Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Clause 6(a)(i) and to receive the dividends
which it would otherwise be authorized to receive and retain pursuant to Clause 6(a)(ii) shall cease, and all such rights shall thereupon become vested in the Pledgee which shall thereupon have the sole right to exercise such voting and other
consensual rights and to receive and hold as Pledged Shares such dividends; 

  

	 	(ii)	all dividends which are received by the Pledgor contrary to the provisions of paragraph (i) of this Clause 6(b) shall be received in trust for the benefit of the Pledgee, shall
be segregated from other funds of the Pledgor and shall be forthwith paid over to the Pledgee as Pledged Shares in the same form as so received (with any necessary indorsement). 

 7. Transfers and Other Liens; Additional Shares 
 (a) The Pledgor agrees that it shall not (i) sell or otherwise dispose of, or grant any option with respect to, any of the Pledged Shares, or (ii) create or permit to exist any lien, security interest, or
other charge or encumbrance upon or with respect to any of the Pledged Shares, except for the rights granted to the Pledgee pursuant to the Option and the security interest created by and under this Pledge. 
 (b) Save with the prior written consent of the Pledgee at its absolute discretion, the Pledgor will exercise its rights as shareholder of the Company to
ensure that the Company will not create or issue any shares, options, warrants or other securities in addition to or in substitution for the Pledged Shares. 
 8. Pledgee Appointed Attorney-in-Fact 
 The Pledgor hereby appoints the Pledgee as its attorney-in-fact, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time in the Pledgee’s
discretion to take any action and to execute any instrument which the Pledgee may deem necessary or advisable to accomplish the purposes of this Pledge, including, without limitation, (i) to receive any money or payment made payable to the
Pledgor representing any dividend or other distribution in respect of the Pledged Shares or any part thereof and to give full discharge for the same, by giving receipt or otherwise, (ii) to indorse and collect all instruments in the names of
the Pledgor, (iii) to sign and execute any instruments and to do any act to give effect to the transfer of the Pledged Shares in the exercise by the Pledgee of its rights under Clause 3 hereof, (iv) to convene meeting of shareholders of
the Company, and to vote thereat in the capacity of the shareholders holding the Pledged Shares, to remove any existing director(s) of the Company and appoint replacements thereof. 
  

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 9. Pledgee May Perform 
 If the Pledgor fails to perform any agreement contained herein, the Pledgee may itself perform, or cause performance of, such agreement, and the expenses
of the Pledgee incurred in connection therewith shall be payable by the Pledgor in the same manner as provided for in Clause 13 hereof. 
 10. Reasonable Care 
 The Pledgee shall be deemed to have exercised reasonable care in the custody and
preservation of the Pledged Shares in its possession if the Pledged Shares are accorded treatment substantially equal to that which the Pledgee accords its own property, it being understood that the Pledgee shall not have any responsibility for
(i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to the Pledged Shares, whether or not the Pledgee has or is deemed to have knowledge of such matters, or
(ii) taking any necessary steps to preserve rights against any parties with respect to the Pledged Shares. 
 11.
Remedies upon Default 
 If any Event of Default shall have occurred (in this connection a written confirmation issued by the Pledgee
as to the occurrence of an Event of Default shall be conclusive evidence thereof and the Pledgor agrees that it will not dispute the legality, validity or enforceability of the Loan Agreement), the Pledgee may exercise in respect of the Pledged
Shares all rights and remedies provided for herein or otherwise available to it by law, including, without limitation, the right to sell the Pledged Shares at public or private sale, at any exchange or at any of the Pledgee’s offices or
elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Pledgee may deem commercially reasonable (for the avoidance of doubt, the Pledgee is not obliged to procure or accept the highest offer and shall not be liable
for any failure to exercise its rights aforesaid or in the aforesaid manners). The Pledgor undertakes to the Pledgee that it will procure the Company to register such transfer of the Pledged Shares and the name of the transferee of such Pledged
Shares as the shareholder of the Company. The Pledgor agrees that any cash held by the Pledgee as part of the pledged collateral hereunder and all cash proceeds received by the Pledgee in respect of any sale of, collection from, or other realization
upon the Pledged Shares may, in the discretion of the Pledgee, be held by the Pledgee as collateral for, and/or then or at any time thereafter applied (after payment of any amounts payable to the Pledgee pursuant to Clause 13 hereof and all costs)
in whole or in part by the Pledgee against, all or any part of the Obligations in such order and manners as the Pledgee shall at its sole discretion elect. Any surplus of such cash or cash proceeds held by the Pledgee and remaining after payment in
full of all the Obligations shall be paid over to the Pledgor or to whomsoever may be lawfully entitled to receive such surplus. 
 12. Amendments, etc. 
 No amendment or waiver of any provision of this Pledge nor consent to any departure by the Pledgor
herefrom, shall in any event be effective unless the same shall be in writing and signed by the Pledgee, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 13. Expenses 
 The
Pledgor shall upon demand pay the amount of any and all reasonable expenses, including all taxes and duties, government imposes, levy, reasonable fees and expenses of its counsel, which the Pledgee may incur in connection with (i) the sale of,
collection from, or other realization upon, the Pledged Shares, (ii) the exercise or enforcement of any of the rights of the Pledgee hereunder, or (iii) the failure by the Pledgor to perform or observe any of the provisions hereof.

