Document:

EX-10.31

 Exhibit 10.31 

Execution Version 

SUBSCRIPTION AGREEMENT 

This Subscription Agreement (this “Agreement”) is made as of November 8, 2013 by and between: 

 

	 	1.	Sungy Mobile Limited, a company incorporated in the Cayman Islands (the “Company”); and 

  

	 	2.	Qihoo 360 Technology Co. Ltd., an exempted limited liability company incorporated in the Cayman Islands (the “Purchaser”). The Purchaser and the Company are sometimes each referred to herein as a
“Party,” and collectively as the “Parties.” 

 W I T N E S
S E T H: 
 WHEREAS, the Company has filed a registration statement on Form F-1 on October 22, 2013 (as may
be amended from time to time, the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”) in connection with the initial public offering (the “Offering”) by
the Company of American Depositary Shares (“ADS”) representing Class A ordinary shares (“Ordinary Shares”) of the Company as specified in the Registration Statement; and 

WHEREAS, the Purchaser wishes to invest in the Company by acquiring Ordinary Shares in the Company in a private transaction with the Company
exempt from registration pursuant to Regulation S of the U.S. Securities Act of 1933, as amended (“Regulation S” and the “Securities Act,” respectively); 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties hereto agree as follows:

 ARTICLE I 

PURCHASE AND SALE 

Section 1.1 Issuance, Sale and Purchase of Ordinary Shares. Upon the terms and subject to the conditions of this Agreement,
at the Closing (as defined below), the Purchaser hereby agrees to purchase, and the Company hereby agrees to issue, sell and deliver to the Purchaser, subject to and concurrent with the Offering, at a price per Ordinary Share equal to the Offer
Price (as defined below), that certain number (as such number is determined pursuant to Section 1.2 below) of Ordinary Shares (the “Purchased Shares”), free and clear of all liens or encumbrances (except for restrictions
arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement (as defined below)). The “Offer Price” means the price per ADS set forth on the cover of the Company’s final prospectus in
connection with the Offering (the “Final Prospectus”) divided by the number of Ordinary Shares represented by one ADS. All such sales shall be made (i) on the same terms as the ADSs being offered in the Offering and
(ii) pursuant to and in reliance upon Regulation S. 

 Section 1.2 Closing. 

(a) Closing. Subject to Section 1.3, the closing (the “Closing”) of the sale and purchase of the Ordinary Shares
pursuant to Section 1.1 shall take place concurrently with the closing of the Offering at the same offices for the closing of the Offering or at such other place as the Company and the Purchaser may mutually agree. The total number of the
Ordinary Shares that the Purchaser shall purchase at the Closing shall be equal to the aggregate purchase price of US$15.0 million (the “Purchase Price”) divided by the Offer Price; provided, however, that (i) no fractional
shares of Ordinary Shares will be issued, (ii) any fractions shall be rounded down to the nearest whole number of Ordinary Shares, and (iii) the Purchase Price will be reduced by the value of any such fractional share (as calculated on the
basis of the Offer Price). The date and time of the Closing are referred to herein as the “Closing Date.” 
 (b) Payment
and Delivery. At the Closing, the Purchaser shall pay and deliver the total consideration to the Company in U.S. dollars by wire transfer, or by such other method mutually agreeable to the parties, of immediately available funds to such bank
account designated in writing by the Company, and the Company shall deliver one or more duly executed share certificates in original form, registered in the name of the Purchaser, together with a certified true copy of the register of members of the
Company, evidencing the Ordinary Shares being issued and sold to the Purchaser. 
 (c) Restrictive Legend. Each certificate representing
the Purchased Shares shall be endorsed with the following legend:  
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A) IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT OR (2) AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES LAWS, AND IN THE CASE OF CLAUSE (2), UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED; AND
(B) WITHIN THE UNITED STATES OR TO ANY U.S. PERSON, AS EACH OF THOSE TERMS IS DEFINED IN REGULATION S UNDER THE ACT, DURING THE 40 DAYS FOLLOWING CLOSING OF THE PURCHASE. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN
VIOLATION OF THESE RESTRICTIONS SHALL BE VOID. THE COMPANY SHALL NOT BE REQUIRED TO REGISTER THE TRANSFER OF THIS SECURITY TO ANY PERSON UNLESS THE COMPANY RECEIVES FROM THE PROPOSED TRANSFEREE A WRITTEN INSTRUMENT IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY IN WHICH SUCH TRANSFEREE MAKES THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 2.2(F) OF THE SHARE PURCHASE AGREEMENT BETWEEN THE COMPANY AND PURCHASER DATED NOVEMBER 8, 2013, AND, IF THE COMPANY SO REQUESTS, AN
OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE SECURITIES ACT IS NOT REQUIRED IN CONNECTION WITH SUCH TRANSFER. 

  
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 Section 1.3 Closing Conditions. 

(a) Conditions to Purchaser’s Obligations to Effect the Closing. The obligation of the Purchaser to purchase and pay for the
Purchased Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Purchaser in its sole discretion: 

(i) All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchased Shares
shall have been completed. 
 (ii) The representations and warranties of the Company contained in Section 2.1 of this Agreement
shall have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Company shall have performed and complied in all material respects with all, and not be in breach or
default in any material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. 

(iii) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with
the transactions contemplated by this Agreement that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that
seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement that
are substantial in relation to the Company. 

  
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 (iv) The Offering shall have been successfully completed. 

(v) The ADSs shall have been listed on the New York Stock Exchange. 

(vi) The underwriting agreement relating to the Offering (the “Underwriting Agreement”) shall have been entered into and
have become effective. 
 (vii) The Parties shall have entered into a customary registration rights agreement on mutually agreed terms.

 (b) Conditions to Company’s Obligations to Effect the Closing. The obligation of the Company to issue and sell the Purchased
Shares to the Purchaser as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may be waived in writing by the Company in its sole discretion: 

(i) The Lock-up Agreement shall have been executed and delivered by the Purchaser to the representatives of the underwriters for the
Offering. 
 (ii) All corporate and other actions required to be taken by the Purchaser in connection with the purchase of the Purchased
Shares shall have been completed. 
 (iii) The representations and warranties of the Purchaser contained in Section 2.2 of this
Agreement shall have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Purchaser shall have performed and complied in all material respects with all, and not be
in breach or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. 

(iv) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with
the transactions contemplated by this Agreement that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that
seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement that
are substantial in relation to the Company. 

  
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 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser, as
of the date hereof and as of the Closing Date, as follows: 
 (a) Due Formation. The Company is a company duly incorporated as an
exempted company with limited liability, validly existing and in good standing under the laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently being conducted. 

(b) Authority. The Company has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Company pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Company of this Agreement and the performance by the Company of
its obligations hereunder have been duly authorized by all requisite actions on its part. 
 (c) Valid Agreement. This Agreement has
been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. 
 (d) Capitalization. 

