Document:

EX-4.24

 Exhibit 4.24 

Share Pledge Agreement 
 This Share Pledge
Agreement (hereinafter referred to as this “Agreement”) has been executed by and among the following parties on January 25, 2021 in Beijing: 
  

			
	 Party A:
	 	Xi’an Jingxundi Supply Chain Technology Co., Ltd., a limited liability company organized and existing under the PRC laws, with its address at Building 5, SkyCity Central Square, East Chang’An Street
No.666, National Civil Space Industrial Base, Xi’an, Shaanxi, China (hereinafter referred to as the “Pledgee”).
		
	 Party B:
	 	 Richard Qiangdong Liu, Chinese Identification No. ***

Yayun Li, Chinese Identification No. ***;
 Pang
Zhang, Chinese Identification No. ***.(All Party B hereinafter collectively referred to as the “Pledgors”)

		
	 Party C:
	 	Xi’an Jingdong Xincheng Information Technology Co., Ltd., a limited liability company organized and existing under the PRC laws, with its address at Building 5, SkyCity Central Square, East Chang’An Street
No.666, Aerospace Base, Xi’an, Shaanxi, China.

 In this Agreement, each of the Pledgee, the Pledgors and Party C shall be hereinafter referred to as a
“Party” respectively, and as the “Parties” collectively. 
 Whereas: 

 

	1.	 The Pledgors as of the signing date hereof are shareholders of Party C, and hold 100% of the Equity Interest of
Party C, among which Richard Qiangdong Liu holds 45% of the Equity Interest (corresponding to Party C’s capital contribution of RMB450,000), Yayun Li holds 30% of the Equity Interest (corresponding to Party C’s capital contribution of
RMB300,000), and Pang Zhang holds 25% of the Equity Interest (corresponding to Party C’s capital contribution of RMB250,000). Party C is a limited liability company registered in Shanxi, China. 

 

	2.	 The Pledgee is wholly and directly held by JD Logistics Holding Limited (a company registered under the laws of
Hong Kong)(the “Hong Kong Company”), and the Hong Kong Company is wholly and directly held by JD Logistics, Inc. (a company registered under the laws of the Cayman Islands)(the “Cayman Company”).

  

	3.	 The Pledgee is a wholly foreign owned enterprise registered in Xi’an, Shaanxi Province, China. The Pledgee
and Party C executed the Exclusive Business Cooperation Agreement (including revisions from time to time, hereinafter referred to as the “Business Cooperation Agreement”) on the date hereof. The Pledgee provides relevant exclusive
technical services, technical consultations and other services to Party C based on the Business Cooperation Agreement. 

  
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	4.	 The Parties of this Agreement executed an Exclusive Option Agreement(including revisions from time to time,
hereinafter referred to as the “Exclusive Option Agreement”) on the date hereof. To the extent permitted by the PRC laws and corresponding requirements, if the Pledgee decides to make the purchase request in its sole discretion:
(a)the Pledgors shall transfer all or part of their Equity Interest held in Party C to the Pledgee and/or its designee(hereinafter referred to as the “Designee”, who needs to be the Cayman Company or a subsidiary that is directly or
indirectly wholly controlled by it) according to its requirements; (b) Party C shall transfer all or part of its assets to the Pledgee and/or the Designee according to the requirements of the Pledgee and/or the Designee. 

 

	5.	 The Parties of this Agreement executed a Shareholder Voting Rights Entrustment Agreement (including revisions
from time to time, hereinafter referred to as the “Shareholder Voting Rights Entrustment Agreement”) on the date hereof. The Pledgors have irrevocably entrusted the person designated by the Pledgee with the full power to exercise
all their rights to entrust and vote as Party C’s shareholder. 

  

	6.	 The Pledgee and the Pledgors executed a Loan Agreement (including revisions from time to time, hereinafter
referred to as the “Loan Agreement”) on the date hereof. Pursuant to the Loan Agreement, the Pledgee provided a loan of RMB1,000,000 to the Pledgors in total, among which RMB450,000 was provided to Richard Qiangdong Liu, RMB300,000
was provided to Yayun Li, and RMB250,000 was provided to Pang Zhang. 

  

	7.	 As the Pledgors’ guarantee of the performance of the Contract Obligations (as defined below) and the
settlement of the Secured Indebtedness (as defined below), the Parties intend to execute this Agreement on the provision of Equity Interest pledge by Party B to Party A. The Pledgors severally and not jointly pledge all the Equity Interest they held
in Party C to the Pledgee to provide pledge guarantee for securing the complete and due performance of such obligations and debt. Party C agrees with such equity interest pledge arrangements. 

 

	1.	 Definitions 

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

 

	1.1	 “Pledge”: shall refer to the Security Interest granted by the Pledgors to the Pledgee pursuant
to Article 2 of this Agreement, i.e., the right of the Pledgee to be paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into or from the proceeds from the auction or sale of the Equity
Interest. 

  
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	1.2	 “Equity Interest” shall refer to all Party C’s equity interest lawfully held by the
Pledgors from the effective date of this Agreement, such that the Pledgors have rights to dispose and pledge it to the Pledgee according to provisions of this Agreement as guarantee for Party C’s fulfillment of its Contractual obligations and
Secured Indebtedness hereunder (including the Pledgors’ Equity Interest constituting Party C’s registered capital and all related Equity Interest, including all of the equity interests, revenues, preferences of Party C currently or in the
future owned by Pledgors, all the account receivables and liquidated damages with respect to the equity interests of Party C owned by Pledgors, and bonuses, dividends and other payment distributed to the Pledgors by Party C) and increase Equity
Interest as per Article 6.7 of this Agreement. 

  

	1.3	 “Term of the Pledge” shall refer to the term set forth in Article 3 of this Agreement.

  

	1.4	 “Event of Default” shall refer to any of the circumstances set forth in Article 7 of this
Agreement. 

  

	1.5	 “Notice of Default” shall refer to the notice issued by the Pledgee in accordance with this
Agreement declaring an Event of Default. 

  

	1.6	 “Contract Obligations” shall refer to all the obligations of the Pledgors under the Exclusive
Option Agreement, the Shareholder Voting Rights Entrustment Agreement, and the Loan Agreement; and all the obligations of Party C under the Transaction Agreement; and all the obligations of the Pledgors and Party C under this Agreement.

  

	1.7	 “Transaction Agreement” shall refer to this Agreement, the Business Cooperation Agreement, as
well as the Exclusive Option Agreement, the Loan Agreement, and the Shareholder Voting Rights Entrustment Agreement issued by the Pledgors to the Pledgee, or one or more of them. 

 

	1.8	 “Secured Indebtedness” shall refer to (a) all debts that Party C owes to the Pledgee,
including but not limited to consultation and service fees that Party C shall pay to the Pledgee according to the Business Cooperation Agreement (whatever on the given maturity date, ahead of time or in other ways), and the interest, liquidated
damages(if any), compensation, lawyers’ fees, arbitration fees, and fees for exercising rights of pledge such as Equity Interest evaluation and auction; (b)all the direct, indirect and derivative losses and losses of anticipated profits,
suffered by the Pledgee, incurred as a result of any Event of Default by the Pledgors or Party C. The amount of such loss shall be calculated in accordance with the reasonable business plan and profit forecast of the Pledgee, (c)all expenses
occurred in connection with enforcement by the Pledgee of the Pledgors and/or Party C’s Contract Obligations, and (d) any loans provided by the Pledgee to the Pledgors pursuant to Article 6.9 hereunder. Subject to other terms of this
Agreement(including but not limited to Article 19.1 and 19.2), the amount of credit guaranteed by Party B shall not be less than RMB1,000,000, among which the amount of credit guaranteed by Richard Qiangdong Liu shall not be less than RMB450,000,
the amount of credit guaranteed by Yayun Li shall not be less than RMB300,000 and the amount of credit guaranteed by Pang Zhang shall not be less than RMB250,000. 

  
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	1.9	 “PRC laws” shall include all laws, regulations, rules, notices, interpretations or other
binding documents legislated by any central or regional legislation, administrative or judicial department before or after the execution of this Agreement. 

  

	1.10	 “Security Interest” shall include security, mortgage, third-party rights or Interest, all
rights to purchase Equity Interest, rights of acquisition, pre-emptive rights, rights of set-off, retained title or other collateral arrangements. 

 

	2.	 Pledge 

  

	2.1	 The Pledgors hereby severally and not jointly pledge the respective Equity Interest to the Pledgee in the first
order of priority to guarantee prompt and full repayment of Secured Indebtedness and performance of Contract Obligations. Party C agrees that the Pledgors may pledge the Equity Interest to the Pledgee as per this Agreement. 

 

	2.2	 All Parties understand and acknowledge that the estimated monetary value generated for Secured Indebtedness or
related estimated value shall be changeable and floating until the settlement date (refer to Article 2.4 for the definition). The Pledgors and the Pledgee may adjust and confirm the maximum amount of Secured Indebtedness secured by the Equity
Interest from time to time by the settlement date by revising and supplementing this Agreement with both Parties’ consent in case of any change to the estimated monetary value of Secured Indebtedness and Equity Interest. 

 

	2.3	 In any of following events (hereinafter referred to as “Events for Settlement”), the value of
Secured Indebtedness shall be determined based on the total amount of payable guaranteed that is not paid to the Pledgee on the latest date before any event for settlement occurs or on the date of the event (hereinafter referred to as
“Confirmed Debts”): 

  

	 	(a)	 The Business Cooperation Agreement has expired or has been terminated according to the relevant articles;

  

	 	(b)	 The Pledgee issues a Notice of Default to the Pledgors as per Article 7.3, because any Event of Default
specified in Article 7 of this Agreement has occurred and is still unsolved; 

  
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	 	(c)	 After proper investigation, the Pledgee reasonably determines that Party B and/or Party C have become insolvent
or might become insolvent; or 

  

	 	(d)	 Any other event occurs, under which Secured Indebtedness shall be determined as provided by the PRC laws.

  

	2.4	 To avoid ambiguity, the date on which the event for settlement occurs shall be deemed the settlement date
(hereinafter referred to as the “Settlement Date”). The Pledgee shall have rights to exercise the Pledge according to Article 8 at its discretion on the Settlement Date or thereafter. 

 

	2.5	 Within the Term of the Pledge (as defined in Article 3.1), the Pledgee shall have rights to accept any
dividend, bonus or other distributable interests generated because of the Equity Interest and use it to give priority to the Pledgee. The Pledgors shall deposit or cause Party C to deposit such fructus in the account designated by the Pledgee in
writing after receiving the Pledgee’s written requirements. The Pledgors shall not withdraw such fructus deposited in the account deposited in the account designated by the Pledgee in writing without the written consent of the Pledgee.

  

	2.6	 Within the term of this Agreement, the Pledgee shall not assume any responsibility for any Equity Interest
depreciation unless otherwise caused by the Pledgee’s intentions or gross negligence. In this case, the Pledgors shall have no right to make any claim or request to the Pledgee. 

 

	2.7	 Without violating Article 2.6 of this Agreement, the Pledgors agree that the Pledgee may auction or sell the
Equity Interest on behalf of the Pledgors anytime provided that any value of the Equity Interest is likely to decline and thereby probably impairs the Pledgee’s Rights, and the Pledgors agree that the proceeds from such auction or sales shall
be used for debt repayment or such money shall be held in escrow by a notary office of the area where the Pledgee is (All expenses thereby incurred shall be deducted from the proceeds from such auctions or sales). 

