Document:

EX-10.54 - Voting Trust Agreement (Shenzhen Ultimate)

 Exhibit 10.54 

Voting Trust Agreement 

The undersigned, Tencent Music Entertainment (Shenzhen) Co., Ltd., is a limited liability company incorporated and existing under the laws of
the PRC, holds 96.0952% of the equity interest in Shenzhen Ultimate Music Culture and Technology Co., Ltd. (the “Shenzhen Ultimate Music”) as of the date of this Voting Trust Agreement (representing RMB 37,945,174 of Shenzhen
Ultimate Music’s registered capital). I hereby irrevocably authorize Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd. (the “WFOE”) to exercise the following rights with respect to the existing and future equity
interests I hold in Shenzhen Ultimate Music (the “Owned Equity Interest”) during the effective term of this Voting Trust Agreement: 

Authorizing WFOE as my sole and exclusive proxy, to exercise, including without limitation, the following rights on my behalf with full
authority with respect to the Owned Equity Interest: 1) to attend the shareholders’ meetings of Shenzhen Ultimate Music; 2) to exercise all shareholder’s rights and shareholder’s voting rights which I am entitled to under the laws and
the articles of association of Shenzhen Ultimate Music, including without limitation, rights to sell, transfer, pledge or otherwise dispose of all or any part of the Owned Equity Interest; and 3) as my authorized representative, to appoint and elect
the legal representative, directors, supervisors, managers and other senior management of Shenzhen Ultimate Music. 

  
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 WFOE shall be authorized to execute, on my behalf, any and all agreements to which I shall
be a party as specified in the Exclusive Option Agreement entered into as of January 11, 2018 by and among I, WFOE and Shenzhen Ultimate Music, the Equity Interest Pledge Agreement entered into as of January 11, 2018 by and among I, WFOE
and Shenzhen Ultimate Music (together with any amendments, revisions or restatements, the “Transaction Documents”), and duly perform the Transaction Documents. The authority granted under this Voting Trust Agreement shall not be
limited by the exercise of such right in any way. 
 Any act conducted or any documents executed by WFOE with respect to the Owned Equity
Interest shall be deemed conducted or executed by myself which I shall acknowledge. 
 WFOE shall be entitled to assign the authority to any
other individual or entity for the conduct of the abovementioned matters without the necessity to inform me or obtain my prior consent. WFOE shall appoint a Chinese citizen to exercise the abovementioned rights as required by the PRC laws (if any).

 As long as I am a shareholder of Shenzhen Ultimate Music, this Voting Trust Agreement shall be irrevocable and remain valid and effective
from the date of this Voting Trust Agreement. 
 During the effective term of this Voting Trust Agreement, I hereby waive all rights in
connection with the Owned Equity Interest that have been granted to WFOE under this Voting Trust Agreement, and will refrain from exercising such rights on my own. 

[The remainder of this page is intentionally left blank] 

  
 2 

 This Page is the signature page to the Voting Trust Agreement. 

 

			
	Tencent Music Entertainment (Shenzhen) Co., Ltd.
	
	/s/ Seal of Tencent Music Entertainment (Shenzhen) Co., Ltd.

 
			
	
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal Representative
	
	January 11, 2018

 Accepted by: 
  

			
	Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.
	
	/s/ Seal of Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.

			
	
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal representative

 Acknowledged by: 
  

			
	Shenzhen Ultimate Music Culture and Technology Co. Ltd.
	
	/s/ Seal of Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.

