Document:

EX-4.31

 Exhibit 4.31 

Equity Pledge Agreement 

This Equity Pledge Agreement (this “Agreement”) is executed by and among the following parties on December 28, 2015 in Beijing,
the People’s Republic of China (the “PRC”): 
  

					
	Party A	 	(hereinafter “Pledgee”):
			
		 		  	Beijing Zhongxi Champion Healthcare Education Technology Co., Ltd., a wholly foreign owned enterprise incorporated and existing under the laws of the PRC with its address at Room 1810, 18/F, 1 Zhichun Road, Haidian District,
Beijing;
			
	Party B:	 		  	Zhengdong Zhu, a PRC citizen with the PRC Identification No.: 320102196806142439
			
	Party C:	 		  	Baohong Yin, a PRC citizen with the PRC Identification No.: 320102196710242849;
			
	Party D:	 		  	Beijing Champion Healthcare Education Technology Co., Ltd., a limited liability company incorporated and existing under the laws of the PRC with its address at Room 303A, 3/F, 1 Zhichun Road, Haidian District, Beijing.

 Under this Agreement, Party B and Party C shall be referred to as “Pledgors”, and each of Pledgee,
Pledgors and Party D shall be referred to as a “Party” respectively, and collectively referred to as the “Parties”. 
 Whereas: 

 

	1.	Pledgors hold an aggregate of 100% of equity interests of Party D as of the date hereof, representing RMB 32,000,000 in the registered capital of Party D. Party D is a limited liability company incorporated and existing
under the laws of the PRC. Party D acknowledges the respective rights and obligations of Pledgors and Pledgee under this Agreement, and intends to provide necessary assistance in registering the Pledge (as defined below); 

  
 1 

	2.	Pledgee is a wholly foreign owned enterprise incorporated and existing under laws of the PRC. Pledgee and Party D have executed an Exclusive Business Cooperation Agreement (as defined below); Party D, Pledgee and
Pledgors have executed an Exclusive Option Agreement (as defined below); and each Pledgor has executed a Power of Attorney to Pledgee. 

  

	3.	To ensure that Party D and Pledgors fully perform their obligations under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement and the Power of Attorney, Pledgors hereby pledge to Pledgee all of
the equity interest they aggregately hold in Party D as security for the performance of Party D and Pledgors’ obligations under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, and the Power of Attorney.

 To fulfill the provisions of the Transaction Documents (as defined below), the Parties have mutually agreed to execute this
Agreement upon the following terms. 
  

	1.	Definitions 

 Unless otherwise provided herein, the terms below shall have the following
meanings: 
  

	 	1.1	“Pledge” shall refer to the security interest granted by Pledgors to Pledgee pursuant to Section 2 of this Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the
conversion or proceeds from auction or sale of the Equity Interest. 

  

	 	1.2	“Equity Interest” shall refer to all of the equity interest now held and hereafter acquired by Pledgors in Party D. 

  

	 	1.3	“Term of Pledge” shall refer to the term set forth in Section 3 of this Agreement. 

  
 2 

	 	1.4	“Transaction Documents” shall refer to the Exclusive Business Cooperation Agreement executed by and between Party D and Pledgee on December 28, 2015 (the “Exclusive Business Cooperation
Agreement”), the Exclusive Option Agreement executed by and among Party D, Pledgee and Pledgors on December 28, 2015 (the “Exclusive Option Agreement”), the Power of Attorney executed on December 28, 2015 by Pledgors (the
“Power of Attorney”) and any modification, amendment and/or restatement to the aforementioned documents. 

  

	 	1.5	“Contract Obligation” shall refer to all the obligations of Pledgors under the Exclusive Option Agreement, the Power of Attorney and this Agreement; all the obligations of Party D under the Exclusive Business
Cooperation Agreement, the Exclusive Option Agreement and this Agreement. 

  

	 	1.6	“Secured Indebtedness” shall refer to all the direct, indirect or derivative losses of Pledgee, including loss of foreseeable profits, incurred as a result of any Event of Default (as defined below). The
amount of such loss shall be based on, including but not limited to, the reasonable business plan and profit forecast of Pledgee, the consulting and service fees payable to Pledgee under the Exclusive Business Cooperation Agreement, and all expenses
occurred in connection with enforcement by Pledgee of Pledgors and/or Party D’s Contract Obligation. 

  

	 	1.7	“Event of Default” shall refer to any of the circumstances set forth in Section 7 of this Agreement. 

  

	 	1.8	“Notice of Default” shall refer to the notice issued by Pledgee in accordance with this Agreement declaring an Event of Default. 

  
 3 

	2.	The Pledge 

  

	 	2.1	Pledgors agree to pledge all the Equity Interest as security for performance of the Contract Obligation and payment of the Secured Indebtedness under this Agreement. Party D hereby agrees that Pledgors pledge the Equity
Interest to Pledgee pursuant to this Agreement. 