 

	2.8	 The Equity Interest pledge hereunder is a continuous guarantee. It shall be effective until full performance of
all Contract Obligations and full repayment of Secured Indebtedness. The Pledgee’s exemption or tolerance of the Pledgors’ any default or the Pledgee’s late exercising of any right under the Transaction Agreement and this Agreement
shall not affect the Pledgee’s subsequent rights to require the Pledgors or Party C to strictly perform the Transaction Agreement and this Agreement thereafter according to this Agreement, the relevant PRC laws and the Transaction Agreement, or
affect the Pledgee’s subsequent rights against the Pledgor’s or Party C’s breach of the Transaction Agreement and/or this Agreement. 

  
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	3.	 Term of the Pledge 

 

	3.1	 The pledge shall take effect from the date of registration of the pledge of the Equity Interest under this
Agreement at the registration of the industrial and commercial administration department (hereinafter referred to as the “Registration Authority”) of the locality of Party C. The validity period of the pledge (hereinafter referred
to as the “Term of the Pledge”) is from the effective date mentioned above until (a) the last Secured Indebtedness and Contract Obligations guaranteed by the Pledge are fully paid and fulfilled; or(b) the Pledgee and/or the
Designee shall, subject to the PRC laws, decide to purchase the entire Equity Interest of Party C held by the Pledgors in accordance with the Exclusive Option Agreement, and the Equity Interest of Party C has been transferred to the Pledgee and/or
the Designee in accordance with the laws, and the Pledgee and the Designee can legally engage in the business of Party C; or(c) The Pledgee and/or the Designee decides to purchase all the assets of Party C in accordance with the Exclusive Option
Agreement subject to the PRC laws, and all the assets of Party C have been transferred to the Pledgee and/or the Designee in accordance with the laws, and the Pledgee and the Designee can legally engage in the business of Party C using the above
assets; or(d) The Pledgee unilaterally requests termination of this Agreement (the right of the Pledgee to terminate this Agreement is the right without any restrictive conditions, and the right is only enjoyed by the Pledgee. The Pledgors or Party
C does not have the right to terminate this Agreement unilaterally); or(e) Termination in accordance with the requirements of applicable PRC laws and regulations. 

 

	3.2	 During the Term of the Pledge, if Party B and/or Party C fails to perform its Contract Obligations or pay the
Secured Indebtedness (including payment of exclusive consulting or service fees according to the Business Cooperation Agreement or failure to comply with any other aspects of the Transaction Agreement), the Pledgee shall have the right but not the
obligation to dispose of the Pledge in accordance with the provisions of this Agreement. 

  

	4.	 Pledge Registration 

 

	4.1	 The Pledgors and Party C agree and undertake that, after signing this Agreement, Party C must immediately and
the Pledgors must procure Party C to immediately record the arrangements for the Equity Interest pledge hereunder on Party C’s Register of Shareholders on the date of signing this Agreement; and an application shall be submitted to the
registration authority for registering the Equity Interest pledge according to the Measures for the Registration of Equity Interest Pledge at Administrative Departments for Industry and Commerce within thirty(30) days after signing this Agreement or
within a longer term agreed by the Pledgee. The registration authority shall completely and accurately record matters about such Equity Interest pledge on the register of Equity Interest pledge. 

  
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	4.2	 Within the Term of the Pledge specified hereunder, the Pledgors shall submit original contribution certificate
for the Equity Interest and the register of shareholders documenting pledge (and other documents reasonably required by the Pledgee, including but not limited to the notice on pledge registration issued by the administration for industry and
commerce) to the Pledgee within one week from the completion date of the Pledge registration in accordance with above Article 4.1. The Pledgee shall keep such documents within the entire pledge term specified hereunder. 

 

	5.	 Representations and Warranties of the Pledgors and Party C 

The Pledgors severally and not jointly represent and warrant to the Pledgee as the following Article 5.1 to 5.13: 

 

	5.1	 The Pledgor has complete and independent legal status and capacity under the law of the place of registration.
Besides, the Pledgor has been legitimately authorized to sign, deliver and perform this Agreement. The Pledgor may be an independent subject of litigations. 

  

	5.2	 The Pledgor is the sole legal owner and beneficiary of the Equity Interest. The Pledgor has full rights and
power to pledge the Equity Interest to the Pledgee according to this Agreement, while the Pledgor shall be also authorized to dispose of the Equity Interest and any part of the Equity Interest. Unless the Pledgor and the Pledgee additionally enter
into an agreement, the Pledgor shall possess the legitimate and full title of the Equity Interest. 

  

	5.3	 Except as otherwise provided in the Transaction Agreement, the Pledgee shall have rights to dispose and
transfer the Equity Interest in accordance with this Agreement. 

  

	5.4	 Except as otherwise provided in the Pledge or the Transaction Agreement, the Pledgor doesn’t set any
security interest or other encumbrances on the Equity Interest. There is no dispute on the Equity Interest’s ownership, outstanding tax or fee on the Equity Interest. The ownership of the Equity Interest isn’t detained or subject to
restraints of other legal proceedings or similar threats and can be pledged and transferred according to applicable laws. 

  

	5.5	 The Pledgor’s signing of this Agreement or exercising of any right hereunder or performance of obligations
hereunder will not violate or go against any laws, regulations, court awards, arbitration authority’s awards, administrative authorities’ decisions, agreements or contracts binding upon the Pledgor’s assets under which the Pledgor is
party, or any commitments that the Pledgor makes to any third party. 

  
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	5.6	 All documents, materials, statements and vouchers that the Pledgor offers to the Pledgee shall be accurate,
true, complete and effective no matter if they are offered before or after this agreement takes effect or within the pledge term. 

  

	5.7	 This Agreement shall constitute lawful, valid and binding obligations on the Pledgor after it is appropriately
executed by the Pledgor. 

  

	5.8	 The Pledgor has full rights and authorities to sign and deliver this Agreement and all other documents on
aforementioned transactions hereunder to be executed. In addition, the Pledgor has full rights and authorities to complete such transactions. 

  

	5.9	 Apart from registering the Equity Interest pledge with a registration authority, any third party’s
consent, permission, waiver or authorization, or any government organization’s approval, permission or exemption, or registration or filing formalities handled with any government agency, which are necessary for signing and performing this
Agreement and making the Equity Interest pledge effective hereunder, have been obtained or handled, and will keep fully effective within the term of this Agreement. 

 

	5.10	 The pledge hereunder constitutes the first Security Interest upon the Equity Interest under this Agreement.

  

	5.11	 All taxes and fees for obtaining the Equity Interest have been fully paid by the Pledgor.

  

	5.12	 The Pledgor, or its property or Equity Interest is not subject to any outstanding lawsuits, legal proceedings
or requests or those that are known by the Pledgor to be threatening from any court or arbitration tribunal. Besides, the Pledgor, or its property or Equity Interest is not subject to any of such lawsuits, legal proceedings or requests from any
government agency or administrative authority. There is no material or adverse impacts imposed upon the Pledgor’s economic conditions or abilities to fulfill obligations and perform the guarantee responsibilities hereunder.

  

	5.13	 Unless otherwise specified hereunder, the Pledgee shall not be hindered from exercising its rights as Pledgee
hereunder anywhere and anytime. 

  

	5.14	 The Pledgors severally and not jointly warrant to the Pledgee that the representations and warranties as stated
in the above Article 5.1 to 5.13 shall be true, correct, accurate, complete and fully obeyed anytime under all circumstances before all Contract Obligations are fulfilled or the Secured Indebtedness are fully repaid. 

  
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 Party C represents and warrants to the Pledgee as follows: 

 

	5.15	 Party C is a limited liability company lawfully incorporated and validly existing under the PRC laws. Being
qualified as independent legal entity, it may act as independent subject of litigation. Formally registered with a competent administration for industry and commerce, Party C has passed all previous annual reports or lawfully submitted the annual
reports. With complete and independent legal status and standing, Party C has been appropriately authorized to sign, deliver and perform this Agreement. 

  

	5.16	 This contract shall constitute legitimate, effective and binding obligations upon Party C after it is
appropriately executed by Party C and takes effect. 

  

	5.17	 Party C owns the full power and authorities to sign and deliver this agreement and all other documents related
to transactions hereunder. Party C also owns the full power and authorities to complete such transactions. 

  

	5.18	 There is no material Security Interest or other encumbrances which might affect the Pledgee’s Rights or
Interest in Equity Interest, including but not limited to transfer of any of Party C’s intellectual property or any assets with a worth no less than RMB500,000 (or any other amount separately agreed by the Pledgee and the Pledgors), or any
encumbrance in property or rights to use such assets. 

  

	5.19	 The Equity Interest, or Party C or its assets are not subject to any outstanding lawsuits, arbitrations or
other legal proceedings or those known to be threatening by Party C from any court or arbitration tribunal. Besides, the Pledgor, or its property or Equity Interest is not subject to any of such lawsuits, arbitrations or legal proceedings from any
government agency or administrative authority. There is no material or adverse impacts imposed upon Party C’s economic conditions or the Pledgor’s or Party C’s abilities to perform the obligations and guarantee responsibilities
hereunder. 

  

	5.20	 Party C hereby agrees to assume joint liability for the Pledgors’ representations and warranties under
this Agreement. 

  

	5.21	 Party C’s signing of this Agreement and exercising of its rights hereunder or fulfillment of its
obligations under this Agreement will not violate or conflict with any laws, rules, any court judgments, any arbitration authority’s awards, any administrative authority’s decisions, any agreement or contract under which Party C is bound
as a party or its assets are bound, or any commitment that Party C makes to any third party. 

  

	5.22	 All documents, materials, statements and proofs that Party C provides to the Pledgee shall be accurate, true,
complete and valid no matter whether they are provided before or after this Agreement takes effects within the Term of the Pledge. 

  
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	5.23	 Apart from registering the Equity Interest pledge with a registration authority, any third party’s
consent, permission, waiver or authorization, or any government organization’s approval, permission or exemption, or registration or filing formalities handled with any government agency, which are necessary for signing and performing this
contract and making the Equity Interest pledge effective hereunder, have been obtained or handled, and will continue to be effective within the term of this Agreement. 

 

	5.24	 The pledge hereunder constitutes the first lien secured Interest upon the Equity Interest under this Agreement.

  

	5.25	 Party C hereby undertakes to the Pledgee that all the above representations and warranties shall be true and
correct under any circumstance at any time before all Contract Obligations are performed or the Secured Indebtedness is fully repaid, and Party C will completely abide by such representations and warranties. 

 

	6.	 Undertakings and Further Consents of the Pledgors and Party C 

 

	6.1	 Within the term of this Agreement, the Pledgors shall hereby severally and not jointly undertake to the Pledgee
that: 

  

	 	6.1.1	 Except for performing the Exclusive Option Agreement or other Transaction Agreements, the Pledgor shall not
transfer or permit others to transfer the Equity Interest in whole or in part, impose or permit others to impose any new pledge, Security Interest or other encumbrance on the Equity Interest which might affect the Pledgee and Interest in the Equity
Interest without the prior written consent of the Pledgee. For the Equity Interest transfer performed with the Pledgee’s written consent, the Pledgor shall firstly use the proceeds from such Equity Interest transfer for repaying Secured
Indebtedness to the Pledgee or hold the proceeds in escrow by a third person designated by the Pledgee. 

