Document:

Exhibit 4.31
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LOAN FRAMEWORK AGREEMENT
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THIS LOAN FRAMEWORK AGREEMENT (this “Agreement”), dated December 20, 2019, is entered into in Shanghai by and among:
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1.    Beijing Yangguang Juren Education and Technology Co., Ltd., a limited liability company established and validly existing under laws, with its registered address at 10/F, Tower A, Building 1, No.1 Zhongguancun East Road, Haidian District, Beijing (the “Borrower” or the “Company”);
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2.    Shanghai Jingrui Education Investment Co., Ltd., a limited liability company established and validly existing under laws, with its registered address at Room 118, Building 20, No. 1-42, Lane 83, Hongxiang North Road, Wanxiang Town, Pudong New Area (the “Lender”);
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WHEREAS, the Lender intends to lend to the Borrower or its subsidiaries amounts, as fully agreed by the parties through consultation. NOW, THEREFORE, in consideration of the foregoing borrowing, the parties hereby enter into this Agreement to be bound hereby.
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ARTICLE 1 AMOUNT OF LOAN:
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The Lender hereby agrees, if requested by the Borrower, to make a loan available to the Borrower (the “Loan”) in a total amount of up to RMB 170,900,000.
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ARTICLE 2 PURPOSE OF LOAN
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The parties agree that the Loan advanced by the Lender to the Borrower shall be used for the daily business running, operation and business development needs of the Borrower.
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The Borrower shall not change the use of the Loan without the written consent of the Lender. In particular, the Borrower shall not use the Loan for the following purposes: distributing profits to its shareholders, entrusting wealth management, entrusting loans, real estate, stocks, futures, funds and other financial derivatives, or the projects prohibited by laws, regulations, supervisory rules and related policies or the projects unapproved in line with law.
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ARTICLE 3 DATE AND METHOD OF ADVANCING LOAN
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1.    Within 10 business days from the Borrower’s written request for the Loan to the Lender, the Lender will advance the required amount of Loan to the following bank account designated by the Borrower.
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2.    The Borrower’s designated bank account information is as follows:
	Account Name:
	   
	Beijing Yangguang Juren Education and Technology Co., Ltd.

	Bank Name:
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	Beijing Zizhuyuan Sub-branch of Industrial and Commercial

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	Bank of China

	Account No.:
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	[***]

