Document:

EX-10.4

 Exhibit 10.4 

The Third Amended and Restated Agreement of Equity Pledge Agreement 

This Third Amended and Restated Agreement of Equity Pledge Agreement (hereinafter referred to as “this Agreement”) is signed
by the following parties on June 20, 2019: 
  

	 	(1)	 Beijing Hongyi Yichuang Information Technology Co., Ltd., a company with limited liability duly incorporated
and validly subsisting under the laws of the People’s Republic of China (solely funded by Taiwan, Hong Kong or Macao legal person), whose registered address is Rooms 1501, 1502 and 1503, 15/F, Building 2, No. 26 Chengtong Street,
Shijingshan District, Beijing City (hereinafter referred to as “Pledgee”); 

  

	 	(2)	 Lai Jinnan; 

  

	 	(3)	 Ding Ning; 

  

	 	(4)	 Zhuhai Dayin Ruoxi Enterprise Management Center (LLP), a limited partnership duly incorporated and validly
subsisting under the laws of the People’s Republic of China, whose registered address is 2/F, No. 76, Santang Village, Hengqin New Area, Zhuhai City (together with Lai Jinnan and Ding Ning, referred to as “Pledgors”).

 Whereas, the Pledgors hold equity in Guangzhou Lizhi Network Technology Co., Ltd. (a domestic-funded company
with limited liability whose registered address is Self-numbered 3-07A, No. 309 Huangpu Avenue Middle, Tianhe District, Guangzhou, hereinafter referred to as “the Company”): 

 

							
	 Shareholders
	  	Contribution amount	  	Shareholding
percentage	 
	 Lai Jinnan
	  	RMB 42.406,926 million	  	 	84.81	% 
	 Ding Ning
	  	RMB 3.75 million	  	 	7.5	% 
	 Zhuhai Dayin Ruoxi Enterprise Management Center (LLP)
	  	RMB 3.843,074 million	  	 	7.69	% 

 Whereas, the Company and the Pledgee signed the Amended and Restated Agreement of Exclusive
Technical Consulting and Management Service Agreement (hereinafter referred to as “Service Agreement”) on 9 June 2017, and the Company, the Pledgee and other relevant parties signed the Second Amended and Restated
Agreement of Business Operation Agreement on June 20, 2019, and the Company, the Pledgors and the Pledgee signed the Fourth Amended and Restated Agreement of Exclusive Equity Transfer Option Agreement on June 20, 2019
(hereinafter collectively referred to as “Master Agreements”), according to the Master Agreements, the Company has the obligations of paying the Pledgee the service fees and relevant interests, liquidated damages and compensations
for other losses incurred to the Pledgee due to the Company’s default (hereinafter referred to as “Secured Obligations”); 

  
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 Whereas, the Pledgors intend to pledge their respective equities in the
Company’s registered capital to the Pledgee as (i) a guarantee for the Company’s fulfilment of the aforesaid Secured Obligations and (ii) a guarantee for fulfilment of all the contractual obligations (hereinafter referred to as
“Contractual Obligations”) by the Pledgors and the Company under the Master Agreements, and the Pledgee is willing to accept the pledge according to the terms and conditions of this Agreement, 

the Pledgors and the Pledgee arrive at the following agreement: 

Article 1 Pledge 
  

	1.1	 Subject matter of pledge 

The subject matter of the pledge guarantee provided by the Pledgors to the Pledgee under this Agreement is the accumulated 100% equity held and
to be held by the Pledgors in the Company’s registered capital and the dividends and bonuses arising from the equity during the term of this Agreement (hereinafter referred to as “Pledged Equity”). In particular: 

Lai Jinnan pledged his equity interest of RMB 42.406,926 million in the Company to the Pledgee; 

Ding Ning pledged his equity interest of RMB 3.75 million in the Company to the Pledgee; 

Zhuhai Dayin Ruoxi Enterprise Management Center (LLP) pledged its equity interest of RMB 3.843,074 million in the Company to the Pledgee.

  

	1.2	 Pledge 

The Pledgors are willing to pledge the aforesaid Pledged Equity as a guarantee for the Company’s fulfilment of the aforesaid Secured
Obligations and a guarantee for fulfilment of Contractual Obligations by the Pledgors and the Company. Each Pledgor agrees that other Pledgors may pledge their equity in the Company to the Pledgee. 

  
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	1.3	 Realization of pledge right 

 

	 	1.3.1	 If (i) the Company fails to fulfil the Secured Obligations according to the Master Agreements or
(ii) the Pledgors or the Company fails to fulfil the Contractual Obligations according to the Master Agreements, the Pledgee may dispose of the Pledged Equity pursuant to the Guarantee Law of the People’s Republic of China and other
relevant laws and regulations and has the right of priority to be paid from the proceeds from the disposal of the Pledged Equity for the Secured Obligations and any other relevant expenditures. The parties agree that the proceeds obtained according
to this article shall be used in the following order: 

  

	 	1)	 payment of all the taxes resulting from disposal of the Pledged Equity; 

 

	 	2)	 repayment of the outstanding secured obligations of the Pledgors; 

 

	 	3)	 if the monies specified in the preceding two paragraphs have been paid and there are no monies payable by the
Pledgors or the Company to the Pledgee, and there still remains some of the proceeds obtained by the Pledgee according to this article, the Pledgee shall return the rest to the Pledgors. 

Therefore, the Pledgors, as shareholders of the Company, agree to waive their right of first refusal and that the Pledgee has the right to buy
the Pledged Equity. 
  

