Document:

EX-4.25

 Exhibit 4.25 

Business Operation Agreement 
 This
Business Operation Agreement (this “Agreement”), dated as of June 1, 2018, is made by and among the following parties: 
  

			
	Party A:	 	Beijing Yiliulinger Information Technology Co., Ltd.
	Address:	 	Room 305, Building 4, Yard 13, Kaifang East Road, Huairou District, Beijing
	Legal representative:	 	Xiaoliang Lei
		
	Party B:	 	Hainan Miaoka Network Technology Co., Ltd.
	Address:	 	Room 201, Building A18, Hainan Ecological Software Park, High-tech Industries Demonstration Zone, Laocheng District, Hainan
	Legal representative:	 	Xiaoliang Lei
		
	Party C:	 	
	Xiaoliang Lei	 	(ID Card No. ***)
	Address:	 	20/F Block B, Tower 2 Wangjing SOHO, No.1 Futong East Street Chaoyang District, Beijing, PRC
		
	Li Wang	 	(ID Card No. ***)
	Address:	 	20/F Block B, Tower 2 Wangjing SOHO, No.1 Futong East Street Chaoyang District, Beijing, PRC

 (Individually a “Party”; collectively the “Parties”) 

WHEREAS: 
  

	A.	 Party A is a wholly-owned subsidiaries of wholly foreign-owned enterprise incorporated and validly existing in
the People’s Republic of China (the “PRC”); 

  

	B.	 Party B is a limited liability company incorporated in the PRC and engaged in technology related investment
consultation etc.; 

  

	C.	 Party A and Party B have established business relation by entering into a certain Exclusive Consulting and
Management Services Agreement, under which Party B will make various payments to Party A and therefore Party B’s activities in its ordinary course of business will have material effect upon its ability to make relevant payment to Party A; and

  

	D.	 Each of the Party C is a shareholder of Party B (collectively, the “Founding Shareholders”), in which
each of Xiaoliang LEI and Li Wang holds 50% and 50% of Party B, respectively. 

 NOW, THEREFORE, the Parties, through friendly
consultations and based on the principle of equality and mutual benefit, hereby agree as follows: 
  

	1.	 Negative Obligations 

In order to guarantee the performance by Party B of the agreement entered into by and between Party A and Party B and all of Party B’s obligations towards
Party A, the Founding Shareholders hereby acknowledge, agree and jointly warrants that without prior written consent of Party A or any party designated by Party A, Party B shall not engage in any transaction which may have material or adverse effect
on any of its assets, businesses, employees, obligations, rights or operations, including without limitation: 
  

	1.1	 Conduct of any activity outside its ordinary course of business or in a manner inconsistent with its past
practice; 

  
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	1.2	 Making any borrowing or undertaking any indebtedness from any third party; 

 

	1.3	 Change or removal of any of its directors or senior officers; 

 

	1.4	 Sale, acquisition or any other disposal of any assets or rights, including without limitation any intellectual
property rights, with any third party; 

  

	1.5	 Creation of any guarantee or any other security on any of its assets or intellectual properties in favor of any
third party, or creation of any encumbrance on any of its assets; 

  

	1.6	 Change of its articles of association or its scope of business; 

 

	1.7	 Change of its ordinary course of business or any of its material bylaws; 

 

	1.8	 Transfer any of its rights or obligations under this Agreement to any third party; 

 

	1.9	 Making any material change to its business pattern, marketing strategy, business plan or customer relationship;
and 

  

	1.10	 Distribution of any bonus or dividend. 

 

	2.	 Business Management and Human Resources Arrangement 

 

	2.1	 Party B and the Founding Shareholders hereby jointly agree to accept and strictly implement any proposal made
by Party A from time to time regarding employment and removal of Party B’s employees, day-to-day business management and financial management system of Party B.

  

	2.2	 Party B and the Founding Shareholders hereby jointly agree that the Founding Shareholders elect or appoint, as
applicable, any person designated by Party A as Party B’s director, chairman, president, chief financial officer and any other executive officers in accordance with relevant laws, regulations and its articles of association.

  

	2.3	 Upon termination of his or her employment with Party A, either voluntarily or by Party A, each of the directors
or senior officers elected or appointed under Section 2.2 will be simultaneously disqualified to hold any position in Party B; under such circumstance, the Founding Shareholders will elect any other person designated by Party A for such
position. 

