Document:

Exhibit 10.3

 

Voting Rights Proxy Agreement

 

The Voting Rights Proxy Agreement (hereinafter
referred to as “the Agreement”) was signed by the following parties in Beijing of the People’s Republic of China
(“PRC”, excluding the Special Administrative Region of Hong Kong, the Special Administrative Region of Macau and Taiwan
in the Agreement) on June 26, 2018:

 

Beijing Rongde Times Investment Management
Co., Ltd., a limited liability company established and existing in accordance with PRC laws, with a unified social credit code of
9111010855143768XQ and the address at B1-D33, No.15-11 Zhongguancun Street, Haidian District, Beijing (“Client A”).

 

Beijing Zhongsi Zhida Investment Management
Co., Ltd., a limited liability company established and existing in accordance with PRC laws, with a unified social credit code: of
911101083442412115 and the address at 340, 3/F, Building 1, Shangpinyuan, Baijiatuan, Haidian District, Beijing (“Client B”).

 

Li Meiliang, a natural person of Chinese
nationality, ID Card No. [***].

 

Li Jinbiao, a natural person of Chinese
nationality, ID Card No. [***].

 

(Client A, Client B, Li Meiliang and Li Jinbiao
are collectively called the “Clients”.)

 

Jianzhi Century Technology (Beijing) Co., Ltd.,
a limited liability company established and existing in accordance with PRC laws, with a unified social credit code: of 91110108MA01BGRH2B
and the address at 27A, 23/F, Building 1, No. A48 Zhichun Road, Haidian District, Beijing (hereinafter referred to as “Jianzhi
Beijing”). 100% shares of Jianzhi Beijing are ultimately beneficially held by Jianzhi Education Technology Group Company Limited
(“Ultimate Controlling Shareholder”), a limited liability company incorporated in Cayman Islands.

 

Beijing Sentu Education Technology Co., Ltd.,
a joint-stock company established and existing in accordance with PRC laws, with a unified social credit code of 91110108576937402H and
the address at 27B, Building 1, No. A48 Zhichun Road, Haidian District, Beijing (“Operating Entity”).

 

Wang Peixuan, a natural person of Chinese
nationality, ID Card No. [***].

 

Zhang Zhige, a natural person of Chinese
nationality, ID Card No. [***].

 

Li Jingru, a natural person of Chinese
nationality, ID Card No. [***].

 

Lian Yu, a natural person of Chinese nationality,
ID Card No. [***].

 

Qiu Mingjing, a natural person of Chinese
nationality, ID Card No. [***].

 

Chen Ling, a natural person of Chinese
nationality, ID Card No. [***].

 

Huang Zhihai, a natural person of Chinese
nationality, ID Card No. [***].

 

Guo Jianbing, a natural person of Chinese
nationality, ID Card No. [***].

 

Wu Yuxiao, a natural person of Chinese
nationality, ID Card No. [***].

 

     

     

    

 

(Li Meiliang, Li Jinbiao, Wang Peixuan, Zhang
Zhige, Li Jingru, Lian Yu, Qiu Mingjing, Chen Ling, Huang Zhihai, Guo Jianbing and Wu Yuxiao are collectively referred to as “Individual
Shareholders”, and Wang Peixuan, Zhang Zhige, Li Jingru, Lian Yu, Qiu Mingjing, Chen Ling, Huang Zhihai, Guo Jianbing and Wu
Yuxiao are collectively referred to as the “Indirect shareholders”; Indirect shareholders and the Clients are hereinafter
collectively referred to as the “Shareholders”.)

 

The aforesaid Parties to the Agreement shall be
hereinafter individually referred to as a “Party” and collectively referred to as the “Parties”.

 

Whereas:

 

		1.	The Clients are registered legal shareholders of the Operating Entity and hold 100% equity of the Operating
Entity (“Equity”) in total. Pursuant to PRC laws and regulations and the Articles of Association of the Operating Entity,
they enjoy various rights of the Operating Entity’s shareholders;

 

		2.	Wang Peixuan and Zhang Zhige are registered legal shareholders of Client A, holding 100% equity of Client
A in total. Pursuant to PRC laws and regulations and the Articles of Association of Client A, they enjoy various rights of Client A’s
shareholders;

 

		3.	Li Jingru, Lian Yu, Qiu Mingjing, Chen Ling, Huang Zhihai, Guo Jianbing and Wu Yuxiao are registered legal
shareholders of Client B, holding 100% equity of Client B in total. Pursuant to PRC laws and regulations and the Articles of Association
of Client B, they enjoy various rights of Client B’s shareholders;

 

		4.	The Operating Entity and Jianzhi Beijing signed an Exclusive Business Cooperation Agreement (“Service
Agreement”) on June 26, 2018;

 

		5.	By signing the Agreement, the Shareholders hereby separately and jointly agree and confirm that the Clients
irrevocably authorize and entrust (i) Jianzhi Beijing; (ii) directors authorized by Jianzhi Beijing and their successors; and (iii) any
liquidator (the entities and persons mentioned in the foregoing (i), (ii) and (iii), hereinafter collectively referred to as the “Trustees”.
For the avoidance of doubt, a Trustee cannot be a shareholder of a Client or any shareholder of the Operating Entity) to exercise all
the rights as a shareholder of the Operating Entity on behalf of the Clients;

 

		6.	The Individual Shareholders have issued a written Letter of Commitment of Individual Shareholders (“Individual
Registered Shareholders’ Undertakings”) with regard to the Agreement and their rights and interests held directly or indirectly
in the Operating Entity to the Board of Directors of the Ultimate Controlling Shareholder on the date of execution of the Agreement;

 

In witness whereof, the Agreement has been reached
and concluded by the Parties as below through consultation:

 

		1.	Shareholders’ Voting
Rights and Other Shareholders’ Rights

 

		1.1	Subject to the terms and conditions of the Agreement, the Clients will authorize the Trustees to exercise
on its behalf all the rights enjoyed by the shareholder of the Operating Entity under PRC laws and the Articles of Association of the
Operating Entity, including but not limited to the following:

 

		(1)	Propose, convene and participate in the general meeting of shareholders of the Operating Entity;

 

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		(2)	Right to submit proposals to the general meeting of shareholders of the Operating Entity;

 

		(3)	Exercise the shareholder’s right, on behalf of the Clients, to vote on all matters that need to
be discussed and resolved by the general meeting of shareholders (including but not limited to designate and elect the legal representative
(Chairman), directors, supervisors, chief executive officer (or manager) and other senior executives of the Operating Entity, decide on
the liquidation and dissolution of the Operating Entity, appoint and delegate members of the liquidation team and/or its agents of the
Operating Entity, approve the liquidation plan and liquidation report, sell, transfer, pledge or dispose of part or all of the Equity
and participate in dividends or any other form of distribution of the Operating Entity);

 

		(4)	Nominate, designate and appoint the legal representative (Chairman), directors, supervisors, chief executive
officer (or manager) and other senior executives of the Operating Entity;

 

		(5)	Sign the minutes of the shareholders’ meeting, the resolutions of the shareholders’ meeting
and other legal documents that the Clients are entitled to sign as a shareholder of the Operating Entity, submit documents to the industrial
and commercial administration department or other competent government departments, and handle legal procedures such as company registration,
examination and approval, and permission;

 

		(6)	Instruct the directors and legal representatives of the Operating Entity to act according to the will
of the Trustees;

 

		(7)	Right to ask questions and make suggestions on the operation of the Operating Entity;

 

		(8)	Decide to transfer or otherwise dispose of the Equity of the Operating Entity held by the Clients;

 

		(9)	In case of bankruptcy, liquidation or dissolution of the Operating Entity, form a liquidation team and
exercise the powers enjoyed by the liquidation team during liquidation according to law, including but not limited to managing the property
of the Operating Entity and exercising voting rights on behalf of the Clients; and

 

		(10)	Any other shareholders’ rights as stipulated by PRC laws and regulations and the Articles of Association
of the Operating Entity (as amended from time to time).

 

		1.2	To enable the Trustees to effectively implement and exercise the powers and rights granted to the Trustees
under Article 1.1 above, the Indirect shareholders and the Clients promise and agree as follows:

 

		1.2.1	The Trustees does not need to seek for opinions or obtain the consent of the Clients in advance to exercise
the rights under Article 1.1 above;

 

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		1.2.2	If the Trustees are required by any laws, regulations or any government agency to issue or sign a special
power of attorney, government approval application documents or similar documents or to go through relevant formalities (such as notarization
of the power of attorney, etc.) for a specific entrusted matter, it shall immediately issue and/or cooperate with the execution of relevant
documents according to such requirements; and

 

		1.2.3	The Clients shall promptly take all actions necessary to procure and ensure the implementation of all
resolutions made by the Trustees at the board meeting or shareholders’ meeting of the Operating Entity. The Clients shall not, in
its capacity as a shareholder of the Operating Entity, delay or refuse the adoption and/or implementation of any of the aforesaid resolutions
at the level of the Operating Entity.

