Document:

EX-4.34

 Exhibit 4.34 

SHARE PURCHASE AGREEMENT 

by and among 
 21VIANET GROUP,
INC. 
 CHENGDU GUOTAO CULTURAL COMMUNICATION CO., LTD. 

CHENGDU GUOTAO NETWORK TECHNOLOGY CO., LTD. 

CHENGDU CHUANTAO INVESTMENT LIMITED PARTNERSHIP ENTERPRISE 

SUZHOU TIANWEI ZHONGSHAN JIUDING INVESTMENT CENTER (LP) 

XIAMEN HONGTAI JIUDING EQUITY PARTNERSHIP (LP) 

BEIJING HANGUANG JIUDING INVESTMENT CENTER (LP) 

CHENGDU EVERASSION EQUITY INVESTMENT FUND CENTER (LP) 

CHENGDU ZHONGTAO INVESTMENT PARTNERSHIP (LP) 

CHENGDU HETAO INVESTMENT PARTNERSHIP (LP) 

LI JIA 
 and 

SICHUAN AIPU NETWORK CO., LTD. 

Dated as of May 30, 2014 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS AND INTERPRETATION	  
			
	 Section 1.1
	 	 Definitions
	  	 	6	  
	 Section 1.2
	 	 Rules of Interpretation
	  	 	12	  
	
	ARTICLE II	  
	SALE AND PURCHASE OF SALE SHARES	  
			
	 Section 2.1
	 	 Sale and Purchase of the Sale Shares
	  	 	13	  
	 Section 2.2
	 	 No Distribution Prior to Closing
	  	 	13	  
	
	ARTICLE III	  
	CLOSING	  
			
	 Section 3.1
	 	 Prepayment
	  	 	14	  
	 Section 3.2
	 	 Closing
	  	 	14	  
	 Section 3.3
	 	 Buyer’s Obligations
	  	 	15	  
	 Section 3.4
	 	 Sellers’ Obligations
	  	 	15	  
	
	ARTICLE IV	  
	CONDITIONS PRECEDENT TO CLOSING	  
			
	 Section 4.1
	 	 Conditions Precedent to Obligations of All Parties
	  	 	16	  
	 Section 4.2
	 	 Conditions Precedent to the Obligations of the Buyer
	  	 	16	  
	 Section 4.3
	 	 Conditions Precedent to the Obligations of the Sellers
	  	 	17	  
	
	ARTICLE V	  
	REPRESENTATIONS AND WARRANTIES RELATING TO THE SELLERS	  
			
	 Section 5.1
	 	 Organization and Good Standing
	  	 	17	  
	 Section 5.2
	 	 Power and Authority; Binding Effect
	  	 	17	  
	 Section 5.3
	 	 No Violation; Third-Party Consents and Approvals
	  	 	18	  
	 Section 5.4
	 	 Ownership of Sale Shares
	  	 	18	  
	 Section 5.5
	 	 Solvency and No Winding-up
	  	 	18	  
	 Section 5.6
	 	 Quality of Information
	  	 	18	  
	 Section 5.7
	 	 Ethical Practices
	  	 	19	  
	 Section 5.8
	 	 No Litigation
	  	 	19	  
	 Section 5.9
	 	 Financial Capacity
	  	 	19	  
	 Section 5.10
	 	 Brokers and Finders
	  	 	19	  
	
	ARTICLE VI	  
	REPRESENTATIONS AND WARRANTIES RELATING TO THE TARGET GROUP	  
			
	 Section 6.1
	 	 Organization and Good Standing
	  	 	19	  
	 Section 6.2
	 	 Capitalization; Subsidiaries
	  	 	20	  
	 Section 6.3
	 	 Due Authorization; Capacity
	  	 	20	  
	 Section 6.4
	 	 No Conflicts
	  	 	21	  
	 Section 6.5
	 	 Title to Properties and Assets
	  	 	21	  
	 Section 6.6
	 	 Solvency and No Winding-up
	  	 	21	  
	 Section 6.7
	 	 No Other Assets or Business
	  	 	22	  
	 Section 6.8
	 	 Accounts
	  	 	22	  
	 Section 6.9
	 	 Absence of Certain Changes
	  	 	22	  
	 Section 6.10
	 	 No Undisclosed Liabilities
	  	 	24	  
	 Section 6.11
	 	 Taxes
	  	 	24	  
	 Section 6.12
	 	 Compliance with Law; Approvals
	  	 	25	  

							
	 Section 6.13
		 Environmental Matters
		 	25	  
	 Section 6.14
		 Insurance
		 	26	  
	 Section 6.15
		 Employee and Labor Matters
		 	26	  
	 Section 6.16
		 Proceedings
		 	27	  
	 Section 6.17
		 Contracts
		 	27	  
	 Section 6.18
		 Interested Party Transactions
		 	27	  
	 Section 6.19
		 Ethical Practices
		 	27	  
	 Section 6.20
		 Minute Books
		 	28	  
	 Section 6.21
		 Financial Advisor/Broker Fees
		 	28	  
	 Section 6.22
		 Obligations of Management
		 	28	  
	 Section 6.23
		 Reorganization
		 	28	  
	
	ARTICLE VII	  
	REPRESENTATIONS AND WARRANTIES RELATING TO THE BUYER	  
			
	 Section 7.1
		 Organization and Good Standing
		 	29	  
	 Section 7.2
		 Power and Authority; Binding Effect
		 	29	  
	 Section 7.3
		 No Violation; Third Party Consents and Approvals
		 	29	  
	
	ARTICLE VIII	  
	COVENANTS	  
			
	 Section 8.1
		 Reorganization Period
		 	29	  
	 Section 8.2
		 Reorganization
		 	29	  
	 Section 8.3
		 Disclosure Schedule
		 	30	  
	 Section 8.4
		 Guaranty by the Founder
		 	30	  
	 Section 8.5
		 Internal Control
		 	30	  
	 Section 8.6
		 Confidentiality
		 	30	  
	 Section 8.7
		 Filings, Authorizations and Consents
		 	30	  
	 Section 8.8
		 Press Release and Publicity
		 	31	  
	 Section 8.9
		 Access to Business Records
		 	31	  
	 Section 8.10
		 Conduct of Business
		 	31	  
	Section 8.11		Continuing Disclosure		 	32	  
	Section 8.12		Taxes, Fees and Expenses		 	33	  
	Section 8.13		Exclusivity		 	33	  
	Section 8.14		Financial Capacity		 	33	  
	Section 8.15		Grant of Options		 	34	  
	
	ARTICLE IX	  
	ADDITIONAL AGREEMENTS	  
			
	Section 9.1		Call Options		 	34	  
	Section 9.2		Transfer Restrictions		 	35	  
	Section 9.3		Right of First Refusal		 	35	  
	Section 9.4		Board Composition		 	36	  
	Section 9.5		Listing		 	36	  
	Section 9.6		Information Rights		 	36	  
	
	ARTICLE X	  
	INDEMNIFICATION	  
			
	Section 10.1		Survival and Indemnification Periods		 	37	  
	Section 10.2		General Indemnification by the Sellers of Buyer Indemnitees		 	37	  
	Section 10.3		Specific Indemnification by the Sellers		 	37	  
	Section 10.4		General Indemnification by the Buyer of Seller Indemnitees		 	38	  
	Section 10.5		Indemnification Procedures		 	38	  
	Section 10.6		Buyer’s Discretion		 	38	  

					
	
	ARTICLE XI
	TERMINATION
			
	Section 11.1		Termination of Agreement		39
	Section 11.2		Effect of Termination		39
	
	ARTICLE XII
	MISCELLANEOUS
			
	Section 12.1		Severability		40
	Section 12.2		Governing Law		40
	Section 12.3		Dispute Resolution		40
	Section 12.4		Notices		41
	Section 12.5		Effectiveness		41
	Section 12.6		Amendment		41
	Section 12.7		Waiver		41
	Section 12.8		Survival		42
	Section 12.9		Entire Agreement		42
	Section 12.10		Successors and Assignment		42
	Section 12.11		No Third-Party Beneficiaries		42
	Section 12.12		Language		42
	Section 12.13		Counterparts		42

 SHARE PURCHASE AGREEMENT 

This Share Purchase Agreement (this “Agreement”) is entered into as of May 30, 2014 by and between: 

(a) 21Vianet Group, Inc., an exempted company duly established and validly existing under the laws of Cayman Islands and with its registered address at
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Buyer”); 
 (b) each Person listed under the column
“Seller” on Schedule I hereto (each a “Seller”, and collectively the “Sellers”); 
 (c) Li Jia, a PRC citizen,
with ID number 510102197210156119 (the “Founder”); and 
 (d) Sichuan Aipu Network Co., Ltd., a limited liability company duly
established and validly existing under the laws of the PRC and with its registered address at No.6 Jiuxing Avenue, High and New Technology Zone, Chengdu (the “Company”). 

The Buyer, the Sellers and the Company may hereinafter be referred to collectively as the “Parties” and each individually as a
“Party.” 
 RECITALS 

WHEREAS, as of the date of this Agreement, the Sellers collectively own 100% of the equity interest of the Company and the Founder, through
his control of the Sellers, has de facto control of the Company; 
 WHEREAS, the Seller has established GUO YUN LTD., a limited liability
company in the British Virgin Islands (the “BVIco”), which is 82% owned by CLOUD UP LIMITED. START SAGE LIMITED, who holds 18% of the BVIco has entered into an agreement with GOLDEN TRIDENT INVESTMENT LIMITED to transfer 18% of its
equity interest in BVIco to GOLDEN TRIDENT INVESTMENT LIMITED. The BVIco is owned by the Sellers as to the same percentage of shareholding of each Seller in the Company as of the date hereof; 

WHEREAS, the Buyer intends to indirectly acquire control over the Company by purchasing certain number of ordinary shares of the BVIco, which
in the aggregate will be representing 50% of the total issued and outstanding share capital of the BVIco (the “Sale Shares”), from the Sellers (the “Transaction”) on the condition, among others as set forth herein
below, that the Sellers have completed (or cause to be completed) a series of reorganization steps in accordance with this Agreement and other Transaction Documents (as defined herein), and the Sellers are willing to effect the Transaction. 

NOW, THEREFORE, in consideration of the foregoing, the representations, warranties, covenants and agreements set forth in this Agreement, and
other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties hereby agree as follows: 

 ARTICLE I  

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. 

“Accounts” means, collectively, the Financial Statements and the Management Accounts. 

“Affiliate” means, in relation to a particular company or a person, a company, its holding company or Subsidiary, or any
Subsidiary of its holding company or person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the company or person specified. 

“Agreement” has the meaning ascribed thereto in the Preamble. 

“Anti-Corruption Laws” means any anti-bribery or anti-corruption Law of any jurisdiction in which a particular company or
person performs business, or of PRC, or of the United States, or of the United Kingdom, including without limitation, the PRC Criminal Law, the PRC Anti-Unfair Competition Law, the Foreign Corrupt Practices Act of 1977, as amended
(“FCPA”), the U.K. Bribery Act of 2010, and where applicable, legislation enacted by member states and signatories implementing the OECD Convention Combating Bribery of Foreign Officials. 

“Approvals and Filings” means such approvals, authorizations, consents, licenses, Permits, orders or waivers by, exemptions
from, notices to, or registrations or filings with, a Governmental Authority or another third party as required to be obtained or procured pursuant to the transactions contemplated by this Agreement or the other Transaction Documents, including the
Reorganization. 
 “Balance Sheet Date” means the last day of the month immediately preceding the month in which this
Agreement is duly executed by the Parties. 
 “Business” means all community broadband access business and related
activities currently carried out by the Target Group, or to be carried out by the Target Group after the Closing Date, as the case may be. 

“Buyer” has the meaning ascribed thereto in the Preamble. 

“Buyer Indemnitees” has the meaning ascribed thereto in Section 10.2. 

“Circular 75 Security Holder” means any holder of any Equity Security of any Target Group Company, which holder is a
“Domestic Resident” as defined in SAFE Rules and Regulations and is subject to any of the registration or reporting requirements of SAFE Rules and Regulations. 

“Claim Notice” has the ascribed thereto in Section 10.4. 

“Closing” has the meaning ascribed thereto in Section 3.1. 

“Closing Date” has the meaning ascribed thereto in Section 3.1. 

“Company” has the meaning ascribed thereto in the Preamble. 

“Confidential Information” has the meaning ascribed thereto in Section 8.6(a). 

“Constitutional Documents” means with respect to a person, the constitutional documents of such person, which may include, as
applicable, memorandum and articles of association, by-laws and joint venture contracts. 

  
 6 

 “Contract” means any contract, agreement, lease, licensing arrangement,
commitment, understanding, franchise, warranty, guaranty, mortgage, note, bond, option, warrant, right or other instrument or consensual obligation, whether written or oral and whether express or implied. 

“Default” means an occurrence which constitutes a material breach, violation or contravention of, or default under, any
Contract, Law, Governmental Order, or any term or provision thereof, or other commitment, and, where applicable, after the expiration of any grace period provided thereunder without such breach, violation, contravention or default being cured within
such period. 
 “Designated Account” means, with respect to a Seller, a bank account notified to the Buyer in writing by
such Seller not later than five (5) business days before Closing. 
 “Disclosure Schedule” means each disclosure
schedule to be delivered to the Buyer pursuant to Section 8.3. 
 “Dispute” shall mean any dispute, controversy or
claim arising out of or relating to this Agreement, its interpretation, validity, performance, enforceability, breach or termination. 

“Dispute Notice” has the meaning ascribed thereto in Section 12.3(a). 

“Due Diligence Documents” has the meaning ascribed thereto in Section 5.6. 

“Employee Benefit Plan” means each share purchase, equity, severance, employment or individual consulting, change of control,
bonus, incentive or deferred compensation, employee loan, employee pension plan, medical insurance, life insurance, retirement plan, program, agreement or arrangement and each other employee benefit plan, program, policy, Contract under which any
current or former employee, director or individual consultant of any Target Group Company has any right to benefits and which is maintained or sponsored by, or contributed to by any Target Group Company or under which any Target Group Company has
any liability. 
 “Encumbrances” means with respect to any asset or property (including any security), any mortgage,
judgment lien, materialman’s lien, mechanic’s lien, other lien (statutory or otherwise), charge, security interest, pledge, hypothecation, encroachment, easement, title defect, title retention agreement, voting trust agreement, right of
pre-emption, right of first refusal, claim, option, forfeiture, penalty, equity, adverse interest or security interest of any kind or an agreement, arrangement or obligation to create any of the foregoing. The term “Encumber” shall
have meanings correlative to the foregoing. 
 “Environmental Law” means any applicable Law or Governmental Order relating
to the prevention of harm to or protection of the environment, including, without limitation, (i) emissions, discharges, releases or threatened releases of any Hazardous Materials into land, soil, ambient air, water and atmosphere,
(ii) the generation, treatment, storage, transportation, disposal or other handling of any Hazardous Materials, and (iii) the health and safety of persons (including employees) as such matters relate to Hazardous Materials. 

“Equity Securities” means, with respect to a person, any shares, share capital, registered capital, ownership interest,
equity interest, or other equity securities of such person, and any option, warrant, or right to subscribe for, acquire or purchase any of the foregoing, or any other security or instrument convertible into or exercisable or exchangeable for any of
the foregoing, or any equity appreciation, phantom equity, equity plans (including all options and other awards of equity securities authorized under equity plans, whether or not issued, granted or vested) or similar rights with respect to such
person, or any Contract of any kind for the purchase or acquisition from such person of any of the foregoing, either directly or indirectly. 

  
 7 

 “Fair Market Value” means, the value of VNET Shares determined as follows: 

(a) If the VNET Shares are listed on one or more established stock exchanges or national market systems, including without limitation, The New
York Stock Exchange and The Nasdaq Stock Market, its Fair Market Value shall be the average closing sales price for such VNET Shares as adjusted by ADS-ordinary share ratio (or the closing bid, if no sales were reported) as quoted on the principal
exchange or system on which the shares are listed over a twenty-day trading period ended on the date prior to the Financial Statements Date of the applicable year during which the Sellers exercise the Put Option(s); or 

(b) In the absence of an established market for the VNET Shares of the type described in (a), above, the Fair Market Value thereof shall be
determined by the Board of Director of the Buyer in good faith and in its discretion by reference to an independent valuation of the VNET Shares. 

“Financial Statements” means the audited consolidated financial statements of the Target Group for the fiscal year ended
December 31, 2013, each comprising of a balance sheet, a profit and loss statement and a cash flow statement (together with all related notes and schedules thereto) prepared in accordance with PRC GAAP applied consistently. 

“Financial Statements Date” means, in a given fiscal year, the date that the Target Group receives the executed version of
the audit report accompanying the audited consolidated financial statements of the Target Group for the preceding fiscal year, from the auditor of the Target Group, but in no event later than 90 days after the end of such preceding fiscal year. 

“Government Official” includes, without limitation, all officers or employees of a government department, agency or
instrumentality; permitting agencies; custom officials; political party officials; candidates for political office; officials of public international organizations (e.g., the Red Cross); employees or affiliates of an enterprise that is owned,
sponsored, or controlled by any government—such as a health care facility, bank, utility, oil company, university or research institute; and any other position as defined by applicable Anti-Corruption Laws. 

“Governmental Authority” means any national, central, federal, state, provincial, municipal, autonomous region or local
government, including any political subdivision thereof and any department, ministry, agency, commission, bureau, court, tribunal, entity, instrumentality, authority or other body thereof exercising executive, judicial, fiscal, legislative,
regulatory, taxing or administrative functions of or pertaining to government. 
 “Governmental Order” means any order,
writ, judgment, injunction, decree, ruling, assessment, stipulation or determination entered or issued by any competent Governmental Authority, or a final arbitration award issued by an arbitral tribunal of competent jurisdiction. 

“Hazardous Materials” means any material, substance or condition that is defined as “hazardous” by any
Environmental Law or is subject to regulation under any Environmental Law, including all pollutants, contaminants, hazardous or special wastes, radioactive materials and any other infectious, carcinogenic, ignitable, corrosive, reactive, toxic,
bioaccumulative/persistent organic or otherwise hazardous substances or materials (whether solids, liquids or gases). 

“HKIAC” shall mean the Hong Kong International Arbitration Centre. 

“Indebtedness” of any person means, without duplication, (i) the principal, accreted value, unpaid interest, prepayment,
breakage and redemption costs, premiums or penalties, unpaid fees or expenses and other monetary obligations in respect of (A) indebtedness of such person for borrowed money and (B) indebtedness evidenced by notes, debentures, bonds or
other similar instruments for the payment of which such person is responsible or liable; (ii) all obligations (contingent or otherwise) of such person issued or assumed as the deferred purchase price of property or services, all conditional
sale obligations of such person and all obligations of such person 

  
 8 

 
under any title retention agreement, including, without limitation, trade accounts payables incurred in the ordinary course of business and salaries and related social benefits payable;
(iii) all capitalized lease obligations; (iv) all obligations and Liabilities payable upon termination of interest rate protection agreements, foreign currency exchange agreements or other interest rate or exchange rate hedging or swap
arrangements; (v) all obligations of the type referred to in clauses (i) through (iv) of any persons the payment of which such person is responsible or liable, directly or indirectly, as obligor, guarantor, surety or otherwise;
(vi) all obligations of the type referred to in clauses (i) through (v) of other persons secured by any Encumbrances on any property or asset of such person (whether or not such obligation is assumed by such person);
(vii) current income Tax Liabilities; and (viii) all unsettled related-party balances, if such related party balance is a payable from a Target Group Company to an Affiliate that is not part of the Target Group. 

“Indemnified Party” shall have the meaning set forth in Section 10.4. 

“Indemnifying Party” shall have the meaning set forth in Section 10.4. 

“Indemnification Period” shall have the meaning set forth in Section 10.1. 

“Insurance Policies” means each current policy of insurance taken out in respect of the Target Group Companies. 

“Intellectual Property” means all intellectual property and industrial property rights and rights in confidential information
of every kind and description throughout the world, including all U.S. and foreign (i) patents, patent applications, invention disclosures, and all related continuations, continuations-in-part, divisionals, reissues, re-examinations,
substitutions, and extensions thereof (“Patents”), (ii) trademarks, service marks, names, corporate names, trade names, domain names, logos, slogans, trade dress, design rights, and other similar designations of source or
origin, together with the goodwill symbolized by any of the foregoing (“Trademarks”), (iii) copyrights and copyrightable subject matter (“Copyrights”), (iv) rights in computer programs (whether in source
code, object code, or other form), algorithms, databases, compilations and data, technology supporting the foregoing, and all documentation, including user manuals and training materials, related to any of the foregoing
(“Software”), (v) trade secrets and all other confidential information, ideas, know-how, inventions, proprietary processes, formulae, models, and methodologies (“Trade Secrets”), (vi) moral rights and
rights of attribution and integrity, (vii) all rights in the foregoing and in other similar intangible assets, (viii) all applications and registrations, and any renewals, extensions and reversions, for the foregoing, and (ix) all
rights and remedies against past, present, and future infringement, misappropriation, or other violation thereof. 

“Jiuding” means, collectively, Suzhou Tianwei Zhongshan Jiuding Investment Center (LP), Xiamen Hongtai Jiuding Equity
Partnership (LP) and Beijing Hanguang Jiuding Investment Center (LP), and GOLDEN TRIDENT INVESTMENT LIMITED, a British Virgin Islands company under common control with the three partnership enterprise as aforementioned. 

“Key Employees” mean the persons listed on Schedule III hereto. 

“Law” means any central, federal, state, provincial, municipal, local or foreign laws, treaties, constitutions, statutes,
codes, judicial decisions, judgments, rules, regulations, ordinances, circulars, administrative measures, edicts, interpretations, Governmental Orders or other pronouncement of or enacted, adopted, promulgated or applied by any Governmental
Authority having the effect of law. 
 “Liabilities” mean any debt, liability or obligation (whether direct or indirect,
absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due), and includes all costs, expenses and Taxes relating thereto. 

  
 9 

 “Long Stop Date” means the date falling two (2) months from the date of
execution of this Agreement, or any later date as may be extended by express written agreement of the Buyer and the Sellers. 

“Losses” means Liabilities, losses, damages, claims, demands, payments, fines, awards, judgments, penalties and related costs
and expenses, including, without limitation, diminution in value, interests, Taxes and reasonable attorneys’ fees, court costs and expenses of litigation or arbitration, in each case (excluding any indirect, consequential or punitive losses);
and for the avoidance of doubt, any amount of Losses to any Target Group Company shall be deemed to result in and attribute to the Buyer an amount of Losses that is equal to the amount of Losses to the relevant Target Group Company. 

“Management Accounts” has the meaning ascribed thereto in Section 6.8. 

“Material Adverse Effect” means, in relation to any person, any event, occurrence, fact, condition, circumstance, change or
effect that, individually or in the aggregate with all other events, occurrences, facts, conditions, circumstances, changes or effects: (a) is materially adverse to the business, operations, assets, Liabilities, employee relationships, client,
investor or service provider relationships, prospects, results of operations or conditions (financial or otherwise) of such person; or (b) will materially and adversely affect the ability of the Party in question to perform its obligations
hereunder or to consummate the transactions contemplated herein. 
 “Material Contract” has the meaning ascribed there to
in Section 6.17(a). 
 “Money Laundering Laws” has the meaning ascribed thereto in Section 5.7(c). 

