Document:

EX-10.8

 Exhibit 10.8 

Equity Interest Pledge Agreement 
 This
Equity Interest Pledge Agreement (this “Agreement”) is made as of April 13, 2011, in Beijing, the People’s Republic of China (the “PRC”) by and among: 

PARTY A: Beijing Chukong Aipu Technology Co., Ltd. 
 Registered
address: Room 1107, Fangdi Tower, 25 Xiaoying Road, Chaoyang District, Beijing 
 And 

CHEN Haozhi, with PRC identification number of
                     
 LIU Guanqun, with PRC
identification number of                      
 MA Fei,
with PRC identification number of                      

CHEN Haozhi, LIU Guanqun and MA Fei are collectively referred as Party B and jointly and severally obligated under this Agreement. 

(Party A and Party B individually a “Party”, and collectively the “Parties”) 

WHEREAS: 
  

	1.	Party A is a wholly foreign-owned enterprise duly incorporated and validly existing under the PRC laws; 

  

	2.	Beijing Chukong Technology Co., Ltd. (the “Company”) is a limited liability company duly incorporated and validly existing under the PRC laws; 

 

	3.	Party B is shareholders of the Company (the “Pledgers”), of which CHEN Haozhi, LIU Guanqun and MA Fei holds 45%, 45% and 10% equity interests of the Company, respectively; 

 

	4.	Party A and the Company have entered into an Exclusive Consulting and Services Agreement and an Intellectual Property Licensing Agreement, each dated as of the date hereof. Party A, Party B and the Company have entered
into an Equity Disposal Agreement and a Business Operation Agreement, each dated as of the date hereof; and 

  

	5.	To ensure normal receipt of service fee and license fee by Party A from the company owned by Party B and performance of the Equity Disposal Agreement and the Business Operation Agreement, the Pledgers, severally and
jointly, pledge all of his equity interests in the Company as security for performance of the above mentioned agreements in favor of Party A as the pledgee. 

  
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 NOW, THEREFORE, the Parties hereby agree and intend to be legally bound as follows through friendly negotiations
and in the principles of equity and mutual benefit: 
  

	1.	Definitions 

 Unless otherwise provided herein, the terms below shall have the following
meanings: 
  

	 	1.1	Pledge: means all provisions under Article 2 of this Agreement. 

  

	 	1.2	Equity Interest: means all equity interest of the Company legally and collectively held by the Pledgers, as well as all rights and interests acquired by the Pledgers now and hereafter based on such equity interest.

  

	 	1.3	Agreements: means the Exclusive Consulting and Services Agreement, the Equity Disposal Agreement, the Business Operation Agreement, and the Intellectual Property Licensing Agreement, each dated as of the date hereof, by
Party A, the Company and any other relevant parties thereto. 

  

	 	1.4	Event of Default: means any of the circumstances set forth in Article 7 of this Agreement. 

  

	 	1.5	Notice of Default: means the notice declaring an Event of Default issued by Party A pursuant to this Agreement. 

  

	2.	The Pledge 

  

	 	2.1	The Pledger will pledge all of its Equity Interest in the Company in favor of Party A as security for the interests and benefits of Party A under the Agreements. 

 

	 	2.2	The Equity Interest pledged under this Agreement will provide security for all fees (including legal fees) and expenses payable to Party A; losses, interests, liquidated damages, indemnities, expenses incurred in
pursuing creditor’s claim; the liabilities for Party A when the Agreements are wholly or partially void; each by the Company and the Pledgers. 

  

	 	2.3	The Pledge means the entitlement granted to Party A to make priority claim for the proceeds from the discount, auction or sale of the Equity Interest pledged by the Pledgers in favor of Party A. 

 

	 	2.4	Unless otherwise expressly agreed by Party A after this Agreement becomes effective, the Pledge will not be released unless and until each of the Company and the Pledgers has duly performed all of its duties and
obligations under the Agreements and such performance is acknowledged by Party A in writing. If the Company or any of the Pledgers fails to perform all or any part of its duties or obligations under any of the Agreements upon its expiration, Party A
will still have the right to enforce the Pledge until such duties and obligations are wholly performed to the satisfaction of Party A. 

  
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	3.	Term 

  

	 	3.1	This Pledge Agreement shall become effective as of the date of signature by each of the Parties hereto, and the Pledge will be created upon its registration with competent administration of industry and commerce.

  

	 	3.2	During the Term of Pledge, if the Company fails to pay the consulting or service fees or perform any other terms under the Agreements, Party A may exercise the right to enforce the Pledge pursuant to this Agreement
after reasonable notice. 

  

	4.	Possession and Custody of Pledge Certificate 

  

	 	4.1	The Pledgers will, after the date hereof, make best efforts to deliver the original certificate of its capital contribution for the Equity Interest held by the Pledgers in the Company to the custody of Party A, deliver
to Party A the evidence for due registration of the Pledge in its register of shareholders, effect all approval and registration procedures required by the laws of PRC, and submit the Pledge registration received from competent administration of
industry and commerce. 

  

	 	4.2	If there is any change to the particulars of the Pledge which is required to be recorded by law, Party A and Party B will record such change within five business days upon its occurrence and submit relevant change
registration. 

  

	 	4.3	During the term of the Pledge, the Pledgers will instruct the Company not to pay any dividend or bonus or declare any profit distribution scheme; if the Pledgers are entitled to any economic benefit other than dividend,
bonus or profit distribution scheme, the Pledgers will, at the request of Party A, instruct the Company to transfer relevant payment directly to the bank account designated by Party A, which payment may not be used by the Pledgers without prior
written consent from Party A. 

  

	 	4.4	During the term of the Pledge, if the Pledgers subscribe any new registered capital of the Company or acquire any equity interest of the Company from any other Pledgers (the “New Equity Interest”), the New
Equity Interest will become automatically the Equity Interest pledged under this Agreement, and the Pledgers will complete all procedures necessary to pledge the New Equity Interest under this Agreement within 10 business days upon its receipt of
the New Equity Interest. If the Pledgers fail to complete the procedures within the period in the preceding sentence, Party A will immediately have the right to enforce the Pledge pursuant to Article 8 of this Agreement. 

  
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	5.	Representations and Warranties of Pledgers 

 Each of the Pledgers represents and warrants
to Party A as follows as of the date hereof and confirm that Party A’s execution and performance of this Agreement are on reliance of such representations and warranties: 
  

	 	5.1	The Pledgers are valid holders of the Equity Interest and have the right to pledge the Equity Interest in favor of Party A. 

