Document:

EX-4.5

 Exhibit 4.5 

Amended and Restated Equity Pledge Agreement 

This AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT, (this “Agreement”), dated December 24, 2020, 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 201, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing
		
	Party B:	  	Richard Qiangdong Liu;
		
	Party C:	  	Beijing Jingdong 360 Degree E-Commerce Co., Ltd.
		  	Registered address: Room 222, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing

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

Whereas, 
  

	(1)	 Beijing Jingdong 360 Degree E-Commerce Co., Ltd. (“Jingdong
360”) is a limited liability company duly incorporated and validly existing under the PRC laws. 

  

	(2)	 The Pledgor holds 45% equity interests of Jingdong 360 (corresponding to the registered capital of
RMB1,314,000,000). 

  

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

  

	(4)	 The Pledgee and Jingdong 360 entered into an Amended and Restated Exclusive Technology Consulting and Service
Agreement (“Services Agreements”) on June 15, 2016. 

  

	(5)	 The Pledgor and the Pledgee entered into an Amended and Restated Loan Agreement on December 24, 2020
(“Loan Agreement”), and entered into an Amended and Restated Exclusive Purchase Option Agreement on December 24, 2020 (“Exclusive Purchase Option Agreement”). In addition, the Pledgor delivered the amended
Power of Attorney to the Pledgee on December 24, 2020 (“Power of Attorney”, together with the Services Agreements, Loan Agreement and Exclusive Purchase Option Agreement, collectively referred as “Master Agreement”).

  

	(6)	 In order to secure the Pledgor’s performance of his obligations under this Agreement, the Loan Agreement,
the Exclusive Purchase Option Agreement and the Power of Attorney, and in order to ensure Jingdong 360 to be able to perform its obligations under the Services Agreements, the Pledgor hereby pledges all the equity interests held by him in Jingdong
360 as the guaranty for him and/or Jingdong 360’s performance of obligations under the Master Agreement. 

  

	(7)	 The Parties entered into an equity pledge agreement dated June 15, 2016 (the “Original
Contract”). The Parties wish to revise the Original Contract and replace it with this 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 Pledgor to the Pledgee. 

	 	1.2	 Pledged Equity Interests: means all the equity interests duly held by the Pledgor in Jingdong 360, i.e. 45%
equity interests of Jingdong 360, 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 Pledgor in accordance with this Agreement
specifying an Event of Default. 

  

	2.	 Pledge Right and Scope of Guaranty 

 

	 	2.1	 The Pledgor agrees to pledge all the Pledged Equity Interests to the Pledgee as the guaranty for his and/or
Jingdong 360’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. Jingdong 360 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. 

  

	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 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 Jingdong 360 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 Pledgor and/or Jingdong 360 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 Pledgor shall deliver the register of shareholders and capital contribution certificate of Jingdong 360
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 June 15, 2016. 

  

	5.	 Representations and Warranties of the Pledgor 

 

	 	5.1	 The Pledgor is the legal owner 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. 

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

  

	 	5.4	 The Pledgor has never 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 Pledgor covenants to the Pledgee as follows: 

 

	 	6.1.1	 Without prior written consent of the Pledgee, the Pledgor 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. 

  

	 	6.1.2	 The Pledgor 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 Pledgor 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 Pledgor under this Agreement or may influence the performance of obligations by the Pledgor hereunder.

  

	 	6.2	 The Pledgor agrees 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 Pledgor, or the successor or designated person of the Pledgor or any other person. 

 

	 	6.3	 The Pledgor warrants to the Pledgee that, in order to protect or consummate the guaranty provided by this
Agreement regarding the performance of the Master Agreement, the Pledgor 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 Pledgor undertakes to the Pledgee he will abide by and perform all representations, warranties and
undertakings to protect the interests of the Pledgee. The Pledgor shall indemnify the Pledgee any and all losses suffered by the Pledgee due to the Pledgor’s failure or partial failure in performance of his representations, warranties or
undertakings. 

  

	 	6.5	 The Pledgor covenants to the Pledgee that he assumes several and joint liabilities with respect to the
obligations hereunder. 

  

	 	6.6	 The Pledgor irrevocably agrees to waive the preemptive right with respect to the Pledged Equity Interests
pledged by other shareholders of Jingdong 360 to the Pledgee, as well as the transfer of equity interests due to the exercise of Pledge Right by the Pledgee. 