“Ordinary Shares” means ordinary shares of the BVIco. 

“Parties” has the meaning ascribed thereto in the Preamble. 

“Permits” means all licenses, permits, approvals, consents, authorizations, certificates, grants, concessions or the like by
a Governmental Authority. 
 “Post-Transaction Ultimate Holdco AOA” means the restated and amended BVIco’s articles of
association effective from the Closing Date. 
 “PRC” means the People’s Republic of China, excluding, for the sole
purpose of this Agreement, Hong Kong, Macau and Taiwan. 
 “PRC GAAP” means generally accepted accounting standards
issued by the Ministry of Finance of the People’s Republic of China. 
 “Proceedings” means any lawsuit, arbitration,
mediation or other proceedings before any court, arbitrator, mediator or other Governmental Authority, whether criminal, civil, administrative, investigative or otherwise. 

“Put Shares” means the Ordinary Shares owned by each of the Sellers, through their respective Seller SPV, as of the date
immediately prior to the Closing on which the Exercise Notice is delivered. 
 “Representatives” of a person means the
directors, officers, employees, advisors, consultants, controllers, representatives and agents of such person. 
 “RMB”
means the legal currency of the PRC. 
 “SAFE” means the State Administration of Foreign Exchange. 

  
 10 

 “SAFE Rules and Regulations” means the Notice on Issues Relating to the
Administration of Foreign Exchange in Fund-raising and Reverse Investment Activities of Domestic Residents Conducted via Offshore Special Purpose Companies issued by SAFE on October 21, 2005 and any other guidelines, implementing rules,
reporting and registration requirements issued by SAFE. 
 “Sellers” has the meaning ascribed thereto in the
Preamble. 
 “Seller SPV” means CLOUD UP LIMITED and GOLDEN TRIDENT INVESTMENT LIMITED, two special purpose vehicles duly
established in British Virgin Islands by the Sellers. The BVIco is owned by the Sellers, through the two Seller SPVs, as to the same percentage of shareholding of each Seller in the Company as of the date hereof. 

“Subsidiary” of a person means any other person of which such first person (either alone or through or together with any
other Subsidiary) directly or indirectly (a) owns more than fifty percent (50%) of the Equity Securities, (b) is generally entitled to appoint a majority of the board of directors or comparable governing body, or (c) otherwise
has control. 
 “Target Group” means, collectively, the BVIco, the Company, each Subsidiary of the Company listed on
Schedule II hereto, any other Subsidiary of any of the foregoing in existence as of the date hereof or formed hereafter, and any other entity whose financial statements are consolidated with those of the BVIco or the Company in accordance with
generally accepted accounting principles in the United States and are recorded on the books of the BVIco or the Company for financial reporting purposes; and a “Target Group Company” means each of them individually. 

“Target Group Indemnitees” has the meaning ascribed thereto in Section 10.3. 

“Tax” means all taxes and administrative charges (including but not limited to income tax, business tax, value added tax,
customs and stamp duty) and any relevant interests and penalties imposed by any Governmental Authority in accordance with applicable Law. 

“Tax Returns” means any return, report, information return or other document (including schedules, any related or supporting
information, or amendment thereof) filed or required to be filed with any Governmental Authority in connection with the determination, assessment or collection of any Tax or the administration of any Laws relating to Tax. 

“Third Party Claim” shall have the meaning set forth in Section 10.4. 

“Transaction Documents” means, collectively, (i) this Agreement, (ii) Post-Transaction Ultimate Holdco AOA,
(iii) Ultimate Holdco SHA, (iv) the share purchase agreement relating to the sale of equity interests in the Company, dated as of the date hereof, by and among the Sellers, the Company and Langfang Xunchi Computer Data Processing Co., Ltd.
(the “Onshore SPA”), (v) the articles of association of the Company to be adopted at or prior to Closing. 

“Transfer” means the direct or indirect offer, sale, lease, donation, assignment (as collateral or otherwise), mortgage,
pledge, grant, hypothecation, encumbrance, gift, bequest or transfer or disposition of any interest (legal or beneficial) in any security (including the transfer of any person that owns such security or transfer by reorganization, merger, sale of
substantially all of the assets or by operation of law). 
 “US$” or “US Dollars” means the legal currency
of the USA. 
 “U.S. Economic Sanctions” has the meaning ascribed thereto in Section 5.7(b). 

  
 11 

 “Ultimate Holdco SHA” shall mean certain shareholders’ agreement to be
entered into as of the Closing Date by and among the Buyer, the Sellers (excluding Jiuding) or Seller SPV, and the BVIco, which shall be on terms reasonably acceptable to the Buyer and the Sellers and reflecting the provisions in Article IX hereof.

 “VNET Shares” means the Buyer’s Class A ordinary shares, par value US$0.00001 per share. 

Section 1.2 Rules of Interpretation. For purposes of this Agreement, except where the context otherwise requires: 

(a) The term “person” includes any natural person, firm, association, partnership, corporation, limited liability company,
limited liability partnership, general partnership, joint venture, trust, unincorporated organization or other legal entity, including entities established by Contract or Laws that have a separate legal identity, or any Government Authority or other
entity, in its own or any representative capacity, and shall include any successor (by merger or otherwise) of any of the foregoing. 
 (b)
The term “control”, when used with respect to any given person, means the power or authority, whether exercised or not, to direct or cause the direction of the business, management and policies of such person, directly or
indirectly, whether through the ownership of voting securities, by Contract or otherwise; provided that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of
more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such person or power to control the composition of a majority of the board of directors or partners of such person. The terms
“controlled” and “controlling” have meanings correlative to the foregoing. 
 (c) References to a Party
include its successors and permitted assignees in accordance with Section 12.10. 
 (d) The term “third party” means
any person other than the Parties. 
 (e) The term “business day” means any day on which licensed banks in the PRC, Hong
Kong and New York are open for business, excluding any Saturday, Sunday and legal holidays in the PRC, Hong Kong or New York. 
 (f)
References to “days” other than “business days” mean calendar days (if, however, an action or obligation is due to be undertaken by or on a day other than a business day, i.e., a Saturday, Sunday or public holiday in the
PRC, Hong Kong or New York, then that action or obligation will be deemed to be due on the next following business day). 
 (g) When
introducing a series of items, the terms “include”, “including” and “includes” are not intended to limit the more general description that precedes the items listed. 

(h) The terms “hereof”, “herein”, “hereby”, “hereunder” and the like
refer to this Agreement as a whole and not to any specific section, article or clause. 
 (i) Any reference to Preambles, Recitals,
Articles, Sections, Items, Paragraphs, Exhibits, Annexes or Schedules shall mean the relevant preambles, recitals, articles, sections, items, paragraphs, exhibits, annexes or schedules of this Agreement, unless the context otherwise requires. 

(j) The table of contents and the headings of the Articles and Sections are included for convenience of reference only and are not intended
to affect the meaning of the operative provisions to which they relate. 

  
 12 

 (k) References to any central, federal, state, provincial, municipal, local or foreign law or
enactment includes that enactment as amended, replaced or re-enacted and any subordinate legislation, regulations, rules, measures and guidelines made or promulgated under it, unless the context requires otherwise. 

(l) Unless specifically stated otherwise, a Contract, certificate or any other document includes all exhibits, appendices, schedules and
annexes attached thereto. 
 (m) All pronouns contained herein and any variations thereof shall be deemed to refer to the masculine,
feminine or neuter, singular or plural, as the identity of the parties may require. 
 (n) Time is of the essence of every respect of this
Agreement. 
 (o) The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the
provisions of this Agreement. 
 (p) The Parties intend that each representation, warranty, and covenant contained herein shall have
independent significance. 
 ARTICLE II  

SALE AND PURCHASE OF SALE SHARES 

Section 2.1 Sale and Purchase of the Sale Shares. 

(a) Subject to the terms and conditions of this Agreement, each of the Sellers hereby agrees, jointly and severally, to sell, transfer and
assign to the Buyer, and the Buyer hereby agrees to purchase and accept from such Seller, at Closing, certain number of Ordinary Shares which will be representing the percentage of shareholding of the BVIco as set forth opposite such Seller’s
name under the column “Percentage of Shareholding of BVIco” on Schedule I hereto, and all rights, title, interests and benefits and attached thereto under the Company’s articles of association, pursuant to applicable Laws, free and
clear from any and all Encumbrances. 
 (b) The aggregate purchase price for the Sale Shares shall be US Dollars in an amount equivalent to
RMB 589,048,406.02. It is confirmed by the Parties that such aggregate purchase price will not include the price payable by TNET for purchase of 50% shares of the Target Group under the Onshore SPA. 

Section 2.2 No Distribution Prior to Closing. Unless otherwise disclosed to the Buyer, the Buyer and each of the Sellers hereby
confirm and agree that none of the Sellers shall claim for the distribution or payment of any profits, proceeds, cash, dividends, interests, Indebtedness or property which have been accrued by any Target Group Company on or prior to the Closing Date
(or which otherwise relate to any periods prior to Closing, whether or not accrued), regardless of whether any such profits, proceeds, cash, dividends, interests, Indebtedness or property have been declared for distribution or payment (unless such
distribution or payment has been otherwise approved by the Buyer in writing in advance), excluding profits disclosed under dividends payable of the Company’s financial statements as of the end of 2013. 

  
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 ARTICLE III 

CLOSING 

Section 3.1 Prepayment 

(a) Buyer will pay RMB250,000,000 or equivalent U.S. dollars (the “Prepayment”) as part of the purchase price payable by the
Buyer to the Sellers, to accounts designated by the Founder and Jiuding. RMB106,871,145 (US$17,113,074) shall be paid to the following account of the Founder, and RMB143,128,855 (US$22,918,952) shall be paid to the following account of Jiuding: 

Account of Founder: 

Beneficiary Bank: China Minsheng Bank Corp Ltd Hong Kong Branch 

(SWIFT: MSBCHKHH) 
 Beneficiary:
Li Jia, 
 Account No.: 680011181-814 (USD) 680011181-801 (HKD) 680011181-899 (RMB) 

Account of Jiuding 
 Beneficiary
Bank: SILICON VALLEY BANK 
 Account Name: Golden Trident Investment Limited 

Account No.: 3301134860 
 (b)
The Found will deliver, or cause delivery of, the following documents, each in the form and substance acceptable to the Buyer, upon payment of the Prepayment: 

(i) The register of members of the Company reflecting TNET as the holder of 50.00000% shares of the Company, which register of
members will be maintained by the Buyer until the Closing; 
 (ii) The resolutions adopted at the shareholder’s meeting
appointing the person nominated by the Buyer as director of the Company; 
 (iii) The legal opinion issued by qualified PRC
law firms designated by the Founder, evidencing the legality and effectiveness of the deliverables under Section 3.1b(i) and (ii); 

(iv) The letter of guarantee issued by the Founder for performance of the obligations under this Agreement in favor of the
Buyer and TNET; and 
 (v) The Equity Pledge Agreement between Chengdu Guotao Cultural Communication Co., Ltd. and TNET.

 (c) Jiuding hereby irrevocably agrees and acknowledges that the equity interest of the Company held by Jiuding has been transferred to
TNET and 18% equity interest in BVIco held by Jiuding will be transferred in full in this Transaction. If Closing occurs, the part of Prepayment paid to Jiuding shall be treated as the full consideration payable to Jiuding for transfer of its equity
interest in BVIco in full (the difference between the amount paid to the account designated by Jiuding under Section 3.1(a) and the share transfer price for Jiuding’s share ownership as set forth in Schedule I in the amount of
RMB68,928,571.44 shall be paid by the Buyer directly to the Founder’s account pursuant to Jiuding’s instruction, as otherwise agreed between Jiuding and the other shareholders of the Company) 

Section 3.2 Closing. Subject to all of the conditions set forth in Article IV having been satisfied (save to the extent waived in
accordance with this Agreement), the closing of the Transaction (“Closing”) shall take place on the earliest practicable date within ten (10) business days after the date on which the last of the conditions set forth in Article
IV has been satisfied or waived (other than those conditions that by their nature are to be satisfied at Closing) when all (but not some only) of the steps and actions set forth in Section 3.3 and Section 3.4 shall be taken and completed
simultaneously (the date on which Closing actually occurs shall be 

  
 14 

 
referred to as the “Closing Date”), provided, however, that (i) in no event shall the Closing Date be later than the Long Stop Date and
(ii) the Closing Date shall be a business day. Closing shall take place in Beijing or such other location as the Parties may expressly agree in writing. 

Section 3.3 Buyer’s Obligations. Subject to applicable Law and the satisfaction (save to the extent waived by the Buyer in
accordance with this Agreement) of each of the conditions set forth in Section 4.1 and Section 4.2, the Buyer shall, at Closing, 

(a) remit to each of the Sellers the amount in US Dollars as set forth opposite such Seller’s name under the column “Purchase
Price” in Schedule I, by wire transfer of immediately available funds to such Seller’s Designated Account; and 
 (b) deliver to
the Sellers (excluding Jiuding) the original Ultimate Holdco SHA, duly executed by the Buyer. 
 Section 3.4 Sellers’
Obligations. Subject to the satisfaction (save to the extent waived by each of the Sellers in accordance with this Agreement) of each of the conditions set forth in Section 4.1 and Section 4.3, at Closing, the Sellers (excluding
Jiuding) shall deliver, or cause to be delivered, to the Buyer all of the following documents or instruments, each in form and substance to the Buyer’s satisfaction: 

(a) a duly executed certificate from an authorized officer of the Seller certifying that the Sellers and their respective Seller SPV have
duly complete all of the material steps of the reorganization within the Reorganization Period pursuant to this Agreement (the “Reorganization”); 

(b) original instruments of transfer with respect to the Sale Shares, duly executed by each of the Sellers; 

(c) original share certificates representing the Sale Shares; 

(d) for the transfer of one ordinary share (“Nominal Share”) by Seller SPV to Shenchen, a PRC natural person (ID Card
No. 110108196807271450), (i) instrument of transfer with respect to the Nominal Share duly signed by the Seller SPV (excluding Jiuding); and (ii) original share certificate representing the Nominal Share; 

(e) a copy of the register of members of the BVIco dated as of the Closing Date and certified by the BVIco’s registered office provider
in the British Virgin Islands, which reflects the transfer of the Sale Shares from the Sellers to the Buyer and gives effect to the Buyer’s acquisition of the Sale Shares; 

(f) a copy of the register of directors of the BVIco dated as of the Closing Date and certified by the BVIco’s registered office
provider in the British Virgin Islands, which reflects the resignation pursuant to this Agreement of the directors of the BVIco designated by the Sellers, if applicable, and gives effect to the new directors nominated by the Buyer; 

(g) a copy of the written proof that the Post-Transaction Ultimate Holdco AOA has been filed with the Government Authorities of the British
Virgin Islands by the Company’s registered office provider; 
 (h) written resignation of the applicable Target Group Companies’
legal representatives, directors, general managers and other executive officers, as set forth in Schedule IV attached hereto and any other executive officers designated by the Sellers from their respective offices with the applicable Target Group
Companies, in each case in form satisfactory to the Buyer, duly executed and effective immediately upon Closing and containing a waiver of all claims against the applicable Target Group Company; 

  
 15 

 (i) copies of all applications, registration forms, instruments and other documents required
under the Law of the PRC to be filed with relevant Governmental Authorities in the PRC for the purposes of giving effect to and duly recording the change of the applicable Target Group Companies’ legal representatives, chairmen, directors,
supervisors and/or general managers to such persons designated by the Buyer, duly executed by the Company and/or the Sellers, as applicable, or their respective authorized Representatives; 

(j) the original Ultimate Holdco SHA, duly executed by the Sellers; and 

(k) duly executed confidentiality and non-compete agreements between each Key Employee, on one side, and the entity designated by the Buyer,
on the other side, on the terms reasonably acceptable to the Buyers. 
 ARTICLE IV 

CONDITIONS PRECEDENT TO CLOSING 

Section 4.1 Conditions Precedent to Obligations of All Parties. The respective obligations of all Parties to proceed with Closing
and perform their respective obligations under Article III are conditional upon and subject to the satisfaction, on or prior to the Long Stop Date, of each of the following conditions: 

(a) there shall not be in effect any Law that renders illegal, prevents or prohibits the consummation of the transactions contemplated hereby
or by the other Transaction Documents; and 
 (b) there shall not be in effect any Governmental Order prohibiting the consummation of the
transactions contemplated hereby or by the other Transaction Documents, or restraining any Party from consummating the transactions contemplated hereby or by the other Transaction Documents. 

Section 4.2 Conditions Precedent to the Obligations of the Buyer. The obligations of the Buyer to proceed with Closing and perform
its obligations under Section 3.2 are conditional upon and subject to the satisfaction, or the express written waiver by the Buyer, on or prior to the Long Stop Date of each of the following conditions: 

(a) the Reorganization (which may be assisted by the Buyer as necessary) having been duly and timely completed in accordance with the
Transaction Documents; and the Sellers having delivered to the Buyers a written certificate duly signed by an authorized officer of the Seller, dated as of the Closing Date, to the foregoing effect pursuant to Section 3.4(a); 

(b) the Sellers having delivered to the Buyer an original counterpart (or certified true copy, if none of the Buyer or its Affiliates is a
party to such agreement, document or instrument) of each of the execution versions of the Transaction Documents to which any of the Target Group Company is a party, duly executed by the Seller; 

(c) the Sellers having delivered to Buyer 2013 audited report issued by qualified accounting firms designated by the Buyer; 

(d) the purchase of the 50% of the equity interest in the Company by TNET from the Sellers having been duly completed in accordance with the
Onshore SPA and TNET having been duly recorded by the relevant Governmental Authorities as the shareholder of the Company; and the Buyer has received from the competent Government Authority the Notice for Acceptance of the ISP Business License
Change Filing under applicable administrative regulations; 

  
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 (e) the Sellers having delivered to Buyer a power of attorney issued by Chengdu Everassion
Equity Investment Fund Center (LP) authorizing CLOUD UP LIMITED to receive the purchase price on its behalf; 
 (f) all of the
representations and warranties contained in Article V and Article VI being true, accurate and not misleading as of the date of this Agreement and/or as of the Closing Date (as applicable), except to the extent such representations and warranties are
expressly stated as of a different point in time, in which case such representations and warranties being true, accurate and not misleading as of such other point in time; and each of the Sellers having delivered to the Buyer a written certificate
duly signed by an authorized officer of such Seller, dated as of the Closing Date, to the foregoing effect; 
 (g) each of the Sellers and
the Target Group Companies having performed and complied with all agreements, undertakings, obligations and covenants required by this Agreement to be performed or complied with by such Seller and/or the Target Group Companies, as applicable, on or
prior to the Closing Date; and each of the Sellers having delivered to the Buyer a written certificate duly signed by an authorized officer of such Seller, dated as of the Closing Date, to the foregoing effect; and 

(h) the Buyer having received each of the closing deliverables set forth in Section 3.4. 

Section 4.3 Conditions Precedent to the Obligations of the Sellers. The obligations of the Sellers to proceed with Closing and
perform their obligations under Section 3.4 are conditional upon and subject to the satisfaction, or the express written waiver by the Sellers, on or prior to the Long Stop Date of each of the following conditions: 

(a) all of the representations and warranties contained in Article VII being true, accurate and not misleading as of the date of this
Agreement and/or as of the Closing Date (as applicable), except to the extent such representations and warranties are expressly stated as of a different point in time, in which case such representations and warranties being true, accurate and not
misleading in all material respects as of such other point in time; and the Buyer having delivered to each of the Sellers a written certificate duly signed by an authorized officer of the Buyer, dated as of the Closing Date, to the foregoing effect;
and 
 (b) the Buyer having performed and complied with all agreements, undertakings, obligations and covenants required by this Agreement
to be performed or complied with by the Buyer on or prior to the Closing Date; and the Buyer having delivered to each of the Sellers a written certificate duly signed by an authorized officer of the Buyer, dated as of the Closing Date, to the
foregoing effect. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES RELATING TO THE SELLERS 

The Sellers, severally and not jointly, represent and warrant to the Buyer that each of the following statements is true, accurate and not
misleading as of the date hereof and will be true, accurate and not misleading as of the Closing Date (except for those representations or warranties that are expressly stated as of a different point in time): 

Section 5.1 Organization and Good Standing. Each of the Sellers is a company limited by shares duly established, validly existing
and in good standing under the laws of the PRC. 
 Section 5.2 Power and Authority; Binding Effect. Each of the Sellers has the
requisite capacity and authority under its Constitutional Documents and applicable Law to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the transactions contemplated herein in accordance with
this Agreement. The execution and delivery of this Agreement by each of the Sellers, 

  
 17 

 
performance by each of the Sellers of its obligations under this Agreement and the consummation of the transactions contemplated herein have each been duly authorized by all of such Seller’s
requite corporate actions, including, without limitation, due authorization by such Seller’s shareholders. Upon due execution by the Parties, this Agreement constitutes a valid, binding and enforceable legal obligation of each of the Sellers,
except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization or similar Laws relating to creditors’ rights generally and by equitable principles. 

Section 5.3 No Violation; Third-Party Consents and Approvals. 

(a) Neither the execution and delivery of this Agreement by each of the Sellers nor its performance of its obligations under this Agreement
will violate or breach, or otherwise constitute or give rise to a Default under (i) any applicable Law or Governmental Order, (ii) the Constitutional Documents of such Seller, or (iii) any Contract, commitment, or other obligation to
which such Seller or any Target Group Company is a party or by which such Seller, any Target Group Company or any of their assets are bound. 

(b) No approval, authorization, consent, license, Permit, order or waiver by, exemption from, notice to, or registration or filing with, any
Governmental Authority or any other third party is required to be obtained or made by or with respect to any Seller, any Target Group Company, or any Seller’s other Affiliates in connection with the execution, delivery or performance by any
Seller of this Agreement or the consummation of the transactions contemplated herein, or in order to preclude any termination, amendment, cancellation or acceleration of or Default under any Contract. 

Section 5.4 Ownership of Sale Shares. Immediately following the establishment of the BVIco, each of the Sellers, through their
respective Seller SPV, will be the sole record and beneficial holder of all of the Ordinary Shares, the number of which is representing the “Percentage of Shareholding of the BVIco” set forth opposite such Seller’s name on Schedule I
hereto, free and clear from any Encumbrance. The Sellers collectively have the sole legal and beneficial ownership of all of the issued and outstanding Ordinary Shares, including the Sale Shares, free and clear from any Encumbrance. No person other
than the Sellers has any interest in, or any entitlement or claim to, any of the Ordinary Shares. Except for this Agreement, there are no Contracts, arrangements, warrants, options, puts, calls, rights or other commitments or understanding of any
character to which any Seller or any Seller SPV is a party or which any Seller or its assets are bound that relates to the sale, purchase, redemption, conversion exchange, registration, voting or transfer of any of the Sale Shares. Each of the
Sellers and their respective Seller SPV have the requisite power and authority to sell, transfer, assign and deliver all of the Sale Shares in accordance with this Agreement and that such delivery will convey to the Buyer good and valid title to all
of the Sale Shares free and clear from any Encumbrance 
 Section 5.5 Solvency and No Winding-up. No Governmental Order has been
made or Proceedings commenced or resolutions passed or steps taken by a person for the winding-up or dissolution of or ending the corporate existence of any Seller or any Seller SPV. No circumstance which may reasonably be expected to result in such
Governmental Order, Proceedings, resolutions or steps has arisen. No liquidator, receiver, custodian, sequestrator, manager or anyone in a similar capacity has been appointed in respect of the business or any asset of any Seller or any Seller SPV.
No circumstance which may reasonable be expected to result in such appointment has arisen. 
 Section 5.6 Quality of
Information. All books, records, Contracts, receipts, Permits and other documents that the Sellers have, either directly or through their Representatives or Affiliates, provided to the Buyer in connection with the transactions contemplated
hereby, including, without limitation, to facilitate the Buyer’s legal, financial, commercial, Tax, technical or environmental due diligence on the Target Group Companies (collectively, the “Due Diligence Documents”), are
either originals or true and complete copies of the originals of such books, records, Contracts, receipts, Permits or documents. All Due Diligence Documents are true and accurate, and no Due Diligence Document contains any omission, misleading or
false statement, information or material. 