  

	2.4	 For purpose of Section 2.3, the Founding Shareholders will take any actions required under relevant laws,
articles of association and this Agreement to effect the employment and termination provided under Sections 2.2 and 2.3. 

  

	2.5	 The Founding Shareholders hereby agree that in conjunction with execution of this Agreement, they will execute
an irrevocable power of attorney authorizing Party A to exercise their respective rights as shareholders of Party B and respective voting rights at Party B’s shareholders meeting. 

 

	3.	 Other Agreements 

 

	3.1	 Upon termination or expiration of any agreement between Party A and Party B, Party A may elect to terminate all
of its agreements with Party B, including without limitation the Exclusive Consulting and Management Services Agreement. 

  
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	3.2	 Considering the business relationship established between Party A and Party B based on the executed Exclusive
Consulting and Management Services Agreement, Party B’s activities in its ordinary course of business will have material effect upon its ability to make relevant payment to Party A. The Founding Shareholders agree that any bonus, dividend or
any other benefit or interest receivable by it as shareholder of Party B will be unconditionally and automatically paid or transferred to Party A. 

  

	4.	 All Agreements and Amendments 

 

	4.1	 This Agreement and all of the agreements and/or documents referred to or expressly included herein constitute
entire agreements among the Parties with respect to the subject matter hereof and supersede all prior agreements, contracts, understandings and communications, written or oral, among the Parties with respect to the same. 

 

	4.2	 This Agreement may not be amended unless by agreement of the Parties in writing. Any amendment or supplement
hereto duly executed by the Parties shall be an integral part of and have the same effect with this Agreement. 

  

	5.	 Governing Law 

The execution, validity, performance of this Agreement and resolution of any dispute arising from this Agreement shall be governed by the laws of the PRC. 

 

	6.	 Dispute Resolution 

 

	6.1	 Should any dispute arise in connection with construction or performance of any provision under this Agreement,
the Parties shall seek in good faith to resolve such dispute through negotiations. If the negotiations fail, any of the Parties may submit the dispute to Beijing Arbitration Commission for arbitration in accordance with its arbitration rules then in
effect. The arbitration will be in Chinese. The arbitral award shall be final and binding on each of the Parties. 

  

	6.2	 Except for the matter under dispute, each of the Parties shall continue to perform its obligations under this
Agreement in good faith. 

  

	7.	 Notices 

All notices made by each of the Parties to exercise any of its rights or perform any of its obligations hereunder shall be in writing and given to the
following address in person, by registered mail, prepaid mail, recognized courier service, or by fax. 
  

			
	To Party A:	  	Beijing Yiliulinger Information Technology Co., Ltd.
	Address:	  	20/F Block B, Tower 2 Wangjing SOHO, No.1 Futong East Street Chaoyang District, Beijing, PRC
	Telephone:	  	+86 10-57310567
	Attention:	  	Xiaolaing Lei
		
	To Party B:	  	Hainan Miaoka Network Technology Co., Ltd.
	Address:	  	20/F Block B, Tower 2 Wangjing SOHO, No.1 Futong East Street Chaoyang District, Beijing, PRC
	Telephone:	  	+86 10-57310567
	Attention:	  	Xiaolaing Lei
		
	To Party C:	  	
	Xiaolaing Lei	  	
	Address:	  	20/F Block B, Tower 2 Wangjing SOHO, No.1 Futong East Street Chaoyang District, Beijing, PRC
	Telephone:	  	+86 10-57310567
	Attention:	  	Xiaolaing Lei

  
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	 Li Wang
	  	
	 Address:
	  	 20/F Block B, Tower 2 Wangjing SOHO, No.1 Futong East Street Chaoyang District, Beijing,
PRC

	 Telephone:
	  	 +86 10-57310567

	 Attention:
	  	 Li Wang

  

	8.	 Effectiveness, Term and other terms of this Agreement 

 

	8.1	 Any written consent, proposal, appointment and any other decision in connection with this Agreement which has
material effect on Party B’s day-to-day business operations shall be made by Party A’s board of shareholders. 