  
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	7.	 Event of Default 

 

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

 

	 	7.1.1	 Jingdong 360 fails to perform its obligations under the Master Agreement; 

 

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

  

	 	7.1.3	 The Pledgor breaches his covenants hereunder; 

 

	 	7.1.4	 The Pledgor breaches any provision hereof; 

 

	 	7.1.5	 Except that the Pledgor transfers the equity interests to the Pledgee or the Pledgee’s designated person
in accordance with the Exclusive Purchase Option Agreement, the Pledgor 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 Pledgor
(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 Pledgor to perform his obligations under this Agreement has
been impaired. 

  

	 	7.1.7	 The Pledgor fails to repay general debts or other liabilities; 

 

	 	7.1.8	 This Agreement is deemed to be illegal with promulgation of related laws, or the Pledgor 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 Pledgor, which makes the Pledgee reasonably believes
that the ability of the Pledgor to perform his obligations under this Agreement has been impaired. 

  

	 	7.1.11	 Successor of the Pledgor or Jingdong 360 can only perform part of, or refuses to perform, its obligations under
this Agreement. 

  

	 	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 Pledgor 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 Pledgor immediately following or any time after the occurrence of the Event of Default, to require the Pledgor and Jingdong 360 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, the Pledgor should not
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 Pledgor 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. 

  
 4 

	 	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 Pledgor undertakes to transfer all of his 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 Pledgor to the Pledgee according to the legal proceedings. 

 

	 	8.4	 When the Pledgee is disposing of the Pledge Right in accordance with this Agreement, the Pledgor should not
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 Pledgor has no right to grant or transfer any of his rights
and obligations hereunder. 

  

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

  

	 	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 has 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 Pledgor 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. 

 

	 	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 Pledgor and /or Jingdong 360 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 Jingdong 360 and related
deregistration formalities shall be proceeded with at the Administration for Industry and Commerce of the place where Jingdong 360 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 Pledgor. 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. 

  
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	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. 

  

	 	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 Agrement 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 BeijingArbitration 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 (7 ) 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 (4 ) 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:
	 	Room 201, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing
	 Attention:
	 	Lei Xu
	
	If to the Pledgor: Richard Qiangdong Liu
		
	 Address:
	 	***

  

	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. 

  
 6 

	 	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. 

  

	 	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] 

  
 7 

 (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. 
 (seal)

  

	
	 /s/ Beijing Jingdong Century Trade Co., Ltd.

	(Seal of Beijing Jingdong Century Trade
Co., Ltd.)                                       
 

 Party B: Richard Qiangdong Liu 
  

			
	By:	 	 /s/ Richard Qiangdong Liu

	
	Party C: Beijing Jingdong 360 Degree E-Commerce Co.,
Ltd.                                        

		
	By:	 	 /s/ Beijing Jingdong 360 Degree E-Commerce Co.,
Ltd.                                        

		 	(Seal of Beijing Jingdong 360 Degree E-Commerce Co., Ltd.)

 Signature page for the Amended and Restated Equity Pledge Agreement 

 Schedule 1: 

Register of Shareholders of Beijing Jingdong 360 Degree E-Commerce Co., Ltd. 

 

					
	 Name of Shareholder
	  	 Capital Contribution

Amount/Shareholding

Percentage
	  	 Registration of Pledge

	Richard Qiangdong Liu	  	 RMB1,314,000,000
  

45%
	  	In accordance with the Amended and Restated Equity Pledge Agreement by and among Richard Qiangdong Liu, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jingdong 360 Degree E-Commerce Co.,
Ltd. dated December 24, 2020, Richard Qiangdong Liu has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd.
			
	Yayun Li	  	 RMB876,000,000
  

30%
	  	In accordance with the Amended and Restated Equity Pledge Agreement by and among Yayun Li, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jingdong 360 Degree E-Commerce Co., Ltd. dated
December 24, 2020, Yayun Li has pledged all the equity interests held by her to Beijing Jingdong Century Trade Co., Ltd.
			
	Pang Zhang	  	 RMB730,000,000
  

25%
	  	In accordance with the Amended and Restated Equity Pledge Agreement by and among Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jingdong 360 Degree E-Commerce Co., Ltd. dated
December 24, 2020, Pang Zhang has pledged all the equity interests held by her to Beijing Jingdong Century Trade Co., Ltd.

