Document:

English Translation of Business Operation Agreement

 Exhibit 4.28 
 Business Operation Agreement 
 THIS BUSINESS OPERATION AGREEMENT (“this
Agreement”) is entered into among the following parties (“the Parties”) in Beijing, China as of February 12, 2011. 
  

	Party A:	Beijing Perfect World Software Co., Ltd. 

	Address:	Building 306, No. 86 Beiyuan Road, Chaoyang District, Beijing, PRC 

 

	Party B:	Beijing Perfect Moment Pictures Co., Ltd. 

	Address:	Room 8152, No. 3 Xijing Road, Badachu Science and Technology Park, Shijingshan District, Beijing, PRC 

Party C: 
 Michael Yufeng CHI

 ID Number: 110108197109148935 

Address: Room 302, Unit 6, Building 5, Yichengdongyuan Community, Haidian District, Beijing, PRC 

Tian LIANG 
 ID Number:
110102197006282316 
 Address: Room 22, Unit 1, Building 4, Yingchunyuan Community, Haidian District, Beijing, PRC 

WHEREAS: 
  

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

  

	2.	Party B is a limited liability company duly incorporated and registered under PRC law, which is engaged in the business of film and television program production and
distribution; 

  

	3.	Party C are the shareholders of Party B (“Party B shareholders”), which hold 100% equity of Party B. 

  
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	4.	Perfect World (Beijing) Pictures Co., Ltd. (”PW Pictures”) is a wholly-owned subsidiary of Party B. Party A and PW Pictures have established the business
relationship by signing the Development Cooperation Agreement, Exclusive Technology Support and Services Agreement and other agreements (the “Business agreements”) on February 12, 2011. Pursuant to these agreements, PW Pictures shall
make payments to Party A. Thus, Party B and PW Pictures’ daily business activities will have a material influence on PW Pictures’ ability of making payments to Party A; Hence, all parties agree to make the following arrangements to the
business operation of Party B and PW Pictures. 

 NOW, THEREFORE, through friendly negotiations and abiding by the principle
of equality and mutual benefit, the Parties hereby agree as follows: 
 1. Prohibitions 

In order to ensure that PW Pictures performs obligations on under the above Business Agreements signed with Party A and Party B and PW
Pictures perform obligations assumed directly or indirectly towards Party A, Party B’s Shareholders hereby acknowledge and agree that without the prior written consent of Party A or other party as designated by Party A, Party B and PW Pictures
will not be engaged in any transaction as may substantially influence their assets, business, personnel, obligations, rights or operations as confirmed by Party A, including, but not limited to, the following: 

 

	 	1.1	Engage in any activity beyond their normal business scope; 

  

	 	1.2	Obtain a single loan of over RMB 400,000 from any third party or assume any debt of over RMB 400,000; 

 

	 	1.3	Change or dismiss any of their directors or remove and replace any of their officers; 

 

	 	1.4	Sell or acquire assets or rights to or from any third party, including, but not limited to, any intellectual property rights; 

  
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	 	1.5	Provide a guarantee for any third party through their assets or intellectual property rights or any other form of guarantee or set any encumbrance on their assets;

  

	 	1.6	Amend their articles of association or change their business scope; 

  

	 	1.7	Change their normal business procedures or amend any of their important rules and regulations; or 

 

	 	1.8	Transfer the equity of any subsidiary, jointly owned company or any other affiliates of Party B and PW Pictures; 

 

	 	1.9	Transfer their rights and obligations under this Agreement to any third party. 

 2. Operations, Management and Personnel Arrangement 
  

	 	2.1	Party B, PW Pictures and Party B’s Shareholders hereby agree to accept and comply with the advices raised by Party A from time to time regarding Party B and PW
Pictures’ employment and dismissal of employees, daily operations, management and financial management system. 

