Document:

Equity Pledge Agreement, dated June 8, 2007

 Exhibit 10.8 
 ENGLISH TRANSLATION 

 Equity Pledge Agreement

 THIS EQUITY PLEDGE AGREEMENT (“this Agreement”) is entered into by the parties below in Shenzhen, the People’s Republic of China on and
as of June 8, 2007: 
 Pledgor A: Xu Dong 
 ID Card
No.: 110108196611048978 
 Address: A4-4A Cuihai Garden, Qiaoxiang Road, Futian District, Shenzhen 
 Pledgor B: Tang Benguo 
 ID Card No.: 110108196509078919

 Address: A4-8A Cuihai Garden, Qiaoxiang Road, Futian District, Shenzhen 
 Pledgee: Noah Education Technology (Shenzhen) Co., Ltd. 
 Domicile: B1002 Tian An Hi-tech Venture Park
Building, Chegongmiao, Futian District, Shenzhen 
 Except as specifically otherwise set forth below, Pledgor A and B Pledgor B are hereinafter collectively
referred to as “the Pledgors”. 
 WHEREAS: 
  

	I.	Shenzhen Zhiyuan Noah Internet Technology Co., Ltd. (“Zhiyuan Technology”) is a limited liability company incorporated in Shenzhen, the People’s Republic of China
(“China”) and validly existing under Chinese laws, which is mainly engaged in Internet information service, user service, website making, etc; 

  

	II.	Pledgor A and Pledgor B hold 51% and 49% equities of Zhiyuan Technology respectively on the signing date of this Agreement; 

  

	III.	Pledgee is a wholly foreign-owned enterprise incorporated in Shenzhen, China and validly existing under Chinese laws 

  

	IV.	Pledgee and Pledgors have signed the agreements listed in Annex 1 attached below (“Agreements Listed in Annex 1”) on June 8, 2007; and 

  

	V.	In order to ensure that Pledgors and/or Zhiyuan Technology perform all obligations under the Agreements Listed in Annex 1, Pledgors agree to use their equities in Zhiyuan Technology
as the guaranty for their performance of the Agreements Listed in Annex 1, and Pledgee agrees to accept such guaranty, subject to the terms and conditions of this Agreement. 

 NOW, THEREFORE, through negotiations, Pledgors and Pledgee (“Parties”) hereby agree as follows: 
  

	1.	Definitions 

 Unless the context otherwise requires,
the following terms whenever used in this Agreement shall have the following meanings: 
  

	 	1.1	Pledged Equity: mean the 51% and 49% equities legally held by Pledgor A and Pledgor B in Zhiyuan Technology respectively, together with all rights and proceeds relating to such
equities (including, but not limited to, bonus, etc under Pledged Equity). 

  

	 	1.2	Guaranteed Liabilities: mean the obligations or liabilities incurred by Pledgors under the Agreements Listed in Annex 1 (including the renewals of and amendments and supplements to
such agreements), including, but not limited to, the consulting service fee, content fee, development and maintenance expenses, interest, liquidated damages, compensation, expenses from realization of claims, losses caused to Pledgee by
Pledgors’ breach and all other expenses payable by Pledgors to Pledgee arising out of the Agreements Listed in Annex 1. 

  

	2.	Equity Pledge 

  

	 	2.1	In order to guarantee that Pledgors and/or Zhiyuan Technology perform all obligations and liabilities payable to Pledgee under the Agreements Listed in Annex 1, Pledgors agree to
pledge the Pledged Equity under this Agreement to Pledgee and Pledgee agrees to accept such equity pledge guaranty, subject to the terms and conditions of this Agreement. 

  

	3.	Scope of Guaranty 

  

	 	3.1	The scope of guaranty under this Agreement covers the Guaranteed Liabilities as defined in Article 1.2 hereof. 

  

	4.	Term and Registration of Pledge 

  

	 	4.1	Term of pledge shall be counted from the date when the pledge of the Pledged Equity under this Agreement is recorded in the roster of shareholders of Zhiyuan Technology and
determined according to the Agreements Listed in Annex 1. In case the terms of agreements are different, term of pledge shall be the term of the agreement which expires at the latest. 

  

	 	4.2	Within 15 workdays after this Agreement becomes effective, Pledgors shall, according to Article 4.1 hereof, cause Zhiyuan Technology to record the pledge of Pledged Equity under
this Agreement in its roster of shareholders and handle relevant industrial and commercial procedures for the recording. 