  
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 Section 5.7 Ethical Practices 

(a) Neither any Seller nor any of its principals, owners, officers, directors, or agents has promised to make, on behalf of such Seller and
in connection with the Transaction, any payment (i) to or for the use or benefit of any Government Official; (ii) to any other person either for an advance or reimbursement, if it knows or has reason to know that any part of such payment
will be directly or indirectly given or paid by such other person, or will reimburse such other person for payments previously made, to any Government Official; or (iii) to any other person or entity, to obtain or keep business or to secure
other improper advantages, the payment of which would violate applicable Anti-Corruption Laws. 
 (b) neither any Seller nor any of its
principals, owners, officers, directors, agents nor other persons associated with, or acting on behalf of, any Seller is subject to any sanction administered by the Office of Foreign Assets Control of the United States Treasury Department
(“U.S. Economic Sanctions”) and does not and will not make any sales to or engage in business activities with or for the benefit of, and will not use any amounts payable under the proposed agreement/relationship for the purposes of
financing the activities of, any persons and countries that are subject to U.S. Economic Sanctions, including any “Specially Designated Nationals and Blocked Persons” as prescribed thereunder. 

(c) The operations of each of the Sellers have been conducted at all times in compliance with all money laundering-related laws of
jurisdictions where such Seller conducts business or owns assets, and any related or similar law issued, administered or enforced by any government authority (collectively, the “Money Laundering Laws”). No proceeding by or
before any government authority involving any Seller with respect to the Money Laundering Laws is pending or is threatened. 

Section 5.8 No Litigation. There are no Proceedings pending or threatened against or affecting any Seller that relate to this
Agreement or any other Transaction Documents or the transactions contemplated hereby or thereby. 
 Section 5.9 Financial
Capacity. Each of the Sellers has the financial capacity to pay and perform all of its obligations under this Agreement (including its obligations under Article X (Indemnification). 

Section 5.10 Brokers and Finders. Neither any Seller nor any of its Affiliates has entered into any Contract or otherwise has any
arrangement or understanding with any broker, investment banker or financial advisor in connection with this Agreement or the transactions contemplated hereby that would entitle such broker, investment banker or financial advisor to any
broker’s, finder’s or financial advisor’s fee, brokerage or commission that would be payable by the Buyer or any Target Group Company. 

ARTICLE VI 

REPRESENTATIONS AND WARRANTIES RELATING TO THE TARGET GROUP 

The Founder, the Sellers (Jiuding and Chengdu Everassion Equity Investment Fund Center (LP), severally not jointly, represents and warrants
only with respect to Section 6.3) and the Company, jointly and severally, represents and warrants to the Buyer that each of the following statements is true, accurate and not misleading as of the date hereof and will be true, accurate and not
misleading as of the Closing Date (except for those representations or warranties that are expressly stated as of a different point in time): 

Section 6.1 Organization and Good Standing. 

(a) The Company is a limited liability company duly established, validly existing and in good standing under the laws of the PRC. The Company
has obtained all requisite approvals from, and completed all necessary filings and/or registrations with, relevant Governmental Authorities with respect to any and all changes 

  
 19 

 
to its registered capital, paid-in capital, total investment, business scope, equity holders, legal representatives, board members and/or supervisors, including but not limited to any
registrations with the relevant local Administration of Industry and Commerce. The Company has all requisite power and authority to own, lease and operate its properties, rights and assets, to carry on its business as now conducted and as proposed
to be conducted, and to perform each of its obligations hereunder and under the other Transaction Documents to which it is a party. The Company is duly qualified or licensed to do business, and is in good standing (equivalent status in the relevant
jurisdiction) under the Laws of each jurisdiction in which it owns or leases real property and in each jurisdiction in which its conducts business. 

(b) As of the Closing Date, each Target Group Company (other than the Company) is duly organized, incorporated or established and validly
existing and in good standing (or equivalent status in the relevant jurisdiction) under, and by virtue of, the Law of the jurisdiction of its organization, incorporation or establishment. Each Target Group Company has all requisite power and
authority to own, lease and operate its properties, rights and assets, to carry on its business as now conducted and as proposed to be conducted, and to perform each of its obligations hereunder and under the other Transaction Documents to which it
is a party. Each Target Group Company is duly qualified or licensed to do business, and is in good standing (equivalent status in the relevant jurisdiction) under the Laws of each jurisdiction in which it owns or leases real property and in each
jurisdiction in which it conducts business. 
 (c) None of the Target Group Companies is in, nor shall the conduct of its business as
currently conducted result in, any violation, breach or default of any term of Constitutional Documents of any Target Group Company. 

Section 6.2 Capitalization; Subsidiaries. 

(a) As of Closing, all of the issued and outstanding Ordinary Shares are duly authorized, validly issued, fully paid and non-assessable and
were not issued in violation of any purchase or call option, right of first refusal, subscription right, preemptive right or any similar right. 

(b) Section 6.2(b) of the Disclosure Schedule sets forth complete and accurate information regarding the name, the outstanding
share capital or the paid-up registered capital, the business scope, the registered office, the date of establishment, the valid duration, and the identities and shareholding percentage of the shareholders of each Target Group Company (excluding the
BVIco) and any Person in which any Target Group Company holds any Equity Securities. None of the Target Group Companies has any Subsidiaries, nor do any of them beneficially own or control, directly or indirectly, solely or shared, any interest in
any other corporation, partnership, trust, joint venture, association or other entity, or maintain any offices or branches. None of the Group Companies has any outstanding obligations to provide working capital to, or make any investment (in the
form of a loan, capital contribution or otherwise) in, any Person. 
 (c) Other than this Agreement, there is no existing option, warrant,
call, put, right (including preemptive rights) or Contract of any character relating to or requiring, and there are no securities of any Target Group Company outstanding which upon conversion or exchange would require, the issuance, sale, purchase,
redemption, conversion, exchange, registration, voting or transfer of any shares, other equity interests or other voting securities of any Target Group Company or other securities convertible into, exchangeable for or evidencing the right to
subscribe for or purchase shares of capital stock, other equity interests or other voting securities of any Target Group Company. 

Section 6.3 Due Authorization; Capacity. All corporate action on the part of each Target Group Company and, as applicable, their
respective officers, directors and shareholders necessary for the authorization, execution and delivery of, and the performance of all of their obligations under, this Agreement and the other Transaction Documents to which such Target Group Company
is a party has been taken or will be taken prior to or at Closing. Each of this Agreement and the other Transaction Documents to which a Target Group Company is 

  
 20 

 
a party is or will, when executed and delivered by such Target Group Company, and assuming that this Agreement and each other Transaction Document constitutes a valid and binding obligation of
each other party thereto, constitute valid and binding obligations of such Target Group Company, enforceable against such Target Group Company, in accordance with its terms, subject, as to enforcement of remedies, to applicable bankruptcy,
insolvency, moratorium, reorganization and similar laws affecting creditors’ rights generally and to general equitable principles. 

Section 6.4 No Conflicts. Neither the execution, delivery or performance of this Agreement or the other Transaction Documents to
which any Target Group Company is a party, nor the performance or consummation of the transactions contemplated hereby or thereby by such Target Group Company will (i) conflict with or result in a breach or violation of such Target Group
Company’s Constitutional Documents, (ii) conflict with or result in a breach or violation in any respect of any Law applicable to such Target Group Company or any Approvals and Filings held by any Target Group Company, (iii) conflict
with or result in a breach, acceleration, modification or violation in any respect of, or constitute a default under, any Contract, (v) result in the creation of an Encumbrance upon any assets, rights or properties of such Target Group Company,
or (vi) give rise to any rights of first refusal, rights of first offer, co-sale rights, preemptive rights or other similar rights on the part of any person. 

Section 6.5 Title to Properties and Assets. 

(a) Each Target Group Company has good and marketable title to, or a legal and valid right to use, all properties and assets (whether
tangible or intangible) that it purports to own or that it uses, free and clear of any Encumbrance. Such properties and assets collectively represent all properties and assets necessary for the conduct of the business of the Target Group Companies
as now conducted and as proposed to be conducted, including the Business. None of the Target Group Companies owns any real property. 
 (b)
All current leases and subleases of property and assets entered into by a Target Group Company are in full force and effect, valid and effective in accordance with their terms, subject, as to enforcement of remedies, to applicable bankruptcy,
insolvency, moratorium, reorganization and similar laws affecting creditors’ rights generally and to general equitable principles. Each Target Group Company is in compliance with such leases and subleases, and such Target Group Company holds
valid leasehold interests in the leased or subleased property and assets subject thereto, free of any Encumbrance, or claims of any person other than the lessors of such property and assets. None of the Target Group Companies owns, holds, is
obligated under or is a party to, any option, right of first refusal or other contractual right to purchase, acquire, sell, assign or dispose of any real estate or any portion thereof or interest therein. 

(c) The conduct of the businesses of the Target Group (including the products and services of the Target Group) as currently conducted, and
as conducted in the past, does not infringe, misappropriate, or otherwise violate, and has not infringed, misappropriated, or otherwise violated, any third person’s Intellectual Property rights, and there is no such claim asserted or
threatened, and there has been no such claim asserted or threatened in the past, against any Target Group Company. 
 (d) No person is
infringing, misappropriating, or otherwise violating any Intellectual Property owned by the Target Group Companies. 
 (e) No current or
former partner, director, stockholder, officer, or employee of any Target Group Company will, after giving effect to the transactions contemplated hereby, own, license, or retain any proprietary rights in any of the Intellectual Property owned,
used, or held for use by any Target Group Company. 
 Section 6.6 Solvency and No Winding-up. No Governmental Order has been
made or Proceedings commenced or resolutions passed or steps taken by a person for the winding-up or dissolution of or ending the corporate existence of any Target Group Company. No circumstance which may reasonably be expected to result

  
 21 

 
in such Governmental Order, Proceedings, resolutions or steps has arisen. No liquidator, receiver, custodian, sequestrator, manager or anyone in a similar capacity has been appointed in respect
of the business or any asset of any Target Group Company. No circumstance which may reasonable be expected to result in such appoint has arisen. 

Section 6.7 No Other Assets or Business. As of the Closing Date: 

(a) The BVIco will have no material asset and will not own or control, directly or indirectly, any shares, other equity interests or
securities convertible into or exchangeable for any equity interests, or any voting rights in any person that is not a Target Group Company. The Company will not have been engaged in any business. 

(b) The Company and its Subsidiaries are engaged primarily in the Business and has no other material activities. 

Section 6.8 Accounts. 

(a) As of the date of this Agreement, the Sellers and the Company shall have delivered to the Buyer a true accurate and complete copy of the
unaudited consolidated management accounts of the Target Group for the period commencing on January 1, 2013 and ending on the Balance Sheet Date, comprising of balance sheet(s), profit and loss statement(s) and cash flow statement(s) (the
“Management Accounts”). 
 (b) The Accounts were prepared from and in accordance with the books and records of the Target
Group in accordance with PRC GAAP applied consistently. The Accounts present a true and fair view of the financial condition and results of operations of the Target Group as at the dates thereof or for the financial periods concerned (as applicable)
and are not misleading. 
 (c) All books of account and other financial records from which the Accounts were prepared are true, accurate
and complete, have been prepared and maintained in reasonable detail, and accurately and fairly reflect the transactions in connection with the Target Group Companies. The books of account and other records of the Target Group have been prepared to
record all corporate actions of the equity holders and board of directors of each Target Group Company. 
 (d) Each Target Group Company
has good and marketable title to all assets set forth on the balance sheets of the Management Accounts. 
 (e) Each Target Group Company
maintains and will continue to maintain a standard system of accounting established and administered in accordance with PRC GAAP to satisfy the inspection and examination by the relevant Government Authority in the PRC. 

Section 6.9 Absence of Certain Changes. 

(a) Since the Balance Sheet Date, there has not been a Material Adverse Effect. 

(b) Since the Balance Sheet Date, each Target Group Company has conducted their businesses in the ordinary course consistent with past
practices and there has not been: 
 (i) any change in the contingent obligations of any Target Group Company by way of
guarantee, endorsement, indemnity, warranty or otherwise, individually in excess of RMB500,000 or in excess of RMB1,000,000 in the aggregate; 

(ii) any damage, destruction or loss of any property or asset of any Target Group Company, whether or not covered by
insurance; 

  
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 (iii) any waiver by any Target Group Company of a valuable right or claim or
cancellation or waiver of a debt; 
 (iv) any satisfaction or discharge of any Encumbrance or payment of any obligation by
any Target Group Company; 
 (v) any change, amendment to or termination of a Material Contract or arrangement by which any
Target Group Company or any assets or properties of any Target Group Company is bound or subject; 
 (vi) any transactions
with any of directors or employees, or any members of their families of any Target Group Company or any entity controlled by any of such individuals; 

(vii) any entry into arrangements or any plans to enter into arrangements to (A) terminate, establish, adopt, enter into,
make any new awards of benefits under, amend or otherwise modify any Employee Benefit Plan, or increase the salary, wage, bonus or other compensation of any directors, officers, employees or individual consultants of any Target Group Company;
(B) increase the coverage or benefits available under any severance pay, termination pay, vacation pay, salary continuation for disability, sick leave, deferred compensation, bonus or other incentive compensation, insurance, pension or other
Employee Benefit Plan; (C) grant any equity or equity-based award; (D) accelerate the payment, right to payment or vesting of any compensation or benefits, including any outstanding equity-based awards, other than as expressly provided in
this Agreement or the other Transaction Documents; (E) hire any executive employees; or (F) loan or advance any money or property to any current or former employee or director; 

(viii) any resignation or termination of any Key Employee; 

(ix) any disposition, transfer, expiration or lapse of assets of any Target Group Company, including any license, assignment
or transfer of any Intellectual Property of any Target Group Company; 
 (x) any mortgage, pledge, transfer of a security
interest in, or Encumbrance created by any Target Group Company, with respect to any of such Target Group Company’s properties or assets, except for Encumbrance for Taxes not yet due or payable; 

(xi) any debt, obligation, or liability incurred, assumed or guaranteed by any Target Group Company individually in excess of
RMB500,000 or in excess of RMB1,000,000 in the aggregate; 
 (xii) any declaration, setting aside or payment of any dividend
or other distribution in respect of any Target Group Company’s Equity Securities or registered capital, or any direct or indirect redemption, purchase or other acquisition by any Target Group Company of any Equity Securities of any Target Group
Company; 
 (xiii) any capital expenditures made by any Target Group Company individually in excess of RMB500,000 or in
excess of RMB1,000,000 in the aggregate; 
 (xiv) any acquisitions of material assets by any Target Group Company; 

(xv) any acquisitions of Equity Securities of any person or the whole or any substantial part of the undertaking, assets or
business of any other person or entering into any joint venture or partnership with any other person, by any Target Group Company; 

(xvi) any formation of any Subsidiary by any Target Group Company; 

(xvii) any issuances or sales of Equity Securities of any Target Group Company or any share splits, reclassifications, share
dividends, share combinations or other recapitalizations of any Equity Securities of any Target Group Company; 

  
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 (xviii) any merger, consolidation, recapitalization, reorganization, share
exchange, liquidation or winding up or similar transactions involving any Target Group Company; 
 (xix) any change in
accounting policy or methods or Tax elections of any Target Group Company; or 
 (xx) any agreement or commitment by any
Target Group Company to do any of the items described in this Section 6.9. 
 Section 6.10 No Undisclosed Liabilities. 

(a) As of the date of this Agreement, except as and to the extent set forth on the Balance Sheet Date that forms part of the Management
Accounts (including any notes thereto), the Target Group has no Liabilities. 
 (b) As of the Closing Date, the Target Group will not have
any Liabilities other than such Liabilities as may be incurred by the Target Group between the Balance Sheet Date and the Closing Date in the ordinary course of business consistent with past practice that are not prohibited by this Agreement and are
not, in the aggregate, material to the Target Group as a whole. 
 (c) As of the Closing Date, there will be no outstanding guarantee,
surety, security or indemnity provided by any Target Group Company for or in respect of the payment of any money or the performance of any obligation by any person, and there will be no outstanding loan advanced by any Target Group Company to any
person. As of the Closing Date, no event will have occurred in relation to any Target Group Company which would entitle any third party (with or without the giving of notice or the lapse of time or the fulfillment of any condition) to call for the
repayment of any Indebtedness by the Target Group Company concerned prior to its stated maturity. 
 Section 6.11 Taxes. 

(a) All Tax Returns required to be filed with any Tax administration authorities with respect to any Target Group Company, or any of its
income, properties or operations have been duly and timely filed in accordance with applicable Law and are true, accurate and complete. 

(b) Any and all Taxes attributable to a Target Group Company that are or were due and payable (whether or not shown on their Tax Returns)
have been fully and timely paid in accordance with applicable law. 
 (c) No Target Group Company will as of the Closing Date have any
Liability for Taxes other than in respect of the current taxable year, and adequate provisions for any and all of such Taxes have been reflected on the Management Accounts in accordance with PRC GAAP applied consistently. 

(d) Each Target Group Company has duly deducted, withheld or collected any and all Taxes that it is required under applicable Law to deduct,
withhold or collect and has duly and timely paid to the relevant Tax authorities any and all such Taxes deducted, withheld or collected. 

(e) None of the Target Group Companies or any of the assets of the Target Group is subject to, and no Target Group Company or any of its
Affiliates has received any notice of, any ongoing, pending or threatened Proceedings, audits, examinations or investigations by any Governmental Authority relating to Taxes or is subject to any Encumbrance for Taxes. There is no Governmental Order
issued in relation to Taxes of any Target Group Company that has not been complied with. No Target Group Company is expected to be in a dispute in relation to Tax Return, any Tax assessment or payment which would reasonably be expected to affect any
Target Group Company. 

  
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 (f) Each Target Group Company has duly complied with all reporting and record-keeping
requirements with respect to Taxes stipulated under applicable Law and has retained, to the extent applicable, all Tax Returns, Tax payment certificates or similar evidence of payment (including all PRC tax invoices for all revenues, capital
expenditures and all assets), Tax calculations, Tax planning memoranda, and related correspondences with, filings with, submissions to and notices from any Tax authorities. 

(g) None of the Target Group Companies has any pending Tax liability in any jurisdiction other than their respective places of incorporation.

 (h) No Target Group Company is a party to, or is bound by, or has any obligation under, any Tax allocation or sharing agreement or
similar Contract or arrangement or any agreement that obligates it to make any payment computed by reference to Taxes that is or is reasonably expected to be incompliant with applicable Laws. 

(i) No Target Group Company will be required to include amounts in income, or exclude items of deduction, in a taxable period beginning after
the Closing Date as a result of a change in method of accounting occurring prior to the Closing Date. The transactions contemplated under this Agreement or the other Transaction Documents to which a Target Group Company is a party are not in
violation of any applicable Law regarding Tax, and will not result in any Tax exemption, reduction holiday or rebate being cancelled or terminated or trigger any Tax liability for the Target Group Companies. 

Section 6.12 Compliance with Law; Approvals. 

(a) Each Target Group Company has, at all times, complied with the requirements of applicable Law pertaining to itself, its business and its
assets. 
 (b) All relevant approval, registration and filing requirements under applicable Law have been complied with in establishing
each of the Target Group Companies. 
 (c) There are no Proceedings pending or threatened against any Target Group Company or any employee,
agent or any other person associated with or acting for or on behalf of any Target Group Company alleging a violation of any applicable Laws (including any Anti-Corruption Law). 

(d) None of the Target Group Companies or any employee, agent or any other person associated with or acting for or on behalf of the Target
Group Companies has violated any Anti-Corruption Law regardless of form, whether in money, property, or services (i) to obtain favorable treatment in securing business, (ii) to pay for favorable treatment for business secured,
(iii) to obtain special concessions or for special concessions already obtained, for or in respect of such Target Group Company. 

(e) Each Target Group Company has all Approvals that are necessary or material for the conduct of its business as currently conducted, and
each Target Group Company can obtain, without undue burden or expense, any similar Approval for the conduct of its business as proposed to be conducted. None of the Target Group Companies is in default under any of such Approvals. 

Section 6.13 Environmental Matters. Each Target Group Company is in compliance with Environmental Law, and each Target Group
Company has obtained or made, as applicable, all necessary Permits required under the Environmental Law or by the competent Governmental Authority, if any, in order for the continual conduct by it of its business and operations as currently
conducted, and there has been and is no breach of any of the Environmental Law or any environmental Permit. 

  
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 Section 6.14 Insurance. 

(a) Each Target Group Company has satisfied all mandatory insurance requirements under applicable Law. Each Target Group Company has in full
force and effect, insurance coverage of the same types and at the same coverage levels as other similarly situated companies. 
 (b) All of
the Insurance Policies are valid and effective. All information furnished to the insurer(s) thereunder in obtaining or renewing the Insurance Policies were true and correct and any change in such information required to be given were correctly and
duly given. All premiums due in respect of the Insurance Policies have been duly paid in full. Nothing has occurred or been done or omitted by any Target Group Company or any of its Affiliates whereby any of the Insurance Policies has or may become
void or voidable. No notice from the insurer(s) that any of the Insurance Policies may become void or voidable or otherwise ineffective has been issued. No Target Group Company has waived any rights under any of the Insurance Policies. 

(c) As of the date of this Agreement, no claim under any of the Insurance Policies or any previous policies held by any Target Group Company
is outstanding either by the insurer or the insured thereunder. 
 (d) All expenses, Liabilities and costs in respect of the Insurance
Policies in connection with the Target Group Companies have been duly reflected in the Management Accounts in accordance with PRC GAAP applied consistently. 

Section 6.15 Employee and Labor Matters. 