	 	1.3.2	 Unless otherwise approved by the Pledgee in writing after the signing of this Agreement, the pledge under this
Agreement shall be removed only when the Company and the Pledgors have duly fulfilled all of their obligations and liabilities under the Master Agreements and the Pledgee has given written acknowledgement. If the Pledgors still fail to fulfil all or
part of their obligations or liabilities under the Master Agreements upon maturity of the period specified therein, the Pledgee shall still be entitled to the pledge under this Agreement until the aforesaid relevant obligations and liabilities are
fully fulfilled. 

  

	1.4	 Term of pledge 

The pledge shall become effective as from the date when the pledge of the Pledged Equity under this Agreement is registered with the relevant
industrial and commercial administration authority until the Secured Obligations and the Contractual Obligations are fully fulfilled. 

  
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 Article 2 Representations and Warranties 

 

	2.1	 The Pledgors hereby represent and warrant to the Pledgee that: 

 

	 	(1)	 The Pledgors are legal owners of the Pledged Equity and have the right to pledge the Pledged Equity to the
Pledgee; the Pledgee will not encounter any legal or factual obstacle in exercise of the pledge right in the future. 

  

	 	(2)	 The Pledgors have obtained the approvals and authorizations needed for signing this Agreement and this
Agreement is valid and binding on the Pledgors and is executable on the Pledgors based on the terms thereof. 

  

	 	(3)	 Except for the Fourth Amended and Restated Agreement of Exclusive Equity Transfer Option Agreement
signed by the Pledgors on June 20, 2019, the Pledgors’ signing and performance of this Agreement will not lead to their violation of any other agreements to which they are a party or the laws and regulations they shall observe and any
relevant government approvals, permissions or authorizations. 

  

	 	(4)	 Except for the equity purchase option granted by the Pledgors to the Pledgee according to the Fourth Amended
and Restated Agreement of Exclusive Equity Transfer Option Agreement signed on June 20, 2019, the Pledged Equity is not involved in any other secured rights, right of offset or any other similar encumbrances on the date of the signing of
this Agreement. 

  

	 	(5)	 If the board of directors/executive directors of the Pledgee exercise(s) the rights of the Pledgee according to
this Agreement at any time, there shall be no intervention from any other parties, except for judicial or administrative intervention. 

  

	 	(6)	 Save with the prior written consent of the Pledgee, the Pledgors shall not transfer or otherwise dispose of the
Pledged Equity (or any interests therein), and except for the equity purchase option granted by the Pledgors to the Pledgee according to the Fourth Amended and Restated Agreement of Exclusive Equity Transfer Option Agreement signed on
June 20, 2019, and shall not directly or indirectly cause or allow setting of any other encumbrances on the Pledged Equity. 

  

	 	(7)	 Without the prior written consent of the Pledgee, the Pledgors shall not or shall not allow others to make any
changes to the Pledged Equity that may result in decrease of the value of the Pledged Equity (except for performance of the Master Agreements). 

  
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	 	(8)	 There is no ongoing civil, administrative or criminal litigation or administrative penalty or arbitration
relating to the Pledged Equity on the date of the signing of this Agreement. 

  

	 	(9)	 There is no outstanding tax or fee or uncompleted legal proceeding or procedure relating to the Pledged Equity
on the date of the signing of this Agreement. 

  

	 	(10)	 The Pledgors agree to sign an irrevocable proxy form for voting. 

 

	 	(11)	 The Pledgors agree that the Pledgee’s exercise of rights as a pledgee according to the terms of this
Agreement shall not be interrupted or jeopardized by the Pledgors or their successors or transferees or any other persons. 

  

	 	(12)	 The terms of this Agreement are an expression of their true intentions and are legally binding on them. If the
Pledgors do not fulfil or do not fully fulfil their warranties, undertakings, agreements and representations, the Pledgors shall compensate the Pledgee for the actual losses caused by the default. 

The Pledgee hereby represents and warrants that 
  

	 	(1)	 The Pledgee is a wholly foreign-owned enterprise duly incorporated and validly subsisting under the laws of the
People’s Republic of China. 

  

	 	(2)	 The Pledgee has obtained the approvals and authorizations needed for signing this Agreement and this Agreement
is valid and binding on the Pledgee. 

 Article 3 Entry into Force and Term 

 

	3.1	 This Agreement shall take effect from the date of signing by the authorized representatives of the parties. The
pledge under this Agreement shall become effective as from the date when the registration of pledge for the Pledged Equity is completed by the Company’s competent industrial and commercial administration authority. 

 

	3.2	 The parties agree to record the pledge of the Pledged Equity in the register of shareholders of the Company on
the date of the signing of this Agreement. 

  

	3.3	 This Agreement shall terminate after the Master Agreements are terminated according to laws and the Secured
Obligations are fully fulfilled according to the terms and conditions of the Master Agreements. 

  
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 Article 4 Possession and Safekeeping of Pledge Certificate 

 

	4.1	 In the term of pledge specified in this Agreement, the Pledgors shall, as required by the Pledgee, hand in the
certificate (original) of their equity contributions in the Company to the Pledgee for safekeeping within five workdays. The Pledgors shall provide the Pledgee with a proof for due registration of the pledge under this Agreement in the register of
shareholders and have completed all the approval, registration and filing procedures (including but not limited to the procedures for registration of pledge for the Pledged Equity with the Company’s competent industrial and commercial
administration authority) required by the laws of the People’s Republic of China. 

  

	4.2	 If any change in the pledge records needs to be recorded according to laws, the Pledgors shall record the
relevant change within 30 days after the change and complete relevant change registration procedures with the Company’s competent industrial and commercial administration authority. 