  

	 	4.3	If the records of pledge change and changes need to be recorded in accordance with law, Pledgors and Pledgee shall complete the change procedures of the roster of shareholders and
relevant industrial and commercial change procedures within 15 workdays after record changes. 

  

	5.	Custody of Pledge Vouchers 

  

	 	5.1	Within 15 workdays after this Agreement becomes effective, Pledgors shall deliver the certificates of capital contributions to Zhiyuan Technology and roster of shareholders to
Pledgee for custody. 

  

	6.	Representations and Warranties by Pledgors 

  

	 	6.1	Pledgors are Chinese natural persons with a full civil capacity and have the right to execute this Agreement and exercise and perform their rights and obligations under this
Agreement. 

  

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	 	6.2	The execution and performance of this Agreement by Pledgors are an expression of their true intentions and have been duly authorized. This Agreement is a legal and valid obligation
enforceable against them in accordance with its provisions. 

  

	 	6.3	The execution and performance of this Agreement by Pledgors do not violate or conflict with the articles of association and internal rules of Zhiyuan Technology, contracts with
third parties, relevant Chinese laws and regulations, approvals, authorizations, consents and permits of relevant Chinese competent departments, and court rulings and orders. 

  

	 	6.4	Pledgors are the sole legal owner of the Pledged Equity, have paid up all their respective capital contributions in accordance with law, have obtained the capital verification
report issued by a qualified accounting firm and have the right to set prioritized right of pledge on the Pledged Equity for Pledgee. The Pledged Equity is free of any ownership dispute, right of mortgage or other security interest for any third
person, any trust or restrictive use condition, is not sequestrated, frozen or managed by any third party as a receiver in accordance with law and is exempt from actions, enforcements, enforcement measures or other legal proceedings.

  

	 	6.5	Pledgors have no continued defaults or potential defaults under this Agreement and have no such risks to their knowledge. Under the other contracts to which Pledgors are party,
Pledgors have no continued defaults or potential defaults that are likely to have an adverse material impact on Pledgors, and have no such risks to their knowledge. 

  

	 	6.6	Pledgors have complied with and performed all relevant obligations under applicable laws and also complied with all applicable authorizations and permits. Pledgors are not involved
in any act that violates relevant laws, regulations or rules and is possible to result in an adverse material impact upon the legality, validity, performance and enforceability of this Agreement. 

  

	 	6.7	There are no legal proceedings or administrative proceedings instituted against Pledgors or their Pledged Equity by or at any court, arbitration tribunal or government or other
agency, and there are no such risks to Pledgors’ knowledge. 

  

	 	6.8	All the information disclosed by Pledgors to Pledgee (including documents, materials, statements, vouchers, etc) are true, complete, accurate, effective and reasonable and free of
false or misleading information or any significant issue that needs to be disclosed, but is not disclosed. 

  

	7.	Undertakings by Pledgors 

  

	 	7.1	Within the term of this Agreement, Pledgors undertake to Pledgee that: 

  

	 	7.1.1	Without Pledgee’s prior written consent, Pledgors will not set any other guaranty (whether prioritized than the pledge under this Agreement or not) or other restrictive
condition on all or part of the Pledged Equity. 

  

	 	7.1.2	 Without Pledgee’s prior written consent, Pledgors will not sell, lease, 

  

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lend, transfer, assign, donate, re-mortgage, put under custody of, use for share purchase or otherwise dispose of all or part of the Pledged Equity;

  

	 	7.1.3	Pledgors will not use or permit others to use the Pledged Equity to be engaged in any act or event violating laws or this Agreement; and 

  

	 	7.1.4	After Pledgors receive any notice, order, ruling, judgment or other document relating to the Pledged Equity issued by any Chinese government agency, judicial organ or arbitration
organization, they will forthwith inform Pledgee and within the term specified by law, take all necessary actions to lower the risk as may be caused by such notice, order or other document to Pledged Equity. Pledgors will institute an actions,
arbitration or administrative action in respect of such notice, order or other document, as Pledgee deems necessary, and bear relevant expenses. 

  

	 	7.2	Pledgors further agree that the rights of Pledgee under the provisions of this Agreement will not be interrupted or hindered by Pledgors or any of their successors or principals or
any other person through legal proceedings. 

