Document:

EX-10.6

 Exhibit 10.6 

Exclusive Option Agreement 
 THIS
Exclusive Option Agreement (this “Agreement”) is executed on October 13, 2017 by and among the following parties in Shanghai, the People’s Republic of China (“PRC”): 

 

	1.	Siliang Tan, Chinese, ID No.: [REDACTION] 

  

	2.	Lei Li, Chinese, ID No.: [REDACTION] 

  

	3.	Tianjin Shanshi Technology L.P., a limited partnership established and validly existing under PRC law with its registered address at Room 102, Unit 2, Block 3, 600 Luoyang Dao, Haifeng Logistics Park, Tianjin
Pilot Free Trade Zone (Dongjiang Bonded Port Area) (Tianjin Dongjiang Commercial Service Commercial Secretary Service Limited Company trustee No. 276) 

  

	4.	Shanghai Xihu Cultural Transmission Co., Ltd., a limited liability company established and validly existing under PRC law with its registered address at Room J2805, Block 2, 4268 Zhennan Road, Jiading District,
Shanghai. (together with Siliang Tan, Lei Li and Tianjin Shanshi L.P. are respectively or collectively referred to as the “Shareholders”) 

  

	5.	Shanghai Quyun Internet Technology Co., Ltd., a limited liability company established and validly existing under PRC law with its registered address at Room 408, Floor 4, Block 5, 1082 Huyi Road, Nanxiang Town,
Jiading District, Shanghai. (the “Sole Corporation”); and 

  

	6.	Shanghai Jifen Culture Communications Co., Ltd., a limited liability company established and validly existing under PRC law with its registered address at Room 3190, Area A, Floor 3, Block 7, 88 Chenxiang Road,
Jiading District, Shanghai. (the “Company”) 

 In this Agreement, the above parties hereinafter shall be individually
referred to as a “Party” and collectively referred to as the “Parties”. 
 Whereas: 

 

	1.	The Shareholders collectively hold 100% equity interests of the Company. As of the date of this Agreement, the amount of contribution and proportion of shareholding in the Company are as stated in Schedule I;

  

	2.	The Shareholders intend to grant the Sole Corporation an irrevocable and exclusive option to buy all the equity interest of the Company held by shareholders. 

  
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 The Parties come to an agreement as follows by friendly negotiation: 

 

	1.	Sales and Purchase of Equity Interests 

  

	 	1.1	Option Granted 

 The Shareholders hereby irrevocably grant the Sole Corporation an
irrevocable and exclusive right to purchase the equity interest without any additional condition (“Equity Interest Purchase Option”), pursuant to which the Sole Corporation is granted to require the Shareholders to perform and
complete all the approval and registration procedure required by PRC law so as the Sole Corporation may, at the price stated in Article 1.3 in this Agreement and in accordance with the steps decided solely by itself to the extent permitted by PRC
law, purchase, or designate a person or several persons (each, a “Designee”) to purchase, once or at multiple times at any time, all or part of the equity interest held by the Shareholders. The Sole Corporation agrees to accept such
Equity Interest Purchase Option. The Equity Interest Purchase Option shall be exclusive. Except for the Sole Corporation and its Designees, no other third parties shall have the Equity Interest Purchase Option or other rights related to the
Shareholders’ equity interest. The Company hereby agrees to the Shareholder’s grant of the Equity Interest Purchase Option to the Sole Corporation. The term “Person” used in this Article and this Agreement shall refer to
individuals, corporations, cooperative enterprises, partnerships, enterprises, trusts or non-corporate organizations. 
  

	 	1.2	Steps for Exercise 

 Subject to the compliance with PRC laws and regulations, the Sole
Corporation may exercise its Equity Interest Purchase Option by sending a written notice to the Shareholders (“Equity Interest Purchase Option Notice”), in which shall specify: (a) the decision of the Sole Corporation to
exercise its Equity Interest Purchase Option; (b) the percentage of equity interest the Sole Corporation intends to purchase from the Shareholders (“Optioned Interests”); and (c) the date for purchasing/transferring the
Optioned Interests (“Transferring Date”). 
  

	 	1.3	Equity Interest Purchase Price 

 When exercising its option, before the Shareholders are
required to process the related Industry and Commerce Modification Registration, the Sole Corporation or its appointed entities or persons shall pay the Shareholders the corresponding transfer price. The transfer price paid shall be the lowest price
permitted under the PRC law, given the percentage of the Company’s equity interest that is to be transferred. The Shareholders agree that upon receiving the transfer price, it shall, following specific instructions of the Sole Corporation,
(i) use such transfer price to repay the loan under the Loan Contract (including the amendments, supplements and restatements from time to time) executed by the Shareholders and the Sole Corporation on the same date of this Agreement, and/or
(ii) return to the Sole Corporation or its Designees by legal means. 