 

		1.3	To enable the Trustees to effectively implement and exercise the powers and rights granted to the Trustees
under Article 1.1 above, the Operating Entity promises and agrees as follows:

 

		1.3.1.	Execute all resolutions made by the Trustees at the board meeting or shareholders’ meeting of the
Operating Entity without violating relevant laws and regulations, including but not limited to immediately issuing relevant documents
and/or cooperating with the execution of relevant documents as required by the Trustees;

 

		1.3.2.	The Operating Entity shall cooperate with the Trustees in learning its operation details. The Operating
Entity shall make available to the Trustees any company books, accounts, records and other documents. The Trustees shall be entitled to
extract or copy such books, accounts, records and other documents; and

 

		1.3.1	Provide all other assistance as necessary, including but not limited to timely signing the resolutions
of shareholders’ meeting or other relevant legal documents of the Operating Entity made by the Trustees when necessary (for example,
to meet the submission requirements of documents by government departments for approval, registration and filing).

 

		1.4	The Shareholders and Clients agree and acknowledge that the Shareholders and Clients should endeavor to
avoid any actual and/or potential conflicts of interest with any rights granted to the Trustees hereunder.

 

		1.5	Without limiting the generality of the powers and rights granted hereunder, the Trustees shall have the
power and authority hereunder to sign the Transfer Agreement agreed in the Exclusive Call Option Agreement and the Voting Rights Proxy
Agreement on behalf of the Clients (when the Clients are required to be a party to the Agreement) , and to exercise and perform the rights
and obligations of Equity Pledge Agreement, Exclusive Call Option Agreement and Voting Rights Proxy Agreement as a party to the Agreement.
For the aforementioned purposes, the “Equity Pledge Agreement”, “Exclusive Call Option Agreement”
and “Voting Rights Proxy Agreement” refer to relevant agreements signed by the Clients, the Operating Entity, the Trustees
and other parties (if applicable) on the same day of the Agreement.

 

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		1.6	All the behaviors of the Trustees in exercising the Equity shall be regarded as the behaviors of the Clients,
and all the relevant documents signed shall be regarded as signed by the Clients. In doing so, the Trustees can act according to his own
will, without the prior consent from the Clients or any Shareholders. The Shareholders and the Clients hereby acknowledge and approve
the Trustees’ actions and/or documents, and acknowledge and bear the legal consequences arising therefrom.

 

		1.7	The Indirect shareholders and the Clients agree and acknowledge that under no circumstances should the
Trustees be required to bear any responsibility or make any economic or other compensation to other parties or any third party for exercise
of the rights hereunder. The Indirect shareholders and the Clients agree to indemnify the Trustees harmless from all losses suffered or
likely to suffer as a result of the entrustment right, including but not limited to any losses arising from any lawsuit, recovery, arbitration,
claim or administrative investigation or punishment by any third party against the Trustees. However, if the losses are caused by the
Trustees’ gross negligence or willful misconduct, such losses shall not be compensated.

 

		1.8	During the term of the Agreement, the Clients shall not, without the prior written consent of the Trustees,
terminate or rescind the Agreement in advance, and shall not take any actions or omissions that are contrary to or inconsistent with the
exercise of the powers and rights granted to the Trustees under Article 1.1 above.

 

		1.9	Within the term of the Agreement, the Clients shall not take or cause the Operating Entity to take any
actions that are contrary to or inconsistent with the resolutions made by the Trustees at the board meeting or general meetings of shareholders
of the Operating Entity.

 

		1.10	The Clients shall not take any action to question, challenge, dispute or oppose the validity and enforcement
of the Exclusive Business Cooperation Agreement and the Agreement, as well as the validity and enforcement of transactions conducted pursuant
to the Exclusive Business Cooperation Agreement or the Agreement.

 

		1.11	If the operation or decision of the Operating Entity must be approved by the Clients as a shareholder,
the Clients shall not make any voting approval without the prior written consent of the Trustees.

 

		1.12	Without the prior written consent of the Trustees, the Clients shall not conclude any contract or agreement
binding on the Operating Entity, increase the obligations undertaken by the Operating Entity, or engage in any violation of the Agreement.

 

		1.13	Within the term of the Agreement, the Clients hereby waives and shall not exercise all the rights and
rights related to Equity that have been entrusted to the Trustees hereunder.

 

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		1.14	The Parties agree and acknowledge that in the event of any individual shareholder’s death, incapacity
or other circumstances that may affect the holding or exercising of the equity of the Clients and the Operating Entity indirectly held
by him (including divorce), (i) any successor, guardian or manager of the relevant Individual Shareholders or (ii) any natural person
or institution designated by Jianzhi Beijing according to the Individual Registered Shareholders’ Undertakings signed by these Individual
Shareholders (“Designated Assignee”) shall be regarded as a party of the Agreement and shall assume all the rights
and obligations of the relevant Individual Shareholders hereunder. Any successor, guardian or manager of any individual shareholder shall
not inherit or manage the Equity of the Operating Entity directly or indirectly held by the individual shareholder unless they undertake
to continue to abide by the provisions of the Agreement. In case of any succession or equity transfer under the Individual Registered
Shareholders’ Undertakings, the Shareholders will complete all necessary procedures and take all necessary actions to procure the
required government approval (if applicable) for such equity transfer.

 

		1.15	The Parties agree and acknowledge that if Client A and Client B become persons without or with limited
capacity for civil conduct due to bankruptcy, liquidation or other reasons, their successors, managers or receivers shall be deemed to
be a party to the Agreement and shall assume all the rights and obligations of Client A and Client B hereunder. Client A and any successor,
manager or receiver of the Clients shall not inherit or manage the Equity of the Operating Entity directly or indirectly held by the individual
shareholder unless they undertake to continue to abide by the provisions of the Agreement.

 

		1.16	Provided that the Clients or their successors are registered shareholders of the Operating Entity, the
Agreement shall be irrevocable from the date of execution and shall remain in force and effect unless instructed in writing to the contrary
by the Trustees.

 

		1.17	Continued validity of authorization and entrustment

 

The Clients irrevocably agree that the
authorization and entrustment agreed in the Agreement shall not be invalidated, revoked, derogated or otherwise adversely changed due
to the increase, decrease, merger and other similar events of the Clients’ equity interests in the Operating Entity.

 

The Clients irrevocably agree that the
authorization and entrustment agreed in the Agreement shall not be invalidated, revoked, derogated or otherwise adversely changed due
to bankruptcy, liquidation, incapacity, limitation of capacity, death, divorce or other similar events of the Clients.

 

The Clients irrevocably agree that the
provisions hereof are an integral part of the equity interests of the Clients and the Operating Entity. Any legal and/or agreed successors,
assignees, agents or other similar persons of the Clients who acquire and/or exercise an equity interest/right in the Operating Entity
shall be deemed to agree to and assume the rights and obligations hereunder.

 

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		2.	Representations and Warranties

 

The Shareholders, the Operating
Entity and the Trustees make the following representations and warranties:

 

		(a)	It has all the powers and capabilities necessary to conclude the Agreement and fulfill its obligations
and responsibilities hereunder;

 

		(b)	Its obligations and responsibilities hereunder are legal, effective and binding, and enforceable according
to its terms;

 

		(c)	The Clients are the legal owner of the Equity of the Operating Entity held by them, without any existing
dispute about the ownership of the Equity, and the Trustees can fully exercise the entrustment right according to the Agreement;

 

		(d)	Conduct and engage in all actions that need to be taken, met or implemented, and all conditions and matters
(including obtaining any required consent, approval and authorization, if required by laws) to:

 

		(i)	Make it legally enter into the Agreement, exercise its rights hereunder, and perform and abide by its
obligations and responsibilities hereunder;

 

		(ii)	Ensure that its obligations and responsibilities hereunder are legal, effective and binding; and

 

		(iii)	Make the Agreement an acceptable evidence under applicable laws.

 

		(e)	The conclusion of the Agreement, the exercise of its rights hereunder, and the performance and observance
of its obligations and responsibilities hereunder have not violated or contradicted the following items or exceeded any powers or restrictions
granted or imposed by the following items:

 

		(i)	Any laws, regulations, rules or regulations, any judgments, orders or rulings, or any consent, approval
or authorization to which it is subject; or

 

		(ii)	Any clause of its Articles of Association or any other applicable documents or organizational documents;
or

 

		(iii)	Any term of any agreement or document to which it is a party or any of its assets are bound.

 

		(f)	It has obtained all approvals and authorizations from any government or other agency (if required by laws)
or any Trustees thereof required for the conclusion and performance of the Agreement and to render the Agreement lawful and effective
and in full force and effect.

 

		3.	Severability

 

One or more provisions hereof ruled
to be invalid, illegal or unenforceable in any respect under any law or regulation shall not affect or impair the validity, legality or
enforceability of any other provisions hereof in any respect. The Parties shall endeavor to, through consultations in good faith, replace
the invalid, illegal or unenforceable provisions with such effective provisions as permitted by law and desired by the Parties to the
maximum extent. The economic effects of such effective provisions shall be as similar as possible to those invalid, illegal or unenforceable
provisions.

 

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		4.	Term of License

 

The term of the power and rights granted
to the Trustees hereunder shall be equal to the term of the Service Agreement signed by Jianzhi Beijing and the Operating Entity.

