Document:

EX 10.26 - Equity Interests Pledge Agreement  (Xizang Qiming)

 Exhibit 10.26 

Equity Interest Pledge Agreement 

This Equity Interest Pledge Agreement (the “Agreement”) is entered into by and among the following Parties on
February 8, 2018 in Beijing, People’s Republic of China (the “PRC”): 
 Party A: Tencent Music (Beijing) Co., Ltd.
(the “Pledgee”), a wholly foreign-owned enterprise incorporated and existing under the laws of the PRC, with its registered address at Room 303, 3rd Floor of 101, -2nd to 8th Floor, No.7
Building, East Tianchen Road, Chaoyang District, Beijing; 
 Party B: 

Hu Min, a Chinese citizen with Chinese Identification No.
[                ]; and 
 Yang Qihu, a Chinese
citizen with Chinese Identification No. [                ] (together with Hu Min hereinafter referred to as a “Pledgor” respectively and as the
“Pledgors” collectively); 
 Party C: Xizang Qiming Music Co., Ltd., a limited liability company incorporated and existing
under the laws of the PRC, with its registered address at No.504 Industrial Park Management Committee, Duilong Deqing District, Lhasa, Xizang. 
 In this
Agreement, each of the Pledgee, the Pledgors and Party C shall be referred to as a “Party” respectively or as the “Parties” collectively. 

  
 1 

 Whereas: 
  

	1.	 The Pledgors Hu Min and Yang Qihu are Chinese citizens. As of the date of this Agreement, the registered
capital of Party C is RMB 10 million, and Hu Min holds 50% equity interests of Party C, representing RMB 5 million of Party C’s registered capital; Yang Qihu holds 50% equity interests of Party C, representing RMB 5 million of
Party C’s registered capital. Party C is a limited liability company registered in Xizang, China, and is engaged in the business of “investment in music and internet projects (excluding financial, securities, insurance and futures
business); corporate management and planning (projects which shall be approved according to the laws and regulations are subject to approval by relevant departments before business operation)”. Party C hereby acknowledges the rights and
obligations of the Pledgors and the Pledgee under this Agreement and intends to provide any necessary assistance in registering the Pledge; 

  

	2.	 The Pledgee is a wholly foreign-owned enterprise registered in China. The Pledgee and Party C owned by the
Pledgors have executed an Exclusive Technical Service Agreement in Beijing (as defined below); the Pledgee, the Pledgors and Party C have executed an Exclusive Option Agreement (as defined below); the Pledgee and each of the Pledgors have executed a
Loan Agreement respectively (as defined below); each of the Pledgors has executed a Voting Trust Agreement in favor of the Pledgee (as defined below); 

  

	3.	 To ensure that Party C and the Pledgors fully perform its or their obligations under the Exclusive Technical
Service Agreement, the Exclusive Option Agreement, the Loan Agreement and the Voting Trust Agreement, the Pledgors pledge to the Pledgee all the equity interests they hold in Party C as security for the performance of Party C’ and the
Pledgors’ obligations under the Exclusive Technical Service Agreement, the Exclusive Option Agreement, the Loan Agreement and the Voting Trust Agreement. 

  
 2 

 To perform the terms of the Transaction Documents, the Parties have mutually agreed to
execute this Agreement upon the following terms. 
  

	1.	 Definitions 

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

 

	1.1.	 Pledge: means the security interest granted by the Pledgors to the Pledgee pursuant to Section 2 of
this Agreement, i.e., the right of the Pledgee to be compensated on a preferential basis with any proceeds received from conversion, auction or sale of the Pledged Equity Interest. 

 

	1.2.	 Pledged Equity Interest: means 100% of the equity interests in Party C in aggregate held by the Pledgors
now, representing RMB 10 million of Party C’s registered capital, and all the future equity rights and interests in Party C held by the Pledgors. 

  

	1.3.	 Term of Pledge: means the term set forth in Section 3.1 of this Agreement. 

 

	1.4.	 Transaction Documents: means the Exclusive Technical Service Agreement entered into by and between Party
C and the Pledgee on February 8, 2018, in Beijing (the “Exclusive Technical Service Agreement”); the Exclusive Option Agreement entered into by and among the Pledgors, Party C and the Pledgee on 8 February, 2018, in
Beijing (the “Exclusive Option Agreement”); the loan agreements entered into by and between the Pledgee and each of the Pledgors Hu Min and Yang Qihu respectively on 8 February, 2018 (the “Loan Agreement”); the
voting trust agreement executed by the Pledgors on February 8, 2018, in Beijing (the “Voting Trust Agreement”), and any amendments, revisions and/or restatements to the aforesaid documents. 

  
 3 

	1.5.	 Contractual Obligations: means all the obligations of the Pledgors under the Exclusive Option Agreement,
the Voting Trust Agreement and this Agreement, and all the obligations of Party C under the Exclusive Technical Service Agreement, the Exclusive Option Agreement, the Loan Agreement and this Agreement. 

 

	1.6.	 Secured Indebtedness: means all direct, indirect, consequential losses and losses of anticipated profits
suffered by the Pledgee as a result of any Event of Default of the Pledgors and/or Party C, of which the basis for the amount of such losses includes without limitation reasonable business plans and profit forecasts of the Pledgee, the service fees
that Party C is obliged to pay under Exclusive Technical Service Agreement, as well as all expenses as incurred by the Pledgee in connection with its enforcement for the performance of Contractual Obligations against the Pledgors and/or Party C.

  

	1.7.	 Event of Default: means any circumstances as set forth in Section 7 of this Agreement.

  

	1.8.	 Notice of Default: means the notice issued by the Pledgee in accordance with this Agreement declaring an
Event of Default. 

  
 4 

	2.	 The Pledge 

  

	2.1.	 The Pledgors hereby agree to pledge to the Pledgee the Pledged Equity Interest in accordance with this
Agreement as security for the performance of the Contractual Obligations and the repayment of the Secured Indebtedness. Party C hereby agrees for the Pledgors to so pledge the Pledged Equity Interest to the Pledgee in accordance with this Agreement.

