Document:

Loan Agreement between Dongping Fei and Pypo Beijing - Dec. 26, 2007

 Exhibit 10.12 
 English Translation for Reference Only 
 Loan Agreement 
 THIS LOAN AGREEMENT (“this Agreement”) is made and entered into by the parties below on December 26, 2007: 
 Party A (Lender): Beijing Pypo Technology Group Co., Ltd. (“Party A”) 
 Address: South Auxiliary Building, No. 15 Building, Zhongli, Cuiwei Quarter, Wanshou Road, Haidian District, Beijing 
 Party B (Borrower): Fei Dongping 
 Address: No. 308, #2, No. 4 Building, Cuiwei Nanli, Haidian District, Beijing 
 WHEREAS: Party B is currently in need of operating funds; 
 NOW, THEREFORE,
Party A and Party B, on the basis of equality and free will and after friendly negotiations, hereby agree on the following: 
 Article 1
Loan Amount and Offer 
  

	1.1	Party A hereby provides Party B a loan of RMB 5 million.  

  

	1.2	After mutual negotiations, Party A or its designee shall remit the loan amount to the bank account designated by Party B. 

  

	1.3	This loan is interest-free. 

 Article 2 Purpose of Loan
and Guaranty 
  

	2.1	It is agreed by Party A and Party B that the loan shall only be used for the business activities of Beijing Feijie Investment Co., Ltd. (“Feijie Company”).
Without Party A’s written consent, Party B shall not use the loan for any other purpose. 

  

	2.2	Party B agrees to use its 50% equity in Feijie Company as a guaranty to the loan (refer to a separate equity pledge agreement). 

 Article 3 Term of Loan 
  

	3.1	It is agreed by both parties that the term of loan shall be two (2) years, commencing on the signing date of this Agreement. The term may be extended with the written consent
of both parties. 

  

	3.2	In case of any default by Party B, Party A has the right to unilaterally terminate this Agreement and request Party B to undertake the corresponding responsibility.

 Article 4 Party A’s Rights and Obligations 
  

	4.1	Party A has the right to supervise the use of loan. 

  

	4.2	Party A has the right to know any information of Feijie Company, including but not limited to the operating information of Feijie Company. 

  

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	4.3	Party B shall consult with Party A before appointing any directors, supervisors or senior management personnel for Feijie Company. No such appointments shall be made by Party B
without Party A’s written consent. 

  

	4.4	If Party B has performed any acts that may damage Party A’s interests, Party A has the right to request Party B to remedy that act in time. In the case of the failure by Party
B to do so, Party A may declare that the loan is immediately due and payable, together with the interest imposed thereupon. 

  

	4.5	When the loan is due, Party A is entitled to recover the loan. 

  

	4.6	After Party A remits the loan, it shall be deemed that Party A has fully performed its obligations. 

 Article 5 Party B’s Rights, Obligations and Covenants 
  

	5.1	Party B will lawfully operate the company and will not perform any acts that damage the interests of Feijie Company or Party A. 

  

	5.2	Without Party A’s written consent, Party B shall not mortgage or pledge any of the assets, equities, intellectual property rights or any other interests of Feijie Company to
any third persons or provide guaranties for any third persons by any other means. 

  

	5.3	Party B confirms that there is no creditor with the right of priority to compensation as of the execution date of this Agreement. 

  

	5.4	Party B undertakes to report or disclose the true business information of Feijie Company to Party A. 

  

	5.5	Party B undertakes to repay the loan to Party A upon due. 

 Article 6 Nondisclosure 
  

	6.1	Any information disclosed by any party to the other party or the other party’s agents, employees or representatives, which is related to such disclosing party and not made
available to the public, including but not limited to technologies, business plans, development plans and financial data, shall be regarded as confidential information. 

  

	6.2	Each party shall keep the confidential information of the other party strictly confidential and, without the written consent of the other party, shall not disclose such confidential
information to any other third party except to its agents, employees or representatives who have a need to know such confidential information to perform the obligations under this Agreement. 

 Article 7 Right of Priority to Compensation 
  

	7.1	It is agreed by both parties that this loan shall be compensated in priority when Party B terminates its operations for whatever reasons. 

  

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 Article 8 Notices 
  

	8.1	Address. Any notices or communications required to be given or sent under or pursuant to this Agreement shall be by personal delivery, facsimile or express mail to the
addresses first above written in this Agreement. 

