Document:

Equity Pledge Agreement

 Exhibit 10.3 
 Equity Interests Pledge Agreement 
 This Equity Interests Pledge Agreement (the “Agreement”) is entered
into on the day of May 1, 2004 by and between the following parties: 
  

			
	Pledgee:	  	Beijing Champion Distance Education Technology Co., Ltd.
	Registered Address:	  	 Room A-211, kemao Building, China Agriculture University, No. 2,
 Tsinghua East Road, Haidian District, Beijing City

	Fax Number:	  	010-82386679
		
	Pledgor:	  	Yin Bao Hong
	ID Card No.:	  	320102196710242849
	Address:	  	 Room 102, Building No.7, No. 17, Tsinghua East Road, Haidian District,
 Beijing City

	Fax Number:	  	010-62396392

 WHEREAS, 
  

	1	Yin Bao Hong, the Pledgor, is the citizen of the People’s Republic of China (“PRC”). The Pledgor owns 21% of the equity interest in Beijing Champion Hi-Tech Co.,
Ltd., a limited liability company registered in Beijing carrying on internet information service business. 

  

	2	The Pledgee, a wholly foreign-owned company registered in Beijing, PRC, and the Pledgor-owned Beijing Champion Hi-Tech Co., Ltd. enter into Exclusive Technical Consulting and
Services Agreement (the “Service Agreement”) on May 1, 2004. 

  

	3	In order to make sure that the Pledgee collect technical and consulting service fees as normal from Beijing Champion Hi-Tech Co., Ltd., the Pledgor is willing to pledge all its
equity interest in Beijing Champion Hi-Tech Co., Ltd. to the Pledgee as a security for the Pledgee to collect technical and consulting service fees under the Service Agreement. 

 In order to perform the Service Agreement, the Pledgee and the Pledgor through mutual negotiations hereby enter into this Agreement based upon the following terms:

  

	1.	Definitions and Interpretations 

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

	 	1.1	Pledge means the full content of Article 2 hereunder. 

  

	 	1.2	Equity Interest means all its 5% equity interests in Beijing Champion Hi-Tech Co., Ltd. legally held by the Pledgor. 

  

	 	1.3	Rate of Pledge means the ratio between the value of the pledge under this Agreement and the technical and consulting service fees under the Service Agreement.

  

	 	1.4	Term of Pledge means the period provided for under Article 3.2 hereunder. 

  

	 	1.5	Service Agreement means the Exclusive Technical Consulting and Service Agreement entered into by and between Beijing Champion Hi-Tech Co., Ltd. and the Pledgee.

	 	1.6	Event of Default means any event in accordance with Article 7 hereunder. 

  

	 	1.7	Notice of Default means the notice of default issued by the Pledgee in accordance with this Agreement. 

  

	2.	Pledge 

  

	 	2.1	The Pledgor agrees to pledge all its equity interest in Beijing Champion Hi-Tech Co., Ltd. to the Pledgee as guarantee for the technical and consulting service fee payable to the
Pledgee under the Service Agreement. 

  

	 	2.2	Pledge under this Agreement refers to the rights owned by the Pledgee who shall be entitled to have priority in receiving the payment by the evaluation or proceeds from the auction
or sale of the equity interests pledged by the Pledgor to the Pledgee. 

  

	3.	Rate of Pledge and Term of Pledge 

  

	 	3.1	The rate of pledge 

  

	 	3.1.1	The rate of pledge shall be 100%. 

  

	 	3.2	The term of Pledge 

  

	 	3.2.1	The pledge of equity interests under this Agreement shall take effect as of the date when the equity interests under this Agreement are recorded in the Register of Shareholder of
Beijing Champion Hi-Tech Co., Ltd. The term of the Pledge is the same as the term of Service Agreement. 

  

	 	3.2.2	During the term of the Pledge, the Pledgor shall be entitled to dispose of the Pledge in accordance with this Agreement in the event that Beijing Champion Hi-Tech Co., Ltd. fails to
pay technical and consulting service fee in accordance with the Service Agreement or breach any warranty, representation or undertake under the same. 

  

	4.	Physical Possession of Documents of Pledge 

  

	 	4.1	Within the term of Pledge, the capital contribution certificate shall be deposited by the Pledgee. The Pledgor shall delivery its capital contribution certificate, if any, to the
pledgee within a week after the Agreement is signed. 

  

	5.	Warranties and Representations of the Pledgor 

  

	 	5.1	All of Beijing Champion Hi-Tech Co., Ltd’s registered capital to be contributed by the Pledgor has been fully injected, who is the legitimate owner of the equity.