 

	4.3	 During the period of equity pledge, the Pledgors shall instruct the Company not to distribute any dividend or
bonus, or adopt any profit distribution scheme; if the Pledgors are entitled to any other monetary benefits apart from the dividend, bonus or other profit distribution schemes, the Pledgors shall, as required by the Pledgee, instruct the Company to
directly remit the relevant monies to the bank account designated by the Pledgee. Without the prior written consent of the Pledgee, the Pledgors shall not use the monies. 

 

	4.4	 If, during the period of equity pledge, the Pledgors obtain any new equity due to the Company’s
implementation of allotment plan for the shareholders or the Pledgors’ capital increase for the Company or for any other reasons, the said new equity shall automatically turn into the Pledged Equity under this Agreement and the Pledgors shall,
after obtaining the new equity, complete all the procedures needed for pledging the said new equity. If the Pledgors fail to complete relevant procedures according to the aforesaid provisions, the Pledgee shall have the right to immediately realize
the pledge according to Article 6 of this Agreement. If anyone of the Pledgors terminates its employment relationship with the Pledgee, the said Pledgor hereby agrees and undertakes to transfer all his equity in the Company to the third party
designated by the Pledgee. After the transfer, the said third party shall bear all the rights and obligations of the transferor under the relevant Master Agreements. The aforesaid undertakings shall be irrevocable during the validity period of this
Agreement. 

  
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 Article 5 Events of Default 

 

	5.1	 All the following events shall be deemed as events of default: 

 

	 	5.1.1	 The Company, or its successor or transferee fails to pay in due time and in full any service fees payable under
the Service Agreement, or the Pledgors or their successors or transferees fail to perform the Business Operation Agreement or the Exclusive Equity Transfer Option Agreement; 

 

	 	5.1.2	 Any representations, warranties or undertakings made by the Pledgors in Article 2 of this Agreement are
materially misleading or wrong, and/or the Pledgors violate the representations, warranties or undertakings in Article 2 of this Agreement; 

  

	 	5.1.3	 The Pledgors seriously violate any terms of this Agreement; 

 

	 	5.1.4	 The Pledgors abandon the Pledged Equity or transfer or otherwise dispose of the Pledged Equity without the
written consent of the Pledgee; 

  

	 	5.1.5	 Any borrowings, guarantees, compensations, undertakings or other debt repayment liabilities of the Pledgors are
required to be repaid or fulfilled in advance due to default or fall due, but cannot be repaid or fulfilled as scheduled, so that the Pledgee deems that the Pledgors’ ability to fulfil their obligations under this Agreement has been affected,
thereby affecting the Pledgee’s interests; 

  

	 	5.1.6	 The Pledgors are unable to repay the general debts or other arrears, thereby affecting the Pledgee’s
interests; 

  

	 	5.1.7	 This Agreement becomes illegal or the Pledgors are unable to continue fulfilling their obligations under this
Agreement due to issue of relevant laws; 

  

	 	5.1.8	 The consents, permissions, approvals or authorizations of any government departments needed for executing or
legalizing or validating this Agreement are revoked, terminated, invalidated or revised substantially; 

  

	 	5.1.9	 Any adverse change in the Pledgors’ property causes the Pledgee to believe that the Pledgors’ ability
to fulfil their obligations under this Agreement has been affected. 

  

	5.2	 If the Pledgors are aware of or find any circumstance mentioned in Article 5.1 above or any event that may lead
to the aforesaid circumstances has occurred, they shall immediately notify the Pledgee in writing. 

  
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	5.3	 Unless the events of default specified in Article 5.1 above are solved to the satisfaction of the Pledgee, the
Pledgee may send a notice of default to the Pledgors in writing at any time after the occurrence of the said events of default to require the Pledgors to immediately pay all the arrears and other monies payable under the Service Agreement, or
promptly perform the Exclusive Equity Transfer Option Agreement or Business Operation Agreement, or exercise the pledge according to Article 6 of this Agreement. 

Article 6 Exercise of the Pledge 
  

	6.1	 The Pledgors shall not transfer or otherwise dispose of the Pledged Equity without the written consent of Party
A before the Secured Obligations are fully repaid and the Contractual Obligations are fully performed. 

  

	6.2	 The Pledgee shall send a notice of default to the Pledgors at the time of exercising the pledge.

  

	6.3	 Subject to the provisions of Article 5.3, the Pledgee may exercise the pledge at the time when the notice of
default is sent in accordance with Article 5.3 or at any time after the notice of default is sent. 

  

	6.4	 The Pledgee is entitled to be compensated in priority by the conversion of all or part of the Pledged Equity
hereunder or from the proceeds from auction or sale of the Pledged Equity in accordance with legal procedures until the outstanding service fees and all other payables under the Service Agreement are repaid in full, and the Exclusive Equity Transfer
Option Agreement and Business Operation Agreement are fully performed. 

  

	6.5	 When the Pledgee exercises the pledge pursuant to this Agreement, the Pledgors shall not set any barriers and
shall provide necessary assistance to enable the Pledgee to realize its pledge. 

 Article 7 Miscellaneous 

 

	7.1	 This Agreement is subordinate to the Master Agreements. Nonetheless, the effect of this Agreement shall not be
affected by the effect of the Master Agreements. 

  

	7.2	 Any amendment, extension, transfer and premature termination of this Agreement shall be subject to the prior
written consent of the Pledgee. 

  

	7.3	 This Agreement and appendixes thereof and transaction documents are complete agreements concluded by respective
parties for the agreed matters to supersede any oral or written exchange opinions or suggestions previously made by respective parties. 

  
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	7.4	 This Agreement shall be governed and interpreted by the issued PRC laws. 