			
	
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal Representative

  
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 Voting Trust Agreement 

I, Ma Xiudong, a Chinese citizen with the Chinese Identification No.
[                ], holds 1.9524% of the equity interest in Shenzhen Ultimate Music Culture and Technology Co., Ltd. (the “Shenzhen Ultimate Music”) as
of the date of this Voting Trust Agreement (representing RMB 770,950 of Shenzhen Ultimate Music’s registered capital). I hereby irrevocably authorize Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd. (the “WFOE”) to
exercise the following rights with respect to the existing and future equity interests I hold in Shenzhen Ultimate Music (the “Owned Equity Interest”) during the effective term of this Voting Trust Agreement: 

Authorizing WFOE as my sole and exclusive proxy, to exercise, including without limitation, the following rights on my behalf with full
authority with respect to the Owned Equity Interest: 1) to attend the shareholders’ meetings of Shenzhen Ultimate Music; 2) to exercise all shareholder’s rights and shareholder’s voting rights which I am entitled to under the laws and
the articles of association of Shenzhen Ultimate Music, including without limitation, rights to sell, transfer, pledge or otherwise dispose of all or any part of the Owned Equity Interest; and 3) as my authorized representative, to appoint and elect
the legal representative, directors, supervisors, managers and other senior management of Shenzhen Ultimate Music. 
 WFOE shall be
authorized to execute, on my behalf, any and all agreements to which I shall be a party as specified in the Exclusive Option Agreement entered into as of January 11, 2018 by and among I, WFOE and Shenzhen Ultimate Music, the Equity Interest
Pledge Agreement entered into as of January 11, 2018 by and among I, WFOE and Shenzhen Ultimate Music (together with any amendments, revisions or restatements, the “Transaction Documents”), and duly perform the Transaction
Documents. The authority granted under this Voting Trust Agreement shall not be limited by the exercise of such right in any way. 

  
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 Any act conducted or any documents executed by WFOE with respect to the Owned Equity
Interest shall be deemed conducted or executed by myself which I shall acknowledge. 
 WFOE shall be entitled to assign the authority to any
other individual or entity for the conduct of the abovementioned matters without the necessity to inform me or obtain my prior consent. WFOE shall appoint a Chinese citizen to exercise the abovementioned rights as required by the PRC laws (if any).

 As long as I am a shareholder of Shenzhen Ultimate Music, this Voting Trust Agreement shall be irrevocable and remain valid and effective
from the date of this Voting Trust Agreement. 
 During the effective term of this Voting Trust Agreement, I hereby waive all rights in
connection with the Owned Equity Interest that have been granted to WFOE under this Voting Trust Agreement, and will refrain from exercising such rights on my own. 

[The remainder of this page is intentionally left blank] 

  
 5 

 This Page is the signature page to the Voting Trust Agreement. 

 

			
	Signature: /s/ Ma Xiudong
	
	Name: Ma Xiudong
	
	January 11, 2018

 Accepted by: 
  

			
	Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.
	
	/s/ Seal of Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.
	
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal representative

 Acknowledged by: 
  

			
	Shenzhen Ultimate Music Culture and Technology Co. Ltd.
	
	/s/ Seal of Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.
	
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal Representative

  
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 Voting Trust Agreement 

I, Ding Gang, a Chinese citizen with the Chinese Identification No.
[                ], holds 1.9524% of the equity interest in Shenzhen Ultimate Music Culture and Technology Co., Ltd. (the “Shenzhen Ultimate Music”) as
of the date of this Voting Trust Agreement (representing RMB 770,950 of Shenzhen Ultimate Music’s registered capital). I hereby irrevocably authorize Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd. (the “WFOE”) to
exercise the following rights with respect to the existing and future equity interests I hold in Shenzhen Ultimate Music (the “Owned Equity Interest”) during the effective term of this Voting Trust Agreement: 

Authorizing WFOE as my sole and exclusive proxy, to exercise, including without limitation, the following rights on my behalf with full
authority with respect to the Owned Equity Interest: 1) to attend the shareholders’ meetings of Shenzhen Ultimate Music; 2) to exercise all shareholder’s rights and shareholder’s voting rights which I am entitled to under the laws and
the articles of association of Shenzhen Ultimate Music, including without limitation, rights to sell, transfer, pledge or otherwise dispose of all or any part of the Owned Equity Interest; and 3) as my authorized representative, to appoint and elect
the legal representative, directors, supervisors, managers and other senior management of Shenzhen Ultimate Music. 
 WFOE shall be
authorized to execute, on my behalf, any and all agreements to which I shall be a party as specified in the Exclusive Option Agreement entered into as of January 11, 2018 by and among I, WFOE and Shenzhen Ultimate Music, the Equity Interest
Pledge Agreement entered into as of January 11, 2018 by and among I, WFOE and Shenzhen Ultimate Music (together with any amendments, revisions or restatements, the “Transaction Documents”), and duly perform the Transaction
Documents. The authority granted under this Voting Trust Agreement shall not be limited by the exercise of such right in any way. 