  

	 	5.2	Unless otherwise provided in this Agreement, the Pledgee shall not be intervened by any parties at any time when exercising its rights in accordance with this Agreement as long as
such exercise doesn’t violate the PRC Law. 

  

	 	5.3	Unless otherwise provided in this Agreement, the Pledgee shall be entitled to dispose or assign the pledge in accordance with this Agreement as long as such exercise doesn’t
violate the PRC Law and the Pledgor shall cooperate with the Pledgee unconditionally. 

	 	5.4	No Pledge has been created over the equity of the Pledgor to any other person except the Pledgee. 

 6. Covenant of the Pledgor 
  

	 	6.1	During the term of this Agreement, The Pledgor covenants to the Pledgee to perform its obligations as below and, as the shareholder, to instruct Beijing Champion Hi-Tech Co., Ltd to
perform relevant obligations: 

  

	 	6.1.1	The Pledgor may not assign or otherwise transfer all or any part of its equity or create, or permit the existence of, any pledge that may affect the rights and interests of the
Pledgee, without the prior written consent of the Pledgee unless according to the “Exclusive Purchase Agreement” entered into by the Pledgor, Beijing Champion Hi-Tech Co., Ltd., the Pledgee or its shareholder(s). 

 

	 	6.1.2	The Articles of Association of Beijing Champion Hi-Tech Co., Ltd. shall not be amended, or supplemented, and the registered capital of the Beijing Champion Hi-Tech Co., Ltd. shall
not be increased or reduced, and the composition of Beijing Champion Hi-Tech Co., Ltd’s registered capital shall not be changed otherwise, unless consented by the Pledgee with prior written notice. 

  

	 	6.1.3	Within the Term of Pledge, without the prior written consent of the Pledgee, Beijing Champion Hi-Tech Co., Ltd. may not sell, transfer, mortgage or in any other means, dispose any
interests of assets, business or revenues over 3%(inclusive) of its net assets after audit (including the intangible assets) at the end of the last fiscal year, or permit any Lien to be created over the same. 

  

	 	6.1.4	Without the prior written consent of the Pledgee, Beijing Champion Hi-Tech Co., Ltd. may not undertake, inherit, secure or allow the existence of any debt unless (a) the debt
incurred through normal or daily operations without taking loans or (b) the debt disclosed to and assented to in writing by the Pledgee. 

  

	 	6.1.5	Beijing Champion Hi-Tech Co., Ltd. may not merge, associate with, acquire or invest to any entity without the prior written consent of the Pledgee. 

  

	 	6.1.6	Without the prior written consent of the Pledgee, Beijing Champion Hi-Tech Co., Ltd may not enter into any material contract valued over 3%(inclusive) of its net assets after audit
(including the intangible assets) at the end of the last fiscal year except those for normal operations. 

  

	 	6.1.7	Beijing Champion Hi-Tech Co., Ltd. may not provide any loan or credit to any entity without the prior written consent of the Pledgee. 

  

	 	6.1.8	Without the prior consent of the Pledgee, the business scope and the main business operations of Beijing Champion Hi-Tech Co., Ltd. shall not be changed. 

	 	6.1.9	Beijing Champion Hi-Tech Co., Ltd shall manage all its normal operations to keep the value of the assets and refrains from any action or omission harming its management and asset
value. 

  

	 	6.1.10	To keep the ownership of Beijing Champion Hi-Tech Co., Ltd. regarding all its assets, to sign all necessary or appropriate documents, take all necessary or appropriate actions, take
all necessary or appropriate claims, or make necessary or appropriate defenses against all claims. 

  

	 	6.1.11	Within the term of pledge, Beijing Champion Hi-Tech Co., Ltd. may not distribute any dividend to its shareholders unless consented by the pledge in writing in advance.

  

	 	6.1.12	To comply with and perform all provisions of the laws and regulations in respect of the pledge of right; when receiving notices, instructions or suggestions from relevant authority
in respect of the right of pledge, to show the Pledgee the notice, instruction or suggestion mentioned, and to comply with the notice, instruction or suggestion mentioned or raise objection and make presentation in accordance with reasonable
requirement of the Pledgee or through prior consent by the Pledgee. 

  

	 	6.1.13	To notify the Pledgee in time of any event or received notice that may affect the pledged equity right or any of the equity right, or that may change any warranty or obligation of
the Pledgee under this Agreement, or that may affect the Pledgee’s performing its obligations under this Agreement. 

  

	 	6.1.14	The pledgor has the knowledge that the realization of the pledge under the Agreement may affect its right for indemnification from Beijing Champion Hi-Tech Co., Ltd. and hereby
waive such right. 