  

	 	6.1.2	 The Pledgor must obey and exercise all laws, rules and regulations applicable to the Pledge. Within five(5)
days after receiving any notice, order or suggestion on the Pledge from related competent authorities (or any other related departments), the Pledgor shall show the Pledgee such notices, orders or suggestions, or bring forth objections or statements
regarding them according to the Pledgee’s reasonable requirements or with the Pledgee’s consent. 

  

	 	6.1.3	 The Pledgor shall immediately notify the Pledgee of all events which might affect the Pledgee, the Equity
Interest, or any rights of it, or any events affecting the Interest under the Transaction Agreement and this Agreement (including but not limited to any lawsuit, arbitration, other requests, any third party’s dispute over the Equity Interest
title, any civil or criminal/administrative proceedings, arbitrations or any other legal proceedings filed against the Pledgor or Equity Interest when the Pledgee’s Pledge is or might be subject to any third party’s adverse impacts, or
potential threats of confronting any aforementioned lawsuit, arbitration or legal proceeding judged by the Pledgor), notices received by the Pledgor, and any event which might affect any warranties or obligations of the Pledgor under this Agreement,
and take all necessary measures to protect the Pledgee’s Rights and Interest in the pledged Equity Interest according to the Pledgee’s reasonable requirements. 

  
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	6.2	 The Pledgors severally and not jointly agree that the Pledgee’s exercise of the Pledge hereunder shall not
be interrupted by the Pledgor or any successor or representative of the Pledgor or any others through legal proceedings. 

  

	6.3	 To protect or improve the Security Interest granted for repaying Secured Indebtedness and performing Contract
Obligations, and ensure the Pledgee’s exercise of the Security Interest over the pledged Equity Interest and such rights, Party C shall immediately and the Pledgors shall cause Party C to register the Equity Interest pledge hereunder with
related registration authority within thirty (30) days after signing this Agreement or within a longer period agreed by the Pledgee. Besides, the Pledgors shall appropriately sign and cause other Parties concerned in the Equity Interest pledge
to sign all documents designated by the Pledgee (including but not limited to the supplemental agreement of this agreement), certificates, agreements, deeds and/or undertakings. The Pledgors also undertake to take and cause other Parties concerned
in the Equity Interest pledge to take actions required by the Pledgee, assist the Pledgee in exercising its rights and authorities hereunder, and sign all related documents regarding the Equity Interest title with the Pledgee or the party designated
by the Pledgee. The Pledgors undertake to provide the Pledgee with all notices, orders and decisions on the Pledge within reasonable deadlines at the Pledgee’s request. 

 

	6.4	 The Pledgors hereby severally and not jointly undertake to the Pledgee to obey and perform all warranties,
undertakings, agreements, statements and requirements under this Agreement. Subject to other terms of this Agreement (including but not limited to Article 19.2), the Pledgors shall compensate the Pledgee all losses thereby incurred if the Pledgors
fail to perform or only partially perform their warranties, undertakings, agreements, statements and requirements hereunder. 

  

	6.5	 The Pledgors (severally and not jointly) shall make every effort (including offering other guarantees to the
court or taking other measures to rescind the court’s or other departments’ coercive measures against the Equity Interest) in case that any court or other government agency takes any compulsory measures against the Equity Interest pledged
hereunder. 

  

	6.6	 Subject to other terms of this Agreement (including but not limited to Articles 19.1 and 19.2), if the Equity
Interest is concerned in any property preservation or compulsory enforcement, or is likely to depreciate or be loss to impair the Pledge, the Pledgors shall immediately inform the Pledgee of such circumstances in writing, and cooperatively take
effective measures for protecting the Pledge and Interest together with the Pledgee. The Pledgee may auction or sell the Equity Interest anytime, and firstly use the proceeds from such auction or sales for advance Secured Indebtedness repayment or
drawing. All expenses thereby incurred shall be borne by the Pledgor. 

  
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	6.7	 Without the prior written consent of the Pledgee, the Pledgors (severally and not jointly) and/or Party C shall
not by themselves (or assisting others to) increase, reduce or transfer Party C’s registered capital (or their amount of contributions to Party C), or impose any encumbrance on the registered capital (including the Equity Interest). On the
premise of following this provision, Party C’s equity that the Pledgors register and obtain after the signing date of this Agreement (hereinafter referred to as the “Extra Equity Interest”) and corresponding capital stock of
such Equity Interest in Party C’s registered capital must be also deemed the Equity Interest that the Pledgors pledge to the Pledgee in accordance with this Agreement. The Pledgors and Party C shall immediately enter into a supplementary share
pledge agreement on the Extra Equity Interest with the Pledgee at the time of obtaining such extra Equity Interest, request Party C’s Board of Directors to approve the supplementary share pledge agreement. Besides, they shall offer the Pledgee
all necessary documents for signing the supplementary share pledge agreement, including but not limited to the original capital contribution certificate on such extra Equity Interest issued by Party C. The Pledgor and Party C shall handle
formalities for registering the pledge of such extra Equity Interest (or changes) in accordance with Article 4.1 of this Agreement, and deliver related documents to the Pledgee for safekeeping according to Article 4.2 of this Agreement.

  

	6.8	 Unless otherwise instructed by the Pledgee in writing in advance, the Pledgors (severally and not jointly)
and/or Party C agree that if the Equity Interest are transferred between the Pledgors and any third party (hereinafter referred to as the “Equity Interest Assignee”) against this Agreement in part or in whole, the Pledgee and/or
Party C shall ensure that the Equity Interest Assignee unconditionally admits the Pledge and handles the necessary formalities for registering the pledge changes (including but not limited to signing related documents) in order to guarantee survival
of the Pledge. 

  

	6.9	 If the Pledgee provides loans to Party C, the Pledgors (severally and not jointly) and/or Party C agree to
grant the Pledgee the Pledge by pledging the Equity Interest as collateral, in order to guarantee the loan, and handle related formalities as soon as possible according to laws, regulations or local practices (if any), including but not limited to
signing related documents and handling formalities for registering pledge or pledge changes. 

  

	6.10	 The Pledgors shall not or allow anyone to take any actions which might have adverse effects on the Pledge or
Equity Interest under the Transaction Agreement and this Agreement. Hereby, the Pledgors irrevocably waiver the preemptive rights when the Pledgee exercises the Pledge. 

  
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	6.11	 When it is necessary to transfer any Equity Interest for exercising the Pledge hereunder, the Pledgors
undertake to make such transfer possible by taking all measures to the extent permitted by the PRC laws. 

  

	6.12	 The Pledgors ensure that Party C shall not provide a loan or obtain a loan, or provide guarantees in any forms,
or be liable for any substantial obligations except in the ordinary business and operation; 

  

	6.13	 The Pledgors shall ensure that the procedures for convening meetings and ways for voting/making decisions by
the Board of Directors for signing this Agreement, imposing the Pledge and exercising the Pledge do not violate laws, administrative regulations or Party C’s articles of associations and joint venture contract. 

 

	6.14	 Before the Contract Obligations are fulfilled and the Secured Indebtedness is fully repaid, the Pledgors shall
not abandon the Equity Interest pledged to the Pledgee herein, and/or abandon the fructus generated for holding such Equity Interest, including but not limited to dividends. 

 

	6.15	 Before all Contract Obligations are fulfilled and the Secured Indebtedness is fully repaid, the Pledgors shall
not allow Party C to transfer, sell or dispose of any of its assets in any other way through any resolution without the Pledgee’s prior written consent. 

  

	6.16	 The Pledgors as shareholders of Party C shall not abuse their shareholder rights to damage Party C’s
interests. If there is a situation in which the Pledgors abuse the shareholder rights, the Pledgee has the right to exercise the Purchase Right under the Exclusive Option Agreement. 

 

	6.17	 If any revision, supplementation or update of this Agreement cannot take effect until the corresponding
procedures for examination/approval and/or registration of pledge changes are completed as stipulated by applicable laws, Party C shall, and Party B shall take all necessary measures to cooperate with Party C to register such changes with the
relevant registration authorities within five (5) days of the revision, supplementation or update. 

 Party C undertakes
and further agrees that: 
  

	6.18	 If any third party’s consent, permission, waiver or authorization or any government organization’s
approval, permission or exemption or registration or filing with any government organizations are necessary for signing/performing this Agreement and pledging the Equity Interest hereunder, Party C shall try its best to assist in handling such
formalities and keep them fully effective within the term of this Agreement. Party C shall handle registration formalities for extending its business term if it expires within the term of this Agreement, in order to maintain effectiveness of this
Agreement. 

  
 13 

	6.19	 Without the Pledgee’s prior written consent, Party C shall not help or allow the Pledgors to impose any
new pledge on Equity Interest, or authorize any other Security Interest or encumbrances, or help or permit the Pledgors to transfer the Equity Interest. 

  

	6.20	 Party C agrees to strictly perform the obligations under articles 6.3, 6.7, 6.8, 6.9, 6.11, 6.12, 6.14 and 6.15
under this Agreement. 

  

	6.21	 Without the Pledgee’s prior written consent, Party C shall not transfer or sell Party C’s assets or
impose or allow others to impose any Security Interest or other encumbrances which might impact the Pledgee’s Equity Interest rights and interests, including but not limited to transfer of any of Party C’s intellectual property or any
assets with a worth of no less than RMB500,000 (or any other amount separately agreed by the Pledgee and the Pledgors) or any encumbrance in property or rights to use such assets. 

 

	6.22	 When there is any lawsuit, arbitration or other request which might have adverse impacts upon interests of
Party C, Equity Interest or the Pledgee under the Transaction Agreement and this Agreement, Party C undertakes to promptly notify the Pledgee in writing, and take all necessary measures for protecting the Pledgee’s pledge rights over the
pledged Equity Interest according to the Pledgee’s reasonable requests. 

  

	6.23	 Party C shall not or allow anyone to take any actions which might have adverse impacts upon the Pledgee’s
interests or Equity Interest under the Transaction Agreement and this Agreement. 

  

	6.24	 Party C shall provide the Pledgee with financial statements of the preceding quarter of the Gregorian calendar
(including but not limited to the balance sheet, income statement and cash flow statement) within the first month of each quarter of the Gregorian calendar. 

  

	6.25	 Party C undertakes to take all necessary measures and sign all necessary documents in accordance with the
reasonable requirements of the Pledgee so as to protect the Pledgee’s pledge rights and interests in the pledged Equity Interest, exercise and realize such rights and interests. 

 

	6.26	 When it is necessary to transfer any Equity Interest for exercising of the Pledge hereunder, Party C undertakes
to make such transfer possible by taking all measures. 

  

	6.27	 In the event of the pledgor’s death, incapacity, marriage, divorce, bankruptcy, liquidation, dissolution
or other circumstances which might impact its exercising of Party C’s Equity Interest, the Pledgor’s successor, or Party C’s current shareholder or assignee shall be deemed as party of this Agreement to inherit/bear all of the
Pledgor’s rights and obligations under this Agreement. 