(a) There is no strike, walkout, lockout, work stoppage or other similar event organized by any employees of or personnel affiliated with any
Target Group Company. 
 (b) Each Target Group Company has complied with all applicable Laws and Contracts to which it is a party or by
which it or its assets are bound that relates to labor or employment matters, including, but not limited to, those related to workplace safety, remuneration, compensation, working hours, overtime payment and withholding of Taxes and other sums as
required by the appropriate Governmental Authorities. There are no existing, pending or threatened Proceedings, disputes or claims (other than claims for compensation or benefits in the ordinary course of business) between any Target Group Company
and any of employee thereof (including, but not limited to, those relating to employee benefits or work-related injuries or medical conditions suffered by any of its employees) and there are no circumstances subsisting that would reasonably be
expected to give rise to any such Proceedings, disputes or claims. 
 (c) Each Target Group Company has completed all social insurance
registrations required under applicable Law with the competent labor and social security authorities. Each Target Group Company has made all mandatory contributions in full to the relevant employee social security funds, unemployment insurance
funds, medical insurance funds, pension funds and public housing funds for all of its employees in accordance with applicable Law. 
 (d)
No Target Group Company will as of the Closing Date have any outstanding Liability toward any of its employees, whether arising under Contract, pursuant to applicable Law or otherwise. Any payments or other benefits an employee of a Target Group
Company may be entitled to as a result of or in connection with the execution of this Agreement or the Transaction Documents by the Sellers or the Target Group Companies and/or the performance of their obligations hereunder and thereunder
(including, but not limited to, any pay-outs, severance or termination payments, or other benefits) will have been paid and discharged in full prior to the Closing Date. 

  
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 Section 6.16 Proceedings. No Target Group Company is engaged in any ongoing
Proceedings, whether as claimant, defendant or otherwise, and there are no Proceedings pending or threatened against any Target Group Company and there are no circumstances which may reasonably be expected to result in any Proceedings involving any
Target Group Company. No Target Group Company is in Default of any Governmental Order. There is no unfulfilled or unsatisfied Governmental Order against any Target Group Company. 

Section 6.17 Contracts. 

(a) The Disclosure Schedule contains a complete and accurate list of all Contracts to which any Target Group Company is bound that
(A) involve payments in excess of RMB500,000, (B) relates to the voting and any other rights or obligations of a shareholder of any Target Group Company, (C) relates to the merger, consolidation, reorganization or any similar
transaction with respect to any Target Group Company, (D) relate to any liquidation or dissolution of any Target Group Company, or (E) relates to the acquisition, issuance or transfer of any securities of any Target Group Company (the
“Material Contracts”, and each a “Material Contract”). 
 (b) There are no Contracts of any Target Group
Company containing covenants that in any way purport to restrict the business activity of any Target Group Company, or limit in any respect the freedom of any Target Group Company to engage in any line of business that it is currently engaged in, to
compete in any respect with any entity or to obligate in any respect any Target Group Company to share, license or develop any product or technology. 

(c) With respect to each Contract to which a Target Group Company is a party as of Closing: (i) the Contract is a valid and binding
obligation on each of the parties thereto, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization or similar Laws relating to creditors’ rights generally and by equitable principles; (ii) there is no breach,
non-performance or Default (with or without notice, lapse of time or both) of the terms thereof on the part of any of the parties thereto which has not been cured; (iii) no party to such Contract has exercised any termination rights with
respect or has given notice of any dispute with respect thereto; and (iv) no rescission, avoidance, termination or similar event in relation to such Contract has occurred and no fact or circumstance has arisen which may reasonably be expected
to give rise to any cause or ground for such rescission, avoidance, termination or similar event. 
 Section 6.18 Interested Party
Transactions. No Seller or other officer or director of a Target Group Company or any Affiliate of such person (each an “Interested Party” and collectively, “Interested Parties”) has any agreement (whether oral
or written), understanding, proposed transaction with, or is indebted to, any Target Group Company, nor is any Target Group Company indebted (or committed) to make loans or extend or guarantee credit) to any Interested Party (other than for accrued
salaries, reimbursable expenses or other standard employee benefits payable in the ordinary course of business). No Interested Party has any direct or indirect ownership interest in any person with which a Target Group Company is affiliated or with
which a Target Group Company has a business relationship, or any person that competes with a Target Group Company. No Interested Party has had, either directly or indirectly, any interest in: (a) any person which purchases from or sells,
licenses or furnishes to a Target Group Company any goods, property, intellectual or other property rights or services; or (b) any Contract to which a Target Group Company is a party or by which it may be bound or affected. 

Section 6.19 Ethical Practices. 

(a) Each Target Group Company warrants and represents that it has not taken and will not take any action that would constitute a violation,
or implicate the Buyer in a violation, of any Anti-Corruption Law. 
 (b) No Government Official is associated with, or owns an interest,
whether direct or indirect, in any Target Group Company, or has any legal or beneficial interest in the Transaction contemplated hereunder, or any payments to be made by the Buyer to the Sellers in connection with the Transaction. 

  
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 (c) Neither the Target Group Companies nor any of their principals, owners, officers, directors,
agents nor other persons associated with, or acting on behalf of, the Target Group Companies is subject to any U.S. Economic Sanction and does not and will not make any sales to or engage in business activities with or for the benefit of, and will
not use any amounts payable under the proposed agreement/relationship for the purposes of financing the activities of, any persons and countries that are subject to U.S. Economic Sanctions, including any “Specially Designated Nationals and
Blocked Persons” as prescribed thereunder. 
 (d) The operations of the Target Group have been conducted at all times in compliance
with all Money Laundering Laws. No proceeding by or before any government authority involving any Target Group Company with respect to the Money Laundering Laws is pending or is threatened. 

Section 6.20 Minute Books. The minute books of each Target Group Company which have been made available to the Buyer contain a
complete summary of all meetings and actions taken by directors and shareholders or owners of such Target Group Company, since the time of formation of such Target Group Company, and reflect all transactions referred to in such minutes accurately.

 Section 6.21 Financial Advisor/Broker Fees. There is no investment bank or other financial advisor or finder or broker that
has been retained by, or is authorized to act, directly or indirectly, on behalf, of any Target Group Company or any Affiliates of any Target Group Company, who may be paid or owed any brokerage, placement, finder or other fees or commissions
relating to the transactions contemplated under this Agreement or any other Transaction Document. 
 Section 6.22 Obligations of
Management. Each of the Key Employees is currently working on a full-time basis for the Target Group. None of the Key Employees is planning to work on less than a full time basis at the Target Group in the future. None of the Key Employees,
directly or indirectly, owns, manages, is engaged in, operates, controls, works for, consults with, renders services for, does business with, maintains any interest in (proprietary, financial or otherwise) or participates in the ownership,
management, operation, or control of, any business, whether in corporate, proprietorship or partnership form or otherwise, that is related to the Business or otherwise competes with any Target Group Company. 

Section 6.23 Reorganization. 

(a) As of the Closing Date, all steps and actions necessary to effect and carry out the Reorganization will have been duly completed in
accordance with Section 8.1 and Section 8.2 or as otherwise expressly agreed among the Parties and in compliance with applicable Laws and Governmental Orders, and all necessary Permits will have been duly obtained. 

(b) All expenses, costs, Liabilities and Taxes that are directly attributable to the consummation of the steps of the Reorganization or
otherwise arising therefrom, including, without limitation, costs with regards to any assignment or transfer of assets or equity interest, fees payable to any financial or other advisors and fees payable to any Governmental Authority in connection
with the Reorganization, will have been duly paid or fully funded by the Sellers as of the Closing Date. 

  
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 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES RELATING TO THE BUYER 

The Buyer represents and warrants to the Sellers that each of the following statements is true, accurate and not misleading as of the date
hereof and will be true, accurate and not misleading as of the Closing Date (except for those representations or warranties that are expressly stated as of a different point in time): 

Section 7.1 Organization and Good Standing. The Buyer is an exempt company duly established, validly existing and in good standing
under the laws of the Cayman Islands. 
 Section 7.2 Power and Authority; Binding Effect. The Buyer has the requisite capacity
and authority under its Constitutional Documents and applicable Law to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the transactions contemplated herein in accordance with this Agreement. The
execution and delivery of this Agreement by the Buyer, performance by the Buyer of its respective obligations under this Agreement and the consummation of the transactions contemplated herein have each been duly authorized by the Buyer’s
requite corporate actions. Upon due execution by the Parties, this Agreement constitutes a valid, binding and enforceable legal obligation of the Buyer, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization or
similar Laws relating to creditors’ rights generally and by equitable principles. 
 Section 7.3 No Violation; Third Party
Consents and Approvals. 
 (a) Neither the execution and delivery of this Agreement by the Buyer nor the performance of its respective
obligations under this Agreement will violate or breach, or otherwise constitute or give rise to (with the giving of notice or passage of time or both) a Default under (i) any applicable Law or Governmental Order, (ii) the Constitutional
Documents of the Buyer, or (iii) any Contract, commitment, or other obligation to which the Buyer is a party or by which the Buyer or its assets are bound. 

(b) No approval, authorization, consent, license, Permit, order or waiver by, exemption from, notice to, or registration or filing with, any
Governmental Authority or any other third party is required to be obtained or made by or with respect to the Buyer in connection with the execution, delivery or performance by the Buyer of this Agreement or the consummation of the transactions
contemplated herein. 
 ARTICLE VIII 

COVENANTS 

Section 8.1 Reorganization Period. The Sellers shall, and shall cause each of the Target Group Companies to, as soon as possible
and no later than the end of one (1) month after the due execution this Agreement, or other commencement time as the Sellers and the Buyer mutually agree in writing (the “Reorganization Period”), duly complete all of the steps
of the Reorganization in accordance with Section 8.2. 
 Section 8.2 Reorganization. Within the Reorganization Period: 

(a) each Seller shall duly establish a Seller SPV; 

(b) the Sellers shall, through their respective SPV to jointly establish the BVIco and maintain the valid existence and good standing of each
of the Seller SPVs and the BVIco in their respective jurisdictions; 
 (c) the Seller shall cause the BVIco not to, and ensure that it will
not, own any business or assets whatsoever other than provided in this Agreement or other Transaction Documents; and 

  
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 (d) the Sellers shall provide the Buyer with timely updates of the establishment, management and
operations of each of the Seller SPVs and the BVIco, and consult amicably with the Buyer in relation to the foregoing requirements and conditions, so as to ensure transparency on the process of the Reorganization. 

Section 8.3 Disclosure Schedule. The Sellers and the Company shall jointly deliver to the Buyer (i) a Disclosure Schedule
within two (2) weeks after the date hereof, and (ii) a bring-down Disclosure Schedule no earlier than three (3) calendar days prior to the Closing Date, both of which shall set forth the information required in, and qualify as
exceptions to, the representations and warranties set forth in Article VI. 
 Section 8.4 Guaranty by the Founder. The Founder
hereby covenants and guarantees unconditionally and irrevocably that it will cause each of the Buyers (including Jiuding) to perform all of the obligations under the Transaction Documents. 

Section 8.5 Internal Control. Each Target Group Company shall, and the Sellers shall procure each Target Group Company to, use its
reasonable best efforts to implement and maintain a system of internal controls meeting the requirements of the Securities and Exchange Commission and the Sarbanes-Oxley Act of 2002, as amended, as soon as reasonably practicable following the date
hereof. Each Target Group Company shall keep the Buyer informed of its efforts to implement such procedures and provide the Buyer with the results of any assessments as to the effectiveness of such controls. 

Section 8.6 Confidentiality. 

(a) The Parties shall treat as strictly confidential the existence and terms of the Transaction Documents and all information received or
obtained as a result of entering into or performing this Agreement or other Transaction Documents or the transactions contemplated hereby and thereby (“Confidential Information”). 

(b) The Parties must not disclose any Confidential Information to any third party without the prior written consent of the other Parties,
except for disclosures: 
 (i) to its professional advisors for the purposes of consummating the Transaction contemplated
herein, subject to the condition that such advisors are informed of the confidential nature of the Confidential Information and agree to abide by the same confidentiality obligations as the disclosing Party; 

(ii) in compliance of its reporting or disclosure obligations, or those of its shareholders’, under applicable Law or the
rules of any applicable securities and stock exchange; 
 (iii) to competent Governmental Authorities in jurisdictions which
a Party is connected with; 
 (iv) to allow the defense or exercise of any right of any Party hereto. 

Section 8.7 Filings, Authorizations and Consents. 

(a) The Sellers shall, and the Sellers shall cause the Target Group and each Circular 75 Security Holder (if any) to, as promptly as
practicable, make all requisite filings, applications and registration, and obtain requisite approvals, authorizations and consents, in connection with the matters and transactions (including the Reorganization) contemplated by this Agreement or the
other Transaction Documents, including promptly making all filings with all relevant Governmental Authorities under applicable Law, promptly providing all information requested or required in connection therewith, and promptly responding to all
inquiries, and cooperate with each other in connection therewith. The Sellers shall, and shall cause the Target Group, and each Circular 75 Security Holder (if any) to, furnish to the Buyer all such information and assistance as may reasonably be
required in connection with all such foregoing filings, application and registrations. 

  
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 (b) The Sellers and the Company shall cause each Circular 75 Security Holder (if any) to timely
and fully comply with all requirements of PRC Governmental Authorities with respect to the transactions contemplated under this Agreement or the other Transaction Documents (including all reporting obligations imposed by, and all consents, approvals
and permits required by SAFE under the SAFE Rules and Regulations, and by other Governmental Authorities in connection therewith), as applicable. 

Section 8.8 Press Release and Publicity No Party shall issue any press release or make any public announcement relating to the
subject matter or any content of this Agreement without the prior written approval of the other Parties; provided, however, each Party and/or its Affiliates may make any public disclosure it believes in good faith is required by
applicable Law or any stock exchange, in which case the disclosing Party shall make disclosures only to such extent as legally required based on its assessment in good faith. 

Section 8.9 Access to Business Records. From the date hereof to the Closing Date, the Sellers shall, and shall cause each of the
Target Group Companies to: 
 (a) promptly provide any duly authorized Representatives and advisors of the Buyer free and full access to
all of the premises, assets, debts, accounts, books and records of each Target Group Company and shall permit such Representatives and advisors of the Buyer to make abstracts from, or take copies of, such accounts, books, records or other
documentation and the opportunity to discuss the business, management, operations and financial status of the Target Group Companies with the respective employees, auditors and other advisors of the Target Group Companies; and 

(b) cause the Representatives and advisors of the Sellers and the Target Group Companies to fully cooperate with, and promptly furnish any
information requested in advance by, the Buyer and its duly authorized Representatives and advisors in connection with such investigation and examination. 

Section 8.10 Conduct of Business. From the date hereof to the Closing Date, the Sellers shall cause each of the Target Group
Companies to: 
 (a) maintain, in good faith, the existing relationships with the suppliers, customers, employees, creditors, banks and any
other persons having business dealings with any Target Group Company; 
 (b) keep available the services of the Key Employees, other
executive officers and consultants of the Target Group Companies; 
 (c) maintain its fixed assets in the same conditions as their
respective conditions as of the date hereof (except for normal wear and tear during the ordinary course of business), including, without limitation, (i) all equipment, fixtures and fittings used by the Target Group Companies in the Business,
(ii) all office equipment, fixtures and fittings in the offices of the Target Group Companies, and (iii) any and all vehicles owned or rented by the Target Group Companies; 

(d) maintain at all times the appropriate Approvals and Filings and Permits required to conduct the Business and any other businesses it
conducted at any given time, and shall not permit any Target Group Company to conduct any business for which it does not have the appropriate Approvals and Filings or Permits. 

(e) not (i) amend its respective Constitutional Documents other than amendments required pursuant to this Agreement; (ii) split,
combine or reclassify its outstanding share capital; or (iii) repurchase, redeem or otherwise acquire any shares of its share capital or any securities convertible into or exchangeable or exercisable for any shares of its share capital; 

(f) not declare or pay any dividends on or make other distributions in respect of any of its respective share capital; 

  
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 (g) with respect to any present or former, director, officer or employee of the Target Group
Companies, not (i) enter into any employment or severance agreements or arrangements (except as may be required by the terms of any employment agreements existing on the date hereof or by applicable Law), (ii) increase compensation or
benefits (except for increases in salary or hourly wage rates, in the ordinary course of business consistent with past practice), (iii) loan or advance any money or other property, or (iv) establish, adopt, enter into, amend or terminate
any Employee Benefit Plan or any plan, agreement, program, policy, fund or other arrangement that would be an Employee Benefit Plan if it were in existence as of the date of this Agreement; 

(h) not issue, sell, or dispose of any shares of, or securities convertible into or exchangeable or exercisable for, or options, warrants,
calls, commitments or rights of any kind to acquire, any shares of its share capital, other than any issuance, sale or disposal, solely between the Company and the Buyer; 

(i) not incur any Indebtedness other than in the ordinary course of business; 

(j) not make any commitments for or make capital expenditures in excess of RMB1,000,000 in the aggregate; 

(k) not sell, assign, lease, license, allow to expire or lapse, encumber or otherwise dispose of any material property, other than pursuant
to the relevant Transaction Documents; 
 (l) not cancel or compromise any debt or claim in excess of US$50,000 in the aggregate or waive
or release any right; 
 (m) not assume, guarantee, endorse or otherwise become liable or responsible (whether directly, contingently or
otherwise) for the obligations of any other person or make any loan, advance or capital contribution to or investment in any person other than in the ordinary course of business; 

(n) not change its accounting practices, except as required by PRC GAAP; 

(o) not settle or compromise any litigation, or release, dismiss or otherwise dispose of any claim or arbitration; 

(p) operate in compliance with all applicable Laws; 

(q) keep all account, books and records (including, among other things, all invoices that are validly issued and acceptable to PRC
Governmental Authorities for claims of tax deductions or Tax filings) in connection with the Target Group Companies and/or the conduct of the Business of the Target Group Companies in compliance with applicable Laws and in a manner consistent with
the historical practice in the ordinary course of business of the Target Group Companies; and 
 (r) except as otherwise provided in
(a) to (q), conduct the Business in the ordinary course consistent with its usual practice immediately before the execution of this Agreement. 

Section 8.11 Continuing Disclosure. From the date hereof to the Closing Date, the Sellers shall, as soon as practicable, fully and
accurately disclose to the Buyer any event, circumstance or matter that would reasonably be expected to (i) cause a Material Adverse Effect on any of the Target Group Companies’ assets, business, operations or financial condition, or
(ii) otherwise constitute a breach of, or be inconsistent with, any of the representations or warranties made by the Sellers or any Target Group Company in Article V and Article VI. 

  
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 Section 8.12 Taxes, Fees and Expenses. 

(a) Each of the Sellers agrees to make all filings and registrations with Governmental Authorities required by applicable law or regulation
to be made by such Seller or any Affiliate or beneficial owner of such Seller in connection with the transactions contemplated by this Agreement or the other Transaction Documents. 

(b) Each of the Sellers and the Company acknowledges, covenants and agrees that the Buyer shall have no obligation to pay or withhold from
such Seller, the Company or any Affiliate or beneficial owner of such Seller or the Company, any tax of any nature that is required by applicable Law to be paid by such Seller, the Company or any Affiliate or beneficial owner of such Seller or the
Company, arising out of the transactions contemplated by this Agreement or the other Transaction Documents. 
 (c) Each of the Sellers and
the Company acknowledges, covenants and agrees to pay any Tax of any nature that is required by applicable Law to be paid by such Seller or the Company arising out of the transactions contemplated by this Agreement or the other Transaction
Documents. 
 (d) Except as otherwise provided hereunder or agreed expressly among the Parties, each Party shall be solely responsible for
all Taxes accruing to such Party arising from this Agreement or the other Transaction Documents, under all applicable Law. 
 (e) The
Parties agree that any compensation, consideration or other funds provided by the Buyer to the Sellers hereunder are for the sole benefit of the Sellers and shall not be transferred or assigned to any other person without the Buyer’s prior
written consent. The Sellers are not entitled to make any payments to any person on behalf of the Buyer. 
 (f) Notwithstanding anything in
this Agreement to the contrary, the Sellers and the Company will cooperate as and to the extent reasonably requested by another such Party, in connection with the filing of any Tax Returns and in any threatened or actual proceeding with respect to
Tax. Such cooperation shall include the retention and (upon request) the provision of records. 
 (g) Except as otherwise expressly
provided hereunder, whether or not Closing occurs, the Parties shall be responsible for all of their respective costs and expenses incurred in connection with this Agreement and the Transaction, including any fees and expenses of brokers, finders,
counsel, advisors, experts or other agents, in each case, incidental to or in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement
or the other Transaction Documents (whether payable prior to, at or after the Closing Date). 
 Section 8.13 Exclusivity. In
consideration of the substantive amount of time and resources required by the matters contemplated herein, the Sellers (concurrently acting on behalf of themselves and all of their Affiliates) shall not meet, negotiate, discuss or enter into any
contract, arrangement, memo or proposal, with any third party with respect to the transactions contemplated by this Agreement or the other Transaction Documents or any other related matters before the Long Stop Date. 

Section 8.14 Financial Capacity. Each of the Sellers (excluding Jiuding), jointly and severally, acknowledges, agrees and
covenants to the Buyer that all funds necessary for such Seller to fulfill its obligations under this Agreement and the other Transaction Documents shall be available to such Seller for so long as such obligations shall remain in effect in
accordance with the terms of this Agreement. The Buyer confirms, agrees and covenants to each of the Sellers that all of the funds necessary for the Buyer to perform its obligations under this Agreement and any other Transaction Documents will be
available to the Buyer during the term of such obligation, and the Buyer will pay any and all purchase price pursuant to the terms of this Agreement and any other Transaction Documents. 

  
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 Section 8.15 Grant of Options. Each of the Sellers (excluding Jiuding), jointly and
severally, acknowledges, agrees and covenants to the Buyer with respect to the vested options under the option pool constituting 5% of the total issued and outstanding shares of the Company by two Sellers holding such 5% shares: 

(a) The purchase price corresponding to such 5% shares shall be used to pay to the employees in the option pool that have been granted or
will be granted options; 
 (b) Provide a detailed share incentive plan (including names of employees and number of incentive shares) to
the Buyer prior to September 30, 2014; 
 (c) Provide a complete payment record to the Buyer prior to November 30, 2014, showing
that employees in the 5% option pool have received their corresponding purchase price. 
 ARTICLE IX 

ADDITIONAL AGREEMENTS 

Section 9.1 Call Options. 

(a) The Sellers (Sellers under this Article IX shall not include Jiuding and Chengdu Everassion Equity Investment Fund Center (LP)) shall
have the right and option to require the Buyer to purchase from each Seller SPV (Seller SPV under this Article IX shall not include GOLDEN TRIDENT INVESTMENT LIMITED), in whole and not or in part, by delivering an irrevocable notice
(“Exercise Notice”) signed by all the shareholders then holding shares of the Company (other than the Buyer) to the Buyer within ninety (90) calendar days following the Financial Statements Date in each year of 2015, 2016 and
2017, as applicable (each an “Exercise Period”), the Buyer shall have the obligation to purchase the Put Shares held by each Seller SPV as set forth in the Exercise Notice and pursuant to the terms and conditions hereunder;
provided, however, that the Exercise Notice will be delivered only once in each year of 2015, 2016 and 2017: 

(i) 28% of the number of Put Shares held by each Seller SPV in 2015 (“Option I”); 

(ii) 11% of the number of Put Shares held by each Seller SPV in 2016 (“Option II”); and 

(iii) the remaining Put Shares held by each Seller SPV in 2017 (“Option III”, together with Option I and
Option II, the “Call Options”) plus the number of Put Shares subject to Option I and Option II (for so long as neither Option I nor Option II has been exercised). 