  

	
	Beijing Jingdong 360 Degree E-Commerce Co., Ltd.
	(seal)
	
	(Seal of Beijing Jingdong 360 Degree E-Commerce Co., Ltd.)
	Legal representative (signature):
	Date: December 24, 2020

  
 9 

 Schedule 2: 

Beijing Jingdong 360 Degree E-Commerce Co., Ltd. 

Capital Contribution Certificate 

(No.: 001) 
 Company: Beijing Jingdong 360
Degree E-Commerce Co., Ltd. 
 Date of Incorporation: April 4, 2007 

Registered Capital: RMB2,920,000,000 
 Shareholder: Richard
Qiangdong Liu 
 Capital Contributed by Shareholder: RMB1,314,000,000 

In accordance with the Amended and Restated Equity Pledge Agreement by and among Richard Qiangdong Liu, Beijing Jingdong Century Trade Co., Ltd. and Beijing
Jingdong 360 Degree E-Commerce Co., Ltd. dated December 24, 2020, Richard Qiangdong Liu has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd. 

 

			
	Beijing Jingdong 360 Degree E-Commerce Co., Ltd.
	(seal)
	
	Signature:(Seal of Beijing Jingdong 360 Degree E-Commerce Co., Ltd.)
	Name:
	Title:	 	Legal representative
	Date:	 	December 24,
2020                                        

  
 10 

 Beijing Jingdong 360 Degree E-Commerce Co., Ltd.

 Capital Contribution Certificate 

(No.: 002) 
 Company: Beijing Jingdong 360
Degree E-Commerce Co., Ltd. 
 Date of Incorporation: April 4, 2007 

Registered Capital: RMB2,920,000,000 
 Shareholder: Yayun Li 

Capital Contributed by Shareholder: RMB876,000,000 
 In
accordance with the Amended and Restated Equity Pledge Agreement by and among Yayun Li, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jingdong 360 Degree E-Commerce Co., Ltd. dated December 24,
2020, Yayun Li has pledged all the equity interests held by her to Beijing Jingdong Century Trade Co., Ltd. 
  

			
	 Beijing Jingdong 360 Degree E-Commerce Co., Ltd.

(seal)

	
	Signature:(Seal of Beijing Jingdong 360 Degree E-Commerce Co., Ltd.)
	Name:
	Title:	 	Legal representative
	Date:	 	December 24, 2020

  
 11 

 Beijing Jingdong 360 Degree E-Commerce Co., Ltd.

 Capital Contribution Certificate 

(No.: 003) 
 Company: Beijing Jingdong 360
Degree E-Commerce Co., Ltd. 
 Date of Incorporation: April 4, 2007 

Registered Capital: RMB2,920,000,000 
 Shareholder: Pang Zhang

 Capital Contributed by Shareholder: RMB730,000,000 
 In
accordance with the Amended and Restated Equity Pledge Agreement by and among Pang Zhang, Beijing Jingdong Century Trade Co., Ltd. and Beijing Jingdong 360 Degree E-Commerce Co., Ltd. dated December 24,
2020, Pang Zhang has pledged all the equity interests held by him to Beijing Jingdong Century Trade Co., Ltd. 
  

			
	 Beijing Jingdong 360 Degree E-Commerce Co., Ltd.

(seal)

	
	Signature:(Seal of Beijing Jingdong 360 Degree E-Commerce Co., Ltd.)
	Name:
	Title:	 	Legal representative
	Date:	 	December 24, 2020

  
 12 

 Amended and Restated Equity Pledge Agreement 

This AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT, (this “Agreement”), dated December 24, 2020, 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 201, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing
		
	Party B:	  	Pang Zhang;
		
	Party C:	  	Beijing Jingdong 360 Degree E-Commerce Co., Ltd.
		  	Registered address: Room 222, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing

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

Whereas, 
  

	(1)	 Beijing Jingdong 360 Degree E-Commerce Co., Ltd. (“Jingdong
360”) is a limited liability company duly incorporated and validly existing under the PRC laws. 

  

	(2)	 The Pledgor holds 25% equity interests of Jingdong 360 (corresponding to the registered capital of
RMB730,000,000). 

  

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

  

	(4)	 The Pledgee and Jingdong 360 entered into an Amended and Restated Exclusive Technology Consulting and Service
Agreement (“Services Agreements”) on June 15, 2016. 