 

	7.5	 Any dispute arising out of or in connection with this Agreement shall preferably be settled by the parties
through friendly negotiation. Should the negotiation fail, either party shall refer such dispute to the Guangzhou Arbitration Commission for arbitration in accordance with its arbitration rules effective at that time. The arbitration shall be
conducted in Chinese. The arbitration award shall be final and binding on the parties. 

  

	7.6	 Within the validity period of this Agreement, the grant of extension/renewal by the Pledgee to the Pledgors for
any breach of or delay in performance of this Agreement shall not affect, damage or restrict any rights and powers of the Pledgee hereunder and vested in the Pledgee as creditor in accordance with relevant laws and regulations, shall not be deemed
as the Pledgee’s consent to the default of the Pledgors, and shall neither constitute a waiver of the Pledgee’s right to pursue the default of the Pledgors in the past nor constitute a waiver of the Pledgee’s right to pursue the
default of the Pledgors in the future. 

  

	7.7	 Save with the prior consent of the Pledgee, the Pledgors has no right to delegate or transfer its rights and
obligations hereunder. This Agreement shall be binding on the Pledgors and their successors and shall be valid to the Pledgee and each of its successors and transferees. The Pledgee may at any time transfer to its designee (natural/legal person) all
or any of its rights and obligations under the Master Agreements. In the said circumstance, the transferee shall have and undertake the Pledgee’s rights and obligations hereunder, as if it were a party to this Agreement. In the event of change
of the Pledgee, new parties to the pledge shall sign a new pledge contract. 

  

	7.8	 The Pledgee shall bear all the fees and actual expenses relating to this Agreement. 

 

	7.9	 The Pledgors and the Pledgee agree that in order to handle the formalities for registration of pledge of the
Pledged Equity, the Pledgors and the Pledgee will sign an equity pledge agreement that meets the requirements of the industrial and commercial administration authority. Any matter concerning the pledge of the equity held by the Pledgors in the
Company’s registered capital to the Pledgee shall be subject to the provisions of this Agreement. 

  

	7.10	 This Agreement shall be rendered in Chinese in six counterparts, with one held by each of the Pledgors and the
Pledgee respectively and the rest held by the Company. 

  
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 The parties hereto have prompted their authorized representatives to sign this Agreement on the date first
written above. 
 [The remainder of this page is intentionally left blank] 

  
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 [This page, containing no text, is the signature page] 

 

			
	 Beijing Hongyi Yichuang Information

Technology Co., Ltd.

	
	 (Seal) /s/ Seal of Beijing Hongyi Yichuang

Information Technology Co., Ltd.

		
	Signature:	 	/s/ Ding Ning
	Name:	 	Ding Ning
	Position:	 	Legal representative

  

									
	Lai Jinnan	 		 	Ding Ning
					
	Signature:	 	 /s/ Lai Jinnan
	 		 	Signature:	 	 /s/ Ding Ning

 

			
	 Zhuhai Dayin Ruoxi Enterprise

Management Center (LLP)

	
	 (Corporate seal) /s/ Seal of Zhuhai Dayin

Ruoxi Enterprise Management Center (LLP)

		
	Signature:	 	/s/ Lai Jinnan
	Name:	 	Lai Jinnan 
	Position:	 	Executive partner

 [Signature page of The Third Amended and Restated Agreement of Equity Pledge Agreement]EX-10.5

 Exhibit 10.5 

The Fourth Amended and Restated Agreement of Exclusive 

Equity Transfer Option Agreement 
 This
Fourth Amended and Restated Agreement of Exclusive Equity Transfer Option Agreement (hereinafter referred to as “this Agreement”) is entered into by the following parties on June 20, 2019: 

 

	1.	 Lai Jinnan, citizen of the People’s Republic of China (PRC); 

 

	2.	 Ding Ning, PRC citizen; 

 

	3.	 Zhuhai Dayin Ruoxi Enterprise Management Center (LLP); 

Registered address: 2/F, No. 76, Santang Village, Hengqin New Area, Zhuhai City 

(The aforesaid parties are individually and collectively referred to as “Existing Shareholders” herein) 

 

	4.	 Beijing Hongyi Yichuang Information Technology Co., Ltd. (hereinafter referred to as “WFOE”)

 Registered address: Rooms 1501, 1502 and 1503, 15/F, Building 2, No. 26 Chengtong Street, Shijingshan District,
Beijing City; 
  

	5.	 Guangzhou Lizhi Network Technology Co., Ltd. (hereinafter referred to as “Domestic-funded
Company”) 

 Registered address: Self-numbered 3-07A, No. 309 Huangpu
Avenue Middle, Tianhe District, Guangzhou City. 
 (In this Agreement, the aforesaid parties may be individually referred to as a “Party”
and collectively referred to as the “Parties”.) 

  

 Whereas: 
  

	(1)	 As of the date of the signing of this Agreement, the shareholder structure of and their respective
shareholdings in the Domestic-funded Company are set out in Annex I. Given the change of the equity structure of the Domestic-funded Company, to continue to realize the rights and interests under the Amended and Restated Agreement of Exclusive
Equity Transfer Option Agreement, the Second Amended and Restated Agreement of Exclusive Equity Transfer Option Agreement and the Third Amended and Restated Agreement of Exclusive Equity Transfer Option Agreement
(hereinafter referred to as “Original Equity Transfer Option Agreements”) entered into by the WFOE and shareholders of the Domestic-funded Company on 3 December 2014, 9 June 2017 and 7 August 2017, respectively, the
Parties agree to amend and restate the Original Equity Transfer Option Agreements, and such amended and restated agreement, i.e. this Agreement, shall, upon signing, supersede any other legal documents signed by the Parties for the exclusive equity
transfer option of the Domestic-funded Company, including but not limited to the Original Equity Transfer Option Agreements. 