  

	2.2.	 During the Term of Pledge, the Pledgee is entitled to receive any dividends or distributions in respect of the
Pledged Equity Interest. With the prior written consent of the Pledgee, the Pledgors may collect such dividends or distributions in respect of the Pledged Equity Interest. Any dividends or distributions received by the Pledgee in respect of the
Pledged Equity Interest after deduction of income tax paid by Pledgors shall, upon the Pledgee’s request, (1) be deposited into a bank account designated by the Pledgee, be placed under the custody of the Pledgee, be used as security for
the Contractual Obligations and be first applied towards full satisfaction of the Secured Indebtedness; or (2) to the extent permitted by the PRC laws, be unconditionally donated to the Pledgee or any person designated by the Pledgee.

  

	2.3.	 With the prior written consent of the Pledgee, the Pledgors may subscribe for capital increase in Party C. Any
increase in the capital contributed by the Pledgors to the registered capital of Party C as a result of any capital increase shall also be deemed as the Pledged Equity Interest. 

 

	2.4.	 In the event that Party C is to be dissolved or liquidated as required by any mandatory rules of the PRC laws,
upon the lawful completion of such dissolution or liquidation procedure, any proceeds distributed by Party C to the Pledgors by laws shall, upon the Pledgee’s request, (1) be deposited into a bank account designated by the Pledgee, be
placed under the custody of the Pledgee, and be used as security for the Contractual Obligations and be first applied towards full satisfaction of the Secured Indebtedness; or (2) to the extent permitted by the PRC laws, be unconditionally
donated to the Pledgee or any person designated by the Pledgee . 

  
 5 

	3.	 Term of Pledge 

 

	3.1.	 The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated
herein has been registered with the relevant administration for industry and commerce. The Pledge shall be continuously valid until full performance of the Contractual Obligations and full satisfaction of the Secured Indebtedness. The Pledgors and
Party C shall, (1) register the Pledge in the shareholders’ register of Party C within 3 business days following the execution of this Agreement, and (2) submit an application to the relevant administration for industry and commerce
for the registration of the Pledge contemplated herein within 30 business days following the execution of this Agreement. The Parties covenant that for the purpose of registration of the Pledged Equity Interest, the Parties and other shareholders of
Party C shall submit to the administration of industry and commerce this Agreement or an equity interest pledge agreement in the form required by the administration of industry and commerce at the location of Party C which shall truly reflect the
information of the Pledge hereunder (the “AIC Pledge Agreement”). For matters not specified in the AIC Pledge Agreement, the parties shall be bound by the provisions of this Agreement. The Pledgors and Party C shall submit all
necessary documents and complete all necessary procedures, as required by the PRC laws and regulations and the relevant administration of industry and commerce, to ensure that the Pledge shall be registered as soon as possible after filing.

  
 6 

	3.2.	 During the Term of Pledge, in the event the Pledgors and/or Party C fail to fulfill the Contractual Obligations
or pay the Secured Indebtedness, the Pledgee shall be entitled to, but not be obliged to, exercise the Pledge in accordance with this Agreement. 

  

	4.	 Custody for Certificates of the Pledge 

 

	4.1.	 During the Term of Pledge, the Pledgors shall deliver to the Pledgee within one (1) week following the
execution of this Agreement the certificate of capital contributions to Party C and the register of shareholders which records the Pledge. The Pledgee will place such documents in custody throughout the entire Term of Pledge specified in this
Agreement. 

  

	5.	 Representations and Warranties of the Pledgors and Party C 

The Pledgors and Party C hereby severally and jointly represent and warrant to the Pledgee as of the date hereof as follows: 

 

	5.1.	 The Pledgors, Hu Min and Yang Qihu, are the legal and beneficial owners of the Pledged Equity Interest.

  

	5.2.	 The Pledgors are entitled to dispose of and transfer the Pledged Equity Interest in accordance with this
Agreement. 

  
 7 

	5.3.	 Except for the Pledge, the Pledgors have not created any other pledges or other security interest on the
Pledged Equity Interest. 

  

	5.4.	 The Pledgors and Party C have obtained all necessary approvals and consents from government authorities and
third parties (if any) in connection with the execution, delivery and performance of this Agreement. 

  

	5.5.	 The execution, delivery and performance of this Agreement do not (i) result in any violation of any
relevant PRC laws; (ii) result in any conflict with the articles of association or other constituent documents of Party C; (iii) result in any breach of any agreement to which it is a party or by which it is bound, or constitute any
default under any agreement to which it is a party or by which it is bound; (iv) result in any breach of any permit or license issued or granted to it and/or any condition of the validity thereof; or (v) result in the revocation or
suspension of, or imposition of conditions on, any permit or license issued to it. 

  

	6.	 Undertakings by the Pledgors and Party C 

 

	6.1.	 During the Term of Pledge, the Pledgors and Party C severally and jointly undertake to the Pledgee that:

  

	6.1.1.	 Without the prior written consent of the Pledgee, the Pledgors shall not transfer the Pledged Equity Interest,
create or permit to be created any security interest or other encumbrances on the Pledged Equity Interest, except for the performance of the Transaction Documents; 

  
 8 

	6.1.2.	 The Pledgors and Party C shall comply with the provisions of all the laws and regulations relating to the
pledge of rights, and shall, within five (5) days upon receipt of any notice, order or recommendation issued or promulgated by the relevant competent authorities regarding the Pledge, present such notice, order or recommendation to the Pledgee,
and concurrently comply with such notice, order or recommendation, or object thereto upon the reasonable request or consent of the Pledgee; 

  

	6.1.3.	 The Pledgors and Party C shall promptly notify the Pledgee of any event or notice received by the Pledgors that
may have an impact on the Pledged Equity Interest or any portion thereof, and that may change any undertakings and obligations of the Pledgors hereunder or may have an impact on the fulfillment of any obligations by the Pledgors hereunder.

  

	6.1.4.	 Party C shall complete its business term extension registration formalities three (3) months prior to the
expiry of its business term such that the validity of this Agreement shall be maintained. 

  

	6.2.	 The Pledgors agree that the rights granted to the Pledgee in respect of the Pledge hereunder shall not be
interrupted or harmed by any legal procedure initiated by the Pledgors, any successors of the Pledgors or their entrusting party or any other persons. 

