Document:

EX-10.11

 Exhibit 10.11 

Proxy Agreement and Power of Attorney 

Proxy Agreement and Power of Attorney 

This Proxy Agreement and Power of Attorney (the “Agreement”) is entered into on September 8, 2020 by and among the following
parties as the amendment and restatement of the Proxy Agreement and Power of Attorney entered into on May 7, 2020 by and among Beijing Yiqi Education & Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd.,
Chang Liu and Dun Xiao: 
  

	(1)	 Beijing Yiqi Education & Technology Co., Ltd. (“WFOE”), a wholly
foreign owned enterprise incorporated subject to the laws of the People’s Republic of China (“PRC”); 

  

	(2)	 Beijing Yiqi Education Information Consultation Co., Ltd. (“Company”), a limited
liability company incorporated subject to the PRC laws; 

  

	(3)	 Chang Liu, a PRC citizen (PRC ID Card No.: [***]); and 

 

	(4)	 Zhan Xie, a PRC citizen (PRC ID Card No.: [***]) (together with Chang Liu, collectively as the
“Existing Shareholders”). 

 Each of the above WFOE, the Company, and the Existing shareholders,
hereinafter individually referred to as a “Party”, and collectively the “Parties”. 
 Recitals 

 

	(A)	 WHEREAS, the Existing Shareholders totally hold 100% equity of the Company. 

 

	(B)	 WHEREAS, an Exclusive Management Services and Business Cooperation Agreement was entered into by and among the
WFOE, the Company and other relevant parties on May 7, 2020 (the “Exclusive Management Services and Business Cooperation Agreement”) under which the Company shall pay service costs to the WFOE regarding certain services to be
provided by the WFOE. 

  

	(C)	 WHEREAS, an Equity Interest Pledge Agreement was entered into by and among the WFOE, the Company and the
Existing Shareholders on September 8, 2020 (the “Equity Interest Pledge Agreement”). 

  

	(D)	 WHEREAS, an Exclusive Call Option Agreement was entered into by and among the WFOE, the Company and the
Existing Shareholders on September 8, 2020 (the “Exclusive Call Option Agreement”). 

 The parties
intend to agree regarding the exercise of shareholders’ rights by the WFOE by proxy and on behalf of the Existing Shareholders for the purpose of ensuring the WFOE’s lawful rights under the Exclusive Management Services and Business
Cooperation Agreement and the Exclusive Call Option Agreement. THEREFORE, the Parties agree as below: 
 Agreement 

Section 1 
 The Existing Shareholders hereby
irrevocably authorize the WFOE (the “Agent”, including any substitute agent hereunder) to exercise any and all rights under the applicable laws and regulations and the articles of association of the Company regarding the equity of
the Company held by the Existing Shareholders, including but not limited to the following rights (collectively, the “Existing Shareholders’ Rights”): 

 Proxy Agreement and Power of Attorney 

 

	 	(a)	 to convene and attend at the shareholders’ meetings of the Company; 

 

	 	(b)	 to execute and deliver any written resolutions in the name and on behalf of the Existing Shareholders;

  

	 	(c)	 to vote, personally or by sending a representative(s), regarding any matters discussed by the
shareholders’ meetings, including but not limited to, sales, transfer, mortgage, pledge, hypothecation or otherwise disposal of any or all of the assets of the Company; 

 

	 	(d)	 to sell, transfer, pledge, hypothecate or otherwise dispose any or all of the equity in the Company;

  

	 	(e)	 if necessary, to nominate, appoint or remove from office any of the director(s) or supervisor(s) of the
Company; 

  

	 	(f)	 to supervise the operating performance of the Company; 

 

	 	(g)	 to lawfully consult the resolutions and records of the shareholders’ meetings and the BOD meetings, and
financial accounting statements and financial information of the Company from time to time; 

  

	 	(h)	 when any interest of the Company or the Existing Shareholders is harmed by any acts or omissions of any
directors or senior executives of the Company, to institute a lawsuit of the Existing Shareholders or take any other legal action against such directors or senior executives. 

 

	 	(i)	 to approve the annual budget or declare dividends, and to exercise the rights to dividends, the rights to
obtain remaining property after the liquidation of the Company, and other rights to, in or of operations of the Company, owned by the Existing Shareholders under the laws and regulations and the articles of association of the Company.