 

		5.	Notices

 

		5.1	All notices and other communications required or permitted to be given under the Agreement shall be delivered
by hand, registered post with postage prepaid, commercial courier service or fax to the Parties at the following address. Each notice
shall also be confirmed by e-mail. The date on which such notice is deemed as served is determined as follows:

 

		(i)	If a notice is given by hand, courier service or registered post with postage prepaid, it shall be deemed
as duly served on the date of delivery or rejection to the designated address set forth in the notice.

 

		(ii)	If a notice is sent by fax, it shall be deemed as duly served on the date of successful transmission (as
evidenced by the automatically generated confirmation information of the transmission).

 

		5.2	For the purpose of the notice, the addresses of the Parties are as follows:

 

		Company:	Jianzhi Century Technology (Beijing) Co., Ltd.

		Address:	[***]

		To:	[***]

 

		Company:	Beijing Rongde Times Investment Management Co., Ltd.

		Address:	[***]

		To:	[***]

 

		Company:	Beijing Zhongsi Zhida Investment Management Co., Ltd.

		Address:	[***]

		To:	[***]

 

		Company:	Beijing Sentu Education Technology Co., Ltd.

		Address:	[***]

		To:	[***]

 

		Name:	Li Meiliang

		Address:	[***]

 

		Name:	Li Jinbiao

		Address:	[***]

 

		Name:	Wang Peixuan

		Address:	[***]

 

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		Name:	Zhang Zhige

		Address:	[***]

 

		Name:	Li Jingru

		Address:	[***]

 

		Name:	Lian Yu

		Address:	[***]

 

		Name:	Qiu Mingjing

		Address:	[***]

 

		Name:	Chen Ling

		Address:	[***]

 

		Name:	Huang Zhihai

		Address:	[***]

 

		Name:	Guo Jianbing

		Address:	[***]

 

		Name:	Wu Yuxiao

		Address:	[***]

 

		5.3	The address where notices are to be sent may be changed by either Party at any time after sending a notice
to the other Parties in accordance with this clause.

 

		6.	Duty of Confidentiality

 

The Parties
further agree and confirm that any oral or written information provided by and/or exchanged among them in connection with the Agreement
belongs to confidential information. Each Party shall keep confidential all such information and shall not disclose any relevant information
to any third party without the written consent of the other Parties, except that: (a) such information is or will be publicly known (not
for the disclosure of the receiving Party); (b) such information is required to be disclosed by applicable laws, rules or regulations
of any stock exchange, or requirement or order of a government sector, court, arbitration institution or other regulatory authorities;
or (c) such information is disclosed by either Party to its legal or financial adviser or other professional advisors in connection with
the transactions stated herein and such legal or financial adviser or other professional advisors shall be subject to the duty of confidentiality
similar to this Article. The disclosure of any confidential information by any staff or organization employed by either party shall be
deemed as the disclosure of such confidential information by such party, and such party shall be held legally liable for any breach of
the Agreement. The Parties agree that the Article shall remain in force and effect regardless of whether the Agreement is invalid, or
modified, dissolved or terminated for any reason, or rendered inoperable.

 

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		7.	Applicable Law, Dispute
Resolution and Change of Law

 

		7.1	The execution, effectiveness, interpretation, performance, amendment and termination of the Agreement
and the resolution of disputes hereunder shall be governed by the officially published and publicly available laws of the PRC. Matters
not covered in the officially published and publicly available laws of the PRC shall be governed by the principles and practices of international
law.

 

		7.2	Any dispute arising out of the interpretation and performance of the Agreement shall be solved by the
Parties through friendly consultation. In case no settlement can be reached within 30 days after either Party requests to resolve the
dispute through consultation, the dispute may be submitted to PRC International Economic and Trade Arbitration Commission (CIETAC) for
arbitration by either Party in accordance with the arbitration rules of CIETAC then effective. The arbitration shall take place in Beijing.
The arbitration proceedings shall be conducted in Chinese. The arbitration award shall be final and binding on all Parties.

 

		7.3	In case of any dispute arising out of the interpretation and performance of the Agreement, or any pending
arbitration, the Parties hereto shall continue to exercise their rights and perform their obligations hereunder, except for the matters
in dispute.

 

		7.4	If, at any time after the execution of the Agreement, any PRC laws, regulations or rules are promulgated
or changed, or the interpretation or application of such laws, regulations or rules is changed, the following provisions shall apply:
(a) If the change of laws or newly enacted regulations is more favorable to either party than the relevant laws, regulations, decrees
or regulations in force as of the date of the Agreement (without significant adverse effect to the other parties), the Parties shall timely
modify the Agreement to benefit from such change or new provision; Or, the Parties shall promptly apply for benefits arising from such
change or new provision. The Parties shall do their best to obtain approval for such application; (b) If the economic interests of either
party hereunder are materially and adversely affected, directly or indirectly, by such legal changes or newly enacted provisions, the
Parties shall use all lawful means to obtain an exemption from compliance with such changes or provisions and use their best efforts to
continue the execution of the Agreement in accordance with its original terms. If the adverse impact on the economic interests of either
party cannot be resolved in accordance with the provisions of the Agreement, the parties shall, after the affected party notifies the
other parties, negotiate in time and make all necessary amendments to the Agreement as permitted by PRC laws to maintain the economic
interests of the affected party hereunder; And (c)If any of the aforesaid legal changes or newly enacted provisions render the existence
or performance of the terms of the Agreement illegal or contrary to such PRC laws, the Parties shall use their best efforts and, as required
by Party B, immediately take all actions, as far as practicable, necessary to maintain the validity of the Agreement or to realize the
intent and purpose of the Agreement in an appropriate, enforceable and most similar manner.

 

		7.5	Subject to the provisions of PRC laws, the arbitral tribunal may order indemnity, injunctive relief (including
but not limited to for the purpose of conducting business or for the purpose of forcible transfer of assets) or liquidation of the Client
in respect of the equity interest or property interest. After the arbitration award takes effect, either Party shall be entitled to apply
to a competent court for enforcement of the arbitration award. Subject to the provisions of PRC laws, upon the request of a disputing
party, the court with jurisdiction shall be entitled to provide temporary relief measures to the disputing party while waiting for the
formation of the arbitration tribunal or under other appropriate circumstances permitted by law as a property preservation or enforcement
measure. Subject to the provisions of PRC laws, (i) Hong Kong, (ii) Cayman Islands, and (iii) the place of incorporation of the Operating
Entity (that is, Beijing, PRC); And (iv) the court where the Ultimate Controlling Shareholder or the principal assets of the Operating
Entity are located has jurisdiction over the aforesaid purposes.

 

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		8.	Assignment

 

		8.1	The Shareholders or the Operating Entity shall not transfer its rights and obligations hereunder to any
third party without the written consent of the Trustees.

 

		8.2	Jianzhi Beijing shall be entitled, in its sole discretion, to sub-delegate or transfer the rights authorized
by the Clients to its directors, managers or other employees without prior notice or consent from the Clients.

 

		9.	Revision, Modification
and Supplementation

 

		9.1	Any revision, modification and supplementation hereto shall be signed by the Parties in written agreement.

 

		9.2	The Parties shall amend the Agreement accordingly in the event of any suggestion by the Stock Exchange
of Hong Kong Limited or other regulatory authorities or exchanges to amend the Agreement, or any change in the rules or requirements relating
to the listing of securities of the Stock Exchange of Hong Kong Limited in connection with the Agreement.

 

		10.	Survival

 

		10.1	Any obligation arising under the Agreement or becoming due prior to the expiration or early termination
of the Agreement shall survive the expiration or early termination hereof.

 

		10.2	The provisions of Article 5, Article 7 and Article 10 hereof shall survive the termination of the Agreement.

 

		11.	Miscellaneous

 

		11.1	The Agreement is written in Chinese and is made out in eighteen (18) originals, with each Party holding
one (1) original and the remaining originals kept by Jianzhi Beijing for future use. Each original shall be equally authentic.

 

		11.2	The Agreement shall be binding upon the legal assigns and successors of the Parties hereto.

 

		11.3	Except for the written revision, supplementation or modification made after the execution hereof, the
Agreement shall constitute the entire Agreement between the Parties with respect to the subject matter hereof and supersede any and all
previous oral or written consultations, representations and contracts between them with respect to the subject matter hereof.

 

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Voting Rights Proxy Agreement)

 

Beijing Rongde Times Investment Management Co., Ltd. 

 

	By:	/s/ Wang Peixuan	 
	 	Name: Wang Peixuan	 
	 	Title: Legal Representative	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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Voting Rights Proxy Agreement)

 

Beijing Zhongsi Zhida Investment Management Co., Ltd. 

 

	By:	/s/ Li Jingru	 
	 	Name: Li Jingru	 
	 	Title: Legal Representative	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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Voting Rights Proxy Agreement)

 

	By:	/s/ Li Meiliang	 
	 	Name: Li Meiliang	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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Voting Rights Proxy Agreement)

 

	By:	/s/ Li Jinbiao	 
	 	Name: Li Jinbiao	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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Voting Rights Proxy Agreement)

 

Jianzhi Century Technology (Beijing) Co., Ltd. 