  

	 	5.2	No legal claim or valid interference will occur when Party A exercises the right to enforce or perfect the Pledge under this Agreement during the term of the Pledge. 

 

	 	5.3	Party A has the right to exercise the Pledge according to law and pursuant to this Agreement. 

  

	 	5.4	Execution and performance of its obligations under this Agreement by the Pledgers have received requisite corporate power and are in violation of applicable laws and regulations, and the authorized representative
signing this Agreement on its behalf has received legal and valid authority. 

  

	 	5.5	The Equity Interest held by each of the Pledgers is free from any encumbrance or any third party security interest (including without limitation pledge). 

 

	 	5.6	There is no pending or threatened civil, administrative or criminal actions, administrative proceedings or arbitration regarding the Equity Interest. 

 

	 	5.7	There is no overdue taxes, expenses, legal proceedings or procedures regarding the Equity Interest. 

  

	 	5.8	All terms of this Agreement represent its true expressions and have binding effect upon it. 

  

	6.	Covenants of Pledgers 

  

	 	6.1	The Pledgers covenants to Party A that during the term of this Agreement, the Pledgers shall: 

  

	 	6.1.1	not transfer the Equity Interest, create or permit the existence of any security interest or other encumbrance that may affect Party A’s rights and interests in the Equity Interest without the prior written consent
of Party A, except transfer of the Equity Interest to Party A or any of its nominees at the request of Party A; 

  

	 	6.1.2	comply with all applicable laws and regulations, and within 5 days of receipt of any notice, order or advice from relevant competent authorities regarding the Pledge, present such notice, order or advice to Party A, and
take any action reasonably instructed by Party A; 

  
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	 	6.1.3	promptly notify Party A of any event or notice received by the Pledgers which may affect Party A’s rights to the Equity Interest or any portion thereof, as well as any event or notice received by the Pledgers which
affect performance of the obligations of the Pledgers under this Agreement, and take any action reasonably instructed by Party A. 

  

	 	6.2	The Pledgers agree that Party A’s exercise of its rights under this Agreement shall not be interrupted or prejudiced by the Pledgers or any of their successors or assigns. 

 

	 	6.3	To protect or perfect the security interest granted under this Agreement for the obligations of the Pledgers and/or the Company under the Agreements, each of the Pledgers hereby undertakes to make all necessary
amendments, if applicable, to its articles and the articles of the Company, execute in good faith and to cause any other party having an interest in the Pledge to execute all certificates and deeds required by Party A, and/or perform and cause any
other party having an interest in the Pledge to take any action required by Party A, provide facility for Party A to exercise its rights of the Pledge, enter into all documents regarding change of ownership of the Equity Interest with Party A or any
of its nominees, and provide Party A within a reasonable time with all notices, orders and decisions regarding the Pledge that are required by Party A. 

  

	 	6.4	The Pledgers hereby warrant to Party A that each of the Pledgers will comply with and perform all warranties, covenants, agreements and representations for the benefit of Party A. The Pledgers shall indemnify Party A
for all losses resulting from the failure or partial performance of the warranties, promises, agreements and representations by the Pledgers. 

  

	7.	Event of Default 

  

	 	7.1	The following circumstances shall be deemed an Event of Default: 

  

	 	7.1.1	The Company or any of its successors or assigns fails to pay in full any payment payable under the Agreements, or any of the Pledgers or any of their successors or assigns fails to perform its obligations thereunder;

  

	 	7.1.2	Any of representations or warranties by the Pledgers in Articles 5 and 6 of this Agreement contains material misrepresentations or errors, and/or any of the Pledgers violates any of the representations, warranties or
covenants in Articles 5 and 6 of this Agreement; 

  

	 	7.1.3	Any of the Pledgers is in material violation of this Agreement; 

  

	 	7.1.4	Except expressly provided under Section 6.1.1, the Pledgers abandon the Equity Interest pledged under this Agreement or assigns the Equity Interest pledged under this Agreement without written consent of Party A;

  
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	 	7.1.5	Any of the loans, guarantees, indemnifications, promises or other debt liabilities of the Pledgers is required for accelerated repayment or fails to be repaid or performed when it is due and payable, as a result of
which it is in the reasonable belief of Party A that the Pledgers’ capability to perform this Agreement has been affected, which will consequently affect the interests of Party A; 

 

	 	7.1.6	Any of the Pledgers fails to repay its debts or other liabilities in its ordinary course of business, which will consequently affect the interests of Party A; 

 

	 	7.1.7	The promulgation of applicable laws renders this Agreement illegal or renders it impossible for the Pledgers to continue to perform its obligations under this Agreement; 

 

	 	7.1.8	Any approval, license, permit or authorization of government agencies that makes this Agreement enforceable, legal and effective is withdrawn, terminated, invalidated or materially changed; 

 

	 	7.1.9	There occurs any adverse change to any of the assets owned by the Pledgers, as a result of which Party A believes that the Pledgers’ capability to perform this Agreement has been affected; and 

 

	 	7.1.10	Any other circumstances under which Party A may not exercise its right with respect to the Pledge according to law. 

  

	 	7.2	Each of the Pledgers shall immediately notify Party A in writing upon its knowledge or discovery of occurrence of any circumstances or event which may lead to any of the circumstances described in Section 7.1.

  

	 	7.3	Unless an Event of Default set forth in this Section 7.1 has been resolved to its satisfaction, Party A may issue a Notice of Default to the Pledgers in writing upon the occurrence of the Event of Default or at any
time thereafter demanding immediate payment of all amounts due and payable under the Agreements or performance of all or any part of the terms under the Agreements by the Pledgers. If any of the Pledgers or the Company fails to correct its default
or take any necessary remedy within 10 days upon issue of the Notice of Default, Party A will have the right to enforce the Pledge under Article 8. 

  

	8.	Enforcement of the Pledge 

  

	 	8.1	Prior to full payment of the fees and performance of the obligations under the Agreements, the Pledgers may not assign the Pledge without written consent of Party A. 

  
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	 	8.2	Party A will issue a Notice of Default to the Pledgers when it exercises the right to enforce the Pledge. 

  

	 	8.3	Subject to the provisions of Section 7.3, Party A may exercise the right to enforce the Pledge in accordance with Section 7.3 at any time after the issuance of the Notice of Default. 

