Document:

Exhibit 4.48

 

Confidential

 

 

AMENDED AND RESTATED EXCLUSIVE PURCHASE OPTION AGREEMENT

 

Regarding

 

SHANGHAI HUAQIANSHU INFORMATION TECHNOLOGY CO., LTD.

 

 

By and among

 

HAIYAN GONG

 

XU LIU

 

AND OTHERS

 

BEIJING MIYUAN INFORMATION TECHNOLOGY CO., LTD.

 

And

 

SHANGHAI HUAQIANSHU INFORMATION TECHNOLOGY CO., LTD.

 

March 1, 2014

 

 

AMENDED AND RESTATED EXCLUSIVE PURCHASE OPTION AGREEMENT

 

This AMENDED AND RESTATED EXCLUSIVE PURCHASE OPTION AGREEMENT (this “Agreement”) is entered imto on March 1, 2014 in Beijing, the People’s Republic of China (“China” or “PRC”) by and among the following parties:

 

1.                          HAIYAN GONG, a citizen of China

 

2.                          XU LIU, a citizen of China

 

3.                          YONGQIANG QIAN, a citizen of China

 

4.                          CHENG LI, a citizen of China

 

5.                          FUPING YU, a citizen of China

 

6.                          QINGJUN ZHU, a citizen of China

 

(The above individuals are hereinafter individually and collectively referred to as the “Existing Shareholder(s)”.)

 

7.                          BEIJING MIYUAN INFORMATION TECHNOLOGY CO., LTD. (“Beijing Miyuan”)
  Registered address: South of 04-00 & 01, 14F, No.35 Anding Road, Chaoyang District, Beijing;

 

8.                         SHANGHAI HUAQIANSHU INFORMATION TECHNOLOGY CO., LTD. (“Shanghai Huaqianshu”)
  Registered address: Room 202, No.970 Dalian Road, Yangpu District, Shanghai

 

(For the purpose of this Agreement, the above parties are hereinafter individually referred to as a “Party” and collectively as the “Parties”.)

 

WHEREAS:

 

(1)             On January 25, 2011, the Existing Shareholders, Shanghai Huaqianshu and Miyuan (Shanghai) Information Technology Co., Ltd. (“Shanghai Miyuan”) entered into the Amended and Restated Exclusive Purchase Option Agreement (hereafter “Original Purchase Option Agreement”), pursuant to which the Existing Shareholders jointly grant Shanghai Miyuan on an exclusive basis an irrevocable equity transfer option (hereafter “Equity Transfer Option”). Pursuant to such Equity Transfer Option, to the extent being permitted by PRC Laws and at the request of Shanghai Miyuan, the

 

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Existing Shareholders shall transfer all their respective equity interests in Shanghai Huaqianshu to Shanghai Miyuan and/or any other entity or individual designated by Shanghai Miyuan.

 

(2)             Now, subject to the consent of the parties concerned and Shanghai Miyuan, Shanghai Miyuan transfers all its rights and obligations under the Original Purchase Option Agreement to Beijing Miyuan, and agrees to make amendments and restatements to the Original Purchase Option Agreement. Such amended and restated agreement, i.e. this Agreement, once executed, supersedes and replaces any and all prior agreements or other legal documents, including, but not limited to the Original Purchase Option Agreement, entered into by and among all the parties thereto regarding the exclusive equity transfer option matter of Shanghai Huaqianshu.

 

THEREFORE, upon friendly negotiations, the Parties hereby agree to amend and restate the Original Purchase Option Agreement as follows:

 

ARTICLE I. DEFINITIONS

 

1.1            Unless otherwise provided according to the context, in this Agreement, the following terms shall have the meanings given below:

 

	
“Authorized Person”
    	
 
    	
has   the meaning as specified in Article 3.7 hereof.
    
	
 
    	
 
    	
 
    
	
“Business Licenses”
    	
 
    	
refers   to any approval, permit, filing, registration etc. required for Shanghai   Huaqianshu to legally and effectively carry out its internet information   services and other businesses, including but not limited to the Business   License for Enterprise Legal Person, Tax Registration Certificate,   Value-added Telecommunication Business Operation Permit regarding the   business operation of internet information service, filing of computer   network security and other relevant permits and licenses as required by PRC   Laws then in effect.
    
	
 
    	
 
    	
 
    
	
“Confidential Information”
    	
 
    	
has   the meaning as specified in Article 8.1 hereof.
    
	
 
    	
 
    	
 
    
	
“Defaulting Party”
    	
 
    	
has   the meaning as specified in Article 11.1 hereof.
    

 

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“Default”
    	
 
    	
has   the meaning as specified in Article 11.1 hereof.
    
	
 
    	
 
    	
 
    
	
“Exercise Notice”
    	
 
    	
has   the meaning as specified in Article 3.5 hereof.
    
	
 
    	
 
    	
 
    
	
“Shanghai Huaqianshu’s Registered Capital”
    	
 
    	
refers   to the registered capital of RMB10 million of Shanghai Huaqianshu as of the   date hereof, and any increased registered capital as a result of capital   increase during the term of this Agreement.
    
	
 
    	
 
    	
 
    
	
“Shanghai Huaqianshu’s Assets”
    	
 
    	
refers   to all tangible and intangible assets that Shanghai Huaqianshu owns or has   the right to use during the term of this Agreement, including but not limited   to any real properties, personal properties, as well as intellectual   properties such as trademarks, copyrights, patents, proprietary technologies,   domain names, software use rights.
    
	
 
    	
 
    	
 
    
	
“Material Agreements”
    	
 
    	
refers   to agreements to which Shanghai Huaqianshu is a party and which has material   effect on Shanghai Huaqianshu’s business or assets, including but not limited   to the Amended and Restated Exclusive Technology License and Services   Agreement by and between Shanghai Huaqianshu and Beijing Miyuan and other   agreements regarding the business of Shanghai Huaqianshu.
    
	
 
    	
 
    	
 
    
	
“Non-defaulting Party”
    	
 
    	
has   the meaning as specified in Article 11.1 hereof.
    
	
 
    	
 
    	
 
    
	
“Option Equity Interests”
    	
 
    	
with   respect to each of the Existing Shareholders, refers to all of his/her equity   interests in Shanghai Huaqianshu’s Registered Capital; with respect to all of   the Existing Shareholders, refers to 100% of the equity interests in Shanghai   Huaqianshu’s Registered Capital.
    
	
 
    	
 
    	
 
    
	
“PRC Laws”
    	
 
    	
refers   to the laws, administrative regulations, administrative rules, local   regulations, judicial interpretations and other binding regulatory
    

 

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instruments   of China then in effect.
    
	
 
    	
 
    	
 
    
	
“Power of Attorney”
    	
 
    	
has   the meaning as specified in Article 3.7 hereof.
    
	
 
    	
 
    	
 
    
	
“Such Right”
    	
 
    	
has   the meaning as specified in Article 12.5 hereof.
    
	
 
    	
 
    	
 
    
	
“Shareholding Percentage Cap”
    	
 
    	
has   the meaning as specified in Article 3.2 hereof.
    
	
 
    	
 
    	
 
    
	
“Transferred Equity Interests”
    	
 
    	
refers   to the equity interests in Shanghai Huaqianshu that Beijing Miyuan is   entitled to request any or both of the Existing Shareholders to transfer to   Beijing Miyuan or any of its designated entity or individual according to   Article 3.2 hereof when Beijing Miyuan exercises its Purchase Option   (the “Exercise”), the amount of   which may be all or part of the Option Equity Interests, to be determined in   the sole discretion by Beijing Miyuan according to the PRC Laws then in   effect and its own commercial considerations.
    