  

	(5)	 The Pledgor and the Pledgee entered into an Amended and Restated Loan Agreement on December 24, 2020
(“Loan Agreement”), and entered into an Amended and Restated Exclusive Purchase Option Agreement on December 24, 2020 (“Exclusive Purchase Option Agreement”). In addition, the Pledgor delivered the amended
Power of Attorney to the Pledgee on December 24, 2020 (“Power of Attorney”, together with the Services Agreements, Loan Agreement and Exclusive Purchase Option Agreement, collectively referred as “Master Agreement”).

  

	(6)	 In order to secure the Pledgor’s performance of his obligations under this Agreement, the Loan Agreement,
the Exclusive Purchase Option Agreement and the Power of Attorney, and in order to ensure Jingdong 360 to be able to perform its obligations under the Services Agreements, the Pledgor hereby pledges all the equity interests held by him in Jingdong
360 as the guaranty for him and/or Jingdong 360’s performance of obligations under the Master Agreement. 

  

	(7)	 The Parties entered into an equity pledge agreement dated June 15, 2016 (the “Original
Contract”). The Parties wish to revise the Original Contract and replace it with this 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 Pledgor to the Pledgee. 

  
 13 

	 	1.2	 Pledged Equity Interests: means all the equity interests duly held by the Pledgor in Jingdong 360, i.e. 25%
equity interests of Jingdong 360, 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 Pledgor in accordance with this Agreement
specifying an Event of Default. 

  

	2.	 Pledge Right and Scope of Guaranty 

 

	 	2.1	 The Pledgor agrees to pledge all the Pledged Equity Interests to the Pledgee as the guaranty for his and/or
Jingdong 360’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. Jingdong 360 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. 

  

	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 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 Jingdong 360 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 Pledgor and/or Jingdong 360 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 Pledgor shall deliver the register of shareholders and capital contribution certificate of Jingdong 360
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 June 15, 2016. 

  

	5.	 Representations and Warranties of the Pledgor 

 

	 	5.1	 The Pledgor is the legal owner 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.

  
 14 

	 	5.4	 The Pledgor has never 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 Pledgor covenants to the Pledgee as follows: 

 

	 	6.1.1	 Without prior written consent of the Pledgee, the Pledgor 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. 

  

	 	6.1.2	 The Pledgor 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 Pledgor 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 Pledgor under this Agreement or may influence the performance of obligations by the Pledgor hereunder.

  

	 	6.2	 The Pledgor agrees 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 Pledgor, or the successor or designated person of the Pledgor or any other person. 

 

	 	6.3	 The Pledgor warrants to the Pledgee that, in order to protect or consummate the guaranty provided by this
Agreement regarding the performance of the Master Agreement, the Pledgor 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 Pledgor undertakes to the Pledgee he will abide by and perform all representations, warranties and
undertakings to protect the interests of the Pledgee. The Pledgor shall indemnify the Pledgee any and all losses suffered by the Pledgee due to the Pledgor’s failure or partial failure in performance of his representations, warranties or
undertakings. 

  

	 	6.5	 The Pledgor covenants to the Pledgee that he assumes several and joint liabilities with respect to the
obligations hereunder. 

  

	 	6.6	 The Pledgor irrevocably agrees to waive the preemptive right with respect to the Pledged Equity Interests
pledged by other shareholders of Jingdong 360 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 a Event of Default: 

 

	 	7.1.1	 Jingdong 360 fails to perform its obligations under the Master Agreement; 

  
 15 

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

  

	 	7.1.3	 The Pledgor breaches his covenants hereunder; 

 

	 	7.1.4	 The Pledgor breaches any provision hereof; 

 

	 	7.1.5	 Except that the Pledgor transfers the equity interests to the Pledgee or the Pledgee’s designated person
in accordance with the Exclusive Purchase Option Agreement, the Pledgor 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 Pledgor
(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 Pledgor to perform his obligations under this Agreement has
been impaired. 

  

	 	7.1.7	 The Pledgor fails to repay general debts or other liabilities; 

 

	 	7.1.8	 This Agreement is deemed to be illegal with promulgation of related laws, or the Pledgor 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 Pledgor, which makes the Pledgee reasonably believes
that the ability of the Pledgor to perform his obligations under this Agreement has been impaired. 

  

	 	7.1.11	 Successor of the Pledgor or Jingdong 360 can only perform part of, or refuses to perform, its obligations under
this Agreement. 

  

	 	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 Pledgor 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 Pledgor immediately following or any time after the occurrence of the Event of Default, to require the Pledgor and Jingdong 360 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, the Pledgor should not
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 Pledgor 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. 

  
 16 

	 	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 Pledgor undertakes to transfer all of his 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 Pledgor to the Pledgee according to the legal proceedings. 