 

	 	8.4	Party A will have the right to dispose all or any of the Equity Interest pledged under this Agreement at discount, by auction or sale, until any fees or other amounts payable under the Agreements are fully paid and each
of the Agreements is fully performed. 

  

	 	8.5	When Party A disposes the Pledge in accordance with this Agreement, the Pledgers shall not create any obstacle, but shall provide support necessary for Party A to enforce the Pledge in accordance with this Agreement.

  

	9.	Assignment 

  

	 	9.1	Without prior written consent from Party A, none of the Pledgers may assign any of its rights and obligations under this Agreement to any third party. 

 

	 	9.2	This Agreement shall be binding upon each of the Pledgers and its successors, and remain valid with respect to Party A and its successors and assigns. 

 

	 	9.3	Party A may at any time assign any and all of its rights and obligations under the Agreements to any third party designated by it, under which circumstance the assign shall have the rights and obligations of Party A
under this Agreement. When Party A assigns its rights and obligations under the Agreements and upon Party A’s request, the Pledgers shall execute any agreement and/or other document relating to such assignment. 

 

	 	9.4	In the event of any change in the pledgee arising from any assignment, the Pledgers and the pledgee will enter into a new pledge agreement and the Pledgers will be responsible to effect all relevant registration
procedures. 

  

	10.	Handling Fees and Other Expenses 

 All fees and out of pocket expenses relating to this
Agreement, including but not limited to legal fees, production expenses, stamp tax and any other taxes and fees, shall be equally borne by Party A and Party B. 
  

	11.	Force Majeure 

  

	 	11.1	“Force Majeure Event” shall mean any event beyond the reasonable control of each of the Parties and unavoidable even if the affected Party takes reasonable care, including but not limited to governmental acts,
Act of God, fires, explosion, storms, floods, earthquakes, morning and evening tides, lightning or wars; provided, however, that any shortage of creditability, funding or financing will not be deemed as an event beyond reasonable
controls of the affected Party. The affected Party seeking for the exemption of any performance of this Agreement shall forthwith inform the other Party of such event and its proposed measures to make further performance. 

  
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	 	11.2	If performance of this Agreement is delayed or interfered due to the any Force Majeure Event, the affected Party will not be held liable for such delay or interference. The affected Party shall take necessary measures
to minimize or eliminate any adverse impact from the Force Majeure Event and strive to resume the performance of this Agreement so delayed or interfered. The Parties agree to use their best efforts to restore performance of this Agreement when the
Force Majeure Event disappears. 

  

	12.	Governing Law and Resolution of Disputes 

  

	 	12.1	The execution, validity, performance, construction of this Agreement, and the resolution of disputes hereunder shall be governed by laws of PRC. 

 

	 	12.2	Any and all disputes arising from or in connection with this Agreement will be firstly settled through negotiations. If no settlement is made through negotiations within 60 days from its commencement, such dispute will
be submitted to Beijing Arbitration Commission (“BAC”) for arbitration in accordance with its then effective rules. The arbitration shall take place in Beijing. The language of arbitration shall be in Chinese. The arbitration will
be conducted by three arbitrators. One arbitrator will be appointed by the claimant, one by the respondent, and the third one (the chief arbitrator) will be jointly appointed by the other two arbitrators. If the other two arbitrators fail to reach
agreement upon the candidate of the chief arbitrator within 20 days upon their respective appointment, the chief arbitrator will be appointed by BAC according to its arbitration rules. The arbitration award shall be final and binding upon each of
the Parties. 

  

	 	12.3	Except for the matters under dispute, Each of the Parties shall continue to perform their respective obligations under this Agreement in good faith. 

 

	13.	Notices 

 All notices or other correspondences given by either Party pursuant to this
Agreement shall be made in writing and may be delivered in person, by registered mail, postage prepaid mail, recognized courier service or facsimile to the following addresses. 

  
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 If to Party A: Beijing Chukong Aipu Technology Co., Ltd. 

 

			
	Attention:	  	Chen Haozhi
	Address:	  	Room 1107, Fangdi Tower, 25 Xiaoying Road, Chaoyang District, Beijing
	Phone:	  	
	Fax:	  	

 If to Party B: 

CHEN Haozhi 
  

			
	Attention:	  	CHEN Haozhi
	Phone:	  	
	Fax:	  	

 LIU Guanqun 
  

			
	Attention:	  	LIU Guanqun
	Phone:	  	
	Fax:	  	

 MA Fei 
  

			
	Attention:	  	MA Fei
	Phone:	  	
	Fax:	  	

  

	14.	Schedules 

 The schedules attached hereto shall be an integral part of this Agreement.

  

	15.	Waiver 

 Party A’s failure or delay to exercise any rights, powers or privileges
hereunder shall not operate as a waiver thereof. Any single or partial exercise of its rights, powers or privileges under this Agreement by Party A shall not preclude its further exercise of any other rights, powers or privileges. The rights,
remedies, powers and privileges under this Agreement are accumulative and not exclusive of any rights, remedies, powers and privileges under any laws. 
  

	16.	Miscellaneous 

  

	 	16.1	Any amendment, change or supplement to this Agreement shall be in writing and shall become effective upon signature and affixture of seal by each of the Parties. 

 

	 	16.2	It is confirmed by the Parties that this Agreement represents fair and reasonable agreements made on the basis of equity and mutual benefits. If any clause hereof is held invalid or unenforceable due its inconsistency
with applicable laws in any jurisdiction, such clause shall be invalid or unenforceable only in such jurisdiction and will not have effect upon the remainder of this Agreement. 

  
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	 	16.3	Each of Party B undertakes to be bound by the terms under this Agreement regardless of any change of its shareholding in the Company, and the terms under this Agreement are applicable to all equity interests in the
Company then held by Party C. 

  

	 	16.4	This Agreement is written in Chinese in five originals. 

 [Remaining intentionally left blank]

  
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 Signature page of Equity Interest Pledge Agreement 

 

			
	PARTY A: BEIJING CHUKONG AIPU TECHNOLOGY CO., LTD.
	(Company Seal)
		
	By:	 	/s/ CHEN Haozhi
		 	Chairman
	
	PARTY B:
	
	CHEN Haozhi
		
	By:	 	/s/ CHEN Haozhi
	
	LIU Guanqun
		
	By:	 	/s/ LIU Guanqun
	
	MA Fei
		
	By:	 	/s/ MA Fei

  
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 Schedule I Share Register 

Share Register of Beijing Chukong Technology Co., Ltd. 

