Document:

Translation of Purchase Option Agreement dated January 1, 2012

 Exhibit 4.31 
 [Translated from the original Chinese version] 
 PURCHASE OPTION AND COOPERATION
AGREEMENT 
 among 
 FORTUNE (BEIJING) SUCCESS TECHNOLOGY CO., LTD. 
 LINGHAI MA 

LIN YANG 
 and

 SHENZHEN SHANGTONG SOFTWARE CO., LTD. 
 January 1, 2012 
 BEIJING, CHINA 

 PURCHASE OPTION AND COOPERATION AGREEMENT 

This Purchase Option and Cooperation Agreement (“this Agreement”) is entered into in Beijing, People’s Republic of China (the
“PRC’) on January 1, 2012 by and among: 
 Party A: Fortune (Beijing) Success Technology Co., Ltd. 

Address: Room 623, Beijing Aerospace CPMIEC Building, No. 30 Haidian South Road, Haidian District, Beijing 

Party B: Linghai Ma 
 Address: 9th Floor of
Tower C, Corporate Square, 35 Financial Street, Xicheng District, Beijing 
 ID No.: 210821197010201014 

Party C: Lin Yang 
 Address: 9th Floor of Tower
C, Corporate Square, 35 Financial Street, Xicheng District, Beijing 
 ID No.: 371100197603010016 

Party D: Shenzhen Shangtong Software Co., Ltd. 
 Address: Room 1009, 10th Floor, Building 4, SEG Science & Tech Park, North Huaqiang Road, Fukuta District, Shenzhen 
 WHEREAS, 
 (1) Party A, a company with limited liability duly organized and validly existing in
P.R.China, provides certain technical support, strategic consulting and other services to Party D, Party A currently is a major business partner of Party D; 
 (2) To finance the investment by Party B and Party C in Party D, Party A has entered into loan agreements (hereafter the “Loan Agreements”) respectively with Party B and Party C on
January 1, 2012, providing Party B and Party C with loans of RMB550,000 and RMB450,000, respectively. Pursuant to the Loan Agreements, Party B and Party C have invested the full amount of the loans in Party D, and hold 55% and 45% of the equity
interest in Party D, respectively; 
 (3) For securing the payment obligation of Party D to Party A under the several agreements, Party B and
Party C entered into a Share Pledge Agreement with Party A on January 1, 2012 (“ Share Pledge Agreement”) by which they pledge their holding shares in Party D to Party A, and 
 (4) The Parties hereto wish to grant Party A the exclusive purchase option to acquire, at any time upon satisfaction of the requirements under the PRC law, the entire or a portion of Party D’s share
equity/assets owned by Party B and/or Party C by the Loan. 
 NOW AND THEREFORE, in accordance with the principle of sincere cooperation, mutual
benefit and joint development and after friendly negotiations, the Parties hereby enter into the following agreements pursuant to the provisions of relevant laws and regulations of the PRC 

ARTICLE 1. DEFINITIONS 
 The
terms used in this Agreement shall have the meanings set forth below: 
 1.1 “This Agreement” means this Purchase Option and
Cooperation Agreement and all appendices thereto, including written instruments as originally executed and as may from time to time be amended or supplemented by the Parties hereto through written agreements; 

1.2 “The PRC” means, for the purpose of this Agreement, the People’s Republic of China, excluding Hong Kong, Taiwan and Macao 

 1.3 “Date” means the year, month and day. In this Agreement, “within” or “no later
than”, when used before a year, month or day, shall always include the relevant year, month or day. 
 ARTICLE 2. THE GRANT
AND EXERCISE OF PURCHASE OPTION 
 2.1 The Parties hereto agree that Party A shall be granted an exclusive purchase option to acquire, at any
time upon satisfaction of the requirements under applicable laws and conditions as agreed in this Agreement (including, without limitation, as under applicable laws, when Party B and/or Party C cease to be Party D’s directors or employees, or
Party B and/or Party C attempt to transfer their share equity in Party D to any party other than the existing shareholders of Party D), the entire or a portion of Party D’s share equity owned by Party B and/or Party C, or the entire or portion
of the assets owned by Party D. The purchase option granted hereby shall be irrevocable during the term of this Agreement and may be exercised by Party A or any eligible entity designated by Party A. 