 

	By:	/s/ Li Jingru	 
	tn	Name: Li Jingru	 
	 	Title: Legal Representative	 

 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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Voting Rights Proxy Agreement)

 

Beijing Sentu Education Technology Co., Ltd. 

 

	By:	/s/ Wang Peixuan	 
	 	Name: Wang Peixuan	 
	 	Title: Legal Representative	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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Voting Rights Proxy Agreement)

  

	By:	/s/ Wang Peixuan	 
	 	Name: Wang Peixuan	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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Voting Rights Proxy Agreement)

 

	By:	/s/ Zhang Zhige	 
	 	Name: Zhang Zhige	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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signature page of the Voting Rights Proxy Agreement)

 

	By:	/s/ Li Jingru	 
	 	Name: Li Jingru	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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signature page of the Voting Rights Proxy Agreement)

 

	By:	/s/ Lian Yu	 
	 	Name: Lian Yu	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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signature page of the Voting Rights Proxy Agreement)

 

	By:	/s/ Qiu Mingjing	 
	 	Name: Qiu Mingjing	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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signature page of the Voting Rights Proxy Agreement)

  

	By:	/s/ Chen Ling	 
	 	Name: Chen Ling	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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signature page of the Voting Rights Proxy Agreement)

 

	By:	/s/ Huang Zhihai	 
	 	Name: Huang Zhihai	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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signature page of the Voting Rights Proxy Agreement)

  

	By:	/s/ Guo Jianbing	 
	 	Name: Guo Jianbing	 

 

Date of Signing: June 26, 2018

 

     

     

    

 

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signature page of the Voting Rights Proxy Agreement)

  

	By:	/s/ Wu Yuxiao	 
	 	Name: Wu Yuxiao	 

 

Date of Signing: June 26, 2018Exhibit 10.4

 

Equity Pledge Agreement

 

The Equity Pledge Agreement (hereinafter referred
to as the “Agreement”) is made and entered into by the following parties in Beijing on June 26, 2018:

 

Jianzhi Century
Technology (Beijing) Co., Ltd., a limited liability company established and existing in accordance with the laws of PRC, with a unified
social credit code of 91110108MA01BGRH2B and its domicile at 27A, 23/F, Building 1, No. A48 Zhichun Road, Haidian District, Beijing, PRC
(hereinafter referred to as the “Pledgee”), the ultimate beneficial holder of 100% equity in which is Jianzhi Education
Technology Group Company Limited (hereinafter referred to as the “Ultimate Controlling Shareholder”), a limited liability
company registered and established in Cayman Islands.

 

Beijing Rongde
Times Investment Management Co., Ltd., a limited liability company incorporated and existing in accordance with the laws of PRC, with
a unified social credit code of 9111010855143768XQ and its domicile at B1-D33, No. 15-11 Zhongguancun Street, Haidian District, Beijing,
PRC (hereinafter referred to as “Pledger A”).

 

Beijing Zhongsi Zhida Investment Management
Co., Ltd., a limited liability company established and existing in accordance with the laws of PRC, with its unified social credit
code being 911101083442412115 and its domicile at Suite 340, 3/F Building 1, Shangpinyuan, Baijiatuan Village, Haidian District, Beijing,
PRC (hereinafter referred to as “Pledger B”).

 

Li Meiliang, a natural person of Chinese
nationality, ID Card No.: [***].

 

Li Jinbiao, a natural person of Chinese
nationality, ID Card No.: [***].

 

(Pledger A, Pledger B, Li Meiliang and Li Jinbiao
are hereinafter collectively referred to as the “Pledgers”.)

 

Beijing Sentu
Education Technology Co., Ltd., a company limited by shares established and existing in accordance with the laws of PRC, with a unified
social credit code of 91110108576937402H and its domicile at 27B, Building 1, No. A48 Zhichun Road, Haidian District, Beijing, PRC (hereinafter
referred to as the “Company”).

 

Wang Peixuan, a natural person of Chinese
nationality, ID Card No.: [***].

 

Zhang Zhige, a natural person of Chinese
nationality, ID Card No.: [***].

 

Li Jingru, a natural person of Chinese
nationality, ID Card No.: [***].

 

Lian Yu, a natural person of Chinese nationality,
ID Card No.: [***].

 

Qiu Mingjing, a natural person of Chinese
nationality, ID Card No.: [***].

 

Chen Ling, a natural person of Chinese
nationality, ID Card No.: [***].

 

Huang Zhihai, a natural person of Chinese
nationality, ID Card No.: [***].

 

Guo Jianbing, a natural person of Chinese
nationality, ID Card No.: [***].

 

     

     

    

 

Wu Yuxiao, a natural person of Chinese
nationality, ID Card No.: [***].

 

(Li Meiliang, Li Jinbiao, Wang Peixuan, Zhang
Zhige, Li Jingru, Lian Yu, Qiu Mingjing, Chen Ling, Huang Zhihai, Guo Jianbing and Wu Yuxiao are hereinafter collectively referred to
as “Individual Shareholders”; Wang Peixuan, Zhang Zhige, Li Jingru, Lian Yu, Qiu Mingjing, Chen Ling, Huang Zhihai,
Guo Jianbing and Wu Yuxiao are hereinafter collectively referred to as “Indirect Shareholders”; Indirect Shareholders
and the Pledgers are hereinafter collectively referred to as the “Shareholders”.)

 

In this Agreement, the aforenamed parties shall
be hereinafter referred to respectively as “one party” or collectively as “all parties”.

 

Whereas:

 

	1.	The Pledgers are limited liability companies established and existing validly in accordance with the laws
of PRC or natural persons with full capacity for civil conduct, which and who own 100% of the equity of the Company in total. The Company
is a company limited by shares established and existing validly in Beijing, PRC. The Company acknowledges the respective rights and obligations
of the Pledgers and the Pledgee and agrees to provide any necessary assistance to cause the registration of the pledge.

 

	2.	The Pledgee is a limited liability company registered and existing validly in Beijing, PRC.

 

	3.	The Pledgers have signed or will sign the following agreements:

 

		a)	Exclusive Call Option Agreement signed on June 26, 2018;

		b)	Equity Pledge Agreement signed on June 26, 2018;

		c)	Voting Rights Proxy Agreement signed on June 26, 2018;

		d)	Loan Contract, Counter-guarantee Contract, etc. (if involved).

 

	4.	The Company has signed the following agreements:

 

		a)	Exclusive Business Cooperation Agreement signed on June 26,
2018;

		b)	Exclusive Call Option Agreement signed on June 26, 2018;

		c)	Equity Pledge Agreement signed on June 26, 2018; and

		d)	Voting Rights Proxy Agreement signed on June 26, 2018.

 

	5.	Individual Shareholders have respectively issued a written Individual Registered Shareholders’ Undertakings
(“Individual Registered Shareholders’ Undertakings “) regarding the Agreement and the rights, interests and benefits
they hold directly or indirectly in their operation entities on the signing date of this Agreement to the Board of Directors of the Ultimate
Controlling Shareholder;

 

 

	6.	Indirect Shareholders and the Pledgers agree to pledge all the equity owned by the Pledgers in the Company
as security to guarantee that:

 

		(1)	The Pledgers perform any and all the obligations stipulated in the agreements as listed under the Article
3 above;

		(2)	The Company performs any and all the obligations stipulated in the agreements as listed under the Article
4 above; and

		(3)	The Individual Shareholders perform any and all the obligations as stipulated in the Individual Registered
Shareholders’ Undertakings referred in the Article 5 above.

 

    2

     

    

 

Shareholders (including the Pledgers)
and the Company shall be referred to respectively as an “Obligor” or collectively as the “Obligors”;
all their obligations hereunder, all the direct, indirect and derivative losses, all the losses of predictable profits and interests suffered
by the Pledgee due to any default event (as defined below) of the Pledgers and/or the Company (grounds for the amount of such losses shall
include but be not limited to reasonable commercial plans and profit forecasts of the Pledgee), and all the expenses incurred due to the
Pledgee’s forcing the Pledgers and/or the Company to perform their contractual obligations shall be referred to collectively as
“Secured Liabilities”. Documents as specified in Article 3, 4 and 5 shall referred respectively and collectively as
“Cooperation Series Agreement”.

 

	1.	Definitions

 

Except as otherwise provided herein,
the following words and expressions shall be defined as follows:

 

	1.1	“Pledge” shall refer to the security interest granted to the Pledgee by the Pledgers
according to Article 2 hereof, namely, the right of the Pledgee to be reimbursed with the proceeds from the conversion, auction or sale
of the shares.

 

	1.2	“Equity” shall refer to all equity legally held at present and acquired in the future
by the Pledgers in the Company.

 

	1.3	“Pledge Term” shall refer to the time limit provided in Article 3 hereof.

 

	1.4	“Loan Contract” shall refer to any loan contract, entrusted loan contract or other
funding arrangement signed by any bank with the Pledgers according to the instruction, guarantee or other arrangement of the Pledgee or
the Pledgee’s designee.