  

	6.3.	 The Pledgors undertake to the Pledgee that in order to protect or perfect the security for the Contractual
Obligations and the Secured Indebtedness under this Agreement, the Pledgors shall execute in good faith and cause other parties who have interests in the Pledge to execute all the certificates of rights, agreements, and/or perform and procure other
parties who have interests in the Pledge to perform acts as required by the Pledgee, facilitate the exercise of the Pledgee’s rights granted hereunder and enter into all relevant documents regarding ownership of the Pledged Equity Interest with
the Pledgee or any person (individuals or legal persons) designated by the Pledgee, as well as provide the Pledgee with all notices, orders and decisions regarding the Pledge as required by the Pledgee within a reasonable period of time.

  
 9 

	6.4.	 The Pledgors hereby undertake to the Pledgee to comply with and perform all the undertakings, representations
and warranties and terms hereunder. In the event that the Pledgors fail to perform or fail to fully perform such undertakings, representations and warranties and terms hereunder, the Pledgors shall indemnify the Pledgee against all the losses
resulting therefrom. 

  

	7.	 Event of Default 

 

	7.1.	 Each of the following circumstances shall constitute an Event of Default: 

 

	7.1.1.	 The Pledgors breach any of its obligations under the Transaction Documents and/or this Agreement;

  

	7.1.2.	 Party C breaches any of its obligations under the Transaction Documents and/or this Agreement.

  

	7.2.	 Should there arises any event set forth in Section 7.1 or any circumstance that may result in the
foregoing events, the Pledgors and Party C shall immediately notify the Pledgee in writing. 

  
 10 

	7.3.	 Unless an Event of Default set forth in this Section 7.1 has been remedied at the request of the Pledgee
within twenty (20) days upon receipt of the notice of the Pledgee to the Pledgors and/or Party C requesting the rectification of such Event of Default, the Pledgee may issue a Notice of Default to the Pledgors in writing at any time thereafter,
requesting the exercise of the Pledge in accordance with Section 8 hereof. 

  

	8.	 Exercise of the Pledge 

 

	8.1.	 The Pledgee shall issue a Notice of Default to the Pledgors for the exercise of the Pledge.

  

	8.2.	 Subject to the provisions of Section 7.3, the Pledgee may exercise its right to dispose of the Pledge at
any time after the issuance of the Notice of Default in accordance with Section 8.1. Upon the Pledgee’s exercise of its right to dispose of the Pledge, the Pledgors shall no longer own any right and interest in respect of the Pledged
Equity Interest 

  

	8.3.	 Upon the issuance of the Notice of Default in accordance with Section 8.1, the Pledgee is entitled to
exercise all the remedies, rights and powers available to it under the PRC laws, the Transaction Documents and this Agreement, including without limitation to converse, auction or sell the Pledged Equity Interests for prior satisfaction of
indebtedness. The Pledgee shall not be held liable for any losses arising from its reasonable exercise of such rights and powers. 

  

	8.4.	 The proceeds received by the Pledgee as a result of the exercise of the Pledge shall be first applied towards
payment of the taxes and expenses payable in connection with the disposal of the Pledged Equity Interest and the performance of the Contractual Obligations and the repayment of the Secured Indebtedness to the Pledgee. Any remaining balance after the
deduction of the foregoing payments, if any, shall be returned to the Pledgors or any other person who is entitled to such balance under applicable laws and regulations, or be deposited with the notary public at the place where the Pledgee is
located, any costs incurred arising out of such deposit shall be borne by the Pledgors; and to the extent permitted by the PRC laws, the Pledgors shall unconditionally donate such balance to the Pledgee or any person designated by the Pledgee.

  
 11 

	8.5.	 The Pledgee shall be entitled to elect to exercise, simultaneously or successively, any of its breach of
contract remedies; the Pledgee shall not be required to first exercise other breach of contract remedies prior to exercising its right to converse, auction or sell the Pledged Equity Interest hereunder. 

 

	8.6.	 The Pledgee shall be entitled to designate in writing its legal counsel or other agents to exercise on its
behalf the Pledge, and neither the Pledgors nor Party C shall object thereto. 

  

	8.7.	 When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgors and Party C shall
provide necessary assistance to the Pledgee for its exercise of the Pledge. 

  

	9.	 Default Liabilities 

 

	9.1.	 In the event that the Pledgors or Party C materially breach any provision under this Agreement, the Pledgee is
entitled to terminate this Agreement and/or claim damages from the Pledgors or Party C; this Section 9 shall not preclude any other rights entitled to the Pledgee as provided under this Agreement. 

  
 12 

	9.2.	 The Pledgors or Party C may not terminate or cancel this Agreement in any event unless otherwise provided under
the laws. 

  

	10.	 Assignment 

  

	10.1.	 The Pledgors and Party C shall not donate, transfer or dispose of their rights and obligations under this
Agreement without prior written consent of the Pledgee. 

  

	10.2.	 This Agreement shall be binding upon the Pledgors and its successors and any permitted assignees, and effective
upon the Pledgee and each of its successors and assignees. 

  

	10.3.	 The Pledgee may assign any or all of its rights and obligations under the Transaction Documents and this
Agreement to any person designated by it at any time. In this case, the assignee shall enjoy and assume the rights and obligations of the Pledgee under the Transaction Documents and this Agreement as if the assignee were a party hereto.

  

	10.4.	 In the event of a change of Pledgee due to assignment, the Pledgors shall, at the request of the Pledgee,
execute a new pledge agreement with the new pledgee with the same terms and conditions as this Agreement, and register such new pledge with the relevant administration for industry and commerce. 

 

	10.5.	 The Pledgors and Party C shall strictly comply with the provisions of this Agreement and other relevant
agreements to which any Party is a party, including the Transaction Documents, and perform the obligations thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Unless with the written
instructions of the Pledgee, the Pledgors shall not exercise their remaining rights in respect of the Pledged Equity Interest. 