2.2 Party A may exercise the aforesaid purchase option by delivering a written notice to any of Party B, Party C and Party D (the “Exercise
Notice”). 
 2.3 Within thirty (30) days of the receipt of the Exercise Notice, Party B, Party C or Party D (as the case may be) shall
execute a share/asset transfer contract and other documents (collectively, the “Transfer Documents”) necessary to effect the respective transfer of share equity or assets with Party A (or any eligible party designated by Party A).

 2.4 When applicable laws permit the exercise of the purchase option provided hereunder and Party A elects to exercise such purchase option,
Party B, Party C and Party D shall unconditionally assist Party A to obtain all approvals, permits, registrations, filings and other procedures necessary to effect the transfer of relevant share equity or assets. 

ARTICLE 3. REPRESENTATIONS AND WARRANTIES 
 3.1 Each party hereto represents to the other parties that: (1) it has all the necessary rights, powers and authorizations to enter into this Agreement and perform its duties and obligations
hereunder; and (2) the execution or performance of this Agreement shall not violate any significant contract or agreement to which it is a party or by which it or its assets are bounded. 
 3.2 Party B and Party C hereto represent to Party A that: (1) they are both legally registered shareholders of party D and have paid Party D the full amount of their respective portions of Party
D’s registered capital required under Chinese law; (2) neither Party B nor Party C has created any mortgage, pledge, secured interests or other form of debt liabilities over the Share Equity other than the Pledge created under the Share
Pledge Agreement; and (3) neither Party B nor Party C has sold or will sell to any third party its Share Equity in Party D. 
 3.3 Party D
hereto represents to Party A that: (1) it is a limited liability company duly registered and validly existing under the PRC law; and (2) its business operations are in compliance with applicable laws of the PRC in all material respect.

 ARTICLE 4. EXERCISE PRICE 
 When it is permitted by applicable laws, Party A (or any eligible party designated by Party A) shall have the right to acquire, at any time, all of Party D’s assets or its share equity owned by Party
B and Party C, at a price equal to the sum of the principles of the loans (RMB1,000,000) from Party A to Party B and Party C under the Loan Agreements. If Party A (or any eligible party designated by Party A) elects to purchase a portion of Party
D’s share equity or assets, then the exercise price for such purpose shall be adjusted accordingly based on the percentage of such share equity or assets to be purchased over the total share equity or assets. When Party A (or a qualified entity
designated by party A) is to acquire all or a portion of Party D’s equity share or assets from Party B and Party C pursuant to this Agreement, Party A has the right to substitute the principle amounts Party B and Party C respectively owe Party
A under the Loan Agreements for the purchase prices payable to Party B and Party C, respectively. When acquiring share equity or assets from Party B, Party C, or Party D pursuant to this Agreement, Party A shall pay an actual exercise price based on
the exercise price under applicable Chinese laws or requirements of relevant authorities, if the exercise price under applicable laws or requirements of relevant authorities is higher than the exercise price under this Agreement. 

 ARTICLE 5. COVENANTS 
 The Parties further agree as follows: 
 5.1 Before Party A (or any eligible party designated by
Party A) has acquired all the equity/assets of Party D by exercising the purchase option provided hereunder, Party D shall not: 
 5.1.1 sell,
assign, mortgage or otherwise dispose of, or create any encumbrance on, any of its assets, operations or any legal or beneficiary interests with respect to its revenues (unless such sale, assignment, mortgage, disposal or encumbrance is relating to
its daily operation or has been disclosed to and agreed by Party A in writing); 
 5.1.2 enter into any transaction which may materially affect
its assets, liability, operation, equity or other legal rights (unless such transaction is relating to its daily operation or has been disclosed to and agreed by Party A in writing); and 
 5.1.3 distribute any dividend to its shareholders in any manner. 
 5.2 Before Party A (or any
eligible party designated by Party A) has acquired all the equity/assets of Party D by exercising the purchase option provided hereunder, Party B and/or Party C shall not individually or collectively: 