(i) The share capital of the Company shall be as set forth in Schedule I of this Agreement setting forth, as of the date hereof, the
aggregate number of issued and outstanding shares of capital stock of the Company (including the ordinary shares and each series of preferred shares (the “Preferred Shares”)). All issued and outstanding ordinary Shares and all
issued and outstanding Preferred Shares are validly issued, fully paid and non-assessable. 
 (ii) All outstanding shares of capital stock
of the Company and all outstanding shares of capital stock of each of the Company’s subsidiaries and consolidated affiliates (each a “Subsidiary” and collectively “Subsidiaries”) have been issued and granted in
compliance with (x) all applicable Securities Laws and other applicable laws and (y) all requirements set forth in applicable contracts, without violation of the preemptive rights, rights of first refusal or other similar rights.
“Securities Laws” means the United States Securities Act of 1933, as amended (the “Securities Act”), the Exchange Act, the listing rules of, or any listing agreement with New York Stock Exchange and any other
applicable law regulating securities or takeover matters. 
 (iii) The rights of the Ordinary Shares to be issued to the Purchaser are as
stated in the Amended and Restated Memorandum and Articles of Association of the Company as set out in the exhibit 3.2 of the Registration Statement. 

  
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 (e) Due Issuance of the Purchased Shares. The Purchased Shares have been duly authorized
and, when issued and delivered to and paid for by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment,
right of first refusal, right of pre-emption, third party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement and
upon delivery and entry into the register of members of the Company will transfer to the Purchaser good and valid title to the Purchased Shares. 

(f) Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, will (i) violate any provision of the organizational documents of the Company or its Subsidiaries or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any
government, governmental entity or court to which the Company or its Subsidiaries is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under, or create
in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Company or its Subsidiaries is a party or by which the Company or its Subsidiaries is bound or
to which any of the Company’s or its Subsidiaries’ assets are subject. There is no action, suit or proceeding, pending or threatened against the Company or its Subsidiaries that questions the validity of this Agreement or the right of the
Company to enter into this Agreement or to consummate the transactions contemplated hereby. 
 (g) Consents and Approvals. Neither
the execution and delivery by the Company of this Agreement, nor the consummation by the Company of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the consent,
approval, order or authorization of, or registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date.

  
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 (h) Compliance with Laws. The business of the Company or its Subsidiaries is not being
conducted in violation of any law or government order applicable to the Company except for violations which do not and would not have a Material Adverse Effect. As used herein, “Material Adverse Effect” shall mean any event, fact,
circumstance or occurrence that, individually or in the aggregate with any other events, facts, circumstances or occurrences, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on any of
(i) the financial condition, assets, liabilities, results of operations, business, or operations of the Company or its Subsidiaries taken as a whole, except to the extent that any such Material Adverse Effect results from (x) the public
disclosure of the transactions contemplated hereby in accordance with the terms of this Agreement, (y) changes in generally accepted accounting principles that are generally applicable to comparable companies, or (z) changes in general
economic and market conditions; or (ii) the ability of the Company to consummate the transactions contemplated by this Agreement and to timely perform its material obligations under the Agreement. 

(i) SEC Filings. Prior to the Closing, the Registration Statement, as supplemented or amended, shall have been declared effective by
the SEC. The Registration Statement, including the prospectus therein, conforms and will conform, in all material respects to the requirements of the Securities Act and the rules and regulations of the SEC thereunder and does not, as of the date
hereof, and will not, as of the applicable effective date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

(j) Investment Company. The Company is not and, after giving effect to the offering and sale of the Purchased Shares, the consummation
of the Offering and the application of the proceeds hereof thereof, will not be an “investment company,” as such term is defined in the U.S. Investment Company Act of 1940, as amended. 

(k) Regulation S. No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made by any
of the Company, any of its affiliates or any person acting on its behalf with respect to any Purchased Shares that are not registered under the Securities Act; and none of such persons has taken any actions that would result in the sale of the
Purchased Shares to the Purchaser under this Agreement requiring registration under the Securities Act; and the Company is a “foreign issuer” (as defined in Regulation S). 

  
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 (l) Events Subsequent to Most Recent Fiscal Period. Since September 30, 2013 until
the date hereof and to the Closing Date, there has not been any events that, to the Company’s knowledge, will have a Material Adverse Effect. 

(m) Litigation. There are no actions by or against the Company or its Subsidiaries or affecting the business or any of the assets of
the Company or its Subsidiaries pending before any governmental authority, or, to the Company’s knowledge, threatened to be brought by or before any governmental authority, that would have a Material Adverse Effect. 

(n) Solicitation. Other than in connection with the Offering, neither the Company nor anyone acting on its behalf has offered Ordinary
Shares, ADSs or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchaser during the six months prior to the date
hereof. Other than in connection with the Offering, the Company has no intention to offer Ordinary Shares, ADSs or any similar security during the six months from the date hereof. Neither the Company nor any person acting on its behalf has offered
or sold the Purchased Shares by any form of general solicitation or general advertising or directed selling efforts. The Company has not dealt with any broker, finder, commission agent, placement agent or arranger in connection with the sale of the
Purchased Shares, and the Company is not under any obligation to pay any broker’s fee or commission in connection with the sale of the Purchased Shares. 

Section 2.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as
of the date hereof and as of the Closing Date, as follows: 
 (a) Due Formation. The Purchaser is duly formed, validly existing and
in good standing in the jurisdiction of its organization. The Purchaser has all requisite power and authority to carry on its business as it is currently being conducted. 

(b) Authority. The Purchaser has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Purchaser of this Agreement and the performance by the
Purchaser of its obligations hereunder have been duly authorized by all requisite actions on its part. 
 (c) Valid Agreement. This
Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies. 

  
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 (d) Noncontravention. Neither the execution and the delivery of this Agreement, nor the
consummation of the transactions contemplated hereby, will (i) violate any provision of the organizational documents of the Purchaser or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge,
or other restriction of any government, governmental entity or court to which the Purchaser is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under,
or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Purchaser is a party or by which the Purchaser is bound or to which any of the
Purchaser’s assets are subject. There is no action, suit or proceeding, pending or threatened against the Purchaser that questions the validity of this Agreement or the right of the Purchaser to enter into this Agreement or to consummate the
transactions contemplated hereby. 
 (e) Consents and Approvals. Neither the execution and delivery by the Purchaser of this
Agreement, nor the consummation by the Purchaser of any of the transactions contemplated hereby, nor the performance by the Purchaser of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or
registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date. 

(f) Status and Investment Intent. 

(i) Experience. The Purchaser is an Institutional Accredited Investor as such term is defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act. The Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Purchased Shares. The Purchaser is capable of
bearing the economic risks of such investment, including a complete loss of its investment. 
 (ii) Purchase Entirely for Own
Account. The Purchaser is acquiring the Purchased Shares that it is purchasing pursuant to this Agreement for investment for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or
other disposition thereof. The Purchaser does not have any direct or indirect arrangement, or understanding with any other persons to distribute, or regarding the distribution of the Purchased Shares in violation of the Securities Act or any other
applicable state securities law. 