 

	 	8.4	 When the Pledgee is disposing of the Pledge Right in accordance with this Agreement, the Pledgor should not
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 Pledgor has no right to grant or transfer any of his rights
and obligations hereunder. 

  

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

  

	 	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 has 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 Pledgor 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. 

 

	 	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 Pledgor and /or Jingdong 360 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 Jingdong 360 and related
deregistration formalities shall be proceeded with at the Administration for Industry and Commerce of the place where Jingdong 360 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 Pledgor. 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. 

  
 17 

	 	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 Agrement 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 BeijingArbitration 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 (7 ) 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 (4 ) 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:	  	Room 201, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing
	        Attention:	  	Lei Xu
	
	If to the Pledgor: Pang Zhang
	
	        Address: ***

  

	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. 

  
 18 

	 	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. 

  

	 	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] 

  
 19 

 (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.
	
	 /s/ Beijing Jingdong Century Trade Co., Ltd.

	(Seal of Beijing Jingdong Century Trade Co., Ltd.)
	
	Party B: Pang Zhang
		
	By:	 	 /s/ Pang Zhang

  

			
	Party C: Beijing Jingdong 360 Degree E-Commerce Co., Ltd.
		
	By:	 	 /s/ Beijing Jingdong 360 Degree E-Commerce Co., Ltd.

		 	(Seal of Beijing Jingdong 360 Degree E-Commerce Co., Ltd.)

 Signature page for the Amended and Restated Equity Pledge Agreement 

 Amended and Restated Equity Pledge Agreement 

This AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT, (this “Agreement”), dated December 24, 2020, 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 201, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing
		
	Party B:	  	Yayun Li;
		
	Party C:	  	Beijing Jingdong 360 Degree E-Commerce Co., Ltd.
		  	Registered address: Room 222, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing

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

Whereas, 
  

	(1)	 Beijing Jingdong 360 Degree E-Commerce Co., Ltd. (“Jingdong
360”) is a limited liability company duly incorporated and validly existing under the PRC laws. 

  

	(2)	 The Pledgor holds 30% equity interests of Jingdong 360 (corresponding to the registered capital of
RMB876,000,000). 

  

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

  

	(4)	 The Pledgee and Jingdong 360 entered into an Amended and Restated Exclusive Technology Consulting and Service
Agreement (“Services Agreements”) on June 15, 2016. 

  

	(5)	 The Pledgor and the Pledgee entered into an Amended and Restated Loan Agreement on December 24, 2020
(“Loan Agreement”), and entered into an Amended and Restated Exclusive Purchase Option Agreement on December 24, 2020 (“Exclusive Purchase Option Agreement”). In addition, the Pledgor delivered the amended
Power of Attorney to the Pledgee on December 24, 2020 (“Power of Attorney”, together with the Services Agreements, Loan Agreement and Exclusive Purchase Option Agreement, collectively referred as “Master Agreement”).

  

	(6)	 In order to secure the Pledgor’s performance of his obligations under this Agreement, the Loan Agreement,
the Exclusive Purchase Option Agreement and the Power of Attorney, and in order to ensure Jingdong 360 to be able to perform its obligations under the Services Agreements, the Pledgor hereby pledges all the equity interests held by him in Jingdong
360 as the guaranty for him and/or Jingdong 360’s performance of obligations under the Master Agreement. 

  

	(7)	 The Parties entered into an equity pledge agreement dated June 15, 2016 (the “Original
Contract”). The Parties wish to revise the Original Contract and replace it with this 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 Pledgor to the Pledgee. 

  
 21 

	 	1.2	 Pledged Equity Interests: means all the equity interests duly held by the Pledgor in Jingdong 360, i.e. 30%
equity interests of Jingdong 360, 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 Pledgor in accordance with this Agreement
specifying an Event of Default. 

  

	2.	 Pledge Right and Scope of Guaranty 

 

	 	2.1	 The Pledgor agrees to pledge all the Pledged Equity Interests to the Pledgee as the guaranty for his and/or
Jingdong 360’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. Jingdong 360 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. 

  

	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 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 Jingdong 360 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 Pledgor and/or Jingdong 360 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 Pledgor shall deliver the register of shareholders and capital contribution certificate of Jingdong 360
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 June 15, 2016. 