  
 7 

 Any act conducted or any documents executed by WFOE with respect to the Owned Equity
Interest shall be deemed conducted or executed by myself which I shall acknowledge. 
 WFOE shall be entitled to assign the authority to any
other individual or entity for the conduct of the abovementioned matters without the necessity to inform me or obtain my prior consent. WFOE shall appoint a Chinese citizen to exercise the abovementioned rights as required by the PRC laws (if any).

 As long as I am a shareholder of Shenzhen Ultimate Music, this Voting Trust Agreement shall be irrevocable and remain valid and effective
from the date of this Voting Trust Agreement. 
 During the effective term of this Voting Trust Agreement, I hereby waive all rights in
connection with the Owned Equity Interest that have been granted to WFOE under this Voting Trust Agreement, and will refrain from exercising such rights on my own. 

[The remainder of this page is intentionally left blank] 

  
 8 

 This Page is the signature page to the Voting Trust Agreement. 

 

			
	Signature: /s/ Ding Gang
	
	Name: Ding Gang
	
	January 11, 2018

 Accepted by: 
  

			
	Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.
	
	/s/ Seal of Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.

			
	
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal representative

 Acknowledged by: 
  

			
	Shenzhen Ultimate Music Culture and Technology Co. Ltd.
	
	/s/ Seal of Shenzhen Ultimate Xiangyue Culture and Technology Co., Ltd.

			
	
	Signature: /s/ Hu Min
	
	Name: Hu Min
	
	Title: Legal RepresentativeEx-10.55 - Spousal Consent (Spouse of Mr. Ma)

 Exhibit 10.55 

Spousal Consent 
 The
undersigned, Hou Haixia, (Identification No.: [                ]), is the lawful spouse of Ma Xiudong (Identification No.:
[                ]). I hereby unconditionally and irrevocably agree to the execution of the following documents by Ma Xiudong as of January 11, 2018 (the
“Transaction Documents”) and the disposal of the equity interest of Shenzhen Ultimate Music Culture and Technology Co., Ltd. (the “Domestic Company”) held by Ma Xiudong and registered in his name pursuant to the
provisions of the following documents: 
  

	 	(1)	 The equity interest pledge agreement by and among Ma Xiudong, Shenzhen Ultimate Xiangyue Culture and Technology
Co., Ltd. (the “WFOE”), the Domestic Company and other parties; 

  

	 	(2)	 The exclusive option agreement by and among Ma Xiudong, the WFOE, the Domestic Company and other parties; and

  

	 	(3)	 The voting trust agreement between Ma Xiudong and the WFOE. 

I hereby confirm that I do not enjoy any interests or rights in the Domestic Company and hereby undertake not to make any assertions in
respect of the equity interest of the Domestic Company. I further confirm that, Ma Xiudong can perform the Transaction Documents and further amend or terminate the Transaction Documents or execute other agreements to replace the Transaction
Documents absent any authorization or consent from me. 

  
 1 

 I hereby undertake to execute all necessary documents, and take all necessary actions, to
ensure appropriate performance of the Transaction Documents (as amended from time to time). 
 I hereby agree and undertake that, if I
acquire any equity interests in the Domestic Company for whatever reasons, I shall be bound by the Transaction Documents (as amended from time to time) and shall comply with the obligations of a shareholder of the Domestic Company thereunder. For
this purpose, upon the WFOE’s requests, I shall execute a series of written documents in substantially the same format and content as the Transaction Documents (as amended from time to time). 

 

			
	Signature: /s/ Hou Haixia
	
	Date: January 11, 2018

  
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