  

	 	7.3	Pledgors warrant to Pledgee that in order to protect or improve the guaranty for the repayment of the Guaranteed Liabilities under this Agreement, Pledgors will execute in good
faith and cause other interested persons relating to right of pledge to execute all right certificates and contracts required by Pledgee and/or perform and cause other interested persons to perform the acts required by Pledgee, provide convenience
for the exercise of the rights and authority granted to Pledgee under this Agreement, sign all change documents of equity certificates with Pledgee and the natural persons or legal persons designated by it and within a reasonable period, provide to
Pledgee all notices, orders and decisions about right of pledge as it deems necessary. Pledgors warrant to Pledgee that in order to ensure Pledgee’s interests, they will comply with and perform all warranties, undertakings, agreements,
representations and conditions. Where Pledgors do not perform, in whole or in part, its warranties, undertakings, agreements, representations and conditions, Pledgors shall compensate all losses thus incurred to Pledgee. 

  

	8.	Defaults 

  

	 	8.1	The following matters are deemed as defaults under this Agreement: 

  

	 	8.1.1	Pledgors fail to perform any of their obligations under the Agreements Listed in Annex 1 in time and in full or to pay any Guaranteed Liabilities on time and in full;

  

	 	8.1.2	Any representation or warranty of Pledgors under Article 6 contains false, fraudulent or misleading statement or errors; 

  

	 	8.1.3	Pledgors violate any undertaking under Article 7 above; 

  

	 	8.1.4	Pledgors refuse to handle or intentionally delay the registration and recording procedures of the pledge under this Agreement, and fail to make correction within 10 days of
Pledgee’s written request; 

  

	 	8.1.5	Pledgors violate any other provision of this Agreement; 

  

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	 	8.1.6	Pledgors’ borrowing, guaranty, compensation, undertaking or other liabilities (1) are requested to be repaid or performed in advance due to a default; or (2) are due
but cannot be repaid or performed on time, which, at the reasonable discretion of Pledgee, has an adverse material effect on Pledgors’ ability of performing the obligations under this Agreement; 

  

	 	8.1.7	The promulgation of relevant laws and regulations and Pledgors’ faults (including omissions) make this Agreement invalid, voidable or unenforceable, or Pledgors cannot continue
to perform their obligations under this Agreement in time and in full; 

  

	 	8.1.8	Due to Pledgors’ faults (including omission), all government consents, permits, approvals, registrations or authorizations necessary for this Agreement to be enforceable, legal
or effective are withdrawn, terminated, invalid or materially adversely modified; 

  

	 	8.1.9	The properties owned by Pledgors have significant adverse changes, which, at the reasonable discretion of Pledgee, has an adverse material effect on Pledgors’ ability of
performing the obligations under this Agreement; 

  

	 	8.1.10	Pledgors’ successor or custodian can only perform part of refuses to perform the paying liabilities under the Agreements Listed in Annex 1; 

  

	 	8.1.11	The default by Pledgors due to their violation or omission of the other provisions of this Agreement; 

  

	 	8.1.12	Due to Pledgors’ faults (including omissions), Pledgee cannot exercise right of pledge in accordance with relevant law or regulations. 

  

	 	8.2	If Pledgors know or should know that any matter as stated in Article 8.1 hereof or any event possibly resulting in any of the above matters has occurred, they shall inform Pledgee
in writing in time. 

  

	 	8.3	Unless Pledgors take the action to Pledgee’s satisfaction to correct the defaults as listed in Article 8.1 hereof, Pledgee may give a written notice about the exercising of
right of pledge to Pledgors when defaults occur or at any time thereafter, requiring to dispose of the Pledged Equity according to the provisions of this Agreement. 

  

	 	8.4	The clauses about defaults under this Agreement shall not affect the exercise by the Parties of the other remedies under currently applicable Chinese laws and regulations.

  

	9.	Exercise of Right of Pledge 

  

	 	9.1	Subject to the provisions in Article 8.3, Pledgee may dispose of the Pledged Equity while it gives a notice about the exercise of right of pledge or at any time thereafter.

  

	 	9.2	Pledgee shall be entitled to dispose of all or part of the Pledged Equity under this Agreement (including, but not limited to, converting Pledge Equity into money at an agreed price
or auctioning or selling Pledged Equity in accordance with law) pursuant to statutory procedures and be first compensated with the proceeds from such disposal until all Guaranteed Liabilities are paid up. 

  

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	 	9.3	When Pledgee disposes of Pledged Equity according to this Agreement, Pledgors shall render necessary assistance and not set barriers so that Pledgee realizes its right of pledge.

  

	10.	Assignment 

  

	 	10.1	Without Pledgee’s prior written consent, Pledgors shall not assign all or part of their rights and/or obligations under this Agreement to any third party.

  

	 	10.2	This Agreement shall bind upon Pledgors and their successors and inure to the benefit of Pledgee and each of its successors and assigns. 