	
 
    	
 
    	
 
    
	
“Transfer Price”
    	
 
    	
refers   to, in accordance with Article IV hereof, all the consideration which   shall be paid by Beijing Miyuan or its designated entity or individual to the   Existing Shareholders for acquiring the Transferred Equity Interests upon   each Exercise.
    

 

1.2                   Reference to any PRC Laws hereunder shall be deemed to include:

 

(1)                                 any amendments, changes, extensions and reenactment pertaining to such PRC Laws, whether the effective dates of which are prior to or after the date of this Agreement; and

 

(2)                                 any other decisions, notices and regulations promulgated in accordance with or taking effect as a result of such PRC Laws.

 

1.3                   Unless otherwise provided in the context hereof, references to the articles, clauses, items and paragraphs in this Agreement shall mean the corresponding articles, clauses, items and paragraphs of this Agreement.

 

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ARTICLE II. GRANT OF PURCHASE OPTION

 

2.1                   The Existing Shareholders hereby jointly and severally agree to irrevocably and unconditionally grant to Beijing Miyuan an exclusive Purchase Option, pursuant to which Beijing Miyuan shall be entitled, subject to PRC Laws, to request the Existing Shareholders to transfer the Option Equity Interests to Beijing Miyuan or other entity or individual designated by Beijing Miyuan in accordance with this Agreement.  Beijing Miyuan hereby agrees to accept such Purchase Option.

 

2.2                   Shanghai Huaqianshu hereby agrees to the grant of such Purchase Option to Beijing Miyuan by the Existing Shareholders in accordance with Article 2.1 above and other provisions of this Agreement.

 

ARTICLE III. EXERCISE

 

3.1                   To the extent as allowed under the PRC Laws, Beijing Miyuan shall have the absolute sole discretion as to determine the timing, method and number of times of its Exercise.

 

3.2                  In the event that the PRC Laws then in effect allow Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan to hold all the equity interests in Shanghai Huaqianshu, Beijing Miyuan shall have the right to choose to exercise all of its Purchase Option at one time, pursuant to which Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan will purchase all of the Option Equity Interests from the Existing Shareholders at one time; in the event that the PRC Laws then in effect only allow Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan to hold part of the equity interests in Shanghai Huaqianshu, Beijing Miyuan shall have the right to determine the amount of the Transferred Equity Interests which shall not exceed the upper limit of the shareholding percentage as provided by PRC Laws then in effect (the “Shareholding Percentage Cap”), pursuant to which Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan will purchase such amount of the Transferred Equity Interests from the Existing Shareholders.  Under the latter circumstance, with the gradual increase of the Shareholding Percentage Cap allowed under the PRC Laws, Beijing Miyuan shall have the right to exercise its Purchase Option for more than one time accordingly, so as to ultimately obtain all of the Option Equity Interests.

 

3.3                   Upon each Exercise, Beijing Miyuan shall have the right to determine at its sole discretion the amount of the Transferred Equity Interests that shall be transferred by the Existing Shareholders to Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan under such Exercise, and the Existing Shareholders shall transfer the Transferred Equity Interests in the amount determined by Beijing Miyuan to Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan respectively.  Beijing Miyuan and/or other entity or individual designated by

 

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Beijing Miyuan shall pay the Transfer Price for the acquired Transferred Equity Interests to the Existing Shareholders who sell such Transferred Equity Interests under each Exercise.

 

3.4                   Upon each Exercise, Beijing Miyuan may purchase the Transferred Equity Interests on its own or designate any third party to purchase all or part of the Transferred Equity Interests

 

3.5                   After Beijing Miyuan determines to exercise its Purchase Option, it shall deliver a notice on Exercise of Purchase Option to the Existing Shareholders (the “Exercise Notice”, a form of which is set forth in Exhibit II attached hereto).  After receiving the Exercise Notice, the Existing Shareholders shall, according to the Exercise Notice, promptly transfer the Transferred Equity Interests to Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan at one time in the manner as provided in Article 3.3 hereof.

 

3.6                   The Existing Shareholders hereby severally and jointly covenant and guarantee, once Beijing Miyuan delivers the Exercise Notice, the Existing Shareholders shall:

 

(1)                                 promptly convene the shareholders’ meeting and adopt shareholders’ resolution and carry out all other necessary actions to approve the transfer of all the Transferred Equity Interests to Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan at the Transfer Price;

 

(2)                                 promptly execute the equity transfer agreement with Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan regarding the transfer of all the Transferred Equity Interests to Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan at the Transfer Price; and

 

(3)                                 pursuant to Beijing Miyuan’s request and the provisions of laws and regulations, provide necessary assistance to Beijing Miyuan (including the provision and execution of all relevant legal documents, performance of all necessary procedures of government approvals and registrations and all relevant obligations), so as to ensure Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan can obtain all of the Transferred Equity Interests without legal defects.

 

3.7                   Upon execution of this Agreement, the Existing Shareholders shall each execute a power of attorney (the “Power of Attorney”, form of which is set forth in Exhibit III attached hereto), authorizing in writing any person appointed by Beijing Miyuan (the “Authorized Person”) to represent the Existing Shareholders to execute any and all necessary legal documents according to this Agreement, so as to ensure Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan can obtain all of the Transferred Equity Interests without legal defects.  Such Power of Attorney

 

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shall be kept in Beijing Miyuan’s custody, and where necessary, Beijing Miyuan may request at any time the Existing Shareholders to execute multiple counterparts of such Power of Attorney and submit such to the relevant government authorities.  Only when Beijing Miyuan delivers written notice to the Existing Shareholders requesting replacement of the Authorized Person, shall the Existing Shareholders promptly revoke the authorization to the existing Authorized Person and authorize the Authorized Person otherwise appointed by Beijing Miyuan to represent the Existing Shareholders to execute any and all necessary legal documents according to this Agreement, and the new Power of Attorney, once executed, shall supersede the original Power of Attorney; except for the above circumstance, the Existing Shareholders shall not revoke the Power of Attorney made to the Authorized Person.

 

ARTICLE IV. TRANSFER PRICE

 

Upon each Exercise by Beijing Miyuan, the Transfer Price to be paid by Beijing Miyuan or the entity or individual designated by Beijing Miyuan to the Existing Shareholders shall be the amount of Shanghai Huaqianshu’s Registered Capital at that time multiplying by the percentage of the Transferred Equity Interests in the total equity interests of Shanghai Huaqianshu, or the price otherwise agreed by the Parties in writing.  In the event there is any compulsory requirement provided by PRC Laws then in effect with respect to the Transfer Price, Beijing Miyuan or the entity or individual designated by Beijing Miyuan shall be entitled to purchase the Transferred Equity Interests at a Purchase Price which is the lowest price allowed under the PRC Laws.

 

ARTICLE V. REPRESENTATIONS AND WARRANTIES

 

5.1                   The Existing Shareholders hereby severally and jointly represent and warrant as follows, and such representations and warranties shall remain in effect as if they are made upon the transfer of the Option Equity Interests.

 

5.1.1                     The Existing Shareholders are Chinese citizens with full civil capacity, full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an eligible party to litigation independently.

 

5.1.2                     Shanghai Huaqianshu is a limited liability company duly registered and existing under the PRC Laws with independent legal person status, full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an eligible party to litigation independently.

 

5.1.3                     The Existing Shareholders have the full power and authorization to execute and deliver this Agreement and all other documents relevant to the contemplated transaction hereunder to be executed by them, and to

 

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consummate the contemplated transaction hereunder.

 

5.1.4                     This Agreement shall be legally and duly executed and delivered by the Existing Shareholders.  This Agreement shall constitute legal and binding obligation upon the Existing Shareholders, and can be enforced against the Existing Shareholders in accordance with this Agreement.