  

	5.	 Representations and Warranties of the Pledgor 

 

	 	5.1	 The Pledgor is the legal owner 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.

  
 22 

	 	5.4	 The Pledgor has never 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 Pledgor covenants to the Pledgee as follows: 

 

	 	6.1.1	 Without prior written consent of the Pledgee, the Pledgor 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. 

  

	 	6.1.2	 The Pledgor 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 Pledgor 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 Pledgor under this Agreement or may influence the performance of obligations by the Pledgor hereunder.

  

	 	6.2	 The Pledgor agrees 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 Pledgor, or the successor or designated person of the Pledgor or any other person. 

 

	 	6.3	 The Pledgor warrants to the Pledgee that, in order to protect or consummate the guaranty provided by this
Agreement regarding the performance of the Master Agreement, the Pledgor 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 Pledgor undertakes to the Pledgee he will abide by and perform all representations, warranties and
undertakings to protect the interests of the Pledgee. The Pledgor shall indemnify the Pledgee any and all losses suffered by the Pledgee due to the Pledgor’s failure or partial failure in performance of his representations, warranties or
undertakings. 

  

	 	6.5	 The Pledgor covenants to the Pledgee that he assumes several and joint liabilities with respect to the
obligations hereunder. 

  

	 	6.6	 The Pledgor irrevocably agrees to waive the preemptive right with respect to the Pledged Equity Interests
pledged by other shareholders of Jingdong 360 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 a Event of Default: 

 

	 	7.1.1	 Jingdong 360 fails to perform its obligations under the Master Agreement; 

  
 23 

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

  

	 	7.1.3	 The Pledgor breaches his covenants hereunder; 

 

	 	7.1.4	 The Pledgor breaches any provision hereof; 

 

	 	7.1.5	 Except that the Pledgor transfers the equity interests to the Pledgee or the Pledgee’s designated person
in accordance with the Exclusive Purchase Option Agreement, the Pledgor 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 Pledgor
(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 Pledgor to perform his obligations under this Agreement has
been impaired. 

  

	 	7.1.7	 The Pledgor fails to repay general debts or other liabilities; 

 

	 	7.1.8	 This Agreement is deemed to be illegal with promulgation of related laws, or the Pledgor 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 Pledgor, which makes the Pledgee reasonably believes
that the ability of the Pledgor to perform his obligations under this Agreement has been impaired. 

  

	 	7.1.11	 Successor of the Pledgor or Jingdong 360 can only perform part of, or refuses to perform, its obligations under
this Agreement. 

  

	 	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 Pledgor 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 Pledgor immediately following or any time after the occurrence of the Event of Default, to require the Pledgor and Jingdong 360 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, the Pledgor should not
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 Pledgor 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. 

  
 24 

	 	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 Pledgor undertakes to transfer all of his 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 Pledgor to the Pledgee according to the legal proceedings. 

 

	 	8.4	 When the Pledgee is disposing of the Pledge Right in accordance with this Agreement, the Pledgor should not
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 Pledgor has no right to grant or transfer any of his rights
and obligations hereunder. 

  

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

  

	 	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 has 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 Pledgor 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. 

 

	 	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 Pledgor and /or Jingdong 360 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 Jingdong 360 and related
deregistration formalities shall be proceeded with at the Administration for Industry and Commerce of the place where Jingdong 360 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 Pledgor. 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. 

  
 25 

	 	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 Agrement 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 BeijingArbitration 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 (7 ) 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 (4 ) 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:	  	Room 201, Building C, No. 18, Kechuang 11 Street, Beijing Economic and Technological Development Zone, Beijing
	Attention:	  	Lei Xu

 If to the Pledgor: Yayun Li 
  

			
	Address:	  	***

  

	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. 

  
 26 

	 	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. 

  

	 	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] 

  
 27 

 (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. 
  

			
	 /s/ Beijing Jingdong Century Trade Co., Ltd.

	(Seal of Beijing Jingdong Century Trade Co., Ltd.)
	
	Party B: Yayun Li                               
                                         
            
		
	By:	 	 /s/ Yayun
Li                                         
                   

	
	Party C: Beijing Jingdong 360 Degree E-Commerce Co., Ltd.
		
	By:	 	 /s/ Beijing Jingdong 360 Degree E-Commerce Co., Ltd.

		 	(Seal of Beijing Jingdong 360 Degree E-Commerce Co., Ltd.)