5.2.1 supplement, alter or amend the articles of association of Party D in any manner to the extent that such supplement, alteration or amendment may
have a material effect on Party D’s assets, liability, operation, equity or other legal rights (except for pro rata increase of registered capital mandated by applicable laws); 
 5.2.2 cause Party D enter into any transaction to the extent such transaction may have a material effect on Party D’s assets, liability, operation, equity or other legal rights (unless such
transaction is relating to Party D’s daily operation or has been disclosed to and agreed by Party A in writing); and 
 5.2.3 cause Party
D’s board of directors adopt any resolution on distributing dividends to its shareholders. 
 5.3 After the execution of this Agreement,
Party B and Party C (the “Principals”) shall each execute and deliver a proxy to the agents (the “Agents”) to the satisfaction of Party A to grant the Agents all voting rights as shareholders of Party D, including without
limitations the right to appoint and elect Party D’s directors, general manager and other senior officers in Party D’s shareholders meetings. The initial term of such proxies shall be twenty (20) years, and the initial term shall be
renewed automatically upon expiry of the proxies unless Party A notifies the Principals in writing to terminate the proxies. Such proxies shall be based on the conditions that the Agents are Chinese citizens employed by Party A and shall be subject
to Party A’s consent. Once the Agents cease to be employed by Party A or Party A delivers a written notice to the Principals requesting the proxies to be terminated, the Principals shall revoke the relevant proxy immediately and grant the same
rights as provided in the proxies to other PRC citizens employed and designed by Party A. The Agents have agreed to act with due care and diligence in exercising their rights under the proxies and indemnify and keep the Principals harmless from any
loss or damages caused by any action in connection with exercise of their rights under the proxies (unless any loss or damage is caused by the Principals’ own intentional or material negligent actions). 

5.4 Party B and Party C shall, to the extent permitted by applicable laws, cause Party D’s operational term to be extended to equal the operational
term of Party A. 

 5.5 Party A shall provide or arrange other parties to provide financings to Party D to the extent Party D
needs such financing to finance its operation. In the event that Party D is unable to repay such financing due to its losses, Party A shall waive or cause the relevant parties to waive all recourse against Party D with respect to such financing.

 5.6 To the extent Party B and/or Party C are subject to any legal or economic liabilities to any institution or individual other than Party A
as a result of performing their obligations under this Agreement or any other agreements between them and Party A, Party A shall provide all support necessary to enable Party B and/or Party C to duly perform their obligations under this Agreement
and any other agreements and to hold Party B and/or Party C harmless against any loss or damage caused by their performance of obligations under such agreements. 
 ARTICLE 6. CONFIDENTIALITY 
 Each Party shall keep confidential all the content of this Agreement.
Without the prior consent of all Parties, no Party shall disclose any content of this Agreement to any other party or make any public announcements with respect to any content of this Agreement. Notwithstanding the forgoing provisions of this
Article 6, the following disclosure shall be permitted: (i) disclosure made pursuant to any applicable laws or any rules of any stock exchange; (ii) disclosure of information which has become public information other than due to any breach
by the disclosing party; (iii) disclosure to any Party’s shareholders, legal counsel, accountants, financial advisors or other professional advisors, or (iv) disclosure to any potential purchasers of a Party or its shareholders’
equity/assets, its other investors, debts or equity financing providers, provided that the receiving party of confidential information has agreed to keep the relevant information confidential (such disclosure shall be subject to the consent of Party
A in the event that Party A is not the potential purchaser). 
 ARTICLE 7. APPLICABLE LAW AND EVENTS OF DEFAULT 

The execution, effectiveness, interpretation, performance and dispute resolution of this Agreement shall be governed by the laws of the PRC. 

Any violation of any provision hereof, incomplete performance of any obligation provided hereunder, any misrepresentation made hereunder, material
concealment or omission of any material fact or failure to perform any covenants provided hereunder by any Party shall constitute an event of default. The defaulting Party shall assume all the legal liabilities pursuant to the applicable laws.