 

	1.5	“Counter-guarantee Contract” shall refer to any counter-guarantee contract signed with
the Pledgers by the Pledgee or the Pledgee’s designee for the Pledgers’ providing counter-guarantee to the Pledgee or the
Pledgee’s designee so as for the Pledgee or the Pledgee’s designee to claim compensation from the Pledgers after assuming
the guarantee liabilities under the guarantee contract. For the aforesaid purpose, “Guarantee Contract” shall refer
to any guarantee contract or other similar arrangement signed with the bank by the Pledgee or the Pledgee’s designee to secure that
the Pledgers perform the Loan Contract or other funding agreement signed between the Pledgers and the bank.

 

	1.6	“Default Event” shall refer to any circumstance as listed in Article 7 hereof.

 

	1.7	“Default Notice” shall refer to a notice sent by the Pledgee in accordance with this Agreement
to declare a Default Event.

 

	1.8	“PRC” shall refer to the People’s Republic of China, for the purpose of this
Agreement, not including Special Administrative Region of Hong Kong, the Special Administrative Region of Macau and Taiwan Region.

 

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	1.9	“Cooperation Series Agreement” shall be as defined in the “Whereas” part
hereof.

 

	1.10	“Obligor” shall be as defined in the “Whereas” part hereof.

 

	1.11	“Secured Liabilities” shall be as defined in the “Whereas” part hereof.

 

	2.	Pledge

 

	2.1	As the collateral security for all the Obligors to fulfill any and all the Secured Liabilities under the
Cooperation Series Agreement instantly and completely, the Pledgers hereby pledge the 100% equity in the Company held by them (including
the 100% equity in the Company held by the Pledgers at present and all the equity interests related thereto) to the Pledgee in the way
of first priority pledge.

 

	2.2	All parties understand and agree that currency valuations arising from or related to the Secured Liabilities
as of the closing date (defined as below) are changing and fluctuating valuations.

 

	2.3	In case of any of the following events (“Closing Causes”), the value of the Secured
Liabilities shall be determined as the total amount of the Secured Liabilities due and outstanding to the Pledgee on the day of occurrence
of the Closing Cause or on the nearest day before the occurrence of the Closing Cause (“Determined Labilities”):

 

(a) Any
Cooperation Series Agreement matures or terminates according to the related agreement thereunder;

 

(b) Any
Default Event as provided in Article 7 hereof occurs and is unsolved, resulting that the Pledgee serves a Default Notice to the Pledgers
according to Article 7.3 hereof;

 

(c) The
Pledgee deems the Pledgers and/or the Company have become insolvent or may be placed in a state of insolvency on reasonable grounds through
appropriate investigation; or

 

(d) Any
other event under which the Secured Labilities shall be determined in accordance with related PRC laws and regulations.

 

	2.4	For avoidance of any doubt, the occurrence date of the Closing Cause shall be the closing date (“Closing
Date”). The Pledgee shall have the right to realize the Pledge at its option according to Article 8 on or after the Closing
Date.

 

	2.5	Within the Pledge Term, the Pledgee shall have the right to receive any dividend or other distributable
profits arising from the Equity. With the prior written consent of the Pledgee, the Pledgers may receive dividends or bonuses in respect
of the Equity. The dividends or bonuses received by the Pledgor due to the Equity, after deducting the taxes payable or withheld by the
Pledgor according to the applicable PRC laws, shall be (a) deposited into the bank account designated by the Pledgee for the Pledgee’s
supervision and use for securing contractual obligations and paying off the Secured Liabilities first; or (b) on premise of not violating
PRC laws, transferred to the Pledgee or the Pledgee’s designee unconditionally.

 

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	3.	Pledge Term

 

	3.1	The Pledge shall take effect as of the day when it is registered and established at the industrial and
commercial administration department (“Registration Authority”) in the local place of the Company, and the term of
the said Pledge (“Pledge Term”) shall last until the last sum of Secured Liabilities secured by the Pledge is paid
off or fulfilled. All parties agree that the Pledgers and the Pledgee shall immediately file for establishment and registration of equity
pledge to the Registration Authority in accordance with the Measures for Registration of Equity Pledge of Industrial and Commercial
Administrations immediately after this Agreement is signed (not later than the 20th day after the signing date of this
Agreement at any circumstance). All parties further agree that they shall complete all the formalities for registration of equity pledge
and obtain the registration notice issued by the Registration Authority, and have the Registration Authority record the equity pledge
issues on the equity pledge register completely and accurately within fifteen (15) days as of the day when the Registration Authority
accepts the application for registration of equity pledge formally. The Company acknowledges the respective rights and obligations of
the Pledgers and the Pledgee under this Agreement and agrees to provide any necessary assistance to cause the registration of the said
Pledge done.

 

	3.2	If, within the Pledge Term, an Obligor fails to perform any Secured Liabilities under the Cooperation
Series Agreement, the Pledgee shall have the right but be not obliged to dispose of the Pledge according to the provisions hereof.

 

	4.	Storage of Record of Equity Subject to Pledge

 

	4.1	Within the Pledge Term, the Pledgers shall deliver the originals of the equity contribution certificate,
the register of shareholders recording equity and other documents required reasonably by the Pledgee (including but not limited to the
equity registration notice issued by the Registration Authority) to the Pledgee for storage within one week as of the registration and
establishment of the Equity. The Pledgee shall safekeep the said documents within the whole Pledge Term.

	5.	Representations and Warranties of the Shareholders (Including the Pledgers) and the Company

 

The Shareholders (including the Pledgers)
hereby make the following representations and warranties to the Pledgee:

 

	5.1	The Pledgers are the only legal owners and beneficiaries of the Equity; except for being subject to any
agreement signed additionally by the Pledgers and the Pledgee, the Pledgers have legal, complete and full ownership of the Equity and
there is no dispute concerning the said ownership of the Equity. The Pledgers have the right to dispose of the Equity and any part thereof
and the legal power and ability to enter into this Agreement and undertake legal obligations pursuant to this Agreement.

 

		5.2	The Equity may be pledged and transferred in accordance with the law, and the Pledgers shall have full
right and authority to pledge the Equity to the Pledgee in accordance with the provisions of this Agreement

 

	5.3	This Agreement, when duly signed by the Pledgers, shall constitute legal, valid and binding obligations
to the Pledgers.

 

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	5.4	The consent, permission, waiver or authorization of any third party, the approval, permit or exemption
of any governmental authority, or the formalities for registration or filing with any governmental authority (if required by law) required
for the execution and performance of this Agreement and the pledge of the Equity hereunder have been obtained or made and will remain
in full force and effect during the valid term of this Agreement

 

	5.5	The Pledge hereunder shall constitute a first-order security interest in the Equity.

 

	5.6	All the taxes and dues payable for acquirement of the Equity have been paid off by the Pledgers.

 

	5.7	The Pledgee shall have the right to dispose of and transfer the Equity pursuant to the provisions hereof.

 

	5.8	Apart from the Cooperation Series Agreement, the Pledgers have no security interest in or other encumbrance
on the Equity, and the ownership of the Equity is not subject to any dispute, seizure or other legal proceedings or similar threats and
may be pledged and transferred in accordance with applicable laws.

 

	5.9	The Pledgers’ execution of this Agreement, exercise of their rights hereunder or performance of
their obligations hereunder shall not violate any law or regulation, any agreement or contract to which any Pledger is a party, or any
commitment made by the Pledgers to any third party.

 

	5.10	All the documents, data, statements, credentials, etc. provided by the Pledgers to the Pledgee are accurate,
authentic, complete and valid.

 

	5.11	The Pledgers hereby warrant to the Pledgee that the above representations and warranties will be true
and accurate and be fully complied with at any time and under any circumstances before the contractual obligations are fully performed
or the Secured Liabilities are fully discharged.

 

	5.12	In case any Individual Shareholder is deceased or incapable or has any other circumstance which may affect
its holding or exercising the Equity of the Pledgers and the Company held indirectly by it (including divorce, bankruptcy, etc.), (i)
any successor of the said Individual Shareholder or (ii) any natural person or organization designated by the Pledgee (“Designated
Transferee”) according to the Individual Registered Shareholders’ Undertakings signed by the said Individual Shareholder shall
be deemed to be a party to this Agreement, who shall undertake all the rights and obligations of the said Individual Shareholder hereunder.
If there is any inheritance or any equity transfer under the Individual Registered Shareholders’ Undertakings, the Shareholders
shall handle all the necessary formalities and take all necessary actions to facilitate the required government approvals (if applicable)
to be obtained for such equity transfer.

 

The Company hereby makes the following
representations and warranties to the Pledgee:

 

	5.13	The Company is a company limited by shares registered, established and existing legally according to PRC
laws and it has the independent qualification as a legal person and the full and independent legal status and capacity to sign, deliver
and perform this Agreement.

 

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	5.14	All the reports, documents and information related to the Equity and all the issues required herein provided
to the Pledgee by the Company before this Agreement takes effect are authentic and accurate in all material aspects at the time when this
Agreement takes effect, and all the reports, documents and information related to the Equity and all the issues required herein provided
by the Pledgee after this Agreement takes effect are authentic and accurate in all material aspects when provided.

 

	5.15	This Agreement, after being duly signed by the Company, shall constitute legal, valid and binding obligations
to the Company.

 

	5.16	The Company has the full internal power and authority to execute and deliver this Agreement and all other
documents relating to the transaction herein, and has full power and authority to complete the said transaction.