 

	8.2	 This Agreement shall become effective upon execution by each of the Parties on the date first written above.
The term of this Agreement will be ten (10) years unless early terminated by Party A. Upon request from Party A, the Parties may extend the term of this Agreement prior to its expiration or enter into a separate business agreement, each as
requested by Party A. 

  

	8.3	 During the term of this Agreement, none of Party B or Founding Shareholders may terminate this Agreement. Party
A shall have the right to terminate this Agreement at any time with notice to Party B and its Shareholders in writing. 

  

	8.4	 If any term or provision hereof is found illegal or unenforceable under applicable laws, such term or provision
shall be deemed deleted from this Agreement without any effect, and the remainder of this Agreement shall remain in force and effect as if such term or provision had never been contained herein. The Parties shall negotiate to replace such deleted
term or provision with a lawful and valid term or provision acceptable to each of the Parties. 

  

	8.5	 Failure to exercise any right, power or privilege hereunder shall not be deemed as waiver thereof. Any single
or partial exercise of any right, power or privilege hereunder shall not preclude exercise of any other right, power or privilege under this Agreement. 

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

(The Remainder of this page is intentionally left blank) 

  
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 This is the Signature Page of Business Operation Agreement between Beijing Yiliulinger Information
Technology Co., Ltd., Hainan Miaoka Network Technology Co., Ltd., Xiaoliang Lei and Li Wang,) 
  

			
	Party A: Beijing Yiliulinger Information Technology Co., Ltd.
		
	By:	 	 /s/ Xiaoliang Lei     /common seal/

	Title:	 	Legal representative
	
	Party B: Hainan Miaoka Network Technology Co., Ltd.
		
	By:	 	
/s/Xiaoliang Lei     /common seal/         
                       

	Title:	 	Legal representative
	
	Party C:
	
	Xiaoliang Lei
		
	By:	 	 /s/ Xiaoliang Lei

	
	Li Wang
		
	By:	 	 /s/ Li Wang

  
 5EX-4.26

 Exhibit 4.26 

Power of Attorney 
 I,
Xiaoliang Lei, a People’s Republic of China (“China” or the “PRC”) citizen with PRC Identification Card No.: ***, and a holder of RMB500,000 in the registered capital of Hainan Miaoka Network Technology Co., Ltd. (the
“Company”) as of the date when the Power of Attorney is executed, hereby irrevocably authorize Beijing Yiliulinger Information Technology Co., Ltd. (the “Yiliulinger”) to exercise the following rights relating to all equity
interests held by me now and in the future in the Company (“My Shareholding”) during the term of this Power of Attorney: 
 The
Yiliulinger is hereby authorized to act on behalf of myself as my exclusive agent and attorney with respect to all matters concerning My Shareholding, including without limitation to: 1) attending shareholders’ meetings of the Company; 2)
exercising all the shareholder’s rights and shareholder’s voting rights I am entitled to under the laws of China and the Company Articles of Association, including but not limited to the sale, transfer, pledge or disposition of My
Shareholding in part or in whole; and 3) designating and appointing on behalf of myself the legal representative, directors, supervisors, chief executive officer and other senior management members of the Company. 

Without limiting the generality of the powers granted hereunder, the Yiliulinger shall have the power and authority to, on behalf of myself,
execute all the documents I shall sign as stipulated in the Exclusive Option Agreement entered into by and among myself, the Yiliulinger and the Company on June 1, 2018 and the Equity Pledge Agreement entered into by and among me, the
Yiliulinger and the Company on June 1, 2018 (including any modification, amendment and restatement thereto, collectively the “Transaction Documents”), and perform the terms of the Transaction Documents. 

All the actions associated with My Shareholding conducted by the Yiliulinger shall be deemed as my own actions, and all the documents related
to My Shareholding executed by the Yiliulinger shall be deemed to be executed by me. I hereby acknowledge and ratify those actions and/or documents by the Yiliulinger. 

The Yiliulinger is entitled to re-authorize or assign its rights related to the aforesaid matters to
any other person or entity at its own discretion and without giving prior notice to me or obtaining my consent. If required by PRC laws, the Yiliulinger shall designate a PRC citizen to exercise the aforementioned rights. 