 ARTICLE 8. DISPUTE RESOLUTION 
 8.1 Any dispute arising from the performance of this Agreement shall be first subject to the Parties’ friendly consultations. In the event any dispute cannot be solved by friendly consultations, the
relevant dispute shall be submitted for arbitration; 
 8.2 The arbitration shall be administered by the Beijing branch of China International
Economic and Trade Arbitration Commission in accordance with the then effective arbitration rules of the Commission. 
 8.3 The arbitration
award shall be final and binding on the Parties. The costs of the arbitration (including but not limited to arbitration fee and attorney fee) shall be borne by the losing party, unless the arbitration award stipulates otherwise. 

ARTICLE 9. EFFECTIVENESS 
 This
Agreement shall be effective upon the execution hereof by all Parties hereto and shall remain effective thereafter. 
 This Agreement may not be
terminated without the unanimous consent of all the Parties except Party A may, by giving a thirty (30) days prior notice to the other Parties hereto, terminate this Agreement. 

 ARTICLE 10. AMENDMENT 
 All Parties hereto shall fulfill their respective obligations hereunder. No amendment to this Agreement shall be effective unless such amendment has been made in writing, agreed by all of the Parties and
Party A and Party D have obtained necessary authorization and approvals with respect to such amendment. 
 ARTICLE 11.
COUNTERPARTS 
 This Agreement is executed in four (4) counterparts. Party A, Party B, Party C and Party D shall each hold one counterpart.

 ARTICLE 12. MISCELLANEOUS 
 12.1 Party B and Party C’s obligations, covenants and liabilities to Party A hereunder are joint and several, and Party B and Party C shall assume joint and several liabilities with respect to such
obligations, covenants and liabilities. With respect to Party A, a default by Party B shall automatically constitute a default by Party C, and vice versa. 
 12.2 The title and headings contained in this Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any provision of this Agreement. 

12.3 The Parties may enter into supplementary agreements to address any issue not covered by this Agreement. The supplementary agreements so entered
shall be an appendix hereto and shall have the same legal effect as this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

 [Execution page only] 
 Party A: Fortune (Beijing) Success Technology Co., Ltd. 
 (Seal) 

Authorized Representative (Signature): 
 Party
B: Linghai Ma 
 (Signature): 
 Party
C: Lin Yang 
 (Signature): 
 Party D:
Shenzhen Shangtong Software Co., Ltd. 
 (Seal) 
 Authorized Representative (Signature):Translation of Share Pledge Agreement dated January 1, 2012

 Exhibit 4.32 
 [Translated from the original Chinese version] 
 SHARE PLEDGE CONTRACT 

This Share Pledge Contract (this “Contract”) is executed by and among the following parties on January 1, 2012. 

Pledgor A: Linghai Ma 
 ID No.:
210821197010201014 
 Address: 9th Floor of Tower C, Corporate Square, 35 Financial Street, Xicheng District, Beijing 

Pledgor B: Lin Yang 
 ID No.: 371100197603010016

 Address: 9th Floor of Tower C, Corporate Square, 35 Financial Street, Xicheng District, Beijing 

Pledgee: Fortune (Beijing) Success Technology Co., Ltd. 
 Registered Address: Room 623, Beijing Aerospace CPMIEC Building, No. 30 Haidian South Road, Haidian District, Beijing 
 Unless otherwise provided hereunder, Pledgor A and Pledgor B shall hereinafter be referred to collectively as the “Pledgors”. 
 WHEREAS: 
 1. Pledgors Linghai Ma and Lin Yang are both citizens of the People’s Republic of
China (the “PRC”), and each holds 55% and 45% equity interests in Shenzhen Shangtong Software Co., Ltd. (“CFO Shenzhen Shangtong”), respectively. CFO Shenzhen Shangtong is a company registered in Beijing, PRC, engaged in the
business of network operation. 
 2. Pledgee is a wholly foreign-own enterprise registered in Beijing, PRC, with approvals from the relevant PRC
authorities to engage in the business of, among others, developing, producing computer hardware, system software, application software; technology consulting, technology transference and technology services. Pledgee and CFO Shenzhen Shangtong have
entered into the agreements (collectively, the “Service Agreements”). 
 3. To secure the fees payable under the Service Agreements
(the “Service Fee”) from CFO Shenzhen Shangtong to Pledgee, Pledgors hereby pledge their respective interests in CFO Shenzhen Shangtong to Pledgee. 
 Pursuant to the provisions of the Service Agreements, Pledgors and Pledgee have agreed to enter into this Contract according to the following terms and conditions. 