  

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 14. Notice 
 Any notice or other communication to be given under this Pledge shall be in writing and may be sent by post or delivered by hand or given by facsimile or
by courier to the address or fax number from time to time designated, the initial addresses so designated by each party are set out at the beginning of this Pledge. Any such notice or communication shall be sent to the party to whom it is addressed
and must contain sufficient reference and/or particulars to render it readily identifiable with the subject matter of this Pledge. If so delivered by hand or given by facsimile such notice or communication shall be deemed received on the date of
despatch, and if delivered by courier, shall be deemed received two (2) business days (meaning a day, excluding Saturdays, on which licensed banks in Hong Kong are generally open for normal banking business) after the date of despatch, and if
so sent by post, shall be deemed received three (3) business days after the date of despatch (in the case of local mail or delivery by courier) and five (5) business days after the date of despatch (in the case of overseas mail).

 15. Continuing Security Interest; Transfer of Loan 
 This Pledge shall create a continuing security interest in the Pledged Shares and shall (i) remain in full force and effect until payment and
performance in full of the Obligations, (ii) be binding upon the Pledgor, its successors and assigns, and (iii) inure to the benefit of the Pledgee and its successors, transferees and assigns. Without limiting the generality of the
forgoing sub-clause (iii), the Pledgee may assign or otherwise transfer all or any of its rights and/or obligations under this Pledge to any other person or entity, and such other person or entity shall thereupon become vested with all the benefits
in respect thereof granted to the Pledgee herein or otherwise. Upon the payment and performance in full of the Obligations, the Pledgor shall be entitled to the return, upon its request and at its sole expense, of the Pledged Shares together with
such blank instrument of transfer deposited with the Pledgee provided that such Pledged Shares and blank instrument of transfer shall not have been sold or otherwise applied pursuant to the terms hereof. 
 16. Additional Security 
 The rights and interest of the Pledgee under this Pledge are in addition to and not in substitution for any other guarantee, indemnity, security, options, rights or remedies (whether arising by law or contractually) which the Pledgee may
hold now or in the future for the performance of the Obligations and may be enforced without prior recourse to any such guarantee, indemnity, security, options, rights or remedies and without taking any other action or proceedings. 
 17. Indemnification 
 The Pledgor agrees and undertakes to indemnify and keep the Pledgee indemnified against all and any losses, damages, costs and expenses reasonably incurred by the Pledgee arising from or in connection with any failure by the Pledgor to make
the payment and perform the Obligations or from any breach of the warranties and representations in Clause 4 hereof. 
 18.
Partial Invalidity 
 If any provision of this Pledge is held to be illegal, invalid or unenforceable under the law of the applicable
jurisdiction by any competent court of such jurisdiction, then such provision shall, to the extent it is illegal, invalid or unenforceable, have no effect and is deemed not to be included herein. The illegality, invalidity or unenforceability of any
provision of this Pledge under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision. In such event, the
Pledgor shall use its best genuine endeavours to come to an agreement with the Pledgee to modify or supplement such provision in such manner so as to make such provision valid, legal and enforceable or if so 
  

 5 

 requested by the Pledgee, the Pledgor shall take such action or deed or enter into such other agreements with the Pledgee
so as to provide the Pledgee with similar rights and interests as those granted herein. 
 19. No Waiver 

No failure or delay by any party to this Pledge in exercising any right, power or remedy under this Pledge shall operate as a waiver thereof, nor shall
any single or partial exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy. If at any time any provision of this Pledge is or becomes illegal, invalid or unenforceable in any respect, the
legality, validity and enforceability of the remaining provisions of this Pledge shall not be affected or impaired thereby. 
 20. Governing Law and Jurisdiction 
 (a) This Pledge shall be governed by and construed in accordance with the laws of Hong
Kong. 
 (b) The parties hereto irrevocably submit to the non-exclusive jurisdiction of the Hong Kong courts in respect of this Pledge and
the transactions contemplated by this Pledge. 
 (c) The Pledgor irrevocably appoints the Company as its process agent to receive and accept
from time to time at the registered office of the Company, for or on behalf of the Pledgor, service of process in the proceedings in Hong Kong. Such service shall be deemed completed on delivery to the Company (whether or not it is forwarded to and
received by the Pledgor). If for any reason the Company ceases to be able to act as such or no longer has an address in Hong Kong, the Pledgor shall forthwith appoint a substitute process agent acceptable to the Pledgee, and to deliver to the
Pledgee a copy of the new process agent’s acceptance of that appointment, within seven (7) days. Until such time as the Pledgor appoints a substitute process agent, the Company shall be the process agent of the Pledgor in the meantime and
service on the Comapny pursuant to this Clause shall be effective. 
 IN WITNESS WHEREOF the parties hereto have caused this Share
Pledge to be duly executed the day and year first above written. 
 THE PLEDGOR 
  

							
	SEALED with the common seal	  	)  	  		  	
	and SIGNED by Ong Toon Wah	  	)	  		  	
	director, for and on behalf of	  	)	  		  	
	China Interactive (Singapore) Pte. Ltd.	  	)	  	 /s/ Ong Toon Wah
	  	
	in the presence of:-	  	)	  		  	

 THE PLEDGEE 
  

							
	SIGNED by Jun ZHU	  	)  	  		  	
	director, for and on behalf of	  	)	  		  	
	GameNow.net (Hong Kong) Limited	  	)	  	 /s/ Jun ZHU
	  	
	in the presence of:-	  		  		  	

  

 6 

 Schedule 
  

			
	Share Issuer:	  	China The9 Interactive Limited, a company incorporated in Hong Kong
		
	Class of Share:	  	Ordinary Share
		
	Par Value:	  	HK$1.00
		
	Number of Shares:	  	12,099,455
		
	Share Certificate(s) no(s).:	  	No. 5 [Company chop of China Interactive(s) Pte., Ltd.]

  

 7

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