  
 14 

	6.28	 This Agreement shall be terminated if Party C is required to be dissolved or liquidated by the PRC laws; Party
C shall (and Party B shall allow Party C) shall transfer all its assets including the Equity Interest to Party A without charge or at the minimum prices and within the limits permitted by the current PRC laws, or the current liquidator shall dispose
of all Party C’s assets including the Equity Interest at its discretion for the purpose of protecting interests of shareholders and/or creditors of Party A’s direct or indirect parents overseas. 

 

	6.29	 All Parties undertake to each other that they shall terminate this Agreement immediately once the Pledgee is
permitted by the PRC laws and the Pledgee decides to purchase all of Party C’s Equity Interest from the Pledgors in accordance with the Exclusive Option Agreement. 

 

	7.	 Event of Default 

 

	7.1	 All of following circumstances shall be deemed Event of Default: 

 

	 	7.1.1	 The Pledgors violate or fail to perform any Contract Obligations under the Exclusive Option Agreement, the
Shareholder Voting Rights Entrustment Agreement, the Loan Agreement and/or this Agreement; Party C violates or fails to perform any Contract Obligations under the Transaction Agreement and/or this Agreement; 

 

	 	7.1.2	 Any representation or warranty made by the Pledgors under Article 5 of this Agreement contain material
misstatements or errors, and/or the Pledgors violate any warranty under Article 5 of this Agreement, and/or any undertakings under Article 6 of this Agreement; 

 

	 	7.1.3	 Party C fails or Party B fails to assist Party C to register Equity Interest pledge with related registration
authority according to Article 4.1; 

  

	 	7.1.4	 The Pledgors and Party C violate any rules or articles of this Agreement; 

 

	 	7.1.5	 Unless otherwise clearly specified in Article 6.1.1, the Pledgors transfer or intend to transfer or abandon
pledged Equity Interest or transfer pledged Equity Interest without the Pledgee’s written consent; 

  

	 	7.1.6	 The Pledgors’ loans, undertakings, compensations, commitments or other debts to a third party (a) are
required to be repaid or performed ahead of time due to the Pledgors’ breach of the relevant agreement with the third party; or (b) have become due, but cannot be repaid or performed on time; 

 

	 	7.1.7	 The Pledgors cannot repay general debts or other debts; 

 

	 	7.1.8	 Any approval, license, consent, permission or authorization from government organizations making this Agreement
compulsorily enforceable, legitimate and effective is revoked, terminated, nullified or changes substantively; 

  
 15 

	 	7.1.9	 The promulgation of applicable laws makes this Agreement illegal or makes it impossible for the Pledgors to
continue to perform the obligations under this Agreement; 

  

	 	7.1.10	 The Pledgee believes that the Pledgors’ abilities to fulfill its obligations under this Agreement have
been affected in case of adverse changes to the Pledgors’ property. 

  

	 	7.1.11	 Party C or its heir or trustee can only partially perform or refuses to perform its payment responsibilities
under the Business Cooperation Agreement, and/or Party C can only partially repay or refuse to repay the Secured Indebtedness; and 

  

	 	7.1.12	 Any other circumstances under which the Pledgee can’t or might not exercise its rights of Pledge.

  

	7.2	 The Pledgors and Party C shall immediately notify the Pledgee in writing once any circumstances mentioned in
Article 7.1 are known or discovered, or any events leading to above circumstances have occurred.. 

  

	7.3	 Subject to other terms of this Agreement (including but not limited to Article 19.1 and 19.2), unless the Event
of Default listed in Article 7.1 has been solved to the Pledgee’s satisfaction within thirty (30) days after receiving the Pledgee’s notice, the Pledgee may issue a Notice of Default to the Pledgors when such Event of Default occurs or any
time after the occurrence, and exercise all its remedial rights and power against the defaults under the PRC laws, Transaction Agreement and this Agreement, including but not limited to: 

 

	 	(a)	 asking Party C to immediately make all outstanding payments due under the Business Cooperation Agreement, repay
all debts due under the Transaction Agreement, make all other payables due to the Pledgee, and/or repay the loan; and/or 

  

	 	(b)	 disposing of the Pledge according to Article 8 of this Agreement; and/or disposing of the pledged Equity
Interest in other ways (including but not limited to giving discounts to the Equity Interest in whole or in part, and enjoying the priority of compensation from the proceeds of the Equity Interest auction and sales). 

Subject to other terms of this Agreement (including but not limited to Article 19.1 and 19.2), the Pledgee shall have rights to exercise any of
such rights based on its independent judgments and choices. Under this situation, all other Parties of this Agreement shall unconditionally agree and fully collaborate. The Pledgee shall not assume any responsibility for any loss resulting from its
appropriate exercise of such rights and power. 

  
 16 

	7.4	 The Pledgee shall be authorized to appoint its lawyer or other agent in writing to exercise any and all such
rights and power, while the Pledgors or Party C shall not raise any objection to such appointment. 

  

	7.5	 Subject to other terms of this Agreement (including but not limited to Article 19.1 and 19.2), the Pledgee
shall be authorized to simultaneously or successively exercise any of its remedies. Before exercising its rights to auction or sell the Equity Interest under this Agreement, the Pledgee need not exercise other remedies in advance.

  

	8.	 Exercise of the Pledge 

 

	8.1	 Except for fulfilling the Exclusive Option Agreement or other Transaction Agreement, before all Contract
Obligations are performed and the Secured Indebtedness is fully repaid, the Pledgors shall not transfer their rights or Equity Interest in Party C without the Pledgee’s prior written consent. 

 

	8.2	 The Pledgee may issue a Notice of Default to the Pledgors according to Article 7.3 in exercising the Pledge.

  

	8.3	 Subject to the provisions of Article 7.3, the Pledgee may compulsorily enforce the Pledge while issuing a
Notice of Default according to Article 7.3 or any time after issuing such notice. The Pledgors shall cease to own any Equity Interest-related rights or interests once the Pledgee decides on the compulsory enforcement of the Pledge.

  

	8.4	 When the Pledgee exercises the Pledge, within the scope of the license and in accordance with applicable laws,
the Pledgee shall have disposition rights of the pledged Equity Interest, all payments received from the Pledge in exercising the Pledge shall be disposed of in the following order: 

 

	 	(a)	 Pay all fees incurred for disposition of the Equity Interest and the Pledgee’s exercising of its rights
and power, including the lawyer fees and agent’s fees; 

  

	 	(b)	 Pay taxes for disposing of the Equity Interest; 

 

	 	(c)	 If there is a surplus after the above payments are deducted, the balance (excluding interests) shall be paid to
the Pledgors or held in escrow by a third party authorized to receive such money according to the relevant PRC laws or a local notary office of the place where the Pledgee is based (all expenses thereby incurred shall be deducted from such balance).

  

	8.5	 The Pledgors and Party C shall provide necessary assistance when the Pledgee disposes of the Pledge according
to this Agreement, in order for the Pledgee to compulsorily enforce the Pledge according to this Agreement. 

  

	8.6	 All actual outlays, taxes and legal fees related to the Equity Interest pledge and the Pledgee’s
exercising of rights under this Agreement shall be assumed by Party C, except for those borne by the Pledgee as specified by laws. The Pledgee shall be authorized to deduct such expenses from the money earned from its exercising of rights and power
on an accrual basis. 

  
 17 

	8.7	 The amount of the Secured Indebtedness independently confirmed by the Pledgee in exercising the Pledge over the
Equity Interest according to this Agreement shall be deemed as conclusive evidence of Secured Indebtedness under this Agreement. 

  

	9.	 Transfer 

  

	9.1	 The Pledgors shall not transfer their rights and obligations under this Agreement without the Pledgee’s
prior written consent. 

  

	9.2	 The Pledgors and Party C agree that, on the premise of not violating the current PRC laws, the Pledgee may
assign or transfer any of its rights exercisable under this Agreement, Transaction Agreement and other security documents to a third party in any way and according to articles and requirements that it deems appropriate (including the rights to
reassign) after notifying the Pledgors and Party C. 

  

	9.3	 This Agreement shall be binding upon the Pledgors, Party C and their respective heirs and authorized assignees
(if any) and shall be effective for the Pledgee, its heirs and assignees. 

  

	9.4	 When the Pledgee transfers any or all of its rights and obligations under Transaction Agreement to its
designated party anytime, the assignee shall enjoy and perform the Pledgee’s rights and obligations under this Agreement as if it were an original party of this Agreement. The Pledgors and/or Party C shall sign pertinent agreements or other
documents related to such transfer at the Pledgee’s request when the Pledgee transfers its rights and obligations under the Transaction Agreement. 

  

	9.5	 If the Pledgee changes according to the Transaction Agreement or this Agreement, the Pledgors and Party C shall
enter into a new Share Pledge Agreement with the new Pledgee according to the same articles and requirements of this Agreement, and handle corresponding formalities for pledge registration. 

 

	9.6	 The Pledgors shall strictly comply with provisions of this Agreement and other agreements executed by the
Pledgors, including Transaction Agreement, and perform the obligations under this Agreement and other agreements (including Transaction Agreement) without any act or omission which might affect effectiveness and enforceability of such obligations.
Unless otherwise instructed by the Pledgee in writing, the Pledgors shall not exercise any remaining rights in the Equity Interest pledged under this Agreement. 

  
 18 

	10.	 Termination 

When the Term of the Pledge expires, this Agreement terminates, and the Pledgee shall cancel or terminate this Agreement as soon as possible to
the extent feasible and practicable, and rescind the Equity Interest pledge under this Agreement. Besides, the Pledgors and Party C shall document the release of the Equity Interest pledge on Party C’s Register of Shareholders and register such
cancellation with the relevant registration authority. The reasonable expenses incurred for releasing the Equity Interest pledge shall be borne by Party C. Article 12, Article 13, Article 19.1 and Article 19.2 shall survive the termination of this
Agreement. 
  

	11.	 Commissions and Other Expenses 

All expenses and actual outlays related to this Agreement, including but not limited to lawyers’ fees, flat costs, stamp duties, any other
taxes and fees, shall be borne by Party C. Party C shall fully reimburse the Pledgee for such paid taxes and fees if the Pledgee is required to bear some related taxes and fees as stipulated by applicable laws. 

 

	12.	 Confidentiality 

All Parties admit that all oral or written materials exchanged with respect to this Agreement are confidential. All Parties are required to
keep such materials confidential. Without the prior written consent of all other Parties, no party is allowed to disclose any related materials to a third party unless in following cases: (a) such materials have been known to the public (but
not disclosed by the party receiving such materials); (b) the materials are required to be disclosed by applicable laws or rules of any securities exchange; or (c) any Party of this Agreement discloses the materials to its legal adviser or
financial adviser regarding the transactions specified hereunder, and such legal adviser or financial adviser is bound by the same confidentiality obligations as those under this article; or (d) any Party that is a limited partnership (or a
direct or indirect affiliate or subsidiary of the limited partnership) discloses the above confidential information to the general partner, manager and existing or potential limited partners of the limited partnership. The disclosure of any
confidential information by staff or organizations hired by any Party shall be deemed as such party’s disclosure of such confidential materials, and such party shall assume legal responsibilities for violating this Agreement. This article shall
survive the termination of this Agreement, notwithstanding the reason of termination. 
  

	13.	 Governing Laws and Dispute Resolution 

 

	13.1	 The signing, effectiveness, interpretation, performance, modification and termination of this Agreement as well
as dispute resolution hereunder shall be governed by the PRC laws. 