  

	 	(j)	 Upon any liquidation or dissolution of the Company, to compose the liquidation group subject to the provisions
of laws and the articles of association of the Company and legally exercise the powers owned by the liquidation group during the liquidation period, including but not limited to administrating assets of the Company; 

 

	 	(k)	 to submit any documents on behalf that are needed to be submitted by the Existing Shareholders to the competent
governmental authorities; and 

  

	 	(l)	 Any other rights or powers conferred to the Existing Shareholders under the articles of association of the
Company or applicable laws and regulations. 

 The Existing Shareholders agree that the WFOE shall have the right of re-authorization, to delegate the handling of the matters under Section 1 above to any other party. The Existing Shareholders further agree and undertake that without the WFOE’s prior written consent, the
Existing Shareholders shall not exercise any of the Existing Shareholders’ rights. 
 Section 2 

 Proxy Agreement and Power of Attorney 

 

 The WFOE agrees to accept the aforesaid delegation and to be the Agent. The WFOE shall fully have the right
to decide, at its sole discretion, to appoint one or more substitute agent to exercise any or all of its rights hereunder. The WFOE also have the right to decide, at its sole discretion, to withdraw the appointment of such substitute agents. No
prior notification to, or consent or instruction from, the Company or the Existing Shareholders is required regarding the WFOE’s appointment or withdrawal above. 

Section 3 
 The Company and the Existing Shareholders
confirm, acknowledge and agree the Agent to exercise any or all of the Existing Shareholders’ rights on behalf of the Existing Shareholders. The Company and the Existing Shareholders further confirm and acknowledge that any acts or decisions
already or to be committed or made, and any instruments or documents already or to be executed, by the Agent will be deemed to be the acts or decisions committed or made by the Existing Shareholders themselves and the instruments or documents
executed by the Existing Shareholders themselves, being of equal legal force. 
 Section 4 

 

	(a)	 The Existing Shareholders hereby agree that in case any of the Existing Shareholders has any increased equity
in the Company, whether or not such increase is caused by increasing contributions, any of such increased equity of the Existing Shareholders shall be bound by this Agreement and the Agent shall have the right to exercise the Existing
Shareholders’ Rights under Section 1 above on behalf of the Existing Shareholders; and similarly, in case any person obtain any equity of the Company, whether or not by voluntary transfer, or transfer by operation of law, by involuntary
auction or by any other method, such equity obtained by such assignee shall also be bound by this Agreement and the Agent shall have the right to continuously exercise the Existing Shareholders’ Rights under Section 1 above.

  

	(b)	 The Existing Shareholders will provide sufficient assistance regarding the exercise by the Agent of the
Existing Shareholders’ Rights, including, if necessary (for example, to satisfy the requirements of governmental authorities for examination, submission and filing documents, or requirements under the laws or regulations, normative documents,
the articles of association of the Company or other decrees or orders of governmental authorities), timely execution of certain legal documents including but not limited to the resolutions of the shareholders’ meetings of the Company made by
the Agent, or the powers of attorney with specific authorization scope (if required by the applicable laws and regulations or articles of association or other normative documents). The Existing Shareholders irrevocably agree that upon proposition by
the Agent of any written request for exercise of any Existing Shareholders’ Rights, the Existing Shareholders shall, after receipt of such written requirement and subject to the provisions of such requirements, take action within the timeframe
provided by such written requirements, to satisfy the Agent’s requirements for its exercise of the Existing Shareholders’ Rights. 

  

	(c)	 To avoid doubt, in case any of the Existing Shareholders need to transfer any equity to the WFOE or any of its
affiliates pursuant to any Exclusive Call Option Agreement or Equity Interest Pledge Agreement (including any subsequently amended agreements) to which such Existing Shareholder is a party and under which the WFOE or any person nominated by the WFOE
is the beneficiary, the Agent shall have the right to execute the equity transfer agreements and other related agreements, and perform all of the obligations under the Exclusive Call Option Agreement and the Equity Interest Pledge Agreement, on
behalf of the Existing Shareholders. The Existing Shareholders shall sign any documents and affix the public seals and/or chops, and take any other necessary contractual action, as requested by the WFOE, so as to complete the aforesaid equity
transfer. The Existing Shareholders shall ensure the completion of such equity transfer and procure the execution of an agreement of contents substantially similar to this Agreement between any assignees and the WFOE. 