(b) The Buyer shall have the discretion to exercise all of its Call Options in 2017, but in no event shall the Call Options be exercised on
or after April 30, 2017. 
 (c) The closing of the transaction pursuant to each exercise of the Call Option(s) shall be conditioned
upon the closing of the purchase of the same percentage of equity interest in the Company by TNET from the Sellers in accordance with the Onshore SPA and each of the conditions set forth in Section 4.1 and Section 4.2 of this Agreement
having been met or waived by the Buyer as of the closing date of each exercise of the Call Option. 
 (d) The purchase price of the
Ordinary Shares subject to the Call Options shall be calculated pursuant to the applicable formula set forth in EXHIBIT I attached hereto and subject to the terms and conditions hereof. 

  
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 (e) The purchase price may be paid in cash or by VNET Shares based on Fair Market Value of such
VNET Shares, or by the combination of both, which shall be determined: 
 (i) by the Sellers jointly upon the Sellers’
exercise of Option I in 2015; provided, however, that in no event shall the number of VNET Shares paid to the Sellers, in the aggregate, exceed 10% of the total issued and outstanding VNET Shares as of the date on which the Exercise
Notice is delivered in 2015; 
 (ii) by the Purchaser upon the Sellers’ exercise of Option II in 2016 or Option III in
2017; or 
 (iii) by the Purchaser upon the Sellers’ exercise of all Call Options in 2017. 

Section 9.2 Transfer Restrictions. 

(a) Without the prior written consent of the Buyer, each Seller agrees that it shall not Transfer any Equity Securities of the Company, and
shall procure its Seller SPV not to, Transfer any Equity Securities of the BVIco, or any right, title or interest therein or thereto from the Closing Date till the expiration of the Call Option pursuant to Section 9.1(b). 

(b) Any attempt to Transfer any Equity Securities of the BVIco in violation of the terms of this Agreement shall be null and void ab
initio and no right, title or interest therein or thereto shall be Transferred to the purported transferee. The BVIco will not give, and will not permit the BVIco’s transfer agent to give, any effect to such attempted Transfer on its
records. 
 (c) Each Seller acknowledges and agrees that from the Closing Date till the expiration of the Call Option pursuant to
Section 9.1(b), the Buyer shall have the right to Transfer any Equity Securities it holds in the Company to any third party that is the Buyer’s Affiliates. 

Section 9.3 Right of First Refusal. 

(a) Each of the Sellers hereby unconditionally and irrevocably grants to the Buyer the right (the “Right of First Refusal”),
but not the obligation, to purchase within three (3) years after Closing all or any portion of the Ordinary Shares which become the subject of one or more bona fide offers to purchase all or any portion of such Ordinary Shares (the
“Transfer Shares”) which such Seller proposes to accept (a “Selling Shareholder”), at the same price and on the same terms and conditions contained in such bona fide offer (collectively, the “Purchase
Offer”), upon the expiration of the Put Option pursuant to Section 9.1(a). 
 (b) Should any Selling Shareholder propose to accept
a Purchase Offer from any person to purchase any Transfer Shares from such Selling Shareholder (other than to an Affiliate of such Selling Shareholder), the Selling Shareholder shall promptly deliver a notice the BVIco and to the Buyer not later
than sixty (60) calendar days prior to the consummation of the transaction contemplated by the Purchase Offer. The notice shall state the terms and conditions of such Purchase Offer including, without limitation, the number of the Transfer
Shares proposed to be sold or transferred, the nature of such sale or transfer, the consideration to be paid, and the name and address of each prospective purchaser or transferee. To exercise its Right of First Refusal, the Buyer must deliver a
notice of exercise to the Selling Shareholder within fifteen (15) days after the delivery of the notice by the Selling Shareholder, stating the number of Transfer Shares that it elects to purchase. 

(c) The closing of the transactions pursuant to the exercise of the Right of First Refusal shall be on a date not more than ten
(10) business days after the delivery of the notice by the Buyer or upon such other date as the Buyer and the Selling Shareholder may agree. 

  
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 Section 9.4 Board Composition. 

(a) The board of the BVIco (the “Board”) shall, form and after Closing, consist of seven (7) directors. The Buyer shall
have the right to designate four (4) directors to the Board, which shall include the chairman of the Board designated by the Buyer. 

(b) Each of the Sellers agrees that, if at any time it is then entitled to vote for the election of directors to the Board, it shall vote all
of its Ordinary Shares that are entitled to vote or execute proxies or written consents, as the case may be, and take all other necessary action in order to ensure that the composition of the Board is as set forth in this Section 9.4. 

Section 9.5 Listing. The Parties shall use its commercially reasonable efforts to cause the shares of the BVIco or of any other
Target Group Company to be listed on a recognized stock exchange within sixty (60) months after Closing. 
 Section 9.6
Information Rights. From and after Closing, the Company shall deliver to the Buyer: 
 (a) as soon as available after the end of
each month (but in no event later than 15 days after the end of each month), copies of management accounts; 
 (b) as soon as available
after the end of each fiscal quarter (but in no event later than 15 days after the end of each fiscal quarter), copies of: 

(i) unaudited consolidated balance sheets of the Target Group as at the end of such quarter, and 

(ii) unaudited consolidated statements of income, shareholders’ equity and cash flows of the Target Group, for such
quarter and for the portion of such fiscal year to date and the prior fiscal year ending with such quarter; 
 in each case separately prepared in
accordance with PRC GAAP and US GAAP applicable to periodic financial statements generally; 
 (c) as soon as available after the end
of each fiscal year of the Company (but in no event later than 90 days after the end of each fiscal year), copies of: 
 (i)
audited consolidated balance sheets of the Group as at the end of such year, and 
 (ii) audited consolidated statements of
income, shareholders’ equity and cash flows of the Group for such year, 
 in each case, prepared in accordance with US GAAP and accompanied by an
opinion thereon of an auditor jointly designated by the Buyer and the Company, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the Persons being reported upon and their
results of operations and cash flows and have been prepared in conformity with US GAAP; and 
 (d) in no event later than 15 days prior to
the end of each fiscal year, a comprehensive draft annual budget forecasting the Target Group’s revenues, expenses and cash position on a monthly basis for the upcoming fiscal year for consideration by the Board. 

  
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 ARTICLE X 

INDEMNIFICATION 

Section 10.1 Survival and Indemnification Periods. 

(a) Each of the representations and warranties set forth in Article V and Article VI and Article VII shall survive Closing; 

(b) All covenants and agreements of the Buyer, Sellers and the Company contained in this Agreement will survive until fully performed or
fulfilled, unless and to the extent only that non-compliance with such covenants or agreements is waived in writing by the Party or Parties entitled to the benefit of such performance in accordance with this Agreement; and 

(c) Sellers’ indemnification obligations as set forth in Section 10.2 and Section 10.3 and the Buyer’s indemnifications
obligations as set forth in Section 10.4 shall remain in full force and effect. 
 The duration by which a representation, warranty,
covenant or agreement survives Closing pursuant to this Section 10.1 shall be the “Indemnification Period” with respect to such representation, warranty, covenant or agreement. 

Section 10.2 General Indemnification by the Sellers of Buyer Indemnitees. Each of the Sellers hereby agrees to indemnify and hold
the Buyer and its Affiliates and Representatives (collectively, the “Buyer Indemnitees”) harmless from and against any and all Losses resulting from or arising in connection with: 

(a) any failure of any of the representations or warranties contained in Article V or Article VI to be true, accurate and not misleading;
and/or 
 (b) any breach of any of the covenants, undertakings or agreements hereunder on the part of any Seller. 

Jiuding hereby agrees to indemnify and hold the Buyer Indemnitees harmless from any and all Losses resulting from or arising in connection
with Section 10.2 (c) and (d) below: 
 (c) any failure of any of the representations or warranties contained in Article V
(excluding Section 5.6 and 5.10) to be true, accurate and not misleading; and/or 
 (d) any breach of any of the covenants,
undertakings or agreements hereunder by Jiuding. 
 Section 10.3 Specific Indemnification by the Sellers. To the extent that any
of the following is attributable to any Seller’s Default, the Sellers (excluding Jiuding), jointly and severally, hereby agree to indemnify and hold each Target Group Company and its Affiliates and Representatives (collectively, the
“Target Group Indemnitees”) or each of the Buyer Indemnitees, as applicable, harmless from and against: 
 (a) any and all
Losses or Liabilities (including, but not limited to, any penalties imposed by a Governmental Authority and any demolition expenses and related costs, whether voluntarily incurred or as required by any Governmental Order) resulting from or arising
in connection with any failure by any Target Group Company to obtain any Permit required under applicable Law with respect to the Business; 

(b) any and all Tax Liabilities incurred by any of the Target Group Indemnitees resulting from or by reference to any income, profits or
gains earned, accrued or received on or before the Closing Date, the execution of any Contract or other instrument on or before the Closing Date, or any transaction, loan or funding arrangements, event or matter that occurred on or before the
Closing Date, whether alone or in conjunction with other circumstances and whether or not such Tax is chargeable against or attributable to any other person; 

  
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 (c) any and all Tax Liabilities incurred by any of the Target Group Indemnitees resulting from,
attributable to or arising in connection with any failure by any Seller, any Target Group Company, or any Seller’s other Affiliates to duly comply with their Tax reporting, filing or payment obligations under applicable Law, or any asset
valuation criteria or requirements under applicable Law in connection with any transaction, or event or matter that occurred or existed on or before the Closing Date, including, but not limited to, the Reorganization and all other transactions
contemplated hereby; 
 (d) any and all Losses or Liabilities incurred by any of the Target Group Indemnitees or the Buyer Indemnitees
resulting from or arising in connection with any actual or alleged contravention of or non-compliance with any applicable Law, Governmental Order or the terms and conditions of any Permit by any Seller, any Target Group Company or any Seller’s
other Affiliates on or before the Closing Date; 
 (e) any and all Losses or Liabilities incurred by the Target Group Indemnitees in
respect of any Target Group Company’s payment obligations of mandatory social security insurance, unemployment insurance, medical insurance, pension, welfare benefits or public housing fund, salary, statutory compensation or subsidy or any
bonus or other incentive compensation owed to or in connection with current or former directors, officers, employees or independent contractors to the extent arising or otherwise relating to the Target Group’s activities prior to Closing. 

Section 10.4 General Indemnification by the Buyer of Seller Indemnitees. The Buyers hereby agrees to indemnify and hold each of
the Sellers and their respective Affiliates and Representatives (collectively, the “Seller Indemnitees”) harmless from and against any and all Losses resulting from or arising in connection with: 

(a) any failure of any of the representations or warranties contained in Article VII to be true, accurate and not misleading ; and/or 

(b) any breach of any of the covenants, undertakings or agreements hereunder on the part of the Buyer. 

Section 10.5 Indemnification Procedures. Any person seeking indemnification under this Article X (an “Indemnified
Party”) for itself or for any Buyer Indemnitee or Target Group Indemnitee, as the case may be, shall, promptly after its awareness of the cause of that indemnification, give the Party or Parties from whom indemnification is being sought (an
“Indemnifying Party”) a written notice (a “Claim Notice”) of any event or matter which such Indemnified Party has determined to or could reasonably be expected to give rise to a right of indemnification under this
Article X (including a pending or threatened claim or demand asserted by a third party (including any Governmental Authority) against the Indemnified Party or the Company, such claim being a “Third Party Claim”), stating in
reasonable detail, to the extent available, the nature of the claim, the facts and circumstances with respect to the subject matter of such claim, and containing a reference to the provisions of this Agreement in respect of which such right of
indemnification is claimed or arises; provided, however, that the failure to provide such notice shall not release the Indemnifying Party from any of its obligations under this Article X except to the extent the Indemnifying Party is
prejudiced by such failure. With respect to any recovery or indemnification sought by an Indemnified Party from the Indemnifying Party that does not involve a Third Party Claim, if the Indemnifying Party does not, within thirty (30) days from
its receipt of the Claim Notice, deliver a Dispute Notice to the Indemnified Party in accordance with Section 12.3 disputing such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. If the Indemnifying
Party has, within thirty (30) days from its receipt of the Claim Notice, delivered a Dispute Notice to the Indemnified Party in accordance with Section 12.3(a), then the Indemnifying Party and the Indemnified Party shall proceed in
accordance with Section 12.3. 
 Section 10.6 Buyer’s Discretion. In the event that the Target Group suffers any Loss
that gives rise to or otherwise entitles the Buyer or any Target Group Company to any indemnification by the Sellers hereunder, the Buyer shall have the right to direct the Sellers to either (a) indemnify the applicable Target Group Companies

  
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for the entire amount of the Loss suffered by the Target Group or (b) indemnify the Buyer (or, at the Buyer’s discretion, a designee of the Buyer) for the proportion of the Loss that is
attributable to the Buyer. The Buyer shall have the right to claim indemnification from the Sellers on behalf of any Target Group Indemnitee. For the avoidance of doubt, in no event shall the indemnification by any Seller hereunder shall affect the
Buyer’s percentage of shareholding in the BVIco or the Company as of immediately prior to such indemnification. 
 ARTICLE XI

 TERMINATION 

Section 11.1 Termination of Agreement. This Agreement may be terminated at any time prior to the Closing Date as follows: 

(a) by mutual written consent of each Seller and the Buyer; 

(b) by either the Sellers (as a group) or the Buyer if Closing shall have not occurred on or before the Long Stop Date or is not capable of
being completed by such date; provided, however, that the right to terminate this Agreement under this provision shall not be available to such Party if the material breach by such Party of this Agreement shall have been the principal cause
of the failure of Closing to occur on or prior to such date; 
 (c) by either the Sellers (as a group) or the Buyer if there shall be a Law
in effect making illegal the consummation of the transactions contemplated hereby or by the other Transaction Documents, or there shall be a final and non-appealable Governmental Order in effect prohibiting the consummation of the transactions
contemplated hereby or by the other Transaction Documents (which, for the avoidance of doubt, shall always include the Reorganization); provided, however, that the right to terminate this Agreement under this provision shall not be available
to such Party if the material breach by such Party of this Agreement shall have been the principal cause of such Law or Governmental Order; 

(d) by the Buyer if there shall have been (i) a material breach of any of the representations and warranties of any Seller or any Target
Group Company set forth in this Agreement or the other Transaction Documents, (ii) a material breach of any of the covenants or agreements on the part of any Seller or any Target Group Company set forth in this Agreement or the other
Transaction Documents, or (iii) any information set forth in each Disclosure Schedule delivered to the Buyer pursuant to Section 8.3 that, to the actual knowledge of the Buyer as of the date hereof, constitutes an exception to the
representations and warranties of any Target Group Company set forth in this Agreement in excess of RMB500,000 in value; provided, however, the Buyer shall not have the right to terminate this Agreement pursuant to this provision if the Buyer
shall have materially breached or failed to perform any of its representations, warranties or covenants set forth in this Agreement or the other Transaction Documents; or 

(e) by the Sellers (as a group) if there shall have been (i) a material breach of any of the representations and warranties of the Buyer
set forth in this Agreement or the other Transaction Documents, or (ii) a material breach of any of the covenants or agreements on the part of the Buyer set forth in this Agreement or the other Transaction Documents; provided, however,
the Sellers shall not have the right to terminate this Agreement pursuant to this provision if any Seller shall have materially breached or failed to perform any of their representations, warranties or covenants set forth in this Agreement or the
other Transaction Documents. 
 Section 11.2 Effect of Termination. 

(a) In the event of termination of this Agreement by a Party pursuant to Section 11.1, written notice thereof shall forthwith be given
by the terminating Party to the other Parties, and this Agreement shall thereupon terminate and become void and have no effect, and the transactions contemplated hereby shall be 

  
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abandoned without further action by the Parties and there shall be no liability on the part of the Sellers or the Buyer; provided, that no such termination shall (i) relieve any Party
from liability for fraud or any willful or intentional breach of any provision of this Agreement prior to such termination, or (ii) relieve any Party of its obligations under Section 8.6 (Confidentiality), Section 8.8 (Press Release
and Publicity), Section 8.12 (Taxes, Fees and Expenses), this Article XI (Termination) or Article XII (Miscellaneous). 
 (b)
Notwithstanding anything to the contrary in this Agreement and so long as Closing occurs, the Parties hereby agree and acknowledge that the provisions under Article IX (Additional Agreements) shall survive till the effectiveness of the Ultimate
Holdco SHA. 
 ARTICLE XII 

MISCELLANEOUS 

Section 12.1 Severability. If any provision of this Agreement is determined to be unlawful, invalid or unenforceable in any
respect under the Law of any jurisdiction, then such provision shall be deemed to be severed by the Law of such jurisdiction from this Agreement and replaced by a lawful, valid and enforceable provision which carries out, as closely as possible, the
intention of the Parties and preserves the economic purpose contemplated by this Agreement and, in such case, each and every other provision of this Agreement shall remain in full force and effect under the Law in that jurisdiction. No such
severance shall affect or impair the legality, validity or enforceability under the Law of any other jurisdiction of that or any other provision of this Agreement. 

Section 12.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Hong
Kong without reference to its conflict of laws rules. 
 Section 12.3 Dispute Resolution. If any Dispute arises among the
Parties in connection, then the Parties shall resolve such Dispute as follows: 
 (a) Dispute Notice. One Party may at any time
deliver to each other Party a written dispute notice describing briefly the matters to be resolved following the dispute resolution mechanism set forth in this Section 12.3 (a “Dispute Notice”). The Dispute Notice shall be made
in compliance with Section 12.4 and also specify, among other things, the provision or provisions of this Agreement applicable to the subject matter of the Dispute and the facts or circumstances in connection with the subject matter of the
Dispute. 
 (b) Informal Negotiations. The Parties shall, upon the delivery of a Dispute Notice, cause their respective
Representatives to meet and seek to resolve the Dispute cordially through informal negotiations. 
 (c) Dispute Resolution
Procedures. If Representatives of the Parties fail to resolve the Dispute within sixty (60) days after the delivery of the Dispute Notice through informal negotiations in accordance with Section 12.3(b), then any Party may submit the
Dispute to arbitration in Hong Kong under the auspices of the HKIAC. The arbitral tribunal shall consist of three (3) arbitrators. The Buyer shall appoint one (1) arbitrator, the Sellers shall jointly appoint one (1) arbitrator, and
the third arbitrator shall be jointly appointed by the two party-appointed arbitrators. The arbitration proceedings shall be conducted in Chinese and in English and the arbitrators shall be fluent in both Chinese and English. The arbitral tribunal
shall apply the UNCITRAL Arbitration Rules as administered by the HKIAC in force at the time of the arbitration. Each party to the arbitration proceedings shall cooperate with each other party in making full disclosure of and providing complete
access to all information and documents requested by such other party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral tribunal shall be final and
binding upon all parties to the arbitration proceedings, and the prevailing party or parties may apply to any court or courts of competent jurisdiction for enforcement of such award over the party against which the award has been rendered, or over
the assets of the party against which such award has been 

  
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rendered, wherever such assets may be located. By agreeing to arbitration, the Parties do not intend to deprive any court of competent jurisdiction of the authority to issue a pre-arbitral
injunction to maintain the status quo or prevent irreparable harm, pre-arbitral attachment, or other order in interim or conservatory measure pending arbitration, and any Party shall be entitled to seek preliminary injunctive relief from any court
of competent jurisdiction pending the constitution of the arbitral tribunal. The Parties agree that they shall, to the greatest practicable extent, continue to perform the terms of this Agreement during the pendency of any dispute resolution process
or related judicial or administrative proceeding. Any arbitration hereunder shall be confidential, and the Parties and their agents agree not to disclose to any third party the existence or status of the arbitration and all information made known
and documents produced in the arbitration not otherwise in the public domain, and all awards arising from the arbitration, except and to the extent that disclosure is required by applicable Law or is required to protect or pursue a legal right. 

Section 12.4 Notices. All notices, requests and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given at the time of receipt if delivered by hand or via reputable international express courier (e.g., DHL), charges pre-paid: 

If to the Sellers: 

Address: No. 4, Liming Lane, Chengdu, Sichuan 

Attention: Huang Rui, Xu Lang 

If to the Buyer: 
 Address:
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 
 Attention: Han Han 

If to the Company: 

Address: No. 4, Liming Lane, Chengdu, Sichuan 

Attention: Huang Rui, Xu Lang 
 Any Party may
change its notice address above to a different address by giving the other Parties a written notice of such change pursuant to this provision. 

Section 12.5 Effectiveness. This Agreement shall come into effect upon being duly executed by an authorized representative of each
Party. 
 Section 12.6 Amendment. This Agreement may be amended, modified or supplemented only by a written mutual agreement
executed and delivered by all the Parties. Except as otherwise provided in this Agreement, any failure of any Party to comply with any obligation, covenant, agreement or condition herein may be waived by the Party entitled to the benefits thereof
only by a written instrument signed by the Party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to,
any subsequent or other failure. 
 Section 12.7 Waiver. Any Party may at any time waive the compliance or performance by the
other Party or Parties with any undertakings, covenants, obligations or conditions contained herein that are for the benefits of the Party granting such waiver, but only by written instrument executed by the Party granting such waiver. No such
waiver, provided, however, shall be deemed to constitute a waiver of any such undertaking, covenant, obligation or condition in any other circumstance or a waiver of any other undertaking, covenant, obligation or condition. Any failure
to exercise or any delay in exercising any of its rights, powers or remedies by a Party pursuant to this Agreement shall not operate as a waiver or variation of that or any other right, power or remedy or such Party. 

  
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 Section 12.8 Survival. All representations and warranties and covenants of the
Parties shall survive Closing. 
 Section 12.9 Entire Agreement. This Agreement, together with any other agreements and/or
instruments made by the Parties in conjunction with this Agreement (including the Onshore SPA made by TNET and each of the Sellers) constitutes the entire agreement between the Parties with respect to the transaction contemplated under this
Agreement and supersedes all prior agreements and understandings between the Parties with respect to such subject matter. Specifically, if this Agreement becomes void, terminates or expires, the Onshore Agreement between TNET and each of the Sellers
will automatically become void, terminate or expire. 
 Section 12.10 Successors and Assignment. This Agreement shall be binding
upon and inure to the benefit of the successors of the Parties. No assignment of any right or obligation hereunder by any Party is permitted without the prior express written consent of each other Party. 

Section 12.11 No Third-Party Beneficiaries. Except as otherwise expressly provided in this Agreement, neither this Agreement nor
any provisions set forth in this Agreement is intended to, or shall, create any rights in or confer any benefits upon any third party, including any employee of the Company. 

Section 12.12 Language. This Agreement shall be executed in both Chinese and English versions, both being equally valid and
enforceable. In the event of any discrepancy between these two versions, the Chinese version shall prevail. 
 Section 12.13
Counterparts. More than one counterpart of this Agreement may be executed by the Parties hereto, and each fully executed counterpart shall be deemed an original rather than a duplicate. Several counterparts of this Agreement may be executed
by the Parties respectively, and all counterparts collectively constitute one and the same executed document. 
 (The remainder of this
page is intentionally left blank; execution page to follow.) 

  
 42 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized
representatives on the date first above written. 
  

			
	BUYER
	
	21VIANET GROUP, INC.
		
	Signature:		 /s/ Sheng Chen

	Name:		Sheng Chen
	Title:		Chairman and Chief Executive Officer

  
 43 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized
representatives on the date first above written. 
  