  
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 (iii) Solicitation. The Purchaser was not identified or contacted through the marketing
of the Offering. The Purchaser did not contact the Company as a result of any general solicitation or directed selling efforts. The purchase of the Purchased Shares by the Purchaser was not solicited by or through anyone other than the Company. 

(iv) Restricted Securities. The Purchaser acknowledges that the Purchased Shares are “restricted securities” that have not
been registered under the Securities Act or any applicable state securities law. The Purchaser further acknowledges that, absent an effective registration under the Securities Act, the Purchased Shares may only be offered, sold or otherwise
transferred (x) to the Company, (y) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act or (z) pursuant to an exemption from registration under the Securities Act. 

(v) Information. The Purchaser has been furnished access to all materials and information such Purchaser has requested relating to the
Company and its Subsidiaries and other due diligence documents in order to evaluate the transactions contemplated by this Agreement. It is relying solely on its own counsel and other advisors for legal, financial and other advice with respect to
this investment or the transactions contemplated by this letter agreement and any related documents. 
 (vi) Not U.S. Person. The
Purchaser is not a “U.S. person” as defined in Rule 902 of Regulation S. 
 (vii) Offshore Transaction. The Purchaser has
been advised and acknowledges that in issuing the Purchased Shares to the Purchaser pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. The Purchaser is acquiring the Purchased Shares in an offshore
transaction in reliance upon the exemption from registration provided by Regulation S. 
 (viii) FINRA. The Purchaser does not,
directly or indirectly, own more than five percent of the outstanding common stock (or other voting securities) of any member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or a holding company for a FINRA member,
and is not otherwise a “restricted person” for the purposes of the Free-Riding and Withholding Interpretation of FINRA. 

  
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 ARTICLE III 

COVENANTS 

Section 3.1 Lock-up. The Purchaser shall, concurrently with the execution of this Agreement, enter into a lock-up agreement
(the “Lock-up Agreement”) in the form and substance to the reasonable satisfaction of the Company and/or the underwriters in the Offering. 

Section 3.2 Distribution Compliance Period. The Purchaser agrees not to resell, pledge or transfer any Purchased Shares
within the United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date. 

Section 3.3 Further Assurances. From the date of this Agreement until the Closing Date, the Parties shall use their
reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby; provided, however, that notwithstanding the foregoing, if the Company determines that it is not in
the interest of the Company to complete the Offering (within any particular period of time or at all), the Parties’ sole obligation under this Section 3.3 shall be to re-negotiate the terms of the Purchaser’s proposed investment in
the Company pursuant to Section 5.13 hereof. 
 ARTICLE IV 

INDEMNIFICATION 

Section 4.1 Indemnification. The Company (an “Indemnifying Party”) shall indemnify and hold the Purchaser
and its directors, officers and agents (collectively, the “Indemnified Party”) harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and liabilities of any kind or nature
whatsoever, including but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding, and any taxes or levies that may be
payable by such person by reason of the indemnification of any indemnifiable loss hereunder (collectively, “Losses”) resulting from or arising out of: (i) the breach of any representation or warranty of the Indemnifying Party
contained in this Agreement or in any schedule or exhibit hereto; or (ii) the violation or nonperformance, partial or total, of any covenant or agreement of the Indemnifying Party contained in this Agreement for reasons other than gross
negligence or willful misconduct of such Indemnified Party. In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments received by the
Indemnified Party with respect to such Losses, if any. 

  
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 Section 4.2 Third Party Claims. 

(a) If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a
“Third Party Claim”) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this Article IV, then the Indemnified Party shall promptly (i) notify the
Indemnifying Party thereof in writing within thirty (30) days of receipt of notice of such claim and (ii) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable detail the nature of
the Third Party Claim, a copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement. 

(b) Upon receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party shall have the right to assume the defense of
any Third Party Claim by, within (30) days of receipt of the Claim Notice, notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the defense of such Third Party Claim, and upon delivery of such notice by the
Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the proceeding, provided, that, any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnified Party. 

(c) If requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and expense of the Indemnifying Party, cooperate
with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the person asserting the Third Party Claim or any cross
complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim, other than any privileged communications between the Indemnifying Party
and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any Third Party Claim assumed by the Indemnifying Party pursuant to
Section 4.2(b). 
 (d) In the event of a Third Party Claim for which the Indemnifying Party elects not to assume the defense or
fails to make such an election within the 30 days of the Claim Notice, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the Indemnifying Party; provided, that, any such settlement or
compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. 

Section 4.3 Other Claims. In the event any Indemnified Party should have a claim against the Indemnifying Party hereunder
which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity Notice”) describing in reasonable detail the nature of the claim, the Indemnified
Party’s best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under this Agreement. If the Indemnifying Party does not notify the Indemnified Party within
thirty (30) days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. 

  
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 Section 4.4 Cap. Notwithstanding the foregoing, the Indemnifying Party shall
have no liability (for indemnification or otherwise) with respect to any Losses in excess of the Purchase Price. 
 ARTICLE V 

MISCELLANEOUS 

Section 5.1 Survival of the Representations and Warranties. All representations and warranties made by any Party shall
survive for two years and shall terminate and be without further force or effect on the second anniversary of the date hereof, except as to (i) any claims thereunder which have been asserted in writing pursuant to Section 4.1 against the
Party making such representations and warranties on or prior to such second anniversary, and (ii) the Company’s representations contained in Section 2.1(a), (b), (c), (d) and (e) hereof, each of which shall survive
indefinitely. 
 Section 5.2 Governing Law; Arbitration. This Agreement shall be governed and interpreted in accordance
with the internal laws of the State of New York. Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination (“Dispute”) shall be referred to and finally resolved
by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force. There shall be three arbitrators. Each Party has the right to appoint
one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the arbitration proceedings shall be English. Each of the Parties irrevocably waives any immunity to
jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against
it arising out of or based on this Agreement or the transactions contemplated hereby. 
 Section 5.3 Amendment. This
Agreement shall not be amended, changed or modified, except by another agreement in writing executed by the Parties hereto. 

  
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 Section 5.4 Binding Effect. This Agreement shall inure to the benefit of, and
be binding upon, each of the Company and the Purchaser and their respective heirs, successors and permitted assigns and legal representatives. 

Section 5.5 Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by
the Company or the Purchaser without the express written consent of the other Party, except that the Purchaser may assign all or any part of its rights and obligations hereunder to any affiliate of Purchaser without the consent of the Company,
provided that no such assignment shall relieve the Purchaser of its obligations hereunder if such assignee does not perform such obligations. Any purported assignment in violation of the foregoing sentence shall be null and void. 