  
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	 	1.4	Transfer of Optioned Interests 

 For each exercise of the Equity Interest Purchase
Option by the Sole Corporation: 
  

	 	1.4.1	the Shareholders shall instruct the Company to convene a shareholders meeting in time, at which a resolution shall be adopted to approve the Shareholder’s transfer of the Optioned Interests to the Sole Corporation
and/or the Designees. 

  

	 	1.4.2	the Shareholders shall obtain written statements from the other shareholders of the Company, in which such shareholders shall agree to the transfer and to waive the right of first refusal in terms of transferring the
Optioned Interests to the Sole Corporation and/or the Designees from the Shareholders. 

  

	 	1.4.3	the Shareholders shall execute an Equity Transfer Contract for every transfer with the Sole Corporation and/or (if applicable) the Designee, according to the provisions of this Agreement and the Equity Interest Purchase
Option Notice. 

  

	 	1.4.4	in the circumstances that there are no additional security interests, the relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government permits and approvals and
take all necessary actions to transfer the valid ownership of the Optioned Interests to the Sole Corporation and/or the Designees and cause the Sole Corporation and/or the Designees to become the registered owners of the Optioned Interests. For the
purpose of this Article and this Agreement, the “Security Interests” shall include securities, mortgages, third party’s rights or interests, any purchase right, acquisition right, right of first refusal, right to offset,
ownership retention or other guarantee arrangement; but for sake of clarity, it does not include any security interest created by this Agreement and the Share Pledge Agreement. The “Share Pledge Agreement” specified in this Article
and this Agreement refers to the Share Pledge Agreement executed by the Sole Corporation, the Shareholders and the Company on the date of this Agreement. (“Share Pledge Agreement”) 

 

	2.	Covenants 

  

	 	2.1	Covenants concerning the Company 

 The Shareholders and the Company hereby covenant as
follows: 
  

	 	2.1.1	without prior written consent of the Sole Corporation, not to supplement, change or amend the Company’s articles of association, increase or decrease its registered capital, or change its registered capital
structure in any other manner; 

  

	 	2.1.2	to maintain the Company’s existence, manage its business and deal with its affairs prudently and effectively in accordance with good financial and business standards and practices; 

  
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	 	2.1.3	without prior written consent of the Sole Corporation, not to sell, transfer, mortgage, or in any other manner dispose, or to create any other security interest on any asset, business or legal right to collect interests
or beneficial interest of the Company at any time after the execution of this Agreement; 

  

	 	2.1.4	without prior written consent of the Sole Corporation, not to create, succeed to, guarantee or permit any debt, except for (i) any debt incurred in the course of the ordinary or daily business operation other than
through loans, and (ii) any debt disclosed to and agreed by the Sole Corporation in writing; 

  

	 	2.1.5	to manage all the business in the course of the Company’s ordinary business operation, to maintain the asset value of the Company, and not to conduct any action/omission which will affect its operating conditions
and asset value; 

  

	 	2.1.6	without prior written consent of the Sole Corporation, not to execute any material contract, except for contracts executed in the course of the Company’s ordinary business operation (a contract will be deemed
material if its total value exceeds RMB 500,000 in this Article); 

  

	 	2.1.7	without prior written consent of the Sole Corporation, not to provide a loan or financial credit to anyone; 

  

	 	2.1.8	to provide all information relating to the operation and financial condition of the Company, as required by the Sole Corporation; 

  

	 	2.1.9	to purchase and hold, if required by the Sole Corporation, the insurance related to its assets and business from insurance companies acceptable to the Sole Corporation, at an amount and with a type of coverage typical
for companies that operate similar businesses; 

  

	 	2.1.10	without prior written consent of the Sole Corporation, not to merge or combine with, acquire or invest in, any person; 

  

	 	2.1.11	to inform the Sole Corporation immediately upon the occurrence or possible occurrence of any litigation, arbitration or administrative proceeding concerning the assets, business or income of the Company;

  

	 	2.1.12	to the extent necessary to maintain the Company’s ownership of its all assets, to execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate
lawsuits or make all necessary and appropriate defense against all claims; 

  
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	 	2.1.13	without prior written consent of the Sole Corporation, not to distribute dividends in any way to each shareholder, except required by the Sole Corporation, the Company shall immediately distribute all the allocable
profit to each shareholder; and 

  

	 	2.1.14	to appoint anyone designated by the Sole Corporation to be the director of the Company as required by the Sole Corporation. 