  

	 	2.2	During the Term of Pledge, Pledgee is entitled to receive any dividends distributed on the Equity Interest. Pledgors may receive dividends distributed on the Equity Interest subject to prior written consent obtained
from Pledgee. Dividends received by Pledgors on Equity Interest, subject to request of Pledgee, shall be (1) deposited into an account designated and supervised by Pledgee and used to secure the performance of Contract Obligation and pay off
the Secured Indebtedness prior and in preference to any other payment; or (2) unconditionally distributed to Pledgee or any other person designated by Pledgee to the extent permitted under applicable PRC laws. 

 

	 	2.3	Pledgors may subscribe for capital increase in Party D subject to prior written consent of Pledgee. Any equity interest obtained by Pledgors in such future capital increase shall be deemed as Equity Interest.

  

	 	2.4	In the event that Party D is forced to be liquidated or dissolved under applicable PRC laws, any interest distributed to Pledgors upon Party D’s liquidation or dissolution, subject to the request of Pledgee, shall
be (1) deposited into an account designate and supervised by Pledgee and used to secure the performance of Contract Obligation and pay off the Secured Indebtedness prior and in preference to any other payment; or (2) unconditionally
distributed to Pledgee or any other person designated by Pledgee to the extent permitted under applicable PRC laws. 

  
 4 

	3.	Term of Pledge 

  

	 	3.1	The Pledge shall become effective when the pledge of the Equity Interest contemplated herein is registered with competent administration for industry and commerce (the “AIC”). The Pledge shall be valid until
all Contract Obligation and Secured Indebtedness are fully performed and paid. Pledgors and Party D shall (1) register the Pledge in the shareholders’ register of Party D within 3 business days following the execution of this Agreement
and/or the completion of increase of registered capital of Party D, and (2) submit an application to the AIC for the registration of the Pledge of the Equity Interest contemplated herein within 30 business days following the execution of this
Agreement and/or the completion of increase of registered capital of Party D. The Parties mutually covenant that for the purpose of registration of the Pledge, the Parties hereto and all other shareholders of Party D shall submit to the AIC this
Agreement or an equity interest pledge contract in the form required by the AIC at the location of Party D which shall truly reflect the information of the Pledge hereunder (hereinafter “AIC Pledge Contract”). For matters not
specified in the AIC Pledge Contract, the Parties shall be bound by the provisions of this Agreement. Pledgors and Party D shall submit all necessary documents and complete all necessary procedures as required by the PRC laws and regulations and the
AIC, to ensure that the Pledge be registered with the AIC as soon as possible after submission of application. 

  

	 	3.2	During the Term of Pledge, in the event Pledgors and/or Party D fails to perform the Contract Obligation or pay off Secured Indebtedness, Pledgee shall have the option to exercise the Pledge in accordance with the
provisions of this Agreement. 

  

	4.	Custody of Records for Equity Interest subject to Pledge 

  

	 	4.1	During the Term of Pledge set forth in this Agreement, Pledgors shall deliver to Pledgee’s custody the capital contribution certificate for the Equity Interest and the shareholders’ register containing the
Pledge within one week from the execution of this Agreement and/or the completion of increase of registered capital of Party D. Pledgee shall have custody of such documents during the entire Term of Pledge set forth in this Agreement.

  
 5 

	5.	Representations and Warranties of Pledgors and Party D 

 As of the date of this
Agreement, Pledgors and Party D hereby jointly and severally represent and warrant to Pledgee that: 
  

	 	5.1	Pledgors respectively are the sole legal and beneficial owner of the Equity Interest. 

  

	 	5.2	Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions set forth in this Agreement. 

 

	 	5.3	Except the Pledge, Pledgors have not placed any security interest or other encumbrance on the Equity Interest. 

  

	 	5.4	Pledgors and Party D have obtained any and all approvals and consents from competent government authorities and third parties (if required) for the execution, delivery and performance of this Agreement.

  

	 	5.5	The execution, delivery and performance of this Agreement will not (i) violate any relevant PRC laws; (ii) conflict with Party D’s articles of association or other constitutional documents;
(iii) result in any breach of or constitute any default under any contract or instrument to which it is a party or by which it is otherwise bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit
or approval granted to any Party; or (v) cause any permit or approval granted to any Party to be suspended, cancelled or attached with additional conditions. 