  

	 	6.1.15	Prior to the appointment of directors to Beijing Champion Hi-Tech Co., Ltd. according to the relevant articles, the Pledgor shall consult with the pledgee and make the appointment
with the written consent of the Pledgee. 

  

	 	6.1.16	The Pledgor consent to and guarantee that the Pledgee has the right to appoint accountants to audit or investigate Beijing Champion Hi-Tech Co., Ltd. periodically or at any time and
will guarantee Beijing Champion Hi-Tech Co., Ltd.’s unconditional performance of the management opinions as proposed by the accountants after the audit or investigation in respect of the management and internal control of Beijing Champion
Hi-Tech Co., Ltd. 

  

	 	6.2	The Pledgor consents that the Right of Pledge of the Pledgor under this Agreement shall not be impeded or harmed by any legal proceedings initiated by the Pledgor or its inheritor
or its delegate. 

  

	 	6.3	 The Pledgor warrant to the Pledgee that, to protect or perfect the security for the technical advisory fee charges under the Service Agreement as created under this
Agreement, the Pledgor will sign honestly and procure other parties interested in the right of pledge to sign all requisite right certificates and covenants, and/or perform or procure other interested parties to perform other actions required by the
Pledgee, and provide facility to the enforcement of rights and authorization as provided in this Agreement to the Pledgee, sign with the Pledgee or person (natural or legal) designated by it all 

	 	 
modification documents to the equity certificate, and provide to the Pledgee within a reasonable time all notices, order or decisions as deemed necessary by
the Pledgee in respect of the right of pledge. 

  

	 	6.4	For the interests of the pledgee, the pledgor hereby guarantees to comply and perform all the warranties, consents, agreements, representation and conditions, and to indemnify the
Pledgee all relevant damages incurred due to Pledgor’s breach or partial breach of the above. 

  

	7.	Events of Default 

  

	 	7.1	The following events shall be regarded as the event of default: 

  

	 	7.1.1	Beijing Champion Hi-Tech Co., Ltd. fails to make full payment of the technical and consulting service fees payable as scheduled under the Service Agreement or any other account
payable, or violates any warranty, representation or undertaking; 

  

	 	7.1.2	Any materially misleading and false representation and warranties made by the Pledgor is in violation of Article 5 of this Agreement, and/or any representation and warranties made
by the Pledgor goes against Article 5 of this Agreement. 

  

	 	7.1.3	The Pledgor contravenes the undertakings stated in Article 6 of this Agreement. 

  

	 	7.1.4	The Pledgor abandon or transfer the pledged equity without written consent of the Pledgee but for the appointment as provided for in Section 6.1.1 of this Agreement.

  

	 	7.1.5	Any loan, lien, reimbursement, consent or other debt of the Pledgor, as (a) to be paid in advance or performed due to breach or (b) where due but not paid or performed as
scheduled so that Pledgee deems the Pledgor’s ability to perform the obligations under this Agreement to have been affected. 

  

	 	7.1.6	The Pledgee recognizes the abilities for the Pledgor to fulfill its obligations pursuant to the Agreement to have been influenced due to the disbennifit of the pledgor’s
property. 

  

	 	7.1.7	The successor or delegate of the Pledgor can only perform partially or refuse to fulfill the obligations under the Service Agreement. 

  

	 	7.1.8	Other situation causing the Pledgee being incapable of performing the Right of Pledge as provided for by the relevant laws. 

  

	 	7.2	The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor is aware of or find that any event under Article 7.1 herein or any events that may result in the
foregoing events have happened. 

  

	 	7.3	Unless the event of default under Article 7.1 herein has been solved to the Pledgee’s satisfaction, the Pledgee, at any time when the event of default happens or thereafter,
may give a written notice of default to the Pledgor that the Pledgee will exercise its right of Pledge in accordance with Article 8 of this Agreement. 

	8.	Exercise of the Right of Pledge 

  

	 	8.1	The pledgor may not transfer its shares without written consent of the Pledgee with the term of validity of this Agreement unless otherwise provided for in clause 6.1.6.

  

	 	8.2	The Pledgee shall give a notice of default to the Pledgor when the Pledgee exercises the right of pledge. 

  

	 	8.3	Subject to Article 7.3, the Pledgee may exercise the right to dispose the Pledge at any time when the Pledgee gives a notice of default in accordance with Article 7.3 or thereafter.

  

	 	8.4	The Pledgee is entitled to have priority in receiving payment by the evaluation or proceeds from the auction or sale of whole or part of the equity interests pledged herein in
accordance with legal procedure until the outstanding technical and consulting service fees and all other payables under the Service Agreement are repaid. 