  

	 	10.3	Pledgee may, at any time, assign all or part of its rights and/or obligations under the Agreements Listed in Annex 1 to the natural person or legal person designated by it. In this
case, under this Agreement, such assignee shall have the same rights and obligations as those of Pledgee. Pledgors shall not make any objection thereto. 

  

	 	10.4	After pledgee is changed due to such assignment, the new parties to pledge shall sign a new pledge agreement in the format of this Agreement. 

  

	11.	Termination 

 Until all Guaranteed Liabilities are
paid up and Pledgors have fully performed the obligations under the Agreements Listed in Annex 1, this Pledge Agreement is terminated. In this case, Pledgee shall have the pledge registration cancelled as far as reasonably practicable. 

 

	12.	Handling Charges and Other Expenses 

  

	 	12.1	Any and all expenses in connection with this Agreement, including, but not limited to, lawyer’s expenses, costs, stamp tax and all other taxes and charges, shall be borne by
Pledgors and Pledgee respectively in accordance with Chinese laws and regulations, and in case of no specific stipulation, borne by Pledgors. 

  

	 	12.2	In the event that Pledgors fail to pay any tax or expenses payable by them in accordance with the provisions of this Agreement, or for other reasons, Pledgee is entitled to take all
possible remedies, all expenses thus incurred (including, without limitation, taxes, handling charges, management fee, legal expenses and lawyer’s expenses in connection with the disposal of right of pledge, various insurance premiums, etc)
shall be borne by Pledgors. 

  

	13.	Force Majeure 

  

	 	13.1	An Event of Force Majeure means any event that is beyond the reasonable control of any party and unavoidable or unpreventable after the prevented party gives due attention,
including, but not limited to, government act, fire, explosion, geographical change, storm, flood, earthquake, tide, lightning or war, but insufficiency of credit standing, funds or financing shall not be deemed as an Event of Force Majeure. The
party seeking the exemption from its liabilities under this Agreement or any provision thereof owing to an Event of Force Majeure shall, without undue delay, inform the other party of such exemption and the steps needing to be taken to perform its
liabilities. 

  

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	 	13.2	Should the performance of this Agreement be delayed or hindered due to any Event of Force Majeure as defined above, the prevented party shall be exempt from any liability under this
Agreement to the extent of the portion being delayed or hindered, provided, however, that the prevented party makes all reasonable efforts to perform this Agreement or reduce the impact of such Event of Force Majeure. Once the cause for such
exemption is corrected and remedied, the Parties agree to do their best to resume the performance of this Agreement. 

  

	14.	Dispute Resolution 

  

	 	14.1	This Agreement shall be governed by and construed in accordance with the laws of the People’s Republic of China. 

  

	 	14.2	Any dispute arising in connection with the interpretation and performance of the provisions of this Agreement shall be settled by the Parties in good faith and through amicable
negotiations. In case no settlement can be reached by the Parties, any 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 Shenzhen and language of proceedings shall be Chinese. The arbitral award shall be final and binding upon the Parties. 

  

	15.	Notices 

 Any notice or other communications
required to be made under or pursuant to this Agreement shall be written in Chinese and deemed to be received when delivered to the following addressees by hand delivery, registered or certified mail (postage prepaid), recognized courier service or
fax: 
 If to Pledgee: Noah Education Technology (Shenzhen) Co., Ltd. 
 Address: B1002 Tian An Hi-tech Venture Park Building, Chegongmiao, Futian 
 District, Shenzhen 
 Fax: 755-82049670 
 Tel.: 755-83432800 
 If to Pledgor A: Xu Dong

 Address: A4-4A Cuihai Garden, Qiaoxiang Road, Futian District, Shenzhen 
 Tel.: 755-83432801 
 If to Pledgor B: Tang
Benguo 
 Address: A4-8A Cuihai Garden, Qiaoxiang Road, Futian District, Shenzhen 
 Tel.: 755-83432802 
  

	16.	Alteration, Termination and Interpretation 

  

	 	16.1	This Agreement may be amended, supplemented or terminated if the Parties reach a written agreement and obtain necessary authorizations and approvals. All the annexes, appendixes,
amendments and supplements to this Agreement shall form an integral part of this Agreement. 

  

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	 	16.2	The provisions of this Agreement are independent of and separate from each other and the invalidity of any provision shall not affect the validity of the other provisions of this
Agreement. 