 

5.1.5                     The Existing Shareholders are the registered legal owners of the Option Equity Interests when this Agreement comes into effect.  Except for the rights created under this Agreement, the Amended and Restated Equity Pledge Agreement by and among the Existing Shareholders and Beijing Miyuan, and the Amended and Restated Shareholders’ Voting Rights Delegation Agreement by and among the Existing Shareholders, Beijing Miyuan and Shanghai Huaqianshu, the Option Equity Interests shall be free of any lien, pledge, claim and other encumbrances and third party rights.  Pursuant to this Agreement, after the Exercise, Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan shall obtain the title to the Transferred Equity Interests which is in good standing and free of any lien, pledge, claim and other encumbrances and third party rights.

 

5.2                   Shanghai Huaqianshu hereby represents and warrants as follows:

 

5.2.1                     Shanghai Huaqianshu is a limited liability company duly registered and existing under the PRC Laws with independent legal person status.  Shanghai Huaqianshu has full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an eligible party to litigation independently.

 

5.2.2                     Shanghai Huaqianshu has the full internal corporate power and authorization to execute and deliver this Agreement and all other documents relevant to the contemplated transaction hereunder to be executed by it, and the full power and authorization to consummate the contemplated transaction hereunder.

 

5.2.3                     This Agreement shall be legally and duly executed and delivered by Shanghai Huaqianshu. This Agreement constitutes legal and binding obligation upon Shanghai Huaqianshu.

 

5.2.4                     The Existing Shareholders are the entire registered legal shareholders of Shanghai Huaqianshu as of the execution date of this Agreement.  Pursuant to this Agreement, after Exercise, Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan shall obtain the title to the Transferred Equity Interests which is in good standing and free of any lien, pledge, claim and other encumbrances and third party rights.

 

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5.2.5                     At the execution of this Agreement, Shanghai Huaqianshu possesses the complete business licenses required for its businesses and have the full right and qualification to operate in the business of internet information service in China as well as all other businesses within the territory of China. Shanghai Huaqianshu has been operated in accordance with laws since its establishment and there exists no violation or potential violation with the provisions or requirements by industry and commerce authority, tax authority, telecommunication authority, quality and technology supervision authority, labor and social security authority and any other government authorities, and there exists no Default dispute in relation to any contract either

 

5.3                   Beijing Miyuan hereby represents and warrants as follows:

 

5.3.1                     Beijing Miyuan is a wholly foreign-owned limited liability company duly registered and existing under the PRC Laws with independent legal person status.  Beijing Miyuan has full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as a party to litigation independently.

 

5.3.2                     Beijing Miyuan has the full internal corporate power and authorization to execute and deliver this Agreement and all other documents relevant to the transactions contemplated hereunder to be executed by it, and the full power and authorization to consummate the contemplated transaction hereunder.

 

5.3.3                    This Agreement shall be legally and duly executed and delivered by Beijing Miyuan. This Agreement constitutes legal and binding obligations of Beijing Miyuan.

 

ARTICLE VI. COVENANTS OF EXISTING SHAREHOLDERS

 

The Existing Shareholders hereby severally covenant as follows:

 

6.1                   During the term of this Agreement, the Existing Shareholders shall take all necessary measures to ensure that Shanghai Huaqianshu is able to obtain in a timely manner all Business Licenses required to carry out its business operations and maintain all the Business Licenses in effect at any time.

 

6.2                   During the term of this Agreement, without the prior written consent of Beijing Miyuan:

 

6.2.1                     any of the Existing Shareholders shall not transfer or otherwise dispose of any Option Equity Interests or create any encumbrances or other third party 

 

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rights thereon;

 

6.2.2                     any of the Existing Shareholders shall not increase or reduce Shanghai Huaqianshu’s Registered Capital;

 

6.2.3                     any of the Existing Shareholders shall not dispose of or cause the management of Shanghai Huaqianshu to dispose of any of Shanghai Huaqianshu’s Assets (except for those during the ordinary business operation);

 

6.2.4                     any of the Existing Shareholders shall not terminate or cause the management of Shanghai Huaqianshu to terminate any of the Material Agreements executed by Shanghai Huaqianshu, or to enter into any other agreements in conflict with the existing Material Agreements;

 

6.2.5                     any of the Existing Shareholders shall not appoint or replace any directors, supervisors, or any other management personnel of Shanghai Huaqianshu which may be appointed and removed by the Existing Shareholders;

 

6.2.6                     any of the Existing Shareholders shall not cause or approve Shanghai Huaqianshu to declare any distribution of or actually distribute any distributable profits, dividends or dividend on shares;

 

6.2.7                     any of the Existing Shareholders shall ensure Shanghai Huaqianshu being duly existing and not terminated, liquidated or dissolved;

 

6.2.8                     any of the Existing Shareholders shall not cause or approve Shanghai Huaqianshu to amend its articles of association;

 

6.2.9                     any of the Existing Shareholders shall ensure Shanghai Huaqianshu not to lend or borrow any loan or provide guarantee or security of any kind, or to undertake any other material obligations beyond its ordinary business operations; and

 

6.2.10              any of the Existing Shareholders shall ensure Shanghai Huaqianshu not to merge with any third party, acquire the assets or equity interests of any third party, or otherwise invest in any third party.

 

The Parties agree that, if the combined percentage of shareholdings of Shanghai Huaqianshu of the Existing Shareholders falls under 50% (excluding 50%) due to the purchase of all the equity interests in Shanghai Huaqianshu held by the Existing Shareholders by Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan, the part of covenanted contents under this Article which are beyond the reasonable control of the Existing Shareholders shall no longer apply to the 

 

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Existing Shareholders.

 

6.3                   During the term of this Agreement, the Existing Shareholders shall use their best endeavors to develop Shanghai Huaqianshu’s business and ensure the legitimate operations of Shanghai Huaqianshu in compliance with laws and regulations.  The Existing Shareholders shall guarantee that they will not do any act or omit to do any act which may damage Shanghai Huaqianshu’s Assets, business reputation or affect the validity of Shanghai Huaqianshu’s Business Licenses.

 

ARTICLE VII. COVENANTS OF SHANGHAI HUAQIANSHU

 

7.1                   In the event that the execution and performance of this Agreement and the grant of the Purchase Option hereunder are subject to any third party consent, permit, waiver, authorization or any governmental approval, permit, exemption or registration or filing procedures with any government authorities (if legally required), Shanghai Huaqianshu shall use its best endeavors to assist in satisfying the above requirements.

 

7.2                   Without the prior written consent of Beijing Miyuan, Shanghai Huaqianshu shall not assist or allow the Existing Shareholders to transfer or otherwise dispose of any Option Equity Interests or to create any encumbrances or other third party rights thereon.

 

7.3                   Shanghai Huaqianshu shall not take or allow any conduct or act which may have adverse effect on the benefits of Beijing Miyuan under this Agreement.

 

ARTICLE VIII. CONFIDENTIALITY

 

8.1                  Whether this Agreement is terminated or not, the Existing Shareholders shall be obliged to keep confidential the following information (collectively the “Confidential Information”):

 

	
(i)
    	
the execution, performance of this Agreement and the   content hereof;
    
	
(ii)
    	
trade secret, proprietary information and client   information of Beijing Miyuan that are known to or received by the Existing   Shareholders as a result of execution and performance of this Agreement; and
    
	
(iii)
    	
trade secret, proprietary information and client   information of Shanghai Huaqianshu that are known to or received by the   Existing Shareholders as the shareholders of Shanghai Huaqianshu.
    