  

	 	2.2	Party B, PW Pictures and Party B’s Shareholders hereby agree that Party B’s Shareholders will elect the nominees designated by Party A as Party B and PW
Picture’s directors in accordance with the procedures specified by laws, regulations and articles of association, and assure that such directors will elect the nominee recommended by Party A as Party B and PW Pictures’ chairman of the
board and appoint the personnel nominated by Party A as Party B and PW Pictures’ general manager, chief financial officer and other officers. 

  

	 	2.3	Where any of the above directors or officers designated by Party A no longer serves Party A (whether he/she resigns or is dismissed by Party A), he/she will be bereft
of the qualification of any position at Party B and PW Pictures. In this case, Party B’s Shareholders will elect another person designated by Party A to fill this vacancy. 

  
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	 	2.4	For the purpose of Article 2.3 hereof, Party B’s Shareholders will take any and all necessary internal and external procedures to fulfill the foregoing dismissal
and employment in accordance with laws, articles of association and this Agreement. 

  

	 	2.5	Party B’s Shareholders hereby agree to sign the power of attorney in Exhibit 1 attached hereto while this Agreement is signed. According to this power of attorney,
Party B’s Shareholders will irrevocably authorize Party A’s designee to exercise their shareholder’s rights and also to exercise all voting rights of Party B’s Shareholders at Party B’s shareholders’ general meetings.
Party B’s Shareholders further agree to replace the authorized person in the power of attorney hereof upon request by Party A from time to time. 

 3. Other Provisions 
  

	 	3.1	Upon the termination or expiry of any agreement among Party A, Party B and PW Pictures, Party A shall be entitled to decide whether or not to terminate all other
agreements among Party A, Party B and PW Pictures including, but not limited to, the Business Agreements. 

  

	 	3.2	Considering that Party A , Party B and PW Pictures have established a business relationship by signing the Business Agreements, Party B and PW Pictures’ daily
business activities will have a material influence on the PW Picture’s ability of making payments to Party A and Party B is the sole shareholder of PW Pictures, Party B’s Shareholders agree that to the extent permitted by Chinese policies
as well as relevant laws and regulations, all dividends or other earnings or interests (in whatsoever forms) obtained by them from Party B in the capacity of Party B’s shareholders shall be forthwith paid or transferred, when realized, to Party
A without any additional conditions. 

  
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 4. Entirety and Amendments 

 

	 	4.1	This Agreement, along with all agreements and/or documents stated or contemplated herein, constitutes the entire agreement among the Parties with respect to the subject
matter hereof and supersedes all prior agreements, contracts, understandings and communications among the Parties with respect to the subject matter hereof, whether oral or written. 

 

	 	4.2	This Agreement may be amended by a written instrument signed by the Parties. All amendments and supplements to this Agreement duly signed by the Parties shall form an
integral part of this Agreement and shall have the same legal effect as this Agreement. 

 5. Applicable Law 

The execution, validity, performance and interpretation of and settlement of disputes in connection with this Agreement shall be governed and construed by
the PRC laws. 
 6. Settlement of Disputes 
  

	 	6.1	Any dispute arising in connection with the interpretation and performance of the provisions under this Agreement shall be settled by the Parties in good faith and
through amicable negotiations. In case no settlement can be reached, either party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with CIETAC’s
arbitration rules then in effect. The seat of arbitration shall be Beijing and language of proceedings shall be Chinese. The arbitral award shall be final and binding upon the Parties. 

 

	 	6.2	Except for the matters involved in a dispute, the Parties shall continue to perform their respective obligations under this Agreement in good faith.