  
 19 

	13.2	 In case that any dispute occurs in interpreting and performing this agreement, the Parties of this agreement
shall firstly try to resolve it through negotiation in good faith. If the Parties fail to reach a consensus on such dispute resolution through negotiation within thirty (30) days as required by any Party, any Party may submit such dispute to the
Beijing Arbitration Commission, which will resolve the dispute through arbitration according to current effective arbitration rules. The arbitration shall be performed in Beijing in Chinese. The arbitration awards shall be final and binding upon all
Parties. The arbitration tribunal may decide upon compensation with respect to Party C’s rights in the Equity Interest, assets or property, or compensate the Pledgee for the losses resulting from other Parties’ breach of this agreement,
adjudicate compulsory remedies or order Party C to go bankrupt regarding related businesses or compulsory asset transfer. After arbitration awards take effects, any Party shall be authorized to apply to a competent court for enforcing arbitration
awards. If necessary, arbitration organizations shall have rights to firstly ask the breaching party to immediately stop its defaults before giving the final awards on disputes of all Parties concerned, or prohibit the breaching party from
conducting acts which might aggravate the Pledgee’s losses. Courts of Hong Kong, Cayman Islands or other competent courts (including courts of the place where Party C lives, or courts of the place where Party C’s or the Pledgee’s main
assets are) shall have rights to grant or execute awards of an arbitration tribunal. They shall have rights to adjudicate or enforce temporary relief with respect to Party C’s rights and interests in the Equity Interest or property. They shall
also have rights to offer temporary relief to the party making a request for arbitration by giving awards or judgments before the tribunal court forms. For instance, the breaching party may be ordered by way of court judgment or arbitrated award to
immediately suspend their breaches or conduct which might further aggravate the Pledgee’s losses. 

  

	13.3	 When any dispute occurs in interpreting or performing this Agreement, or any dispute is under arbitration,
Parties of this Agreement shall continue to exercise their rights and performing their respective obligations under this Agreement except for disputed matters. 

 

	13.4	 If any law of the PRC, rule or regulation is promulgated or revised after the date of signing this agreement,
or the interpretation or applicability of such law, rule or regulation changes, the following provisions shall apply: In the case of PRC laws (a) if the revised laws or newly promulgated rules are more preferential for any Party as compared to laws,
rules or regulations in effect at the time this Agreement was executed without imposing material adverse impacts upon other Parties, the Parties of this Agreement shall promptly apply for obtaining benefits from such modifications or new rules and
try their best to have the application approved; or (b) the original articles of this Agreement shall prevail if such revised laws or newly enacted rules directly or indirectly impose material adverse impacts upon any Party’s economic
interests under this Agreement. The Parties shall seek to be exempted from these revised laws or new rules by all lawful means. If the adverse impacts on any Party’s economic benefits cannot be alleviated according to this Agreement, all
Parties shall promptly negotiate with each other and make all necessary revisions to this Agreement after the affected party notifies all other Parties and protect the affected party’s economic interests. 

  
 20 

	14.	 Force Majeure 

 

	14.1	 “Force majeure” means unforeseeable, unavoidable and irresistible events which make it
impossible to perform this Agreement in part or in whole. Such events include but are not limited to earthquake, typhoon, flood, wars, strike, riot, government actions, or changes to laws or rules or their application. 

 

	14.2	 In the event of a force majeure incident, a party’s obligations under this Agreement shall be naturally
suspended for the delay caused by the incident, and the term for performing its obligations shall be extended accordingly. Such party shall not be subject to any punishment or assume any responsibility. In case of a force majeure incident, all
Parties shall immediately negotiate with each other to look for a fair solution, and make every reasonable effort to minimize impacts of force majeure. 

  

	15.	 Notices 

  

	15.1	 All notices and other communications which are issued as required or permitted by this Agreement shall be
delivered in person or sent to the Parties’ address and fax number listed in Appendix I through registered mail, postage prepaid, commercial express delivery services or fax. The date of effective delivery of such notices shall be determined as
follows: 

  

	 	15.1.1	 The notices shall be deemed to have been delivered to the designated address on the date of sending or
rejection if they are delivered in person, express delivery services or registered mail, postage prepaid. 

  

	 	15.1.2	 The notices shall be deemed to have been delivered if they are successfully sent by fax (should be confirmed by
the message automatically generated upon successful delivery). 

  

	15.2	 Any party may issue a notice to all other Parties according to this article to inform them of the address or
fax number, which can be changed from time to time. 

  

	16.	 Severability 

If one or more articles of this Agreement are adjudicated to be ineffective, illegitimate or unenforceable in any aspect according to any laws,
rules or regulations, validity, legitimacy or enforceability of other articles of this Agreement shall not be affected or impaired in any aspect. All Parties shall strive to replace such ineffective, illegitimate or unenforceable articles with valid
ones to the maximum extent permitted by laws and expected by Parties. The economic results from such invalid articles shall be as similar as possible to those from ineffective, illegal or unenforceable articles. 

  
 21 

	17.	 Appendixes 

Appendixes hereunder shall be integral parts of this Agreement. 
  

	18.	 Effectiveness, Revision, Modification, Supplementation and Texts 

 

	18.1	 This Agreement shall become effective from the date of signing by the Parties, and the Equity Interest pledge
under this Agreement shall become effective from the date on which the registration authority completes the relevant registration procedures. The terms of this Agreement shall end if the contractual obligations have been fully performed or the Term
of the Pledge is terminated pursuant to this Article 3. 

  

	18.2	 All revisions, modifications and supplementations of this agreement shall be in writing. They shall take
effects after they are executed or stamped by all Parties hereunder and governmental registration procedures (if applicable) are completed. 

  

	18.3	 If revision of this Agreement is proposed by the Stock Exchange of Hong Kong Limited or other regulatory
institutions, or is required according to securities listing regulations of the Stock Exchange of Hong Kong Limited or related regulations, rules and guiding requirements, this Agreement shall be revised by the Parties reasonably.

  

	18.4	 This Agreement is made in six (6) copies. Each party shall hold one (1) copy and one (1) copy shall be
reported to the registration authority. All copies shall have equal legal forces. 

  

	19.	 Others 

  

	19.1	 Notwithstanding any other provision of this Agreement or any other Transaction Agreement or any other document
or law, the Pledgors’ obligations and liabilities under this Agreement are several and not joint. 

  
 22 

	19.2	 Notwithstanding any other provision of this Agreement or any other Transaction Agreement or any other document
or law, (1) The Pledgee shall not exercise any of its rights to any investor Party B under this Agreement (including but not limited to exercising the Pledge), unless the Pledgee exercises the right to all Pledgors at the same time or all
directors of Cayman Company agree otherwise; (2) Investor Party B’s entire and any obligations or liabilities under this Agreement and the transaction documents are limited to the respective Equity Interest of Party C held by them. Except
for the Equity Interest of Party C held by Party B, no other party may make any claim to Investor Party B’s other assets in respect of all and any obligations under this Agreement and the transaction documents; and (3) if Investor Party B
violates any warranties, commitments, agreements, representations or conditions of this Agreement, the Exclusive Option Agreement, the Business Cooperation Agreement or other Transaction Agreement, the sole right of the Pledgee is only to exercise
the Pledge to the Equity Interest of Party C held by the Investor Party B in accordance with Article 8 of this Agreement or exercise the right to purchase the Equity Interest of Party C held by the Investor Party B in accordance with the Exclusive
Option Agreement. But Investor Party B does not assume any other liability for the Pledgee or any other person. This article shall survive the termination of this Agreement. 

 

	19.3	 Except for the written revisions, supplementations or modifications made after the date of signing, this
Agreement shall constitute the entire agreement concluded among all Parties hereunder regarding the subject matter of this Agreement. It shall supersede all previous oral and written negotiations, statements and contracts concluded regarding the
subject matter of this Agreement. 

  

	19.4	 This Agreement shall be binding upon and beneficial to all Parties’ respective heirs and authorized
assignees. 

  

	19.5	 Any Party may waive its rights under this Agreement, whereas such waiver shall be in writing and approved by
all Parties’ signatures. Any Party’s waiver against another party’s breach of this Agreement under certain circumstance shall not be deemed as its waiver against such party’s similar breaches under other circumstances.

  

	19.6	 The headings of this Agreement are only for the convenience of reading. They shall not be used for
interpreting, describing or impacting definitions under this Agreement in other aspects. 

  

	19.7	 All Parties agree to promptly sign documents and take further actions which are reasonably necessary or
convenient to perform this Agreement and achieve its purposes. 

  

	19.8	 To the extent there is no violation of other articles of the Transaction Agreement and this Agreement, the
Pledgors and Party C shall immediately take actions according to the Pledgee’s written instructions and reasonable requirements provided that the enactment or changes of any laws, rules or regulations of the PRC, or changes to the
interpretation or applicability of such laws, rules or regulations, or changes to related registration procedures make the Pledgee believe that keeping this Agreement or the Pledge under this Agreement effective and/or disposing of the Equity
Interest in ways designated under this Agreement may become illegal or violate such laws, rules or regulations, in order to: (a) keep this Agreement and the Pledge hereunder effective; (b) for the convenience of disposition of the Equity
Interest in ways specified by this Agreement; and/or (c) maintain the guarantees which have been or are to be established by this Agreement. 

  
 23 

	19.9	 This Agreement is a legal document independent of Transaction Agreement and other security documents, the
invalidity of which shall not affect all Parties’ rights or obligations under this Agreement. If Transaction Agreement or other security documents are announced to be invalid, but the Pledgors still have remaining Contract Obligations and/or
Party C still owes Secured Indebtedness to the Pledgee, the Equity Interest under this Agreement shall still be used as collateral for pledging the Contract Obligations and Secured Indebtedness until the Secured Indebtedness is fully repaid and all
Contract Obligations are performed. 

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 24 

 (This page is intentionally left blank and is the signing page of this Share Pledge Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Share Pledge Agreement as of the date and at the address first above written. 

Xi’an Jingxundi Supply Chain Technology Co., Ltd. (seal) 
  

	
	 /s/
Xi’an Jingxundi Supply Chain Technology Co., Ltd.

	(Seal of Xi’an Jingxundi Supply Chain Technology Co., Ltd.)

 (This page is intentionally left blank and is the signing page of this Share Pledge Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Share Pledge Agreement as of the date and at the address first above written. 

Xi’an Jingdong Xincheng Information Technology Co., Ltd. (seal) 
  

	
	
	/s/ Xi’an Jingdong Xincheng Information Technology Co., Ltd.    

 (Seal of Xi’an Jingdong Xincheng Information Technology Co., Ltd.) 

 (This page is intentionally left blank and is the signing page of this Share Pledge Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Share Pledge Agreement as of the date and at the address first above written. 

Richard Qiangdong Liu 
  

			
	 By:
	 	 /s/ Richard Qiangdong Liu

 (This page is intentionally left blank and is the signing page of this Share Pledge Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Share Pledge Agreement as of the date and at the address first above written. 

Yayun Li 
  

			
	By:	 	 /s/ Yayun Li

 (This page is intentionally left blank and is the signing page of this Share Pledge Agreement) 

IN WITNESS WHEREOF, the Parties have executed this Share Pledge Agreement as of the date and at the address first above written. 