  

	 	2.2	Covenants concerning the Shareholders 

 The Shareholders hereby covenant as follows:

  

	 	2.2.1	without prior written consent of the Sole Corporation, not to sell, transfer, mortgage, or in any other manner dispose, or to create any security interest on the legal or beneficial interest of the shares of the Company
held by the Shareholders, except for the pledge set according to the Shareholder’s Share Pledge Agreement; 

  

	 	2.2.2	to procure the Company’s Shareholders Meeting and/or Board of Directors to disapprove of any sale, transfer, mortgage, or any other manner of disposal, or creation of any security interest on the legal or
beneficial interest of the equity interest of the Company held by the shareholders that has occurred without the prior written consent of the Sole Corporation, except for the pledge set according to the Shareholder’s Share Pledge Agreement;

  

	 	2.2.3	without prior written consent of the Sole Corporation, to procure the Company’s Shareholders Meeting or the Board of Directors not to approve the Company to merge or combine with, acquire or invest in, any person;

  

	 	2.2.4	to inform the Sole Corporation upon the occurrence or possible occurrence of any litigation, arbitration or administrative proceeding concerning the equity interest they held; 

 

	 	2.2.5	to procure the Company’s Shareholders Meeting or the Board of Directors to vote to approve the transferring of the Optioned Interest stated in this Agreement and take any other action as required by the Sole
Corporation; 

  

	 	2.2.6	to the extent necessary to maintain its ownership of the equity interests, to execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate lawsuits or
make all necessary and appropriate defense against all claims. 

  

	 	2.2.7	to appoint anyone designated by the Sole Corporation to be the director and/or the executive director of the Company as required by the Sole Corporation. 

  
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	 	2.2.8	as required by the Sole Corporation at any time, to transfer its equity interest immediately to the representative appointed by the Sole Corporation at any time without any condition according to the Equity Interest
Purchase Option under this Agreement and waive its right of first refusal of transferring corresponding equity interest of any other shareholder; and 

  

	 	2.2.9	to strictly comply with this Agreement and any provision of other contracts executed by the Shareholders, the Company and the Sole Corporation jointly or respectively, to practically perform each of the obligations
under such contracts and do not conduct any action/omission which is sufficient to affect the validity and enforceability of such contracts; 

  

	3.	Representations and Warranties 

 The Shareholders and the Company hereby represent
and warrant to the Sole Corporation, jointly and respectively, as of the date of this Agreement and as of each Transferring Date, that: 
  

	 	3.1	They have the authority to execute and deliver this Agreement, any share transfer contract executed for each assignment of the Optioned Interests (each referred to as a “Transfer Contract”) to which
they are parties according to this Agreement, and have the authority and ability to perform their obligations under this Agreement and any of the Transfer Contracts. Upon the Sole Corporation’s exercise of the purchase options, the Shareholders
and the Company agree to enter into Transfer Contracts that are consistent with the terms of this Agreement. This Agreement and the Transfer Contracts to which they are parties constitute or shall constitute legal, valid and binding obligations and
shall be enforceable against them in accordance with the provisions signed upon execution; 

  

	 	3.2	The execution and delivery of this Agreement or any of the Transfer Contracts and the performance of the obligations under this Agreement or any of the Transfer Contracts shall not: (i) cause the violation of any
related PRC law; (ii) be inconsistent with the articles of association or other constitutional documents; (iii) cause the violation of any contract or document to which they are parties or are binding to them, or constitute breach of
contract under any contract or document to which they are parties or are binding to them; (iv) cause the violation of any condition for the grant and/or continued effectiveness of any permit or approval issued to any party; or (v) cause
the suspension, or revocation of, or additional conditions to any permit or approval issued to any party; 

  

	 	3.3	The shareholders have a good and merchantable title on the equity interest of the Company, and have not placed any security interest on such equity interests except for the pledge set pursuant to Shareholders’
Share Pledge Agreements; 

  

	 	3.4	The Company has a good and merchantable title to all the assets and the Company has not set any security interest on such assets. 

  
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	 	3.5	The Company does not have any outstanding debt, except for (i) debts incurred in the ordinary course of business, and (ii) debts disclosed to and agreed by the Sole Corporation in writing; 

 

	 	3.6	The Company complies with all the laws and regulations applicable to the acquisition of equity interest and assets; and 

  

	 	3.7	There are no pending or threatening lawsuits, arbitrations or administrative proceedings related to equity interest, assets of the Company or the Company at present. 

 

	4.	Effective Date 

 This Agreement shall come into effect upon the execution of this
Agreement of the Parties. The term of validity shall be ten (10) years, and this may be unilaterally extended by the Sole Corporation. Regardless of any provision agreed in this Agreement, without prior written consent from the Sole
Corporation, the Shareholders and the Company shall not revoke the Equity Interest Purchase Option under this Agreement or terminate this Agreement. Nevertheless, the Sole Corporation may, at any time inform the Shareholders and the Company to
terminate this Agreement by sending written notice thirty (30) days in advance. 
  

	5.	Applicable Law and Dispute Resolution 

  

	 	5.1	Applicable Law 

 The execution, effectiveness, interpretation, implementation, amendment
and termination of this Agreement and the resolution of disputes shall be governed by officially issued PRC laws that are publically available. For the matters that are not regulated under officially issued PRC laws publically available,
international laws and conventions shall apply. 
  