  

	8.2	Service. Any notices shall be deemed given on the third day after the date of delivery thereof if delivered by express mail and shall be deemed given on the next day
following the date of delivery thereof if delivered personally or by facsimile. If delivered by facsimile, originals of such notices shall be delivered to the other party personally or by express mail immediately after transmission.

  

	8.3	Address Change. Any party may change its address upon a notice to the other party in the way as specified herein. 

 Article 9 Defaulting Liability and Dispute Resolutions 
  

	9.1	Any party violating any provisions of this Agreement shall be deemed defaulting under this Agreement and shall pay liquidated damages to the non-defaulting party.

  

	9.2	Any disputes arising from or in connection with this Agreement shall be resolved by both parties through friendly and amicably negotiations. If both parties have failed to resolve
their disputes within fourteen (14) working days after the occurrence of the disputes, either party to this Agreement may submit their disputes to Beijing Arbitration Commission for arbitration. The place of arbitration shall be
in Beijing and the language of arbitration proceedings shall be Chinese. The decision of the arbitration shall be final and binding upon both parties. 

 Article 10 Miscellaneous 
  

	10.1	The formation, validity, interpretation and performance of this Agreement shall be governed by the laws of the People’s Republic of China. 

  

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

  

	10.3	This Agreement is executed in two (2) originals, of which one (1) original is retained by each party hereto. 

  

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 IN WITNESS WHEREOF, both parties hereto have executed this Agreement as of the date first above written. 
 Party A: Beijing Pypo Technology Group Co., Ltd. (company seal): 
  

			
	Legal representative (signature):	 	 /s/    Kuo
Zhang                    

 Party B: Dongping Fei 
  

			
	Signature:	 	 /s/    Dongping Fei

  

 4Loan Agreement between Guan Zhikuan and Pypo Beijing

 Exhibit 10.13 
 Loan Agreement 
 This Loan Agreement (this “Agreement”) is made and entered into by and
between the parties below as of September 1, 2008 in Beijing, the People’s Republic of China (“China”): 
  

	 	(1)	Beijing Pypo Technology Group Company Limited (“Lender”), a wholly foreign-owned enterprise duly registered under the laws of China with its address at South Wing
of the Main Building, Building 15, Zhongli, Cuiwei Community, Wanshou Road, Haidian District, Beijing. 

  

	 	(2)	Guan Zhikuan (“Borrower”), a citizen of China, with his Chinese identification No.: 110111197412248013. 

 Each of Lender and Borrower shall be hereinafter referred to as a “Party” respectively, and as the “Parties” collectively.

 Whereas, Lender intends to provide Borrower with a loan to be used for the purpose set forth under this Agreement. After friendly
consultation, the Parties agree as follows: 
  

	1.	Loan 

  

	 	1.1	In accordance with the terms and conditions of this Agreement, Lender agrees to provide a loan equivalent to the amount of RMB 5,000,000.00 (the “Loan”) to Borrower, and
the Loan will be provided according to the amount specified in the written notice from the Borrower. The term of the Loan shall be ten (10) years from the date of this Agreement, which may be extended upon mutual written consent of the Parties.
During the term of the Loan or the extended term of the Loan, Borrower shall immediately repay the full amount of the Loan in the event any one or more of the following circumstances occur: 

  

	 	1.1.1	30 days elapse after Borrower receives written notice from Lender requesting repayment of the Loan; 

  

	 	1.1.2	Borrower’s death, lack or limitation of civil capacity; 

  

	 	1.1.3	Borrower ceases to be a shareholder of Borrower Company; 

  

	 	1.1.4	Borrower engages in criminal act or is involved in criminal activities; 

  

	 	1.1.5	Any third party filed a claim against Borrower that exceeds RMB1,000,000; or 

  

	 	1.1.6	The Lender decides to exercise the exclusive option under the Exclusive Option Agreement (the “Exclusive Option Agreement”) described in Sections 4.1.1 and 4.2.4 of this
Agreement. 

  

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	 	1.2	Lender agrees to remit the total amount under the Loan to the account designated by Borrower within 20 days after receiving a written notification from the Borrower regarding the
same, provided that all the conditions precedent in Section 2 are fulfilled. Borrower shall provide Lender with a written receipt for the Loan upon receiving the Loan. The Loan provided by Lender under this Agreement shall inure to
Borrower’s benefit only and not to Borrower’s successors or assigns. 