  

	17.	Effectiveness and Miscellaneous 

  

	 	17.1	This Agreement shall be signed and go into effect as of the date first above written. 

  

	 	17.2	This Agreement is made in Chinese in three copies, of which one copy is held by each of the Parties. 

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

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 [Signing page] 
 Pledgor A: Xu Dong 
  

							
	 /s/ Xu Dong
	 	(signature)	 		 	
		 		 		 	

 Pledgor B: Tang Benguo 
  

							
	 /s/ Tang Benguo
	 	(signature)	 		 	
		 		 		 	

 Pledgee: Noah Education Technology (Shenzhen) Co., Ltd. (Seal) 
  

									
	Legal representative (authorized representative):	 	 /s/ Xiao Xianquan
	 	(signature)	 		 	
		 		 		 		 	

  

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 Annex 1: 
 Content Services Agreement 
 Software
Development and Maintenance Agreement 
 Exclusive Technical Support and Consulting Services Agreement 
  

 10Option Agreement, dated June 8, 2007

 Exhibit 10.9 
 ENGLISH TRANSLATION 
 Call Option Agreement 
 THIS CALL OPTION AGREEMENT (“this Agreement”) is entered into by the parties below in Shenzhen on and as of June 8, 2007: 
 Party A: Noah Education Technology (Shenzhen) Co., Ltd., 
 Address:
B1002 Tian An Hi-tech Venture Park Building, Chegongmiao, Futian District, Shenzhen 
 Party B: Xu Dong 
 ID Card No.: 110108196611048978 
 Address: A4-4A Cuihai Garden,
Qiaoxiang Road, Futian District, Shenzhen 
 Party C: Tang Benguo 
 ID Card No.: 110108196509078919 
 Address: A4-8A Cuihai Garden, Qiaoxiang Road, Futian District, Shenzhen 
 WHEREAS: 
  

	1.	Shenzhen Zhiyuan Noah Internet Technology Co., Ltd. (“Zhiyuan Technology”) is a limited liability company incorporated in accordance with Chinese laws, whose registered
address is: B1003 Tian An Hi-tech Venture Park Building, Chegongmiao, Futian District, Shenzhen; 

  

	2.	As of the signing date of this Agreement, Party B and Party C hold the 51% and 49% equities of Zhiyuan Technology (“Target Equity”) respectively; 

 

	3.	Party B and Party C intends to grant to Party A an option so that Party A or any third party designated by it can purchase all equities held by Party B and/or Party C in Zhiyuan
Technology to the extent permitted by Chinese laws and at such a time as it deems appropriate (“Call Option”). 

 NOW,
THEREFORE, through friendly negotiations, all the parties (“Parties”) hereby agree as follows: 
  

	1	Granting of Call Option 

 Party B and Party C hereby
irrevocably grant to Party A the following rights: 
  

	 	1.1	Within 10 years after this Agreement becomes effective (“Exercise Term”), to the extent permitted by Chinese laws and regulations then in effect, Party A or any third
party designated by it shall have the option to purchase all or part of the Target Equity held by Party B and/or Party C in Zhiyuan Technology at the Exercise Price or a percentage thereof at any time according to the terms and conditions of this
Agreement. Party B and Party C agree to sign the equity transfer agreement with Party A or any third party designated by it in the format listed in Annex 1 attached hereto (“Equity Transfer Agreement”). 

	 	1.2	At any time during the Exercise Term, to the extent permitted by Chinese laws and regulations then in effect, Party A shall be entitled to request Party B and Party C to transfer
all or part of the Target Equity at the Exercise Price to Party A or any third party designated by it. 

  

	 	1.3	Within the Exercise Term, Party A or any third party designated by it shall be entitled to exercise the Call Option under this Agreement in any number of times until all the Target
Equity is transferred o Party A or any third party designated by it. 

  

	 	1.4	Subject to laws and after Party A gives an exercise notice (as set forth in Article 4.1 below), Party B and Party C shall unconditionally assist in performing the above procedures,
transfer all or part of the Target Equity to Party A or any third party designated by it and help Party A handle the examination & approval, permit, registration, filing and other procedures necessary for such equity transfer.

  

	 	1.5	Within the Exercise Term, in the event that the possession by Party B and/or Party C of the Target Equity will violate laws and administrative regulations, Party B and/or Party C
shall promptly give a written notice to Party A, explaining specific reasons. In this case, Party A will: (1) forthwith exercise the option according to Article 4.1; or (2) designate a suitable third party to purchase all or part of the
Target Equity held by Party B and/or Party C at the Exercise Price. 

  

	2	Consideration of Call Option 

 The consideration of the
Call Option under this Agreement is RMB 10,000. 
  