During the period that I am a shareholder of the Company, this Power of Attorney shall be irrevocable and continuously effective and valid
from the date of execution of this Power of Attorney. 
 During the term of this Power of Attorney, I hereby waive all the rights associated
with My Shareholding, which have been authorized to the Yiliulinger through this Power of Attorney, and shall not exercise such rights by myself. 

This Power of Attorney is written in Chinese and English. The Chinese version and English version shall have equal legal validity. 

  
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	Xiaoliang Lei
		
	By:	 	 /s/ Xiaoliang Lei

		 	June 1, 2018

  
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 Accepted by 
  

			
	Beijing Yiliulinger Information Technology Co., Ltd.

			
		
	By:	 	 /s/ Xiaoliang Lei         /common seal/

	Name:	 	Xiaoliang Lei
	Title:	 	Legal Representative
	
	Acknowledged by:
	
	Hainan Miaoka Network Technology Co., Ltd.

			
		
	By:	 	 /s/ Xiaoliang Lei         /common seal/

	Name:	 	Xiaoliang Lei
	Title:	 	Legal Representative

  
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 Power of Attorney 

I, Wang Li, a People’s Republic of China (“China” or the “PRC”) citizen with PRC Identification Card No.: ***, and a
holder of RMB500,000 in the registered capital of Hainan Miaoka Network Technology Co., Ltd. (the “Company”) as of the date when the Power of Attorney is executed, hereby irrevocably authorize Beijing Yiliulinger Information Technology
Co., Ltd. (the “Yiliulinger”) to exercise the following rights relating to all equity interests held by me now and in the future in the Company (“My Shareholding”) during the term of this Power of Attorney: 

The Yiliulinger is hereby authorized to act on behalf of myself as my exclusive agent and attorney with respect to all matters concerning My
Shareholding, including without limitation to: 1) attending shareholders’ meetings of the Company; 2) exercising all the shareholder’s rights and shareholder’s voting rights I am entitled to under the laws of China and the Company
Articles of Association, including but not limited to the sale, transfer, pledge or disposition of My Shareholding in part or in whole; and 3) designating and appointing on behalf of myself the legal representative, directors, supervisors, chief
executive officer and other senior management members of the Company. 
 Without limiting the generality of the powers granted hereunder,
the Yiliulinger shall have the power and authority to, on behalf of myself, execute all the documents I shall sign as stipulated in the Exclusive Option Agreement entered into by and among myself, the Yiliulinger and the Company on June 1, 2018
and the Equity Pledge Agreement entered into by and among me, the Yiliulinger and the Company on June 1, 2018 (including any modification, amendment and restatement thereto, collectively the “Transaction Documents”), and perform the
terms of the Transaction Documents. 
 All the actions associated with My Shareholding conducted by the Yiliulinger shall be deemed as my
own actions, and all the documents related to My Shareholding executed by the Yiliulinger shall be deemed to be executed by me. I hereby acknowledge and ratify those actions and/or documents by the Yiliulinger. 

The Yiliulinger is entitled to re-authorize or assign its rights related to the aforesaid matters to
any other person or entity at its own discretion and without giving prior notice to me or obtaining my consent. If required by PRC laws, the Yiliulinger shall designate a PRC citizen to exercise the aforementioned rights. 

During the period that I am a shareholder of the Company, this Power of Attorney shall be irrevocable and continuously effective and valid
from the date of execution of this Power of Attorney. 
 During the term of this Power of Attorney, I hereby waive all the rights associated
with My Shareholding, which have been authorized to the Yiliulinger through this Power of Attorney, and shall not exercise such rights by myself. 

This Power of Attorney is written in Chinese and English. The Chinese version and English version shall have equal legal validity. 

  
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	Wang Li
		
	By:	 	 /s/ Wang Li

		 	June 1 , 2018

  
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 Accepted by 

Beijing Yiliulinger Information Technology Co., Ltd.  
  

			
	By:	 	 /s/ Xiaoliang Lei         /common seal/

	Name:	 	Xiaoliang Lei
	Title:	 	Legal Representative
	
	Acknowledged by:
	
	Hainan Miaoka Network Technology Co., Ltd.
		
	By:	 	 /s/ Xiaoliang Lei         /common seal/

	Name:	 	Xiaoliang Lei
	Title:	 	Legal Representative

  
 6

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