  
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 7. Notices 
 Any notice required to be made by the Parties when performing the rights and obligations under this Agreement shall be in writing and delivered to the following addressees by personal delivery, registered
or certified mail (postage prepaid), recognized courier service or fax: 
 Party A: Beijing Perfect World Software Co.,
Ltd. 
 Address: Building 306, No. 86 Beiyuan Road, Chaoyang District, Beijing, PRC 

Fax: 57805208 
 Tel.: 57805201 
 Attention:: Yonghong Huang 

Party B: Beijing Perfect Moment Pictures Co., Ltd. 
 Address: Room 8152, No. 3 Xijing Road, Badachu Science and Technology Park, Shijingshan District, Beijing, PRC 
 Fax: 57805730 
 Tel.: 57805726 

Attention: Jing Hu 
 Party C: 
 Michael Yufeng CHI 

Address: Room 302, Unite 6, Building 5, Yichengdongyuan Community, Haidian District, Beijing, PRC 

Fax: 57805730 
 Tel.: 57805726 
 Tian LIANG 

Address: Room 22, Unite 1, Building 4, Yingchunyuan Community, Haidian District, Beijing, PRC 

Fax: 57805730 
 Tel.: 57805726 

  
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 8. Effectiveness, Term and Miscellaneous 

 

	 	8.1	Party A’s written consent, advice and designation and other decisions having a significant impact upon Party B or PW Pictures’ daily operations under this
Agreement shall be subject to the Board of Directors of Party A. 

  

	 	8.2	This Agreement shall be signed by the Parties and come into effect as of the date first above written. The valid term of this Agreement shall be from the signing date
of this Agreement to August 21, 2026. 

  

	 	8.3	Within the valid term of this Agreement, Party B and Party B’s Shareholders shall not terminate this Agreement prematurely. Party A is entitled to terminate this
Agreement at any time by giving a written notice 30 days in advance to Party B or Party B’s Shareholders. 

  

	 	8.4	Should any provision of this Agreement be held illegal or unenforceable by applicable law, such provision shall be deemed deleted from this Agreement and become
invalid, but all other provisions of this Agreement shall remain in full force and effect. It shall be deemed that such deleted provision is not incorporated herein from the very beginning. The Parties shall negotiate to replace such deleted
provision with a legal and valid provision accepted by the Parties. 

 No failure on the part of either party in
exercising any right, power or privilege under this Agreement shall be treated as a waiver thereof, nor does any single or partial exercise preclude the exercise of any other right, power or privilege. 

IN WITNESS WHEREOF, all the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the day and the year
first above written. 

  
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 (signature page, no text below) 
 Party A:Perfect World (Beijing) Software Co., Ltd. (seal) 
 Representative By: 

Party B:Beijing Perfect Moment Pictures Co., Ltd. (seal) 
 Representative By: 
 Party C: 
 /s/ Michael Yufeng CHI 
 /s/ Tian LIANG 

Date: February 11, 2011 

  
 8English Translation of Call Option Agreement

 Exhibit 4.29 
 Call Option Agreement 
 THIS CALL OPTION AGREEMENT (“this Agreement”) is entered
into by and among the parties below (“the Parties”) in Beijing on February 12, 2011. 
 Party A: Beijing Perfect World
Software Co., Ltd. 
 Domicile: Building 306, #86 Beiyuan Road, Chaoyang District, Beijing 100101, China 

Party B: Beijing Perfect Moment Pictures Co., Ltd. 
 Domicile: Room 8152, No. 3 Xijing Road, Badachu Science and Technology Park, Shijingshan District, Beijing : 
 Party C: 
 Michael Yufeng CHI, ID Number: 110108197109148935 

Domicile: Room 302, Unit 6, Building 5, Yichengdongyuan Community, Haidian District, Beijing 
 Tian LIANG, ID Number: 110102197006282316 
 Domicile: Room 22, Unite 1, Building 4, YingchunYuan
Community, HaidianDistrict, Beijing. 
 WHEREAS: 
  

	(1)	Party C are Party B’s shareholders and hold 100% of the equities in Party B; 

 

	(2)	Party A is a wholly foreign owned enterprise incorporated and existing under the PRC laws and provides technology support, technology consultancy and other related
services to Perfect World (Beijing) Pictures Co., Ltd. (hereinafter referred to as “PW Pictures”) , a wholly-owned subsidiary of Party B. Currently, Party A is an important partner of Party B; and 

 

	(3)	Party C intend to grant, to Party A, the exclusive option to purchase all or part of Party C’s equity interest in Party B at any time without violating PRC laws.