 

The Existing Shareholders shall use such Confidential Information only for the purpose of performing its obligations hereunder.  Without written permit from Beijing Miyuan, any of the Existing Shareholders shall not disclose the above Confidential Information to any third party, otherwise he/she shall assume Default 

 

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liabilities and indemnify any losses.

 

8.2                   Upon the termination of this Agreement, upon Beijing Miyuan’s request, each of the Existing Shareholders shall return, destroy or otherwise dispose of all of the documents, materials or software containing the Confidential Information, and cease using such Confidential Information.

 

8.3                   Notwithstanding any other provisions hereunder, this Article shall survive the suspension or termination of this Agreement.

 

ARTICLE IX. TERM OF THE AGREEMENT

 

This Agreement shall come into effect from the date of execution by the Parties, and shall terminate once all of the Option Equity Interests have been legally transferred to Beijing Miyuan and/or other entity or individual designated by Beijing Miyuan as agreed in accordance with this Agreement.

 

ARTICLE X. NOTICE

 

10.1            All notices, requests, demands and other correspondences required by or in accordance with this Agreement shall be delivered to the relevant Party in writing.

 

10.2            The above notices or other correspondences shall be deemed to be properly delivered upon sending when delivered through fax or telegraph, upon delivered in person when personally delivered, or at the fifth (5th) day of mailing if sent by mail.

 

ARTICLE XI. DEFAULT LIABILITIES

 

11.1             The Parties agree and acknowledge that, in the event that a Party (the “Defaulting Party”) substantially violates any of the agreements hereunder or fails to perform any of its obligations hereunder substantially, it shall constitute a default under this Agreement (the “Default”).  The non-defaulting party (the “Non-defaulting Party”) shall be entitled to request the Defaulting Party to rectify the Default or take remedial measures within a reasonable period.  In the event that the Defaulting Party fails to rectify the Default or take remedial measures within a reasonable period or within ten (10) days after a written notice sent by the Non-defaulting Party to the Defaulting Party requesting for the rectification, and if the Defaulting Party is the Existing Shareholder or Shanghai Huaqianshu, the Non-defaulting Party shall be entitled to determine, at its sole discretion, to: (1) terminate this Agreement and request the Defaulting Party to indemnify all losses incurred by the Non-defaulting Party, or (2) request the Defaulting Party to continue to perform its obligations hereunder and indemnify all losses incurred by the Non-defaulting Party; if the Defaulting Party is Beijing Miyuan, the Non-defaulting Party shall be entitled to request the Defaulting Party to continue to perform its obligations hereunder and to 

 

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indemnify all losses incurred by the Non-defaulting Party.

 

11.2            The Parties agree and acknowledge that the Existing Shareholders and Shanghai Huaqianshu shall not request to terminate this Agreement for any reason under any circumstances.

 

11.3            The rights and remedies hereunder shall be accumulative and shall not preclude any other statutory rights or remedies.

 

11.4            Notwithstanding any other provisions hereunder, this Article shall survive the suspension or termination of this Agreement.

 

ARTICLE XII. MISCELLANEOUS

 

12.1            This Agreement shall be signed in eight (8) originals in Chinese. Each original shall have equal legal force, and each Party shall retain one (1) original of this Agreement in each language.

 

12.2            The conclusion, validity, performance, amendment, interpretation and termination of this Agreement shall be governed by the laws of the People’s Republic of China.

 

12.3            Any dispute arising out of or relating to this Agreement shall be settled by the disputing Parties through consultation. In case the disputing Parties fail to reach an agreement within thirty (30) days of the dispute, such dispute shall be submitted to the China International Economic and Trade Arbitration Commission (“CIETAC”) Shanghai Sub-commission for arbitration in Shanghai in accordance with the arbitration rules of CIETAC then in effect.  The arbitration award shall be final and binding upon the disputing Parties.

 

12.4            Any right, power and remedy granted to a Party under any provision of this Agreement shall not preclude any other right, power or remedy such Party is entitled to under any laws or regulations or any other provision of this Agreement.  The exercise of its right, power and remedy by a Party shall not preclude the exercise of any other right, power and remedy that such Party is entitled to.

 

12.5            Any Party’s failure or delay in exercising any of its right, power and remedy (“Such Rights”) under this Agreement or laws shall not result in a waiver of Such Rights, nor shall any single or partial waiver of any Such Right preclude any exercise of Such Right in other manner or the exercise of any other Such Rights by such Party.

 

12.6            The headings in this Agreement shall be for reference purpose only and shall not be used for or affect the construction of the Agreement in any event.

 

12.7            Each provision of this Agreement shall be severable and independent of each of the 

 

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other provision.  In the event that one or several provisions of this Agreement become invalid, illegal or unenforceable at any time, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected.

 

12.8            This Agreement, once executed, shall supersede any prior other legal documents, including, but not limited to, the Original Purchase Option Agreement, executed previously by and among the Parties regarding the same subject hereof. Any amendment or supplement to this Agreement shall be made in writing, and shall take effect after duly executed by the Parties.

 

12.9            Without prior written consent of Beijing Miyuan, any of the Existing Shareholders or Shanghai Huaqianshu shall not transfer any of its rights and/or obligations hereunder to any third party.  Beijing Miyuan shall be entitled to transfer any of its rights and/or obligations hereunder to any third party designated by it after notifying the Existing Shareholders and Shanghai Huaqianshu.

 

12.10 This Agreement shall be binding upon the legal successor of each Party.

 

[Remainder of this page is intentionally left blank]

 

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[Signature Page]

 

IN WITNESS WHEREOF, this Amended and Restated Exclusive Purchase Option Agreement has been duly executed by the Parties as of the date and at the place first above written.

 

 

	
Haiyan   GONG  
    	
 
    	
Xu LIU  
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
/s/ Haiyan Gong 
    	
 
    	
Signature:
    	
/s/ Xu Liu
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Yongqiang   QIAN  
    	
 
    	
Qingjun ZHU  
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
/s/ Yongqiang Qian
    	
 
    	
Signature:
    	
/s/ Qingjun Zhu
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Cheng   LI  
    	
 
    	
Fuping Yu  
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
/s/ Cheng Li
    	
 
    	
Signature:
    	
/s/ Fuping Yu
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
BEIJING MIYUAN INFORMATION   TECHNOLOGY CO., LTD.  
    	
 
    	
SHANGHAI HUAQIANSHU INFORMATION   TECHNOLOGY CO., LTD.  
    
	
(Company Seal) [Seal: Beijing Miyuan   Information Technology Co., Ltd.]
    	
 
    	
(Company Seal) [Seal: Shanghai Huaqianshu   Information Technology Co., Ltd.]
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:  
    	
 
    	
 
    	
Signature:  
    	
 
    
	
Name:  
    	
 
    	
 
    	
Name:
    	
 
    
	
Title: Authorized   Representative
    	
 
    	
Title: Authorized Representative
    

 

Signature page of Amended and Restated Exclusive Purchase Option Agreement – Shanghai Huaqianshu

 

 

Exhibit I:

 

Basic Information of Shanghai Huaqianshu

 

	
Company Name:
    	
Shanghai Huaqianshu Information Technology   Co., Ltd.
    