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ARTICLE 4 RELEVANT PROVISIONS ON LIFE OF LOAN, INTEREST AND CONVERSION INTO INVESTMENT
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1.    Life of the Loan: 12 months from the date when the amount of Loan is actually paid to the account designated by the Borrower, unless otherwise agreed by the parties; if the Borrower and the Lender have reached a written agreement on the rollover, the life of Loan shall be subject to such agreement.
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2.    Interest on the Loan: The Borrower shall pay to the Lender interest at the rate of 4.35% (simple interest) per annum. The interest rate shall be calculated from the date when the amount of the Loan is actually paid to the account designated by the Borrower till the date when the actual repayment reaches the account of the Lender (the “Actual Repayment Date”).
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3.    The Borrower is entitled to repay all or part of the principal and interest of the Loan hereunder in advance according to the actual operation of the Company.
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ARTICLE 5 RIGHTS AND OBLIGATIONS
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1.    The Borrower is entitled to obtain and use the amount of the Loan as provided herein.
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2.    The Borrower shall repay the principal of the Loan hereunder and pay the interest accrued thereon on schedule or complete the Company Registration Changes of the Conversion into Investment. In case of special circumstances, if the Borrower is unable to repay the principal of the Loan hereunder and pay the interest accrued thereon prior to the repayment term and needs rollover, the Borrower shall apply to the Lender for rollover in writing fifteen days prior to the expiry of the term. The rollover shall be available only upon the Lender’s written consent and the execution of a rollover agreement with the Borrower.
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3.    The Borrower shall pay to the Lender all principal, interest, and all sums payable (if any) on the Actual Repayment Date.
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4.    In case the Borrower incurs any material adverse event which may affect the ability of the Borrower to repay its debts or any other event which may endanger the creditor’s right of the Lender, the Borrower shall notify the Lender in writing within 3 days after the occurrence of such event and simultaneously clarify the liability for debt discharge or discharge its debts in advance.
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ARTICLE 6 REPRESENTATIONS AND WARRANTIES
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1.    The Borrower and the Controlling Shareholder represent and warrant to the Lender that:
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(1)      It/He is an enterprise duly organized and/or validly existing under the laws with independent legal person status, a corporate entity or a person with full capacity for civil conduct, and is able to sue and respond to lawsuits in its/his own name;
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(2)      It/He has the power, as a party, to enter into and perform this Agreement;
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(3)      Its/His execution and performance of this Agreement or exercise of its/his rights and obligations hereunder will not: (i) conflict with the laws, amendments and any other official or judicial orders that it/he must abide by; (ii) conflict with its articles of association; or (iii) conflict with any agreement or document entered into by it/he, or any agreement or document binding upon it/he or its/his properties.
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2.    The Borrower and the Controlling Shareholder further represent and warrant that the representations and warranties made by them in paragraph 1 of Article 6 hereof shall be true and accurate at all times during the term of this Agreement and with respect to the facts and circumstances existing at any time.
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3.    The Borrower has fully and accurately disclosed to the Lender the material liabilities borne by it as at the date of this Agreement (whether actual or contingent).
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4.    The Borrower understand that the Lender has entered into this Agreement and that the amount of the Loan advanced by the Lender to the Borrower is based on belief in and reliance on the representations and warranties set forth herein.
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ARTICLE 7 EVENTS OF DEFAULT AND LIABILITIES FOR DEFAULT
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1.    Any of the following events shall constitute or shall be deemed as an event of default on the part of the Borrower/the Controlling Shareholder under this Agreement:
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(1)      The Borrower fails to use the funds received for the purpose set forth in this Agreement;
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(2)      The Borrower fails to repay any maturing principal or pay any interest, fee or any other payables due in accordance with this Agreement and fails to make Company Registration Changes for the Conversion into Investment;
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(3)      The Borrower or the Controlling Shareholder makes any of untrue representations under this Agreement or breaches any of the representations or warranties under this Agreement;
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(4)      The Borrower or the Controlling Shareholder breaches any other provision of this Agreement in respect of its/his obligations;
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(5)      The Borrower ceases its business operation, or incurs dissolution, deregistration or bankruptcy events;
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2.    In addition to other measures available under this Agreement, upon the occurrence of the aforementioned events of default, the Lender may take any one or more of the following remedial measures:
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(1)      Requiring the Borrower to remedy the default within a prescribed time limit;
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(2)      Suspending advancing the Loan;
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(3)      Terminating or rescinding this Agreement, declaring all principal and interest hereunder immediately due, and requiring the Borrower to immediately repay all principal, interest, penalties and fees owed by it. The Borrower shall be entitled to have priority in repayment in case of dissolution, deregistration or bankruptcy liquidation.
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(4)      Requiring the Borrower to pay other costs (including but not limited to attorney fees) incurred by the Borrower in connection with the recovery of claims against the Borrower.
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ARTICLE 8 NOTICES AND COMMUNICATIONS
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1.    Unless otherwise provided for herein, any notice, request or other communication to any party hereunder shall be made in writing and sent by personal delivery, prepaid mail, facsimile or other means to the addresses designated by the parties; in the case of facsimile, the facsimile numbers set forth below (another address or facsimile number may be used if given to the attention of the recipient three (3) banking days in advance by giving a specific written notice).
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2.    Any notice, request or other communication to be sent to the relevant parties, (a) if it is sent by personal delivery, the delivery time shall be the time of handover; (b) if it is sent by a letter, it is deemed to be delivered at the time of three (3) banking days after posting, provided that such notice, request or other communication is proved to have been sent as well as that the delivery address is correct and the notice, request or other communication has been stamped and posted; (c) if it is sent by facsimile or telegram, it shall be deemed to be delivered at the time of transmission (evidenced by complete transmission record or (as the case may be) confirmed call back code). However, any notice, request or other communication sent to the Lender by the Borrower shall not be deemed to have been delivered until it is received by the Lender.
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ARTICLE 9 GOVERNING LAW AND DISPUTE RESOLUTION
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This Agreement and its performance shall be governed by the laws of the People’s Republic of China. Any dispute arising from or in connection with this Agreement shall be settled by the parties through amicable consultation. If such consultation fails, any party shall have the right to submit the dispute to the people’s court in the jurisdiction where this Agreement is executed for settlement through litigation.
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ARTICLE 10 DIVISION
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If, in accordance with applicable laws, any provision of this Agreement is declared illegal, invalid or unenforceable, or is declared illegal, invalid or unenforceable by a court or arbitration tribunal, such provision shall be deleted from this Agreement to the extent permitted by applicable laws so as to make the legality, validity and enforceability of other provisions hereof not affected, and all remaining provisions shall remain in full force and effect after the deletion.
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ARTICLE 11 EFFECTIVENESS OF AGREEMENT
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This Agreement shall take effect from the date of signature and seal of all parties.
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ARTICLE 12 MISCELLANEOUS
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This agreement is made in triplicate, each party holds one copy and the three copies have the same legal effect.
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[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK AND THE SIGNATURE PAGE FOLLOWS.]
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[Signature Page of the Loan Agreement]
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Borrower:        Beijing Yangguang Juren Education and Technology Co., Ltd. (Seal)
/s/ Authorized Signatory
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Lender:            Shanghai Jingrui Education Investment Co., Ltd. (Seal)
/s/ Authorized Signatory