  

	 	1.3	Borrower agrees to accept the aforementioned Loan provided by Lender, and hereby agrees and warrants using the Loan to provide capital to purchase and hold 50% equity interest of
Beijing Feijie Investment Co., Ltd. (“Borrower Company”), and Borrower shall become Borrower Company’s shareholder who shall own 50% equity interests in Borrower Company (Such 50% equity interests, hereinafter referred to as the
“Borrower Equity Interest”). Borrower agrees to complete the re-registration with administration for industry and commerce and to hold Borrower Equity Interest within 30 days from the date of drawing the Loan, and provide Lender with all
of the duplicates of the registration documents at the administration for industry and commerce, business licenses, and articles of association. Without Lender’s prior written consent, Borrower shall not use the Loan for any purpose other than
as set forth herein. 

  

	 	1.4	Lender and Borrower hereby agree and acknowledge that Borrower’s method of repayment shall be at the sole discretion of Lender, (1) at Lender’s option take the form
of Borrower’s transfer the Borrower Equity Interest in whole to Lender or Lender’s designated persons (legal or natural persons) pursuant to the Lender’s exercise of its right to acquire the Borrower Equity Interest under the
Exclusive Option Agreement; and (2) in case of liquidation, the Borrower shall repay all the residuary estate of the Borrower Company distributed after liquidation to Lender or the designees of the Lender. 

  

	 	1.5	Lender and Borrower hereby agree and acknowledge that any proceeds from the transfer of the Borrower Equity Interest (to the extent permissible) shall be used to repay the Loan to
Lender, in accordance with this Agreement and in the manner designated by Lender. 

  

	 	1.6	Lender and Borrower hereby agree and acknowledge that to the extent permitted by applicable laws, Lender shall have the right but not the obligation to purchase or designate other
persons (legal or natural persons) to purchase Borrower Equity Interest in part or in whole at any time, at the price stipulated in the Exclusive Option Agreement. 

  

	 	1.7	Borrower also undertakes to execute an irrevocable Power of Attorney (the “Power of Attorney”, referred to in Section 4.2.3), which authorizes the Lender or a legal
or natural person designated by Lender to exercise all of Borrower’s rights as a shareholder of Borrower Company. 

  

	 	1.8	 When Borrower transfers Borrower Equity Interest to Lender or Lender’s designated person(s), in the event that the transfer price of such equity 

  

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interest equals or is lower than the principal of the Loan under this Agreement, the Loan under this Agreement shall be deemed an interest-free loan. In the
event that the transfer price of such equity interest exceeds the principal of the Loan under this Agreement, the excess over the principal shall be deemed the interest of the Loan under this Agreement payable by Borrower to Lender.

  

	2.	Conditions Precedent 

 The obligation of
Lender to provide the Loan to Borrower contemplated in Section 1.1 shall be subject to the satisfaction of the following conditions, unless waived in writing by Lender. 
  

	 	2.1	Lender receives the written notification for drawdown under the Loan sent by Borrower according to Section 1.2. 

  

	 	2.2	All the representations and warranties by Borrower in Section 3.2 are true, complete, correct and not misleading. 

  

	 	2.3	Borrower has not violated the covenants in Section 4 of this Agreement, and no event which may affect Borrower’s performance of its obligations under this Agreement has
occurred or is expected to occur. 

  

	3.	Representations and Warranties 

  

	 	3.1	Between the date of this Agreement and the date of termination of this Agreement, Lender hereby makes the following representations and warranties to Borrower:

  

	 	3.1.1	Lender is a company duly organized and legally existing in accordance with the laws of China; 

  

	 	3.1.2	Lender has the legal capacity to execute and perform this Agreement. The execution and performance by Lender of this Agreement is consistent with Lender’s scope of business and
the provisions of Lender’s corporate bylaws and other organizational documents, and Lender has obtained all necessary and proper approvals and authorizations for the execution and performance of this Agreement; and 

  

	 	3.1.3	This Agreement constitutes Lender’s legal, valid and binding obligations, enforceable in accordance with its terms. 