 

	5.17	There is no material security interest in or any other material encumbrance on the assets owned by the
Company that may affect the Pledgee’s rights and interests in the Equity (including but not limited to the transfer of any intellectual
property right or any asset valuing more than CNY100,000 of the Company, or any encumbrance or burden of right to use attached to said
asset, except those disclosed to the Pledgee).

 

	5.18	Without the prior written consent of the Pledgee, the Company shall not and shall cause its affiliated
wholly-owned or controlled subsidiaries not to have, inherit, promise or permit the existence of any liability, except those liabilities
(i) accruing during normal business processes and not by loaning; and (ii) having been disclosed to and consented in writing by the Pledgee.

 

	5.19	The Company has always been operating all its business in normal business processes to maintain its asset
value, refraining from any action or inaction that may affect its operation status or asset value and urging its affiliated wholly-owned
or control subsidiaries to act in the same way.

 

	5.20	There isn’t any pending or, to the knowledge of the Company, any threatening litigation, arbitration
or other legal procedure against the Equity, the Company or its assets in any court or arbitral tribunal, or any pending or, to the knowledge
of the Company, any threatening administrative procedure or penalty against the Equity, the Company or its assets in any government organ
or authority, which may have material or adverse influences on the economic status of the Company or the Pledgers’ ability to perform
their obligations and guarantee liabilities hereunder.

 

	5.21	The Company hereby agrees to assume joint and several liabilities to the Pledgee with respect to the representations
and warranties made by the Pledgers hereunder.

 

	5.22	The Company hereby warrants to the Pledgee that the representations and warranties above will remain true
and accurate and be complied completely with at any time and in any circumstance before the obligations herein have been fully performed
or the Secured Liabilities have been discharged.

 

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	6.	Warranties and Further Agreements of the Company and the Shareholders (including the Pledgers)

 

The Shareholders (including
the Pledgers) hereby make the following warranties and further agreements:

 

	6.1	Within the valid term of this Agreement, the Shareholders (including the Pledgers) hereby warrants to
the Pledgee that:

 

		6.1.1	The Pledgers shan’t transfer or allow others to transfer the Equity in full or in part or set or
allow the existence of any security interest or other encumbrance which may affect the Pledgee’s rights or interests in the Equity
without the prior written consent of the Pledgee except for the performance of the Cooperation Series Agreement;

 

		6.1.2	The Pledgers shall comply with the provisions of all laws and regulations applicable to pledge of rights
and, within 5 days after receiving any notice, order or suggestion issued or formulated by the competent authority (or any other related
parties) with respect to the Pledge, present the said notice, order or suggestion to the Pledgee, comply with the said notice, order or
suggestion or propose any opposition or statement regarding the said issues upon the reasonable request of the Pledgee or with the consent
of the Pledgee;

 

		6.1.3	The Pledgers shall notify the Pledgee immediately of any event or any notice received by the Pledgers
that may affect the Pledgee’s rights in the Equity or any part thereof, or any event or any notice received by the Pledgers that
may affect any warranty made by or other obligations of the Pledgers arising herefrom, and shall take all measures to guarantee the Pledgee’s
pledge rights in the Equity based on the reasonable requirements of the Pledgee.

 

	6.2	The Shareholders (including the Pledgers) agree that the rights in the Equity obtained by the Pledgee
hereunder shan’t be interrupted or hindered by the Pledgers, any successor or representative of the Pledgers or any other person
through any legal procedure.

 

	6.3	To protect or perfect the security interest granted for the performance of the obligations hereunder,
the Shareholders (including the Pledgers) hereby promise that they will sign sincerely and urge any other party holding any interest in
the Pledge concerned to sign all the certificates, agreements, deeds and/or commitments as required by the Pledgee. The Shareholders (including
the Pledgers) also promise that they will and will urge any other party holding any interest in the Pledge concerned to take the actions
as required by the Pledgee, they will facilitate the Pledgee’s exercise of the rights and authorizations granted to the Pledgee
hereunder, and it will sign all the related documents with respect to the ownership of the Equity with the Pledgee or the Pledgee’s
designee (natural person/legal person). The Shareholders (including the Pledgers) promise that they will provide all the notices, orders
and decisions regarding the Equity as required by the Pledgee within a reasonable period.

 

	6.4	The Shareholders (including the Pledgers) hereby promise to the Pledgee that they will comply with and
fulfill all the representations, warranties, agreements, statements and conditions hereunder. If the Pledgers fail to perform or perform
in part their representations, warranties, agreements, statements and conditions, the Shareholders (including the Pledgers) shall compensate
the Pledgee for all the losses hence caused.

 

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	6.5	If the Equity pledged hereunder receives any compulsory measure implemented by the court or any other
government authority for any reason, the Pledgers shall make all efforts to terminate such compulsory measure taken by the court or any
other authority on the Equity by, including but not limited to, providing other warranties to the court or taking other measures.

 

	6.6	If there is any possibility of decrease in value of the Equity which may harm the rights of the Pledgee,
the Pledgee may require the Pledgers to provide additional mortgage or guarantee, or if the Pledgers fail to provide the said mortgage
or guarantee, the Pledgee may auction or sell the Equity at any time and use the amount hence obtained to pay off the Secured Liabilities
in advance or for deposit; all the expenses incurred therefrom shall be borne by the Pledgers.

 

	6.7	Without the prior written consent of the Pledgee, the Pledgers and/or the Company shan’t, by themselves
(or assist any other party to), increase, decrease or transfer or set any encumbrance on the registered capital (including the Equity)
of the Company (or their amount of contribution to the Company). On premise of compliance with this provision, the Equity in the Company
registered or obtained after the date of this Agreement shall be referred to as “Additional Equity”. The Shareholders
(including the Pledgers) and the Company shall sign a supplementary equity pledge agreement with respect to the Additional Equity with
the Pledgee and urge the Board of Directors and the Board of Shareholders of the Company to approve such supplementary equity pledge agreement
immediately after the Pledgers obtain the Additional Equity and shall also provide all the documents required for the supplementary equity
pledge agreement to the Pledgee, including but not limited to: (a) the original contribution certificate of shareholder with respect to
the Additional Equity issued by the Company; and (b) the verified hard copy of the capital verification report with respect to the Additional
Equity issued by a Chinese certified public accountant. The Pledgers and the Company shall handle the registration of pledge establishment
for the Additional Equity according to the provisions in Article 3.1 hereof.

 

	6.8	Unless a prior contrary instruction is issued by the Pledgee in writing, the Shareholders (including the
Pledgers) and/or the Company agree that if any transfer of the Equity in full or in part occurs between the Pledgers and any third party
(“Equity Transferee”) in breach of this Agreement, the Shareholders (including the Pledgers) and/or the Company shall ensure
that the Transferee acknowledges the Pledge unconditionally and fulfill all the necessary formalities for registration of change in pledge
(including but not limited to signing related documents) to guarantee the existence of the Pledge.

 

The Company hereby makes the
following commitments and further agreements:

 

	6.9	If the consent, approval, waiver or authorization of any third party or the approval, permit or exemption
of any government authority needs to be obtained or any formality for registration or recording (if necessary according to the law) needs
to be handled at any government authority for the execution and performance of this Agreement and the pledge of the Equity hereunder,
the Company shall make all efforts to assist in the obtainment of them and the maintenance of their sufficient validity within the valid
term of this Agreement.

 

    9

     

    

 

	6.10	Without the prior written consent of the Pledgee, the Company shall not and shall cause its affiliated
wholly-owned or controlled subsidiaries not to provide any loan or credit or guarantee of any form to any person or entity and shall not
assist or allow the Pledgers to transfer the Equity.

 

	6.11	The Company agrees to comply strictly with the obligations provided under Article 6.7 and 6.8 hereof together
with the Pledgers.

 

	6.12	Without the prior written consent of the Pledgee, the Company shall not and shall cause its affiliated
wholly-owned or controlled subsidiaries not to transfer their assets or set on their assets or allow the existence of any security interest
or any other encumbrance that may affect the Pledgee’s rights and interests in the Equity (including but not limited to the transfer
of any intellectual property right or any asset valuing more than CNY 100,000 of the Company, or any encumbrance or burden of right to
use attached to said assets, except those disclosed to the Pledgee).

 

	6.13	In case of any legal litigation, arbitration or other claims which may adversely affect the interests
of the Company, the Equity or the Pledgee under the Cooperation Series Agreement and this Agreement, the Company warrants that it shall
notify the Pledgee timely and as soon as possible and take all necessary measures as reasonably required by the Pledgee to guarantee the
Pledgee’s security interest in the Equity.

 

	6.14	The Company shall not and shall cause its affiliated wholly-owned or controlled subsidiaries not to conduct
or permit any behavior or action which may adversely affect the interests or Equity of the Pledgee under the Cooperation Series Agreement
and this Agreement.

 

	6.15	The Company shall provide the consolidated financial statements for the preceding Gregorian calendar quarter
to the Pledgee within the first month of each Gregorian calendar quarter, including but not limited to consolidated balance sheet, consolidated
income statement and consolidated cash flow statement. The Company shall provide the audited consolidated financial statements for the
fiscal year of the Company to the Pledgee within 90 days as of the end of each fiscal year, and such consolidated financial statements
shall be audited and certified by an independent certified public accountant approved by the Pledgee.