  

	 	8.5	The Pledgor shall not hinder the Pledgee from disposing the Pledge in accordance with this Agreement and shall give necessary assistance unconditionally so that the Pledgee could
realize his Pledge. 

  

	9.	Transfer or Assignment 

  

	 	9.1	The Pledgor shall not have the right to donate or transfer its rights and obligations under this Agreement without prior consent of the Pledgee unless otherwise provided for in
clause 6.1.6. 

  

	 	9.2	This Agreement shall be binding upon the Pledgor and its successors and be effective to the Pledgee and his each successor and assignee. 

  

	 	9.3	The Pledgee may transfer or assign all or any rights and obligations under the Service Agreement to its designated party (natural person/legal entity) at any time. In this case, the
assignee shall enjoy and undertake the same rights and obligations herein of the Pledgee as if the assignee is a party hereto. When the Pledgee transfers or assigns the rights and obligations under the Service Agreement, at the request of the
Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment. 

  

	 	9.4	After the change of Pledgee caused by the transfer or assignment hereof, the new parties of the pledge shall re-execute a pledge contract, which shall not enact lower requirements
for the Pledgor than those in this Agreement. 

  

	10.	Termination 

 This Agreement shall not be terminated until the consulting
service fees under the Service Agreement and other payable are paid off and Beijing Champion Hi-Tech Co., Ltd. will no longer undertake any obligations under the Service Agreement, and the Pledgee shall cancel or terminate this Agreement within
reasonable time as soon as practicable. 
  

	11.	Formalities Fees and other Charges 

  

	 	11.1	The Pledgor shall be responsible for all the fees and actual expenditures in relation to this Agreement including but not limited to legal fees, cost of production, stamp tax and
any other taxes and charges. 

	 	11.2	The Pledgor shall be responsible for all the fees (including but not limited to any taxes, formalities fees, management fees, litigation fees, attorney’s fees, and various
insurance premiums in connection with disposition of Pledge) incurred by the Pledgor for the reason that (1) the Pledgor fails to pay any payable taxes, fees or charges in accordance with this Agreement; or (2) the Pledgee has recoursed by
any means for other reasons. 

  

	12.	Force Majeure 

  

	 	12.1	“Force Majeure event(s)” means any event that goes beyond the reasonable control of one party and is unavoidable even if the affected party pays reasonable attention to
it, including but not limited to government act, natural force, fire, explosion, geographic changes, storm, flood, earthquakes, tides, lightening or wars. However, inadequate credit, funds or finance should not be deemed as beyond one party’s
reasonable control. Any party that is affected by Force Majeure and seeks exemption from obligations under this Agreement shall notify the event to the other party and the steps to be taken. 

  

	 	12.2	Where the Agreement is delayed in or impeded from performance because of any force majeure, in respect of the delay or impediment, the party affected by such event shall not assume
any liability under this Agreement, provided that the party has performed the Agreement in reasonable efforts but the delay or impediment is still unavoidable. In addition, if the cause for such exemption is rectified or remedied, all parties
consent to resuming the performance of this Agreement through best efforts. 

  

	13.	Dispute Resolution 

  

	 	13.1	This Agreement shall be governed by and construed in accordance with the PRC law. 

  

	 	13.2	The parties shall strive to settle any dispute arising from the interpretation or performance, or in connection with this Agreement through friendly consultation. In case no
settlement can be reached through consultation, each party can submit such matter to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the current rules of CIETAC, and
the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing. The arbitration award shall be final and binding upon the parties. 

  

	14.	Notice 

  

	 	14.1	Any notice or other message stipulated in this Agreement or in accordance with the same, shall be mail, sent in person (including express mail services) or fax to the receiver
according the address or fax number of the receiver as set out in the front page of this Agreement. If sent in person, it is delivered when the actual delivery is made; if sent in mailing, it is deemed to have been on the 10th day after sending; if
sent in fax, it is delivered when being sent. If the delivery date is not business day or the delivery arrives after business hours of a day, the first following business day is the delivery date. 

	15.	Effectiveness 

  

	 	15.1	This agreement and any amendments, modification, supplements, shall be in writing and come into effect upon being executed and sealed by the parties hereto.