	 	5.2	Dispute Resolution 

 Any dispute arising from interpretation and implementation of this
Agreement shall be firstly solved by the Parties through friendly negotiation. If the dispute cannot be resolved in 30 days after the written notice has been sent from one party to the other requesting negotiation and resolution, any party may
submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration in accordance with the arbitration rules then effective. The arbitration shall be conducted in Beijing and the language used shall be
Chinese. The award of the arbitral tribunal shall be final and binding on the Parties. 

  
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	6.	Taxes and Expenses 

 Each Party shall pay any and all of the taxes, costs and
expenses for transfer and registration incurred thereby or levied thereon under PRC law in connection with the preparation and execution of this Agreement and other Transfer Contracts and the consummation of the transactions contemplated
under this Agreement and other Transfer Contracts. 
  

	7.	Notice 

  

	 	7.1	All notices and other communications required or sent under this Agreement shall be delivered personally, registered post, postage paid or business express service or fax to the Party’s following address. Each
notice shall also be delivered by email. The dates on which the notices shall be deemed to have been effectively delivered shall be determined as follows: 

  

	 	7.1.1	For notices delivered by personal delivery, express service or registered post, postage paid, the date of delivery or refusal at the address specified for notices shall be deemed the date of effective delivery.

  

	 	7.1.2	For the notices delivered by fax, the date of successful delivery (as evidenced by an automatically generated confirmation of transmission) shall be deemed the date of effective delivery. 

 

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

 Shareholders:

 Siliang Tan 

Address:       Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient:     Siliang Tan 

Mobile:        [REDACTION] 

Fax:              N/A 

Lei Li 
 Address: Floor 11,
Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 
 Recipient:     Siliang Tan 

Mobile:        [REDACTION] 

Fax:             N/A 

Tianjin Shanshi Technology L.P. 

Address:     Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient: Siliang Tan 

Mobile:     [REDACTION] 

Fax:          N/A 

Shanghai Xihu Cultural Communication Co., Ltd. 

Address:     Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient:  Siliang Tan 

Mobile:      [REDACTION] 

Fax:           N/A 

  
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 The Sole Corporation: Shanghai Quyun Internet Technology Co., Ltd. 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient:   Siliang Tan 

Mobile:      [REDACTION] 

Fax:            N/A 

The Company: Shanghai Jifen Culture Communications Co., Ltd. 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient:  Siliang Tan 

Mobile:      [REDACTION] 

Fax:            N/A 

 

	 	7.3	Any Party may at any time send notice to other Parties in accordance with this Article to change its address for the purpose of receiving notices. 

 

	8.	Confidentiality 

 Each Party hereto acknowledges and confirms to treat any oral or
written materials relating to this Agreement, the content of this Agreement and exchanged among for preparing or performing this Agreement as confidential information. Each party shall maintain the confidentiality of all such confidential
information and not disclose any confidential information to any third party without the written consent of the other Parties, except for (a) any information is or will be known by the public (provided that it is not a result of an unauthorized
disclosure made to the public by a party who receives the confidential information); (b) any information required to be disclosed under the applicable laws and regulations, stock trading rules, or orders of government departments or courts; or
(c) information required to be disclosed by any Party to its shareholders, investors, legal or financial counsels regarding the transaction stated in this Agreement, and such shareholders, legal or financial counsels shall also be required to
comply with the confidentiality duties similar to the duties contained within this clause. Any disclosure by staff or agencies hired by a Party should be deemed as a disclosure by such party and such party shall be liable for breach of this
Agreement. This article shall survive regardless of the termination of this Agreement for any reason. 
  

	9.	Further Covenants 

 The Parties agree to promptly execute documents that are
reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this
Agreement. 

  
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	10.	Miscellaneous 

  

	 	10.1	Revision, Amendment and Supplement 

 Any revision, amendment or supplement to this
Agreement shall be executed in a written agreement by each Party. 
  

	 	10.2	Entire Contract 

 Except for the revisions, supplements or amendments in writing
executed after the execution of this Agreement, this Agreement shall constitute an entire contract reached by and among the Parties hereto with respect to the subject matter hereof, replacing all prior oral or written negotiations, statements and
contracts beforehand in terms of the object of this Agreement. 
  

	 	10.3	Title 

 The title of this Agreement is only set for convenience, which shall not be used
to interpret, state or otherwise affect the meaning of all the provisions in this Agreement. 
  

	 	10.4	Language 

 This Agreement is written in Chinese in six (6) originals. Each Party of
this Agreement shall have one (1) and all the originals shall have equal legal validity. 
  

	 	10.5	Severability 

 If one or several provisions of this Agreement are found to be invalid,
illegal or unenforceable according to any law or regulation in any aspect, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or damaged in any aspect. The Parties shall strive, through
sincere negotiations, to replace, as far as possible, those invalid, illegal or unenforceable provisions with effective provisions that are compliant with the law and the expectations of the Parties The economic effects of such effective provisions
shall be as close as possible to that of those invalid, illegal or unenforceable provisions. 
  