Section 5.6 Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and
shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Party to whom notice is to be given, on the date sent if sent by telecopier, tested telex or prepaid telegram, on the next business day following
delivery to Federal Express properly addressed or on the day of attempted delivery by the U.S. Postal Service if mailed by registered or certified mail, return receipt requested, postage paid, and properly addressed as follows: 

 

			
	If to the Purchaser, at:	  	Qihoo 360 Technology Co. Ltd.
		  	 Building 2, Block 6, Jiuxianqiao Rod,
 Chaoyang
District, Beijing, People’s Republic of China

		  	Attn: Fan Zhang
		
	If to the Company, at:	  	Sungy Mobile Limited
		  	Floor 17, Tower A, China International Center
		  	No. 33 Zhongshan 3rd Road
		  	Yuexiu District, Guangzhou 510055
		  	People’s Republic of China
		  	Attn: Yuqiang Deng
		
	With copy to:	  	Skadden, Arps, Slate, Meagher & Flom
		  	42/F Edinburgh Tower
		  	The Landmark
		  	15 Queen’s Road Central
		  	Fax: +852-3910-4850
		  	Attn: Z. Julie Gao, Esq.

 Any Party may change its address for purposes of this Section 5.6 by giving the other Parties
hereto written notice of the new address in the manner set forth above. 

  
 14 

 Section 5.7 Entire Agreement. This Agreement constitutes the entire
understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with respect to the matters covered hereby are merged and
superseded by this Agreement. 
 Section 5.8 Severability. If any provisions of this Agreement shall be adjudicated to be
illegal, invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to render the remainder of
the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. 

Section 5.9 Fees and Expenses. Except as otherwise provided in this Agreement, the Company and the Purchaser will bear
their respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses of attorneys, accountants, consultants and financial advisors.

 Section 5.10 Confidentiality. Each Party shall keep in confidence, and shall not use (except for the purposes of the
transactions contemplated hereby) or disclose, any non-public information disclosed to it or its affiliates, representatives or agents in connection with this Agreement or the transactions contemplated hereby. Each Party shall ensure that its
affiliates, representatives and agents keep in confidence, and do not use (except for the purposes of the transactions contemplated hereby) or disclose, any such non-public information. 

Section 5.11 Specific Performance. The Parties agree that irreparable damage would occur in the event any provision of this
Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. 

Section 5.12 Termination. This Agreement shall automatically terminate upon the earliest to occur of (i) the written
consent of each of the Company and the Purchaser, (ii) the withdrawal by the Company of the Registration Statement, (iii) following the execution of the Underwriting Agreement, the termination of such Underwriting Agreement in accordance
with its terms, or (iv) November 8, 2014, if the closing of the Offering has not occurred on or prior to such date. Upon such termination, this Agreement will have no further force or effect, except for the provisions of Section 5.10
hereof, which shall survive any termination under this Section 5.12. 

  
 15 

 Section 5.13 Purchaser Description. 

(a) The Company shall afford the Purchaser a reasonable opportunity in which to review and comment on any description of the Purchaser and/or
the transactions contemplated by this Agreement that is to be included in the Registration Statement filed after the date hereof. 
 (b) The
Purchaser hereby consents and undertakes to promptly provide a description of its organization and business activities to the Company (the “Purchaser Description”), and hereby represents that the Purchaser Description will be true
and accurate in all material respects and will not be misleading in any material respect, as may be reasonably required by the Company for the purpose of satisfying the disclosure obligations in connection with the Registration Statement and the
prospectus therein under applicable laws, regulations and listing rules. The Purchaser also consents to the inclusion of the Purchaser Description, the Purchaser’s name as well as the matters relating to the Purchaser’s subscription of the
Purchased Shares in the Registration Statement and the prospectus therein, and in press releases and other marketing materials for the Offering (subject to the Purchaser’s reasonable opportunity to review and comment on such press release and
marketing materials as applicable). Additionally, the Purchaser hereby consents to the filing of this Agreement as an exhibit to the Registration Statement. 

(c) The Purchaser acknowledges that the Company will rely upon the truth and accuracy of the Purchaser Description, and it agrees to notify
the Company promptly in writing if any of the content contained therein ceases to be accurate and complete or becomes misleading. 

Section 5.14 Headings. The headings of the various articles and sections of this Agreement are inserted merely for the
purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. 

Section 5.15 Execution in Counterparts. For the convenience of the Parties and to facilitate execution, this Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 

[SIGNATURE PAGE FOLLOWS] 

  
 16 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. 
  

			
	SUNGY MOBILE LIMITED
		
	By:	 	 /s/ Yuqiang Deng

	Name:	 	Yuqiang Deng
	Title:	 	Chairman and Chief Executive Officer

 [Signature Page to Subscription Agreement] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. 
  

					
	PURCHASER
	
	QIHOO 360 TECHNOLOGY CO. LTD.
			
		 	By:	 	 /s/ Hongyi Zhou

		 	Name:	 	Hongyi Zhou
		 	Title:	 	Chairman and Chief Executive Officer

 [Signature Page to Subscription Agreement] 

 Schedule I 

Authorized share capital as of the date of the Agreement 
  

											
	 Ordinary Shares
	  	 	413,321,896	  	  		  			
				
	 Preferred Shares
	  	 	86,678,104	  	  	Consisting of	  			
		  				  	Series A preferred shares	  	 	21,428,600	  
		  				  	Series B preferred shares	  	 	34,226,200	  
		  				  	Series C preferred shares	  	 	22,660,321	  
				
	 Total
	  	 	500,000,000	  	  		  			

 Issued and outstanding as of the date of the Agreement 

 

											
	 Ordinary Shares
	  	 	54,757,568	  	  		  			
				
	 Preferred Shares
	  	 	86,678,104	  	  	Consisting of	  			
		  				  	Series A preferred shares	  	 	21,428,600	  
		  				  	Series B preferred shares	  	 	34,226,200	  
		  				  	Series C preferred shares	  	 	22,660,321	  
				
	 Total
	  	 	141,435,672EX-10.32

 Exhibit 10.32 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of November 8, 2013, by and between: 

 

	 	(1)	Sungy Mobile Inc., an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company”); and 

 

	 	(2)	Qihoo 360 Technology Co. Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Purchaser”). 

The Company and the Purchaser, are sometimes herein referred to each as a “Party,” and collectively as the
“Parties.” 
 RECITALS 
  

	A.	The Company and the Purchaser intend to enter into a subscription agreement (the “Subscription Agreement”), pursuant to which, the Purchaser will invest in the Company by acquiring Class A ordinary
shares of the Company (the “Ordinary Shares”) in a private transaction exempt from registration pursuant to Regulation S of the U.S. Securities Act of 1933, as amended. 

 

	B.	In connection with the Subscription Agreement and in order to consummate the transactions contemplated under the Subscription Agreement, the Company and the Purchaser have agreed to enter into this Agreement.

 WITNESSETH 

NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 
  

	1.	Interpretation 

 1.1 Definitions. The following terms shall have the meanings
ascribed to them below: 
 “Affiliate” means, as to any Person, (i) any other Person that, directly or indirectly,
controls, or is controlled by, or is under common control with, such Person; provided that the Company and its Subsidiaries shall not be deemed to be Affiliates of the Purchaser. For this purpose, “control” (including, with its correlative
meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of
securities or partnership or other ownership interests, by contract or otherwise and (ii) with respect to any natural Person, any member of the immediate family of such natural Person. 