 Pursuant to the relevant laws and regulations of the PRC, the Parties, abiding by the principles of cooperation, equality,
mutual benefit and joint development, through friendly negotiations, hereby agree as follows: 

 Article 1 Definitions 
 In this Agreement, the following terms shall have the following meanings: 
  

	1.1.	Agreement means this Agreement, along with its annexes attached hereto and the written amendments to this Agreement as may be signed by the Parties from time to time.

  

	1.2.	China means the People’s Republic of China (the “PRC”), and for the purpose of this Agreement, excludes Hong Kong, Taiwan and Macao.

  

	1.3.	Date means the year, month and day. The terms “within... (date)” and “no later than... (date)” in this Agreement shall include these dates.

 Article 2 Grant and Exercise of Call Option 

 

	2.1	The Parties agree that Party A has the exclusive option to purchase at any time all or part of Party C’s equity interest in Party B according to this Agreement.
This option may be exercised by Party A or the qualified entity designated by Party A. This option is granted to Party A once this Agreement is signed by all Parties and such grant is irrevocable during the valid term of this Agreement.

  

	2.2	The call option shall be exercised only when the following conditions are satisfied: Party A’s, or qualified entity designated by Party A’s equity ownership
in Party B does not violate applicable PRC laws and regulations. 

  

	2.3	In order to exercise the call option, Party A shall give a written notice (“Exercise Notice”) to Party C, which shall indicate Party A’s intention to
exercise call option according to the provisions of this Agreement and the quantity of the equity to be purchased. 

  

	2.4	Within thirty days after receiving the Exercise Notice, Party C, as the case may be, shall enter into equity transfer contract, consistent with the Exercise Notice,
along with the other documents relating to the transfer (collectively “Transfer Documents”), with Party A or the qualified entity designated by Party A. 

	2.5	To the extent permitted by law, when Party A decides to exercise the call option, Party B and Party C shall unconditionally assist Party A for all examination,
approval, license, registration and filing procedures necessary for the transfer. 

 Article 3 Exercise Price

 Unless evaluation is required by law, the purchase price for Party B’s entire equity interest in Party C under this call option
shall be: (1) RMB 10,000; or (2) the lowest price permitted by law (whichever is higher). If Party A purchases part of Party B’s equity interest in Party C, the exercise price shall be adjusted on the pro rata basis. 

Party C agree that to the extent permitted by related PRC policies, laws and regulations, all proceeds derived from Party A’s exercise of the call
option will be transferred to Party B without compensation. 
 Article 4 Representations and Warranties 

 

	4.1	Each party hereby represents and warrants to the other parties that: 

  

	 	(1)	It has the full right, capacity and authority necessary to enter into this Agreement and perform all the obligations and liabilities under this Agreement;

  

	 	(2)	The execution or performance of this Agreement does not violate any significant contract or agreement to which it is a party to or any significant contract or agreement
which creates a lien on it or its assets. 

  

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

 

	 	(1)	On the effective date of this Agreement, Party C are the lawful owner of Party B’s equity and have the full and valid right of disposal over such equity (except
the limitations under the PRC laws and regulations). Except for the pledge arrangement as mentioned in the Equity Pledge Agreement signed by the Parties as of February 12, 2011, Party C’s equity ownership in Party B is free and clear of
any other pledge, third-party interests or third-party recourse. 

	 	(2)	Within the valid term of this Agreement, Party C shall not transfer their equities in Party B to any third party absent Party A’s written consent.