Pang Zhang 
  

			
	By:	 	 /s/ Pang Zhang

 Appendix I 

For the purpose of notices, the addresses of the Parties are as follows: 

Party A: 
 Xi’an Jingxundi Supply Chain Technology
Co., Ltd. 
 Address: *** 
 Receipt: *** 

Party B: 
 Richard Qiangdong Liu 

Address: *** 
 Yayun Li 

Address: *** 
 Pang Zhang 

Address: *** 
 Party C: 

Xi’an Jingdong Xincheng Information Technology Co., Ltd. 

Address: *** 
 Receipt: *** 

 Schedule A 

The following schedule sets forth information about the share pledge agreements substantially in form as this exhibit that the Registrant entered into with
certain other Chinese variable interest entities. Other than the information set forth below, there is no material difference between such other agreements and this exhibit. 
  

											
	 VIE
	  	 Executing Parties
	  	 Capital Contribution
	  	 Date of

Entitlement to all
Proceeds for Pledgee
	  	 Effective Date
	  	 Execution Date

	Suqian Jingdong Tianning Jiankang Technology Co., Ltd.	  	 Party A: Beijing Jingdong Jiankang Co., Ltd.
  

Party B: Richard Qiangdong Liu, Yayun Li and Pang Zhang
  

Party C: Suqian Jingdong Tianning Jiankang Technology Co., Ltd.
	  	 The registered capital of Suqian Jingdong Tianning Jiankang Technology Co., Ltd. is RMB1,000,000.

 
 The capital contribution amount and shareholding percentage of the shareholders are as
follows:
  
 Richard Qiangdong Liu: RMB450,000.00 (45%)

Yayun Li: RMB300,000.00 (30%)
 Pang Zhang: RMB250,000.00
(25%)
	  	September 17, 2020	  	September 17, 2020	  	September 17, 2020
						
	Guangdong Jingxi Logistics Technology Co., Ltd.	  	 Party A: Jingdong Logistics Supply Chain Co., Ltd.
  

Party B: Jian Cui and Dingkai Yu
  

Party C: Guangdong Jingxi Logistics Technology Co., Ltd.
	  	 The registered capital of Guangdong Jingxi Logistics Technology Co., Ltd. is RMB5,000,000.

 
 The capital contribution amount and shareholding percentage of the shareholders are as
follows:
  
 Jian Cui: RMB2,500,000 (50%)

Dingkai Yu: RMB2,500,000 (50%)
	  	January 25, 2021	  	January 25, 2021	  	January 25, 2021EX-4.25

 Exhibit 4.25 

Equity Pledge Agreement 

This EQUITY PLEDGE AGREEMENT, (this “Agreement”), dated August 25, 2016, is made in Beijing, the People’s Republic
of China (“PRC”) by and among: 
 Party A: Beijing Jingdong Century Trade Co., Ltd. 

Registered address: Room B168, Building 2, No. 99, Kechuang 14 Street, Beijing 

Economic and Technological Development Zone, Beijing 

Party B: Richard Qiangdong Liu; 
 Pang
Zhang; 
 Yayun Li 
 Party C:
Beijing Jiasheng Investment Management Co., Ltd. 
 Registered address: Floor 20, Block A, Building 1, 19 Ronghua Middle Street,
Beijing 
 Economic and Technological Development Zone, Beijing 

(Party B is referred to as “Pledgors” collectively or “Pledgor” separately hereinafter; Party A is referred to as “Pledgee”
hereinafter; and either the Pledgors or the Pledgee is individually referred to as a “Party” and collectively referred to as the “Parties”.) 

Whereas, 
  

	(1)	 Beijing Jiasheng Investment Management Co., Ltd. (“Beijing Company”) is a limited liability
company duly incorporated and validly existing under the PRC laws. 

  

	(2)	 The Pledgors hold 100% equity interests of Beijing Company in total, of which 45%, 30% and 25% equity interests
are owned by Richard Qiangdong Liu, Yayun Li and Pang Zhang, respectively. 

  

	(3)	 The Pledgee is a wholly foreign owned company duly incorporated and existing under the laws of the PRC.

  

	(4)	 The Pledgee and Beijing Company entered into an Exclusive Technology Consulting and Service Agreement on
August 25, 2016 (“Services Agreement”). 

  

	(5)	 The Pledgors and the Pledgee entered into a Loan Agreement on August 25, 2016 (“Loan
Agreement”), and entered into an Exclusive Purchase Option Agreement on August 25, 2016 (“Exclusive Purchase Option Agreement”). In addition, the Pledgors delivered the Power of Attorney to the Pledgee on August 25,
2016 (“Power of Attorney”, together with the Services Agreement, Loan Agreement and Exclusive Purchase Option Agreement, collectively referred as “Master Agreement”). 

	(6)	 In order to secure the Pledgors’ performance of their obligations under this Agreement, the Loan
Agreement, the Exclusive Purchase Option Agreement and the Power of Attorney, and in order to ensure Beijing Company to be able to perform its obligations under the Services Agreement, the Pledgors hereby pledge all the equity interests held by them
in Beijing Company as the guaranty for their and/or Beijing Company’s performance of obligations under the Master Agreement. 

 NOW,
THEREFORE, the Parties hereby agree as follows through friendly negotiations: 
  

	1.	 Definition 

Unless otherwise specified herein, the following words shall have the meanings as follows: 

 

	 	1.1	 Pledge Right: means the priority right the Pledgee owns, with respect to the proceedings arising from selling
at a discount, auction of, or selling off the equity interests pledged by the Pledgors to the Pledgee. 

  

	 	1.2	 Pledged Equity Interests: means all the equity interests duly held by the Pledgors in Beijing Company, i.e.
100% equity interests of Beijing Company, as well as all the other rights created over it. 

  

	 	1.3	 Term of Pledge: means the period of term specified in Article 3 hereof. 

 

	 	1.4	 Event of Default: means any of the circumstances listed in Article 7 hereof. 

 

	 	1.5	 Notice of Default: means any notice issued by the Pledgee to the Pledgors in accordance with this Agreement
specifying an Event of Default. 

  

	2.	 Pledge Right and Scope of Guaranty 

 

	 	2.1	 The Pledgors agree to pledge all the Pledged Equity Interests to the Pledgee as the guaranty for their and/or
Beijing Company’s performance of all the obligations under the Master Agreement and all the liabilities of indemnification to the Pledgee which may arise due to the invalidity or cancellation of the Master Agreement. Beijing Company agrees with
such equity pledge arrangement. 

  

	 	2.2	 The effect of guaranty under the Master Agreement will not be prejudiced by any amendment or change of the
Master Agreement. The invalidity or cancellation of the Master Agreement does not impair the validity of this Agreement. In the event that the Master Agreement is deemed as invalid, or cancelled or revoked for any reason, the Pledgee is entitled to
realized its pledge right in accordance with Article 8 hereof. 

  
 2 

	3.	 Creation and Term of Pledge 

 

	 	3.1	 The Pledge Right hereunder shall be reflected on the register of shareholders and the capital contribution
certificate of Beijing Company in accordance with the form as attached to this Agreement. 

  

	 	3.2	 The term of the Pledge Right is two (2) years effective from the registration of pledge of equity
interests with the Administration for Industry and Commerce of the place where Beijing Company is registered, till the day on which all the obligations under the Master Agreement are fully performed (“Term of Pledge”).

  

	 	3.3	 During the Term of Pledge, if the Pledgors and/or Beijing Company fails to perform any obligation under or
arising from the Master Agreement, the Pledgee has the right to dispose of the Pledge Right in accordance with Article 8 hereof. 

  

	4.	 Possession of Pledge Certificates 

 

	 	4.1	 The Pledgors shall deliver the register of shareholders and capital contribution certificate of Beijing Company
which reflects the pledge of equity interests as mentioned in above Article 3 within three (3) business days upon the pledge is recorded on such documents, to the Pledgee for its possession , and the Pledgee is obligated to keep the
received pledge documents. 

  

	 	4.2	 The Pledgee is entitled to all the proceeds in cash including the dividends and all the other non-cash proceeds arising from the Pledge Equity Interests since August 25, 2016. 

  

	5.	 Representations and Warranties of the Pledgors 

 

	 	5.1	 The Pledgors are the legal owners of Pledged Equity Interests. 

 

	 	5.2	 Once the Pledgee intends to exercise the rights of the Pledgee under this Agreement anytime, it shall be
protected from any interference from any other party. 

  

	 	5.3	 The Pledgee has the right to dispose of or transfer the Pledge Right in the way as described hereunder.

  

	 	5.4	 Neither of the Pledgors has ever created any other pledge right or any other third party right over the equity
interests except towards the Pledgee. 

  

	6.	 Covenants from the Pledgor 

 

	 	6.1	 During the term of this Agreement, the Pledgors covenant to the Pledgee as follows: 

 

	 	6.1.1	 Without prior written consent of the Pledgee, the Pledgors should not transfer the Pledged Equity Interests, or
create or allow creation of any new pledge or any other security upon the Pledged Equity Interests which may impair the rights and/or interest of the Pledgee, except for the transfer of equity interests to the Pledgee or the person designated by the
Pledgee in accordance with the Exclusive Purchase Option Agreement. 

  
 3 

	 	6.1.2	 The Pledgors shall abide by and exercise all the provisions of laws and regulations in relation to the pledge
of rights, and shall present the Pledgee any and all notices, directions or suggestions issued by related competent authorities within two (2) days upon the receipt of such notices, directions or suggestions, and shall comply with such notices,
directions or suggestions, or present its opposite opinions and representations regarding the above mentioned issues according to the reasonable request of the Pledgee or with the consent from the Pledgee; 

 

	 	6.1.3	 The Pledgors shall give prompt notice to the Pledgee regarding any occurrence or received notice which may
influence the equity interests or any part of the equity interests held by the Pledgee, or may change any warranties or obligations of the Pledgors under this Agreement or may influence the performance of obligations by the Pledgors hereunder.

  

	 	6.2	 The Pledgors agree that, the right of the Pledgee to exercise of Pledge Right hereunder in accordance with this
Agreement, shall not be interfered or impaired by any legal proceedings taken by the Pledgors, or the successor or designated person of the Pledgors or any other person. 

 

	 	6.3	 The Pledgors warrant to the Pledgee that, in order to protect or consummate the guaranty provided by this
Agreement regarding the performance of the Master Agreement, the Pledgors will faithfully sign, or cause any other party which is materially related to the Pledge Right to sign, any and all right certificates and deeds, and/or take, or cause any
other party which is materially related to the Pledge Right to take, any and all actions, reasonably required by the Pledgee, and will facilitate the exercise of the rights and authorizations granted to the Pledgee under this Agreement, enter into
any change to related equity certificate with the Pledgee or the Pledgee’s designated person (individual/legal person), and provide to the Pledgee any and all notices, orders and decisions as deemed necessary by the Pledgee.

  

	 	6.4	 The Pledgors undertake to the Pledgee they will abide by and perform all representations, warranties and
undertakings to protect the interests of the Pledgee. The Pledgors shall indemnify the Pledgee any and all losses suffered by the Pledgee due to the Pledgors’ failure or partial failure in performance of their representations, warranties or
undertakings. 