 “Applicable Securities Laws” means the securities law of the U.S., including the
Exchange Act and the Securities Act, and any applicable securities law of any state of the U.S. 
 “Board” or
“Board of Directors” means the board of directors of the Company. 
 “Business Day” means any day that is
not a Saturday, Sunday, public holiday or other day on which commercial banks are required or authorized by law to be closed in the PRC, the Cayman Islands or the City of New York. 

“Commission” means the Securities and Exchange Commission of the U.S. or any other federal agency at the time administering
the Securities Act. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially
similar form then in effect. 
 “Governmental Authority” means any nation or government or any province or state or any
other political subdivision thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board,
commission or instrumentality of the PRC or any other country, or any court, tribunal or arbitrator, and any self-regulatory organization. 

“Law” means any constitutional provision, statute or other law, rule, regulation, official policy or interpretation of any
Governmental Authority and any injunction, judgment, order, ruling, assessment or writ issued by any Governmental Authority. 

“Ordinary Shares” means the Class A ordinary shares, par value US$0.0001 per share, of the Company. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise or entity. 
 “PRC” means the People’s Republic of China, but solely
for the purposes of this Agreement, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan. 

“Registrable Securities” means (i) all of the Ordinary Shares acquired by the Purchaser pursuant to the Subscription
Agreement and (ii) any equity securities of the Company or any Subsidiary of the Company issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of
securities, or any recapitalization, merger, consolidation or other reorganization. 
 “Registration” means a registration
effected by preparing and filing a Registration Statement and the declaration or ordering of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant with the
foregoing. 

  
 2 

 “Registration Statement” means a registration statement prepared on Form
F-1, F-3, S-1 or S-3 under the Securities Act (including Rule 415 under the Securities Act).  
 “Securities Act”
means the U.S. Securities Act of 1933, as amended. 
 “Selling Expenses” means all underwriting discounts, selling
commissions and stock or share transfer taxes applicable to the sale of Registrable Securities pursuant to this Agreement. 

“U.S.” means the United States of America. 

1.2 Interpretation. For all purposes of this Agreement, except as otherwise expressly provided, (i) the terms defined in this
Section 1 shall have the meanings assigned to them in this Section 1 and include the plural as well as the singular, (ii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated
Sections and other subdivisions of the body of this Agreement, (iii) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (iv) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, (v) all references in this Agreement to designated schedules, exhibits and annexes are to the
schedules, exhibits and annexes attached to this Agreement unless explicitly stated otherwise, (vi) “or” is not exclusive, (vii) the term “including” will be deemed to be followed by “, but not limited to,”
(viii) the terms “shall,” “will,” and “agrees” are mandatory, and the term “may” is permissive, and (ix) the term “day” means “calendar day.” 

 

	2.	Registration Rights. 

 2.1 Piggyback Registrations. 

 

	 	(a)	Registration of Company’s Securities. The Company shall notify the Purchaser in writing at least thirty (30) days prior to filing any Registration Statement under the Securities Act for purposes of
effecting a public offering of securities of the Company (including Registration Statements relating to secondary offerings of securities of the Company, but excluding Registration Statements relating to any employee benefit plan or a corporate
reorganization), and shall use reasonable best efforts to include in such Registration Statement any Registrable Securities then held by the Purchaser so requested to be included by the Purchaser in accordance with this Section 2.1(a). If the
Purchaser desires to include in any such Registration Statement all or any part of the Registrable Securities held by it, it shall within twenty (20) days after receipt of the above-described notice from the Company so notify the Company in
writing and in such notice shall inform the Company of the number of Registrable Securities the Purchaser wishes to include in such Registration Statement. If the Purchaser decides not to include all of its Registrable Securities in any Registration
Statement thereafter filed by the Company, the Purchaser shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company with
respect to offerings of its securities, all upon the terms and conditions set forth herein. 

  
 3 

	 	(b)	Right to Terminate Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it prior to the effectiveness of such Registration, whether or not the Purchaser has
elected to participate therein, and shall promptly notify the Purchaser that has elected to include Registrable Securities in such registration of such termination or withdrawal. 

 

	 	(c)	Underwriting. If a Registration Statement under which the Company gives notice under Section 2.1(a) is for an underwritten offering, then the Company shall so advise the Purchaser. In such event, the right
of Purchaser’s Registrable Securities to be included in a Registration pursuant to this Section 2.1 shall be conditioned upon Purchaser’s participation in such underwriting and the inclusion of such Purchaser’s Registrable
Securities in the underwriting to the extent provided herein. If the Purchaser proposes to distribute its Registrable Securities through such underwriting, it shall enter into an underwriting agreement in customary form with the managing underwriter
or underwriters selected for such underwriting; provided, however, that the liability of the Purchaser in respect of any indemnification, contribution or other obligation of the Purchaser arising under such underwriting agreement (i) shall be
limited to losses arising out of or based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement or any accompanying prospectus or other disclosure document in reliance upon and in
conformity with written information furnished to the Company by or on behalf of the Purchaser expressly for inclusion therein and (ii) shall not in any event exceed an amount equal to the net proceeds to the Purchaser (after deduction of all
underwriters’ discounts and commissions) from the disposition of the Registrable Securities disposed of by the Purchaser pursuant to such registration. If the managing underwriter determines in good faith that marketing factors require a
limitation of the number of Ordinary Shares to be underwritten, then the managing underwriter may exclude any or all Ordinary Shares held by the Purchaser from the Registration and the underwriting; provided, however, that securities held by
officers and directors of the Company must be excluded prior to the exclusion of Registrable Securities held by the Purchaser, unless such Registration does not include securities of any other selling shareholders. If the Purchaser disapproves of
the terms of any such underwriting, the Purchaser may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least seven (7) Business Days prior to the effective date of the Registration Statement. Any
Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the Registration. 

  

	 	(d)	The Company shall be obligated to effect unlimited registrations pursuant to this Section 2.1. 

  
 4 

 2.2 Demand Registration 

 

	 	(a)	Request for Registration on Form Other Than Form F-3. Subject to the terms of this Agreement, at any time starting from six (6) months after the Closing, provided that the Company has successfully
completed its initial public offering of Ordinary Shares under a Registration Statement by that time, the Purchaser shall have the right to deliver to the Company a written request that the Company effect any Registration with respect to all or a
part of the Registrable Securities on a form other than Form F-3 for an offering of the then outstanding Registrable Securities. After receiving such written request, the Company shall effect the Registration of the Registrable Securities specified
in the request as soon as practicable. The Company shall not be obligated to take any action to effect any Registration pursuant to this Section 2.2(a) after the Company has effected one Registration pursuant to this Section 2.2(a) and
such Registration has been declared effective. The substantive provisions of Section 2.2(e) shall be applicable to the Registration initiated under this Section 2.2. 