 

	6.	Covenants of Pledgors and Party D 

  

	 	6.1	Pledgors and Party D hereby jointly and severally covenant to Pledgee: 

  

	 	6.1.1	Pledgors shall not transfer the Equity Interest, in whole or in part, attach or permit the existence of any security interest or other encumbrance on the Equity Interest, without the prior written consent of Pledgee,
except for the performance of the Transaction Documents; 

  
 6 

	 	6.1.2	Pledgors and Party D shall comply with the provisions of all laws and regulations applicable to the pledge of rights, and within 5 days of receipt of any notice, order or recommendation issued or prepared by relevant
competent authorities regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and Pledgors and Party D shall comply with the aforementioned notice, order or recommendation or submit objections and
representations with respect to the aforementioned matters upon reasonable request or consent of Pledgee; 

  

	 	6.1.3	Pledgors and Party D shall promptly notify Pledgee of any event or notice received by Pledgors that may have an impact on Pledgee’s rights on the Equity Interest or any portion thereof, as well as any event or
notice received by Pledgors that may have an impact on any guarantees, representation and warranties and obligations of Pledgors arising out of this Agreement. 

  

	 	6.1.4	Party D shall complete the registration procedures for extension of the term of operation within 3 months prior to the expiration of such term to maintain the validity of this Agreement. 

 

	 	6.2	Pledgors agree that the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted or infringed by Pledgors or any successor(s) or agent(s) of Pledgors or any other
persons through any legal proceedings. 

  

	 	6.3	To protect or perfect the security interest granted by this Agreement for the Contract Obligation and Secured Indebtedness, Pledgors hereby undertake to execute in good faith and to cause other parties who have an
interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgors also undertake to perform and to cause other parties who have an interest in the Pledge to perform actions required by Pledgee, to
facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all relevant documents regarding ownership of Equity Interest with Pledgee or designee(s), whether natural persons or legal persons,
of Pledgee. Pledgors undertake to provide Pledgee with all notices, orders and decisions regarding the Pledge that are required by Pledgee within a reasonable time. 

  
 7 

	 	6.4	Pledgors hereby undertake to comply with and perform all guarantees, promises, agreements, representations and conditions under this Agreement. In the event of failure or partial performance of the guarantees, promises,
agreements, representations and conditions, Pledgors shall indemnify Pledgee for all losses resulting therefrom. 

  

	7.	Event of Default 

  

	 	7.1	The following circumstances shall be deemed Event of Default: 

  

	 	7.1.1	any Pledgors’ breach to any obligations under the Transaction Documents and/or this Agreement. 

  

	 	7.1.2	any Party D’s breach to any obligations under the Transaction Documents and/or this Agreement. 

  

	 	7.2	Upon notice or discovery of the occurrence of any circumstances or event that may lead to the circumstances described in Section 7.1, Pledgors and Party D shall immediately notify Pledgee in writing accordingly.

  

	 	7.3	Unless an Event of Default set forth in this Section 7.1 is successfully resolved to Pledgee’s satisfaction within 20 days after Pledgee delivers a notice to Pledgors and/or Party D, requesting ratification of
such Event of Default. Pledgee may issue a Notice of Default to Pledgors in writing at any time thereafter, demanding to immediately exercise the Pledge in accordance with the Section 8 of this Agreement. 

  
 8 

	8.	Exercise of Pledge 

  

	 	8.1	Pledgee may issue a Notice of Default to Pledgors when exercising the Pledge. 

  

	 	8.2	Subject to Section 7.3, Pledgee may exercise the right to enforce the Pledge at any time after the issuance of the Notice of Default in accordance with Section 8.1. Once Pledgee elects to exercise the right to
enforce the Pledge, Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 

  

	 	8.3	After the issuance of a Notice of Default in accordance with Section 8.1, Pledgee may exercise any remedy measure under applicable PRC laws, the Transaction Documents and this Agreement, including but not limited
to, be compensated in priority by the conversion of the Equity Pledge or from the proceeds from auction or sale of the Equity Interest. Pledgee shall have no liability for any loss incurred by its duly exercise of such rights and powers.

  

	 	8.4	The proceeds from exercise of the Pledge by Pledgee shall be used to pay for tax and expenses incurred by disposing the Equity Interest and perform Contract Obligation and pay off the Secured Indebtedness prior and in
preference to any other payment. After the payment of the aforementioned amounts, the remaining balance shall be returned to Pledgors or any other person who have rights to such balance under applicable laws or be deposited to the local notary
public office where Pledgors reside, with all expense incurred being borne by Pledgors. To the extent permitted under applicable PRC laws, Pledgors shall unconditionally give the aforementioned proceeds to Pledgee or any other person designated by
Pledgee. 

  

	 	8.5	Pledgee has the right to exercise any remedy measure available simultaneously or in any order. Pledgee may exercise the right to be compensated in priority by the conversion of the Equity Pledge or from the proceeds
from auction or sale of the Equity Interest under this Agreement, without exercising any other remedy measure first. 

  
 9 

	 	8.6	Pledgee may designate its attorney or other agents to exercise the Pledge on its behalf, and Pledgors and Party D shall not raise any objection to such exercise. 

 

	 	8.7	When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgors and Party D shall provide necessary assistance to enable Pledgee to exercise the Pledge. 