 1. DEFINITIONS 
 Unless otherwise provided herein, the terms below shall have the following meanings: 
 1.1
“Pledge Rights” means the rights set forth in Article 2 of this Contract. 
 1.2 “Share Equity” means the equity interest
held by Pledgors in CFO Shenzhen Shangtong. 
 1.3 “Pledged Property” means the share interest and the dividends deriving therefrom
pledged by Pledgors to Pledgee under this Contract. 
 1.4 “Secured Indebtedness” means all the amounts payable by CFO Shenzhen
Shangtong to Pledgee under the Service Agreements, including the Service Fee and interests accrued thereon, liquidated damages, compensations, costs and expenses incurred by Pledgee in connection with collection of such fees, interest, damages and
compensations, and losses incurred to Pledgee as a result of any default by CFO Shenzhen Shangtong and other expenses payable under the Service Agreements. 
 1.5 “Term of Pledge” means the term stated in Section 4.1 of this Contract. 
 1.6
“Service Agreements” means all the agreements entered into by CFO Shenzhen Shangtong and Pledgee, including but not limited to Strategy Consulting Services Agreement and Technical Support Agreement and Operation Agreement. 

1.7 “Event of Default” means any event set forth in Article 8 of this Contract. 
 1.8 “Notice of Default” means the notice issued by Pledgee in accordance with this Contract declaring an Event of Default. 
 2. PLEDGE RIGHTS 
 2.1 Pledgors hereby pledge to Pledgee all of their Share Equity in CFO Shenzhen
Shangtong to secure the Secured Indebtedness of CFO Shenzhen Shangtong. Pledge Rights shall mean Pledgee’s priority right in receiving compensation from the sale or auction proceeds of the Pledged Property (including the dividends generated by
the Share Equity during the term of this Contract). 

 3. SCOPE OF PLEDGE SECURITY 
 3.1 The scope of pledge security hereunder shall cover all of the Secured indebtedness, including all the Service Fee and interest accrued thereon, liquidated damages, compensation, costs and expenses
incurred by Pledgee to collect such fee, interests, damages and compensation, and losses incurred to Pledgee as a result of any default by CFO Shenzhen Shangtong and all other expenses payable under the Service Agreements. 

4. TERM OF PLEDGE AND REGISTRATION 
 4.1 This
Contract shall become effective on the date when the Pledge hereunder is registered in the Shareholders’ List of CFO Shenzhen Shangtong. The term of the Pledge shall be the same as the term of the Strategy Consulting Services Agreement (should
the term of the Strategy Consulting Services Agreement be extended, the term of the Pledge shall be extended accordingly). Pledgors shall cause CFO Shenzhen Shangtong to register the Pledge hereunder in its Shareholders’ List within three
(3) days after this Contract is executed. 
 4.2 In the event that any change of the matters registered in CFO Shenzhen Shangtong’s
Shareholders’ List is required as a result of change of any matters relating to the Pledge, Pledgors and Pledgee shall cause the matters registered in CFO Shenzhen Shangtong’s Shareholders’ List be changed accordingly within fifteen
(15) days after such change takes place. 
 5. CUSTODY OF CERTIFICATES 

Pledgors shall deliver to Pledgee the capital contribution certificates with respect to their interest in CFO Shenzhen Shangtong and CFO
Shenzhen Shangtong’s Shareholders’ List within seven (7) days after this Contract is executed. 
 6. REPRESENTATIONS AND
WARRANTIES OF PLEDGORS 
 6.1 Pledgors are legally registered shareholders of CFO Shenzhen Shangtong and have paid CFO Shenzhen Shangtong the
full amount of their respective portions of CFO Shenzhen Shangtong’s registered capital required under Chinese law. Pledgors neither have sold nor will sell to any third party their Share Equity in CFO Shenzhen Shangtong. 

6.2 Pledgors fully understand the contents of the Service Agreements and have entered into this Contract voluntarily. The signatories signing this
Contract on behalf of Pledgors have the rights and authorizations to do so. 
 6.3 All documents, materials and certificates provided by
Pledgors to Pledgee hereunder are correct, true, complete and valid. 
 6.4 When Pledgee exercises its right hereunder in accordance with this
Contract, there shall be no intervention from any other parties. 