  

	 	3.2	Between the date of this Agreement and the date of termination of this Agreement, Borrower hereby makes the following representations and warranties: 

  

	 	3.2.1	 Borrower has the legal capacity to execute and perform this Agreement. Borrower has obtained all necessary and proper 

  

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approvals and authorizations for the execution and performance of this Agreement; 

  

	 	3.2.2	This Agreement constitutes Borrower’s legal, valid and binding obligations enforceable in accordance with its terms; and 

  

	 	3.2.3	There are no disputes, litigations, arbitrations, administrative proceedings or any other legal proceedings relating to Borrower, nor are there any potential disputes, litigations,
arbitrations, administrative proceedings or any other legal proceedings relating to Borrower. 

  

	4.	Borrower’s Covenants  

  

	 	4.1	As and when he becomes, and for so long as he remains a shareholder of Borrower Company, Borrower covenants irrevocably that during the term of this Agreement, Borrower shall cause
Borrower Company: 

  

	 	4.1.1	to execute the Exclusive Option Agreement with Borrower and Lender, under which Borrower shall irrevocably grant Lender an exclusive option to purchase all of the Borrower Equity
Interest; to execute the Exclusive Business Cooperation Agreement with the Lender (the “Exclusive Business Cooperation Agreement”), under which the Lender, as an exclusive service provider, will provide Borrower Company with technical
service and business consulting service; to execute the Equity Interest Pledge Agreement with the Lender and Borrower, under which will set for the pledge of the Borrower Equity Interest; to enter into the Exclusive Option Agreement on the date of
issuance of the new business license of Borrower Company reflecting completion of re-registration of shareholder of Borrower Company, and to complete all the related governmental approvals, registrations or fillings (as applicable);

  

	 	4.1.2	to strictly abide by the provisions of the Exclusive Option Agreement, Equity Interest Pledge Agreement and the Exclusive Business Cooperation Agreement, and to refrain from any
action/omission that may affect the effectiveness and enforceability of the Exclusive Option Agreement, Equity Interest Pledge Agreement and the Exclusive Business Cooperation Agreement; 

  

	 	4.1.3	at the request of Lender (or a party designated by Lender), to execute contracts/agreements on business cooperation with Lender (or a party designated by Lender), and to strictly
abide by such contracts/agreements; 

  

	 	4.1.4	to provide Lender with all of the information on its business operations and financial condition at Lender’s request; 

  

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	 	4.1.5	to immediately notify Lender of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to its assets, business or income;

  

	 	4.1.6	at the request of Lender, to appoint any persons designated by Lender as directors and/or executive director of Borrower Company; 

  

	 	4.1.7	without Lender’s prior written consent, not to supplement, change or amend its articles of association in any manner, increase or decrease its registered capital or change its
share capital structure in any manner; 

  

	 	4.1.8	to maintain its corporate existence in accordance with good financial and business standards and practices by prudently and effectively operating its business and handling its
affairs; 

  

	 	4.1.9	without Lender’s prior written consent, not to sell, transfer, mortgage or dispose of in any other manner its legal or beneficial interest in any of its assets, business or
revenue at any time from the date of this Agreement, or permit the encumbrance of any other security interest thereon; 

  

	 	4.1.10	without Lender’s prior written consent, not to incur, inherit, guarantee or otherwise allow for the existence of any debt, except for (i) debt incurred in the ordinary
course of business other than through any loans; and (ii) debt already disclosed to Lender for which Lender’s written consent has been obtained; 

  

	 	4.1.11	to operate its businesses in the ordinary course and to maintain the value of its assets; 

  

	 	4.1.12	without the prior written consent of Lender, not to execute any major contract, except for contracts in the ordinary course of business (for purpose of this subsection, a contract
with a value exceeding RMB100,000 shall be deemed a major contract); 

  

	 	4.1.13	without the prior written consent of Lender, not to provide any person with any loan or credit; 

  

	 	4.1.14	to procure and maintain insurance from an insurance carrier acceptable to Lender, at an amount and type of coverage typical for companies that operate similar businesses;

  

	 	4.1.15	without the prior written consent of Lender, not to merge, consolidate with, acquire, or invest in any person; 

  

	 	4.1.16	to maintain the ownership of all of its assets, execute all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate
complaints or raise necessary and appropriate defenses against all claims; and 

  

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	 	4.1.17	without the prior written consent of Lender, not to distribute dividends to shareholders, provided that upon Lender’s written request, to distribute the distributable profits
in whole or in part to its shareholders. 