  

	(2)	 The Existing Shareholders shall, according to this Agreement, jointly grant the WFOE an exclusive irrevocable
equity transfer option (hereinafter referred to as “Equity Transfer Option”), pursuant to which, to the extent permitted by the PRC laws, the Existing Shareholders intend to transfer all their respective equity in the
Domestic-funded Company to the WFOE and/or any other entity or individual designated by it and the WFOE intends to accept such transfer. The Existing Shareholders shall, as required by the WFOE, transfer the option equity (as defined hereunder) to
the WFOE and/or any other entity or individual designated by it according to this Agreement. 

 Therefore, the Parties, upon negotiation,
decide to amend and restate the Original Equity Transfer Option Agreements as follows: 
 Article 1 Definition 

 

	1.1	 Save as otherwise interpreted pursuant to the context, the following terms shall have the following meanings
herein: 

  

			
	“Business Permits”:	  	shall mean any approvals, permits, filings and registrations, etc. which the Domestic-funded Company is required to have for lawfully and validly operating its Internet information service and all other businesses, including but not
limited to Business License, Operating Permit for Value-added Telecommunications Business, Operating Permit for Network Culture Business, Operating Permit for Radio and TV Program Production and Business and other
relevant permits and licenses as required by the then effective PRC laws.

  
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	“Defaulting Party”:	  	shall have the meaning prescribed to such term in Article 10.1 hereof.
		
	“Breach of this Agreement”:	  	shall have the meaning prescribed to such term in Article 10.1 hereof.
		
	“Exercise Notice”:	  	shall have the meaning prescribed to such term in Article 3.5 hereof.
		
	“Registered Capital of the Domestic-funded Company”:	  	shall, on the date of signing of this Agreement, mean the registered capital of the Domestic-funded Company of RMB50,000,000, and also include the expanded registered capital formed by any capital increase during the validity period
of this Agreement.
		
	“Assets of the Domestic-funded Company”:	  	shall mean all the tangible and intangible assets which the Domestic-funded Company owns or has the right to use during the validity period of this Agreement, including but not limited to any immovable and movable assets, as well as
intellectual properties such as trademarks, copyrights, patents, know-how, domain names and software use rights.
		
	“Material Agreement”:	  	shall mean any agreement to which the Domestic-funded Company is a party and which has a material impact on the business or assets of the Domestic-funded Company, including but not limited to the Second Amended and Restated
Agreement of Business Operation Agreement and the Amended and Restated Agreement of Exclusive Technical Consulting and Management Service Agreement signed by the Domestic-funded Company and the WFOE, and other agreements regarding the
business of the Domestic-funded Company.

  
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	“Observant Party”:	  	shall have the meaning prescribed to such term in Article 10.1 hereof.
		
	“Option Equity”:	  	shall mean, in respect of each of the Existing Shareholders, all the equity held by him in the Registered Capital of the Domestic-funded Company respectively; in respect of all the Existing Shareholders, the equity covering 100% of
the Registered Capital of the Domestic-funded Company.
		
	“PRC Law”:	  	shall mean the then effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the People’s Republic of China.
		
	“Such Rights”:	  	shall have the meaning prescribed to such term in Article 11.5 hereof.
		
	“Upper Limit of Shareholding”:	  	shall have the meaning prescribed to such term in Article 3.2 hereof.
		
	“Transferred Equity”:	  	shall mean the equity in the Domestic-funded Company which the WFOE has the right to request any one or two of the Existing Shareholders to transfer to it or its designated entity or individual in accordance with Article 3.2 hereof
when the WFOE exercises its Equity Transfer Option (hereinafter referred to as “Exercise of Option”), the quantity of which may be all or part of the Option Equity and the specific amount of which shall be determined by the WFOE at
its sole discretion in accordance with the then effective PRC Law and based on its commercial consideration.
		
	“Transfer Price”:	  	shall mean all the consideration that the WFOE or its designated entity or individual is required to pay to the Existing Shareholders in order to obtain the Transferred Equity upon each Exercise of Option according to Article 4
hereof.

  
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	1.2	 The references to any PRC Law herein shall be deemed: 

 

	 	(1)	 simultaneously to include the references to the amendments, changes, supplements and re-enactment of such PRC Law, irrespective of whether they take effect before or after the signing of this Agreement; and 

  

	 	(2)	 simultaneously to include the references to other decisions, notices and regulations enacted in accordance
therewith or effective as a result thereof. 

  

	1.3	 Except as otherwise stated in the context herein, all references to an article, clause, item or paragraph
herein shall refer to the corresponding part of this Agreement. 

 Article 2 Grant of Equity Transfer Option 

 

	2.1	 The Existing Shareholders hereby severally and jointly agree to grant the WFOE an irrevocable, unconditional
and exclusive Equity Transfer Option. Pursuant to such Equity Transfer Option, the WFOE is entitled to, to the extent permitted by the PRC Law, request the Existing Shareholders to transfer the Option Equity to the WFOE or its designated entity or
individual according to the method specified in this Agreement. The WFOE also agrees to accept such Equity Transfer Option. 

  

	2.2	 The Domestic-funded Company hereby agrees that the Existing Shareholders grant such Equity Transfer Option to
the WFOE according to Article 2.1 above and other provisions of this Agreement. 

 Article 3 Method of Exercise of
Option 
  

	3.1	 The WFOE shall have the absolute sole discretion to determine the specific time, method and times of its
Exercise of Option to the extent permitted by the PRC Law. 