  
 13 

	11.	 Termination 

  

	11.1.	 Upon the full and complete performance by the Pledgors and Party C of all of their Contractual Obligations and
full satisfaction of the Secured Indebtedness, the Pledgee shall, upon the Pledgors’ request, release the Pledge of the Pledged Equity Interest hereunder and cooperate with the Pledgors in relation to both the deregistration of the Pledge of
the Pledged Equity Interest in the shareholders’ register of Party C and the deregistration of the Pledge of the Pledged Equity Interest with the relevant administration of industry and commerce. 

 

	11.2.	 The provisions under Section 9, Section 13, Section 14 and this Section 11.2 shall survive
the termination of this Agreement. 

  

	12.	 Costs and Other Expenses 

All costs and actual expenses arising in connection with this Agreement, including without limitation the legal fees, processing fees, stamp
duty, any other taxes and expenses, shall be borne by Party C. 
  

	13.	 Confidentiality 

The Parties acknowledge and confirm that the terms of this Agreement and any oral or written information exchanged among the Parties in
connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall keep all such confidential information confidential, and shall not, without prior written consent of the other Party,
disclose any confidential information to any third parties, except for information: (a) that is or will be available to the public (other than through the unauthorized disclosure to the public by the Party receiving confidential information);
(b) that is required to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) that is disclosed by any Party to its shareholders, directors,
employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar
to the terms set forth in this Section. Disclosure of any confidential information by the shareholders, directors, employees or entities engaged by any Party shall be deemed as disclosure of such confidential information by such Party, which Party
shall be held liable for breach of contract. 

  
 14 

	14.	 Governing Law and Disputes Resolution 

 

	14.1.	 The execution, effectiveness, interpretation, performance, amendment and termination of this Agreement and the
resolution of any disputes hereunder shall be governed by the PRC laws. 

  

	14.2.	 Any disputes arising in connection with the implementation and performance of this Agreement shall be settled
through friendly consultations among the Parties, and where such disputes are still unsolved within thirty (30) days upon issuance of the written notice by one Party to the other Parties for consultations, such disputes shall be submitted by
either Party to the China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration rules. The arbitration shall take place in Beijing. The arbitration award shall be final and binding upon all the
Parties. 

  
 15 

	14.3.	 The Parties agree that the arbitral tribunal or the arbitrator shall have the right to award any remedies in
accordance with the terms hereunder and applicable PRC laws , including without limitation temporary and permanent injunctive remedies (as required by the business operation of Party C or compulsory transfer of the assets), the specific performance
of the Contractual Obligations, the remedies in respect of Party C’s equity interests or real estates, and the liquidation orders against Party C. 

  

	14.4.	 To the extent permitted by PRC laws, pending the formation of an arbitral tribunal or under the appropriate
circumstances, the Parties are entitled to resort to a court of competent jurisdiction for temporary injunctive remedies or other temporary remedies to support the arbitration. In this regard, the Parties reached a consensus that to the extent as
permitted by applicable laws, the courts in Hong Kong, the Cayman Islands, the PRC and the place where Party C’s major assets are located shall be deemed to have jurisdiction. 

 

	14.5.	 Upon the occurrence of any disputes arising from the interpretation and performance of this Agreement or during
the pending arbitration of any disputes, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights and perform their respective obligations hereunder. 

  
 16 

	15.	 Notices 

  

	15.1.	 All notices and other communications required or permitted to be given pursuant to this Agreement shall be
delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the designated address of such party as listed below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which notices shall be deemed to have been effectively delivered shall be determined as follows: 

  

	15.2.	 Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed
effectively delivered on the date of receipt or refusal at the address specified for notices. 

  

	15.3.	 Notices given by facsimile transmission shall be deemed effectively delivered on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission). 

  

	15.4.	 For the purpose of notification, the addresses of the Parties are as follows: 

Party A: Tencent Music (Beijing) Co., Ltd. 

Address: Mail Center, 7th Floor, China Technology Exchange Building, No.66 West Road, North 4th Ring Road, Haidian District, Beijing

 Attention: Zhao Xiang 

Tel: [                ] 

E-mail:
[                ] 

  
 17 

 Party B: 

Name: Hu Min 

Address: 17th Floor, Wanlida Building, Science and Technology Zhongyi Road, Nanshan District, Shenzhen 

Tel: [                ] 

E-mail:
[                ] 
 Name: Yang Qihu 

Address: Mail Center, 7th Floor, China Technology Exchange Building, No.66 West Road, North 4th Ring Road, Haidian District, Beijing

 Tel: [                ] 

E-mail:
[                ] 
 Party C: Xizang Qiming Music Co.,
Ltd. 
 Address: Mail Center, 7th Floor, China Technology Exchange Building, No.66 West Road, North 4th Ring Road, Haidian
District, Beijing 
 Attention: Zhao Xiang 

Tel: [                ] 

E-mail:
[                ] 
  

	15.5.	 Each Party may at any time change its address for notices by delivering a notice to the other Parties in
accordance with this Section. 

  
 18 

	16.	 Severability 

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in
accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid,
illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the
economic effect of those invalid, illegal or unenforceable provisions. 
  

	17.	 Effectiveness 

 

	17.1.	 This Agreement comes into effect upon formal signing by all the Parties. 

 

	17.2.	 Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective upon
signing or stamping by the Parties and completion of the governmental registration procedures (if applicable) in accordance with the regulations. 

  

	18.	 Language and Counterparts 

This Agreement is written in Chinese in five (5) originals, with each of the Pledgee, the Pledgors and Party C holding one original, and
the other one original will be submitted for registration. 
 [The remainder of this page is intentionally left blank] 

  
 19 

 IN WITNESS HEREOF, the Parties have caused this Equity Interest Pledge Agreement to be
executed by their respective authorized representative on the date first above written. 
  

			
	Party A: Tencent Music (Beijing) Co., Ltd.
	
	/s/ Seal of Tencent Music (Beijing) Co., Ltd.
	
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal Representative
	
	Party B:
	
	The Pledgor: Hu Min
	
	Signature: /s/ Hu Min
	
	The Pledgor: Yang Qihu
	
	Signature: /s/ Yang Qihu
	
	Party C: Xizang Qiming Music Co., Ltd.
	
	/s/ Seal of Xizang Qiming Music Co., Ltd.
	