 

	9.	Breach of Agreement 

  

	 	9.1	If Pledgors or Party D conducts any material breach of any term of this Agreement, Pledgee shall have right to terminate this Agreement and require the breaching party to compensate all damages; this Section 9
shall not prejudice any other rights of Pledgee herein; 

  

	 	9.2	If Pledgee conducts any breach of any term of this Agreement, Pledgors or Party D shall not terminate this Agreement in any event unless otherwise required by applicable laws. 

 

	10.	Assignment 

  

	 	10.1	Unless otherwise consented by Pledgee in advance, Pledgors shall not have the right to assign or delegate its rights and obligations under this Agreement. 

 

	 	10.2	This Agreement shall be binding on Pledgors, its successors and permitted assigns, and shall be valid on Pledgee and each of its successors and assigns. 

 

	 	10.3	Pledgee may assign any and all of its rights and obligations under the Transaction Documents at any time to its designee(s), in which case the designee(s) shall have the rights and obligations of Pledgee under this
Agreement, as if it were the original party to this Agreement. When Pledgee assigns the rights and obligations under the Transaction Documents, upon Pledgee’s request, Pledgors and/or Party D shall execute relevant agreements or other documents
relating to such assignment. 

  
 10 

	 	10.4	In the event of a change in Pledgee due to an assignment, Pledgors and/or Party D shall, subject to the request of Pledgee, execute a new pledge agreement with the new pledgee on the same terms and conditions as this
Agreement, and register the same with the AIC. 

  

	 	10.5	Pledgors and Party D shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by the Parties hereto or any of them, including the Transaction Documents, perform the
obligations hereunder and thereunder, and refrain from any action/forbearance that may affect the effectiveness and enforceability thereof. Any remaining rights of Pledgors with respect to the Equity Interest shall not be exercised by Pledgors
except in accordance with the written instructions of Pledgee. 

  

	11.	Termination 

  

	 	11.1	Upon the fulfillment of all Contract Obligation and the payment of all Secured Indebtedness by Pledgors and Party D, Pledgee shall, upon Pledgors’ request, release the Pledge under this Agreement as soon as
reasonably practicable and assist Pledgors to de-register the Pledge from the shareholders’ register of Party D and with the AIC. 

  

	 	11.2	The provisions under Sections 9, 13, 14 and this Section 11.2 of this Agreement shall survive the expiration or termination of this Agreement. 

 

	12.	Handling Fees and Other Expenses 

 All fees and out of pocket expenses relating to this
Agreement, including but not limited to legal costs, costs of production, stamp duty and any other taxes and fees, shall be borne by Party D. 

  
 11 

	13.	Confidentiality 

 The Parties acknowledge that the existence and the terms of this
Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such
confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that (a) is or will be in the public domain
(other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or
financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies 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. 
  

	14.	Governing Law and Dispute Resolution 

  

	 	14.1	The execution, validity, interpretation, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the PRC laws. 

 

	 	14.2	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 Parties 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 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.

  
 12 

	 	14.3	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 and perform their respective obligations under this Agreement. 

  

	15.	Notices 

  

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

 

	 	15.2	Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of delivery or refusal at the address specified for notices.

  

	 	15.3	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). 

 

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

  

			
	Party A:	  	Beijing Zhongxi Champion Healthcare Education Technology Co., Ltd.
		
	Address:	  	18th Floor, Xueyuan International Tower,1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China
		
	Attn:	  	Zhi Wang

  
 13 

 
			
		
	Phone:	  	86-10-82337885
		
	Facsimile:	  	86-10-82337887
		
	Party B:	  	Zhengdong Zhu
		
	Address:	  	18th Floor, Xueyuan International Tower,1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China
		
	Phone:	  	86-10-82319999
		
	Facsimile:	  	86-10-82337887
		
	Party C:	  	Baohong Yin
		
	Address:	  	18th Floor, Xueyuan International Tower,1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China
		
	Phone:	  	86-10-82319999
		
	Facsimile:	  	86-10-82337887
		
	Party D:	  	Beijing Champion Healthcare Education Technology Co., Ltd.
		
	Address:	  	18th Floor, Xueyuan International Tower,1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China
		
	Attn:	  	Zhi Wang
		
	Phone:	  	86-10-82337885
		
	Facsimile:	  	86-10-82337887

  

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

 

	16.	Severability 

 In the event that one or several 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 laws and 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. 

  
 14 

	17.	Effectiveness 

  

	 	17.1	This Agreement shall become effective upon execution by the Parties. 

  

	 	17.2	Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective upon completion of the governmental filing procedures (if applicable) after the affixation of the signatures or
seals of the Parties. 

  

	18.	Language and Counterparts 

 This Agreement is written in Chinese and English in five
copies. Pledgors, Pledgee and Party D shall hold one copy respectively and the other copy shall be used for registration. Each copy of this Agreement shall have equal validity. In the event that there is any conflict between the Chinese version and
the English version, the Chinese version shall prevail. 
 The Remainder of this page is intentionally left blank. 