  

	 	6.5	 The Pledgors covenant to the Pledgee they assume several and joint liabilities with respect to the obligations
hereunder. 

  
 4 

	 	6.6	 The Pledgors irrevocably agree to waive the preemptive right with respect to the Pledged Equity Interests
pledged by other shareholders of Beijing Company to the Pledgee, as well as the transfer of equity interests due to the exercise of Pledge Right by the Pledgee. 

 

	7.	 Event of Default 

 

	 	7.1	 Any of the following is deemed as an Event of Default: 

 

	 	7.1.1	 Beijing Company fails to perform its obligations under the Master Agreement; 

 

	 	7.1.2	 Any representation or warranty of the Pledgors under this Agreement is substantially misleading or untrue,
and/or any of the Pledgors breaches any of his representations and warranties under this Agreement; 

  

	 	7.1.3	 Any of the Pledgors breaches its covenants hereunder; 

 

	 	7.1.4	 Any of the Pledgors breaches any provision hereof; 

 

	 	7.1.5	 Except that any of the Pledgors transfers the equity interests to the Pledgee or the Pledgee’s designated
person in accordance with the Exclusive Purchase Option Agreement, any of the Pledgors waives the Pledged Equity Interests or transfers the Pledged Equity Interests without the written consent from the Pledgee; 

 

	 	7.1.6	 Any external borrowings, guaranty, indemnification, undertakings or any other liabilities of the Pledgors
(1) is required to be repaid or exercised early due to its default; or (2) is not repaid or exercised when due, which makes the Pledgee reasonably believes that the ability of the Pledgors to perform their obligations under this Agreement
has been impaired. 

  

	 	7.1.7	 Any of the Pledgors fails to repay general debts or other liabilities; 

 

	 	7.1.8	 This Agreement is deemed to be illegal with promulgation of related laws, or any of the Pledgors is unable to
continue to perform his obligations hereunder; 

  

	 	7.1.9	 The consent, permit, approval or authorization from the competent authorities for making this Agreement
enforceable, legal or valid is revoked, suspended, invalidated or materially amended; 

  

	 	7.1.10	 Adverse change occur with respect to the assets of the Pledgors, which makes the Pledgee reasonably believes
that the ability of the Pledgors to perform their obligations under this Agreement has been impaired. 

  

	 	7.1.11	 Successor of the Pledgors or Beijing Company can only perform part of, or refuses to perform, its obligations
under this Agreement. 

  
 5 

	 	7.1.12	 Other circumstances occur which make the Pledgee unable to exercise or dispose of the Pledge Right in
accordance with related laws. 

  

	 	7.2	 In the event that is aware of or discover that any issue described in the above Article 7.1 or any other
issue which may cause the occurrence of such mentioned issues has occurred, the Pledgors shall give a prompt written notice to the Pledgee. 

  

	 	7.3	 Unless that the Event of Default specified in above Article 7.1 has been resolved to the satisfaction of
the Pledgee, otherwise the Pledgee is entitled to (not obligated to) serve a Notice of Default to the Pledgors immediately following or any time after the occurrence of the Event of Default, to require the Pledgors and Beijing Company to immediately
perform its obligations under the Master Agreement (including without limitation to payment of the due and unpaid debts and other amounts payable under the Services Agreements) or dispose of the Pledge Right in accordance with Article 8 hereof.

  

	8.	 Exercise of Pledge Right 

 

	 	8.1	 Prior to the fulfillment of performance of the obligations under the Master Agreement, neither of the Pledgors
may transfer the Pledged Equity Interests without the written consent of the Pledgee. 

  

	 	8.2	 In the event of occurrence of the Event of Default described in above Article 7, the Pledgee shall give a
Notice of Default to the Pledgors when exercising the Pledge Right. The Pledgee may exercise the right to dispose of the Pledge Right at the same time of or any time after the service of the Notice of Default. 

 

	 	8.3	 The Pledgee has the right to sell in accordance with legal procedure or dispose of in the other way allowed by
law the Pledged Equity Interests hereunder. If the Pledgee decides to exercise the Pledge Right, the Pledgors both undertake to transfer all of their shareholder rights to the Pledgee for exercise. In addition, the Pledgee has the priority to
receive the proceedings arising from selling at a discount, auction of, or selling off the equity interests pledged by the Pledgors to the Pledgee according to the legal proceedings. 

 

	 	8.4	 When the Pledgee is disposing of the Pledge Right in accordance with this Agreement, neither of the Pledgors
may create any obstacle, and shall provide any necessary assistance to help the Pledgee to realize the Pledge Right. 

  

	9.	 Transfer of Agreement 

 

	 	9.1	 Unless with the prior consent from the Pledgee, the Pledgors have no right to grant or transfer any of their
rights and obligations hereunder. 

  

	 	9.2	 This Agreement is binding upon the Pledgors and their successor, as well as the Pledgee, and its successors and
assignees permitted by the Pledgee. 

  
 6 

	 	9.3	 The Pledgee is entitled to transfer any or all rights and obligations under the Master Agreement to any person
(individual/legal person) designated by it at anytime. Under this circumstance, the assignee have the same rights and obligations as the Pledgee under this Agreement, as if such rights and obligations are granted to it as a party to this Agreement.
When transferring the rights and obligations under the Services Agreements, this Agreement, the Loan Agreement, the Exclusive Purchase Option Agreement and/or Power of Attorney, the Pledgors shall sign any and all related agreement and/or documents
as required by the Pledgee. 

  

	 	9.4	 With the change of pledgee due to the transfer, all the parties to the new pledge shall enter into a new pledge
contract, which shall be substantially same to this Agreement in the content and to the satisfaction of the Pledgee. 

  

	10.	 Effectiveness and Termination 

 

	 	10.1	 This Agreement becomes effective on the date hereof. All Parties agree and confirm that the terms and
conditions hereof become effective since August 25, 2016. 

  

	 	10.2	 The Parties confirm that whether the pledge hereunder has been registered and recorded or not will not impair
the effectiveness and validity of this Agreement. 

  

	 	10.3	 This Agreement will terminate two (2) years after the Pledgors and /or Beijing Company no longer assume
any liability under or arising from the Master Agreement. 

  

	 	10.4	 Release of pledge shall be recorded accordingly on the register of shareholders of Beijing Company and related
deregistration formalities shall be proceeded with at the Administration for Industry and Commerce of the place where Beijing Company is registered. 

  

	11.	 Processing Fee and Other Costs 

All fees and actual costs related to this Agreement, including not limited to legal fees, processing fee, duty stamp and all the other related taxes and
expenses shall be borne by the Pledgors. If related taxes is borne by the Pledgee in accordance with laws, then the Pledgor shall fully indemnify the Pledgee all the taxes withheld by the Pledgee. 

 

	12.	 Force Majeure 

 

	 	12.1	 “Force Majeure Event” shall mean any event beyond the reasonable controls of the Party so affected,
which are unpredictable, unavoidable, irresistible even if the affected Party takes a reasonable care, including but not limited to governmental acts, Act of God, fires, explosion, geographical variations, storms, floods, earthquakes, morning and
evening tides, lightning or wars, riot, strike, and any other such events that all Parties have reached a consensus upon. However, any shortage of credits, funding or financing shall not be deemed as the events beyond reasonable controls of the
affected Party. 

  
 7 

	 	12.2	 In the event that the performance of this Agreement is delayed or interrupted due to the said Force Majeure
Event, the affected Party shall be excused from any liability to the extent of the delayed or interrupted performance. The affected Party which intends to seek exemption from its obligations of performance under this Agreement or any provision of
this Agreement shall immediately inform the other Party of such a Force Majeure Event and the measures it needs to take in order to complete its performance. 

 

	13.	 Dispute Resolution 

 

	 	13.1	 The formation, validity, performance and interpretation of this Agreement and the disputes resolution under
this Agreement shall be governed by the PRC laws. 

  

	 	13.2	 The Parties shall strive to settle any dispute arising from or in connection with this Agreement through
friendly consultation. In case no settlement can be reached through consultation within thirty (30) days after the request for consultation is made by any Party, any Party can submit such matter to Beijing Arbitration Commission for
arbitration in accordance with its then effective rules. The arbitration shall take place in Beijing. The arbitration award shall be final and binding upon all the Parties. 

 

	14.	 Notices 

Notices or other communications required to be given by any Party pursuant to this Agreement shall be made in writing and delivered personally or sent by mail
or facsimile transmission to the addresses of the other Parties set forth below or other designated addresses notified by such other Parties to such Party from time to time. The date when the notice is deemed to be duly served shall be determined as
the follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served on the seventh (7th) day after the date when the air registered mail with postage prepaid has been sent
out (as is shown on the postmark), or the fourth (4th) day after the delivery date to the internationally recognized courier service agency; and (c) a notice sent by facsimile transmission is deemed duly served upon the receipt time as is shown
on the transmission confirmation of relevant documents. 
 If to the Pledgee: Beijing Jingdong Century Trade Co., Ltd. 

 

			
	 Address:
	  	 ***

		  	 ***

	 Phone:
	  	 ***

	 Facsimile:
	  	 ***

	 Attention:
	  	 ***

  
 8 

 If to the Pledgors: Richard Qiangdong Liu 

 

			
	 Address:
	  	 ***

		  	 ***

	 Phone:
	  	 ***

	 Facsimile:
	  	 ***

		
	 Pang Zhang
	  	
	 Address:
	  	 ***

		  	 ***

	 Phone:
	  	 ***

	 Facsimile:
	  	 ***

		
	 Yayun Li
	  	
	 Address:
	  	 ***

		  	 ***

	 Phone:
	  	 ***

	 Facsimile:
	  	 ***

  

	15.	 Miscellaneous 

 

	 	15.1	 The headings contained in this Agreement are for the convenience of reference only and shall not be used to
interpret, explain or otherwise affect the meaning of the provisions of this Agreement. 

  

	 	15.2	 The Parties agree to promptly execute any document and take any other action reasonably necessary or advisable
to perform provisions and purpose of this Agreement. 

  

	 	15.3	 The Parties confirm that this Agreement shall, upon its effectiveness, constitute the entire agreement and
common understanding of the Parties with respect to the subject matters herein and fully supersede all prior verbal and/or written agreements and understandings with respect to the subject matters herein. 

 

	 	15.4	 The Parties may amend and supplement this Agreement in writing. Any amendment and/or supplement to this
Agreement duly signed by the Parties is an integral part of and has the same effect with this Agreement. 

  

	 	15.5	 Any Party’s failure to exercise the rights under this Agreement in time shall not be deemed as its waiver
of such rights and would not affect its future exercise of such rights. 

  
 9 

	 	15.6	 If any provision of this Agreement is held void, invalid or unenforceable by a court of competent jurisdiction,
governmental agency or arbitration authority, the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall cease performing such void, invalid or unenforceable provisions
and revise such void, invalid or unenforceable provisions only to the extent closest to the original intention thereof to recover its validity or enforceability for such specific facts and circumstances. 

 

	 	15.7	 Any schedule hereto is an integral part of and has the same effect with this Agreement. 

 

	 	15.8	 This Agreement is made in five (5) originals with each Party holding one (1) original. And other
originals are submitted to the AIC for proceeding with the formalities of registration of pledge of equity interests. 

[No text below] 

  
 10 

 (Signature Page) 

IN WITNESS THEREOF, each Party has signed or caused its legal representative to sign this Agreement as of the date first written above. 