 6.5 Pledgee shall have the right to dispose of and transfer the Pledge Rights in accordance with the
provisions hereof. 
 6.6 Pledgors have not created any mortgage, pledge, secured interests or other form of debt liabilities over the Share
Equity other than the Pledge created hereunder. 
 7. COVENANTS OF PLEDGORS 
 7.1 For the benefit of Pledgee, Pledgors hereby make the following covenants, during the term of this Contract: 
 7.1.1 without the prior written consent of Pledgee, Pledgors shall not transfer the Share Equity, or create or consent to any creation of any pledge over, the Share Equity that may affect Pledgee’s
rights and interests hereunder, or cause the shareholders’ meetings of CFO Shenzhen Shangtong to adopt any resolution on sale, transfer, pledge or in other manner disposal of the Share Equity or approving the creation of any other security
interest on the Share Equity, provided that the Share Equity may be transferred to Pledgee or any party designated by Pledgee according to Purchase Option Agreement dated January 1, 2012 among Pledgors, Pledgee and CFO Shenzhen Shangtong or
Pledgors may transfer the Share Equity to each other to the extent such transfer will not effect the validity of pledge (the transferring Pledgor shall deliver a prior notice to Pledgee before making the transfer). 

7.1.2 Pledgors shall comply with all laws and regulations applicable to the Pledge. Within five (5) days of receipt of any notice,
order or recommendation issued or promulgated by competent government authorities relating to the Pledge, Pledgors shall deliver such notice, order or recommendation to Pledgee, and shall comply with the same, or make objections or statements with
respect to the same upon Pledgee’s reasonable request or with Pledgee’s consent. 
 7.1.3 Pledgors shall promptly
notify Pledgee of any event or notice received by Pledgors that may have a material effect on Pledgee’s rights in the Pledged Property or any portion thereof, as well as promptly notify Pledgee of any change to any warranty or obligation of
Pledgors hereunder, or any event or notice received by Pledgors that may have a material effect to any warranty or obligation of the Pledgors hereunder. 
 7.2 Pledgors warrant that Pledgee’s exercise of the Pledge Rights as pledgee pursuant to this Contract shall not be interrupted or impaired by Pledgors or any successors or representatives of
Pledgors or any other parties through any legal proceedings. 

 7.3 Pledgors hereby warrant to Pledgee that, to protect or perfect the security interest created by this
Contract to secure the Secured Indebtedness, Pledgors will execute in good faith, and cause other parties who have an interest in the Pledge Rights to execute, all certificates of rights and instruments as requested by Pledgee, and/or take any
action, and cause other parties who have an interest in the Pledge Rights to take any action, as requested by Pledgee, and facilitate the exercise by Pledgee of its rights and authority provided hereunder, and execute all amendment documents
relating to certificates of Share Equity with Pledgee or its designated person(s) (natural persons/legal persons), and shall provide Pledgee, within a reasonable period of time, with all notices, orders and decisions regarding the Pledge Rights
requested by Pledgee. Pledgors hereby warrant to Pledgee that, for Pledgee’s benefit, Pledgors shall comply with all warranties, covenants, agreements, representations and conditions provided hereunder. In the event that Pledgors fail to comply
with or perform any warranties, covenants, agreements, representations and conditions, Pledgors shall indemnify Pledgee for all of its losses resulting therefrom. 
 8. EVENTS OF DEFAULT 
 8.1 Each of the following events shall constitute an Event of Default:

 8.1.1 CFO Shenzhen Shangtong fails to pay in full any Secured Indebtedness on time; 

8.1.2 Any representation or warranty made by Pledgors under Article 6 of this Contract is misleading or untrue, or Pledgors have violated
any of the warranties in Article 6 of this Contract; 
 8.1.3 Pledgors breach any of the covenants in Article 7 of this
Contract; 
 8.1.4 Pledgors breach any other provisions of this Contract; 