  

	 	15.2	This Agreement is executed in duplicate in Chinese. 

 Pledgee: Beijing
Champion Distance Education Technology Co., Ltd 
 Authorized Representative: 
  

			
	Pledgor: Yin Bao Hong	 	
		
	  
	 	(Signature)Exclusive Purchase Rights Agreement

 Exhibit 10.4 
 CONTRACT RELATING TO THE EXCLUSIVE PURCHASE 
 RIGHT OF AN EQUITY INTEREST 
 The Contract Relating to the Exclusive Purchase Right of An Equity Interest, dated as of May 9, 2004 (this “Contract”), is made in Beijing by and among:

 (1) China Distance Education Limited (the “Party A”), a limited liability company incorporated and existing under the laws of Hong Kong;

 (2) Zhu Zhengdong (the “Party B”), Citizen of the People’s Republic of China, holding the Identification Card of the PRC (No.:
320102196806142439), with resident address at Room 707, Building 7, Taiyueyuan, Haidian District, Beijing; and 
 (3) Beijing Champion Hi-Tech Co., Ltd. (the
“Party C”), a limited liability company incorporated and existing under the laws of the PRC, with the address at Room 106 and Room 215, Tower A, Kemao Building, No.2 Qinghua East Road, Haidian District, Beijing. 
 As used in this Contract, Party A, Party B, and Party C is “the Party” respectively, and “Parties to the Contract” collectively. 
 WHEREAS, 
 1 Party B has the ownership of 79% equity interest in
Party C. 
 2 Party C and Beijing Champion Distance Education Technology Co., Ltd., a 100% owned subsidiary company of Party A within PRC, entered into a
series of contracts such as Exclusive Technical Support and Management Consulting Services Agreement. 
 NOW, THEREFORE, Parties to the Contract hereby agree
as follows: 
  

	1.	Purchase and Sale of Equity Interest 

  

	Section	1.1 Authorization 

 Party B hereby irrevocably delivers to Party A or one
or more persons designated by Party A (the “Designated Persons”), under the laws of the PRC, an irrevocable sole authority (“Purchase Right of Equity Interest”) to purchase (in accordance with steps decided by Party A or the
Designated Persons and at the price specified in Section 1.3 hereof) at any time from Party B all or part of Party B’s equity interest in Party C. 
 Except for Party A and the Designated Persons, Party B shall not grant such right to any other party. Party C hereby agrees to the delivery of Purchase Right of Equity Interest from Party B to Party A. As specified in this Section and this
Contract, “person” has the meaning of Natural Person, Corporation, Joint Venture, Partnership, Enterprise, Trust or Non-Corporation Organization. 
 Section 1.2 Steps 
 The performance of Purchase Right of Equity Interest by Party A shall be upon and subject to the laws and regulations of
PRC. Party A shall send a written notice (the “Notice of Purchase of Equity Interest”) to Party B upon its performance of Purchase Right of Equity Interest, the Notice of Purchase of Equity Interest shall have the following contents:

  

	(a)	Party A’s decision about the performance of purchase right; 

 (b) The Equity Interest to be purchased by Party A from Party B (the “Purchased Equity Interest”); 

(c) Purchase Date/Equity Interest Transfer Date. 
 Section 1.3
Purchase Price 
 Except evaluation is required by laws, the price of the Purchased Equity Interest (“Purchase Price”) shall be an equivalent of the
actual amount of the Purchased Equity Interest contributed by Party B or other price allowed by laws or agreed between Party A and Party B at that time. The Purchase Price is subject to applicable laws and regulations of PRC. 
 Section 1.4 Transfer of the Purchased Equity Interest 
 Every time upon
Party A’s performance of the Purchase Right of Equity Interest: 
 (a) Party B shall urge Party C to convene the shareholders meeting, and during the
meeting, to pass the decision or resolution to transfer the equity interest from Party B to Party A and/or the Designated Persons; 
 (b) Party B shall, upon
the terms and conditions of this Contract and the Notice of Purchase of Equity Interest, enter into Equity Interest Transfer Contract with Party A (or, in applicable situation, the Designated Persons); 
 (c) The relevant parties shall execute all other requisite contracts, agreements or documents, acquire all requisite approval and consent of the government, and, without
any security interest, perform all requisite action to transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Person, and to make Party A and/or the Designated Person to be the registered owner of the
Purchased Equity Interest. For the purpose of this Section and this Contract, “Security Interest” has the meaning of security, mortgage, right or interest of the third party, any purchase right of equity interest, right of acquisition,
pre-emptive right, set-off right, ownership detainment or other security arrangements. To further define the meaning, it does not include the share pledge made for the interest of Beijing Champion Distance Education Technology Co., Ltd., a
subsidiary company of Party A in PRC and the security interest agreed in writing by Party A and Beijing Champion Distance Education Technology Co., Ltd. in advance. 
 Section 1.5 Payment 
 When exercising the Purchase Right of Equity Interest, Party A shall pay for the Purchase Price in
cash or method agreed by Party A and Party B, and the payment method shall be in compliance with the PRC laws at that time. 
 2. Undertakings Relating to
Equity Interest 
  