	 	10.6	Assignment 

 Without prior written consent from the Sole Corporation, the Shareholders
or the Company are not allowed to transfer any right and/or obligation under this Agreement to any third party; the Shareholders and the Company hereby agree that the Sole Corporation has the right to transfer its any right and/or obligation under
this Agreement to any third party without prior notice to the Shareholders or the Company or their consent. 

  
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	 	10.7	Successors 

 This Agreement shall be binding on the successor of each party and the
permitted transferee. 
  

	 	10.8	Survival 

  

	 	10.8.1	Any obligation caused or due by this Agreement upon the expiration or early termination of this Agreement shall survive and remain in force after the expiration or early termination of this Agreement. 

 

	 	10.8.2	Article 5, 7, 8 and 10.8 of this Agreement shall survive and remain in force after the termination of this Agreement. 

  

	 	10.9	Waivers 

 Any Party may waive the terms and conditions of this Agreement in writing with
signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances. 

[The remainder of this page intentionally left blank.] 
  

  
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 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first above written. 

 

	
	Siliang Tan
	Signature: /s/ Siliang Tan                 
	
	Lei Li
	Signature: /s/ Lei Li                         
	
	Tianjin Shanshi Technology L.P.
	(Seal)
	
	Signature: /s/ Wanting Xu ______________
	Name: Wanting Xu
	Title: Delegated Representative
	
	Shanghai Xihu Cultural Transmission Co., Ltd.
	(Seal)
	
	Signature: /s/_Siping Tan _____________
	Name: Siping Tan
	Title: Legal Representative
	
	Shanghai Quyun Internet Technology Co., Ltd.
	(Seal)
	
	Signature: /s/ Lei Li ______________
	Name: Lei Li
	Title: Legal Representative
	
	Shanghai Jifen Culture Communications Co., Ltd.
	(Seal)
	
	Signature: /s/ Sihui Chen ______________
	Name: Sihui Chen
	Title: Legal Representative

 The Signature Page of Exclusive Option Agreement 

 Schedule I 

Company Name: Shanghai Jifen Culture Communications Co., Ltd. 

Shareholding Structure: 
  

									
	 Shareholder Name
	  	Amount of Contribution
of Company’s registered
capitals
(RMB/Yuan)	 	  	Shareholding Ratio	 
	 Siliang Tan
	  	 	675,000	 	  	 	45	% 
	 Lei Li
	  	 	225,000	 	  	 	15	% 
	 Tianjin Shanshi Technology L.P.
	  	 	300,000	 	  	 	20	% 
	 Shanghai Xihu Cultural Transmission Co., Ltd.
	  	 	300,000	 	  	 	20	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	1,500,000	 	  	 	100	%EX-10.7

 Exhibit 10.7 

LOAN AGREEMENT 
 THIS Loan Agreement (this
“Agreement”) is executed on October 13, 2017 in Shanghai, the People’s Republic of China (“PRC”) by and among the following parties: 

 

	1.	Siliang Tan, Chinese, ID No.: [REDACTION] 

  

	2.	Lei Li, Chinese, ID No.: [REDACTION]; 

  

	3.	Tianjin Shanshi Technology L.P., a limited liability partnership established and validly existing under the PRC law with its registered address at Room 102, Unit 2, Block 3, 600 Luoyang Dao, Haifeng
Logistics Park, Tianjin Pilot Free Trade Zone (Dongjiang Bonded Port Area) (Tianjin Dongjiang Commercial Service Commercial Secretary Service Limited Company trustee No. 276); 

 

	4.	Shanghai Xihu Cultural Transmission Co., Ltd., a limited liability company established and validly existing under the PRC law with its registered address at Room J2805, Block 2, 4268 Zhennan Road, Jiading
District, Shanghai. (together with Siliang Tan, Lei Li and Tianjin Shanshi Technology L.P. are collectively referred to as the “Borrowers”, each as a “Borrower”); and 

 

	5.	Shanghai Quyun Internet Technology Co., Ltd., a limited liability company established and validly existing under the PRC law with its registered address at Room 408, Floor 4, Building 5, 1082 Huyi Road, Nanxiang
Town, Jiading District, Shanghai (the “Lender”); 

 In this Agreement, the above parties are individually referred to as a
“Party” and are collectively referred to as “Parties”. 
 Whereas: 

 

	1.	The Lender is a wholly foreign-owned enterprise registered and established under the PRC law; 

  

	2.	As of the date of this Agreement, the Borrowers collectively own 100% of the equity interests in the Shanghai Jifen Culture Communications Co., Ltd. (the “Domestic Company”), and their respective
capital contribution amount and shareholding ratios are shown in Schedule I attached hereto; 

  

	3.	The Lender intends to provide the Borrowers with a loan for the purposes as specified in this Agreement. 

Therefore, the Parties reached the agreements as follows through negotiation: 

Article 1 Definitions 
  

	1.1	In this Agreement: 

 “Loan” means any and all loans provided by the Lender to
the Borrower under this Agreement; 

 “Due date” shall have the meaning under Article 4.1 of this Agreement; 

“Notice of Repayment” shall have the meaning under Article 4.2 of this Agreement; 

“Repayment Application” shall have the meaning under Article 4.3 of this Agreement. 