  
 Signature page for the
Amended and Restated Equity Pledge AgreementEX-4.6

 Exhibit 4.6 

Power of Attorney 
 The undersigned,
Richard Qiangdong Liu, a citizen of the People’s Republic of China (the “PRC”) and a holder of 45% of the equity interests of Beijing Jingdong 360 Degree E-Commerce Ltd. (the “Beijing
Company”) (corresponding to the registered capital of RMB1,314,000,000, the “Shareholding”), hereby irrevocably authorizes any natural person appointed by Beijing Jingdong Century Trade Co., Ltd. (the “WFOE”) to
exercise the following rights during the term of this Power of Attorney: 
 Any natural person appointed by the WFOE is hereby authorized to exercise on
behalf of the undersigned as his sole and exclusive agent the rights in respect of the Shareholding including without limitation: (1) attend shareholders’ meeting of the Beijing Company and sign resolutions thereof on behalf of the
undersigned; (2) exercise all rights of the undersigned as a shareholder of the Beijing Company according to laws and the articles of association of the Beijing Company, including without limitation the rights to vote and to sell, transfer,
pledge or dispose all or any part of the Shareholding; and (3) designate and appoint on behalf of the undersigned the legal representative, chairperson, director, supervisor, chief executive officer and any other senior management of the
Beijing Company. 
 Subject to the powers and authorities provided under this Power of Attorney, any natural person appointed by the WFOE will have the
right to sign on behalf of the undersigned any transfer agreement contemplated under the Amended and Restated Exclusive Purchase Option Agreement to which the undersigned will be a party, and to perform the Amended and Restated Equity Pledge
Agreement and the Amended and Restated Exclusive Purchase Option Agreement, each of which is dated the date hereof and to which the undersigned is a party. Exercise of such right will not have any restriction upon this Power of Attorney. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to transfer, apply or otherwise dispose any
cash dividend, bonus and any other non-cash gain arising from the Shareholding on reliance of any oral or written instruction from the undersigned. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to take any action regarding the Shareholding
according to his/her own judgment without any oral or written instruction from the undersigned. 
 Any and all the actions associated with the Shareholding
made by any natural person appointed by the WFOE will be deemed as the action of the undersigned, and any and all documents relating to the Shareholding executed by any natural person appointed by the WFOE shall be deemed to be executed and
acknowledged by the undersigned. 
 Any natural person appointed by the WFOE may delegate this power of attorney by assigning his/her rights relating to the
conduct of the aforesaid matter and exercise of the Shareholding to any other person or entity at his/her own discretion without prior notice to or consent from the undersigned. 

This Power of Attorney is irrevocable and effective as of the date hereof as long as the undersigned is a shareholder of the Beijing Company. This Power of
Attorney supersedes any other power of attorney previously signed by the undersigned. 
 During the term of this Power of Attorney, the undersigned hereby
waives all of the rights associated with the Shareholding which have been authorized to any natural person appointed by the WFOE and will not exercise any such right by himself. 

 

			
	By:	 	 /s/ Richard Qiangdong Liu

	  
 Dated: December 24, 2020

 Power of Attorney 

The undersigned, Pang Zhang, a citizen of the People’s Republic of China (the “PRC”) and a holder of 25% of the equity interests of Beijing
Jingdong 360 Degree E-Commerce Ltd. (the “Beijing Company”) (corresponding to the registered capital of RMB730,000,000, the “Shareholding”), hereby irrevocably authorizes any natural person
appointed by Beijing Jingdong Century Trade Co., Ltd. (the “WFOE”) to exercise the following rights during the term of this Power of Attorney: 

Any natural person appointed by the WFOE is hereby authorized to exercise on behalf of the undersigned as his sole and exclusive agent the rights in respect
of the Shareholding including without limitation: (1) attend shareholders’ meeting of the Beijing Company and sign resolutions thereof on behalf of the undersigned; (2) exercise all rights of the undersigned as a shareholder of the
Beijing Company according to laws and the articles of association of the Beijing Company, including without limitation the rights to vote and to sell, transfer, pledge or dispose all or any part of the Shareholding; and (3) designate and
appoint on behalf of the undersigned the legal representative, chairperson, director, supervisor, chief executive officer and any other senior management of the Beijing Company. 