	Signature: /s/ Yang Qihu
	
	Name: Yang Qihu
	
	Title: Legal RepresentativeEx 10.27- Exclusive Option Agreement (Xizang Qiming)

 Exhibit 10.27 

Exclusive Option Agreement 

This Exclusive Option Agreement (this “Agreement”) is executed by and among the following Parties as of February 8, 2018 in
Beijing, the People’s Republic of China (“China” or the “PRC”): 
  

	Party A:	 Tencent Music (Beijing) Co., Ltd., a wholly foreign-owned enterprise, organized and existing under the
laws of the PRC, with its address at Room 303, 3rd Floor of 101, -2nd to 8th Floor, No.7 Building, East Tianchen Road, Chaoyang District, Beijing; 

 

	Party B:	 Hu Min, a Chinese Citizen with Identification No.:
[                ], 

  

	  	 and 

  

	  	 Yang Qihu, a Chinese Citizen with Identification No.:
[                ]; 

  

	  	 and 

  

	Party C:	 Xizang Qiming Music Co., Ltd., a limited liability company, organized and existing under the laws of the
PRC, with its address at No.504 Industrial Park Management Committee, Duilong Deqing District, Lhasa, Xizang. 

 In this
Agreement, Party A, Party B, and Party C shall each be referred to as a “Party” respectively, and they shall be collectively referred to as the “Parties.” 

Whereas: 
  

	1.	 Party B including Hu Min and Yang Qihu is the shareholder of Party C and as of the date hereof holds 100 %
of the equity interests of Party C, representing RMB 10,000,000 in the registered capital. Hu Min holds 50% of the equity interests of Party C, representing RMB 5,000,000 in the registered capital, and Yang Qihu holds 50% of the equity interests of
Party C, representing RMB 5,000,000 in the registered capital. 

  

	2.	 Party B intends to irrevocably grant Party A an exclusive option to purchase the entire equity interest in
Party C without prejudice of PRC laws, and Party A intends to accept such equity interest purchase option (defined as below). 

  

	3.	 Party C intends to irrevocably grant Party A an exclusive option to purchase its entire assets without
prejudice to PRC laws, and Party A intends to accept such asset purchase option (defined as below). 

  
 1 

 After mutual discussions and negotiations, the Parties have now reached the following
agreement: 
  

	1.	 Sale and Purchase of Equity Interest and Assets 

 

	 	1.1	 Option Granted 

  

	 	1.1.1	 Whereas Party A paid Party B RMB 10 as consideration, and Party B confirmed the receipt and the sufficiency of
such consideration, Party B hereby irrevocably grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”) to purchase the equity interests in Party C then held by Party B once or at
multiple times at any time in part or in whole at Party A’s sole and absolute discretion to the extent permitted by PRC laws and at the price described in Section 1.3 herein (“Equity Interest Purchase Option”). Except for Party A
and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to
Party A. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts, or non-corporate organizations. 

 

	 	1.1.2	 Party C hereby exclusively, irrevocably and unconditionally grants Party A an irrevocable and exclusive right
to require Party C to transfer part or all of company assets (the assets may be transferred in whole or in part at Party A’s sole discretion and commercial consideration, “Asset Purchase Option”) to Party A or its Designee to the
extent permitted by PRC laws and under the terms and conditions herein. Except for Party A and the Designee(s), no other person shall be entitled to the Asset Purchase Option or any other right with respect to Party C’s assets. Party A agrees
to accept such Asset Purchase Option. 

  

	 	1.1.3	 Party B hereby jointly and severally agrees that Party C grants such Asset Purchase Option to Party A in
accordance with Section 1.1.2 above and other terms herein, and the assets may be transferred to Party A or Designee(s) by Party A when the Asset Purchase Option is exercised. 

 

	 	1.2	 Steps for Exercise 

  

	 	1.2.1	 The exercise of the Equity Interest Purchase Option and the Asset Purchase Option by Party A shall be subject
to the provisions of the laws and regulations of China. 

  

	 	1.2.2	 When Party A exercises the Equity Interest Purchase Option, a written notice shall be issued to Party B (the
“Equity Interest Purchase Option Notice”), specifying:(a) Party A’s or the Designee’s decision to exercise the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased by Party A or the Designee
from Party B (the “Optioned Interests”); and (c) the date for purchasing the Optioned Interests or the date for the transfer of the Optioned Interests. 

  
 2 

	 	1.2.3	 When Party A exercises the Asset Purchase Option, a written notice shall be issued to Party B (the “Asset
Purchase Option Notice”), specifying:(a) Party A’s or the Designee’s decision to exercise the Asset Purchase Option; (b) the list of assets to be purchased by Party A or the Designee from Party B (the “Optioned Asset”);
and (c) the date for purchasing the Optioned Asset or the date for the transfer of the Optioned Asset. 

  

	 	1.3	 Purchase Price 

  

	 	1.3.1	 The purchase price (“Benchmark Purchase Price”) of all equity interests shall be RMB 10. If PRC law
requires a minimum price higher than the Benchmark Purchase Price when Party A exercises the Equity Interest Purchase Option, the minimum price regulated by PRC law shall be the purchase price (collectively, the “Equity Interest Purchase
Price”). 

  

	 	1.3.2	 Party B undertakes that it shall transfer the full amount of Equity Interest Purchase Price obtained by Party B
to Party A’s designated bank account. 

  

	 	1.3.3	 In terms of Asset Purchase Option, Party A or its Designee shall pay RMB 1 as the purchase price for each
exercise of the Asset Purchase Option. If PRC law requires a minimum price higher than the aforementioned net book value of the assets, the minimum price regulated by PRC law shall be the purchase price(collectively, the “Asset Purchase
Price”). 

  

	 	1.3.4	 Party C undertakes that it shall transfer the full amount of Asset Interest Purchase Price obtained by Party C
to Party A’s designated bank account. 