 

	1.2	Relevant capitalized terms used and mentioned herein shall have the meanings given to them as below: 

“Articles” shall be interpreted as articles in this Agreement unless the context of this Agreement stipulates otherwise; 

“Taxes and Fees” shall be interpreted as a charge of any tax, fee, tariff, or other charges of equivalent nature
(including, but not limited to, any fine or interest relating to the taxes and fees that are not paid or delayed). 
 The
“Borrower” or “Borrowers” and the “Lender” shall be interpreted as including successors and assignees of all Parties. 
  

	1.3	Unless otherwise specified, any reference made herein to this Agreement or any other agreement or document shall, depending on the situation, be interpreted as references made to the amendments, changes, substitutions
or supplements that have been made or could be made from time to time to this Agreement or to such other agreements or documents. 

Article 2 Loan 
  

	2.1	Based on the terms and conditions of this Agreement, the Lender agrees to provide loans to the Borrowers in accordance with the terms and conditions stipulated herein. The actual amount of the Loan shall be separately
determined by the Borrowers and the Lender in written. The Borrowers agree to accept the aforesaid Loan provided by the Lender in accordance with the conditions and terms stipulated in this Agreement and to provide funds to the Domestic Company to
develop its business. Without the consent of the Lender, the Borrower shall not use the Loan for any purpose other than those stipulated herein. 

  

	2.2	The Parties confirm that the Borrowers shall perform repayment obligations and other obligations under this Agreement to the Lender in accordance with the provisions of this Agreement. 

 

	2.3	According to the requirements of the Lender, the Borrowers have executed an Equity Pledge Agreement with the Lender, the Domestic Company and other shareholders of the Domestic Company on the date the same as the
execution date hereof, pursuant to which the Borrowers have pledged all the shares of the Domestic Company owned by them to the Lender as a guarantee for the Loan. 

  
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 Article 3 Interest 

Unless otherwise agreed herein, the Lender acknowledges and confirms that the Loan under this Agreement shall be free of any interest
whatsoever. 
 Article 4 Repayment 
  

	4.1	Unless the Parties unanimously agree to extend the Loan, any loan under this Agreement shall be fully repaid by the Borrowers at one time on one of the following dates, whichever occurs earlier (“Due
Date”): (i) upon the expiration of ten (10) years after the execution of this Agreement, or (ii) upon the expiration of the operation term of the Lender, or (iii) upon the expiration of the operation term of the
Domestic Company. Under such circumstance, to the extent that there is no violation of applicable laws and regulations, the Lender shall have the right to purchase or appoint a third party to purchase all the shares of the Domestic Company held by
the Borrowers at that time at the lowest price permitted by the laws and regulations. The Parties agree to sign a separate agreement with other relevant parties with regard to the above matters. 

 

	4.2	From the execution date of this Agreement to the Due Date, the Lender may, at any time, decide to accelerate the maturity of the Loan on its absolute sole discretion by issuing a notice of repayment (“Repayment
Notice”) to the Borrowers thirty (30) days in advance, requiring the Borrowers to repay part or all of the Loan amount. Under the circumstance that the Lender requests the Borrowers to repay according to the aforesaid provisions, the
Parties agree and confirm that the Borrowers shall repay the Loan provided by the Lender to the Borrowers hereunder only by way of the following: to the extent permitted under PRC laws and regulations, the Borrowers shall, according to the
requirements specified in the written notice of the Lender, transfer the equity interests of the Domestic Company to the Lender or its designated person, and repay the Loan hereunder to the Lender with the proceeds gained from their equity transfer.
The Lender shall provide unconditional financial support to the Domestic Company based on this Agreement or any other agreement. Regardless of any provision otherwise agreed under this Agreement, the Lender irrevocably agrees that, if Borrowers are
not able to (i.e. not permitted by law) repay the Loan in accordance with the provisions of this Agreement, it shall waive the right of requesting the repayment of the Borrowers. 

 

	4.3	When the Loan is due and the Borrowers are required to transfer the equity interests to the Lender or the person designated by the Lender, if, due to legal requirements or other reasons, the actual transfer price of the
equity interests (the “Equity”) of the Domestic Company received by the Borrowers is higher than the principal of the Loan, the difference between the proceeds obtained from the Borrowers’ assignment of the Equity and the
principal of the Loan shall be deemed as the interest of the Loan or as the cost for the occupation of funds, and shall be repaid to the Lender along with the principal of the Loan. 

 

	4.4	The Borrowers shall repay the aforementioned corresponding amount in cash or repay it in other forms determined by the resolution made by the Lender’s board of directors appropriately. 