As of [                    ] 

 

																	
	Name of shareholders	 	Address	  	Contribution	  	Amount
(RMB)	  	Percentage
(%)	 	 	Date of
Contribution	  	Contribution
Certificate
Number	  	Notes
	CHEN Haozhi	 		  	Cash	  	450,000	  	 	45	% 	 	2010.4	  	1	  	The equity interest has been pledged to Beijing Chukong Aipu Technology Co., Ltd. on [     ]
	LIU Guanqun	 		  	Cash	  	450,000	  	 	45	% 	 	2010.4	  	2	  	The equity interest has been pledged to Beijing Chukong Aipu Technology Co., Ltd. on [     ]
	MA Fei	 		  	Cash	  	100,000	  	 	10	% 	 	2010.12	  	3	  	The equity interest has been pledged to Beijing Chukong Aipu Technology Co., Ltd. on [     ]

  

			
	By:	 	/s/ CHEN Haozhi
		 	Legal Representative

 (Company seal) 

  
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 Schedule II Share Capital Contribution Certificate 

Beijing Chukong Technology Co., Ltd. 

Capital Contribution Certificate 

(Number 1) 
 Beijing Chukong Technology Co., Ltd.
(the “Company”) was formed on April 7, 2010, and has been registered with Beijing Municipal Administration of Industry and Commerce with registration number 110105012753047. The registered capital of the Company is
RMB1,000,000. 
 CHEN Haozhi, one shareholder of the Company, has made contribution to the Company at total amount of RMB450,000 in April 2010. This
Certificate is hereby issued therefor. 
 Beijing Chukong Technology Co., Ltd. 

(Company seal) 
 **************** 

Beijing Chukong Technology Co., Ltd. 

Capital Contribution Certificate 

(Number 2) 
 Beijing Chukong Technology Co., Ltd.
(the “Company”) was formed on April 7, 2010, and has been registered with Beijing Municipal Administration of Industry and Commerce with registration number 110105012753047. The registered capital of the Company is
RMB1,000,000. 
 LIU Guanqun, one shareholder of the Company, has made contribution to the Company at total amount of RMB450,000 in April 2010. This
Certificate is hereby issued therefor. 
 Beijing Chukong Technology Co., Ltd. 

(Company seal) 
 **************** 

Beijing Chukong Technology Co., Ltd. 

Capital Contribution Certificate 

(Number 3) 

  
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 Beijing Chukong Technology Co., Ltd. (the “Company”) was formed on April 7, 2010, and has
been registered with Beijing Municipal Administration of Industry and Commerce with registration number 110105012753047. The registered capital of the Company is RMB1,000,000. 

MA Fei, one shareholder of the Company, has made contribution to the Company at total amount of RMB100,000 in April 2010. This Certificate is hereby issued
therefor. 
 Beijing Chukong Technology Co., Ltd. 
 (Company
seal) 

  
 2EX-10.9

 Exhibit 10.9 

Equity Disposal Agreement 

This Equity Disposal Agreement (this “Agreement”) is made as of April 13, 2011, in Beijing, the People’s Republic of China
(the “PRC”) by and among: 
 Party A: Beijing Chukong Aipu Technology Co., Ltd. 

Registered address: Room 1107, Fangdi Tower, 25 Xiaoying Road, Chaoyang District, Beijing 

And 
 CHEN Haozhi, with PRC identification number of
                     
 LIU Guanqun, with PRC
identification number of                      
 MA Fei,
with PRC identification number of                      

(CHEN Haozhi, LIU Guanqun and MA Fei are collectively referred as Party B and jointly and severally obligated under this Agreement) 

And 
 Party C: Beijing Chukong Technology Co., Ltd. 

Registered address: B-802, Jia 1 Shuguangxili, Chaoyang District, Beijing 

(Party A, Party B and Party C individually a “Party”, and collectively the “Parties”) 

Whereas: 
  

	1.	Party A is a wholly foreign-owned enterprise duly incorporated and validly existing in the PRC; 

  

	2.	Party C is a limited liability company incorporated in the PRC; 

  

	3.	Party B are shareholders of Party C (“Authorizers”); 

  

	4.	Party A and Party B have entered into an equity interest pledge agreement, under which Party B will provide security for Party C’s performance of its obligations under the exclusive consulting and services
agreement entered into by and between Party C and Party A. For the safety of such rights of pledge and in consideration of the technical support provided by Party A for Party C and the favorable cooperation relationships between the Parties, the
Parties hereby agree as follows: 

	1.	GRANT OF OPTION 

  

	1.1	Grant 

 The Parties hereto agree that as of the date hereof, Party A is entitled to an exclusive
option to purchase by itself or via a third party designated by it all equity interests held by the Authorizers in Party C at an amount of RMB 1 yuan or the minimum price permitted under the then applicable PRC laws (whichever is lower), unless as
disclosed to and approved expressly in writing by Party A in advance. Such option is conferred on Party A upon execution by the Parties and effectiveness of this Agreement. Such option, once granted, may neither be revoked nor modified within the
term of this Agreement (including any extension under Article 1.2) . 
  

	1.2	Term 

 This Agreement shall be executed and effected on the date first above written. Unless
early terminated by Party A, the term of this Agreement will commence as of the date hereof and expire upon expiration of the business term of Party A or any extension thereof. At the request of Party A, the Parties may extend the term of this
Agreement prior to its expiration, and enter into separate exclusive consulting and service agreement or continue to perform this Agreement, in each case at the request of Party A. 

 

	2.	EXERCISE OF OPTION AND CLOSING 

  

	2.1	Time of exercise 

  

	2.1.1	The Authorizers unanimously agree that Party A may exercise the option hereunder in whole or in part at any time after this Agreement is executed and becomes effective to the extent permitted by the PRC laws and
regulations. 

  

	2.1.2	The Authorizers unanimously agree that Party A may exercise the option for any times without limitation, unless and until it acquires and holds 100% of the equity interests of Party C. 

 

	2.1.3	The Authorizers unanimously agree that Party A may exercise its option through any third parties designated by it on its behalf, provided that Party A shall give prior notice in writing to the Authorizers before such
exercise. 