 Proxy Agreement and Power of Attorney 

 

 Section 5 

The Existing Shareholders further agree and undertake to the WFOE that if the Existing Shareholders receive, due to the equity of the Company they hold, any
dividends, interests, capital allocations in any form, remaining assets after liquidation, or revenue or consideration arising out of equity transfer, the Existing Shareholders shall, to the extent permitted by law, gift to the WFOE free of charge
or compensation all of such dividends, interests, capital allocations, remaining assets after liquidation, revenue and consideration. 
 Section 6 

The Existing Shareholders hereby authorize the Agent to exercise, at its sole discretion, the Existing Shareholders’ Rights, without obtaining any oral or
written instructions from the Existing Shareholders. The Existing Shareholders undertake to approve and recognize any lawful acts committed by, or committed by the Existing Shareholders as procured by, and subject to this Agreement, the Agent or any
substitute agents it appoints. 
 Section 7 
 Each of the
Parties warrants and represents to the other Parties as below: 
  

	(a)	 He, she or it is a PRC citizen and legal person entity incorporated subject to PRC laws, and has the capacity
for rights and conducts regarding execution, delivery and performance of this Agreement, and may independently act as a litigation party. 

  

	(b)	 If it is a legal person, it has passed all necessary internal procedures for execution, delivery and
performance of this Agreement and has obtained all necessary internal and external authorizations and approvals. 

  

	(c)	 This Agreement, upon being signed, shall or will constitute lawful, valid and binding obligations and may be
enforced pursuant to its terms. 

  

	(d)	 Its execution or delivery of this Agreement or performance of its obligations hereunder will not:
(i) result in breach of any applicable PRC laws, regulations, judgments, awards, governmental authorizations, approvals or any other governmental orders, (ii) be in conflict with the Company’s memorandum of association or articles of
association or other organizational documents (if it is a legal person), or (iii) result in breach of, or constitute a default under, any contracts or documents it enters into or which have binding force upon it. 

The Existing Shareholders and the Company further undertake that the Existing Shareholders are the legal shareholders of the Company as per the industrial and
commercial registration and recorded in the shareholders’ register. There are no any third party rights upon or in the Existing Shareholders’ Rights except those set forth in this Agreement, the Equity Interest Pledge Agreement and the
Exclusive Call Option Agreement. Pursuant to this Agreement, the Agent may fully and sufficiently exercise the Existing Shareholders’ Rights under the then currently effective articles of association of the Company. 

Section 8 
 In the event that any party fails to perform any
of its obligations hereunder or that any of its representations or warranties hereunder is essentially inaccurate or incorrect, such party shall be in default of this Agreement and shall compensate all losses suffered by the other parties due to its
breach of this Agreement. This Section shall survive the amendment, cancellation or termination of this Agreement. 

 Proxy Agreement and Power of Attorney 

 

 Section 9 

This Agreement shall enter into force on the execution date set forth herein after being officially signed by the authorized representatives of the Parties
hereto and shall be continuously effectively during the existence of the Company, as the amendment and restatement of the Proxy Agreement and Power of Attorney entered into on May 7, 2020 by and among Beijing Yiqi Education &
Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd., Chang Liu and Dun Xiao, and the Parties agree and confirm that the force of this Agreement shall be retroactive to September 8, 2020. Without the WFOE’s prior
written consent, the Parties shall have no right to make any amendments to this Agreement, to transfer to any third party of its rights or obligations hereunder, or to terminate this Agreement or withdraw the appointment of the Agent.
Notwithstanding the foregoing provisions, the WFOE may unilaterally terminate this Agreement at its sole discretion and unconditionally by notifying the Existing Shareholders and the Company in writing ten (10) days in advance from time to
time, without separately obtaining consent from the other Parties regarding such transfer and without assumption of any liability. 
 This Agreement shall
be legally binding upon each Party’s assignees and successors whether or not the transfer of such rights or obligations is caused by acquisition, reorganization, succession, transfer, assignment or any other reason. 

In the event that any of the Existing Shareholders discontinues to own any equity of the Company, it shall be deemed that such Existing Shareholder shall
discontinue to be a party to this Agreement. In the event that any third party becomes a shareholder to this Company, the Company and all then currently existing shareholders shall try their best efforts to procure such third party to execute
appropriate legal documents to become one of the Existing Shareholders hereunder as soon as possible, and shall procure that it will execute a power of attorney of contents consistent with this Agreement. 