  
 3 

	4.5	When the Borrowers repay the aforementioned corresponding amount in accordance with this Article 4, all Parties shall complete the agreed equity transfer matters at the same time, and ensure that the payment has been
fully made. Meanwhile, the Lender or the third party designated by the Lender shall have legally and completely accepted the Equity of the Domestic Company according to the above-mentioned agreement, and there must not be any pledge or any other
encumbrance on the equity interest. The Borrowers shall provide all reasonable assistance according to the foregoing agreement for the equity transfer of the Domestic Company, and make other shareholders of the Domestic Company waive their rights of
first refusal. 

  

	4.6	Only when the Borrowers transfer all the equity interests they hold in the Domestic Company to the Lender or the third party designated by the Lender in accordance with this Article 4, and after the Loan is fully repaid
(including the principal of the Loan and the maximum interest or cost of funds of the Loan as allowed by the applicable law at that time), shall it be deemed as a complete performance of the Borrower’s repayment obligations under this
Agreement. 

 Article 5 Taxes and Fees 

All taxes and fees related to the Loan shall be borne by the Lender. 

Article 6 Confidentiality 
  

	6.1	Whether or not this Agreement has been terminated, the Borrowers shall maintain confidentiality of all the information relating to the Lender’s trade secret, proprietary information, client information
(“Confidential Information”) known to or obtained by the Borrowers during the course of execution and performance of this Agreement. The Borrowers shall only use such Confidential Information for purpose of their performance of
their obligations hereunder. Without the Lender’s written consent, any of the Borrowers shall not disclose any Confidential Information to any third party, otherwise such Borrower shall bear the default liabilities and compensate the losses
incurred to the Lender. 

  

	6.2	The following information is not deemed as Confidential Information: 

  

	 	(a)	Any information is known and obtained by the recipient previously through legitimate form which could be evidenced by proof; 

  

	 	(b)	Information of the public which is not due to the recipient’s fault; or 

  

	 	(c)	Information obtained through another legitimate form by the recipient after the recipient received the information. 

  

	6.3	Subsequent to the termination of this Agreement, the Borrowers shall return, destroy all the documents, materials or software containing the Confidential Information or dispose in other corresponding ways upon request
from the Lender, and refrain from using such Confidential Information. 

  
 4 

	6.4	Notwithstanding any other provision hereunder, the effect of this Article 6 shall not be influenced by suspension or termination of this Agreement. 

Article 7 Representations and Warranties 
  

	7.1	The Borrowers hereby irrevocably covenant and warrant that, without the prior written consent from the Lender, the Borrowers shall not make or authorize other person (including but not limited to the director of the
Domestic Company nominated by the Lender) to make any resolution, instruction, consent or order in any way, to prompt the Domestic Company to make any transaction which will or may substantially affect the assets, rights, obligations or business
(“Prohibited Transactions”) of the Domestic Company (including their branches and/or subsidiaries), including but not limited to: 

  

	 	(1)	borrow money from a third party or undertake any debt (except for the debts arising from normal daily business activities which amount does not exceed RMB 250,000 each, and any debt which amount in total does not exceed
RMB 250,000 in successive six months); 

  

	 	(2)	provide guarantees to third parties for its own debt or provide any guarantee to a third party; 

  

	 	(3)	transfer any business, major assets, actual or potential business opportunities to a third party; 

  

	 	(4)	transfer or license any domain name, trademark, or other intellectual property (if any) that is legally owned by the Domestic Company to a third party; 

 

	 	(5)	transfer part or all of its equity interests in the Domestic Company to a third party; 

  

	 	(6)	any other major transaction; 

 or shall not execute any agreement, contract, memorandum or other
form of transaction documents (“Prohibited Document”) concerning the Prohibited Transaction, and shall not indulge the process of any Prohibited Transaction or the execution of any Prohibited Document by any omission. 

 

	7.2	It will ensure that the directors and managers of the Domestic Company strictly abide by this Agreement when performing their duties as directors or managers, and that they do not conduct any action or omission which
violates any aforementioned covenant in any way. 

  
 5 

 Article 8 Notice 
  

	8.1	All notices and other communications required or sent under this Agreement shall be delivered personally, through registered mail, postage paid or business express service or fax to the Party’s following address.
Each notice shall also be delivered by email at the same time. The dates on which the notices deemed to have been effectively delivered shall be determined as follows: 

 

	 	8.1.1	For notices delivered by personal delivery, express service or registered mail, postage paid, the date of delivery or refusal of receipt at the address specified for notices shall be deemed the date of effective
delivery. 

  

	 	8.1.2	For notices delivered by fax, the date of successful transmission (as evidenced by an automatically generated confirmation of transmission) shall be deemed the date of effective delivery. 

 

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

 The Borrowers:

 Siliang Tan 
 Address:
Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 
 Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:     N/A 

Lei Li 
 Address: Floor 11, Block
3, 5005 Shenjiang Road, Xingchuang Tech Square 
 Recipient: Siliang Tan 

Mobile:    86 18621735151 

Fax:    N/A 

Tianjin Shanshi Technology L.P. 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:    N/A 

Shanghai Xihu Cultural Transmission Co., Ltd. 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:    N/A 

The Lender:    Shanghai Quyun Internet Technology Co., Ltd. 