  
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	3.2	 If the WFOE and/or any other entity or individual designated by it is allowed to hold all the equities of the
Domestic-funded Company under the then effective PRC Law, the WFOE shall have the right to choose to exercise all of its Equity Transfer Options at one time, and the WFOE and/or any other entity or individual designated by it shall acquire all the
Equity Transfer Options from Existing Shareholders at one time; if the WFOE and/or any other entity or individual designated by it is allowed to hold only partial equities of the Domestic-funded Company under the then effective PRC Law, the WFOE
shall have the right to determine the amount of the Transferred Equity within the upper limit of shareholding (hereinafter referred to as the “Upper Limit of Shareholding”) stipulated by the then
effective PRC Law, and the WFOE and/or any other entity or individual designated by it shall acquire the determined Transferred Equity from the Existing Shareholders. In the latter case, the WFOE shall have the right to exercise its Equity Transfer
Option step by step, in accordance with the gradual liberalization of the Upper Limit of Shareholding permitted by the PRC Law, until all options are finally obtained. 

 

	3.3	 At each Exercise of Option, the WFOE shall have the right to arbitrarily determine the amount of the
Transferred Equity which shall be transferred by the Existing Shareholders to the WFOE and/or any other entity or individual designated by it. The Existing Shareholders shall respectively transfer the Transferred Equity to the WFOE and/or any other
entity or individual designated by it in the amount requested by the WFOE. The WFOE and/or any other entity or individual designated by it shall pay the Transfer Price with respect to the Transferred Equity acquired at each Exercise of Option to the
Existing Shareholders transferring such Transferred Equity. 

  

	3.4	 At each Exercise of Option, the WFOE may acquire the Transferred Equity or designate any third party to acquire
all or part of the Transferred Equity. 

  

	3.5	 Having decided each Exercise of Option, the WFOE shall issue to the Existing Shareholders a notice for
exercising the Equity Transfer Option (hereinafter referred to as “Exercise Notice”, the form of which is set out in Annex II hereto). The Existing Shareholders shall, upon receipt of the Exercise Notice, forthwith make a one-time transfer of all the Transferred Equity in accordance with the Exercise Notice to the WFOE and/or any other entity or individual designated by it in such method as described in Article 3.3 hereof.

  

	3.6	 The Existing Shareholders hereby and jointly promise and guarantee that once the WFOE issues an Exercise
Notice: 

  

	 	(1)	 it shall promptly convene a shareholders’ meeting, pass shareholders’ resolutions and take all other
necessary actions to approve the Company to transfer all the Transferred Equity at the Transfer Price to the WFOE and/or any other entity or individual designated by it; 

  
 6 

	 	(2)	 it shall promptly enter into an equity transfer agreement with the WFOE and/or any other equity or individual
designated by it to transfer all the Transferred Equity at the Transfer Price to the WFOE and/or any other entity or individual designated by it; and 

  

	 	(3)	 it shall provide necessary support to the WFOE (including provision and execution of all relevant legal
documents, e.g. the power of attorney in the form set out in Annex III, performance of all government approval and registration procedures and assumption of all relevant obligations) in accordance with the WFOE’s requirements and laws and
regulations, so that the WFOE and/or any other entity or individual designated by it may acquire all the Transferred Equity without legal defects. 

Article 4 Transfer Price 
 At each
Exercise of Option, the Transfer Price paid by the WFOE or the entity or individual designated by it to the Existing Shareholders shall be amount of the registered capital of the Domestic-funded Company at that time multiplied by the proportion of
the Transferred Equity in the total equity of the Domestic-funded Company, or the price otherwise agreed in writing by the Parties. In case of any compulsory provisions of the then effective PRC Law on the Transfer Price, the WFOE or the entity or
individual designated by it shall have the right to set the lowest price permitted by the PRC Law as the Transfer Price. 
 Article 5
Representations and Warranties 
  

	5.1	 The Existing Shareholders hereby severally represent and warrant that: 

 

	 	5.1.1	 The Existing Shareholders are Chinese citizens with full capacity or partnerships duly incorporated and validly
subsisting under the PRC Law. They have complete and independent legal status and legal capacity to execute, deliver and perform this Agreement and may act as the subject of litigation independently. 

 

	 	5.1.2	 They have the full power and authority to sign and deliver this Agreement and all other documents relating to
the transaction specified herein and to be signed by them. They have the full power and authority to complete the transaction specified herein. 

  
 7 

	 	5.1.3	 This Agreement is legally and duly signed and delivered by the Existing Shareholders. This Agreement shall
constitute their legal and binding obligations and may be enforceable against them in accordance with the terms of this Agreement. 

  

	 	5.1.4	 The Existing Shareholders are the registered legitimate owners of the Option Equity as of the effective date of
this Agreement, and except for the rights set under this Agreement and The Third Amended and Restated Agreement of Equity Pledge Agreement, the Option Equity is free from and clear of any lien, pledge, claim and other real rights for
security. 

  

	5.2	 The Domestic-funded Company hereby represents and warrants that: 

 

	 	5.2.1	 The Domestic-funded Company is a limited liability company duly incorporated and validly subsisting under the
PRC Law with an independent legal personality. The Domestic-funded Company has the complete and independent legal status and legal capacity to sign, deliver and perform this Agreement and may act as the subject of litigation independently.

  

	 	5.2.2	 The Domestic-funded Company has the full internal corporate power and authority to sign and deliver this
Agreement and all other documents relating to the transaction specified herein and to be signed by it. It has the full power and authority to complete the transaction specified herein. 