  

	 	(3)	Within the valid term of this Agreement, Party B and PW Pictures’ business activities comply with the laws, regulations, decrees as well as the administrative
rules and guidelines promulgated by relevant Chinese administrative authorities and do not violate the above requirements that would impose material adverse consequence upon Party B and PW Pictures’ business activities or assets.

  

	 	(4)	Before Party A (or the qualified entity designated by it) exercises call option and obtains all of Party B’s equity, each of Party B and PW Pictures shall not:

  

	 	(a)	make supplements, modifications or amendments to its articles of association in any way or manner that has material impact on Party B and PW Pictures’ assets,
liabilities, operations, equity and other lawful rights (except pro-rata capital increases to meet legal requirements); 

  

	 	(b)	engage in any transaction that has material impact on Party B or PW Pictures’ assets, liabilities, operations, equity and other lawful rights (except those
occurring in its normal course of business or with Party A’s written consent after full disclosure); 

  

	 	(c)	cause Party B or PW Pictures’ shareholders’ general meeting to adopt resolutions on dividend distribution; 

 

	 	(d)	sell, transfer, mortgage or otherwise dispose the lawful or beneficial interests in any assets, businesses or income or allow them to become subject to any other
security interest (except in its normal course of business or with Party A’s written consent after full disclosure); 

	 	(e)	without Party A’s prior written consent, inherit, guarantee or permit any debts, except the debts which: (i) occur in the normal course of business other than
borrowings; or (ii) with Party A’s written consent after full disclosure; 

  

	 	(f)	without Party A’s prior written consent, sign any material contract, however, except for the contracts signed in the normal course of business (in this paragraph,
a contract with a value exceeding RMB 100,000 is deemed a material contract); 

  

	 	(g)	without Party A’s prior written consent, merge or consolidate with any entity, acquire or invest in any entity; 

 

	 	(5)	Before Party A (or the qualified entity designated by it) exercises call option and obtains all of Party B’s equity, Party C shall jointly or severally be
responsible to: 

  

	 	(a)	inform Party A of all lawsuits, arbitrations or proceedings that have occurred or are likely to occur with an impact on the equities owned by both of them;

  

	 	(b)	cause Party B’s shareholders’ general meeting to approve the equity transfer contemplated herein by voting; cause Party B to amend its articles of association
so as to reflect the transfer of equities from Party C to Party A or to Party A’s designated parties, as well as the other changes as set out herein and immediately initiate change of registration with competent PRC authorities; cause Party B
and PW Pictures’ shareholders’ general meeting to adopt the resolution on appointing the person designated by Party A or Party A’s designee as new director and/or new legal representative; 

 

	 	(c)	In order to maintain their ownership over the equity, sign all documents, take all actions and bring all complaints or make defenses against all claims, which are
necessary or appropriate; 

  

	 	(d)	To the extent permitted by relevant laws and regulations, upon request by Party A, promptly and unconditionally transfer their respective equities to Party A or its
representative at any time and waive their rights of first refusal with respect to the equity transfer by the other existing shareholder; 

	 	(e)	fully comply with this Agreement and the other agreements signed by Party B and Party A jointly or severally, fully perform the obligations under these agreements and
be free of any action or inaction which will affect the validity and enforceability of these agreements; 

  

	 	(6)	within the valid term of this Agreement, unless otherwise specified herein or with Party A’s written consent, Party C will jointly and severally cause Party B and
PW Pictures to: 

  

	 	(a)	based on good financial and commercial standards and practices, maintain their existence, prudently and effectively deal with their businesses and affairs and make
their best efforts to ensure that they continuously have the permits, licenses and approvals necessary for their business operations and that these permits, licenses and approvals are valid; 

 

	 	(b)	without Party A’s prior written consent, not seek a settlement, waiver, change the request of relief or any other rights in any legal proceedings;

  

	 	(c)	use the best effort to keep their existing organizational structure and continue maintaining the customer relations so as to assure that Party B’s goodwill and
operations are not materially influenced after equity transfer; 

  

	 	(d)	without Party A’s prior written consent, not provide loans or credits to any person; 

 

	 	(e)	without Party A’s prior written consent, not merge or consolidate with any third party, acquire the assets or businesses of any third party, invest in any third
party or transfer its assets or other rights to any third party; 

  

	 	(f)	if Party A exercises call option according to the provisions of this Agreement, use best effort to obtain all government approvals and consents necessary for equity
transfer, if any, as early as possible. 