 

	6.16	The Company warrants that it shall take all necessary actions and sign all necessary documents based on
the reasonable requirements of the Pledgee to guarantee the Pledgee’s security interest in the Equity and the exercise and realization
of the said security interest.

 

	6.17	If any transfer of Equity should arise due to the exercise of the Pledge hereunder, the Company warrants
that it shall take all measures to complete such transfer.

 

    10

     

    

 

	7.	Default Events

 

	7.1	The following circumstances shall be deemed as Default Events:

 

		7.1.1	Any Obligor fails to perform any Secured Liabilities under the Cooperation Series Agreement completely
or instantly;

		7.1.2	Any representation or warranty made by the Shareholders in Article 5 hereof includes any gross misrepresentation
or error and/or any Shareholder violates any warranty made in Article 5 hereof;

		7.1.3	The Shareholders and the Company fail to complete the registration of equity pledge at the Registration
Authority according to the provisions in Article 3.1;

 

		7.1.4	The Shareholders or the Company violates any provision hereof;

		7.1.5	Except as provided expressly in Article 6.1.1, the Pledgers transfers or intends to transfer or waiver
the Equity, or assigns the Equity without the written consent of the Pledgee;

		7.1.6	The loans from or the warranties, indemnities, commitments or other liabilities to any third party of
the Pledgers (1) are required to be paid off or performed ahead of schedule due to the Pledgers’ breach of contract; or (2) have
matured yet can’t be paid off or performed on schedule;

 

		7.1.7	Any approval, license, permit or authorization given by the related government authority which makes this
Agreement enforceable, legal and effective is revoked, terminated, invalidated or changed materially;

 

		7.1.8	An applicable law is published, making this Agreement illegal or disabling the Shareholders to continue
performing their obligations hereunder;

 

		7.1.9	The Pledgee deems that the Pledgers’ ability to perform its obligations hereunder has been affected
on the ground of any adverse change to the properties owned by the Pledgers;

		7.1.10	The Company’s successor or trustee can only perform in part or refuses to perform any obligation
under the Cooperation Series Agreement; and

 

		7.1.11	Any other circumstance where the Pledgee can’t or may be not able to exercise its rights with respect
to the Pledge.

 

	7.2	The Pledgers or the Company shall notify the Pledgee in writing immediately after they are informed of
or find any circumstance as set forth in Article 7.1 or the occurrence of any event that may lead to the said circumstance.

 

	7.3	Unless the Default Events as listed in Article 7.1 hereof have been settled successfully to the satisfaction
of the Pledgee within thirty (30) days as of the notifying date of the Pledgee, the Pledgee may issue a Default Notice requiring the Pledgers
to pay any amount due under the Cooperation Series Agreement and/or dispose of the Pledge according to Article 8 hereof immediately when
or after the Default Event occurs.

 

	8.	Exercise of Pledge

 

	8.1	The Pledgers shan’t transfer the Equity without the written consent of the Pledgee before the Cooperation
Series Agreement are completely performed and the amount due as provided in the Cooperation Series Agreement is repaid in full.

 

    11

     

    

 

	8.2	The Pledgee may issue a Default Notice to the Pledgers when it exercises the Pledge.

 

	8.3	Subject to the provision in Article 7.3, the Pledgee may exercise its right to enforce the Pledge at the
time when it sends out the Default Notice according to Article 7.2 or thereafter. Once the Pledgee chooses to enforce the Pledge, the
Pledgers shall cease to own any right or interest related to the Equity.

 

	8.4	When any Default Event occurs, the Pledgee shall have the right to dispose of the pledged Equity in accordance
with applicable laws within the scope of permission; If there is still any amount remaining after the entire amount received from the
Pledgee’s exercise of its Pledge is used to pay off the Secured Liabilities, the remaining amount shall be paid to the Pledgers
or any other person who shall be entitled to such remaining amount (with no interest accruing), and where permitted by Chinese laws, the
Pledgers or the person entitled to such remaining amount shall return the entire remaining amount they receive to the Pledgee.

 

	8.5	When the Pledgee disposes of the Pledge in accordance with this Agreement, the Shareholders and the Company
shall provide necessary assistance to enable the Pledgee to enforce the Pledge pursuant to this Agreement.

 

	8.6	Actual expenses, taxes, legal fares, etc. related to the establishment of the equity pledge hereunder
and the realization of the Pledgee’s rights shall be borne by the Pledgers, except those as provided by law to be borne by the Pledgee.

 

	9.	Transfer

 

	9.1	Without the prior written consent of the Pledgee, the Shareholders and the Company shall have no right
to transfer or delegate their rights and obligations hereunder.

 

	9.2	The Agreement shall be binding on the Shareholders and their successors and approved transferees and shall
be effective for the Pledgee and each successor and transferee of it.

 

	9.3	The Pledgee may, at any time, transfer any and all of its rights and obligations under this Agreement
and the Cooperation Series Agreement to its designee (natural person/legal person/partnership or other organ), in which case, the transferee
shall be entitled to and assume the rights and obligations hereunder as if it is an original party hereto. When the Pledgee transfers
its rights and obligations under this Agreement or the Cooperation Series Agreement, the Shareholders and the Company shall sign related
agreements or any other document related to such transfer upon the request of the Pledgee.

 

	9.4	If any change of the Pledgee is caused by any transfer, the Shareholders and the Company, upon the request
of the Pledgee, shall sign a new pledge agreement on the same terms and conditions with those hereof with the new pledgee and handle registration
of pledge upon the request of the Pledgee.

 

	9.5	All Obligors shall comply strictly with the Agreement and the provisions of any other contract signed
by all parties or one party hereto jointly or independently, including the Cooperation Series Agreement, and perform their obligations
under this Agreement and other contracts and shall not conduct any action/inaction that may affect the validity and enforceability of
this Agreement or other contracts. Unless as instructed by the Pledgee in writing, the Shareholders shan’t exercise any of its remaining
right to the Equity pledged hereunder.

 

    12

     

    

 

	10.	Termination

 

After the Cooperation Series Agreement
is fully performed and the amount due thereunder is paid in full, and after the Secured Liabilities of all Obligors under the Cooperation
Series Agreement terminate, this Agreement shall terminate, and the Pledgee shall terminate the equity pledge hereunder and cooperate
with the Pledgers in cancelling the registration in the Company’s Register of Shareholders and at the registration authority as
soon as possible within the reasonable and practically feasible scope, with the reasonable costs arising from the cancelation of the equity
pledge to be borne by the Pledgers.

 

	11.	Handling Fees and Other Charges

 

Except as otherwise agreed or required
by applicable laws, all the fees and actual expenses related hereto, including but not limited to legal costs, stamp duty and any other
taxes and expenses, shall be borne by the Company.

 

	12.	Confidentiality 

 

All parties further agree and confirm
that any oral or written material provided and/or exchanged with respect to this Agreement shall be confidential, which each party shall
keep confidential of and never disclose to any third party except in the following circumstances: (a) such material has been or will be
known to the public (not for the disclosure of the receiving Party); (b) the material is disclosed in accordance with applicable laws
or the rules or provisions of any security exchange or the requirements or orders of any government authority, court, arbitral organ or
other supervisory institution; or (c) any party discloses the material to its legal advisor, financial advisor or other professional consultant
with respect to the transaction as provided herein, in which case, the said legal advisor, financial adviser or professional consultant
shall be subject to similar confidential obligation to that set forth in this Article. The disclosure of any confidential material by
any working personnel or organ hired by any party shall be deemed as having been made by the said party, for which the said party shall
assume legal responsibilities for breach of this Agreement. The Parties agree that the Article shall remain in force and effect regardless
of whether the Agreement is invalid, or modified, dissolved or terminated for any reason, or rendered inoperable.

 

	13.	Applicable Laws, Settlement of Disputes and Modification of Laws 

 

	13.1	The execution, effectiveness, interpretation, performance, amendment and termination of the Agreement
and the resolution of disputes hereunder shall be governed by the officially published and publicly available laws of the PRC. Matters
not covered in the officially published and publicly available laws of the PRC shall be governed by the principles and practices of international
law.

 

    13

     

    

 

	13.2	Any dispute arising out of the interpretation and performance of the Agreement shall be solved by the
Parties through friendly consultation first. In case no settlement can be reached within 30 days after either Party requests the other
Parties to resolve the dispute through consultation, the dispute may be submitted to China International Economic and Trade Arbitration
Commission (CIETAC) for arbitration by either Party in accordance with the arbitration rules of CIETAC then effective. The arbitration
shall take place in Beijing. The arbitration proceedings shall be conducted in Chinese. The arbitration award shall be final and binding
on all Parties.

 

	13.3	In case of any dispute arising out of the interpretation and performance of the Agreement, or any pending
arbitration, the Parties hereto shall continue to exercise their rights and perform their obligations hereunder, except for the matters
in dispute.