 

	 	5.2.3	 This Agreement is legally and duly signed and delivered by the Domestic-funded Company. This Agreement shall
constitute the legal and binding obligation against it. 

  

	 	5.2.4	 The Existing Shareholders are all registered legitimate shareholders of the Domestic-funded Company at the time
of conclusion of this Agreement. Pursuant to this Agreement, the WFOE and/or any other entity or individual designated by it may, after the Exercise of Option, acquire a good title to the Transferred Equity, free from and clear of any lien, pledge,
claim and other real rights for security. 

  
 8 

	5.3	 The WFOE hereby represents and warrants that: 

 

	 	5.3.1	 The WFOE is a wholly foreign-owned limited liability company duly incorporated and validly subsisting under the
PRC Law with an independent legal personality. The WFOE has the complete and independent legal status and legal capacity to sign, deliver and perform this Agreement and may act as the subject of litigation independently. 

 

	 	5.3.2	 The WFOE has the full internal corporate power and authority to sign and deliver this Agreement and all other
documents relating to the transactions specified herein and to be signed by it. It has the full power and authority to complete the transactions specified herein. 

 

	 	5.3.3	 This Agreement is legally and duly singed and delivered by the WFOE. This Agreement shall constitute the legal
and binding obligation against it. 

 Article 6 Undertakings by the Existing Shareholders 

The Existing Shareholders hereby severally undertake that: 
  

	6.1	 within the validity period of this Agreement, they shall take all commercially reasonable efforts to enable the
Domestic-funded Company to obtain all Business Permits required to operate their business in a timely manner and to keep all Business Permits in force at all times. 

 

	6.2	 Within the validity period of this Agreement, without the WFOE’s prior written consent:

  

	 	6.2.1	 any Existing Shareholders shall not transfer or otherwise dispose of any Option Equity or create any collateral
or other third party rights on any Option Equity; 

  

	 	6.2.2	 he shall not increase or decrease the registered capital of the Domestic-funded Company or change in any way
the existing equity structure of the Domestic-funded Company set out in Annex I; 

  
 9 

	 	6.2.3	 he shall not dispose of or cause the management of the Domestic-funded Company to dispose of any Assets of the
Domestic-funded Company (excluding those incurred during normal operation); 

  

	 	6.2.4	 he shall not terminate or cause the management of the Domestic-funded Company to terminate any Material
Agreement entered into by the Domestic-funded Company, or enter into any other agreement in conflict with the existing Material Agreements (excluding those incurred during normal operation); 

 

	 	6.2.5	 he shall not cause or allow the Domestic-funded Company to declare the distribution of or in practice release
any distributable profit, bonus or dividend; 

  

	 	6.2.6	 he shall ensure that the Domestic-funded Company validly exists and is not terminated, liquidated or dissolved;

  

	 	6.2.7	 he shall not cause or allow the Domestic-funded Company to make substantive amendments to its articles of
association; 

  

	 	6.2.8	 he shall ensure that the Company will not lend or borrow any money, or provide any guaranty or engage in
security activities in any other form (excluding those incurred during normal operation); and 

  

	 	6.2.9	 he shall ensure that the Domestic-funded Company will not merge with any third party, purchase assets and
equities of any third party or otherwise invest in any third party (excluding those incurred during normal operation). 

 The Parties
agree that if the equity jointly held by the Existing Shareholders in the Domestic-funded Company is lower than 50% (excluding 50%) for the WFOE and/or any other entity or individual designated by it purchase(s) all or part of the equity held by the
Existing Shareholders in the Domestic-funded Company, the Existing Shareholders shall be no longer governed by any undertaking herein beyond their reasonable control. 
  

	6.3	 Within the validity period of this Agreement, he shall use his best endeavour to develop the business of the
Domestic-funded Company and ensure that the Domestic-funded Company’s operations are legal and in compliance with the regulations, and he will not engage in any act or omission which may damage the Assets of the Domestic-funded Company and its
goodwill or affect the validity of the Business Permits of the Domestic-funded Company. 

  
 10 

 Article 7 Undertakings of the Domestic-funded Company 

 

	7.1	 If any consent, permit, waiver or authorization by any third person, or any approval, permit or exemption by
any government authority, or any registration or filing formalities (if required by laws) with any government authority needs to be obtained or handled with respect to the signing and performance of this Agreement and the grant of the Equity
Transfer Option hereunder, the Domestic-funded Company will endeavour to assist in satisfying the above conditions. 

  

	7.2	 Without the prior written consent of the WFOE, the Domestic-funded Company shall not assist or permit the
Existing Shareholders to transfer or otherwise dispose of any Option Equity or create any collateral or other third party rights on any Option Equity. 

  

	7.3	 The Domestic-funded Company shall not have or permit any behaviour or action that may adversely affect the
interests of the WFOE under this Agreement. 

 Article 8 Duration of the Agreement 

This Agreement shall take effect after being duly signed by the Parties, and terminate after all the Option Equity are lawfully transferred to the WFOE and/or
any other entity or individual designated by it pursuant to the provisions of this Agreement. 
 Article 9 Notices 

 

	9.1	 Any notice, request, demand and other correspondences required by this Agreement or made in accordance with
this Agreement shall be delivered in writing to the relevant Party. 

  

	9.2	 If any of such notices or other correspondences is transmitted by facsimile or telex, it shall be deemed as
served immediately upon transmission; if delivered in person, it shall be deemed as served at the time of delivery; if posted by mail, it shall be deemed as served five (5) days after posting. 