	
 
    	
 
    
	
Registered Address:
    	
Room 202, No.970 Dalian Road, Yangpu District,   Shanghai
    
	
 
    	
 
    
	
Registered Capital:
    	
RMB10 million
    
	
 
    	
 
    
	
Legal Representative:
    	
Yongqiang QIAN
    
	
 
    	
 
    
	
Shareholding Structure:
    	
 
    

 

	
Name of Shareholder
    	
 
    	
Contribution to
    Registered Capital
    	
 
    	
Percentage of 
   Capital 
   Contribution
    	
 
    
	
Haiyan   GONG
    	
 
    	
RMB
    	
3,774,167
    	
 
    	
37.74
    	
%
    
	
Xu   LIU
    	
 
    	
RMB
    	
298,533
    	
 
    	
2.99
    	
%
    
	
Yongqiang   QIAN
    	
 
    	
RMB
    	
4,513,000
    	
 
    	
45.13
    	
%
    
	
Cheng   LI
    	
 
    	
RMB
    	
296,000
    	
 
    	
2.96
    	
%
    
	
Fuping   Yu
    	
 
    	
RMB
    	
720,000
    	
 
    	
7.2
    	
%
    
	
Qingjun   ZHU
    	
 
    	
RMB
    	
398,000
    	
 
    	
3.98
    	
%
    
	
Total
    	
 
    	
RMB
    	
10,000,000
    	
 
    	
100
    	
%
    

 

Fiscal Year: January 1 to December 31 of a calendar year

 

 

Exhibit II:

 

Form of Exercise Notice

 

To: [Name of the Existing Shareholders]

 

Whereas our company has entered into an Amended and Restated Exclusive Purchase Option Agreement (the “Agreement”) with you and Shanghai Huaqianshu Information Technology Co., Ltd. (“Shanghai Huaqianshu”) on             , 2014, under which, to the extent as allowed under the PRC laws and regulations, you shall, upon request of our company, transfer to our company or any third party designated by our company the equity interests held by you/your company in Shanghai Huaqianshu.

 

Now therefore, our company hereby notifies you as follows:

 

Our company hereby request to exercise the Purchase Option under the Agreement to purchase        % of the equity interests  held by you in Shanghai Huaqianshu (the “Equity Interests to Be Transferred”) by our company/[name of the company/individual] designated by our company.  Once you receive this notice, please promptly transfer the Equity Interests to Be Transferred to our company/[name of the company/individual] designated by our company in accordance with the Agreement

 

 

Yours Sincerely,

 

 

	
 
    	
Beijing Miyuan Information Technology Co., Ltd.
    
	
 
    	
 
    
	
 
    	
(Company Seal)
    
	
 
    	
 
    
	
 
    	
Authorized Representative:
    
	
 
    	
 
    
	
 
    	
Date:
    

 

 

Exhibit III:

 

Form of Power of Attorney

 

I,          , hereby irrevocably authorize           [ID No.                    ] to act as my authorized representative to execute the Equity Transfer Agreement regarding the transfer of the equity interests in Shanghai Huaqianshu Information Technology Co., Ltd. by and among Shanghai Huaqianshu Information Technology Co., Ltd., Beijing Miyuan Information Technology Co., Ltd. and me, and other relevant legal documents.

 

 

	
 
    	
Signature:
    
	
 
    	
 
    
	
 
    	
Date:Exhibit 4.49

 

Confidential

	
 
    	
 
    	
 
    

 

AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT

 

Regarding

 

SHANGHAI HUAQIANSHU INFORMATION TECHNOLOGY CO., LTD.

	
 
    	
 
    	
 
    

 

By and among

 

HAIYAN GONG

 

XU LIU and others

 

And

 

BEIJING MIYUAN INFORMATION TECHNOLOGY CO., LTD.

 

March 1, 2014

 

 

AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT

 

This AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT (this “Agreement”) is entered into on March 1, 2014 in Beijing, the People’s Republic of China (“China” or “PRC”) by and among the following parties:

 

(1)             HAIYAN GONG

 

 

(2)             XU LIU

 

 

(3)             YONGQIANG QIAN

 

 

(4)             CHENG LI

 

 

(5)             FUPING YU

 

 

(6)             QINGJUN ZHU

 

 

(The above individuals are hereinafter collectively referred to as the “Pledgors”, and individually as a “Pledgor”.)

 

(7)             BEIJING MIYUAN INFORMATION TECHNOLOGY CO., LTD. (the “Pledgee”)

Registered address: South of 04-00 & 01, 14F, No.35 Anding Road, Chaoyang District, Beijing

Legal representative: Linguang WU

 

(For the purpose of this Agreement, the above parties are hereinafter individually referred to as a “Party” and collectively as the “Parties”.)

 

WHEREAS:

 

(1)                                 The Pledgors are the registered shareholders of Shanghai Huaqianshu Information Technology Co., Ltd. (registered address: Room 202, No.970 Dalian Road, Yangpu District, Shanghai; legal representative: Yongqiang QIAN) (the “Company”) and legally hold all the equity interests in the Company (the “Equity Interests”), whose capital contribution and shareholding percentages in the Company as of the date hereof are set forth in Exhibit I attached hereto.

 

(2)                                 On March 1, 2014, the Pledgors and the Pledgee entered into the Amended and Restated Loan Agreement (“Loan Agreement”), pursuant to which the Pledgee provides the Pledgors with a total loan of US$1,200,000 and RMB9,000,000.

 

(3)                                 On March 1, 2014, the Pledgors and the Company entered into the Amended and Restated Exclusive Technology License and Services Agreement (the “Services Agreement”), pursuant to which the Company has exclusively engaged the Pledgee to provide relevant technology license and technology support services to it and will pay the relevant fees for such license and services to the Pledgee.

 

(4)                                 On March 1, 2014, the Pledgors, the Pledgee and the Company entered into the

 

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Amended and Restated Exclusive Purchase Option Agreement (the “Purchase Option Agreement”), pursuant to which, to the extent permitted under the PRC laws, the Pledgors shall, upon request of the Pledgee, transfer to the Pledgee and/or any other entity or individual designated by the Pledgee all or part of the Equity Interests held by the Pledgors in the Company.

 

(5)                                 On March 1, 2014, the Pledgee, the Company and the Pledgors entered into the Amended and Restated Shareholders’ Voting Rights Entrustment Agreement (the “Voting Rights Entrustment Agreement”), pursuant to which the Pledgors have entrusted a person designated by the Pledgee with full authority to represent the Pledgors to exercise all of their voting rights enjoyed by the Pledgors as the shareholders of the Company.

 

(6)                                 The Existing Shareholders of the Company (i.e. the Pledgors) agree to pledge all their equity interests in the Company to the Pledgee pursuant to this Agreement and grant the right of priority for compensation to the Pledgee.

 

(7)                                 On January 25, 2011, the Pledgors and Miyuan (Shanghai) Information Technology Co., Ltd. (“Shanghai Miyuan”) entered into the Amended and Restated Equity Pledge Agreement (hereafter “Original Equity Pledge Agreement”), pursuant to which the Pledgors, as the shareholders of the Company, pledge all their respective equity interests in Shanghai Huaqianshu to Shanghai Miyuan.

 

(8)                                 Now, subject to the consent of the Pledgors, the Pledgee, the Company and Shanghai Miyuan, Shanghai Miyuan transfers all its rights and obligations under the Original Equity Pledge Agreement to the Pledgee, and agrees to make amendments and restatements to the Original Equity Pledge Agreement. Such amended and restated agreement, i.e. this Agreement, once executed, supersedes and replaces any and all prior other legal documents, including, but not limited to the Original Equity Pledge Agreement, entered into by and among all the parties thereto regarding the equity pledge of the Company.

 

NOW, THEREFORE, upon friendly negotiations, the Parties hereby agree to amend and restate the Original Equity Pledge Agreement as follows:

 

ARTICLE I. DEFINITIONS

 

1.1                                        Unless otherwise provided according to the context, in this Agreement, the following terms shall have the meanings given below:

 

“Contractual Obligations”                    refers to all the contractual obligations of the Pledgors under the Purchase Option Agreement, the Voting Rights Entrustment Agreement, and this Agreement; and all the contractual obligations of the Company under the Purchase Option Agreement, the Voting Rights Entrustment Agreement and the Services Agreement; as far as the Pledgors Haiyan GONG and Xu LIU are concerned, the said contractual obligations shall also include all their contractual obligations under the Loan Agreement.