Section 10 
 The Parties hereby acknowledge that any and all
oral or written communications regarding this Agreement shall be confidential information. Each Party shall keep confidential all of the aforesaid information, and without written consent from the other Parties, shall not disclose to any third party
any related information except the information that: (a) has entered or will enter the public domain for any reason except as being publicly disclosed by the receiving party, (b) is disclosed subject to the applicable laws or regulations
or stock exchange requirements, or (c) that has to be disclosed by any Party to its legal counsels or financial consultants with respect to the transactions contemplated hereunder who must be bound by the obligations of confidentiality similar
to those under this paragraph. In case any employee or agency employed by any Party discloses any confidential information, it shall be deemed that such Party discloses such confidential information and shall bear the breach of contract liability
accordingly. The provisions under this paragraph shall survive the termination of this Agreement for any reason. 
 Section 11 

Any notices or other communications hereunder issued by any Party shall be made in English or Chinese and may be sent by personal delivery, registered mail
with prepaid postage or recognized express mail service or by facsimile to the recipient addresses specified by the relevant Parties from time to time. It shall be deemed that the notice has been actually delivered (a) if by personal delivery,
on the date of personal delivery, (b) if by mail, on the tenth day after the registered air mail with prepaid postage is posted (subject to the postmark date), or on the fourth day after delivered to the express mail service, or (c) if by
facsimile, at the receiving time indicated on the transmission confirmation slip of the corresponding documents. 

 Proxy Agreement and Power of Attorney 

 

 The addresses of the Parties are listed below for the purpose of notification: 

To the WFOE: 
 Address:
[***] 
 Recipient: Chang Liu 

Telephone: [***] 
 To the
Existing Shareholders: 
 Address: [***] 

Recipient: Chang Liu 
 Telephone:
[***] 
 To the Company: 

Address: [***] 
 Recipient: Chang
Liu 
 Telephone: [***] 
 Any Party may send a
notice to the other Parties pursuant to this Section to change its recipient address of notification from time to time. 
 Section 12 

This Agreement shall constitute the entire agreement regarding the subject matters herein entered into by and among the Parties hereto, and shall supersede all
oral agreements, contracts, understandings and communications previously entered into by and among the Parties regarding the subject matters herein, including but not limited to the Proxy Agreement and Power of Attorney entered into on May 7,
2020 by and among Beijing Yiqi Education & Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd., Chang Liu and Dun Xiao which shall terminate on September 8, 2020 and be superseded by this Agreement. 

Section 13 
 The execution, validity, interpretation,
performance, amendment and termination of this Agreement and the settlement of any dispute hereunder shall be governed by PRC laws. 
 Section 14 

Any disputes arising out of or in connection with this Agreement shall be submitted to China International Economic and Trade Arbitration Commission to be
arbitrated in accordance with its arbitration rules effective upon application for arbitration. The arbitration award shall be final and binding upon all Parties. The place of arbitration shall be Beijing. Except for the portions submitted for
arbitration, the other portions of this Agreement shall continue to be valid. The validity of this Section shall not be affected whether this Agreement is amended, cancelled or terminated. 

Section 15 
 In case any provision hereunder is deemed to be
invalid or unenforceable due to inconsistency with any applicable laws, such provision shall be invalid or unenforceable to the extent such law is applicable, and the validity, legality or enforceability of the other provisions hereunder shall not
be affected. The Parties shall, through good faith negotiations, try to replace such invalid, illegal or unenforceable provisions with an effective provision that is legally permitted and satisfies the Parties’ expectation to greatest extent,
and the economic results caused by such effective provisions shall be similar to the economic results caused by such invalid, illegal or unenforceable provision as far as possible. 

 Proxy Agreement and Power of Attorney 

 

 Section 16 

Any Party may waive the terms or conditions of this Agreement provided that such waiver is made in writing and has been signed by the Parties. The waiver by
any Party regarding the other Parties’ default under certain circumstance shall not be deemed to be a waiver of similar defaults under other circumstances. 

Section 17 
 This Agreement is made by the Parties in four
(4) originals of equal legal force, one (1) for each Party. This Agreement may be signed through one or more counterparts. 
 Section 18 

In case the U.S. Securities and Exchange Commission or other regulatory agencies propose any amendment comments toward this Agreement, or in case there is any
change to the listing rules or related requirements of the U.S. Securities and Exchange Commission related to this Agreement, the Parties shall amend this Agreement accordingly. 