  

	 	1.4	 Transfer of Optioned Interests 

For each exercise of the Equity Interest Purchase Option: 
  

	 	1.4.1	 Party B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution shall be
adopted approving Party B’s transfer of the Optioned Interests to Party A and/or the Designee(s); 

  

	 	1.4.2	 Party B shall obtain written statements from the other shareholders (if any) of Party C giving consent to the
transfer of the equity interest to Party A and/or the Designee(s) and waiving any right of first refusal related thereto; 

  

	 	1.4.3	 Party B shall execute an equity interest transfer contract with respect to each transfer with Party A and/or
each Designee (whichever is applicable), in accordance with the provisions of this Agreement and the Equity Interest Purchase Option Notice regarding the Optioned Interests; 

  
 3 

	 	1.4.4	 The relevant Parties shall execute all other necessary contracts, agreements, or documents, obtain all
necessary government licenses and permits, and take all necessary actions to transfer the valid ownership of the Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s)
to become the registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, “security interests” shall include securities, mortgages, third party’s rights or interests, any stock options,
acquisition right, right of first refusal, right to offset, ownership retention, or other security arrangements, but shall be deemed to exclude any security interest created by this Agreement, Party B’s Equity Interest Pledge Agreement, and
Party B’s Voting Trust Agreement. “Party B’s Equity Interest Pledge Agreement” as used in this Agreement shall refer to the Interest Pledge Agreement executed by and among Party A, Party B and Party C on the date hereof and any
modifications, amendments, and restatements thereto. “Party B’s Voting Trust Agreement” as used in this Agreement shall refer to the Voting Trust Agreement executed by Party B on the date hereof granting Party A with a power of
attorney and any modifications, amendments, and restatements thereto. 

  

	 	1.5	 Transfer of Optioned Assets 

For each exercise of the Equity Interest Purchase Option: 
  

	 	1.5.1	 Party C shall obtain all necessary internal authorizations in a accordance with Party B’s effective
Articles of Association; 

  

	 	1.5.2	 Party C shall enter into an asset transfer contract with respect to each transfer with Party A and/or each
Designee (whichever is applicable), in accordance with the provisions of this Agreement and the Asset Purchase Option Notice regarding the Optioned Assets; 

  

	 	1.5.3	 The relevant Parties shall execute all other necessary contracts, agreements, or documents, obtain all
necessary government licenses and permits, and take all necessary actions to transfer the valid ownership of the Optioned Assets to Party A and/or the Designee(s), unencumbered by any security interests. 

 

	2.	 Covenants 

  

	 	2.1	 Covenants regarding Party C 

Party B (as shareholders of Party C) and Party C hereby covenant on the following: 

 

	 	2.1.1	 Without the prior written consent of Party A, they shall not in any manner supplement, change, or amend the
articles of association of Party C, increase or decrease its registered capital, or change its structure of registered capital in other manners; 

  
 4 

	 	2.1.2	 They shall maintain Party C’s corporate existence in accordance with good financial and business standards
and practices, as well as obtain and maintain all necessary government licenses and permits by prudently and effectively operating its business and handling its affairs; 

 

	 	2.1.3	 Without the prior written consent of Party A, they shall not at any time following the date hereof, sell,
transfer, mortgage, or dispose of in any manner any material assets of Party C or legal or beneficial interest in the material business or revenues of Party C of more than RMB 100,000, or allow the encumbrance thereon of any security interests;

  

	 	2.1.4	 Without the prior written consent of Party A, they shall not incur, inherit, guarantee, or suffer the existence
of any debt, except for (i) payables incurred in the ordinary course of business other than through loans; and (ii) debts disclosed to Party A which Party A’s written consent has been obtained 

 

	 	2.1.5	 They shall always operate all of Party C’s businesses within the normal business scope to maintain the
asset value of Party C and refrain from any action/omission that may affect Party C’s operating status and asset value; 

  

	 	2.1.6	 Without the prior written consent of Party A, they shall not cause Party C to execute any material contract,
except the contracts in the ordinary course of business (for the purpose of this subsection, a contract with a price exceeding RMB 100,000 shall be deemed a material contract); 

 

	 	2.1.7	 Without the prior written consent of Party A, they shall not cause Party C to provide any person with a loan or
credit; 

  

	 	2.1.8	 They shall provide Party A with information on Party C’s business operations and financial condition at
Party A’s request; 

  

	 	2.1.9	 If requested by Party A, they shall procure and maintain insurance in respect of Party C’s assets and
business from an insurance carrier acceptable to Party A, at an amount and type of coverage typical for companies that operate similar businesses and own similar assets in the same area; 

 

	 	2.1.10	 Without the prior written consent of Party A, they shall not cause or permit Party C to merge, consolidate
with, acquire, or invest in any person; 

  
 5 

	 	2.1.11	 They shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration,
or administrative proceedings relating to Party C’s assets, business, or revenue; 

  

	 	2.1.12	 To maintain the ownership by Party C of all of its assets, they shall execute all necessary or appropriate
documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, and raise necessary or appropriate defenses against all claims; 

 

	 	2.1.13	 Without the prior written consent of Party A, they shall ensure that Party C shall not in any manner distribute
dividends to its shareholders, provided that upon Party A’s written request, Party C shall immediately distribute all distributable profits to its shareholders; 

 

	 	2.1.14	 At the request of Party A, they shall appoint any person designated by Party A as the director or executive
director of Party C. 

  

	 	2.1.15	 Without Party A’s prior written consent, they shall not engage in any business in competition with Party A
or its affiliates; 

  

	 	2.1.16	 Unless otherwise required by PRC law, Party C shall not be dissolved or liquated without prior written consent
by Party A; 

  

	 	2.2	 Covenants of Party B 

Party B hereby covenants to the following: 
  

	 	2.2.1	 Without the prior written consent of Party A, at any time from the date of execution of this Agreement, Party B
shall not sell, transfer, mortgage, or dispose of in any other manner any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon, except for the interest placed in accordance with Party
B’s Equity Interest Pledge Agreement and Party B’s Voting Trust Agreement; 

  

	 	2.2.2	 Without the prior written consent of Party A, Party B shall cause the shareholders’ meeting and/or the
directors (or the executive director) of Party C not to approve any sale, transfer, mortgage, or disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon
of any other security interest, except for the interest placed in accordance with Party B’s Equity Interest Pledge Agreement and Party B’s Voting Trust Agreement; 

 

	 	2.2.3	 Without the prior written consent of Party A, Party B shall cause the shareholders’ meeting or the
directors (or the executive director) of Party C not to approve the merger or consolidation with any person, or the acquisition of or investment in any person; 