  
 15 

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

			
	Party A:	 	Beijing Zhongxi Champion Healthcare Education Technology Co., Ltd.
		
	By:	 	 /s/ Zhengdong Zhu

	Name:	 	Zhengdong Zhu
	Title:	 	Legal Representative
		
	Party B:	 	Zhengdong Zhu
		
	By:	 	 /s/ Zhengdong Zhu

		
	Party C:  	 	Baohong Yin
		
	By:	 	 /s/ Baohong Yin

		
	Party B:	 	Beijing Champion Healthcare Education Technology Co., Ltd.
		
	By:	 	 /s/ Zhengdong Zhu

	Name:	 	Zhengdong Zhu
	Title:	 	Legal RepresentativeEX-4.32

 Exhibit 4.32 

Exclusive Option Agreement 

This Exclusive Option Agreement (this “Agreement”) is executed by and among the following Parties as of December28, 2015 in
Beijing, the People’s Republic of China (the “PRC”): 
  

			
	Party A:	  	Beijing Zhongxi Champion Healthcare Education Technology Co., Ltd., a wholly foreign owned enterprise, incorporated and existing under the laws of the PRC, with its address at Room 1810, 18/F, 1 Zhichun Road, Haidian District,
Beijing;
		
	Party B:	  	Zhengdong Zhu, a PRC citizen with PRC Identification No.: 320102196806142439
		
	Party C:	  	Baohong Yin, a PRC citizen with PRC Identification No.: 320102196710242849;
		
	Party D:	  	Beijing Champion Healthcare Education Technology Co., Ltd., a limited liability company incorporated and existing under the laws of the PRC, with its address at Room 303A, 3/F, 1 Zhichun Road, Haidian District, Beijing.

 Under this Agreement, each of Party A, Party B, Party C and Party D shall be referred to as a
“Party” respectively, and collectively referred to as the “Parties”. 
 Whereas: 

Party B and Party C are Party D’s shareholders and as of the date hereof, hold an aggregate of 100% equity interests of Party D, representing RMB
32,000,000 in the registered capital of Party D. 

  
 1 

 As of the date hereof, the Parties executed an equity pledge agreement (the “Equity Pledge
Agreement”), each of Party B and Party C executed a power of attorney (the “Power of Attorney”). 
 Now therefore, upon mutual
discussion and negotiation, the Parties have agreed to execute the following agreement: 
  

	1.	Sale and Purchase of Equity Interest 

  

	 	1.1	Option Granted 

  

	 	1.1.1	Party B and Party C hereby irrevocably grant Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”) to purchase, in a lump sum or by installments,
the equity interests in Party D, including any increased equity interests held as a result of the increase of registered capital of Party D in future, held by Party B and Party C (the “Equity Interests”), at any time in part or in
whole at Party A’s sole and absolute discretion to the extent permitted by the PRC laws and at the price stipulated in Section 1.3 herein (such right being the “Equity Interest Purchase Option”). No person other than Party
A or the Designee(s) shall be entitled to the Equity Interest Purchase Option or other rights with respect to the Equity Interests. Party D hereby agrees to the grant by Party B and Party C of the Equity Interest Purchase Option to Party A. Party B
and Party C hereby waive any right of first refusal with respect to the Equity Interests granted by Party D’s articles of association and the PRC laws, and irrevocably agree that any shareholder of Party D transfers the Equity Interests to
Party A and/or the Designee(s). The term “person” herein shall refer to individuals, corporations, joint ventures, partnerships, enterprises, trusts or non-corporate organizations. 

  
 2 

	 	1.1.2	Party B, Party C and Party D hereby acknowledge that the Equity Interest Purchase Option shall be deemed to include the irrevocable rights to purchase all or part of Party D’s assets (including without limitation,
all tangible and intangible assets currently held or to be purchased in future by Party D, such as copyrights of computer software, patents, patent applications, trademarks and domain names, etc.). All provisions and conditions (including the term
of purchase price) set forth in this Agreement shall be applicable in the event that Party A and/or the Designee(s) purchase all or part of Party D’s assets pursuant to this Agreement, unless such provisions or conditions violate the applicable
laws. Party A and/or the Designee(s) may elect to purchase all or part of the Equity Interests held by Party B or Party C respectively, or all or part of Party D’s assets, or the combination of both. 

 

	 	1.2	Steps for Exercise of Equity Interest Purchase Option 

 Subject to the provisions of the
PRC laws and regulations, Party A may exercise the Equity Interest Purchase Option by issuing a written notice to Party B and Party C (the “Equity Interest Purchase Option Notice”), specifying (a) Party A or the
Designee(s)’ decision to exercise the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased by Party A or the Designee(s) from Party B and Party C (the “Purchased Equity”); and (c) the
purchase/transfer date with respect to the Purchased Equity. 
  