  

	 	4.2	Borrower covenants that during the term of this Agreement, he shall: 

  

	 	4.2.1	ensure that the re-registration of shareholder of Borrower Company shall be completed according to the laws of China within 30 days from the date of drawing the Loan and to hold the
Borrower Equity Interest; Borrower Company shall be a limited liability company without foreign investment, and Borrower shall hold 50% equity interest of Borrower Company; 

  

	 	4.2.2	endeavor to cause Borrower Company to engage in its current business; 

  

	 	4.2.3	execute an irrevocable Power of Attorney, which authorizes a legal or natural person designated by Lender to exercise all of Borrower’s rights as a shareholder in Borrower
Company, and refrain from exercising any such shareholder rights except to the extent required under this Agreement or the Equity Interest Pledge Agreement (hereinafter Section 4.2.5) or as requested by Lender; 

  

	 	4.2.4	execute the Exclusive Option Agreement with Lender and Borrower Company, under which Borrower shall irrevocably grant to Lender an exclusive option to purchase all of the Borrower
Equity Interest; 

  

	 	4.2.5	execute a Equity Interest Pledge Agreement (the “Equity Interest Pledge Agreement”) with the Lender and Borrower Company, under which Borrower shall pledge the Borrower
Equity Interest to the Lender; 

  

	 	4.2.6	enter into the aforementioned Power of Attorney, Exclusive Option Agreement and Equity Interest Pledge Agreement on the date of the issuance of the new business license of Borrower
Company, and complete all the related governmental approvals, registrations or fillings (as applicable); 

  

	 	4.2.7	abide by the provisions of this Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement, perform his obligations under this
Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement, and refrain from any action/omission that may affect the effectiveness and enforceability of this Agreement, the Power of Attorney, the Equity
Interest Pledge Agreement and the Exclusive Option Agreement; 

  

	 	4.2.8	 not sell, transfer, mortgage or dispose of in any other manner the legal or beneficial interest in Borrower Equity Interest, or allow the 

  

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encumbrance thereon of any security interest or the encumbrance, except in accordance with the Equity Interest Pledge Agreement;

  

	 	4.2.9	cause any shareholders’ meeting and/or the board of directors and/or executive director of Borrower Company not to approve the sale, transfer, mortgage or disposition in any
other manner of any legal or beneficial interest in Borrower Equity Interest, or allow the encumbrance thereon of any security interest, except to Lender or Lender’s designated person; 

  

	 	4.2.10	cause any shareholders’ meeting and/or the board of directors and/or executive director of the Borrower Company not to approve the merger or consolidation of Borrower Company
with any person, or its acquisition of or investment in any person, without the prior written consent of Lender; 

  

	 	4.2.11	immediately notify Lender of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Borrower Equity Interest;

  

	 	4.2.12	to the extent necessary to maintain his ownership of the Borrower Equity Interest, execute all necessary or appropriate documents, take all necessary or appropriate actions and file
all necessary or appropriate complaints or raise necessary and appropriate defense against all claims; 

  

	 	4.2.13	without the prior written consent of Lender, refrain from any action/omission that may have a material impact on the assets, business and liabilities of Borrower Company;

  

	 	4.2.14	appoint any designee of Lender as director and/or executive director of Borrower Company, at the request of Lender; 

  

	 	4.2.15	to the extent permitted by the laws of China, at the request of Lender at any time, promptly and unconditionally transfer all of Borrower Equity Interest to Lender or Lender’s
designated representative(s) at any time, and cause the other shareholders of Borrower Company to waive their right of first refusal with respect to the share transfer described in this Section; 

  

	 	4.2.16	to the extent permitted by the laws of China, at the request of Lender at any time, cause the other shareholders of Borrower Company to promptly and unconditionally transfer all of
their equity interest to Lender or Lender’s designated representative(s) at any time, and Borrower hereby waives his right of first refusal (if any) with respect to the share transfer described in this Section; 

  

	 	4.2.17	 in the event that Lender purchases Borrower Equity Interest from Borrower in accordance with the provisions of the Exclusive Option 

  

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Agreement, use such purchase price obtained thereby to repay the Loan to Lender; and 

  

	 	4.2.18	without the prior written consent of Lender, not to cause Borrower Company to supplement, change, or amend its articles of association in any manner, increase or decreases its
registered capital or change its share capital structure in any manner. 