 

	13.4	If, at any time after the execution of the Agreement, any PRC laws, regulations or rules are promulgated
or changed, or the interpretation or application of such laws, regulations or rules is changed, the following provisions shall apply:
(a) if the change of laws or newly enacted regulations is more favorable to either party than the relevant laws, regulations, decrees
or regulations in force as of the date of the Agreement (without significant adverse effect to the other parties), the Parties shall timely
modify the Agreement to benefit from such change or new provision; or, the Parties shall promptly apply for benefits arising from such
change or new provision. The Parties shall do their best to obtain approval for such application; (b) if the economic interests of either
party hereunder are materially and adversely affected, directly or indirectly, by such legal changes or newly enacted provisions, the
Parties shall use all lawful means to obtain an exemption from compliance with such changes or provisions and use their best efforts to
continue the execution of the Agreement in accordance with its original terms. If the adverse impact on the economic interests of either
party cannot be resolved in accordance with the provisions of the Agreement, the parties shall, after the affected party notifies the
other parties, negotiate in time and make all necessary amendments to the Agreement as permitted by PRC laws to maintain the economic
interests of the affected party hereunder; and (c) if any of the aforesaid legal changes or newly enacted provisions render the existence
or performance of the terms of the Agreement illegal or contrary to such PRC laws, the Parties shall use their best efforts and, as required
by Party B, immediately take all actions, as far as practicable, necessary to maintain the validity of the Agreement or to realize the
intent and purpose of the Agreement in an appropriate, enforceable and most similar manner.

 

	13.5	Subject to the provisions of PRC laws, the arbitral tribunal may order indemnity, injunctive relief (including
but not limited to for the purpose of conducting business or for the purpose of forcible transfer of assets) or liquidation of the Parties
in respect of their equity interest or property interest. After the arbitration award takes effect, either Party shall be entitled to
apply to a competent court for enforcement of the arbitration award. Subject to the provisions of PRC laws, upon the request of a disputing
party, the court with jurisdiction shall be entitled to provide temporary relief measures to the disputing party while waiting for the
formation of the arbitration tribunal or under other appropriate circumstances permitted by law as a property preservation or enforcement
measure. Subject to the provisions of PRC laws, (i) Hong Kong, (ii) Cayman Islands, and (iii) the place of incorporation of the Operating
Entity (that is, Beijing, China); and (iv) the court where the Ultimate Controlling Shareholder or the principal assets of the Operating
Entity are located has jurisdiction over the aforesaid purposes.

 

    14

     

    

 

	14.	Notice

 

	14.1	All notices and other communications required or permitted to be given under the Agreement shall be delivered
by hand, registered post with postage prepaid, commercial courier service or fax to the Parties at the following address. Each notice
shall also be confirmed by e-mail. The date on which such notice is deemed as served is determined as follows:

 

		14.1.1	If a notice is given by hand, courier service or registered post with postage prepaid, it shall be deemed
as duly served on the date of delivery or rejection to the designated address set forth in the notice.

		14.1.2	If a notice is sent by fax, it shall be deemed as duly served on the date of successful transmission (as
evidenced by the automatically generated confirmation information of the transmission).

 

	14.2	For the purpose of notifications, the service address of each party shall be as follows:

 

		Company:	Jianzhi Century Technology (Beijing) Co., Ltd.

		Add:	[***]

		Recipient:	[***]

 

		Company:	Beijing Rongde Times Investment Management Co., Ltd.

		Add:	[***]

		Recipient:	[***]

 

		Company:	Beijing Zhongsi Zhida Investment Management Co., Ltd.

		Add:	[***]

		Recipient:	[***]

 

		Company:	Beijing Sentu Education Technology Co., Ltd.

		Add:	[***]

		Recipient:	[***]

 

		Name:	Li Meiliang

		Add:	[***]

 

		Name:	Li Jinbiao

		Add:	[***]

 

		Name:	Wang Peixuan

		Add:	[***]

 

		Name:	Zhang Zhige

		Add:	[***]

 

		Name:	Li Jiru

		Add:	[***]

 

    15

     

    

 

		Name:	Lian Yu

		Add:	[***]

 

		Name:	Qiu Mingjing

		Add:	[***]

 

		Name:	Chen Ling

		Add:	[***]

 

		Name:	Huang Zhihai

		Add:	[***]

 

		Name:	Guo Jianbing

		Add:	[***]

 

		Name:	Wu Yuxiao

		Add:	[***]

 

	14.3	Any party may modify its address for service at any time by sending a notice to the other parties in accordance
with this article.

 

	15.	Severability

 

One or more provisions hereof ruled
to be invalid, illegal or unenforceable in any respect under any law or regulation shall not affect or impair the validity, legality or
enforceability of any other provisions hereof in any respect. The Parties shall endeavor to, through consultations in good faith, replace
the invalid, illegal or unenforceable provisions with such effective provisions as permitted by law and desired by the Parties to the
maximum extent. The economic effects of such effective provisions shall be as similar as possible to those invalid, illegal or unenforceable
provisions.

 

	16.	Successor

 

This Agreement shall be binding on
the respective successor of each party or the transferee allowed by each party.

 

	17.	Continuity of Validity

 

	17.1	Any obligation due or arising from this Agreement before this Agreement expires or terminates ahead of
time shall remain in force after this Agreement expires or terminates ahead of time.

 

	17.2	The obligations provided in Article 13, 14 and 17 shall remain valid after this Agreement terminates.

 

    16

     

    

 

	18.	Waiver

 

Either Party may waive the terms and
conditions hereof, provided that it is made in writing and signed by each and every Party. Under certain circumstances, any waiver by
a Party to the breach of other Parties shall not be construed as a waiver of any other similar breach by any other Parties under other
circumstances.

 

	19.	Amendment, Modification and Supplementation

 

	19.1	Any amendment, modification and supplementation hereto shall be subject to a written agreement signed
by all parties and registered at the relevant government authority (if applicable).

 

	19.2	In case the Stock Exchange of Hong Kong Limited or other regulatory bodies or exchanges suggest any amendment
to this Agreement or the exchange listing rules or related requirements of the Stock Exchange of Hong Kong Limited have any change with
respect to this Agreement, all parties shall make amendments to this Agreement accordingly.

 

	20.	Language

 

This Agreement shall be prepared in English and executed
in eighteen (18) original copies, with each party keeping one (1) copy and the remaining copies to be kept by the Pledgee and with each
copy bearing the same and equal legal effect.

 

[No text below]

 

    17

     

    

 

(No
text in this signature page of this Equity Pledge Agreement.)

 

Jianzhi Century Technology (Beijing) Co., Ltd. 

 

	By:	/s/ Li Jingru	 
	 	Name: 	Li Jingru	 
	 	Title:	Legal Representative	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text in this signature page
of this Equity Pledge Agreement.)

 

Beijing Rongde Times Investment Management Co., Ltd. 

 

	By:	/s/ Wang Peixuan	 
	 	Name: 	Wang Peixuan	 
	 	Title:	Legal Representative	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text in this signature page
of this Equity Pledge Agreement.)

 

Beijing Zhongsi Zhida Investment Management Co., Ltd. 

 

	By:	/s/ Li Jingru	 
	 	Name: 	Li Jingru	 
	 	Title:	Legal Representative	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text in this signature page
of this Equity Pledge Agreement.)

 

	By:	/s/ Li Meiliang	 
	 	Name: 	Li Meiliang	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text in this signature page
of this Equity Pledge Agreement.)

 

	By:	/s/ Li Jinbiao	 
	 	Name: 	Li Jinbiao	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text in this signature page
of this Equity Pledge Agreement.)

 

Beijing Sentu Education Technology Co., Ltd. 

 

	By:	/s/ Wang Peixuan	 
	 	Name: 	Wang Peixuan	 
	 	Title:	Legal Representative	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text in this signature page
of this Equity Pledge Agreement.)

 

	By:	/s/ Wang Peixuan	 
	 	Name: 	Wang Peixuan	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text in this signature page
of this Equity Pledge Agreement.)

 

	By:	/s/ Zhang Zhige	 
	 	Name: 	Zhang Zhige	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text
in this signature page of this Equity Pledge Agreement.)

 

	By:	/s/ Li Jingru	 
	 	Name: 	Li Jingru	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text
in this signature page of this Equity Pledge Agreement.)

 

	By:	/s/ Lian Yu	 
	 	Name: 	Lian Yu	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text
in this signature page of this Equity Pledge Agreement.)

 

	By:	/s/ Qiu Mingjing	 
	 	Name: 	Qiu Mingjing	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text
in this signature page of this Equity Pledge Agreement.)

 

	By:	/s/ Chen Ling	 
	 	Name: 	Chen Ling	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text
in this signature page of this Equity Pledge Agreement.)

 

	By:	/s/ Huang Zhihai	 
	 	Name: 	Huang Zhihai	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text
in this signature page of this Equity Pledge Agreement.)

 

	By:	/s/ Guo Jianbing	 
	 	Name: 	Guo Jianbing	 

 

Signing date: June 26, 2018

 

     

     

    

 

(No text
in this signature page of this Equity Pledge Agreement.)

 

	By:	/s/ Wu Yuxiao	 
	 	Name: 	Wu Yuxiao	 

 

Signing date: June 26, 2018

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