 

“Default Event”                                                                               refers to any of the following events: (i) violation of any of his/her Contractual Obligations under the Purchase Option Agreement, the Voting Rights Entrustment Agreement and this Agreement by any of the Pledgors; as far as the Pledgors Haiyan 

 

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GONG and Xu LIU are concerned, also including violation of any of their contractual obligations under the Loan Agreement; (ii) violation of any of its Contractual Obligations under the Purchase Option Agreement, the Voting Rights Entrustment Agreement and the Services Agreement by the Company; or (iii) any of the Purchase Option Agreement, the Loan Agreement, the Voting Rights Entrustment Agreement, the Services Agreement or this Agreement becomes invalid or unenforceable due to changes to PRC Laws or promulgation of new PRC Laws or any other reasons and the Pledgee fails to find alternative arrangement to realize its purpose under the Transaction Agreements.

 

“Equity Pledge”                                                                              has the meaning as specified in Article 2.2 hereof.

 

“Secured Indebtedness”                                     refers to all direct, indirect, derivative losses and losses of anticipated benefits incurred by the Pledgee due to any Default Event by the Pledgors and/or the Company, the amount of which shall, to the extend as allowed under the PRC Laws, be determined by the Pledgee at its absolute sole discretion, which shall be fully binding upon the Pledgors; and all the expenses incurred by the Pledgee for enforcing the Pledgors and/or the Company to perform the Contractual Obligations.

 

“Pledges”                                                                                                                  refers to all the Equity Interests legally owned by the Pledgors when this Agreement comes into effect, which will be pledged to the Pledgee in accordance with this Agreement in order to secure the performance of the Contractual Obligations by the Pledgors and the Company (the Equity Interests pledged by each Pledgor are set forth in Exhibit I attached hereto); and the increased capital contribution and equity dividends as set forth in Article 2.6 and Article 2.7 hereof.

 

“PRC Laws”                                                                                                  refers to the laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory instruments of China then in effect.

 

“Power of Attorney”                                                     has the meaning as specified in Article 12.11 hereof.

 

“Such Right”                                                                                                has the meaning as specified in Article 12.6 hereof.

 

“Transaction Agreements”                  refers to the Purchase Option Agreement, the Loan Agreement, the Voting Rights Entrustment Agreement and the Services Agreement.

 

1.2                                Reference to any PRC Laws hereunder shall be deemed to include:

 

(1)                 any amendments, changes, extensions and reenactment pertaining to such PRC Laws, whether the effective dates of which are prior to or after the date of

 

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this Agreement; and

 

(2)                 any other decisions, notices and regulations promulgated in accordance with or taking effect as a result of such PRC Laws.

 

1.3                                           Unless otherwise provided in the context hereof, references to the articles, clauses, items and paragraphs in this Agreement shall mean the corresponding articles, clauses, items and paragraphs of this Agreement.

 

ARTICLE II. EQUITY PLEDGE

 

2.1                                        The Pledgors hereby agree to pledge the Pledges they legally own and have right to dispose of to the Pledgee in accordance with this Agreement, so as to secure the performance of the Contractual Obligations and the repayment of the Secured Indebtedness.

 

2.2                                        The Pledgors warrant that they shall record the equity pledge arrangement (the “Equity Pledge”) hereunder in the shareholder register of the Company on the execution date of this Agreement, and shall use their best endeavors to register such Equity Pledge with the industry and commerce registration authority in accordance with Article 2.3.

 

2.3                                        The Pledgors covenant that they will, within three (3) working days after the execution of this Agreement, procure and cooperate with the Company to submit the application to the relevant industry and commerce registration authority for the pledge registration in relation to the Equity Pledge (the “Equity Pledge Registration”), and shall complete the Equity Pledge Registration within reasonable period of time to the extent as allowed under the relevant laws and policies.  The Equity Pledge shall take effect from the completion date of the Equity Pledge Registration.

 

2.4                                        In the event of any possible obvious decrease in the value of the Pledges, which is sufficient to detriment the rights of the Pledgee, the Pledgee may, at any time, require the Pledgors to provide additional security.  In the event that the Pledgors refuse to or are not able to provide such addition security, the Pledgee may represent the Pledgors to auction or sell off the Pledges, and to reach an agreement with the Pledgors to use the proceeds from the auction or sale for prepayment of the Secured Indebtedness or deliver the proceeds to a notary public at the place of the Pledgee for escrow (all expenses arising therefrom shall be borne by the Pledgors).

 

2.5                                        Where any Default Event occurs, the Pledgee shall be entitled to dispose of the Pledges in accordance with Article IV hereof.

 

2.6                                        Without prior consent of the Pledgee, the Pledgors shall not increase the registered capital of the Company.  The increased capital contribution due to the capital increase by the Pledgors shall be within the scope of the Pledges.

 

2.7                                       Without prior consent of the Pledgee, the Pledgors shall not receive any equity dividends or dividends with respect to the Pledges.  The equity dividends or dividends arising from the Pledges distributed to the Pledgors shall be deposited in an account designated by and under the monitor of the Pledgee, to be used as the Pledges for repayment of the Secured Indebtedness.

 

2.8                                        Where any Default Event occurs, the Pledgee shall have the right to dispose of any of the Pledges of any Pledgors in accordance with this Agreement.

 

4

 

ARTICLE III. RELEASE OF PLEDGE

 

After the Pledgors and the Company sufficiently and fully perform all of their Contractual Obligations, the Pledgee shall, upon the request of the Pledgors, release the pledge hereunder and cooperate with the Pledgors to de-register the Equity Pledge recorded in the shareholders register of the Company and to de-register the Equity Pledge Registration.  The reasonable expenses for release of the pledge shall be borne by the Pledgee.

 

ARTICLE IV. DISPOSAL OF THE PLEDGES

 

4.1                                        The Pledgors and the Pledgee hereby agree that, in the event of any Default Event, the Pledgee shall, upon serving written notice to the Pledgors, have the right to exercise all rights and powers of remedies it is entitled to under PRC Laws, the Transaction Agreements and this Agreement, including but not limited to being repaid with first priority with the proceeds from auction or sale of the Pledges.  The Pledgee shall not be liable for any loss incurred due to its reasonable exercise of such rights and powers.

 

4.2                                        The Pledgee shall be entitled to appoint its lawyer or other representative in writing to exercise any and all of the above rights and powers, and the Pledgors shall not raise any objection to such arrangement.

 

4.3                                        All the reasonable expenses incurred by the Pledgee arising out of its exercise of any and all of the above rights and powers shall be borne by the Pledgors, and the Pledgee shall be entitled to deduct such actual expenses from the payment it obtains from its exercise of such rights and powers.

 

4.4                                        The payment the Pledgee obtains from its exercise of its rights and powers shall be used in the following orders:

 

Firstly, to pay all the expenses arising from the disposal of the Pledges and the Pledgee’s exercise of its rights and powers (including but not limited to court fees, legal fees and commissions to the agent);

 

Secondly, to pay taxes payable due to the disposal of the Pledges; and

 

Thirdly, to repay the Secured Indebtedness to the Pledgee.

 

In case there is any remaining amount after the above payments, the Pledgee shall return the remaining amount to the Pledgors or any other person who is entitled to such remaining amount according to laws and regulations, or deliver such remaining amount to a notary public at the place of the Pledgee for escrow (all expenses arising therefrom shall be borne by the Pledgors).

 

4.5                                        The Pledgee shall be entitled to elect to exercise any of its remedies simultaneously or successively.  The Pledgee shall not be obliged to exercise any other remedy prior to the exercise of the auction or sale of the Pledges hereunder.