  

	5.	Liability for Default 

  

	 	5.1	In the event either Party breaches this Agreement or otherwise causes the non-performance of this Agreement in part or in whole, the Party shall be liable for such breach and shall
compensate all damages (including litigation and attorneys fees) resulting therefrom. In the event that both Parties breach this Agreement, each Party shall be liable for its respective breach. 

  

	 	5.2	In the event that Borrower fails to perform the repayment obligations set forth in this Agreement, Borrower shall pay overdue interest of 0.01% per day for the outstanding
payment, until the day Borrower repays the full principal of the Loan, overdue interests and other payable amounts. 

  

	6.	Notices 

  

	 	6.1	All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a
commercial courier service or by facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be
determined as follows: 

  

	 	6.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of delivery. 

 

	 	6.1.2	Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of
transmission). 

  

	 	6.2	For the purpose of notices, the addresses of the Parties are as follows: 

  

			
	Lender:	  	Beijing Pypo Technology Group Company Limited
	Address:	  	Floor 3, South of Chang’anxingrong Center, No.1, Naoshikou Avenue, Xicheng District, Beijing.
	Attn:	  	Dongping Fei
	Phone:	  	+86-10-58325858
	Facsimile:	  	+86-10-58325705

  

			
	Borrower:	  	Guan Zhikuan

  

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	Address:	  	Floor 3, South of Chang’anxingrong Center, No.1, Naoshikou Avenue, Xicheng District, Beijing.
	Phone:	  	+86-10-58325858
	Facsimile:	  	+86-10-58325705

  

	 	6.3	Any Party may at any time change its address for notices by a notice delivered to the other Party in accordance with the terms hereof. 

  

	7.	Confidentiality 

 The Parties acknowledge
that any oral or written information exchanged among them with respect to this Agreement is confidential information. The Parties shall maintain the confidentiality of all such information, and without the written consent of other Party, either
Party shall not disclose any relevant information to any third party, except in the following circumstances: (a) such information is or will be in the public domain (provided that this is not the result of a public disclosure by the receiving
party); (b) information disclosed as required by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal counsel or financial advisor regarding the transaction
contemplated hereunder, and such legal counsel or financial advisor are also bound by confidentiality duties similar to the duties in this section. Disclosure of any confidential information by the staff members or agency hired by any Party shall be
deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This section shall survive the termination of this Agreement for any reason. 
  

	8.	Governing Law and Resolution of Disputes 

  

	 	8.1	The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes shall be governed by the laws of China.

  

	 	8.2	In the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the
event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other Party for resolution of the dispute through negotiations, either Party may submit the relevant dispute to the China
International Economic and Trade Arbitration Commission for arbitration, in accordance with its then effective arbitration rules. The arbitration shall be conducted in Beijing, and the language used in arbitration shall be Chinese. The arbitration
award shall be final and binding on all parties. 

  

	 	8.3	Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under
dispute, the parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement. 

  

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	9.	Miscellaneous 

  

	 	9.1	This Agreement shall become effective on the date thereof, and shall expire upon the date of full performance by the Parties of their respective obligations under this Agreement.

  

	 	9.2	This Agreement shall be written in both Chinese and English language in two copies, each Party having one copy with equal legal validity. In case there is any conflict between the
Chinese version and the English version, the Chinese version shall prevail. 

  

	 	9.3	This Agreement may be amended or supplemented through written agreement by and between the Parties. Such written amendment agreement and/or supplementary agreement executed by and
between the Parties are an integral part of this Agreement, and shall have the same legal validity as this Agreement. 

  

	 	9.4	In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the
validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with
effective provisions that accomplish to the greatest extent permitted by law the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or
unenforceable provisions. 

  

	 	9.5	The attachments (if any) to this Agreement shall be an integral part of this Agreement and shall have the same legal validity as this Agreement. 

  

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 IN WITNESS WHEREOF, the Parties have executed, or caused their authorized representatives to execute, this Loan Agreement
as of the date first above written. 
  

			
	Lender:	 	Beijing Pypo Technology Group Company Limited

  

			
	By:	 	     /s/    Kuo Zhang

  

			
	Borrower:	 	Guan Zhikuan

  

			
	By:	 	     /s/    Zhikuan Guan

  

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