 

	 	(b)	Request for Registration on Form F-3. Subject to the terms of this Agreement, at any time starting from six (6) months after the Closing, provided that the Company has successfully completed its
initial public offering of Ordinary Shares under a Registration Statement by that time, if the Purchaser requests that the Company file a Registration Statement on Form F-3 (or any successor form to Form F-3, or any comparable form for a
Registration in a jurisdiction other than the United States) for a public offering of shares of Registrable Securities, the anticipated aggregate price to the public of which, net of Selling Expenses, would not be less than US$500,000, and the
Company is a registrant entitled to use Form F-3 or comparable form to Register the Registrable Securities for an offering, the Company shall cause those Registrable Securities to be Registered for the offering on that form and to cause those
Registrable Securities to be qualified in jurisdictions as the Purchaser may request, provided that the Company shall not be required to effect more than one registration pursuant to this Section 2.2(b) in any six-month period. The substantive
provisions of Section 2.2(e) shall be applicable to each Registration initiated under this Section 2.2(b). Registrations on Form F-3 shall not be deemed to be demand Registrations as described in
Section 2.2(a) above. Except as otherwise provided herein, there shall be no limit on the number of times the Purchaser may request Registration of Registrable Securities under this Section 2.2(b). 

 

	 	(c)	Right of Deferral. Notwithstanding the foregoing, the Company shall not be obligated to file a Registration Statement pursuant to this Section 2.2: 

 

	 	(i)	in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting that Registration, qualification, or compliance, unless the Company is already
subject to service in that jurisdiction and except as may be required by the Securities Act or other applicable law in a jurisdiction other than the United States in which the Registration is being effected; 

  
 5 

	 	(ii)	within six months immediately following the effective date of any Registration Statement pertaining to the securities of the Company (other than a registration of securities in a Rule 145 transaction or with respect to
an employee benefit plan or a Registration from which the Registrable Securities of the Purchaser have been excluded, with respect to all or any portion of the Registrable Securities the Purchaser requested be included in such Registration); or

  

	 	(iii)	if the Company furnishes to the Purchaser requesting Registration a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board it would be
seriously detrimental to the Company and its Shareholders for a Registration Statement to be filed at such time, then the Company’s obligation to file a Registration Statement shall be deferred for a period not to exceed 60 days from the
receipt of the request to file the Registration by the Purchaser provided that the Company shall not exercise the right contained in this Section 2.2(c)(iii) more than once in any 12-month period and provided further, that during such 60-day
period the Company shall not file a Registration Statement with respect to a public offering of securities of the Company. 

  

	 	(d)	Registration of Other Securities in Demand Registration. Any Registration Statement filed pursuant to the request of the Purchaser under this Section 2.2 may, subject to the provisions of
Section 2.2(e), include Ordinary Shares of the Company other than Registrable Securities. 

  

	 	(e)	Underwriting in Demand Registration. 

  

	 	(i)	Notice of Underwriting. If the Purchaser intends to distribute the Registrable Securities covered by its request by means of an underwriting, the Purchaser shall so advise the Company as a part of its request
made pursuant to this Section 2.2, and in such event, the Company and the Purchaser shall enter into an underwriting agreement with the representative of the underwriter or underwriters selected for the underwriting by the Purchaser.

  

	 	(ii)	Inclusion of Other Holders in Demand Registration. If the Company, officers or directors of the Company holding Ordinary Shares other than Registrable Securities, or holders of securities other than Registrable
Securities, request inclusion of such Ordinary Shares or other securities in the Registration, the Company, to the extent it deem advisable and consistent with the goals of that Registration, may, in its sole discretion, may offer to any or all of
the Company, those officers or directors, and the holders of securities other than Registrable Securities that such Ordinary Shares or other securities be included in the underwriting and may condition that offer on the acceptance by those Persons
of the terms of this Section 2.2. 

  
 6 

	 	(iii)	Selection of Underwriter in Demand Registration. The Company shall (together with all holders of Registrable Securities proposing to distribute their securities through the underwriting) enter into an
underwriting agreement with the representative of the underwriter or underwriters selected for the underwriting by the Purchaser who shall be reasonably acceptable to the Company. 

 

	 	(iv)	Marketing Limitation in Demand Registration. In the event the Underwriter’s Representative advises the Purchaser in writing that market factors (including, without limitation, the aggregate number of
Ordinary Shares requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the
managing underwriter may exclude from the Registration (i) first, any or all Registrable Securities held by anyone other than the Purchaser and (ii) if the remaining Registrable Securities still exceed the number of shares that can be
distributed pursuant to the Registration, any or all of the Registrable Securities held by the Purchaser. No Registrable Securities or other securities excluded from the underwriting by reason of this Section 2.2(e)(iv) shall be included in
that Registration Statement. 

  

	 	(v)	Right of Withdrawal in Demand Registration. If the Purchaser disapproves of the terms of the underwriting, the Purchaser may elect to withdraw therefrom by written notice to the Company at least seven days prior
to the effective date of the Registration Statement. The securities so withdrawn shall also be withdrawn from the Registration Statement. 

  

	 	(f)	Other Securities Laws in Demand Registration. In the event of any Registration pursuant to this Section 2.2, the Company shall Register and qualify the securities covered by the Registration Statement under
the securities laws of any other jurisdictions in the United States of America, Europe, Hong Kong and Singapore as shall be appropriate for the distribution of the securities; provided, however, that: (a) the Company shall not be
required to do business or to file a general consent to service of process in any such state or jurisdiction; and (b) notwithstanding anything in this Agreement to the contrary, in the event any jurisdiction in which the securities shall be
qualified imposes a non-waivable requirement that expenses incurred in connection with the qualification of the securities be borne by selling shareholders, the expenses shall be payable pro rata by the selling shareholders. 

  
 7 

 2.3 Expenses. Expenses incurred in connection with Registrations, filings or
qualifications pursuant to this Agreement, printers’ and accounting fees, fees and disbursements of counsel for the Company shall be borne by the Company. The Purchaser shall bear its own Selling Expenses applicable to the sale of its
Registrable Securities in such Registration, fees and disbursements of its own counsel and ADS issuance fees applicable to the sale of its Registrable Securities. 

2.4 Obligations of the Company. Whenever required to effect the Registration of any Registrable Securities under this Agreement, the
Company shall, as expeditiously as reasonably possible: 
  

	 	(a)	Registration Statement. Prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become
effective, and, upon the request of the Purchaser, keep the Registration Statement effective for up to one hundred and twenty (120) Business Days; provided, that before filing a Registration Statement or prospectus or any amendments or
supplements thereto, the Company shall furnish to the counsel for the Purchaser copies of such documents (which shall be subject to review and comment of such counsel). 

 

	 	(b)	Amendments and Supplements. Prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection with such Registration Statement to comply
with the provisions of Applicable Securities Law with respect to the disposition of all securities covered by the Registration Statement. 

  

	 	(c)	Prospectuses. Furnish to the Purchaser such number of copies of the prospectus included in the Registration Statement, including each preliminary prospectus, in conformity with the requirements of the Securities
Act, and such other documents as it may reasonably request in order to facilitate the disposition of Registrable Securities owned by it. 