  

	2.2	Disposal of price of exercise 

 The Authorizers unanimously agree that if Party A exercises the
option, the full price of exercise so received by them shall immediately transfer to any third party designated by Party C or Party A from the Authorizers in the manner agreed by Party A in writing. 

 

	2.3	Assignment 

 The Authorizers unanimously agree that the option hereunder may be assigned in
whole or in part to a third party without prior consent of the Authorizers. Such third party shall be deemed as a party to this Agreement and may exercise such option under the terms hereof, and shall assume the rights and obligations of Party A
hereunder. 

  
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	2.4	Notice of exercise 

 If Party A exercises the option, it shall send a notice to the Authorizers
no less than 10 business days prior to the Closing Date (as defined below), specifying the following terms: 
  

	2.4.1	Effective closing date of equity interest upon exercise of option (hereinafter referred to as the “Closing Date”); 

  

	2.4.2	The names of holders of such equity to be registered upon exercise; 

  

	2.4.3	number and percentage of equity interests purchased from the Authorizers respectively; 

  

	2.4.4	Exercise price and form of payment; and 

  

	2.4.5	Power of attorney (if exercised by a third party designated by Party A). 

 The Parties hereto
agree that Party A may from time to time designate a third party to exercise the option and register equity in the name of such third party. 
  

	2.5	Transfer of equity 

 Each time when Party A exercises the option, within 10 business days upon
receipt of a notice of exercise sent by Party A under Article 2.4 hereof: 
  

	 	(1)	The Authorizers shall direct Party C to convene a shareholders meeting, during which a resolution will be adopted to approve the Authorizers to assign their equities to Party A and/or its designated third parties:

  

	 	(2)	The Authorizer shall execute an equity transfer agreement with Party A (or its designated third party, as the case may be) substantially in the form of the equity transfer agreement as set out in Schedule I attached
hereto; and 

  

	 	(3)	Party B shall each execute all contracts, agreements or instruments as required and obtain all necessary government approvals and consents, and take all necessary actions to transfer the valid ownership of equity
interest purchased to Party A and/or its designated third parties free of any security interest, and cause Party A and/or its designated third parties to be registered owner of such equity interest with competent administration of industry and
commerce, and submit the updated business license, articles of association, certificates of approval (if applicable) and any other relevant documents issued by or filed with competent authorities in the PRC to Party A and/or its designated third
parties, indicating such matters as the change of equity interests of Party C and change of directors and legal representative of Party C. 

  

	3.	REPRESENTATIONS AND WARRANTIES 

 The Authorizers represent and warrant that: 

 

	3.1.1	they have full power and authority to execute and perform this Agreement; 

  
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	3.1.2	their performance of this Agreement and their obligations hereunder do not violate any laws, regulations and other agreements binding upon them, and does not require any governmental approval or authorization;

  

	3.1.3	there is no pending or threatened action, arbitration or other judicial or administrative proceedings which may materially affect this Agreement; 

 

	3.1.4	they have disclosed to Party A all circumstances which may have adverse effect on this Agreement; 

  

	3.1.5	none of them is declared bankrupt and each of them is in good financial standing; 

  

	3.1.6	the equity interest held by them in Party C is free from any pledge, security, liability and other third party encumbrance, and free from any recourse by any third party; 

 

	3.1.7	they will not create any pledge, liability or any other third party encumbrance on the equity interest held by them in Party C, nor dispose the equity interest held by them in Party C to any person other than Party A or
any third party designated by Party A by way of transfer, grant, pledge or otherwise; 

  

	3.1.8	the option granted to Party A hereunder is exclusive, and the Authorizers may not grant such option or similar right to any person other than Party A or any third party designated by Party A; 

 

	3.1.9	during the term of this Agreement, the business operations of Party C are in compliance with all laws, regulations, provisions and other administrative provisions and guidelines from governmental authorities, and in no
violation of any of the foregoing which may have material adverse effect on the business and assets of the Company; 

  

	3.1.10	they will continue its existence in accordance with sound financial and commercial standards and practices, prudently and effectively conduct its business and deal with its affairs, make best efforts to ensure Party C
maintain all licenses, permits and approvals necessary for its operation, and that such permits, licenses and approvals will not be cancelled, withdrawn or declared invalid; 

 

	3.1.11	they will provide all operating and financial information regarding Party C as requested by Party A; 

  

	3.1.12	Before Party A (or any third party designated by Party A) acquires 100% equity or interest of Party C by exercising the option, unless with prior written consent of Party A (or any third party designated by Party A),
Party C may not: 

  

	 	(a)	sell, transfer, pledge or otherwise dispose any asset, business or income, or allow creation of any other security interest thereon, except during ordinary or routine course of business or having been disclosed to and
received express prior written consent from Party A; 

  

	 	(b)	conclude any transaction which may have material adverse effect on its assets, liabilities, operations, equity interest or other legitimate rights, except during ordinary or routine course of business or having been
disclosed to and received express prior written consent from Party A; 

  

	 	(c)	distribute any dividend or bonus to its shareholders; 

  
 4 

	 	(d)	incur, assume, provide security for or permit existence of any debt, except for (i) any debt incurred during ordinary or routine course of business and not from borrowing; or (ii) any debt which has been
disclosed to and received express prior written consent from Party A; 

  

	 	(e)	execute any material contract, except during ordinary or routine course of business (for purposes of this paragraph, a contract with a value exceeding RMB 50,000 shall be deemed as a material contract);

  

	 	(f)	increase or decrease the registered capital of Party C at any shareholders meeting or otherwise change the structure of its registered capital; 

 

	 	(g)	make any supplement, change or amendment to the articles of association of Party C; or 

  

	 	(h)	merge or form alliance with, acquire or invest in any person. 