	3	Confirmation by other Shareholders 

 When Party A exercises
the option, Party B and/or Party C shall ensure that the other shareholders of Zhiyuan Technology approve the equity transfer under this Agreement and waive the preemptive right to purchase the Target Equity. 
  

	4	Exercise 

  

	 	4.1	Within the Exercise Term, to the extent permitted by Chinese laws and regulations then in effect, Party A may give an exercise notice (“Exercise Notice”) to Party B and/or
Party C, requesting to exercise its Call Option under this Agreement, purchase all or part of the Target Equity held by Party B and/or Party C or transfer the Target Equity to a third party designated by Party A. 

  

	 	4.2	Once Party B and/or Party C receives the Exercise Notice given by Party A according to Article 4.1, Party B and/or Party C shall forthwith: 

  

	 	4.2.1	Sign the equity transfer agreement with Party A and/or any third party designated by Party A pursuant to the requirements of the Exercise Notice and the format in Annex 1 attached
hereto; 

  

	 	4.2.2	Amend the articles of association of Zhiyuan Technology with Party A and/or any third party designated by Party A and the other shareholders of Zhiyuan Technology at that time
according to the provisions of equity transfer agreement; 

  

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	 	4.2.3	Cause the shareholders’ meeting of Zhiyuan Technology to approve the resolutions on the equity transfer under such exercise and the amendment of the articles of association of
Zhiyuan Technology; 

  

	 	4.2.4	Together with Party A and/or any third party designated by Party A and all the other shareholders of Zhiyuan Technology at that time, cause Zhiyuan Technology to submit the equity
transfer agreement and the amendment of the articles of association of Zhiyuan Technology to relevant examination and approval authorities, and assist in obtaining necessary approval; 

  

	 	4.2.5	Together with Party A and/or any third party designated by Party A and all the other shareholders of Zhiyuan Technology at that time, cause and assist Zhiyuan Technology to handle
relevant change registration procedures with its registration authorities; and 

  

	 	4.2.6	Handle all other matters necessary to complete this equity transfer. 

  

	5	Exercise Price 

 The Parties agree that except as otherwise
required by applicable laws, the price of the purchase by Party A of all the Target Equity is RMB 1,000,000 (“Exercise Price”). If Party A only purchases part of the Target Equity, the price is determined on a pro-rata basis. 

 

	6	Termination of Zhiyuan Technology 

 Party B and Party C
further undertake that they will not take any action that is likely to result in the termination of Zhiyuan Technology within the Exercise Term owing to its bankruptcy, dissolution or closedown based on the law. 
  

	7	Representations and Warranties by Party B and Party C 

 Party B and Party C represent and warrant to Party A that from the effective date of this Agreement through the date of completion of transfer of all the Target Equity to Party A: 
  

	 	7.1	Party B and Party C legally hold the Target Equity. 

  

	 	7.2	Party B and Party C have fully performed the obligations under the articles of association of Zhiyuan Technology and are free of any situation that may affect their legal status as
the shareholders of Zhiyuan Technology or any situation that may affect the exercise by Party A of the Call Option under this Agreement. 

  

	 	7.3	Except equity pledge consented to by Party A, any Target Equity held by Party B and Party C is free and clear of any form of security interest or any sequestration, or any dispute,
lawsuit, arbitration or any other administrative or judicial enforcement arrangement regarding such equity, and nobody may make any claim against such equity. 

  

	 	7.4	Party B and Party C have disclosed to Party A any and all data or information that may have an adverse material effect upon the ability of Party B and Party C in performing the
obligations under this Agreement or upon Party A’s intention of signing this Agreement. 

 In addition, all representations
and warranties made to Party A under the Loan Agreement executed all the parties on June 8, 2007 are incorporated herein. 
  

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	8	Further Undertakings by Party B and Party C 

 Party B and
Party C undertake to Party A that: 
  

	 	8.1	Within the term of this Agreement, they will take all necessary actions to ensure that Zhiyuan Technology can timely obtain all business licenses and all business licenses remain in
force at any time. 