Address: Floor 11, Block 3, 5005 Shenjiang Road, Xingchuang Tech Square 

Recipient: Siliang Tan 

Mobile:    [REDACTION] 

Fax:     N/A 
  

	8.3	Any Party may at any time change its address for notices by delivering a notice to the other Parties in accordance with the terms hereof. 

  
 6 

 Article 9 Default Liability 

 

	9.1	The Borrowers covenant that it will undertake liability for compensate to the Lender for any action, charge, claim, cost, damage, request, fee, liability, loss and procedure suffered or caused by the Borrower’s
violation of any obligation under this Agreement. 

  

	9.2	Notwithstanding any other provision of this Agreement, the effectiveness of this Article will not be influenced by suspension or termination of this Agreement. 

Article 10 Miscellaneous 
  

	10.1	This Agreement is written in Chinese and executed in six (6) copies. Each party of this Agreement shall have one (1) and all the copies shall have equal legal effect. 

 

	10.2	The conclusion, effectiveness, implementation, modification, interpretation and termination of this Agreement shall all be governed by PRC laws. 

 

	10.3	Any dispute arising under this Agreement or related to this Agreement shall be resolved through negotiation among the disputing Parties. If the disputing Parties cannot reach an agreement within thirty (30) days
after the dispute arises, the dispute shall be submitted to China International Economic and Trade Arbitration Commission. The arbitration shall be conducted in Beijing according to the valid arbitration rules when submitting. The award of the
arbitral tribunal shall be final and binding on all disputing Parties. 

  

	10.4	Any right, power, and remedy given to the Parties by any provision in this Agreement shall not exclude any other right, power or remedy the Party enjoys in accordance with the laws and other provisions under this
Agreement. In addition, the exercise by one Party of its rights, powers and remedies shall not exclude such Party’s exercise of the other rights, powers and remedies it enjoys. 

 

	10.5	Any Party’s failure or delay to exercise any right, power and remedy enjoyed by this Agreement or laws (“Such Party’s Rights”) will not cause waiver of such rights. In addition, waiver of any
single or part of Such Party’s Right will not exclude such Party’s exercising of such rights in other ways and exercising other rights. 

  

	10.6	The title of Articles in this Agreement is set for reference only, and such titles shall not be used to or affect the interpretation of Articles in this Agreement under any circumstance. 

  
 7 

	10.7	Each Article of this Agreement can be severable and independent from any other Article. If at any time any one or several Articles of this Agreement are found to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining Articles of this Agreement shall not be affected thereby. 

  

	10.8	This Agreement and the schedules hereof shall replace all verbal or written agreements, understandings and communications which covenanted previously by all Parties in respect of the standard contents of this Agreement
and its schedules. Any amendment and supplement to this Agreement shall be made in writing and shall take effect after properly executed by the Parties hereto. 

  

	10.9	Without the prior written consent from the Lender, any Borrower shall not transfer any of its rights and/or obligations under this Agreement to any third party; The Lender shall have the right to transfer any of its
rights under this Agreement to any third party it designates without prior notice to any Borrower or consent from any Borrower. 

  

	10.10	This Agreement shall be binding on legitimate assignees or successors of the Parties. 

 [The
remainder of this page intentionally left in blank.] 

  
 8 

 [Signature Page] 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first above written. 

 

			
	Siliang Tan
	Signature:	 	 /s/ Siliang Tan

	
	Lei Li
	Signature:	 	 /s/ Lei Li

	
	Tianjin Shanshi Technology L.P.
	(Seal)
		
	Signature:	 	 /s/ Wanting Xu

	Name: Wanting Xu
	Title: Delegated Representative
	
	Shanghai Xihu Cultural Transmission Co., Ltd.
	(Seal)
		
	Signature:	 	 /s/ Siping Tan

	Name: Siping Tan
	Title: Legal Representative
	
	Shanghai Quyun Internet Technology Co., Ltd.
	(Seal)
		
	Signature:	 	 /s/ Lei Li

	Name: Lei Li
	Title: Legal Representative

 The Signature Page of Loan Agreement 

 SCHEDULE I 

Company Name: Shanghai Jifen Culture Communications Co., Ltd. 

Shareholding Structure: 
  

									
	 Shareholder Name
	  	Amount of Contribution of
Company’s Registered
Capitals
(RMB/Yuan)	 	  	Shareholding Ratio	 
	 Siliang Tan
	  	 	675,000	 	  	 	45	% 
	 Lei Li
	  	 	225,000	 	  	 	15	% 
	 Tianjin Shanshi Technology L.P.
	  	 	300,000	 	  	 	20	% 
	 Shanghai Xihu Cultural Transmission Co., Ltd.
	  	 	300,000	 	  	 	20	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	1,500,000	 	  	 	100	%

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