	Section	2.1 Undertakings of Party C 

 Party C hereby undertakes: 
 (a) Without prior written consent by Party A or Beijing Champion Distance Education Technology Co., Ltd., Party A’s subsidiary in PRC, not, in any form, to
complement, change or renew the Articles of the Association of Party C, to increase or decrease registered capital of the corporation, or to change the structure of the registered capital in any other forms; 

 (b) Following good finance and business standard and tradition, to maintain the existence of the corporation and
prudently and effectively operate business and process affairs; 
 (c) Without prior written consent by Party A or Beijing Champion Distance Education
Technology Co., Ltd., Party A’s subsidiary in PRC, not, from the execution date of this Contract, to sell, transfer, mortgage or dispose in any other form any assets, legitimate or beneficial interest of business or income of Party C, or to
approve any other security interest set on it; 
 (d) Without prior written notice by Party A or Beijing Champion Distance Education Technology Co., Ltd.,
Party A’s subsidiary in PRC, no debt shall take place, be inherited, be guaranteed, or be allowed to exist, with the exception of: (i) debt from normal or daily business but not from borrowing; and (ii) debt having been disclosed to
Party A or having gained written consent from Party A; 
 (e) To normally operate all business to maintain the asset value of Party C, without doing or
otherwise any taking action that sufficiently adversely affects the operation and asset value; 
 (f) Without prior written consent by Party A or Beijing
Champion Distance Education Technology Co., Ltd., Party A’s Subsidiary in PRC, not to enter into any material contract with a value more than RMB 300 thousand, with the exception of the contract entered into during the normal business;

 (g) Without prior written consent by Party A or Beijing Champion Distance Education Technology Co., Ltd., Party A’s subsidiary in PRC, not to provide
loan or credit loan to anyone; 
 (h) Upon the request of Party A, to provide all operation and finance materials of Party C; 
 (i) Party C purchases and holds all insurance from the insurance company accepted by Party A, the insurance amount and category shall be the same with those held by the
companies in the same area, operating the similar business and owning the similar properties and assets; 
 (j) Without prior written consent by Party A or
Beijing Champion Distance Education Technology Co., Ltd., Party A’s subsidiary in PRC, not to merge or associate with any Person, or purchase any Person or invest in any Person; 
 (k) To immediately notify Party A the occurrence or the probable occurrence of the litigation, arbitration or administrative procedure related to the assets, business and income of Party C; 
 (l) In order to keep the ownership of Party C to all its assets, to execute all requisite or appropriate documents, take all requisite or appropriate action, and advance
all requisite or appropriate accusation, or make requisite or appropriate plea for all claims; 
 (m) Without prior written notice by Party A, not to assign
stock interests to shareholders in any form, but once requested by Party A, to assign all or part of its assignable profits to their own shareholders; 

 Section 2.2 Undertakings of Party B 
 Party B undertakes: 
 (a) Without prior written consent by Party A or Beijing Champion Distance Education Technology Co.,
Ltd., Party A’s subsidiary in PRC, not, from the execution date of this Contract, to sell, transfer, mortgage or dispose in any other form any legitimate or beneficial interest of equity interest, or to approve any other security interest set
on it, with the exception of the share pledge made for the interest of Beijing Champion Distance Education Technology Co., Ltd., a subsidiary of Party A in PRC; 
 (b) Not to or to cause the authorized representative(s) commissioned by it not to approve at the Board of Shareholders to, with no prior written notice by Party A or Beijing Champion Distance Education Technology Co., Ltd., Party A’s
subsidiary in PRC, sale, transfer, mortgage or dispose in any other form any legitimate or beneficial interest of equity interest, or to approve any other security interest set on it, with the exception of the share pledge made for the interest of
Beijing Champion Distance Education Technology Co., Ltd., a subsidiary of Party A in PRC; 
 (c) Not to or to cause the authorized representative(s)
commissioned by it not to approve at the Board of Shareholders Party C to, with no prior written notice by Party A or made for the interest of Beijing Champion Distance Education Technology Co., Ltd., a subsidiary of Party A in PRC, merger or
associate with any Person, or purchase any Person or invest in any Person; 
 (d) To immediately notify Party A the occurrence or the probable occurrence of
the litigation, arbitration or administrative procedure related to the equity interest owned by it; 
 (e) To or to cause the authorized representative(s)
commissioned by it to vote to approve at Board of Shareholders the transfer of the Purchased Equity Interest subject to this Contract; 
 (f) In order to
keep its ownership of the equity interest, to execute all requisite or appropriate documents, take all requisite or appropriate action, and advance all requisite or appropriate accusation, or make requisite or appropriate plea for all claims;