	 	1.3	Equity Interest Purchase Price 

 The purchase price for all the Equity Interests
purchased by Party A by exercising the Equity Interest Purchase Option (the “Base Price”) shall be RMB32,000,000; if Party A exercises the Equity Interest Purchase Option to purchase part of the Equity Interests, the then applicable
purchase price shall be calculated proportionally. If the PRC law requires a minimum price higher than the Base Price when Party A exercises the Equity Interest Purchase Option, such minimum price permitted by the PRC law shall be the purchase price
(collectively, the “Equity Interest Purchase Price”). 

  
 3 

	 	1.4	Transfer of Purchased Equity 

 For each exercise of the Equity Interest Purchase Option
by Party A: 
  

	 	1.4.1	Party B and Party C shall cause Party D’s shareholders to adopt a resolution approving Party B and Party C’s transfer of the Purchased Equity to Party A and/or the Designee(s); 

 

	 	1.4.2	Party B and Party C shall obtain the written statements from Party D’s other shareholders giving consent to the transfer of the Purchased Equity to Party A and/or the Designee(s) and waiving any right of first
refusal related thereto (if applicable). 

  

	 	1.4.3	Party B and Party C shall execute an equity interest transfer contract with respect to each transfer with Party A and/or each Designee (whichever is applicable), in accordance with the provisions of this Agreement and
the Equity Interest Purchase Option Notice; 

  

	 	1.4.4	The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government licenses and permits and take all necessary actions to transfer valid ownership of the Purchased
Equity to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the registered owner(s) of the Purchased Equity. For the avoidance of doubt, “security interests” shall
include securities, mortgages, third party’s rights or interests, any stock options, acquisition right, right of first refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security
interest created by this Agreement, the Equity Pledge Agreement and the Power of Attorney. 

  
 4 

	2.	Covenants 

  

	 	2.1	Covenants regarding Party D 

 Party B, Party C (each as a shareholder of Party D) and
Party D hereby jointly and severally covenant as follows: 
  

	 	2.1.1	Without the prior written consent of Party A, they shall not in any manner supplement, change or amend any constitutional documents of Party D, increase or decrease its registered capital, or change its registered
capital or shareholding structure in other manners; 

  

	 	2.1.2	They shall maintain Party D’s corporate existence in accordance with good financial and business standards and custom, obtain and maintain all necessary government licenses and permits and practice by prudently and
effectively operating its business and handling its affairs; 

  

	 	2.1.3	Without the prior written consent of Party A, they shall not at any time following the date hereof, sell, transfer, mortgage or dispose of in any manner any assets of Party D or legal or beneficial interest in the
business or revenues of Party D, or allow the encumbrance thereon of any security interest; 

  

	 	2.1.4	Without the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer to exist of any debt with respect to Party D, except for (i) debts incurred in the ordinary course of business other
than through loans; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained; 

  

	 	2.1.5	They shall always operate all of Party D’s businesses during the ordinary course of business to maintain the asset value of Party D and refrain from any action/forbearance that may affect Party D’s operating
status and asset value; 

  
 5 

	 	2.1.6	Without the prior written consent of Party A, they shall not cause Party D to execute any material contract, terminate any existing material contract or cause Party D to execute any contract in conflict with the
existing material contract, except the contracts in the ordinary course of business; 

  

	 	2.1.7	Without the prior written consent of Party A, they shall not cause Party D to provide any person with any loan or credit, or incur any material obligations except obligations incurred in the ordinary course of business;

  

	 	2.1.8	They shall provide Party A with information on Party D’s business operations and financial condition at Party A’s request; 

 

	 	2.1.9	If requested by Party A, they shall procure and maintain insurance in respect of Party D’s assets and business from an insurance carrier approved by Party A, at an amount and type of coverage typical for companies
that operate similar businesses; 

  

	 	2.1.10	Without the prior written consent of Party A, they shall not cause or permit Party D to merge or consolidate with, acquire or invest in any person; 

 

	 	2.1.11	They shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Party D’s assets, business or revenue; 

 

	 	2.1.12	To maintain the ownership by Party D of all of its assets, they shall 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; 

  
 6 

	 	2.1.13	Without the prior written consent of Party A, they shall ensure that Party D shall not in any manner distribute dividends to any of its shareholders; If Party A consents that Party D distributes dividends to Party B,
Party C and other shareholders of Party D (if any), then Party B, Party C and other shareholders of Party D (if any) shall make all such Party D’s dividends and other distributions paid to Party A. 

 

	 	2.1.14	They shall not appoint or remove any directors, supervisors or other management of Party D which shall be appointed or removed by Party B and Party C; 

 

	 	2.1.15	Without Party A’s prior written consent, they shall not engage in any business in competition with Party A or its affiliates; and 

 

	 	2.1.16	Unless otherwise required by the PRC law, Party D shall not be terminated, dissolved or liquated without prior written consent by Party A. 