			
	FOUNDER
	
	Li Jia
		
	By:		 /s/ Li Jia

  
 44 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized
representatives on the date first above written. 
  

	
	
	/s/ Chengdu Guotao Cultural Communication Co., Ltd.
	
	/s/ Chengdu Guotao Network Technology Co., Ltd.
	
	/s/ Chengdu Chuantao Investment (LP)
	
	/s/ Suzhou Tianwei Zhongshan Jiuding Investment Center (LP)
	
	/s/ Xiamen Hongtai Jiuding Equity Partnership (LP)
	
	/s/ Beijing Hanguang Jiuding Investment Center (LP)
	
	/s/ Chengdu Everassion Equity Investment Fund Center (LP)
	
	/s/ Chengdu Zhongtao Investment Partnership (LP)
	
	/s/ Chengdu Hetao Investment Partnership (LP)

  
 45 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized
representatives on the date first above written. 
  

	
	COMPANY
	
	/s/ Sichuan Aipu Network Co., Ltd.

  
 46 

 SCHEDULE I 

SALE SHARES AND PURCHASE PRICE 
  

															
	 Seller
	  	 Seller SPV
	  	Equity Interest
in BVIco	 	 	Percentage
in BVIco
representing
Sale Shares	 	 	Purchase Price	 
	 	  	 	  	 	 	 	 	 	 	(RMB)	 
	 Chengdu Guotao Cultural Communication Co., Ltd.
	  	CLOUD UP LIMITED	  	 	36.90	% 	 	 	0	% 	 	 	0	  
	 Chengdu Guotao Network Technology Co., Ltd.
	  	  	 	22.55	% 	 	 	9.45	% 	 	 	111,330,148.74	  
	 Chengdu Chuantao Investment Partnership (LP)
	  	  	 	15.05	% 	 	 	15.05	% 	 	 	177,303,570.21	  
	 Chengdu Everassion Equity Investment Fund Center (LP)
	  	  	 	2.50	% 	 	 	2.50	% 	 	 	29,452,420.30	  
	 Chengdu Zhongtao Investment Partnership (LP)
	  	  	 	2.50	% 	 	 	2.50	% 	 	 	29,452,420.30	  
	 Chengdu Hetao Investment Partnership (LP)
	  	  	 	2.5	% 	 	 	2.5	% 	 	 	29,452,420.30	  
	 Suzhou Tianwei Zhongshan Jiuding Investment Center (LP)

 
 Xiamen Hongtai Jiuding Equity Partnership
(LP)
  
 Beijing Hanguang Jiuding Investment
Center (LP)
	  	GOLDEN TRIDENT INVESTMENT LIMITED	  	 	18	% 	 	 	18	% 	 	 	212,057,426.17	  

 Note: if any Seller receives purchase price (excluding prepayment) using a US account, the exchange rate shall be based on the
average of RMB currency buying/selling rate published by Bank of China (Hong Kong) Co., Ltd. at 12:00 a.m. on its website on the date of payment. 

  
 47 

 SCHEDULE II 

SUBSIDIARIES OF THE COMPANY 
 Yunnan Aipu
Network Technology Co., Ltd. 
 Chongqing Jianqiao Aipu Network Co., Ltd. 

Wuhan New Aipu Network Co., Ltd. 
 Hunan Aipu Network Co., Ltd.

 Guangzhou Aipu Broadband Network Co., Ltd. 
 Guangxi Ai Jia
Pu Network Technology Co., Ltd. 
 Chengdu Yuntao Investment Co., Ltd. 

Sichuan Yuntao Information Co., Ltd. 

  
 48 

 SCHEDULE III 

KEY EMPLOYEES 

  
 49 

 SCHEDULE IV 

LIST OF TARGET GROUP DIRECTORS AND EXECUTIVE OFFICERS TO 

RESIGN 
 Li Shiyong, Li Xiangui, Lian Xu

  
 50 

 EXHIBIT I 

CALCULATION FORMULA 

  
 51EX-4.35

 Exhibit 4.35 

CHENGDU GUOTAO CULTURAL COMMUNICATION CO., LTD. 

CHENGDU GUOTAO NETWORK TECHNOLOGY CO., LTD. 

CHENGDU CHUANTAO INVESTMENT LIMITED PARTNERSHIP ENTERPRISE 

SUZHOU TIANWEI ZHONGSHAN JIUDING INVESTMENT CENTER (LP) 

XIAMEN HONGTAI JIUDING EQUITY PARTNERSHIP (LP) 

BEIJING HANGUANG JIUDING INVESTMENT CENTER (LP) 

CHENGDU EVERASSION EQUITY INVESTMENT FUND CENTER (LP) 

CHENGDU ZHONGTAO INVESTMENT PARTNERSHIP (LP) 

CHENGDU HETAO INVESTMENT PARTNERSHIP (LP) 

MR. JIA LI 
 LANGFANG XUNCHI
COMPUTER DATA PROCESSING CO., LTD. 
  
  

INVESTMENT AGREEMENT 

REGARDING 
 50% OF THE
SHARES OF 
 SICHUAN AIPU NETWORK CO., LTD. 
  

 
 DATE: May 30, 2014 

 (Execution Version) 

 

 Table of Contents 

 

							
	Section	  	Page	 
	 SECTION 1
	 	DEFINITION	  	 	4	  
			
	 SECTION 2
	 	CLOSING CONDITIONS	  	 	5	  
			
	 SECTION 3
	 	PURCHASE PRICE	  	 	7	  
			
	 SECTION 4
	 	TWO PHASES OF THE PURCHASE PROCESS	  	 	8	  
			
	 SECTION 5
	 	PAYMENT PROCEDURES AND CONDITIONS	  	 	8	  
			
	 SECTION 6
	 	DEPOSIT	  	 	9	  
			
	 SECTION 7
	 	LOAN	  	 	9	  
			
	 SECTION 8
	 	TRANSACTION BASE DATE	  	 	9	  
			
	 SECTION 9
	 	POST-PURCHASE RIGHTS OF PARTY A	  	 	9	  
			
	 SECTION 10
	 	THE US SARBANNES-OXLEY ACT	  	 	10	  
			
	 SECTION 11
	 	REPRESENTATIONS AND WARRANTIES	  	 	12	  
			
	 SECTION 12
	 	JOINT AND SEVERAL LIABILITY	  	 	13	  
			
	 SECTION 13
	 	CHANGE OF BUSINESS REGISTRATION	  	 	13	  
			
	 SECTION 14
	 	TAXES AND FEES	  	 	13	  
			
	 SECTION 15
	 	NOTICE	  	 	13	  
			
	 SECTION 16
	 	NON-ASSIGNMENT	  	 	14	  
			
	 SECTION 17
	 	TERM	  	 	14	  
			
	 SECTION 18
	 	TERMINATION	  	 	15	  
			
	 SECTION 19
	 	CONFIDENTIALITY	  	 	15	  
			
	 SECTION 20
	 	APPLICABLE LAWS AND JURISDICTION	  	 	15	  
			
	 SECTION 21
	 	MISCELLANEOUS	  	 	16	  
			
	 SECTION 22
	 	ENTIRE AGREEMENT	  	 	17	  
			
	 SECTION 23
	 	EFFECTIVENESS	  	 	17	  
		
	 APPENDIX 1: ASSESSMENT INDEXES
	  	 	21	  
		
	 APPENDIX 2: DEED OF NON-COMPETITION UNDERTAKING
	  	 	22	  
		
	 APPENDIX 3: REPRESENTATIONS AND WARRANTIES OF THE EXISTING SHAREHOLDERS AND THE TARGET COMPANY
	  	 	24	  

  
 2 

 (Execution Version) 

 

 This Investment Agreement (this “Agreement”) is executed on May 30, 2014 by and among:

  

	1.	Langfang Xunchi Computer Data Processing Co., Ltd., a limited liability company organized and validly existing under the laws of the People’s Republic of China (the “PRC”) (Business License No.:
131001000018253), with its registered office situated at Commercial Building 3, Yangguang Jiahe Community, Langfang Development Zone (Hereinafter referred to as “Party A” or the “Purchaser”); 

 

	2.	Sichuan Aipu Network Co., Ltd., a limited liability company organized and validly existing under the laws of the PRC (Business License No.: 510109000021417), with its registered office situated at No.6 Jiuxing Avenue,
Hi-Tech District, Chengdu City (Hereinafter referred to as the “Target Company”); 

  

	3.	Chengdu Guotao Cultural Communication Co., Ltd., a limited liability company organized and validly existing under the laws of the PRC (Business License No.: 510109000099679), with its registered office situated at No.2
Huansan Lane, Xiaojiahe, Hi-Tech District, Chengdu City and shareholder of the Target Company, holding 36.9% of the shares of the Target Company (Hereinafter referred to as “Party B”); 

 

	4.	Chengdu Guotao Network Technology Co., Ltd., a limited liability company organized and validly existing under the laws of the PRC (Business License No.: 510106000098125), with its registered office situated at No.1
South 3rd Lane, Fuqin Street, Fuqin Community, Jinniu District, Chengdu City and shareholder of the Target Company, holding 22.55% of the shares of the Target Company (Hereinafter referred to as
“Party C”); 

  

	5.	Chengdu Chuantao Investment Partnership (LP), a partnership organized and validly existing under the laws of the PRC (Business License No.: 510109000234540), with its registered office situated at 1st Floor, Building 10, No.16 Southern Section 4, Second Ring Road, Xiaojiahe, Hi-Tech District, Chengdu City and shareholder of the Target Company, holding 15.05% of the shares of the Target
Company (Hereinafter referred to as “Party D”); 

  

	6.	Suzhou Tianwei Zhongshan Jiuding Investment Center (LP), a partnership organized and validly existing under the laws of the PRC (Business License No.: 320594000189881), with its registered office situated at Room 1105,
Building 6, SIPCTD Mansion, No.181 Cuiyuan Road, Suzhou Industrial Park and shareholder of the Target Company, holding 10.56% of the shares of the Target Company (Hereinafter referred to as “Party E”); 

 

	7.	Xiamen Hongtai Jiuding Equity Partnership (LP), a partnership organized and validly existing under the laws of the PRC (Business License No.: 320203320000979), with its registered office situated at No. 16 West,
Room 3A, No. 57 Hubin South Road, Siming District, Xiamen City and shareholder of the Target Company, holding 6.11% of the shares of the Target Company (Hereinafter referred to as “Party F”); 

 

	8.	Beijing Hanguang Jiuding Investment Center (LP), a partnership organized and validly existing under the laws of the PRC (Business License No.: 110102013523053), with its registered office situated at F615 Winland
International Finance Center, No.7 Financial Street, Xicheng District, Beijing and shareholder of the Target Company, holding 1.33% of the shares of the Target Company (Hereinafter referred to as “Party G”); 

 

	9.	Chengdu Everassion Equity Investment Fund Center (LP), a partnership organized and validly existing under the laws of the PRC (Business License No.: 510106000218506), with its registered office situated at No. 3, 1st Floor, Youth (College Students) Pioneer Park, No.2 Xingsheng West Road, Hi-tech Industrial Development Zone, Jinniu District, Chengdu City and shareholder of the Target Company, holding 2.5% of the
shares of the Target Company (Hereinafter referred to as “Party H”); 

  

	10.	Chengdu Zhongtao Investment Partnership (LP), a partnership organized and validly existing under the laws of the PRC (Business License No.: 510109000243578), with its registered office situated at 1st Floor, Building 6, No. 43 Xiaojiahe Middle Road, Hi-Tech District, Chengdu City and shareholder of the Target Company, holding 2.5% of the shares of the Target Company (Hereinafter referred to
as “Party I”); 

  
 3 

 (Execution Version) 

 

	11.	Chengdu Hetao Investment Partnership (LP), a partnership organized and validly existing under the laws of the PRC (Business License No.: 510109000243586), with its registered office situated at 1st Floor, Building 4, No. 5 Xiaojiahe Main Street, Hi-Tech District, Chengdu City and shareholder of the Target Company, holding 2.5% of the shares of the Target Company (Hereinafter referred to
as “Party J”); 

  

	12.	Mr. Jia LI, natural person of the PRC, with ID Number of 510102197210156119, is the actual controller of the Target Company (The “Actual Controller”) 

The aforesaid Party A, Party B, Party C, Party D, Party E, Party F, Party G, Party H, Party I, Party J and the Actual Controller are referred to collectively
as the “Parties” and individually as a “Party”; Party B, Party C, Party D, Party E, Party F, Party G, Party H, Party I, Party J are collectively referred to as the “Existing Shareholders” or the
“Transferors”. 
 WHEREAS 
  

	1.	The Target Company is a professional provider of Internet Service Provision (“ISP”), Customer Premises Network (“CPN”) and value-added telecommunication services (especially broadband
application); 

  

	2.	Party A wishes to purchase 50% of the shares of the Target Company from the Existing Shareholders; The Existing Shareholders wish to transfer 50% of the shares of the Target Company to Party A. 

NOW, THEREFORE, through friendly negotiation, the Parties agree as follows: 

SECTION 1 DEFINITION 
 Except otherwise provided herein,
for the purpose of this Agreement, 
  

			
	Xunchi		refers to Langfang Xunchi Computer Data Processing Co., Ltd.;
		
	Target Company		refers to Sichuan Aipu Network Co., Ltd.;
		
	Index A		refers to the indexes of net income and net profits corresponding to the Target Company’s main businesses, including but not limited to ISP, CPN, value-added telecommunication services (especially broadband
application);
		
	Index B		refers to the related business indexes corresponding to the Target Company’s main businesses, including but not limited to ISP, CPN, value-added telecommunication services (especially broadband application);
		
	Net Income		equals to the gross income under US GAAP minus business tax and additional tax;
		
	Net Profit		is the profit retention of the company (total profit under US GAAP minus income tax), also known as after-tax profit;
		
	ARPU Value		is an index for measuring the business income of the telecom operators. The ARPU Value herein refers to the average ARPU value of the year to be assessed, from January to December; the ARPU Value is calculated by (aggregate fee
income per month - total giveaway per month)/total hours spend by the paid users in the corresponding month;
		
	EBITDA		means the earnings before interest, taxes, depreciation and amortization under US GAAP;

  
 4 

 (Execution Version) 

 

			
		
	Working Day	  	refers to any day except Saturdays, Sundays and statutory holidays of the PRC;
		
	PRC	  	refers to the People’s Republic of China and for the purpose of this Agreement only, excluding Hong Kong, Macaw and Taiwan;
		
	US GAAP	  	refers to the Generally Accepted Accounting Principles of the USA;
		
	 SOX
  

Affiliates
	  	 refers to the Sarbanes–Oxley Act of the USA;
  

with respect to a specific company or person, refers to any company (including its holding company or subsidiary and any subsidiary of its holding company)
which directly or through one or more agents indirectly controls the aforesaid company or person, as well as any company (including its holding company or subsidiary, or any subsidiary of its holding company) controlled by such company or person or
by the controller of such company or person;

		
	Closing Date	  	refers to the 30th of June, 2014 or the date of the actual payment of the purchase consideration within 10 business days after the complete satisfaction (or exemption according
to this Agreement) of the closing conditions set forth in Section 2 hereunder, whichever is later.
		
	 Jiuding
	  	refers to Suzhou Tianwei Zhongshan Jiuding Investment Center (LP), Xiamen Hongtai Jiuding Equity Partnership (LP) and Beijing Hanguang Jiuding Investment Center (LP) collectively.

 SECTION 2 CLOSING CONDITIONS 

The parties agree that the closing conditions shall include, but not limited to: 
  

	2.1	Party A shall have completely performed due diligence on business, finance and legal aspects of the Target Company and shall have reached satisfactory results in such due diligence; 

 

	2.2	The Target Company, the Existing Shareholders and the Actual Controller shall have obtained all internal or external approvals, ratifications or authorizations necessary to execute and conclude the transaction hereunder
(this “Transaction”); the Target Company and its Existing Shareholders shall also have provided Party A the shareholder meeting resolution confirming that the shareholders agree to transfer the 50% of the shares of the Target
Company they owned as well as all requisite consents or exemptions (if necessary) made by other right holders for executing or concluding this Transaction and shall agree on the transfer proposal specified below. 

 

																									
	 Name of Shareholder
	  	Original
Number of
Shares
(Shares)	 	  	Original
Share
Proportion
(%)	 	  	Transfer Price
(RMB)	 	  	Number of
Shares
Transferred
(Shares)	 	  	Proportion
of Shares
Transferred
(%)	 	  	Post
Transfer
Share
Proportion
(%)	 
	 Chengdu Guotao Cultural Communication Co., Ltd.
	  	 	36,531,000	  	  	 	36.90	  	  	 	0	  	  	 	0	  	  	 	0	  	  	 	36.90	  
	 Chengdu Guotao Network Technology Co., Ltd.
	  	 	22,324,500	  	  	 	22.55	  	  	 	20,969,851.27	  	  	 	9,355,500	  	  	 	9.45	  	  	 	13.10	  
	 Chengdu Chuantao Investment Partnership (LP)
	  	 	14,899,500	  	  	 	15.05	  	  	 	33,396,429.79	  	  	 	14,899,500	  	  	 	15.05	  	  	 	0	  
	 Suzhou Tianwei Zhongshan Jiuding Investment Center (LP)
	  	 	10,454,400	  	  	 	10.56	  	  	 	23,432,976.65	  	  	 	10,454,400	  	  	 	10.56	  	  	 	0	  

  
 5 

 (Execution Version) 

 

																									
	 Name of Shareholder
	  	Original
Number of
Shares
(Shares)	 	  	Original
Share
Proportion
(%)	 	  	Transfer Price
(RMB)	 	  	Number of
Shares
Transferred
(Shares)	 	  	Proportion
of Shares
Transferred
(%)	 	  	Post
Transfer
Share
Proportion
(%)	 
	 Xiamen Hongtai Jiuding Equity Partnership (LP)
	  	 	6,046,920	  	  	 	6.11	  	  	 	13,553,846.72	  	  	 	6,046,920	  	  	 	6.11	  	  	 	0	  
	 Beijing Hanguang Jiuding Investment Center (LP)
	  	 	1,318,680	  	  	 	1.33	  	  	 	2,955,750.46	  	  	 	1,318,680	  	  	 	1.33	  	  	 	0	  
	 Chengdu Hetao Investment Partnership (LP)
	  	 	2,475,000	  	  	 	2.50	  	  	 	5,547,579.70	  	  	 	2,475,000	  	  	 	2.50	  	  	 	0	  
	 Chengdu Zhongtao Investment Partnership (LP)
	  	 	2,475,000	  	  	 	2.50	  	  	 	5,547,579.70	  	  	 	2,475,000	  	  	 	2.50	  	  	 	0	  
	 Chengdu Everassion Equity Investment Fund Center (LP)
	  	 	2,475,000	  	  	 	2.50	  	  	 	5,547,579.70	  	  	 	2,475,000	  	  	 	2.50	  	  	 	0	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
		 	99,000,000	  		 	100.00	  		 	110,951,594.00	  		 	49,500,000	  		 	50.00	  		 	50.00	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	2.3	The PRC counsel of the Target Company shall have provided Party A with the legal opinion with respect to the transfer of shares and Party A shall be satisfied with the content of such legal opinion; the Existing
Shareholders shall have submit to Party A the 2013 Annual Auditing Report of the Target Company issued by an appropriately qualified accounting firm entrusted by the Existing Shareholders; 

 

	2.4	No other enterprise actually controlled by the Existing Shareholders and the Actual Controller has engaged in businesses in competition with the Target Company; Party A shall have received the Deed of Non-competition
Undertaking signed by the Existing Shareholders (except Jiuding) , the Actual Controller and the key personal according to the format and content stipulated in Appendix 2 annexed hereto; 

 

	2.5	All shareholders of the Target Company shall have signed the resolution regarding the change of the Board of Directors (the number of members appointed by Party A shall made up a majority of the Board of Directors of
the Target Company) and other requisite documents, with the content of which Party A shall have been satisfied. The Target Company shall have committed to undertake relevant business registrations and fillings according to applicable PRC laws.

  

	2.6	The Articles of Association of the Target Company shall have been amended and shall have included the paragraphs (1), (2), (3), and (6) of Section 9 herein; Party A shall be satisfied with the amendment or the
amended Articles of Association. 

  

	2.7	The Target Company shall have prepared the capital contribution certificate for Party A demonstrating the capital amount contributed and the number of shares held by such Party. Such certificate shall indicate company
name, registered capital amount, shareholder’s name, subscribed capital amount, share proportion, payment date of the capital contribution and issuing date of such certificate. The certificate shall be signed by the legal representative of the
Target Company and affixed with the seal of the company. 

  

	2.8	All requisite legal documents for the change of the business registration of the Target Company regarding the share transfer have been fully prepared. Such legal documents shall include, except otherwise specified, all
documents necessary for the change of business registration with respect to the amendments or the amended Articles of Association and the change of the directors, supervisors and senior management personnel, as well as documents necessary for other
relevant business registration items; 

  

	2.9	 The currently reserved expired options in the employee option pool which totally equals to 5% of the shares of the Target Company shall be published
according to the requests of Party A, including but not 

  
 6 

 (Execution Version) 

 

	 	
limited to informing Party A with respect to the business registration certificate indicating the share proportion occupied by the option pool and list of members who have been granted or are
proposed to be granted with options. Such publication shall be truthful, complete and without omission. 

  

	2.10	The business assessment index for the years 2014, 2015 and 2016 shall have been approved by Party A; 

  

	2.11	The remunerations for directors, supervisor and senior management personnel of the Target Company shall have been approved by Party A; 

 

	2.12	There are no laws, regulations, judgment, award, ruling or injunction issued by courts or relevant governmental authorities which may restrict, ban or remove the share purchase hereunder, nor any pending proceedings or
arbitrations which may have bad influence on the Existing Shareholders and the Target Company; 

  

	2.13	Neither existing nor having occurred such event, fact, condition, change or other situation that has caused or may be reasonably anticipated to cause any serious adverse influence on the Target Company; no changes which
may have serious adverse effect to the structure and status of the assets of the Target Company have been taken place. 

  

	2.14	The representations, commitments, statements and warranties made herein by the Existing Shareholders, the Target Company and the Actual Controller shall keep truthful, complete and accurate; 

 

	2.15	Party A shall have received the Disclosure Checklist as of the Closing Date and shall be satisfied with the content of such checklist; 

 

	2.16	All problems found by Party A in the course of the due diligence shall have been appropriately resolved and Party A shall be satisfied with the result. 

SECTION 3 PURCHASE PRICE 
  

	3.1	The Parties agree that the book value of the net assets dated as of the 31st of May, 2014 after the audit under US GAAP shall be taken as the price of the
investment of the 100% of the shares of the Target Company, which, based on the reports provided by the management personnel, shall be preliminarily defined as RMB 221,903,188. Such price provided herein (including the price or consideration of the
share investment in phase I and phase II hereunder) shall be subject to other relevant agreements reached by the Parties or their affiliates at the same time or hereafter regarding the subject matter herein. 

 

	3.2	When the closing conditions have been fully satisfied or been exempted by Party A, Party A will purchase 50% of the shares of the Target Company held by the Existing Shareholders with a purchase price of RMB 110,
951,594. 