  

	 	(d)	Blue Sky. Use its reasonable best efforts to register and qualify the securities covered by such Registration Statement under such other securities or “blue sky” Laws of such jurisdictions as shall be
reasonably requested by the Purchaser, and do any and all other acts and things that may be reasonably necessary or advisable to enable the Purchaser to consummate the disposition in such jurisdictions of the Registrable Securities owned by such
holder; provided, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 

 

	 	(e)	Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering.
The Purchaser shall also enter into and perform its obligations under such an agreement with respect to its securities included in such underwriting subject to Section 2.1 above. 

  
 8 

	 	(f)	Notification. Notify the Purchaser (A) promptly after it receives notice thereof, of the date and time when the Registration Statement and each post-effective amendment thereto has become effective or a
prospectus or supplement to any prospectus relating to a Registration Statement has been filed and when any registration or qualification has become effective under a state securities or “blue sky” Law or any exemption thereunder has been
obtained, (B) promptly after receipt thereof, of any request by the Commission for the amendment or supplementing of such Registration Statement or prospectus or for additional information, and (C) at any time when a prospectus relating
thereto is required to be delivered under Applicable Securities Law or of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statement therein not misleading in the light of the circumstances then existing. The Company shall use its reasonable best efforts to amend or supplement such
prospectus as may be necessary so that such prospectus shall not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. 

  

	 	(g)	Stop Order. Notify the Purchaser of (A) the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for that purpose and
(B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding or such purpose.
In the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or any order suspending or preventing the use of any related prospectus or suspending the qualification of any shares included in such
Registration Statement for sale in any jurisdiction, the Company will use reasonable best effort to obtain the withdrawal of such order and the period during which the Company shall be required to keep such Registration Statement effective as
provided in Section 2.4(a) shall be extended by the number days the prospectus was not available to effect such resale. 

  

	 	(h)	Transfer Agent and CUSIP. Provide a transfer agent and registrar for all Registrable Securities registered pursuant to a Registration Statement and, where applicable, a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such Registration. 

  

	 	(i)	Opinion and Comfort Letter. To use its reasonable best efforts to furnish, at the request of the Purchaser requesting registration of Registrable Securities pursuant to this Agreement, on the date that such
Registrable Securities are delivered for sale in connection with a registration pursuant to this Agreement (i) an opinion, dated the date of the sale, of the counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any and (ii) a comfort letter dated the date of the sale, from the independent certified public accountants of the Company,
in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters. 

 

	 	(j)	Further Assurance. Take all reasonable action necessary to list the Registrable Securities on the primary exchange upon which Company’s securities are then traded. 

  
 9 

 2.5 Furnish Information. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Section 2, with respect to the Purchaser, that the Purchaser shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of
disposition of such securities as shall be required to timely effect the Registration of its Registrable Securities. 
 2.6
Indemnification. In the event any Registrable Securities are included in a Registration Statement under this Section 2: 
  

	 	(a)	Indemnification by the Company. To the extent permitted by Law, the Company shall indemnify and hold harmless the Purchaser, and each of its Affiliates, partners, officers, directors, employees, advisors, agents,
any underwriter (as defined in the Securities Act) for the Purchaser, and each Person, if any, who controls the Purchaser or underwriter within the meaning of the Securities Act or the Exchange Act, against all losses, claims, damages and
liabilities (joint or several, or actions, proceedings or settlements in respect thereof) to which the Purchaser, Affiliate, partner, officer, director, employee, advisor, agent, underwriter or controlling Person may become subject under Laws which
are applicable to the Company and relate to action or inaction required of the Company in connection with any Registration, qualification or compliance, insofar as such losses, claims, damages or liabilities (or actions, proceedings or settlements
in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

  

	 	(i)	any untrue statement or alleged untrue statement of a material fact contained in (A) such Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto or (B) any application or other document or communication executed by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the securities laws thereof;

  

	 	(ii)	the omission or alleged omission to state in such Registration Statement a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they are made,
not misleading; or 

  

	 	(iii)	any violation or alleged violation by the Company of the Applicable Securities Law, or any rule or regulation promulgated under the Applicable Securities Law; 

  
 10 

 and the Company shall reimburse the Purchaser, Affiliate, partner, officer, director, employee,
advisor, agent, underwriter and controlling Person for any legal or other expenses reasonably incurred by them, as such expenses are incurred, in connection with investigating or defending any such loss, claim, damage, liability, action or
proceeding; provided, however, that the indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, action or proceeding to the extent that it arises out of or
is based upon (A) a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such Registration by the Purchaser or any of its partners, officers, directors, employees,
advisors, agents, underwriters or controlling Persons or (B) delivery of a prospectus by the Purchaser when it has received notice from the Company that the Registration Statement relating thereto contains an untrue statement of a material fact
or an omission of a material fact. 
  

	 	(b)	Indemnification by the Purchaser. To the extent permitted by Law, the Purchaser shall, if Registrable Securities held by the Purchaser are included in the securities as to which such Registration, qualifications
or compliance is being effected, indemnify and hold harmless the Company, each of its employees, advisors, agents and directors, each of its officers who has signed the Registration Statement, each Person, if any, who controls the Company within the
meaning of the Securities Act and any underwriter, against any losses, claims, damages or liabilities (joint or several; or actions, proceedings or settlements in respect thereof) to which the Company or any such director, officer, legal counsel,
controlling Person underwriter may become subject under the Securities Act, the Exchange Act or other U.S. federal or state Law, insofar as such losses, claims, damages or liabilities (or actions, proceedings or settlements in respect thereof) arise
out of or are based upon any of the following statements, omissions or Violation, in each case to the extent (and only to the extent) that such statement, omission or Violation occurs in sole reliance upon and in conformity with written information
furnished by the Purchaser, or its partners, officers, directors, employees, advisors, agents, underwriters or controlling Persons expressly for use in connection with such Registration: 

 

	 	(i)	untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto; or 

  

	 	(ii)	omission or alleged omission to state in such Registration Statement a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they are made, not
misleading, 

  
 11 

 but only to the extent such untrue statement or omission is made in reliance upon and contained
in any information or affidavit so furnished in writing by the Purchaser expressly for use therein; and the Purchaser shall reimburse any legal or other expenses reasonably incurred by the Company or any such employee, advisor, agent, director,
officer, controlling Person or underwriter in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however, that the indemnity agreement contained in this
Section 2.6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Purchaser, which consent shall not be unreasonably withheld;
and provided, further, that except for liability for willful fraud, in no event shall any indemnity under this Section 2.6(b) exceed the net proceeds received by the Purchaser in such Registration. 

 

	 	(c)	Notice. Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give
prompt notice shall impair any Person’s right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party). Promptly after receipt by an indemnified party of notice of the commencement of any action
(including any governmental action), such indemnified party shall, if a claim in respect thereof is to be made against any indemnifying party, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the Parties;
provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, as incurred, if representation of such indemnified party by the counsel
retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to
the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this
Section 2.6, but the omission to deliver written notice to the indemnifying party otherwise than under this Section 2.6. 