 

	 	2.2	Covenants of Party B and Party C 

 Party B and Party C hereby jointly and severally
covenant as follows: 
  

	 	2.2.1	Without the prior written consent of Party A, Party B and Party C shall not sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the Equity Interests held by Party B and Party
C, or allow the encumbrance thereon, except for the interest placed in accordance with the Equity Pledge Agreement and the Power of Attorney; 

  

	 	2.2.2	Without the prior written consent of Party A, Party B and Party C shall cause the shareholders and/or the directors of Party D not to approve the sale, transfer, mortgage or disposition in any other manner of any legal
or beneficial interest in the Equity Interests held by Party B and Party C, or allow the encumbrance thereon of any security interest, except for the interest placed pursuant to the Equity Pledge Agreement and the Power of Attorney;

  
 7 

	 	2.2.3	Without the prior written consent of Party A, Party B and Party C shall cause the shareholders or the directors of Party D not to approve the merger or consolidation with any person, or the acquisition of or investment
in any person; 

  

	 	2.2.4	Party B and Party C shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to the Equity Interests held by Party B and Party C;

  

	 	2.2.5	Party B and Party C shall cause the shareholders or the directors of Party D to approve the transfer of the Purchased Equity as set forth in this Agreement and to take any and all other actions that may be requested by
Party A; 

  

	 	2.2.6	To the extent necessary to maintain Party B and Party C’s ownership of the Equity Interests, Party B and Party C shall 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; 

  

	 	2.2.7	Party B and Party C shall appoint or remove any designee of Party A as the directors, supervisors or other management of Party D which should be appointed or removed by Party B and Party C, at the request of Party A;

  

	 	2.2.8	Party B and Party C hereby waives its right of first of refusal to transfer of equity interest by the other existing shareholders of Party D to Party A (if any); 

  
 8 

	 	2.2.9	Party B, Party C or other shareholders of Party D (if any) shall promptly donate any profit, interest, dividend or proceeds of liquidation to Party A and/or the Designee(s) to the extent permitted under applicable PRC
laws; and 

  

	 	2.2.10	Party B and Party C shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by the Parties, perform the obligations hereunder and thereunder, and refrain from any
action/forbearance that may affect the effectiveness and enforceability thereof. To the extent that Party B and Party C has any remaining rights with respect to the Equity Interests under this Agreement, the Equity Pledge Agreement or the Power of
Attorney, Party B and Party C shall not exercise such rights except in accordance with the written instructions of Party A. 

  

	3.	Representations and Warranties 

 Party B, Party C and Party D hereby represent and
warrant to Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Purchased Equity, that: 
  

	 	3.1	They have the authority to execute and deliver this Agreement and any equity interest transfer contracts to which they are parties concerning the Purchased Equity to be transferred thereunder (each, a “Transfer
Contract”), and to perform their obligations under this Agreement and any Transfer Contract. Party B, Party C and Party D agree to enter into the Transfer Contracts consistent with the terms of this Agreement upon Party A’s exercise of
the Equity Interest Purchase Option. This Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal, valid and binding obligations and shall be enforceable against them in accordance with the provisions
thereof; 

  
 9 

	 	3.2	Party B, Party C and Party D have obtained any and all approvals and consents from government authorities and third parties (if necessary) for the execution, delivery and performance of this Agreement.

  

	 	3.3	The execution and delivery of this Agreement or any Transfer Contract and the obligations under this Agreement or any Transfer Contract shall not (i) cause any violation of any applicable PRC laws; (ii) be
inconsistent with any constitutional documents of Party D; (iii) cause the violation of any contracts or instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which
they are a party or which are binding on them; (iv) cause any violation of any condition for the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or
imposition of additional conditions to any licenses or permits issued to either of them; 

  

	 	3.4	Each of Party B and Party C has a good and merchantable title to the Equity Interests he/she holds. Except for the Equity Pledge Agreement and the Power of Attorney, none of Party B or Party C has placed any security
interest on such equity interests; 

  

	 	3.5	Party D has a good and merchantable title to all of its assets, and has not placed any security interest on the aforementioned assets; 

 

	 	3.6	Party D does not have any outstanding debts, except for (i) debt incurred in the ordinary course of business; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained.

  

	 	3.7	Party D has complied with all PRC laws and regulations applicable to asset acquisitions; and 

  
 10 

	 	3.8	There is no pending or threatened litigation, arbitration or administrative proceeding relating to Party D, any of the Equity Interests or any of Party’s assets. 

 

	4.	Term 

 This Agreement shall become effective upon duly execution by the Parties,
and remain effective until all the Equity Interests have been transferred or assigned to Party A and/or the Designee(s) in accordance with this Agreement. 
  