  

	3.1.13	Before Party A (or any third party designated by Party A) exercises the option and acquire 100% equity or assets of Party C, unless with express prior written consent of Party A (or any third party designated by Party
A), Party B may not, individually or jointly: 

  

	 	(a)	make any supplement, change or amendment to any constitutional document of Party C, which supplement, change or amendment may have material adverse effect on the assets, liabilities, operations, equity interest or other
legitimate rights of Party C (except for proportional capital increase required by law), or on valid performance of this Agreement and any other agreement made by Party A, Party B and Party C; 

 

	 	(b)	procure Party C to conclude any transaction which may have material adverse effect on the assets, liabilities, operations, equity interest and other legitimate rights of Party C, except during ordinary or routine course
of business or having been disclosed to and received express prior written consent from Party A; 

  

	 	(c)	procure adoption of a resolution to distribute any dividend and bonus at a shareholders meeting of Party C; 

  

	 	(d)	sell, transfer, charge or otherwise dispose any legitimate or beneficiary interest of any equity interest of Party C, or permit creation of any other security interest thereon at any time after the date hereof;

  

	 	(e)	procure approval of any sale, transfer, charge or other disposal of any legitimate and beneficiary interest of any equity interest, or permit creation of any other security interest thereon, at a shareholders meeting of
Party C; 

  

	 	(f)	procure approval of any merger, alliance with, acquisition of or investment in any person, or any restructuring, at a shareholders meeting of Party C; or 

 

	 	(g)	voluntarily wind up, liquidate or dissolve Party C. 

  
 5 

	3.1.14	Before Party A (or any third party designated by Party A) acquires 100% equity interest or assets of Party C by exercising the option, each of Party B undertakes to: 

 

	 	(a)	immediately notify Party A in writing of any litigation, arbitration or administrative proceedings in respect of the equity interest owned by Party A that has occurred or may occur, or any circumstance which may have
any adverse effect on such equity interest; 

  

	 	(b)	procure approval of any transfer of equity interest purchased under this Agreement at a shareholders meeting of Party C, procure Party C to modify its articles of association reflecting transfer of equity interest from
Party B to Party A and/or any third party designated by Party A and any other change set out herein, and immediately apply for approval (if required by the law) and re-registration with competent PRC authority, and procure approval by Party C of any
person nominated by Party A and/or any third party designated by Party A as its director and legal representative at its shareholders meeting; 

  

	 	(c)	execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary charges or and provide necessary and appropriate defense against all claims, for the purpose to maintain
its legitimate and valid ownership of its equity interest; 

  

	 	(d)	at request from Party A from time to time, unconditionally and immediately transfer its equity interest to any third party designated by Party A, and waive its right of first refusal in relation to said equity transfer
by another existing shareholder; and 

  

	 	(e)	comply with this Agreement and any other agreements as executed by Party A and each of Party B, perform all obligations under such agreements, and not take any acts/omissions which is sufficient to affect validity and
enforceability of this Agreement. 

  

	3.2	Undertakings 

 The Authorizers undertake to bear all costs and expenses arising from equity
transfer, and effect all formalities necessary for Party A and/or any third party designated by Party A to become shareholder of Party C including, without limitation, assisting Party A to obtain all necessary governmental approvals for the equity
transfer, submitting equity transfer agreement and resolutions of the shareholders meeting to competent administration of industry and commerce, so as to amend the articles of association, shareholder register and other constitutional documents.

  

	3.3	Each of Party B hereby jointly and severally represents and warrants to Party A that as of the date hereof and each Closing Date: 

  

	 	(1)	it has full power and capacity to execute and deliver this Agreement and any equity transfer agreement executed under this Agreement for each transfer of purchased equity interest to which it is a party (each a
“Transfer Agreement”), and to perform the obligations under this Agreement and any Transfer Agreement. Once executed, this Agreement and each Transfer Agreement to which it is a party shall constitute its legitimate, valid and binding
obligations and is enforceable against it under the terms thereunder; 

  

	 	(2)	Neither the execution and delivery of this Agreement or any Transfer Agreement nor the performance of obligations under this Agreement or any Transfer Agreement will: (i) violate any applicable PRC laws or
regulations, conflict with its articles of association or other constitutional documents; (iii) result in violation of any contract or instrument to which it is a party or binding upon it, or constitute any breach under any contract or
instrument to which it is a party or binding upon it; (iv) lead to any violation of any permit or approval issued to it and/or any valid condition; or (v) result in suspension or revocation of any permit or approval issued to it, or
creation of any additional conditions; 

  
 6 

	 	(3)	Party B has good and marketable ownership to all equity interest of Party C. Party B does not create any security interest upon such equity interest; 

 

	 	(4)	Party C has no outstanding debts, except for any debt (i) incurred during ordinary course of business and (ii) having been disclosed to and received express prior written consent from Party A;

  

	 	(5)	Party C has and will continue to comply with all laws and regulations applicable to the acquisition of equity interest and assets; and 

 

	 	(6)	there is no ongoing or pending or threatened action, arbitration or administrative proceedings relating to the equity or assets of Party C or Party C itself. 

 

	4.	SPECIAL AGREEMENT 

 Party B covenants that all equity interest in Party C held by it is
subject to the terms of this Agreement regardless of its percentage. 
  

	5.	TAXES 

 Any and all taxes incurred during performance of this Agreement shall be borne by
the incurring Party. 
  

	6.	BREACH 

  

	6.1	If Party B or Party C breaches this Agreement or any of its representations or warranties hereunder, Party A may send a notice in writing to the breaching Party requesting correction of such default within 10 days upon
receipt of such notice, take measures to prevent occurrence of any damage, and continue performing this Agreement. The breaching Party shall indemnify Party A for any damage incurred by Party A to the extent that Party A will have all interests
entitled to it if this Agreement is duly performed. 

  

	6.2	If Party B or Party C fails to correct its breach within 10 days upon receipt of the notice under Article 6.1, Party A may request the defaulting party to indemnify Party A for any and all costs, liabilities or losses
incurred by Party A (including but not limited to any interest paid or lost due to such default, and any legal fees). Party A may concurrently transfer the equity interests held by Party B to Party A and/or any third party designated by Party A by
enforcing the equity transfer agreement attached hereto. 

  
 7 

	7.	GOVERNING LAW AND DISPUTE RESOLUTION 

  

	7.1	Governing law 

 This Agreement, including but no limited to its consummation, performance,
validity and construction, shall be governed by the PRC laws. 
  

	7.2	Negotiations 

 Any dispute arising from the construction or performance of this Agreement shall
be resolved by negotiations between the Parties or mediations by a third party. If negotiations or mediations Fail, such dispute shall be submitted to a competent arbitral authority within 30 days from the date on which discussion of the dispute is
commenced. 
  