 

			
	Party A: Beijing Jingdong Century Trade Co., Ltd.
		
	Signature of authorized representative:	 	 /s/ Richard Qiangdong Liu

  

			
	Party B: Richard Qiangdong Liu
		
	By:	 	 /s/ Richard Qiangdong Liu

	
	Yayun Li
		
	By:	 	 /s/ Yayun Li

	
	Pang Zhang
		
	By:	 	 /s/ Pang Zhang

	
	Party C: Beijing Jiasheng Investment Management Co., Ltd.

  

			
	Signature of authorized representative:	 	 /s/ Pang Zhang

 Signature page for the Amended and Restated Equity Pledge Agreement 

  
 11 

 Schedule 1: 

Register of Shareholders of Beijing Jiasheng Investment Management Co., Ltd. 

 

					
	 Name of

Shareholder
	  	 Capital Contribution

Amount/Shareholding

Percentage
	  	 Registration of Pledge

	Richard Qiangdong Liu	  	 RMB 450,000
  

45%
	  	In accordance with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated
August 25, 2016, Richard Qiangdong Liu has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd.
			
	Yayun Li	  	 RMB 300,000
  

30%
	  	In accordance with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated
August 25, 2016, Yayun Li has pledged all the equity interests held by her to Beijing Jingdong Century Trade Co., Ltd.
			
	Pang Zhang	  	 RMB 250,000
  

25%
	  	In accordance with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated
August 25, 2016, Pang Zhang has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd.

  

			
	Beijing Jiasheng Investment
	Management Co., Ltd.
		
	 Signature of authorized

representative:
	 	
/s/ Pang Zhang                

  
 12 

 Schedule 2: 

Beijing Jiasheng Investment Management Co., Ltd. 

Capital Contribution Certificate 

(No.: 001) 
 Company: Beijing Jiasheng
Investment Management Co., Ltd. 
 Date of Incorporation: November 18, 2014 

Registered Capital: RMB 1,000,000 
 Shareholder: Richard Qiangdong
Liu 
 Capital Contributed by Shareholder: RMB 450,000 
 In
accordance with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated August 25, 2016, Richard
Qiangdong Liu has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd. 
  

			
	Beijing Jiasheng Investment Management Co., Ltd. (seal)
		
	Signature:	 	 /s/ Pang
Zhang                                        
    

	Name: 	 	Pang Zhang
	Title: 	 	Legal representative
	Date: 	 	August 25, 2016

  
 13 

 Beijing Jiasheng Investment Management Co., Ltd. 

Capital Contribution Certificate 

(No.: 002) 
 Company: Beijing Jiasheng
Investment Management Co., Ltd. 
 Date of Incorporation: November 18, 2014 

Registered Capital: RMB 1,000,000 
 Shareholder: Yayun Li 

Capital Contributed by Shareholder: RMB 300,000 
 In accordance
with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated August 25, 2016, Yayun Li has pledged all
the equity interests held by her to Beijing Jingdong Century Trade Co., Ltd. 
  

			
	Beijing Jiasheng Investment Management Co., Ltd. (seal)
		
	Signature:	 	
/s/ Pang Zhang                 
                               

	Name: 	 	Pang Zhang
	Title: 	 	Legal representative
	Date: 	 	August 25, 2016

  
 14 

 Beijing Jiasheng Investment Management Co., Ltd. 

Capital Contribution Certificate 

(No.: 003) 
 Company: Beijing Jiasheng
Investment Management Co., Ltd. 
 Date of Incorporation: November 18, 2014 

Registered Capital: RMB 1,000,000 
 Shareholder: Pang Zhang 

Capital Contributed by Shareholder: RMB 250,000 
 In accordance
with the Equity Pledge Agreement by and among Richard Qiangdong Liu, Yayun Li, Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jiasheng Investment Management Co., Ltd. dated August 25, 2016, Pang Zhang has pledged all
the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd. 
  

			
	Beijing Jiasheng Investment Management Co., Ltd. (seal)
		
	Signature:	 	 /s/ Pang
Zhang                                        
    

	Name: 	 	Pang Zhang
	Title: 	 	 Legal representative 

	Date: 	 	August 25, 2016

  
 15 

 Schedule A 

The following schedule sets forth information about the equity pledge agreements substantially in form as this exhibit that the Registrant entered into with
certain other Chinese variable interest entities of the Registrant. Other than the information set forth below, there is no material difference between such other agreements and this exhibit. 

 

											
	 VIE
	 	 Executing Parties
	 	 Capital Contribution
	 	 Date of

Entitlement to all

Proceeds for

Pledgee
	 	 Effective Date
	 	 Execution

Date

	Beijing Yuanyi Freight Forwarding Co., Ltd.	 	Party A: Beijing Jingbangda Trade Co., Ltd.	 	The registered capital of Beijing Yuanyi Freight Forwarding Co., Ltd. is RMB 3,000,000.00.	 	January 5, 2017	 	January 5, 2017	 	January 5, 2017
						
		 	Party B: Richard Qiangdong Liu, Pang Zhang and Yayun Li	 	The capital contribution amount and shareholding percentage of the shareholders are as follows:	 		 		 	
						
		 	Party C: Beijing Yuanyi Freight Forwarding Co., Ltd.	 	Richard Qiangdong Liu: RMB 1,350,000.00 (45%) Yayun Li: RMB 900,000.00 (30%) Pang Zhang: RMB 750,000.00 (25%)	 		 		 	
						
	Jiangsu Jingdong Bangneng Investment Management Co., Ltd.	 	Party A: Beijing Jingdong Century Trade Co., Ltd.	 	The registered capital of Jiangsu Jingdong Bangneng Investment Management Co., Ltd. is RMB 80,000,000.00.	 	June 15, 2016	 	September 8, 2016	 	September 8, 2016
						
		 	Party B: Richard Qiangdong Liu, Pang Zhang and Yayun Li	 	The capital contribution amount and shareholding percentage of the shareholders are as follows:	 		 		 	
						
		 	Party C: Jiangsu Jingdong Bangneng Investment Management Co., Ltd.	 	Richard Qiangdong Liu: RMB 36,000,000.00 (45%) Yayun Li: RMB 24,000,000.00 (30%) Pang Zhang: RMB 20,000,000.00 (25%)	 		 		 	
						
	Suqian Limao Donghong Investment Management Co., Ltd.	 	Party A: Suqian Yitong Information Technology Co., Ltd.	 	The registered capital of Suqian Limao Donghong Investment Management Co., Ltd. is RMB 1,000,000.00.	 	December 28, 2016	 	December 8, 2015	 	December 28, 2016
						
		 	Party B: Richard Qiangdong Liu, Pang Zhang and Yayun Li	 	The capital contribution amount and shareholding percentage of the shareholders are as follows:	 		 		 	
						
		 	Party C: Suqian Limao Donghong Investment Management Co., Ltd.	 	Richard Qiangdong Liu: RMB 620,000.00 (62%) Yayun Li: RMB 380,000.00 (38%)	 		 		 	
						
	Beijing Andist Technology Co., Ltd.	 	Party A: Beijing Jingdong Century Trade Co., Ltd.	 	The registered capital of Beijing Andist Technology Co., Ltd. is RMB 2,000,000.00.	 	December 1, 2016	 	December 1, 2016	 	December 1, 2016
						
		 	Party B: Richard Qiangdong Liu, Pang Zhang and Yayun Li	 	The capital contribution amount and shareholding percentage of the shareholders are as follows:	 		 		 	
						
		 	Party C: Beijing Andist Technology Co., Ltd.	 	Richard Qiangdong Liu: RMB 900,000.00 (45%) Yayun Li: RMB 600,000.00 (30%) Pang Zhang: RMB 500,000.00 (25%)	 		 		 	

  
 16 

											
	Shanghai Jingdong Cai’ao E-commercial Co., Ltd.	 	Party A: Beijing Jingdong Century Trade Co., Ltd.	 	The registered capital of Shanghai Jingdong Cai’ao E-commercial Co., Ltd. is RMB 10,000,000.00.	 	December 20, 2016	 	December 20, 2016	 	December 20, 2016
						
		 	Party B: Richard Qiangdong Liu, Pang Zhang and Yayun Li	 	The capital contribution amount and shareholding percentage of the shareholders are as follows:	 		 		 	
						
		 	Party C: Shanghai Jingdong Cai’ao E-commercial Co., Ltd.,	 	Richard Qiangdong Liu: RMB 4,500,000.00 (45%) Yayun Li: RMB 3,000,000.00 (30%) Pang Zhang: RMB 2,500,000.00 (25%)	 		 		 	
						
	Suzhou Guanyinghou Media Technology Co., Ltd.	 	 Party A: Suqian Daxi Information Technology Co., Ltd.
  

Party B: Qian Yang
  

Party C: Suzhou Guanyinghou Media Technology Co., Ltd.
	 	 The registered capital of Suzhou Guanyinghou Media Technology Co., Ltd. is RMB 10,000,000.00.

 
 The capital contribution amount and shareholding percentage of the shareholders are as
follows: Qian Yang: RMB 10,000,000.00 (100%)
	 	December 11, 2017	 	December 11, 2017	 	December 11, 2017
						
	Beijing JPT E-Commerce Co., Ltd.	 	 Party A: Beijing QGX Information Technology Co., Ltd.
  

Party B: Richard Qiangdong Liu, Yayun Li and Pang Zhang
  

Party C: Beijing JPT E-Commerce Co., Ltd.
	 	 The registered capital of Beijing JPT E-Commerce Co., Ltd is RMB10,000,000

 
 The capital contribution amount and shareholding percentage are as follows: Richard
Qiangdong Liu: RMB4,500,000 (45%) Yayun Li: RMB3,000,000 (30%) Pang Zhang: RMB2,500,000 (25%)
	 	March 28, 2018	 	March 28, 2018	 	March 28, 2018
						
	Jingdong Cloud Computing Co., Ltd.	 	 Party A: Jingdong Longyun Technology Co., Ltd.
  

Party B: Richard Qiangdong Liu, Yayun Li and Pang Zhang
  

Party C: Jingdong Cloud Computing Co., Ltd.
	 	 The registered capital of Jingdong Cloud Computing Co., Ltd. is RMB50,000,000

 
 The capital contribution amount and shareholding percentage are as follows: Richard
Qiangdong Liu: RMB22,500,000 (45%) Yayun Li: RMB15,000,000 (30%) Pang Zhang: RMB12,500,000 (25%)
	 	November 29, 2018	 	November 29, 2018	 	November 29, 2018
						
	Suqian Jiantong Enterprise Management Co., Ltd.	 	 Party A: Suqian Daxi Information Technology Co., Ltd.
  

Party B: Suzhou Guanyinghou Media Technology Co., Ltd.
  

Party C: Suqian Jiantong Enterprise Management Co., Ltd.
	 	 The registered capital of Suqian Jiantong Enterprise Management Co., Ltd. is RMB10,010,000.

 
 The capital contribution amount and shareholding percentage are as follows: Suzhou
Guanyinghou Media Technology Co., Ltd.: RMB10,000,000 (99.99%), Xinshi Wang: RMB10,000 (0.1%)
	 	April 18, 2019	 	April 18, 2019	 	April 18, 2019

  
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