 (h) Upon the request of Party A at any time, to immediately transfer its equity interest to Party A or the representative designated by Party A
unconditionally and abandon its pre-emptive right to the equity interest transferred from another available shareholder of Party C to Party A or the representative designated by Party A; 
 (i) To prudently comply with the terms and conditions of this Contract and other contracts entered into collectively or respectively by Party B, Party C and Party A and Beijing Champion Distance Education Technology
Co., Ltd., to actually perform all obligations under these contracts, without doing or otherwise taking any action that sufficiently affects the validity and enforceability of these contracts; 
 3. Representations and Warranties 
 Representations and Warranties of Party B
and Party C 
 Dated as of the execution date of this Contract and every transfer date, Party B and Party C hereby represents and warrants collectively and
respectively to Party A as follows: 
 (a) It has the right and ability to enter into and deliver this Contract, and any equity interest transfer contract
(“Transfer Contract”, respectively) having it as a party, for every single transfer of the purchased equity interest according to this Contract, and to perform its obligations under this Contract and any Transfer Contract. Upon execution,
this Contract and the Transfer Contracts having it as a party constitute a legal, valid and binding obligation of it which can be enforceable against it in accordance with the terms; 

 (b) The execution or delivery of this Contract and any Transfer Contract and performance of the obligations under this
Contract and any Transfer Contract do not: (i) cause to violate any relevant laws of PRC; (ii) constitute a conflict with its Articles of Association or other organizational documents; (iii) cause to breach any contract or instruments
to which it is a party or having binding obligation on it, or constitute breaching of any contract or instruments to which it is a party or having binding obligation on it; (iv) cause to violate relevant granting of any permit or approval to it
and/or any continuing valid condition; or (v) cause any consent or approval granted to it to be suspended, removed, or into which other requests be added; 
 (c) Party B bears the good and sellable ownership of its equity interest in Party C. Party B does not set any security interest on the said equity interest, with the exception of the share pledge made for the interest of Beijing Champion
Distance Education Technology Co., 
 Ltd., a subsidiary of Party A in PRC and the share pledge agreed by Party A and Beijing Champion Distance Education
Technology Co., Ltd.; 
 (d) Party C does not have any outstanding debt, with the exception of (i) debt from its normal business; and (ii) debt
having been disclosed to Party A and having gained written consent from Party A; 
 (e) Party C abides by all laws and regulations applicable to the purchase
of assets; 
 (f) No litigation, arbitration or administrative procedure relating to equity interest, assets of Party C or the corporation is underway or to
be decided or to probably take place. 
  

	4.	Effective Date 

 This Contract shall be effective from the execution date,
with the period of 10 years, and can be extended to another 10 years by the choice of Party A. 
  

	5.	Applicable Law and Dispute Resolution 

 Section 5.1 Applicable Law

 The execution, validity, construing and performance of this Contract, and resolution of the disputes under this Contract, shall be governed by the laws of
PRC. 
 Section 5.2 Dispute Resolution 
 Any dispute arising
from the construing and performance of this Contract shall be settled through friendly negotiation between the parties of this Contract. If no settlement can be reached after such negotiation within thirty (30) days after the date of the
written notice sent by one party to the other requesting to settle the dispute, then each party shall have the right to refer the matter to China International Economic and Trade Arbitration Commission, for settlement by arbitration according to the
valid arbitration rules at the appointed time. The arbitration shall take place in Beijing. The arbitration awards is final, and is binding to both parties of this Contract. 

	6.	Taxes and Expenses 

 Every party shall, according to laws of PRC, bear any
and all transfer and registration taxes, costs and expenses for the preparation and execution of this Contract and all Transfer Contracts, and those arising from or imposed on the party, to complete the transactions of this Contract and all
Transferring Contracts. 
  