	7.3	Arbitration 

 Any and all disputes arising from or in connection with this Agreement will be
firstly settled through negotiations. If no settlement is made through negotiations within 60 days from its commencement, such dispute will be submitted to Beijing Arbitration Commission (“BAC”) for arbitration in accordance with
its then effective rules. The arbitration shall take place in Beijing. The language of arbitration shall be in Chinese. The arbitration will be conducted by three arbitrators. One arbitrator will be appointed by the claimant, one by the respondent,
and the third one (the chief arbitrator) will be jointly appointed by the other two arbitrators. If the other two arbitrators fail to reach agreement upon the candidate of the chief arbitrator within 20 days upon their respective appointment, the
chief arbitrator will be appointed by BAC according to its arbitration rules. The arbitration award shall be final and binding upon each of the Parties. 
  

	8.	CONFIDENTIALITY 

  

	8.1	Confidential information 

 This Agreement and the schedules attached hereto shall be kept in
confidence. No Party may disclose any information in this Agreement to any third party (unless with prior written consent of all of the Parties). This Article 8.1 shall survive termination of this Agreement. 

 

	8.2	Exception 

 Disclosure of any confidential information required by laws, court rulings, arbitral
awards and decisions of any governmental authority will not constitute breach of Article 8.1. 
  

	9.	MISCELLANEOUS 

  

	9.1	Entire agreements 

 The Parties acknowledge that this Agreement constitutes fair and reasonable
agreements on the basis of equality and mutual benefit. This Agreement represents entire agreements with respect to the subject matter hereunder between the Parties. In the event of any inconsistency between this Agreement and any prior discussion,
negotiation or agreement, this Agreement will prevail. This Agreement may not be modified without agreement of the Parties in writing. The schedules attached hereto constitute an integral part of and have the same effect with this Agreement. 

  
 8 

	9.2	Notices 

  

	9.2.1	All notices or other correspondences given by either Party pursuant to this Agreement shall be made in writing and may be delivered in person, by registered mail, postage prepaid mail, recognized courier service or
facsimile to the following addresses. 

  

			
	If to Party A: Beijing Chukong Aipu Technology Co., Ltd.
		
	Attention:	  	Chen Haozhi
	Address:	  	Room 1107, Fangdi Tower, 25 Xiaoying Road, Chaoyang District, Beijing
	Phone:	  	
	Fax:	  	

  

			
	If to Party B:
	
	CHEN Haozhi
		
	Attention:	  	Chen Haozhi
	Phone:	  	
	Fax:	  	

  

			
	LIU Guanqun
		
	Attention:	  	LIU Guanqun
	Phone:	  	
	Fax:	  	

  

			
	MA Fei
		
	Attention:	  	MA Fei
	Phone:	  	
	Fax:	  	

  

			
	If to Party C:
	
	Beijing Chukong Technology Co., Ltd.
		
	Attention:	  	Chen Haozhi
	Address:	  	Room 1107, Fangdi Tower, 25 Xiaoying Road, Chaoyang District, Beijing
	Phone:	  	
	Fax:	  	

  

	9.2.2	A notice or communication in any of the following cases shall be deemed as duly served: 

  

	9.2.2.1	If delivered by facsimile, on the date as shown on the facsimile, provided that if the facsimile is delivered later than 5:00 p.m. or on a non-business day, then on the following working day after the date shown on the
facsimile; 

  

	9.2.2.2	If delivered by personal delivery (including express delivery), on the date of receipt; 

  
 9 

	9.2.2.3	If delivered by registered mail, on the 15th day after the date on the return receipt. 

 

	9.2.2.4	Binding effect 

 This Agreement shall be binding upon each of the Parties. 

 

	9.3	Language 

 This Agreement is made in five originals in Chinese, with one copy for each Party.

  

	9.4	Day and business day 

 For purpose of this Agreement, a day means a calendar day, and a business
day means any day from Monday to Friday. 
  

	9.5	Headings 

 The headings of this Agreement are for convenience of reference only, and may not be
used in the construction of this Agreement. 
  

	9.6	Supplemental provision 

 The obligations, undertakings and liabilities of the Authorizers
hereunder to Party A are joint and several, and the Authorizers are jointly and severally liable to each other. Regarding Party A, any breach by any of the Authorizers shall automatically constitute a breach of the Authorizers. 

 

	9.7	Other matters 

 Any matter not provided hereunder shall be resolved in accordance with PRC laws
through negotiations by the Parties. 
 (Remaining intentionally left blank) 

  
 10 

 Signature page of Equity Disposal Agreement 

 

			
	 PARTY A: BEIJING CHUKONG AIPU TECHNOLOGY CO., LTD.

(Company Seal)

		
	By:	 	/s/ CHEN Haozhi
		 	Chairman
	
	PARTY B:
	
	CHEN Haozhi
		
	By:	 	/s/ CHEN Haozhi
	
	LIU Guanqun
		
	By:	 	/s/ LIU Guanqun
	
	 MA Fei

		
	 By:
	 	 /s/ MA Fei

	
	 PARTY C: BEIJING CHUKONG TECHNOLOGY CO., LTD.

(Company Seal)

		
	By:	 	/s/ CHEN Haozhi
		
		 	Director

  
 11 

 Schedule I: Equity Transfer Agreement 

Equity Transfer Agreement 
 This equity
transfer agreement (this “Agreement”) is hereby executed by the following parties on June 5, 2007 at Beijing, the People’s Republic of China. 

Party A: Beijing Chukong Aipu Technology Co., Ltd. 
 Registered
address: Room 1107, Fangdi Tower, 25 Xiaoying Road, Chaoyang District, Beijing 
 And 

CHEN Haozhi, with PRC identification number of
                     
 LIU Guanqun, with PRC
identification number of                      
 MA Fei,
with PRC identification number of                      

(CHEN Haozhi, LIU Guanqun and MA Fei are collectively referred as Party B) 

And 
 Party C: Beijing Chukong Technology Co., Ltd. 

Registered address: B-802, Jia 1 Shuguangxili, Chaoyang District, Beijing 

(Party A, Party B and Party C individually a “Party”, and collectively the “Parties”) 

Whereas: 
  

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

 

	2.	Party C is a PRC company incorporated in Beijing, the PRC, the equity interest of which is held by CHEN Haozhi, LIU Guanqun and MA Fei in the proportion of 45%, 45% and 10%, respectively (the “Equity
Interest”); and 

  

	3.	If Party A and (or) the third party designated by Party A exercise their options, Party B agrees to transfer, and Party A and (or) the third party designated by Party A agree to accept, all or any part of the equity
interest in Party C held by Party B to Party A and (or) the third party designated by Party A pursuant to the Equity Disposal Agreement by Party B and Party dated as of the date hereof (“Equity Transfer”). 