  
 6 

	 	2.2.4	 Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration, or administrative proceedings relating to the equity interests in Party C held by Party B; 

  

	 	2.2.5	 Party B shall cause the shareholders’ meeting or the directors (or the executive director) of Party C to
vote their approval of the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that may be requested by Party A; 

 

	 	2.2.6	 To the extent necessary to maintain Party B’s ownership in Party C, Party B shall execute all necessary or
appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, and raise necessary or appropriate defenses against all claims; 

 

	 	2.2.7	 Party B shall appoint any designee of Party A as the director or the executive director of Party C, at the
request of Party A; 

  

	 	2.2.8	 Party B hereby waives its right of first refusal in regards to the transfer of equity interest by any other
shareholder of Party C to Party A (if any), and gives consent to the execution by each other shareholder of Party C with Party A and Party C the exclusive option agreement, the equity interest pledge agreement and the power of attorney similar to
this Agreement, Party B’s Equity Interest Pledge Agreement, and Party B’s Power of Attorney, and accepts not to take any actions in conflict with such documents executed by the other shareholders; 

 

	 	2.2.9	 Party B shall promptly donate any profits, interests, dividends, or proceeds of liquidation to Party A or any
other person designated by Party A to the extent permitted under the applicable PRC laws; and 

  

	 	2.2.10	 Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately
executed by and among Party B, Party C, and Party A, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining
rights with respect to the equity interests subject to this Agreement hereunder or under Party B’s Equity Interest Pledge Agreement or under Party B’s Power of Attorney, Party B shall not exercise such rights except in accordance with the
written instructions of Party A. 

  
 7 

	3.	 Representations and Warranties 

Party B and Party C hereby represent and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of transfer
of the Optioned Interests, that: 
  

	 	3.1	 They have the power, capacity, and authority to execute and deliver this Agreement and any equity interest
transfer contracts to which they are parties concerning each transfer of the Optioned Interests as described thereunder (each, a “Transfer Contract”), and to perform their obligations under this Agreement and any Transfer Contracts. Party
B and Party C agree to enter into Transfer Contracts substantially consistent with the terms of this Agreement upon Party A’s exercise of the Equity Interest Purchase Option. This Agreement and the Transfer Contracts to which they are parties
constitute or will constitute their legal, valid, and binding obligations, and shall be enforceable against them in accordance with the provisions thereof; 

  

	 	3.2	 Party B and Party C have obtained any and all approvals and consents from the relevant government authorities
and third parties (if required) for the execution, delivery, and performance of this Agreement. 

  

	 	3.3	 The execution and delivery of this Agreement or any Transfer Contracts and the obligations under this Agreement
or any Transfer Contracts shall not: (i) cause any violations of any applicable PRC laws; (ii) be inconsistent with the articles of association, bylaws, or other organizational documents of Party C; (iii) cause the violation of any
contracts or instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for
the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of additional conditions to any licenses or permits issued to either of them;

  

	 	3.4	 Party B has a good and merchantable title to the equity interests held by Party B in Party C. Except for Party
B’s Equity Interest Pledge Agreement and Party B’s Power of Attorney, Party B has not placed any security interest on such equity interests; 

  

	 	3.5	 Party C has a good and merchantable title to all of its assets, and has not placed any security interest on the
aforementioned assets; 

  

	 	3.6	 Party C does not have any outstanding debts, except for (i) debt incurred within its normal business
scope; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained. 

  

	 	3.7	 Party C has complied with all laws and regulations of China applicable to asset acquisitions; and

  

	 	3.8	 There is no pending or threatened litigation, arbitration, or administrative proceedings relating to the equity
interests in Party C, assets of Party C, or Party C itself. 

  
 8 

	4.	 Effective Date and Term 

This Agreement shall become effective upon execution by the Parties, and remain in effect until all equity interests held by Party B in Party C
have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this Agreement. 
  

	5.	 Governing Law and Disputes Resolution 

 

	 	5.1	 Governing Law 

The execution, effectiveness, interpretation, performance, amendment, and termination of this Agreement as well as any dispute resolution
hereunder shall be governed by the laws of the PRC. 
  

	 	5.2	 Methods of Disputes Resolution 

In the event of any dispute arising with respect to the construction and performance of this Agreement, the Parties shall first attempt to
resolve the dispute through friendly negotiations. In the event that the Parties fail to reach an agreement on the dispute within 30 days after either Party’s written request to the other Parties for dispute resolution through negotiations,
either Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its arbitration rules. The arbitration shall be conducted in Beijing, and the arbitration award
shall be final and binding to all Parties. 
 Each Party agrees that the arbitral tribunal or arbitrator shall have the right to gives any
remedies, including preliminary and permanent injunctive relief (such as injunction against carrying out business activities, or mandating the transfer of assets), specific performance of contractual obligations, remedies concerning the equity
interest or assets of Party C and awards directing Party C to conduct liquidation. 
 To the extent permitted by PRC laws, when awaiting the
formation of the arbitration tribunal or otherwise under appropriate conditions, either Party may seek preliminary injunctive relief or other interlocutory remedies from a court with competent jurisdiction to facilitate the arbitration. Without
violating the applicable governing laws, the Parties agree that the courts of Hong Kong, Cayman Islands, China and the place where the main assets of Party C are located shall all be deemed to have competent jurisdiction. 

Upon the occurrence of any disputes arising from the interpretation and performance of this Agreement or during the pending arbitration of any
dispute, except for the matters under dispute, the Parties shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement. 

  
 9 

	6.	 Taxes and Fees 

Each Party shall pay any and all transfer and registration taxes, expenses, and fees incurred thereby or levied thereon in accordance with the
laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts. 

 

	7.	 Notices 

  

	 	7.1	 All notices and other communications required or permitted to be given pursuant to this Agreement shall be
delivered personally or sent by registered mail, prepaid postage, commercial courier services, or facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows: 

  

	 	7.1.1	 Notices given by personal delivery, courier services, registered mail, or prepaid postage shall be deemed
effectively given on the date of receipt or refusal at the address specified for such notices; 

  

	 	7.1.2	 Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of the transmission). 