 

ARTICLE V. COST AND EXPENSES

 

All actual expenses in relation to the creation of the Equity Pledge hereunder, including (but not limited to) stamp duty, any other taxes and all legal fees, shall be borne by the Pledgee.

 

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ARTICLE VI. SUSTAINABILITY AND NO WAIVER

 

The Equity Pledge created hereunder shall be a continuous security, the validity of which shall remain until the Contractual Obligations have been fully performed and the Secured Indebtedness has been fully repaid.  Any waiver or grace granted by the Pledgee to any default by the Pledgors or any delay of the Pledgee in exercising any of its rights under the Transaction Agreements and this Agreement shall not affect the Pledgee’s right under this Agreement and the relevant PRC Laws and the Transaction Agreements to request the Pledgors to strictly perform the Transaction Agreements and this Agreement at any time in the future, or any rights the Pledgee is entitled to due to any future violation of the Transaction Agreements and/or this Agreement by the Pledgors.

 

ARTICLE VII. REPRESENTATIONS AND WARRANTIES

 

The Pledgors hereby severally and jointly represent and warrant to the Pledgee as follows:

 

7.1                                        The Pledgors are Chinese citizens with full civil capacity, full and independent legal status and legal capacity and duly authorization to execute, deliver and perform this Agreement, and may act as an eligible party to litigation independently.

 

7.2                                        The Pledgors have the full power and authorization to execute and deliver this Agreement and all other documents relevant to the contemplated transaction hereunder to be executed by them, and to consummate the contemplated transaction hereunder.

 

7.3                                        All reports, documents and information with respect to the Pledgors and all the matters required by this Agreement, provided by the Pledgors to the Pledgee prior to the effectiveness of this Agreement, are true and accurate in all material aspects as of the effective date of this Agreement.

 

7.4                                        All reports, documents and information with respect to the Pledgors and all the matters required by this Agreement, provided by the Pledgors to the Pledgee after the effectiveness of this Agreement, are true, accurate and valid in all material aspects upon providing of such information.

 

7.5                                        Upon effectiveness of this Agreement, the Pledgors are the sole legal owner of the Pledges, who have the right to dispose of the Pledges and any part thereof, and there is no existing dispute regarding the title of the Pledges.

 

7.6                                        Except for the encumbrances created on the Pledges hereunder and the rights created under the Transaction Agreements, there is no any other encumbrance or third party right on the Pledges.

 

7.7                                        The Pledges can be pledged and transferred according to law, and the Pledgors have the sufficient right and power to pledge the Pledges to the Pledgee in accordance with this Agreement.

 

7.8                                        Once duly executed by the Pledgors, this Agreement shall constitute legal, valid and binding obligations on the Pledgors.

 

7.9                                        any third party consent, permit, waiver, authorization or any governmental approval, permit, exemption or registration or filing procedures with any government authorities (if legally required), which is required for the execution and performance of this Agreement and the Equity Pledge hereunder, has been obtained or completed, and will remain in full effect during the term of this Agreement.

 

6

 

7.10                                 The execution and performance of this Agreement by the Pledgors do not violate or conflict with any laws applicable to the Pledgors, any agreement to which the Pledgor is a party or binding upon the Pledgor’s assets, any court decision, any arbitration award or decision by any administrative authority.

 

7.11                                 The Equity Pledge hereunder shall constitute the first priority encumbrance on the Pledges.

 

7.12                                 There is no pending or, to the knowledge of the Pledgors, expected lawsuit, legal proceeding or claim against the Pledgors, its assets or the Pledges before any court or arbitral tribunal, nor is there any pending or, to the knowledge of the Pledgors, any expected lawsuit, legal proceeding or claim against the Pledgors, its assets or the Pledges before any government or administrative authority, which will have material or adverse impact on the economic conditions of the Pledgors or their capability to perform their obligations and the security liability hereunder

 

7.13                                 The Pledgors hereby warrant to the Pledgee that, under any circumstances prior to the full performance of the Contractual Obligations or the full repayment of the Secured Indebtedness, the above representations and warranties shall be true and accurate and shall be fully complied with.

 

ARTICLE VIII. COVENANTS OF THE PLEDGORS

 

The Pledgors hereby severally covenant to the Pledgee as follows:

 

8.1                                        In order to realize the purposes of this Agreement, the Pledgors shall submit the application to the relevant industry and commerce registration authority for the Equity Pledge Registration in accordance with Article 2.3, and complete the Equity Pledge Registration within reasonable period of time to the extent as allowed under the relevant laws and policies and any other formalities required by laws and regulations for realization of the arrangement hereunder.

 

8.2                                        Without prior written consent of the Pledgee, the Pledgors shall not create or allow to be created any new pledge or any other encumbrance on the Pledges.  Any pledge or other encumbrance created on all or part of the Pledges without prior written consent of the Pledgee shall be invalid.

 

8.3                                        Without prior written notice to and prior written consent of the Pledgee, the Pledgors shall not transfer the Pledges and all contemplated transfer by the Pledgors shall be invalid.  The proceeds received by the Pledgors from such transfer shall be used for prepayment of the Secured Indebtedness or delivered to a third party agreed with the Pledgee for escrow.  Where any of the Pledgors transfers the Pledges held by him/her after obtaining the consent from the Pledgee, the Pledges held by the other Pledgor shall remain governed by this Agreement and unaffected thereby.

 

8.4                                        Where any lawsuit, arbitration or other claim occurs, which may have adverse effect on the Pledgors, the Pledgee’s interests under the Transaction Agreements and this Agreement or the Pledges, the Pledgors covenant that they shall promptly notify the Pledgee in writing as soon as practical and, upon reasonable request from the Pledgee, take all necessary measures to ensure the pledge interests of the Pledgee in the Pledges.

 

8.5                                        The Pledgors shall not take or allow to be taken any conduct or act which may have adverse effect on the Pledgee’s interests under the Transaction

 

7

 

Agreements and this Agreement or the Pledges.

 

8.6                                        The Pledgors covenant that, upon reasonable request from the Pledgee, they shall take all necessary measures to execute all necessary documents (including but not limited to a supplementary agreement to this Agreement), so as to ensure the pledge right and interests of the Pledgee in the Pledges and the exercise and realization of such right.

 

8.7                                        In the event of any transfer of any Pledges as a result of the exercise of the pledge right hereunder, the Pledgors shall take all necessary measures to realize such transfer.

 

ARTICLE IX. CHANGE OF SITUATIONS

 

As a supplement which shall not conflict with other provisions of the Transaction Agreements and this Agreement, if at any time the Pledgee believes the validity of this Agreement and/or the disposal of the Pledges in accordance with this Agreement becomes illegal or incompliant with such PRC Laws due to promulgation of any new PRC Laws or any change of the existing PRC Laws or construction or application thereof, or due to changes to the relevant registration procedures, the Pledgors shall, according to written instruction and upon reasonable request from the Pledgee, promptly take any measures and/or execute any agreement or other documents, so as to:

 

(1)                                 maintain the validity of this Agreement;

 

(2)                                 facilitate the disposal of the Pledges in accordance with this Agreement; and/or;

 

(3)                                 maintain or realize the intent of this Agreement or the security created hereunder.

 

ARTICLE X. EFFECTIVENESS AND TERM OF THIS AGREEMENT

 

10.1                                This Agreement shall come into effect upon satisfaction of all the following conditions:

 

(1)                         this Agreement has been duly executed by the Parties;

 

(2)                         the Equity Pledge hereunder has been recorded in the shareholder register of the Company according to law.