The Parties hereby agree as follows: 
  

	1.	EQUITY TRANSFER 

  

	1.1	Party B agrees to transfer to Party A, and Party A agrees to accept from Party B, the Equity Interest. Upon completion of the Equity Transfer, Party A will hold 100% of the Equity Interest. 

  
 12 

	1.2	Party A shall pay RMB [ ] to Party B as consideration for the Equity Transfer pursuant to Article 2. 

  

	1.3	Party B agrees to make the Equity Transfer contemplated hereunder, and also agrees to procure any other shareholder of Party C (excluding Party B) to sign any document necessary for the Equity Transfer, including
resolution of shareholders’ meeting and waiver of the right of first refusal, and to provide assistance for completing other necessary procedures necessary for the Equity Transfer. 

 

	1.4	Party B and Party C shall jointly and severally take any action, including but not limited to signing this Agreement, adopting resolution at shareholders’ meeting and amendment of articles of association, which is
necessary to fulfill transfer of the Equity Interest from Party B to Party A, and shall be responsible to complete all procedures necessary to receive government approval and registration with industrial and commercial administration within 10
business days upon issue of an exercise notice by Party A under the Equity Disposal Agreement , so as to enable Party A to be registered owner of the Equity Interest. 

 

	2.	PAYMENT OF EQUITY TRANSFER PRICE 

  

	2.1	Party A shall pay, within 5 business days upon its execution of this Agreement, RMB [    ] to [    ] , RMB [    ] to [    ] and RMB
[    ] to [    ], and within 5 business days after completion of all government approvals, registration and filing procedures necessary for the Equity Transfer , pay RMB [    ] to
[    ] , RMB [    ] to [    ] and RMB [    ] to [    ]. 

  

	2.2	Party B shall provide document evidencing its receipt of each payment contemplated under Section 2.1 to Party A within 5 business days from such receipt. 

 

	3.	REPRESENTATIONS AND WARRANTIES 

  

	3.1	Each of the Parties hereby represents and warrants that: 

  

	 	(a)	It is a legally incorporated and validly existing company or an individual with complete civil capacity, and has the requisite powers and authorities to sign and perform this Agreement and any other agreement
contemplated hereunder; 

  

	 	(b)	It has taken or will take any action necessary to authorize execution, delivery and performance of this Agreement and any other document relating to the transaction contemplated hereunder, and none of such execution,
delivery and performance is in breach of any applicable laws, regulations or government rules, or in violation of any legal rights and interests of any third party. 

 

	3.2	Party B and Party C jointly and severally represent and warrant to Party A that: 

  

	 	(a)	Party B is the legal and valid holder of 100% equity interest of Party C. Neither the acquisition or possession of such equity interest by Party B is in breach of any applicable laws, regulations or government rules, or
in violation of any legal rights and interests of any third party. 

  

	 	(b)	Party C is a limited liability company legally incorporated and validly existing under the PRC laws, has complete corporate powers, is authorized to own, dispose and operate its assets and business, and conduct any
ongoing or planned business. Party C has obtained all permits and qualifications, and has completed all procedures for governmental approvals, filings or registrations, regarding all businesses set forth in Party C’s business license.

  
 13 

	 	(c)	Party C has not violated any laws, regulations or government rules since its incorporation. 

  

	 	(d)	The equity interest in Party C held by Party B has no any security interest or third party claim. 

  

	 	(e)	No document or information regarding Party C its business that may affect Party A’s decision to sign this Agreement has been omitted to be furnished to Party A. 

 

	 	(f)	Prior to the completion of the Equity Transfer, it will not, by any action or omission, authorize or cause issuing or offering to issue any new equity other than the equities outstanding as of the date of this
agreement, and will not make any change of Party C’s registered capital or its shareholding structure. 

  

	4.	EFFECT AND TERM 

 This Agreement will be signed and comes into effect on the date first
written above. 
  

	5.	DISPUTE RESOLUTION 

 Any and all disputes arising from or in connection with this
Agreement will be firstly settled through negotiations. If no settlement is made through negotiations within 60 days from its commencement, such dispute will be submitted to Beijing Arbitration Commission (“BAC”) for arbitration in
accordance with its then effective rules. The arbitration shall take place in Beijing. The language of arbitration shall be in Chinese. The arbitration will be conducted by three arbitrators. One arbitrator will be appointed by the claimant, one by
the respondent, and the third one (the chief arbitrator) will be jointly appointed by the other two arbitrators. If the other two arbitrators fail to reach agreement upon the candidate of the chief arbitrator within 20 days upon their respective
appointment, the chief arbitrator will be appointed by BAC according to its arbitration rules. The arbitration award shall be final and binding upon each of the Parties. 
  

	6.	GOVERNING LAW 

 The validity, construction and enforcement of this Agreement shall be
governed by laws of PRC. 
  

	7.	AMENDMENT AND SUPPLEMENT 

 Any amendment of this Agreement will not be effective without
agreement of the Parties in writing. Any amendment and supplement duly executed by the Parties shall be integral part of this Agreement and have the same legal effect as this Agreement. 

 

	8.	SEVERABILITY 

 If any clause hereof is held invalid or unenforceable due to its
inconsistency with the applicable laws of any jurisdiction, such clause shall be deemed invalid or unenforceable only in such jurisdiction without any effect upon any other clause of this Agreement. 

  
 14 

	9.	SCHEDULE 

 Any schedule attached hereto shall be an integral part of this Agreement and
have the same effect with this Agreement. 
  

	10.	MISCELLANEOUS 

  

	10.1	The agreement is made in Chinese and in five originals. 

  

	10.2	If Party A designates any third party to exercise its option, any reference to Party A under this Agreement will mean Party A and/or the third party designated by it, as applicable. 

[Remaining intentionally left blank] 

  
 15 

 Signature page of Equity Transfer Agreement 

Party A: Beijing Chukong Aipu Technology Co., Ltd. 

	
	
	 /s/

	
	Authorized representative

  

			
	Party B:
	
	 /s/ CHEN Haozhi

	
	 /s/ LIU Guanqun

	
	 /s/ MA Fei

 Party C: Beijing Chukong Technology Co., Ltd. 

	
	
	 /s/ CHEN Haozhi

	
	Authorized representative

  
 16

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