Subject to the powers and authorities provided under this Power of Attorney, any natural person appointed by the WFOE will have the right to sign on behalf of
the undersigned any transfer agreement contemplated under the Amended and Restated Exclusive Purchase Option Agreement to which the undersigned will be a party, and to perform the Amended and Restated Equity Pledge Agreement and the Amended and
Restated Exclusive Purchase Option Agreement, each of which is dated the date hereof and to which the undersigned is a party. Exercise of such right will not have any restriction upon this Power of Attorney. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to transfer, apply or otherwise dispose any
cash dividend, bonus and any other non-cash gain arising from the Shareholding on reliance of any oral or written instruction from the undersigned. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to take any action regarding the Shareholding
according to his/her own judgment without any oral or written instruction from the undersigned. 
 Any and all the actions associated with the Shareholding
made by any natural person appointed by the WFOE will be deemed as the action of the undersigned, and any and all documents relating to the Shareholding executed by any natural person appointed by the WFOE shall be deemed to be executed and
acknowledged by the undersigned. 
 Any natural person appointed by the WFOE may delegate this power of attorney by assigning his/her rights relating to the
conduct of the aforesaid matter and exercise of the Shareholding to any other person or entity at his/her own discretion without prior notice to or consent from the undersigned. 

This Power of Attorney is irrevocable and effective as of the date hereof as long as the undersigned is a shareholder of the Beijing Company. This Power of
Attorney supersedes any other power of attorney previously signed by the undersigned. 
 During the term of this Power of Attorney, the undersigned hereby
waives all of the rights associated with the Shareholding which have been authorized to any natural person appointed by the WFOE and will not exercise any such right by himself. 

 

			
	By:	 	 /s/ Pang Zhang

	  
 Dated: December 24, 2020

  
 2 

 Power of Attorney 

The undersigned, Yayun Li, a citizen of the People’s Republic of China (the “PRC”) and a holder of 30% of the equity interests of Beijing
Jingdong 360 Degree E-Commerce Ltd. (the “Beijing Company”) (corresponding to the registered capital of RMB876,000,000, the “Shareholding”), hereby irrevocably authorizes any natural person
appointed by Beijing Jingdong Century Trade Co., Ltd. (the “WFOE”) to exercise the following rights during the term of this Power of Attorney: 

Any natural person appointed by the WFOE is hereby authorized to exercise on behalf of the undersigned as his sole and exclusive agent the rights in respect
of the Shareholding including without limitation: (1) attend shareholders’ meeting of the Beijing Company and sign resolutions thereof on behalf of the undersigned; (2) exercise all rights of the undersigned as a shareholder of the
Beijing Company according to laws and the articles of association of the Beijing Company, including without limitation the rights to vote and to sell, transfer, pledge or dispose all or any part of the Shareholding; and (3) designate and
appoint on behalf of the undersigned the legal representative, chairperson, director, supervisor, chief executive officer and any other senior management of the Beijing Company. 

Subject to the powers and authorities provided under this Power of Attorney, any natural person appointed by the WFOE will have the right to sign on behalf of
the undersigned any transfer agreement contemplated under the Amended and Restated Exclusive Purchase Option Agreement to which the undersigned will be a party, and to perform the Amended and Restated Equity Pledge Agreement and the Amended and
Restated Exclusive Purchase Option Agreement, each of which is dated the date hereof and to which the undersigned is a party. Exercise of such right will not have any restriction upon this Power of Attorney. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to transfer, apply or otherwise dispose any
cash dividend, bonus and any other non-cash gain arising from the Shareholding on reliance of any oral or written instruction from the undersigned. 

Unless otherwise provided under this Power of Attorney, any natural person appointed by the WFOE has the right to take any action regarding the Shareholding
according to his/her own judgment without any oral or written instruction from the undersigned. 
 Any and all the actions associated with the Shareholding
made by any natural person appointed by the WFOE will be deemed as the action of the undersigned, and any and all documents relating to the Shareholding executed by any natural person appointed by the WFOE shall be deemed to be executed and
acknowledged by the undersigned. 
 Any natural person appointed by the WFOE may delegate this power of attorney by assigning his/her rights relating to the
conduct of the aforesaid matter and exercise of the Shareholding to any other person or entity at his/her own discretion without prior notice to or consent from the undersigned. 

This Power of Attorney is irrevocable and effective as of the date hereof as long as the undersigned is a shareholder of the Beijing Company. This Power of
Attorney supersedes any other power of attorney previously signed by the undersigned. 
 During the term of this Power of Attorney, the undersigned hereby
waives all of the rights associated with the Shareholding which have been authorized to any natural person appointed by the WFOE and will not exercise any such right by himself. 

 

			
	By:	 	 /s/ Yayun Li

	  
 Dated: December 24, 2020

  
 3

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