  

	 	8.2	Within the term of this Agreement, without Party A’s prior written consent: 

  

	 	8.2.1	Party B and Party C shall not transfer or otherwise dispose of any Target Equity or set any security interest or other third-party right on any Target Equity;

  

	 	8.2.2	Party B and Party C shall not approve the increase or decrease of the registered capital of Zhiyuan Technology or its existing shareholders; 

  

	 	8.2.3	Party B and Party C shall not dispose of or cause the management of Zhiyuan Technology to dispose of any assets of Zhiyuan Technology (except those occurring in the normal course of
business); 

  

	 	8.2.4	Party B and Party C shall not terminate or cause the management of Zhiyuan Technology to terminate any significant agreement signed by Zhiyuan Technology (significant agreements are
to be defined by Party A) or sign any other agreement conflictive with existing significant agreements; 

  

	 	8.2.5	Party B and Party C shall not appoint or remove any executive director or director (if any), supervisor or, other management personnel needing to be appointed and removed by
existing shareholders, of Zhiyuan Technology; 

  

	 	8.2.6	Except as compulsorily required by law, without Party A’s consent, Party B and Party C shall not distribute or actually pay any distributable profits, bonus or dividends of
Zhiyuan Technology; 

  

	 	8.2.7	Except as compulsorily required by law, Party B and Party C shall approve the amendment of the articles of association of Zhiyuan Technology. 

  

	9	Confidentiality 

 Each party hereto shall keep the contents
of this Agreement confidential and without the prior consent of the other party, not disclose to any other person or comment on the contents of this Agreement, provided, however, that this obligation does not apply to any information which is:

  

	 	1)	disclosed under requirement of relevant laws or stock exchange’s regulations; 

  

	 	2)	already publicly available other than through the fault of the recipient; 

  

	 	3)	disclosed to recipient’s shareholder, accountant, financial consultant, legal adviser or other professional consultant; 

  

	 	4)	disclosed to the potential buyer of recipient or its equity/assets, other investors, debt or equity financier, which shall make the appropriate confidentiality commitments (also
subject to Party A’s consent if transferor is not Party A). 

  

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	10	Defaulting Liabilities 

  

	 	10.1	Any of the following matters is deemed as a breach of this Agreement by Party B and/or Party C: 

  

	 	10.1.1	Party B and/or Party C violate any provision of this Agreement or any representation or warranty made by Party B and/or Party C under this Agreement is seriously erroneous, untrue
and incorrect. 

  

	 	10.1.2	Without Party A’s prior written consent, Party B and/or Party C transfers or otherwise assigns or pledges any of its rights under this Agreement. 

  

	 	10.2	In case of any breach or other event by Party B and/or Party C, in addition to the remedies under the laws, Party A may also: 

  

	 	10.2.1	To the extent permitted by Chinese laws then in effect, request Party B and/or Party C to promptly transfer all or part of the Target Equity to Party A or any third party designated
by Party A at the Exercise Price; 

  

	 	10.2.2	Immediately take back the borrowing under the Loan Agreement executed with Party B and/or Party C; 

  

	 	10.2.3	Request Party B and/or Party C to compensate all direct and indirect losses, including, but not limited to, fruit arising from the Target Equity as well as all lawyer’s fee,
travelling expenses, investigation expenses and other expenses paid for enforcement or to seek remedies). 

  

	11	Termination 

  

	 	11.1	At any time within the Exercise Term, Party A may, at its own discretion, give a written notice to Party B and/or Party C to unconditionally terminate this Agreement without
undertaking any responsibility. 

  

	 	11.2	At any time within the Exercise Term, Party B and Party C shall not terminate this Agreement unilaterally. 

  

	12	Applicable Law and Dispute Resolution 

  

	 	12.1	The formation, validity, interpretation and performance of and settlement of disputes in connection with this Agreement shall be governed by Chinese laws. 

 

	 	12.2	Any dispute arising from or out of the performance of or in connection with this Agreement shall be resolved by the Parties through amicable negotiations. In case no resolution can
be reached by the Parties through negotiations within sixty (60) days after either party gives a written notice about such dispute to the other party, either party may refer such dispute to China International Economic and Trade Arbitration
Commission (“CIETAC”) for arbitration in Shenzhen in accordance with CIETAC’s arbitration rules then in effect. The arbitral award shall be final and binding upon the Parties. 

  

	13	Miscellaneous 

  

	 	13.1	The annex attached hereto forms an integral part of this Agreement and has the same legal force as this Agreement. 

  

 - 5 - 

	 	13.2	Anything not covered herein may be resolved by the Parties by signing a supplementary agreement, which shall be deemed as an integral part of this Agreement.

  

	 	13.3	Neither party shall amend or modify this Agreement without the consent of the other party. This Agreement may not be amended or modified except by a written instrument signed by the
Parties after negotiations. 

  

	 	13.4	No failure or delay on the part of Party A to exercise any right or remedy under this Agreement shall be construed as a waiver thereof or preclude Party A from exercising such right
or remedy at any time in accordance with this Agreement and/or laws and regulations. 