	5.	Governing Law and Dispute Resolution 

  

	 	5.1	Governing law 

 The execution, validity, interpretation, performance, amendment and
termination of this Agreement and the resolution of disputes hereunder shall be governed by the PRC laws. 
  

	 	5.2	Dispute Resolution 

 In the event of any dispute with respect to the interpretation 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 Parties 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 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. 

  
 11 

	6.	Taxes and Fees 

 Each Party shall pay any and all transfer and registration tax,
expenses and fees incurred thereby or levied thereon in accordance with the PRC laws in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under
this Agreement and the Transfer Contracts. 
  

	7.	Notices 

  

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

 

	 	7.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal at the address specified for notices. 

 

	 	7.1.2	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). 

 

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

  

			
	Party A:	  	Beijing Zhongxi Champion Healthcare Education Technology Co., Ltd.
		
	Address:	  	18th Floor, Xueyuan International Tower,1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China
		
	Attn:	  	Zhi Wang
		
	Phone:	  	86-10-82337885
		
	Facsimile:	  	86-10-82337887

  
 12 

			
	Party B:	  	Zhengdong Zhu
		
	Address:	  	18th Floor, Xueyuan International Tower,1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China
		
	Phone:	  	86-10-82319999
		
	Facsimile:	  	86-10-82337887
		
	Party C:	  	Baohong Yin
		
	Address:	  	18th Floor, Xueyuan International Tower,1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China
		
	Phone:	  	86-10-82319999
		
	Facsimile:	  	86-10-82337887
		
	Party D:	  	Beijing Champion Healthcare Education Technology Co., Ltd.
		
	Address:	  	18th Floor, Xueyuan International Tower,1 Zhichun Road, Haidian District, Beijing 100083, People’s Republic of China
		
	Attn:	  	Zhi Wang
		
	Phone:	  	86-10-82337885
		
	Facsimile:	  	86-10-82337887

  

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

 

	8.	Confidentiality 

 The Parties acknowledge that the existence and the terms of this
Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such
confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that (a) is or will be in the public domain
(other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or
financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies 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. 

  
 13 

	9.	Further Warranties 

 The Parties agree to promptly execute documents that are
reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this
Agreement. 
  

	10.	Breach of Agreement 

  

	 	10.1	If Party B, Party C or Party D conducts any material breach of any term of this Agreement, Party A shall have right to terminate this Agreement and require the Party B, Party C or Party D to compensate all damages; this
Section 10 shall not prejudice any other rights of Party A herein; 

  

	 	10.2	If Party A conducts any breach of any term of this Agreement, Party B , Party C or Party D shall not have right to terminate this Agreement in any event unless otherwise required by applicable laws. 

 

	11.	Miscellaneous 

  

	 	11.1	Assignment 

 Without Party A’s prior written consent, Party B, Party C or Party D
shall not assign its rights and/or obligations under this Agreement to any third party. After issuing notice to Party B, Party C and Party D, Party A may assign its rights and/or obligations under this Agreement to any third party designated by it.

  
 14 

	 	11.2	Amendment, change and supplement 

 Any amendment, change or supplement to this Agreement
shall require the execution of a written agreement by all Parties. 
  

	 	11.3	Entire agreement 

 Except for the amendments, supplements or changes in writing executed
after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations,
representations and contracts reached with respect to the subject matter of this Agreement. 
  

	 	11.4	Headings 

 The headings of this Agreement are for convenience only, and shall not be
used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement. 
  

	 	11.5	Language 

 This Agreement is written in Chinese and English in four 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. 
  

	 	11.6	Severability 

 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 and 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. 

  
 15 

	 	11.7	Successors 

 This Agreement shall be binding on and shall inure to the interest of the
respective successors of the Parties and the permitted assigns of such Parties. 
  

	 	11.8	Survival 

  

	 	11.8.1	Any obligations that occur or that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration or early termination thereof. 

 

	 	11.8.2	The provisions of Sections 5, 8, 10 and this Section 11.8 shall survive the termination of this Agreement. 

  

	 	11.9	Waivers 

 Any Party may waive the terms and conditions of this Agreement, provided that
such a waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any
similar breach in other circumstances. 

  
 16 

 The Remainder of this page is intentionally left blank. 

  
 17 

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

			
	Party A:	 	Beijing Zhongxi Champion Healthcare Education Technology Co., Ltd.
		
	By:	 	 /s/ Zhengdong Zhu

	Name:	 	Zhengdong Zhu
	Title:	 	Legal Representative
		
	Party B:	 	Zhengdong Zhu
		
	By:	 	 /s/ Zhengdong Zhu

		
	Party C:	 	Baohong Yin
		
	By:	 	 /s/ Baohong Yin

		
	Party D:  	 	Beijing Champion Healthcare Education Technology Co., Ltd.
		
	By:	 	 /s/ Zhengdong Zhu

	Name:	 	Zhengdong Zhu
	Title:	 	Legal Representative

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]