6Exhibit 4.32
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SHARE SALE AND PURCHASE AGREEMENT
THIS  SHARE SALE AND PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of December    15th , 2020 by and among:
(A)        Yutang Inc., a company organized and existing under the laws of the Cayman Islands, whose registered office is situated at the offices of Maricorp Services Ltd., P.O. Box 2075, #31 The Strand, 46 Canal Point Drive, Grand Cayman KYI-1150, Cayman Island (the “Purchaser”);
(B)        Jiia Qin Limited, a company organized and existing under the laws of the British Virgin Islands, whose registered office is situated at Trinity Chambers, P.O. Box 4301, Road Town, Tortola, British Virgin Islands;
(C)        ONESMART EDU INC., a company organized and existing under the laws of the British Virgin Islands, whose registered office is situated at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands (together with Jiia Qin Limited, the “Sellers” and each a “Seller”).
(D)        JR Online Limited, a company organized and existing under the laws of the British Virgin Islands, whose registered office is situated at Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands.
WHEREAS:
(1)         JUREN Education & Technology Group Inc., a Company incorporated under the laws of the the Cayman Islands, (the “Company”). The Sellers are the registered and beneficial owner of the entire shares in the share capital of the Company.
(2)         The Sellers, the Purchaser and certain other parties have entered into certain framework restructuring agreement (the “Restructuring Agreement”), pursuant to the Restructuring Agreement, the Sellers have agreed to sell and the Purchaser have agreed to purchase the 100% shares of and in the Company registered under the name of the Sellers (the “Purchased Shares”) subject to and upon the terms and conditions of this Agreement.
(3)         Concurrently with the Completion, the Purchaser shall issue certain amount of ordinary shares to JR Online Limited, the ESOP platform of the Company, at a purchase price of US$0.0001 par share.
THE PARTIES AGREED AS FOLLOWS:
1.          SALE AND PURCHASE
1.1        The Sellers shall sell 100% of their Purchased Shares and the Purchaser shall purchase the Purchased Shares on the Completion Date, at a purchase price set forth in Section 2 of this Agreement.
1.2        Concurrently with the Completion, the Purchaser shall issue 56,194,115 ordinary shares to JR Online Limited at a purchase price of US$0.0001 per share.
2.          CONSIDERATION AND PAYMENT
2.1        The consideration payable by the Purchaser to the Sellers for the Purchased Shares shall be ordinary shares with a par value of US$0.0001 per share to be issued by the Purchaser for each Seller. The Purchaser shall issue 30,778,970 ordinary shares to Jiia Qin Limited and 100,340,631 ordinary shares to ONESMART EDU INC. (the “Share Consideration”). The ordinary shares of the Purchaser shall be issued to the Sellers or the SPV(s) designated by the Sellers.
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2.2        Each of the Sellers hereby irrevocably, unconditionally and expressly acknowledges and agrees that the Share Consideration shall be paid only to such Seller or the SPV designated by such Seller no later than one (1) month upon the execution of this Agreement (the “Completion Date”) and the Purchaser’s obligations under this Agreement shall be immediately deemed satisfied in full upon the full payment of the Share Consideration. The Share Consideration shall be inclusive of all compensation and payments payable to the Sellers for the Purchased Shares.
2.3        The consideration payable by JR Online Limited to subscribe the ordinary shares to be issued by the Purchaser shall be in cash (the “Cash Consideration”).
2.4       Each party agrees that the Cash Consideration shall be paid to the Purchaser at a designated time mutually agreed by the Purchaser and JR Online Limited after the Completion Date.
3.          COMPLETION
3.1        Upon and subject to the terms and conditions of this Agreement, completion of this Agreement (“Completion”) shall take place on Completion Date remotely.
3.2        On Completion:
(A)        each Seller shall cause the Company to deliver an updated register of members of the Company certifying the Purchaser has been registered as the sole owner of the entire share capital of the Company;
(B)        the Purchaser shall deliver an updated register of members of the Purchaser certifying (i) each of the Sellers has been registered as the holder of the respective Share Consideration; and (ii) JR Online Limited has been registered as the holder of 56,194,115 ordinary shares of the Purchaser.
4.          WARRANTIES AND UNDERTAKINGS
4.1        Each of the Sellers warrants and undertakes to the Purchaser that Section 4.1 is true and correct as of this Agreement and as of the Completion Date, and JR Online Limited warrants and undertakes to the Purchaser that Section 5.1 (A) and (B) is true and correct as of this Agreement and as of the Completion Date:
(A)        such party has all the necessary authority and capacity to enter into and to perform its obligations under this Agreement and other documents relating to the transactions contemplated hereby.  This Agreement constitutes legal, valid and binding obligations of such party, enforceable against it in accordance with their terms;
(B)        such party is duly incorporated and validly existing under the laws of its jurisdiction of incorporation;
(C)        Such party is the sole owner of the Purchased Shares, and there is no mortgage, lien or other encumbrance on the Purchased Shares;
4.2        The Purchaser warrants and undertakes to the Sellers and JR Online Limited that:
(A)        The Purchaser has all the necessary authority and capacity to enter into and to
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perform its obligations under this Agreement and other documents relating to the transactions contemplated hereby.  This Agreement constitutes legal, valid and binding obligations of such party, enforceable against it in accordance with their terms;