  

	 	7.2	 For the purpose of notices, the addresses of the Parties are as follows: 

 

			
	Party A:	  	Tencent Music (Beijing) Co., Ltd.
	Address:	  	Mail Center, 7F China Technology Exchange Building, No.66 West Road, North 4th Ring Road, Haidian District, Beijing
	Attn:	  	Zhao Xiang
	Phone:	  	[                ]
	Email:	  	[                ]
		
	Party B:	  	
	Name:	  	Hu Min
	Address:	  	17F, Wan Li Da Building, Middle 1st Technology Road, Nanshan District, Shenzhen
	Phone:	  	[                ]
	Email:	  	[                ]
	Name:	  	Yang Qihu
	Address:	  	Mail Center, 7F China Technology Exchange Building, No.66 West Road, North 4th Ring Road, Haidian District, Beijing
	Phone:	  	[                ]
	Email:	  	[                ]
		
	Party C:	  	Xizang Qiming Music Co., Ltd.
	Address:	  	Mail Center, 7F China Technology Exchange Building, No.66 West Road, North 4th Ring Road, Haidian District, Beijing
	Attn:	  	Zhao Xiang
	Phone:	  	[                ]
	Email:	  	[                ]

  
 10 

	 	7.3	 Any Party may at any time change its address for notices by having a notice delivered to the other Parties in
accordance with the terms hereof. 

  

	8.	 Confidentiality 

The Parties acknowledge that the existence and the terms of this Agreement, and any oral or written information exchanged between the Parties
in connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall maintain the confidentiality of all such confidential information, and without obtaining the written consent of other
Parties, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be featured in the public domain (other than through the receiving Party’s unauthorized disclosure);
(b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its
shareholders, directors, employees, legal counsels, or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels, or financial advisors shall be bound by the
confidential obligations similar to those set forth in this Section. Disclosure of any confidential information by the shareholders, director, employees of, or agencies engaged by any Party shall be deemed disclosure of such confidential information
by such Party and that Party shall be held liable for breach of this Agreement. 
  

	9.	 Further Warranties 

The Parties agree to promptly execute the documents that are reasonably required for or are conducive to the implementation of the provisions
and purposes of this Agreement and to take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement. 

 

	10.	 Breach of Agreement 

 

	 	10.1	 If Party B or Party C conducts any material breach of any term of this Agreement, Party A shall have right to
terminate this Agreement and/or require Party B or Party C to compensate all damages; this Section 10 shall not prejudice any other rights of Party A herein; 

 

	 	10.2	 Party B or Party C shall not have any right to terminate this Agreement in any event unless otherwise required
by the applicable laws. 

  

	11.	 Force Majeure Event 

 

	 	11.1	 “Force Majeure Event” means any event that is beyond one Party’s scope of reasonable
control, and is unavoidable under the affected Party’s reasonable care, including but not limited to, natural disasters, wars, riots, etc. However, lack of credit, funding or financing may not be considered as beyond one Party’s reasonable
control. When the implementation of this Agreement is delayed or hindered due to any Force Majeure Event, the affected Party shall not bear any liability for such delayed and hindered performance under this Agreement. The Party affected by Force
Majeure Event seeking to waive any liability under this Agreement shall notify the other Party as soon as possible of the exemption and the steps to be taken to complete the performance. 

  
 11 

	 	11.2	 The Party affected by Force Majeure Event shall not bear any liability under this Agreement. The Party seeking
to waive liability can only be exempted when he affected Party has made reasonable and feasible efforts to perform this Agreement and such exemption shall be limited to such delayed and hindered performance. Once the reasons for such exemption are
corrected and remedied, the Parties agree to use their best efforts to perform this Agreement. 

  

	12.	 Miscellaneous 

 

	 	12.1	 Amendments, changes, and supplements 

Any amendments, changes, and supplements to this Agreement shall require the execution of a written agreement by all of the Parties. 

 

	 	12.2	 Entire agreement 

Except for the amendments, supplements, or changes in writing executed after the execution of this Agreement, this Agreement shall constitute
the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations, and contracts reached with respect to the subject matter of this
Agreement. 
  

	 	12.3	 Headings 

The headings of this Agreement are for convenience only, and shall not be used to interpret, explain, or otherwise affect the meanings of the
provisions of this Agreement. 
  

	 	12.4	 Language 

This Agreement is written in Chinese in four copies, with each Party having one copy. 

 

	 	12.5	 Severability 

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal, or unenforceable in any aspect in
accordance with any laws or regulations, the validity, legality, or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid,
illegal, or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by the relevant laws and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as
possible to the economic effect of those invalid, illegal, or unenforceable provisions. 

  
 12 

	 	12.6	 Successors 

This Agreement shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of
such Parties. 
  

	 	12.7	 Survival 

  

	 	12.7.1	 Any obligations that occur or are due as a result of this Agreement upon the expiration or early termination of
this Agreement shall survive the expiration or early termination thereof. 

  

	 	12.7.2	 The provisions of Sections 5, 8, 10 and this Section 12.7 shall survive the termination of this Agreement.

  

	 	12.8	 Waivers 

Any Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the
signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall be deemed as a waiver by such a Party with respect to any similar breach in other circumstances. 

[The remainder of this page is intentionally left blank] 

  
 13 

 IN WITNESS WHEREOF, the authorized representatives of the Parties have executed this
Exclusive Option Agreement as of the date first above written. 
  

			
	Party A:	 	Tencent Music (Beijing) Co., Ltd.
	/s/ Seal of Tencent Music (Beijing) Co., Ltd.
	By:	 	/s/ Hu Min
	Name:	 	Hu Min
	Title:	 	Legal Representative
		
	Party B:	 	
	By:	 	/s/ Hu Min
	Name:	 	Hu Min
		
	By:	 	/s/ Yang Qihu
	Name:	 	Yang Qihu
		
	Party C:	 	Xizang Qiming Music Co., Ltd.
	/s/ Seal of Xizang Qiming Music Co., Ltd.
	By:	 	/s/ Yang Qihu
	Name:	 	Yang Qihu
	Title:	 	Legal Representative

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]