  
 11 

 Article 10 Defaulting Liability 

 

	10.1	 The Parties agree and confirm that, if any of the Parties (hereinafter referred to as the “Defaulting
Party”) substantially violates any agreement herein or substantially fails to perform any of the obligations hereunder, such violation or failure shall constitute a default under this Agreement (hereinafter referred to as
“Default”). The non-defaulting Party (hereinafter referred to as the “Observant Party”) shall have the right to request the Defaulting Party to rectify such Default or take
remedial actions within a reasonable period. If the Defaulting Party fails to rectify such Default or take remedial actions within the reasonable period or within ten (10) days after the Observant Party notifies the Defaulting Party in writing
requesting the Default to be rectified, and if any Existing Shareholder or the Domestic-funded Company is the Defaulting Party, then the Observant Party is entitled to decide at its own discretion: (1) to terminate this Agreement, and require
the Defaulting Party to give full compensation for damages or (2) to require the Defaulting Party to continue to perform its obligations hereunder and give full compensation for damages; if WFOE is the Defaulting Party, the Observant Party has
the right to require it to continue to perform its obligations hereunder and give full compensation for damages. 

  

	10.2	 The Parties agree and confirm that the Existing Shareholders and the Domestic-funded Company shall not, under
any circumstance, require the termination of this Agreement for any reason. 

  

	10.3	 The rights and remedies specified in this Agreement are cumulative, and do not exclude other rights or remedies
stipulated by laws. 

  

	10.4	 Notwithstanding any other provisions herein, the effect of this article shall not be affected by suspension or
termination of this Agreement. 

 Article 11 Miscellaneous 

 

	11.1	 This Agreement shall be rendered in Chinese in five (5) originals with equal legal force, with one
(1) original to be retained by each Party hereto. 

  

	11.2	 The execution, effectiveness, performance, amendment, interpretation and termination of this Agreement shall be
governed by the PRC laws. 

  

	11.3	 Any dispute arising out of and in connection with this Agreement shall be resolved through negotiations among
the disputing parties. In case the disputing parties fail to reach an agreement within thirty (30) days after the dispute arises, such dispute shall be referred to the Guangzhou Arbitration Commission for arbitration. The arbitration award
shall be final and binding on the disputing parties. 

  
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	11.4	 None of the rights, powers and remedies granted to any Party by any provision herein shall preclude any other
rights, powers or remedies available to such Party at law and under the other provisions of this Agreement. In addition, a Party’s exercise of any of its rights, powers and remedies shall not exclude such Party from exercising any of its other
rights, powers and remedies. 

  

	11.5	 No failure or delay by a Party in exercising any rights, powers and remedies available to it hereunder or at
law (hereinafter referred to as “Such Rights”) shall result in a waiver thereof, nor shall the waiver of any single or part of Such Rights shall exclude such Party from exercising Such Rights in any other way and
exercising other Such Rights. 

  

	11.6	 The headings of the provisions herein are for reference only, and in no event shall such headings be used for
or affect the interpretation of the provisions hereof. 

  

	11.7	 Each provision contained herein shall be severable and independent from each of the other provisions. If any
one or more provisions herein become(s) invalid, illegal or unenforceable at any time, the validity, legality and enforceability of the remaining provisions herein shall not be affected as a result thereof. 

 

	11.8	 This Agreement, once signed, shall supersede any other legal documents previously signed by and among the
Parties with respect to the subject hereof, including but not limited to the Original Equity Transfer Option Agreements. Any amendment or supplement hereto shall be made in writing and shall become effective only upon due signing by the Parties
hereto. 

  

	11.9	 Without the prior written consent of the WFOE, none of the Existing Shareholders or the Domestic-funded Company
shall transfer any of its rights and/or obligations hereunder to any third party. WFOE has the right to transfer any of its rights and/or obligations hereunder to any third party designated by it after giving notice to the Existing Shareholders and
the Domestic-funded Company. 

  
 13 

	11.10	 This Agreement shall be binding on the legal successors of the Parties. 

[The remainder of this page is intentionally left blank] 

  
 14 

 [This page, containing no text, is the signature page] 

 

									
	Beijing Hongyi Yichuang Information Technology Co., Ltd.	 	        	  	Guangzhou Lizhi Network Technology Co., Ltd.
	(Seal) /s/ Seal of Beijing Hongyi Yichuang Information Technology Co., Ltd.	 		  	(Seal) /s/ Seal of Guangzhou Lizhi Network Technology Co., Ltd.
					
	Signature:	 	 /s/ Ding Ning
	 		  		  	
	Name:	 	Ding Ning	 		  	Signature:	  	 /s/ Ding Ning

	Position:	 	Legal representative	 		  	Name:	  	Ding Ning
		 		  	Position:	  	Legal representative
				
	Lai Jinnan	 		  		  	
		 		 		  	Ding Ning
					
	Signature:	 	 /s/ Lai Jinnan
	 		  		  	
		 		 		  	Signature:	  	 /s/ Ding Ning

				
	 Zhuhai Dayin Ruoxi Enterprise Management Center (LLP)

(Corporate seal) /s/ Seal of Zhuhai Dayin Ruoxi Enterprise Management Center (LLP) 
	 		  		  	
					
	Signature:	 	 /s/ Lai Jinnan
	 		  		  	
	Name:	 	Lai Jinnan 	 		  		  	
	 Position:
	 	Executive partner	 		  		  	

  

  
 [Signature page of The
Fourth Amended and Restated Agreement of Exclusive Equity Transfer Option Agreement] 

 Annex I: 

General Information about the Domestic-funded Company 

  

 Annex II: 

Form of Exercise Notice 

  

 Annex III: 

Form of Power of Attorney

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