  
 12 

	 	(d)	Survival; Consents to Judgments and Settlements. The obligations of the Company and the Purchaser under this Section 2.6 shall be in addition to any other rights to indemnification that any indemnified party
may have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive
the completion of any offering of Registrable Securities in a Registration Statement under this Section 2. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent
to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 2.7 Rule 144 Reporting. With a view to making available to the Purchaser the benefits of certain rules and
regulations of the Commission which may at any time permit the sale of the Registrable Securities to the public without Registration or pursuant to a Registration on Form F-3, after such time as a public market exists for the Ordinary Shares, the
Company agrees to use its commercially reasonable efforts to: 
  

	 	(a)	make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first Registration under the Securities Act filed
by the Company for an offering of its securities to the general public; 

  

	 	(b)	file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements);
and 

  

	 	(c)	so long as the Purchaser owns any Registrable Securities, (x) furnish to the Purchaser forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule
144 (at any time after ninety (90) days after the effective date of Company’s initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or its qualification
as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and (iii) such other reports and documents of the Company as
the Purchser may reasonably request in availing itself of any rule or regulation of the Commission that permits the selling of any such securities without Registration or pursuant to Form F-3; and (y) procure the removal of the legend on the
restricted securities of the Company held by the Purchaser, if any, in connection with the resale by the Purchaser of such securities under Rule 144. 

  
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 2.8 Termination. Notwithstanding anything to the contrary in this Agreement, the Purchaser
shall not be entitled to exercise any right provided for it in this Agreement at such time as (a) (i) the Purchaser (together with its Affiliates) owns less than 1.0 % of the outstanding Ordinary Shares (on a fully diluted basis) and
(ii) the Purchaser is able to sell all of its Registrable Securities without Registration, (b) if (i) the Company obtains from the Commission a “no-action” letter in which the Commission indicted that it will take no action
if, without Registration under the Securities Act or other Applicable Securities Laws, the Purchaser disposes of Registrable Securities covered by any request for Registration made under this Agreement in the specific manner in which the Purchaser
proposes to dispose of Registrable Securities included in that request (including, without limitation, inclusion of the Registrable Securities in an underwriting initiated by either the Company or the Purchaser) and that the Registrable Securities
may be sold to the public without Registration or (ii) in the opinion of counsel for the Company subject to concurrence by counsel for the Purchaser, which concurrence shall not be unreasonably withheld, no Registration under the Securities Act
(or other Applicable Securities Law) is required in connection with the disposition and that the Registrable Securities may be sold to the public without Registration, then the Registrable Securities included in the request for Registration, shall
not be eligible for Registration under Section 2.1 and Section 2.2 with respect to the proposed disposition and (c) on the date five years after the Company’s initial public offering of securities pursuant to a Registration
Statement with respect to Purchaser’s rights to cause the Company to register the securities granted under this Section 2. Any Registrable Securities not so disposed of shall be eligible for Registration in accordance with the terms of
this Agreement with respect to other proposed dispositions to which this Section 2.8 does not apply. 
  

	3.	Miscellaneous. 

 3.1 Governing Law. This Agreement shall be governed by and
construed under the Laws of the State of New York, without regard to principles of conflicts of law thereunder. 
 3.2 Dispute
Resolution. Any action, claim, demand, or proceeding (a “Proceeding”) (whether sounding in contract, tort, equity or otherwise) arising out of or relating to this Agreement or the transactions contemplated hereby shall be
brought solely and exclusively in any New York State court or Federal court of the United States of America sitting in the County of New York in the State of New York. Each of the Parties hereto agrees that a final judgment (subject to any appeals
therefrom) relating to any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of
such courts in respect of any such Proceeding, and hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such
Proceeding in any such court in accordance with the provisions of this Section 3.2. Each of the Parties hereto hereby irrevocably waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such
Proceeding in any such court. Each of the Parties hereto hereby irrevocably and unconditionally agrees that, to the fullest extent permitted by applicable Law, service of process to such party’s address set forth in Section 3.4, and in the
manner provided for notices in Section 3.4, will be effective service of process for any Proceeding in New York with respect to any matter to which such party has submitted to jurisdiction as set forth in this Section 3.2. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law. 

  
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 3.3 MUTUAL WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO EXPRESSLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 

3.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

3.5 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either personally
or by sending it by next-day or second-day courier service, facsimile, electronic mail or similar means to any Party hereto at its address or facsimile number set forth in the Subscription Agreement. Where a notice is sent by next-day or second-day
courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter containing the notice, with a confirmation
of delivery, and to have been effected at the expiration of two days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly
addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid. 

3.6 Headings and Titles. Headings and titles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 3.7 Expenses. If any action at law or in equity is necessary to enforce or interpret
the terms of this Agreement, the prevailing Party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

3.8 Successors and Assigns. The registration rights granted to the Purchaser under this Agreement may be assigned (but only together
with the related obligations) by the Purchaser to a transferee of Registrable Securities that (i) is an Affiliate of the Purchaser, (ii) is an entity advised by the same investment advisor as the Purchaser or an Affiliate of such an
entity, (iii) is an immediate family member or trust for the benefit of the Purchaser (or its Affiliate), or (iv) is a heir, legatee, beneficiary and/or devisee of any individual who is the Purchaser or an Affiliate of the Purchaser;
provided, however, that (x) the Company is furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred, and (y) such
transferee agrees in a written instrument delivered to the Company to be bound by the terms and conditions of this Agreement. 
 3.9
Entire Agreement; Amendments and Waivers. This Agreement, the Subscription Agreement and the lock-up agreement contemplated under the Subscription Agreement constitute the full and entire understanding and agreement among the Parties with regard
to the subjects hereof and thereof, and supersedes all other agreements between or among any of the Parties with respect to the subject matter hereof. Any term of this Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of each Party. 

  
 15 

 3.10 Severability. If a provision of this Agreement is held to be unenforceable under
applicable Laws, such provision shall be excluded from this Agreement and the remainder of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

3.11 Further Assurances. The Parties agree to execute such further instruments and to take such further actions as may be reasonably
necessary to carry out the intent of this Agreement. 
 3.12 Remedies. The Parties to this Agreement shall be entitled to enforce
their rights under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The Parties
hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party
shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this
Agreement. 
 3.13 Rights Cumulative. Each and all of the various rights, powers and remedies of a Party will be considered to be
cumulative with and in addition to any other rights, powers and remedies which such Party may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy
will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. 

3.14 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a
waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such
right, power or remedy at any other time or times. 
 3.15 No Presumption. The Parties acknowledge that any applicable Law that would
require interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of
this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 

[The remainder of this page has been intentionally left blank.] 

  
 16 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. 
  

			
	SUNGY MOBILE LIMITED
		
	By:	 	 /s/ Yuqiang Deng

	Name:	 	Yuqiang Deng
	Title:	 	Chairman and Chief Executive Officer

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. 
  

					
	PURCHASER
	
	QIHOO 360 TECHNOLOGY CO. LTD.
			
		 	By:	 	 /s/ Hongyi Zhou

		 	Name:	 	Hongyi Zhou
		 	Title:	 	Chairman and Chief Executive Officer

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

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