8.1.5 Pledgors give up all or any part of the Pledged Property, or transfer all or any part of the Pledged Property without the written
consent of Pledgee (except the transfers permitted hereunder); 
 8.1.6 Any of Pledgors’ loans, guarantees,
indemnification, commitment or other indebtedness to any third party (1) have been subject to a demand of early repayment due to an event of default; or (2) have become due but failed to be repaid in a timely manner, thus leading Pledgee
to believe that Pledgors’ ability to perform their obligations under this Contract has been impaired; 
 8.1.7 Pledgors are
unable to repay any other material debts; 
 8.1.8 Any applicable laws have rendered this Contract illegal or made it impossible
for Pledgors to continue to perform their obligations hereunder; 

 8.1.9 All approvals, licenses, permits or authorizations from government agencies that make
this Contract enforceable, legal and effective have been withdrawn, terminated, invalidated or substantively revised; 
 8.1.10
Any adverse change has taken place to any properties owned by Pledgors, which leads Pledgee to believe that Pledgors’ ability to perform their obligations under this Contract has been affected; 

8.1.11 The successor or trustee of CFO Shenzhen Shangtong is only able to partially perform or refuses to perform the payment obligations
under the Service Agreements; 
 8.1.12 Any breach of other provisions of this Contract resulting from any action or omission by
Pledgors; and 
 8.1.13 Any other event whereby Pledgee is unable to exercise its right with respect to the Pledge hereunder
pursuant to relevant laws. 
 8.2 Pledgors shall immediately notify Pledgee in writing of any event set forth in Section 8.1 or any
circumstance which many lead to any such event as soon as Pledgors know or are aware of such event. 
 8.3 Unless an Event of Default set forth
in this Section 8.1 has been resolved to the satisfaction of Pledgee, Pledgee may, upon the occurrence of an Event of Default or at any time thereafter, issue a Notice of Default to Pledgors in writing and demand that Pledgors to immediately
pay all the amounts due under the Service Agreements and all other amounts payable due to Pledgee, or exercise Pledge Rights in accordance with the provisions of this Contract. 
 9. EXERCISE OF PLEDGE RIGHTS 
 9.1 Prior to the full payment of Secured Indebtedness under the
Service Agreements, Pledgors shall not assign, or in any manner dispose of, the Pledged Property without Pledgee’s written consent. 
 9.2
Pledgee shall issue a Notice of Default to Pledgors when exercising the Pledge Rights. 
 9.3 Subject to the provisions of Section 8.3,
Pledgee may exercise the right to dispose of the Pledged Property concurrently with the issuance of the Notice of Default in accordance with Section 8.3 or at any time after the issuance of the Notice of Default. 

 9.4 Pledgee shall have the right to dispose of the Pledged Property under this Contract in part or in whole
in accordance with legal procedures (including but not limited to negotiated transfer, auction or sale of the Pledged Property) and receive a priority payment from the proceeds of the Pledged Property until all of the Secured Indebtedness have been
fully repaid. 
 9.5 When Pledgee exercises its rights under the Pledge in accordance with this Contract, Pledgors shall not create any
impediment, and shall provide necessary assistance to enable Pledgee to exercise the Pledge Rights. 
 10. ASSIGNMENT 

10.1 Without Pledgee’s prior consent, Pledgors cannot give away or assign to any party their rights and obligations under this Contract. 

10.2 This Contract shall be valid and binding on each Pledgor and their respective successors. 
 10.3 Pledgee may assign any and all of its rights and obligations under the Service Agreements to its designated person(s) (natural/legal persons) at any time, in which case the assignees shall have the
rights and obligations of Pledgee under this Contract, as if it were a party to this Contract. 
 10.4 In the event that the Pledgee changes due
to any transfer permitted hereunder, the new parties to the Pledge shall execute a new pledge agreement. 
 11. TERMINATION 

This Contract shall be terminated when the Secured Indebtedness has been fully repaid and CFO Shenzhen Shangtong is no longer obliged to
undertake any obligations under the Service Agreements. In this circumstance, Pledgee shall cancel or terminate this Contract as soon as reasonably practicable. 
 12. HANDLING FEES AND OTHER EXPENSES 
 12.1 All fees and out of pocket expenses relating to this
Contract, including but not limited to legal fees, cost of documentation, stamp duty and any other taxes and fees, shall be borne by Pledgors. In the event that the law requires Pledgee to pay any taxes, Pledgors shall reimburse Pledgee for such
taxes paid by Pledgee. 
 12.2 In the event that Pledgors fail to pay any taxes or fees in accordance with the provisions of this Contract, or
due to any other reasons, Pledgee has to recover such taxes and fees payable by Pledgors through any means or in any manner, all costs and expenses (including but not limited to all the taxes, handling fees, management fees, cost of litigation,
attorney’s fees and insurance premiums) resulting therefrom shall be borne by Pledgors. 