  

	3.3	The Parties acknowledge that Party A proposes to purchase 50% of the shares of the Target Company which will be transferred by the Existing Shareholders according to the transfer proposal provided in Section 2.2;
After the completion of the transfer, Party A shall hold 50% of the shares of the Target Company and the share proportions held by the Existing Shareholders shall be acknowledged in accordance with the post-transfer share proportions set forth in
Section 2.2. 

  

	3.4	The Parties agree that the added value of the net assets of the Target Company produced in the transition period between the Base Date and the Closing Date and the accumulated profits of the Target Company which
haven’t been distributed before the Closing Date (without including the undistributed dividends payable which have been disclosed in the financial statements of the company as of the end of 2013), the equity interests of the shareholders of the
Target Company and the profits produced shall be distributed pro rata among all shareholders of the Target Company after the Closing Date. 

  
 7 

 (Execution Version) 

 

 SECTION 4 TWO PHASES OF THE PURCHASE PROCESS 

The transaction collaboratively conducted by the Parties consists of the following two phases: 

 

	4.1	Phase I: Purchase of 50% of the shares. Party A will purchase 50% of the shares of the Target Company after the execution of this Agreement in condition that the closing conditions provided have been fully satisfied or
been exempted by Party A. The conditions and amount of the payment are set forth in Section 5 herein. 

  

	4.2	Phase II: Purchase of the remaining shares 

  

	 	(1)	After the completion of the closing hereunder, Party A is obliged to consecutively purchase the remaining 50% of the shares of the Target Company in accordance with the following arrangements upon the sale requirements
proposed by the Existing Shareholders based on the term of the graded exercises of rights set forth in the business assessment index, specifically: 

  

	 	(a)	Purchase 28% of the shares of the Target Company according to the financial statement of the previous year which has been audited under US GAAP and issued before the
30th April, 2015; purchase 11% of the shares of the Target Company according to the financial statement of the previous year which has been audited under US GAAP and issued before the 30th April, 2016; purchase 11% of the shares of the Target Company according to the financial statement of the previous year which has been audited under US GAAP and issued before the 30th April, 2017. 

 or (b) Purchase all remaining shares or all
shares within 1 month after the completion of the financial statement audited under US GAAP in 2017, in condition that the notice of the exercise of rights has been delivered jointly by the Existing Shareholders to the Purchaser only once
within each year of 2015, 2016 and 2017 and the option rights of selling of the Existing Shareholders shall not be exercised in any case after the 30th of April, 2017; additionally, the Existing
Shareholders agree not to transfer any equity security or any related rights, properties or interests without prior written consent of Party A after the Closing Date and before the 30th of April,
2017. The Existing Shareholders understand and agree that Party A has the right to transfer the shares it held to any third party upon its sole decision after the Closing Date and before the 30th
of April, 2017, provided that the transferee of such transaction shall be an affiliate of Party A; 
  

	 	(2)	Purchase consideration of the remaining shares: the purchase consideration shall be counted by RMB as before, The purchase consideration of the remaining shares shall be the net assets audited under US GAAP of each
current year of 2014, 2015 and 2016, multiplied by the proportion of share purchase of the corresponding year provided in the aforesaid Section 4.2 (1); and 

  

	 	(3)	The purchase consideration of the remaining shares shall be paid in cash. The specific way of payment shall be negotiated and determined by the Parties at the time. 

SECTION 5 PAYMENT PROCEDURES AND CONDITIONS 
  

	5.1	Upon full satisfaction or exemption of all closing conditions, Party A shall pay the purchasing price of the 50% of the shares according to the following agreement: 

 

	5.2	Upon full satisfaction or exemption of all closing conditions, the Target Company shall provide and deliver to Party A the Register of Shareholders of the Target Company that signed by the legal representative and
affixed with the company chop which states Party A legally holds 50% of the shares of the Target Company and its name, share numbers and percentage for registration purpose. Since then, Party A shall pay the purchase price as agreed in Paragraph 3.2
to the bank account designated by the Existing Shareholders within 10 calendar days. The purchase price would be paid in RMB. 

  
 8 

 (Execution Version) 

 

	5.3	If party A does not pay any purchase price to the Existing Shareholders in full amount within the period agreed in Paragraph 5.2, Party A shall pay the damages for the overdue payment at 0.05% per day of the unpaid
due amount of the transfer price. The liability of the overdue payment in this Paragraph also applies to the payment of Party A or its affiliates under any related agreements. 

SECTION 6 DEPOSIT 
  

	6.1	The Existing Shareholders and the Target Company confirm that they have already received the RMB 5 million Yuan of transaction deposit paid by Party A. 

 

	6.2	In case Party A is unsatisfied with the result of the due diligence (including but not limited to the due diligence result of 2013 has no less than 20% difference from the data provided by the Target Company, or Parties
could not reach a consensus upon significant issues so as to the agreement could be executed, or Party A finds other factors that would influence the Parties’ collaboration), the Target Company and the Existing Shareholders shall return the
RMB5 million deposit to Party A within 3 Business Days upon receiving the written notice of Party A. This agreement shall be terminated upon the day that Party A delivers the written notice. If Party A does not deliver the written notice to
terminate the agreement within 60 days from the start date of the on-site due diligence, Party A would be deemed to be satisfy with the result of the due diligence. 

 

	6.3	If Party A does not unilaterally deliver the notice requesting to return the deposit and terminate the agreement, the deposit of RMB 5 million would automatically convert to be the consideration of the equity
purchase upon the time agreed in Paragraph 5.2 that Party A shall pay the consideration of the shares. 

 SECTION 7 LOAN 

 

	7.1	After the Base Date of the transaction, in case the Existing Shareholders and/or the Actual Controller make any loan request to Party A, Party A will provide the loans, provided that the borrower pledges the share he
possesses at that time to Party A. Upon the loan has been made, Party A and the borrower shall enter into a loan agreement and a share pledge agreement. 

  

	7.2	Detailed information relating to the loans shall be subject to the loan agreements or share pledge agreements signed by the Parties. 

SECTION 8 TRANSACTION BASE DATE 
 Except otherwise
provided, in relation to the Closing Date, the base date of this Transaction shall be the 31st March, 2014 (the “Base Date”). 

SECTION 9 POST-PURCHASE RIGHTS OF PARTY A 
 After the
purchase of 50% of the shares of the Target Company, Party A shall have the following rights in addition to the rights stipulated in the laws, bylaws and agreements: 
  

	(1)	Composition of the Board of Directors: The Board of the Directors of the Target Company shall be composed of 7 directors. The Target Company and the Existing Shareholders agree that the majority of members of the Board
of the Directors shall be appointed by Party A. The Existing Shareholders understand and agree to cause to effect the term herein. 

  

	(2)	Restriction on sale of shares to the Existing Shareholders: After 30 April 2017, all Parties shall be entitled to the right of first refusal provided by relevant laws. 

  
 9 

 (Execution Version) 

 

	(3)	Financial statements: the company shall provide Party A with: 

  

	 	(a)	Starting from the Base Date, monthly key index and management data of the Company within 15 calendar days after the end of each month; 

 

	 	(b)	Starting from the Base Date, quarterly financial statement (both consolidated statement and independent statement from each branches) within 15 calendar days after the end of each quarter, and the management and
financial statements shall at least include the income statement, balance sheets and statements of cash flows in accordance with the US GAPP for listed companies; 

 

	 	(c)	within 3 months after the end of each fiscal year, the company shall cooperate with a firm of accountants selected by Party A to complete audits; 

 

	 	(d)	The Target Company shall approve the financial budget of the next year within 15 calendar days prior to the start of each fiscal year. 

 

	(4)	Assistance in safeguarding interests: in order to protect the interests of Existing Shareholders and Party A, management of the company shall be conducted in accordance with the Rules of Procedure of the General Meeting
of Shareholders, the Rules of Procedure of the Board of Directors, the Rules of Procedure of the Supervisory Board, the Rules of Procedure of the Independent Directors and other existing rules; in addition, the Target Company and the Existing
Shareholders agree to assist in amending relevant rules provided reasonable protection of interests of Party A will be secured. 

  

	(5)	Non-compete: the Existing Shareholders (except Jiuding) shall completely disclose to Party A whether they or their Affiliates are engaged in, no matter directly or indirectly, any business which is in competition with
the principal business carried out by the company, and covenant not to take part in any business in the competition with the business carried out by the company within two years after completion of transfer of 100% shares. Furthermore, Party A
undertakes not to take part in any business in the competition with the broadband access business carried out by the Target Company in the city of Chengdu, Kunming, Chongqing, Changsha, Wuhan, Nanning, Zhengzhou, Xi’an, Nanjing and Guiyang in
any manner after the competition of the closing. The Existing Shareholders (except Jiuding), the Target Company and the Actual Controller agree that if Party A is entitled to any portion of remaining shares after the assessment of the Target Company
for the years of 2014, 2015 and 2016 pursuant to the aforementioned Section 4.2(1), the Party A shall not be subject to the restriction under this Section 9(5) upon obtaining such shares. 

 

	(6)	Party A has the right to designate 2 senior financial management personals as the financial management personals of the Target Company and the Target Company and the Actual Controller shall coordinate.

  

	(7)	After the Closing Date, Party A is entitled to recommend interns to the Target Company to serve in the Target Company, the salary, welfare of such employees shall be arranged according to applicable laws and regulations
and be assumed solely by Party A. Party A shall cause such employees to obey all management regulations and rules of the Target Company without influencing daily operation of the Target Company. To ensure the stable and rapid development of the
Target Company after the Closing Date, the Existing Shareholders understand and agree to, in good faith, mutually procure the newly established Board of Directors to formulate the plan for such employees’ working based on real situations. The
Existing Shareholders agree that the number of the aforesaid interns can be up to 15%-20% of the aggregate existing employees of the Target Company. 

SECTION 10 THE US SARBANNES-OXLEY ACT 
 To comply with the
legal requirements on corporate governance of listed companies, the Existing Shareholder (except Jiuding) and the Target Company must undertake that all shareholders of the Target Company shall cooperate with and assist Party A in post-acquisition
integration and adjustment with respect to the Target 

  
 10 

 (Execution Version) 

 

 
Company in accordance with the U.S. Sarbanes–Oxley Act within a reasonably practicable time after Party A acquires 50% shares of the Target Company, in order to satisfy relevant requirements
on corporate governance and information disclosure under the Sarbanes–Oxley Act: 
  

	10.1	All shareholders of the Target Company (except Jiuding) shall cooperate fully with Party A’s internal audit team and its internal control advisor in the performance of internal control testing and diagnosis. If any
internal control flaws are identified, the senior management and the Actual Controller shall cooperate fully in fixing the flaws and shall continuously adopt and implement corrective measures to ensure that no material internal control flaws will be
identified at the annual audit. 

  

	10.2	The SOX internal controls include without limitation the following: 

  

	 	(1)	Corporate controls. For example: integrity and ethical values, management perception and management style, organizational structure and responsibilities allocation, financial reporting capability; authorization and
accountability, human resources, policies and procedures, information in financial reporting, risk and internal controls, and so on. 

  

	 	(2)	IT system-related internal controls. For example: IT control environment, systems development, program changes, access control to programs and data, computer maintenance; 

 

	 	(3)	Fund management process. For example: consolidated fund management, bank account management, inventory management, cash management, management of important receipts and certificates, account balance management, loan
management, etc.; 

  

	 	(4)	Revenue and revenue receipts process. For example: consolidated sales management, sales contract management and implementation, order management, billing management, revenue recognition, invoicing and management of
receivables; 

  

	 	(5)	Costs and payment process. For example, consolidated cost control, mode of procurement and procurement contract management, delivery and service acceptance control, cost control, reimbursement control and payment
management; 

  

	 	(6)	Asset management process. For example: management of acceptance for asset procurement, goods management, construction management, depreciation and amortization management, control on disposition of assets;

  

	 	(7)	Tax management processes. For example: business tax or value-added tax control, personal income tax control, corporate income tax control, and so on; 

 

	 	(8)	Financial period closing and financial reporting procedures. For example: accounting handbook or financial accounting systems, accounting items setting and maintenance, transaction record and financial management,
financial closing process, and consolidation of financial statements and their disclosures; 

  

	 	(9)	Human resources management processes. For example: corporate culture and environment control, employee recruitment and employee arrival and departure management, compensation and benefits management, bonus policies
management, and so on. 

  
 11 

 (Execution Version) 

 

 SECTION 11 REPRESENTATIONS AND WARRANTIES 

 

	11.1	Representations and Warranties of the Transferors 

 Except as disclosed in the Letter of
Disclosure, the Transferors represent and warranty as follows (save that Jiuding will be only subject to the representations and warranties made in paragraphs (1) to (4) below): 

 

	 	(1)	The Target Company is a body corporate duly incorporated and effectively existing under the laws and regulations of the PRC with good standing who owns all corporate and legal rights necessary for carrying out its
business activities as well as assuming joint liabilities with respect to the assets under its operation and management; 

  

	 	(2)	The Transferors own both the legal and beneficial interests in the shares of the Target Company in accordance with the law, and the shares of the Target Company are not subject to any security, pledge, lien, option,
claim, preemption right or any other forms of encumbrances. The Transferors have the right to sign this Agreement and transfer to the Purchaser its shares in the Target Company. 

 

	 	(3)	The Transferors’ execution, delivery and performance of this Agreement do not and will not violate any existing laws, regulations, rules, permits, authorizations, orders, writs, judgments, injunctions, directions,
decisions or rulings applicable to the Transferors or the Target Company, or any provisions in the Target Company’s business license, and do not constitute a breach or default of any agreement or rule; 

 

	 	(4)	The Transferors have obtained all approvals, permits and authorizations necessary for the share transfer, and have the right to transfer to the Purchaser the shares of the Target Company in accordance with relevant laws
and regulations and also the conditions stipulated in this Agreement. 

  

	 	(5)	As of the Closing Date of this Agreement, there is no pending litigation, arbitration or other legal procedures, nor any judgment or court orders which are to be enforced, against the Target Company. 

 

	 	(6)	As of the Closing Date of this Agreement, the Target Company has good, valid and transferable title to all properties and assets (whether tangible or intangible) it allegedly owns, and none of those properties and
assets is subject to any encumbrances. 

  

	 	(7)	As of the Closing Date of this Agreement, the Target Company has no undisclosed liabilities or any other kinds of obligations (including contingent liabilities). The Transferors alone shall be liable for and shall bear
all such liabilities or obligations, if there is any. 

  

	 	(8)	As of the Closing Date of this Agreement, the Target Company has no outstanding tax obligations under any applicable laws and regulations including the national tax law and accounting law, and has not been penalized for
any violations. 

  

	 	(9)	As of the Closing Date of this Agreement, the Target Company has not provided to any other parties any form of guarantees including without limitation any undertaking, collateral, pledge or other form of guarantees
involving any third party rights. 

  

	 	(10)	Within 6 months after the execution of Agreement, the Existing Shareholders shall procure the Target Company to apply for and obtain all qualifications and licenses necessary for business operation, and complete all
necessary procedures including corporate amendments and record-filing in accordance with the laws, regulations and policies of the state. 

  
 12 

 (Execution Version) 

 

	11.2	Representations and Warranties of the Purchaser 

  

	 	(1)	The Purchaser’s execution, delivery and performance of this Agreement do not and will not violate any existing laws, regulations, rules, permits, authorizations, orders, writs, judgments, injunctions, directions,
decisions or rulings applicable to the Purchaser, or any provisions in the Purchaser’s business license, and do not constitute a breach or default of any agreement or rule. 

 

	 	(2)	The Purchaser has obtained all approvals, permits, licenses and authorizations necessary for the share transfer, and is entitled to acquire from the Transferors the shares of the Target Company pursuant to relevant laws
and regulations and in accordance with the conditions stipulated in this Agreement. 

  

	 	(3)	The Purchaser shall pay to the Transferors for the transfer of all shares in the Target Company in accordance with the payment amount, payment time and method of payment stipulated in the Agreement. 

SECTION 12 JOINT AND SEVERAL LIABILITY 
 The Existing
Shareholders of the Target Company (with the exception of Jiuding) shall bear unconditional joint and several liabilities for the target company’s contingent debts unstated in the Disclosure Schedule, which incurred before the Closing Date of
this Equity Purchase Truncation. Once such contingent debts were converted into real liabilities after the investment, the Existing Shareholders shall bear full liabilities, and such debts has nothing to do with Party A. Where the aforesaid debts
caused damages to Party A, the Existing Shareholders are responsible for full compensation to Party A, and Party A is entitled to deduct corresponding consideration in the payable share purchase price.

SECTION 13 CHANGE OF BUSINESS REGISTRATION 
 The Target
Company shall complete all changes of business registration relating to this Agreement, with respect to which, the Parties shall assist and cooperate in case of necessary. 

SECTION 14 TAXES AND FEES 
 The Parties should bear their
own cost of taxes and fees with respect to negotiations, drafting documents, and the transfer of shares. 
 SECTION 15 NOTICE 

 

	15.1	Forms of Notice 

 Any notice or other communication (the “Notice”) hereunder or
related to this Agreement shall be: 
  

	 	(1)	in written form; 

  

	 	(2)	written in Chinese; and 

  

	 	(3)	delivered through personal delivery, post mail, reputable express companies or fax to the address or fax number specified in paragraph (4) of Section 16.2 of this Agreement. 

 

	15.2	Effective delivery 

 Unless otherwise being proved that the notice has been received at an
earlier time, the dates on such notices shall be deemed to have been given shall be determined as follows: 
  

	 	(1)	Notices given by personal delivery shall be deemed effectively given on the date of the notice been delivered on the address stipulated in this Article 15.2(4). 

  
 13 

 (Execution Version) 

 

	 	(2)	Notice sent by DHL or equivalent courier, shall be deemed effectively given on the seventh day after they were sent by courier service; 

 

	 	(3)	Notice sent by facsimile transmission shall be deemed effectively given on the date of the confirmation of sender’s fax machine. 

 

	 	(4)	Address and fax number 

  

							
	 Party
	  	 Mailing Address
	  	 Fax Number
	  	 Specified
Recipient

	 Party A
	  	Building M5, No.1 Jiuxianqiao East Road, Chaoyang District, Beijing	  	(010) 8456 4234	  	Liwei YANG
				
	 Party B
	  	No.2 Huansan Lane, Xiaojiahe, Hi-Tech District, Chengdu City	  	(028) 6181 3600	  	Lang XU, Rui HUANG
				
	 Party C
	  	No.1 South 3rd Lane, Fuqin Street, Fuqin Community, Jinniu District, Chengdu City	  	(028) 6181 3600	  	 Lang XU,
 Rui HUANG

				
	 Party D
	  	1st Floor, Building 10, No.16 Southern Section 4, Second Ring Road, Xiaojiahe, Hi-Tech District, Chengdu City	  	(028) 6181 3600	  	 Lang XU,
 Rui HUANG

				
	 Party E
	  	Room 1105, Building 6, SIPCTD Mansion, No.181 Cuiyuan Road, Suzhou Industrial Park	  	(010) 6322 1188	  	Xu LIAN
				
	 Party F
	  	No. 16 West, Room 3A, No. 57 Hubin South Road, Siming District, Xiamen City	  	(010) 6322 1188	  	Xu LIAN
				
	 Party G
	  	F615 Winland International Finance Center, No.7 Financial Street, Xicheng District, Beijing	  	(010) 6322 1188	  	Xu LIAN
				
	 Party H
	  	No. 3, 1st Floor, Youth (College Students) Pioneer Park, No.2 Xingsheng West Road, Hi-tech Industrial Development Zone, Jinniu District, Chengdu City	  	(028) 8628 5983	  	Luntao HE
				
	 Party I
	  	1st Floor, Building 6, No. 43 Xiaojiahe Middle Road, Hi-Tech District, Chengdu City	  	(028) 6181 3600	  	 Lang XU,
 Rui HUANG

				
	 Party J
	  	1st Floor, Building 4, No. 5 Xiaojiahe Main Street, Hi-Tech District, Chengdu City	  	(028) 6181 3600	  	 Lang XU,
 Rui HUANG

 SECTION 16 NON-ASSIGNMENT 

Under the terms of this Agreement, neither party may assign any of its rights or obligations hereunder to any third party without unanimous consent of the
other parties. 
 SECTION 17 TERM 
 This Agreement is
entered into effect as of the date of execution by and among the Parties and will be terminated upon completion of all subject matters hereunder. 

  
 14 

 (Execution Version) 

 

 SECTION 18 TERMINATION 

Party A may terminate this Agreement and other related agreements under any of the following circumstances: 

 

	18.1	The dissatisfaction of Party A with the results of due diligence (including but not limited to the results of 2013 financial due diligence and the over 20% discrepancy of date provided by the Target Company, or the
Parties cannot arrive consensus on material issues resulting the failure of execution of the relevant document or continue to perform the Agreement, or any other factors that have leverage on the cooperation among the Parties; 

 

	18.2	The Target Company cannot provide legal opinions regarding this Agreement or any other formal transaction documents to the satisfaction of Party A; 

 

	18.3	The closing conditions set forth in Section 2 herein are not satisfied, except being exempted by Party A; 

  

	18.4	Any Parties except Party A materially breaches this Agreement including but not limited to any material breach of the statements, covenants, representations and warranties herein; 

 

	18.5	Any government authority or any other competent authority issues an order or otherwise prohibiting the proposed share acquisition; 

  

	18.6	The key employees of the Target Company fail to execute the Deed of Non-competition Undertaking to the satisfaction of Party A. 

The Existing Shareholders shall have the right to terminate this Agreement and other relevant agreements under any of the following circumstances: 

 

	18.7	Party A fails to make the prepayment provided in the other agreements other than this Agreement entered by and among the Parties herein and their Affiliates more than thirty days; 

 

	18.8	Any government authority or any other competent authority issues an order or otherwise prohibiting the proposed share acquisition; Once upon the termination of the Agreement, all the terms provided herein void ab initio
except Section 18, 19, 20, 21 and 22. The Parties shall ensure that the issues provided in the void section shall be in the status quo ante, including but not limited to repay the entire loan to Party A within three days after termination and
Party A shall provide necessary assistance of cancellation of pledge of shares. 

 SECTION 19 CONFIDENTIALITY 

 

	19.1	All terms of this Agreement and this Agreement itself are for confidential information. Parties hereto shall not disclose such confidential information to any third party, with the exception of the senior staff,
directors, employees, deputy and professional consultant related to the relevant projects which this Agreement involves, provided that it is necessary for such personnel to know this Agreement and related information; If, subject to the requirements
of law, Parties hereto shall disclose the information of this Agreement to government, public or shareholders, or shall submit this Agreement to relevant institution for filing, then such disclosure is an exception. 

 

	19.2	The legal effect of this section shall remain, regardless of any alteration, cancellation or termination of this agreement. 

SECTION 20 APPLICABLE LAWS AND JURISDICTION 
  

	20.1	Applicable Laws 

 This Agreement shall be subject to the laws of the PRC. 

 

  
 15 

 (Execution Version) 

 

	20.2	Negotiation 

 Each party shall make reasonable efforts in order to resolve any possible disputes
arised from or related to this Agreement (including any disputes relating to the existence, effectiveness, termination or invalidation hereto), such negotiation shall be commenced immediately when a party send written notice requesting such
negotiation to another party. 
  