(B)        The Purchaser is duly incorporated and validly existing under the laws of its jurisdiction of incorporation;
5.          DAMAGES AND EXPENSES
5.1        Without prejudice to the foregoing provisions:
(A)        Should the Purchaser fail to complete the purchase in the manner herein contained (except as a result of default by any of the Seller), each of the Sellers shall be entitled at its absolute discretion to dispose of or otherwise deal with the Purchased Shares and may, in its sole discretion, take action against the Purchaser to claim damages and/or to obtain a decree for specific performance of this Agreement; and
(B)        Should any of the Sellers or JR Online Limited fails to complete the sale in the manner herein contained (except as a result of default by the Purchaser), the Purchaser shall at its absolute discretion, take any further action to claim the damages or to enforce specific performance against such Seller.
5.2        The Sellers, JR Online Limited and the Purchaser shall bear their own respective legal costs and expenses for the sale and purchase of the Purchased Shares.
6.          MISCELLANEOUS
6.1        This Agreement (together with any ancillary documents the parties deem necessary to enter into) constitutes the entire agreement between the parties in relation to the transactions which are the subject of this Agreement, and supersedes any previous agreement between the parties in relation to such transactions and the Purchaser acknowledges that he is not relying on any representation not expressly repeated in this Agreement.
6.2        The execution and completion of this Agreement can be terminated or reversed even after the completion should there be a material breach in the Sections stated, and should be communicated by means of written form.
6.3        Each of the Sellers and the Purchaser retain their respective legal rights to claim against any damages (if any) during the process of termination.
6.4        This Agreement shall be governed by and interpreted according to Hong Kong law, and each of the parties submits to the arbitration at any time following such thirty (30) day period upon the request of any Party with notice to the other Party. The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “HKIAC”) applying the Arbitration Rules of the HKIAC in effect with (i) three arbitrators, one appointed by each of the complainant and the respondent and one selected by the Chairman of the HKIAC, (ii) proceedings conducted in English and (iii) the arbitrators deciding any dispute submitted by the Parties strictly in accordance with the substantive Laws of Hong Kong (and not any
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other substantive law).  Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing complete access to all information and documents requested by such Party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on the Party receiving the request. The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to the dispute may apply to a court of competent jurisdiction for enforcement of such award. Any party to the dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal.
6.5        The parties intend the provisions of this Agreement shall be enforced to the fullest extent permissible.  If any provision shall be held to be invalid or unenforceable, the remaining provisions shall nevertheless remain enforceable.
6.6        This Agreement may be executed in any number of counterparts, and any party may execute any number of counterparts, all of which shall together constitute a single instrument.
 [SIGNATURES ON FOLLOWING PAGE]
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IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the date first written above.
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The Seller
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Jiia Qin Limited
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	By:
	/s/ Xiaofei Geng
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	Name: Xiaofei Geng
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	Title: Authorized Signatory
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SIGNATURE PAGE TO SHARE SALE AND PURCHASE AGREEMENT
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IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the date first written above.
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The Seller
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ONESMART EDU INC.
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	By:
	/s/ Xi Zhang
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	Name: Xi Zhang
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	Title: Authorized Signatory
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SIGNATURE PAGE TO SHARE SALE AND PURCHASE AGREEMENT
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IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the date first written above.
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JR Online Limited
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	By:
	/s/ Moming Luo
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	Name: Moming Luo
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	Title: Authorized Signatory
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SIGNATURE PAGE TO SHARE SALE AND PURCHASE AGREEMENT
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IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the date first written above.
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The Purchaser
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Yutang Inc.
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	By:
	/s/ Moming Luo
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	Name: Moming Luo
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	Title: Authorized Signatory
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SIGNATURE PAGE TO SHARE SALE AND PURCHASE AGREEMENT
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