  

	 	13.5	The invalidity of any provision of this Agreement shall not affect the validity of the remainder of this Agreement. 

  

	 	13.6	Party A may, at any time, transfer all or part of its rights under this Agreement to any third party without requiring the consent of Party B and Party C; without Party A’s
consent, Party B and Party C shall not transfer any of their rights and obligations under this Agreement. It shall be guaranteed that following the transfer of the rights under this Agreement, Party A and transferee still perform the relevant
obligations under this arrangement. 

  

	14	Counterparts and Effectiveness 

  

	 	14.1	This Agreement is executed in six (6) originals, with two (2) ones to be held by any of the Parties. All originals shall have the same legal effect.

  

	 	14.2	This Agreement shall become effective after it is signed by the Parties or their authorized representatives. Notwithstanding anything to the contrary herein, neither party shall
cancel this Agreement, revoke this Agreement or prematurely terminate this Agreement by alleging that this Agreement or any provision thereof is manifestly unfair or violates fairness principle, industry practice or market price or otherwise.

 (No text below) 
  

 - 6 - 

 IN WITNESS WHEREOF, the Parties or their duly authorized representatives have executed this Agreement in Shenzhen as of
the date first above written. 
  

					
	Party A: Noah Education Technology (Shenzhen) Co., Ltd. (Seal)
			
		 	Signature:	 	 /s/ Xiao Xianquan

		 	Name:	 	Xiao Xianquan
		 	Title:	 	
		
	Party B:	 	
		
		 	Xu Dong
		
		 	 /s/ Xu Dong

		
	Party C:	 	
		
		 	Tang Benguo
		
		 	 /s/ Tang Benguo

  

 - 7 - 

 Annex 1: Equity Transfer Agreement 
 THIS EQUITY TRANSFER AGREEMENT (“this Agreement”) is entered into by the two parties below in          on and as of
            : 
 (1) [    ] 
 AND 
 (2) [    ] 
 WHEREAS: 
  

	 	1.	Transferor holds [    ]% equity of Shenzhen Zhiyuan Noah Internet Technology Co., Ltd. (“Zhiyuan Technology”); and 

  

	 	2.	Transferor agrees to transfer its [    ]% equity in Zhiyuan Technology to Transferee, and Transferee agrees to purchase such equity. 

 NOW, THEREFORE, through friendly negotiations, both parties hereby enter into this Agreement with respect to equity transfer hereof: 
  

	Article 1	Equity Transfer and Closing 

  

	 	1.1	Both parties that Transferor transfers its [    ]% equity in Zhiyuan Technology to Transferee subject to the terms and conditions of this Agreement. Party B
agrees to purchase the equity transferred by Party A. 

  

	 	1.2	The closing date of the equity transfer above is the date when the industrial and commercial change registration of Zhiyuan Technology is completed. As from equity closing date, the
[    ]% equity held by Transferor in Zhiyuan Technology is transferred to Transferee, and Transferee enjoys the rights of the shareholder of Zhiyuan Technology and undertakes the obligations of shareholder on the basis of its
100% equity. 

  

	Article 2	Transfer Price 

  

	 	2.1	Both parties agree that equity transfer price is RMB [    ] and shall be paid within      days after the signing of this Agreement.

  

	Article 3	Taxes and Expenses 

 Each party shall bear all the applicable taxes,
expenses and costs (including the reasonable expenses and costs in connection with its lawyer, accountant and other expert) arising from its negotiation, preparation and execution of this Agreement and the obtaining of all approvals necessary for
this Agreement. 
  

 - 8 - 

	Article 4	Dispute Resolution 

 Any dispute arising in connection with this
Agreement shall be resolved by Transferor and Transferee through amicable negotiations. In case no resolution can be reached within thirty (30) days after negotiations start, either party may refer such dispute to China International Economic
and Trade Arbitration Commission (“CIETAC”) for arbitration in Shenzhen in accordance with CIETAC’s arbitration rules then in effect. The arbitral award shall be final and binding upon both parties. 
  

	Article 5	Miscellaneous 

 This Agreement is executed in Chinese in [six]
copies, with two copies to be held by each of Transferor and Transferee, one copy to be submitted to the original industrial and commercial registration authorities of Zhiyuan Technology for the recording and one copy to be submitted to notary
public office for notarization (if needed). All copies shall have the same legal effect. 
  

			
	 [    ]
	 	[    ]
	 Authorized representative (signature):
	 	Authorized representative (signature):
		
	 Name:
	 	Name:

  

 - 9 -

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