 13. FORCE MAJEURE 
 13.1 In the event that the performance of this Contract is delayed or impeded by “an event of force majeure”, the party affected by such event of force majeure shall not be liable for any
liability hereunder with respect to the part of performance being delayed or impeded. “An event of force majeure” means any event beyond the reasonable control of the effected party and cannot be avoided even if the affected party has
exercised reasonable care, which include but not limited to government actions, acts of God, fire, explosions, geographic changes, storms, flood, earthquakes, tides, lightning and war. Notwithstanding the foregoing, a lack of credit, funds or
financing shall not be deemed as a circumstance beyond the reasonable control of an effected party. The party affected by “an event of force majeure” and seeking to relieve the performance liability under this Contract or any provisions
thereof shall notify the other party of its intention for seeking such relief and the measures it will take to reduce the impact of the force majeure as soon as possible. 
 13.2 The party affected by force majeure shall not be liable for any liability with respect to the part of performance being delayed or impeded if the effected party has taken reasonable efforts to
perform this Contract. As soon as the course of such relief is eliminated, the Parties shall use their best efforts to resume the performance of this Contract. 
 14. RESOLUTION OF DISPUTES 
 14.1 This Contract shall be governed by and construed according to the
laws of PRC. 
 14.2 In the event of any dispute with respect to the construction and performance of the provisions of this Contract, the
parties shall first try to resolve the dispute through friendly consultations. Upon failure of such consultations, any party may submit the relevant disputes to the China International Economic and Trade Arbitration Commission for arbitration in
accordance with its then effective arbitration rules. The arbitration shall be administered in Beijing and the language used for the arbitration shall be Chinese. The arbitration award shall be final and binding on all parties. 

15. NOTICES 
 Notices sent by
the parties hereto shall be in writing (“in writing” shall include facsimiles and telexes). If sent by hand, such notice shall be deemed to have been delivered upon actual delivery; if sent by telex or facsimile, such notice shall be
deemed to have been delivered at the time of transmission. If the date of transmission is not a business day or if transmission is after working hours, then the next business day shall be deemed as the date of delivery. The address of delivery shall
be the addresses of the Parties stated on the first page of this Contract or addresses notified in writing at any time after this Contract is executed. 

 16. AMENDMENTS, TERMINATION AND CONSTRUCTION 
 16.1 No amendment to this Contract shall be effective unless such amendment has been agreed by all of the Parties and Party A and Party D have obtained necessary authorization and approvals with respect
to such amendment (including the approval that Party A must obtain from the audit committee or other independent body established according to the Sarbanes-Oxley Act and the NASDAQ Rules under the board of directors of its overseas holding company
– China Finance Online Co., Limited). 
 16.2 The provisions to this Contract are severable from each other. The invalidity of any
provision hereof shall not effect the validity or enforceability of any other provision hereof. 
 17. EFFECTIVENESS AND OTHERS 

17.1 This Contract shall take effect upon satisfaction of the following conditions: 

(1) This Contract has been executed by all parties hereto; and 
 (2) Pledgors have recorded the Pledge hereunder in the Shareholders’ List of CFO Shenzhen Shangtong. 
 17.2 This Contract is written in Chinese in three counterparts. Each of the Parties shall hold one counterpart. 
 IN WITNESS WHEREOF, the parties have caused this Contract executed by their duly authorized representatives in Beijing on the date first above written. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

	
	  [execution page only]
	
	Pledgor A: Linghai Ma
	
	  

	Signature:
	
	Pledgor B: Lin Yang
	
	  

	Signature:

 Pledgee: Fortune (Beijing) Success Technology Co., Ltd. (seal) 
 Authorized representative:
                                        
(signature)

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