	20.3	Arbitration 

 In the event that the satisfactory resolution through unofficial negotiation is
not reached within sixty (60) days in accordance with Section 12.3(b), either party may submit the dispute to Hong Kong International Arbitration Centre (HKIAC) by arbitration in Hong Kong. There shall be three (3) arbitrators on the
tribunal. Each Party shall appoint one arbitrator and the third arbitrator shall be jointly appointed by both appointed arbitrators. The arbitration proceedings shall be conducted in Mandarin and English. The tribunal shall apply the then effective
“UNCITRAL Arbitration Rules” enforced by HKIAC. Each party of the arbitration proceedings shall be cooperative and shall fully disclose and allow other parties to have access to the required information and material relating to such
proceedings, but any confidential obligation shall be bind only to the parties hereto. Any arbitral award by the tribunal shall be final and binding to each party hereto, the prevailing party/parties may apply for the compulsory enforcement to the
defeated party or his asset (no matter where the asset is located) from one or more courts with jurisdiction. The consent of arbitration shall not represent the parties hereto wish that any court with jurisdiction shall forfeiture its power to issue
the pre-arbitration preliminary injunction, pre-arbitration seizure of property or to take any other temporary measure or action during the arbitration to main the status quo or prevent the irreversible damages, and each party shall be entitled to
apply for the preliminary injunction to the court with jurisdiction during the period when the tribunal has yet been formed. The parties agree to use their best efforts to exercise their rights and fulfill their obligations under this Agreement
dispute any ongoing dispute resolution, judicial or administrative proceeding. Any arbitration related to this Agreement shall be confidential, and each party and the agent respectively agree not to disclose the existence, status, any award or
non-public information and material known or incurred during the arbitration to any third party, except any disclosure required by law or in order to protect or seek any legitimate right. 

 

	20.4	Effectiveness of this Agreement during the Arbitration 

 In the course of any arbitration
proceedings in accordance with this agreement, in addition to arbitration matters, this agreement shall remain fully and effectively in all aspects hereof, and each Party shall continue to perform its obligations under this agreement (except in
respect of implications of the matter in dispute) exercise of its rights under this agreement. 
 SECTION 21 MISCELLANEOUS 

 

	21.1	Amendments 

 Any amendments to this Agreement shall be made in written form and shall enter into
effect upon execution by the Parties. 
  

	21.2	Failure to exercise or delay in exercise 

 Failure to exercise or delay in exercising any right
conferred by this agreement or by law or remedy which does not prejudice or constitute a waiver of such right or remedy, nor does it prejudice or constitute a waiver of any other right or remedy. To this agreement or the legal provisions of the
single or partial exercise of a right would not preclude further exercise of that right or remedy, or impede the exercise of the other rights or remedies. 

  
 16 

 (Execution Version) 

 

	21.3	Non-exclusive relief 

 Each party’s rights and remedies under this agreement are
cumulative, and shall not exclude statutory rights and remedies . 
  

	21.4	Continuing Binding Effect 

 This Agreement shall be binding upon any successors of each of the
Parties. 
  

	21.5	Severability 

 The invalidity, illegal or unenforceability of any provisions herein shall not
affect the effectiveness of other provisions of this Agreement. 
  

	21.6	This Agreement is made in twenty-two (22) copies of equal legal effect, each of Party A, Party B. Party C, Party D, Party E, Party F, Party G, Party H, Party I holds two (2) copies, and each of the
actually controller and the Company shall have one (1) copies. All appendix of this Agreement shall have the equal binding effect as the main context of this Agreement. 

SECTION 22 ENTIRE AGREEMENT 
 This Agreement and any other
related agreement which the Parties may be reached and executed simultaneously or later together constitute the entire agreement of the parties on the subject matter of this agreement, and replace the parties in entering into this agreement before
any agreement on the subject matter of this agreement. According to this provision, if the conflict between the agreement and is subject to this agreement, unless otherwise specified in the relevant articles of the agreement ranks above the relevant
provisions of this agreement. 
 SECTION 23 EFFECTIVENESS 

This Agreement shall be effective upon the execution of the Parties and the Company seal affixed. 

(The remainder of this page is intentionally left blank; execution page to follow.) 

  
 17 

 (Execution Version) 

 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized
representatives on the date first above written. 
 /s/ Langfang Xunchi Computer Data Processing Co., Ltd. 

  
 18 

 (Execution Version) 

 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized
representatives on the date first above written. 
  

			
			 /s/ Chengdu Guotao Cultural Communication Co., Ltd.

		
			 /s/ Chengdu Guotao Network Technology Co., Ltd.

		
			 /s/ Chengdu Chuantao Investment Partnership (LP)

		
			 /s/ Suzhou Tianwei Zhongshan Jiuding Investment Center (LP)

		
			 /s/ Xiamen Hongtai Jiuding Equity Partnership (LP)

		
			 /s/ Beijing Hanguang Jiuding Investment Center (LP)

		
			 /s/ Chengdu Everassion Equity Investment Fund Center (LP)

		
			 /s/ Chengdu Zhongtao Investment Partnership (LP)

		
			 /s/ Chengdu Hetao Investment Partnership (LP)

  
 19 

 (Execution Version) 

 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized
representatives on the date first above written. 
  

	
	COMPANY
	
	/s/ Sichuan Aipu Network Co., Ltd.

  
 20 

 (Execution Version) 

 

 Appendix 1: Assessment Indexes 

  
 21 

 (Execution Version) 

 

 Appendix 2: Deed of Non-competition Undertaking 

[             ] 2014 

To: Langfang Xunchi Computer Data Processing Co., Ltd. 

Covenanter: 
 Name:
[                    ] (ID card No.: [        ]) 

Position: [        ] (Actual Controller, officer, key personnel) 

WHEREAS: 
 Langfang Xunchi Computer Data Processing Co., Ltd. as
the purchasing party (“Purchaser”), and Chengdu Guotao Cultural Communication Co., Ltd., Chengdu Guotao Network Technology Co., Ltd., Chengdu Chuantao Investment Partnership (LP), Suzhou Tianwei Zhongshan Jiuding Investment Center
(LP), Xiamen Hongtai Jiuding Equity Partnership (LP), Beijing Hanguang Jiuding Investment Center (LP), Chengdu Everassion Equity Investment Fund Center (LP), Chengdu Zhongtao Investment Partnership (LP), Chengdu Hetao Investment Partnership (LP) as
the transferring party (“Transferors”), the Purchaser and the Transferors have entered into a Share Purchase Agreement (“SPA”) on [ ] 2014. According to the SPA, Purchaser intends to purchase 50% of the shares
(“Share Transfer”) in Sichuan Aipu Network Co., Ltd (“Target Company”). As a condition precedent to the closing of the Share Transfer, the Covenanter is obligated to sign this Deed of Non-competition Undertaking
(“Deed”). 
 NOW, THEREFORE, the Covenanter undertakes as follows: 

 

	1.	Non-compete: The Covenanter undertakes that, for a period of 5 years from the date hereof or during the course of presuming any position or holding any shares in the Target Company, whichever is longer, without
the prior written consent of the Purchaser, he/she will not engage in any business or activity that is in competition (including being identical, similar or otherwise in competition with such businesses or products of the company) with the
businesses or products of the company (for the purpose of this Agreement, company herein refers to the Target Company) during the aforesaid period in any form, regardless of whether he/she still presumes any position in the Target Company, including
without limitation: (i) engaging in any competing business, either on his/her own account or through other organizations; or (ii) investing in any individual or organization that engages in competing businesses; or (iii) being
employed by competitors (referring to any individual, company, partnership, joint venture or any other organization that engages in competing businesses), on long-term or temporary basis, either full-time or part-time; or (iv) investing in any
other entity that engages in competing businesses; or (v) acting as the agent, representative, director, supervisor, management, consultant or in any other capacity for competitors. 

 

	2.	 Non-solicitation of employees, clients and suppliers: The Covenanter undertakes that, for a period of 5 years from the date hereof or during
the course of presuming any position or holding any shares in the Target Company, whichever is longer, without the prior written consent of the Purchaser, regardless of whether he/she still presumes any position in the Target Company, he/she will
not (i) solicit or attempt to solicit, on behalf of employee or any other individual or organization, anyone working for the company to leave the company; or (ii) seek interests for any employee or third party in any form within the
territory of China (including Taiwan, Macau and Hong Kong Special Administrative Region) taking advantage of 

  
 22 

 (Execution Version) 

 

	 	
the company’s business opportunities; or (iii) solicit, transfer or attempt to transfer any business from the company (or any Affiliate of the company that may be established) for any
employee or third party; or (iv) solicit or entice any client or supplier of the company, or attempt to solicit or entice any client or supplier of the company, to terminate or change their business relationship with the company.

  

	3.	In the event of violation of the aforesaid undertakings by the Covenanter, the Purchaser is entitled to request termination of infringement and compensation of liquidated damages amounting to RMB5million. The payment of
the aforesaid liquidated damages will not release the Covenanter from its obligation to continue perform this Deed. 

 IN WITNESS THEREOF, the
parties herein have caused this Deed to be signed by themselves or their duly authorized representatives as of the date first indicated above. 
  

	
	Covenanter:
	
	  

  
 23 

 (Execution Version) 

 

 Appendix 3: Representations and Warranties of the Existing Shareholders and the Target Company 

As of the date of execution of this Agreement, the representations and warranties below are true, complete, accurate and not misleading (with respect to item
1, 2, 3, 4, 6 for Jiuding): 
  

	1.	Chengdu Guotao Cultural Communication Co., Ltd., Chengdu Guotao Network Technology Co., Ltd., Chengdu Chuantao Investment Partnership (LP), Suzhou Tianwei Zhongshan Jiuding Investment Center (LP), Xiamen Hongtai Jiuding
Equity Partnership (LP), Beijing Hanguang Jiuding Investment Center (LP), Chengdu Everassion Equity Investment Fund Center (LP), Chengdu Zhongtao Investment Partnership (LP), Chengdu Hetao Investment Partnership (LP) (“Existing
Shareholders”) are Chinese legal persons or partnerships with full civil capacity, and have the right and capacity to execute this Agreement and perform all obligations hereof. 

 

	2.	Authorization. The Existing Shareholders and the Target Company have obtained sufficient authorization, including without limitation any necessary third party consent or authorization, for the execution of this
Agreement, performance of all obligations under this Agreement and completion of all transactions under this Agreement. This Agreement is legally binding on the Existing Shareholders, the Target Company and the Actual Controller. 

 

	3.	Conflict. The execution and performance of this Agreement is neither in violation of or in conflict with the Articles of Association or other constitutional rules or any terms of constitutional documents of the Target
Company, nor contravene with any compulsory PRC laws and regulations or any rules, notices, opinions, awards, or judgments that are applicable to the Target Company. The execution and performance of this Agreement by the Existing Shareholders, the
Target Company and the Actual Controller will not violate any agreements, contracts, memorandum of understanding, letter of intent or any other document of any nature that are made with any third party. 

 

	4.	Valid existence of the Target Company: The Target Company has contributed its registered capital in full amounts in accordance with its Articles of Association, its Capital Verification Report and Business License for
Corporate Legal Entity (“Incorporation Documents”), satisfies requirements of PRC laws and regulations without unpaid payable capital contributions. All Incorporation Documents have been approved and adopted in time, and are valid
and enforceable under PRC laws and regulations. The business scope sets forth in the Incorporation Documents satisfies requirements of PRC laws and regulations. The conduct of all operation activities set forth in the Incorporation Documents
complies with PRC laws and regulations. 

  

	5.	The Target Company has applied for and obtained all licenses, permits, qualifications and approvals that are required for the conduct of operation activities under PRC laws and regulations; and all such licenses,
permits, qualifications and approvals are validly existing. The Target Company has passed all annual examinations conducted by relevant authorized government authorities over the licenses, permits, qualifications and approvals of the Target Company.

  

	6.	Shares. The shares held by each Seller in the Target Company is free from any mortgage, pledge, other security interests, encumbrances, claims or disputes. 

 

	7.	External investments. The main business of the Target Company is Internet Service Provider (ISP), Client Premise Network (CPN) and broadband application value-added telecommunications service. The Target Company has no
other investments and business entities other than the disclosed subsidiaries. 

  

	8.	Affiliates. The Target Company has no other Affiliate other than the Affiliates disclosed in the Letter of Disclosure. The Target Company and its Affiliates has no other affiliated transactions other than the disclosed
transaction; existing affiliated transactions comply with relevant PRC laws and regulations, and meet with relevant auditing and accounting standards; all rights and interests in the aforesaid transactions are lawfully obtained and owned.

  
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 (Execution Version) 

 

	9.	Financial reports. The following documents provided by the Target Company to Xunchi in writing have reflected the operation and financial status of the Target Company during relevant periods or as of relevant benchmark
dates in a true, complete and accurate manner, free from any significant omission or significantly misleading representation: the financial reports of the Target Company as of the benchmark date that are issued in accordance with PRC laws and the
PRC accounting standards. All auditing accounts and management accounts (including without limitation transfer accounts) are formulated in accordance with relevant financial and accounting systems under PRC laws and in consideration of the specific
circumstances of the Target Company, and have fairly reflected the financial and operation status of the Target Company as of relevant accounting dates. The financial records and materials of the Target Company fully comply with requirements of PRC
laws and regulations and PRC accounting standards. 

  

	10.	Non-disclosed debts. All debts of the Target Company have been reflected in its balance sheet except for the following: (1) debts disclosed in the Letter of Disclosure; (2) debts incurred after the balance
sheet date due to regular businesses of the Target Company that are not prohibited under this Agreement and have no material adverse effect on any shareholder of the Target Company or the Target Company. The Target Company has no binding warranties
or securities for others, and has no binding mortgages, pledges and other securities that are placed on its assets. The Target Company has no outstanding debts. 

  

	11.	No change. From the transaction benchmark date to the date of execution of this Agreement, without the prior written consent of Xunchi, the Target Company may not: 

 

	 	11.1	Repay debts early outside the scope of regular businesses; 

  

	 	11.2	Provide security to others, place any mortgages, pledges and other security interests on its property; 

  

	 	11.3	Waive any creditor’s right against others or any right of claim; 

  

	 	11.4	Amend any existing contract or agreement outside the scope of regular businesses; 

  

	 	11.5	Sustain any losses (whether insured or not), or change its relationship with clients or employees, which loss or change will result in material adverse effect on the Target Company; 

 

	 	11.6	Modify the accounting methods, policies or principles, financial and accounting rules and system of the Target Company other than the adjustment of Target Company accounts in accordance with PRC laws and US GAAP;

  

	 	11.7	Transfer or permit the use of any intellectual property rights of the Target Company; 

  

	 	11.8	Permit any material change to the business practice or accounting methods, or any material change to the employment policy, rules and systems; 

 

	 	11.9	Sustain any material adverse change to its businesses; or sustain any responsibilities due to transactions outside the scope of regular businesses; 

 

	 	11.10	Adopt any resolution of the shareholders meeting or board meeting that is different from the regular matters discussed at the shareholders’ annual meeting, except for the resolutions that are adopted for the
purpose of performing this Agreement; 

  

	 	11.11	Declare, pay, incur, or prepare to declare, pay or incur any dividend, bonus or other forms of shareholder distribution; 

  

	 	11.12	 (i) sell, mortgage, pledge, lease, transfer or otherwise dispose assets that are either beyond the scope of regular businesses or with a transaction
amount of over RMB50,000 separately or aggregately in one year; (ii) disposing or agreeing to the disposal or acquisition of fixed assets of the Target Company whose value is over RMB50,000, waive possession of Target Company assets whose value
is over RMB50,000, enter into any contract that results in fixed assets 

  
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 (Execution Version) 

 

	 	
expenditure of over RMB50,000, incur any other liability of the Target Company; or (iii) any expenditure or purchase of any tangible or intangible assets whose total amount is over
RMB50,000. 

  

	 	11.13	Any act or omission that may lead to any of the foregoing circumstances. 

  

	12.	Tax. Other than circumstances contained in the Letter of Disclosure, the Target Company has not been found to be in tax arrears, tax evasion or tax dodging, the Target Company has completed all tax registrations under
relevant laws and regulations, and paid all taxes payable as is required by all laws and regulations. 

  

	13.	Assets. The Target Company lawfully owns and uses all fixed and intangible assets that need to be used during current operation, the detailed assets list provided by the Target Company to Xunchi is complete and true.
Such assets are free from any mortgage and other security interests, and are free from any encumbrances, petitions, claims and disputes. 

  

	14.	Real estates. The Target Company has no real estate or relevant rights, interests and encumbrances, or be involved in any petition, claims or disputes. 

 

	15.	Leased property. The Target Company own the lawful and valid property and land certificate for the properties leased from the landlord, the Lease is lawfully executed and validly existing without being violated by any
party, and record filing procedures for the lease has been completed according to law. 

  

	16.	Contracts. Except for the contracts listed in the Letter of Disclosure, the Existing Shareholders and the Target Company have provided Xunchi with photocopies of some written contracts of the Target Company that are
valid and consistent with the originals. The Existing Shareholders, the Target Company and the Actual Controller warrant that all existing and valid contracts of the Target Company are lawful, valid and enforceable, and are executed for the purpose
of normal operation without injuring the rights and interests of the Target Company, and that all existing and valid contracts have been duly performed without being violated by the Target Company. 

 

	17.	Intellectual property rights. All intellectual property rights that are required by the Target Company’s business operation and under the Target Company’s current written operation plan, including without
limitation patents, trademarks, copyrights, proprietary technologies, domain names and trade secrets, have been licensed, and the Target Company has obtained the authorization or license for all business operation activities that involve the
intellectual property rights of another party. The Target Company has not infringed any intellectual property rights, trade secrets, proprietary information or other similar rights of another party, there is no pending or contingent claim, dispute
or proceedings against the Target Company for any infringement of third party intellectual property rights, trade secrets, proprietary information or other similar rights, and there is no mortgage or other security rights. The trademarks, patents,
software copyrights and domain names disclosed by the Target Company have been duly registered according to law, and lawfully and continuously owned by the Target Company. 

 

	18.	Lawsuits and other legal proceedings. There is no punishment, injunction or order of government authorities that may impose material adverse effect on the Target Company, or may negatively affect the execution, validity
and enforceability of this Agreement and the change of shareholding under this Agreement, and there is no completed, pending or potential civil, criminal or administrative action, arbitration or other proceeding or dispute against the Target Company
to which the Target Company is a party. 

  

	19.	Compliance with laws. The businesses currently operated or to be conducted by the Target Company comply with current laws, regulations, rules and administrative provisions promulgated by administrative authorities of
the State (collectively “Laws”), permit, license, authorization (collectively “Permits”), and the Target Company has not committed any violation of Laws or Permits as to pose material adverse effect on the business
operation or assets of the Target Company. 

  
 26 

 (Execution Version) 

 

	20.	Employees 

  

	 	20.1	The hiring of employees by the Target Company complies with relevant employment laws and regulations that are applicable to it, the Target Company has entered into employment contracts with some of its employee on time,
except for the disclosure in the Letter of Disclosure. The Existing Shareholders acknowledge that if any dispute, controversy, administrative punishments arise out of failure to enter into employment contracts with all employees, the Existing
Shareholders shall be liable for compensation and bear all responsibilities therefrom. 

  

	 	20.2	There is no existing or potential employment dispute or controversy between the Target Company and its existing employees or employees it previously employed; 

 

	 	20.3	The Target Company is under no obligation of payment for any payable and unpaid severance pay for termination of employment relationship or any other similar compensation in relation to employment relationship;

  

	 	20.4	The Target Company has paid and/or withheld pension, unemployment, childbirth, work-related injury and other social insurance premiums that are payable under relevant laws, regulations and agreements for part of its
employees. For contents with respect to social insurance premiums disclosed in the Letter of Disclosure, the Existing Shareholders acknowledge that in the event that any dispute, controversy or administrative punishment arises out of failure to pay
and/or withhold social insurance for all employees, failure to contribute basic medical insurance for all employees, or inconsistency between the social insurance contribution base and the actual wage, the Existing Shareholders shall be liable for
compensation and bear all responsibilities therefrom. 

  

	21.	Insurance 

 No insurance has been maintained by the Target Company. 

 

	22.	Books and Documents of the Target Company 

  

	 	22.1	All documents including the books, record on shareholding change, financial reports and all other Target Company records are maintained in accordance with regular commercial practices and entirely maintained by the
Target Company, all major transactions that are relevant to the Target Company’s businesses are recorded in an accurate and standard manner; 

  

	 	22.2	As of the Closing Date, documents of the Target Company including the shareholder meeting minutes and the shareholder register of the Target Company have been properly maintained, and all matters that should be recorded
in such documents have been completely and accurately recorded; 

  

	 	22.3	As of the balance sheet date: (1) no incident that triggers pre-maturation of the Target Company’s debts has occurred; (2) no assets of the Target Company has been disposed of or left the custody of the
Target Company, and the Target Company has neither entered into any agreement that will incur any non-current expenditure nor incurred any liability; 

  

	 	22.4	The Target Company has submitted information that is required by competent tax authorities; as of the date of execution of this Agreement, there is no dispute on tax responsibilities or tax benefits of the Target
Company between the Target Company and tax authorities; 

  

	 	22.5	The Target Company has maintained financial materials for normal tax record and payment and sufficient materials for approval of tax benefits by relevant government authorities; 

 

	 	22.6	Except for the employee benefit, social and old-age security measures that are required under the Labor Law of the People’s Republic of China and relevant regulations, the Target Company has no other benefit
or security for incumbent, leaving, retired or old-age employees. 

  
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 (Execution Version) 

 

	23.	Information disclosure. All documents, materials and information provided by the Existing Shareholders and the Target Company prior to and subsequent to the execution of this Agreement are true, accurate, free from
material and substantial omission and not misleading. 

  

	24.	Business plan and financial forecast. The detailed business plan and financial forecast for the 12 months following the transaction benchmark date that have been provided or will be provided before the transaction
benchmark date by the Existing Shareholders and the Target Company to Xunchi are formulated based on presumptions and estimations that the Existing Shareholders and the Target Company reasonably believe, and will not be materially misleading to
Xunchi. 

  

	25.	The Existing Shareholders have caused all shares held by shareholders other than the Existing Shareholders to be lawfully transferred, the Target Company is not obligated to bear any responsibility, debt, cost, tax or
other encumbrances arising out of the said share transfer. 

  

	26.	The Target Company is the lawful owner and actual operator of undertakings made by the Existing Shareholders, if any fine, compulsory back payment, capital recovery (“Extra Expenditure”) is imposed by
government authorities or other agencies after the purchase, or extra costs or any other direct or indirect economic losses is sustained by the Target Company (“Economic Losses”), due to non-compliance of the Target Company prior to
the purchase, such Extra Expenditure and Economic Losses shall be borne by the Existing Shareholders, and Xunchi will be entitled to deduct such amounts from its subsequent payments. 

 

	27.	The Existing Shareholders undertake that, during the term when they are in charge of the Target Company’s operation after the purchase, they will conduct businesses in strict compliance with laws, regulations and
the new Amendment to the Articles of Association, and may not conduct business in such ways as to violate laws and regulations, or to disguise increased performance, failing which punishments will be imposed in accordance with Xunchi’s rules,
and earnings from businesses that violate laws and regulations and performance falsely increased will be deducted directly for the purpose of performance review. 

  
 28

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