	7.	Notices 

 This Contract requires that notices or other communications sent
by any party or company shall be written in Chinese, and be delivered in person, by mail or fax to other parties at the following addresses or other specified addresses noticed by other parties to the party from time to time. The date when the
notice is deemed to be duly delivered shall be confirmed as follows: (a) for notices delivered in person, the date of delivery shall be deemed as having been duly given or made; (b) for notices delivered by mail, the tenth day of the
delivery date of air certified mail with postage prepaid (as shown on stamp) or the forth day of the delivery date to the international professional courier company shall be deemed as having been duly given or made; and (c) for notices by
telecopy, the receipt date showed on the delivery confirming paper of the relevant document shall be deemed as having been duly given or made. 
 Party A:
Beijing Distance Education Limited 
 Address: Room 1501 to 1503, Building 15, Zhidi Square Gaoluoshida Building, No.11 Bida 
 Street, Zhonghuan, Hong Kong 
 Party B: Zhu Zhengdong 
 Address: Room 707, Building 7, Taiyueyuan, Haidian District, Beijing 
 Party
C: Beijing Champion Hi-Tech Co., Ltd. 
 Address: Room 106 and Room 215, Tower A, Kemao Building, No.2 Qinghua East Road, 
 Haidian District, Beijing 
  

	8.	Confidentiality 

 Both the parties admit and confirm any oral or written
materials exchanged by the parties relating to this Contract are confidential. Both parties shall maintain the secrecy and confidentiality of all such materials. Without written approval by the other party, the party shall not disclose to any third
party any relevant materials, but with the exception of the following: (a) the public know or may know such materials (but not disclosed by the party accepting the materials); (b) materials needed to be disclosed subject to applicable
ordinances ; or (c) any party necessarily discloses materials to its legal or financial consultant relating the transaction of this Contract, and this legal or financial consultant shall have the obligation of confidentiality similar to that
set forth in this Section. The breach of the obligation of confidentiality by staff or employed institution of any party shall be deemed as the breach of such obligation by that party, and by whom the liabilities for breach shall be bored. No matter
this Contract may terminate by any reason, this Section shall continue to be in force and effect. 
  

	9.	Further Warranties 

 The Parties to the Contract agree to promptly execute
documents reasonably requisite to the performance of the provisions and the aim of this Contract or documents beneficial to it, and to take actions reasonably requisite to the performance of the provisions and the aim of this Contract or actions
beneficial to it. 

	10.	Miscellaneous 

 Section 10.1 Amendment, Modification and Supplement

 Amendment, modification and supplement of this Contract shall be subject to the written agreement executed by each party. 
 Section 10.2 Observance of Laws and Regulations 
 The parties of the
contract shall observe and ensure the operation of each party fully observe all laws and regulations of PRC officially published and publicly gainable. 
 Section 10.3 Entire Contract 
 Except for a written amendment, supplement and modification to this Contract following the date of execution,
this contract constitutes the entire contract of the parties hereto with respect to the object hereof and supersedes all prior oral or written agreements, representation and contracts with respect to the object hereof. 
 Section 10.4 Headings 
 The headings contained in this Contract are for
convenience of reference only and shall not affect the interpretation, explanation or in any other way the meaning of the provisions of this Contract. 
 Section 10.5 Language 
 This Agreement is executed by Chinese in three copies. 
 Section 10.6 Severability 
 If any one or more provisions of this Contract are judged as invalid, illegal or
non-enforceable in any way according to any laws or regulations, the validity, legality and enforceability of other provisions hereof shall not be affected or impaired in any way. All parties shall, through sincere consultation, urge to replace
those invalid, illegal or non-enforceable provisions with valid ones, and from such valid provisions, similar economic effects shall be tried to reach as from those invalid, illegal or non-enforceable provisions. 
 Section 10.7 Successor 
 This Contract shall bind and benefit the
successor of each party and the transferee allowed by each party. 
 Section 10.8 Survival 
 (a) Any obligations arising out of, or becoming due as a result of, this Contract, prior to the expiration or early termination of this Contract shall continue to be effective following the expiration or early
termination of this Contract. 
 (b) Section 5, Section 8 and Section 10.8 hereof shall continue in force and effect after the termination of
this Contract. 

 Section 10.9 Waiver 
 Any party to this Contract may waive the terms and conditions of this Contract. Such waiver shall be valid only if set forth in an instrument in writing and signed by the party or parties to be bound thereby. Any waiver by a party to the
breach hereof by other parties in certain situation shall not be construed as a waiver to any similar breach by other parties in other situation. 

 Signing Page 
 IN WITNESS THEREFORE, the parties hereof have caused the Contract Relating to the Exclusive Purchase Right of An Equity Interest to be executed by their duly authorized representatives as of the date first written above. 
  

			
	Party A: China Distance Education Limited
		
	By:	 	 Yin Baohong

	Title:	 	
	
	Party B: Zhu Zhengdong
		
	By:	 	 Zhu Zhengdong

	Name:	 	
	
	Party C: Beijing Champion Hi-Tech Co., Ltd.
		
	By:	 	 Sun Hongfeng

	Title:

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