 

The Pledgors shall provide the evidence of the registration of such Equity Pledge in the said shareholder register to the Pledgee in the form to the satisfaction of the Pledgee.

 

10.2                                This Agreement shall remain in effect until the full performance of the Contractual Obligations or the full repayment of the Secured Indebtedness.

 

ARTICLE XI. NOTICE

 

11.1                       All notices, requests, demands and other correspondences required by or in accordance with this Agreement shall be delivered to the relevant Party in writing.

 

11.2                       The above notices or other correspondences shall be deemed to be properly delivered upon sending when delivered through fax or telegraph, upon delivered in person when personally delivered, or at the fifth (5th) day of mailing if sent by mail

 

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ARTICLE XII. MISCELLANEOUS

 

12.1                                 Without the consent of the Pledgors and after serving notice to the Pledgors, the Pledgee may transfer any of its rights and/or obligations hereunder to any third party.  Without prior written consent of the Pledgee, the Pledgors shall not transfer any of its rights, obligations or liabilities hereunder to any third party.  The successor of the Pledgors or the approved transferee (if any) shall continue to perform the Pledgors’ obligations hereunder.

 

12.2                                This Agreement shall be signed in Chinese, with seven (7) originals.  Each Party shall retain one (1) original of this Agreement.  This Agreement can be signed in more originals for the purpose of registration and filing (if necessary).

 

12.3                                The conclusion, validity, performance, amendment, interpretation and termination of this Agreement shall be governed by the laws of the People’s Republic of China.

 

12.4                                Any dispute arising out of or relating to this Agreement shall be settled by the disputing Parties through consultation. In case the disputing Parties fail to reach an agreement within thirty (30) days of the dispute, such dispute shall be submitted to the China International Economic and Trade Arbitration Commission (“CIETAC”) Shanghai Sub-commission for arbitration in Shanghai in accordance with the arbitration rules of CIETAC then in effect.  The arbitration award shall be final and binding upon the disputing Parties.

 

12.5                                Any right, power and remedy granted to a Party under any provision of this Agreement shall not preclude any other right, power or remedy such Party is entitled to under any laws or regulations or any other provision of this Agreement.  The exercise of its right, power and remedy by a Party shall not preclude the exercise of any other right, power and remedy that such Party is entitled to.

 

12.6                                Any Party’s failure or delay in exercising any of its right, power and remedy (“Such Rights”) under this Agreement or laws shall not result in a waiver of Such Rights, nor shall any single or partial waiver of any Such Right preclude any exercise of Such Right in other manner or the exercise of any other Such Rights by such Party.

 

12.7                                The headings in this Agreement shall be for reference purpose only and shall not be used for or affect the construction of the Agreement in any event.

 

12.8                                Each provision of this Agreement shall be severable and independent of each of the other provision.  In the event that one or several provisions of this Agreement become invalid, illegal or unenforceable at any time, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected.

 

12.9                                Once executed, this Agreement shall supersede any and all prior other legal documents, including, but not limited to, the Original Equity Pledge Agreement, between the Parties in respect of the equity pledge of the Company. Any amendment or supplement to this Agreement shall be made in writing, and except that the Pledgee transfers its rights hereunder in accordance with Article 12.1, any amendment or supplement to this Agreement shall take effect after being duly executed by the Parties

 

12.10                         Subject to Article 12.1 above, this Agreement shall be binding upon the legal successor of each Party.

 

12.11                          Upon execution of this Agreement, the Pledgors shall respectively execute a

 

9

 

power of attorney (as set forth in Exhibit II attached hereto, the “Power of Attorney”), authorizing any person appointed by the Pledgee (the “Authorized Person”) to represent the Pledgors to execute any and all legal documents required for the exercise of the Pledgee’s rights hereunder according to this Agreement.  Such Power of Attorney shall be kept in the Pledgee’s custody, and where necessary, the Pledgee may submit such Power of Attorney to the relevant government authorities at any time.  Only when the Pledgee delivers written notice to the Pledgors requesting replacement of the Authorized Person, shall the Pledgors promptly revoke the authorization to the existing Authorized Person and authorize the Authorized Person otherwise appointed by the Pledgee to represent the Pledgors to execute any and all legal documents required for the exercise of the Pledgee’s rights hereunder according to this Agreement, and the new Power of Attorney, once executed, shall supersede the original Power of Attorney; except for the above circumstance, the Pledgors shall not revoke the Power of Attorney made to the Authorized Person.

 

[Remainder of this page is intentionally left blank]

 

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[Signature Page]

 

IN WITNESS WHEREOF, this Amended and Restated Equity Pledge Agreement has been duly executed by the Parties as of the date and at the place first above written.

 

	
 
    	
 
    
	
Haiyan   GONG
    	
Xu   LIU
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
/s/ Haiyan Gong
    	
 
    	
Signature:
    	
/s/ Xu Liu
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Yongqiang QIAN
    	
 
    	
Qingjun ZHU
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
/s/ Yongqiang Qian
    	
 
    	
Signature:
    	
/s/ Qingjun Zhu
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Cheng LI
    	
 
    	
Fuping YU
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
/s/ Cheng Li
    	
 
    	
Signature:
    	
/s/ Fuping Yu
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BEIJING   MIYUAN INFORMATION TECHNOLOGY CO., LTD.
    	
 
    	
 
    
	
(Company Seal) [Seal:   Beijing Miyuan Information Technology Co., Ltd.]
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
 
    	
 
    

 

Signature page of Amended and Restated Equity Pledge Agreement — Shanghai Huaqianshu

 

 

Exhibit I:

 

Basic Information of the Company

 

	
Company Name:
    	
Shanghai   Huaqianshu Information Technology Co., Ltd.
    
	
 
    	
 
    
	
Registered   Address:
    	
Room 202,   No.970 Dalian Road, Yangpu District, Shanghai
    
	
 
    	
 
    
	
Registered   Capital:
    	
RMB10 million
    
	
 
    	
 
    
	
Legal   Representative:
    	
Yongqiang QIAN
    

 

Shareholding Structure:

 

	
Name of Shareholder
    	
 
    	
Contribution to
   Registered Capital
    	
 
    	
Percentage of
   Capital
   Contribution
    	
 
    
	
Haiyan GONG
    	
 
    	
RMB
    	
3,774,167
    	
 
    	
37.74
    	
%
    
	
Xu LIU
    	
 
    	
RMB
    	
298,533
    	
 
    	
2.99
    	
%
    
	
Yongqiang QIAN
    	
 
    	
RMB
    	
4,513,000
    	
 
    	
45.13
    	
%
    
	
Cheng LI
    	
 
    	
RMB
    	
296,000
    	
 
    	
2.96
    	
%
    
	
Fuping Yu
    	
 
    	
RMB
    	
720,000
    	
 
    	
7.2
    	
%
    
	
Qingjun ZHU
    	
 
    	
RMB
    	
398,000
    	
 
    	
3.98
    	
%
    
	
Total
    	
 
    	
RMB
    	
10,000,000
    	
 
    	
100
    	
%
    

 

Fiscal Year: January 1 to December 31 of a calendar year

 

 

Exhibit II:

 

Form of Power of Attorney

 

I,                 , hereby irrevocably authorize             [ID No.            ] to act as my authorized representative to execute all the legal documents relating to the exercise of the shareholder’s rights with respect to all of the equity interests held by me in Shanghai Huaqianshu Information Technology Co., Ltd. (including but not limited to the transfer of such equity interests to Beijing Miyuan, but excluding attendance of the shareholders’ meeting or exercising the shareholder’s voting right in the shareholders’ meeting).

 

	
 
    	
 
    
	
 
    	
Signature:
    
	
 
    	
 
    
	
 
    	
Date:

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