 Article 5 Other Provisions 

To the extent permitted by applicable laws, Party C will grant extension to Party B’s and PW Pictures’ operation terms so as to
be consistent with Party A’s operation term. 
 Article 6 Confidentiality 

Each party hereto shall keep the contents of this Agreement confidential and without the prior consent of the other Parties, cannot
disclose to any other person or release the contents of this Agreement, provided, however, that this obligation does not apply to any information which is: (i) disclosed under the requirement of laws and regulations; (ii) already publicly
available other than through the fault of the disclosing party; (iii) disclosed to such party’s shareholder, legal adviser, accountant, financial consultant or other professional consultants; or (iv) disclosed to the potential buyer
of equity of such party or its shareholder or other investors, debt or equity financier, which shall enter into appropriate confidentiality agreement, and subject to Party A’s consent if transferor is not Party A. 

Article 7 Applicable Law and Defaulting Liability 
 The formation, validity, interpretation, performance and settlement of disputes in connection with this Agreement shall be governed by PRC laws. 

If any of the Parties violates the provisions of this Agreement, fails to fully perform under this Agreement, makes any false
representation or warranty in connection with this Agreement, conceals or omits material facts, or does not honor its warranties, it shall be deemed to be in breach of this Agreement. The breaching party shall undertake the corresponding default
liability in accordance with law. 
 Article 8 Settlement of Disputes 

 

	8.1	Any dispute arising from or out of the performance of this Agreement shall be settled by the Parties through friendly negotiations. If parties fail to reach a
settlement through negotiation, such dispute may be submitted for arbitration; 

	8.2	The dispute shall be submitted to Beijing Arbitration Commission (“the Commission”) in Beijing for arbitration in accordance with the Commission’s
arbitration rules then in effect. 

  

	8.3	The arbitral award shall be final and binding upon the Parties hereto. Arbitration costs (including, but not limited to, arbitration expenses and lawyer’s fee)
shall be borne by the party with unfavorable outcome, unless otherwise specified in the award. 

 Article 9
Effectiveness 
 This Agreement shall come into effect after it is signed by the Parties until August 21, 2026.

 Notwithstanding the foregoing provision, Party A may terminate this Agreement by giving a notice not less than 30 days in
advance to each of the other parties to this Agreement. Parties, other than Party A, may not terminate this Agreement unless all the Parties reach a unanimous consent through negotiations. 

Article 10 Amendments 
 The Parties shall perform all the provisions of this Agreement once it becomes effective. Any amendment to this Agreement shall be subject to the negotiations of the Parties and made in writing signed by
the Parties after obtaining necessary authorizations and approvals. 
 Article 11 Counterparts 

This Agreement is executed in four originals, with each of Party A, Party B, and Party C holding one original. 

Article 12 Supplementary Provisions 
  

	12.1	The headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its
provisions. 

	12.2	The Parties may enter into supplementary agreements, which if annexed to this Agreement, shall have the same legal effect as this Agreement. 

(No text below) 

	
	(Signature page, no text below)
	
	 Beijing Perfect World Software Co., Ltd. (seal)
 [Seal: Beijing Perfect World Software Co., Ltd.]

	
	Authorized representative (signature):
	
	 Beijing Perfect Moment Pictures Co., Ltd.
 [Seal: Beijing Perfect Moment Pictures Co., Ltd.]

	
	 Authorized representative (signature):

	
	 /s/ Michael Yufeng CHI

	
	 /s/ Tian LIANG

February 12, 2011

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