[The following is the signature page(s)] 

 Proxy Agreement and Power of Attorney 

 

 In witness thereof, the Parties cause this Agreement to be signed on the date first written above. 

 

	
	Beijing Yiqi Education & Technology Co., Ltd.
	Seal: (Public Seal) /s/ Beijing Yiqi Education & Technology Co., Ltd.
	
	By: /s/ Chang
Liu                                         
           
	Authorized Representative: Chang Liu
	
	Beijing Yiqi Education Information Consultation Co., Ltd.
	Seal: (Public Seal) /s/ Beijing Yiqi Education Information Consultation Co., Ltd.
	
	By: /s/ Chang
Liu                                         
             
	Authorized Representative: Chang Liu
	
	Chang Liu
	
	By: /s/ Chang
Liu                                         
             
	
	Zhan Xie
	
	By: /s/ Zhan
Xie                                         
               

 Proxy Agreement and Power of Attorney 

 

 Power of Attorney 

I, Chang Liu, a citizen of the People’s Republic of China (“PRC”) with the ID Card number being [***], holding 99%
of all the registered capital of Beijing Yiqi Education Information Consultation Co., Ltd. (the “Company”) (“My Equity”) which corresponds RMB 4,950,000 of the registered capital of the Company, hereby
irrevocably authorize Beijing Yiqi Education & Technology Co., Ltd. (the “WFOE”) to exercise the following rights and powers regarding My Equity during the effective term of this Power of Attorney: 

The WFOE or any person(s) nominated by the WFOE (the “Agent”) is hereby authorized as my sole agent and attorney-in-fact to act on behalf of me at his, her or its own will regarding all matters in connection with My Equity, including but not limited to (1) to propose
convention of shareholders’ meetings pursuant to the articles of association of the Company, and to execute and deliver any written resolutions in the name and on behalf of me; (2) to vote, personally or by sending a representative(s),
regarding any matters discussed by the shareholders’ meetings, including but not limited to, sales, transfer, mortgage pledge, hypothecation or otherwise disposal of any or all of the assets of the Company; (3) to sell, transfer, pledge,
hypothecate or otherwise dispose any or all of the equity in the Company; (4) if necessary, to nominate, appoint or remove from office any of the director(s) or supervisor(s) of the Company; (5) to supervise the operating performance of
the Company; (6) to lawfully consult the resolutions and records of the shareholders’ meetings and the BOD meetings, and financial accounting statements and financial information of the Company from time to time; (7) when any interest
of the Company or its shareholders is harmed by any acts or omissions of any directors or senior executives of the Company, to institute a lawsuit of the Existing Shareholders or take any other legal action against such directors or senior
executives; (8) to approve the annual budget or declare dividends, and to exercise the rights to dividends, the rights to obtain remaining property after the liquidation of the Company, and other rights to, in or of operations of the Company,
owned by me as one of the shareholders of the Company under the laws and regulations and the articles of association of the Company; (9) upon any liquidation or dissolution of the Company, to compose the liquidation group subject to the
provisions of laws and the articles of association of the Company and legally exercise the powers owned by the liquidation group during the liquidation period, including but not limited to administrating assets of the Company; (10) to submit
any documents on behalf that are needed to be submitted by me as one of the shareholders of the Company to the competent governmental authorities; and (11) Any other rights or powers conferred to me as one of the shareholders of the Company
under the articles of association of the Company or applicable laws and regulations. 
 Without limiting the generality of the powers
granted under this Power of Attorney, the Agent shall have the rights, powers and authority under this Power of Attorney to authorize a representative(s) to execute on behalf of me the transfer agreement(s) (when I am required to be a party thereto)
described in the Exclusive Call Option Agreement and to perform the terms of the Equity Interest Pledge Agreement and the Exclusive Call Option Agreement which are executed on the same day of this Power of Attorney and to which I am a party. 

Within the effective term of this Power of Attorney and subject to any restrictions imposed by PRC laws, I undertake that after I obtain any
dividends, interests or capital allocations in any form, due to the equity of the Company they hold, remaining assets after liquidation, or revenue or consideration arising out of equity transfer, I will gift to the WFOE or any entity nominated by
the WFOE free of charge or compensation all of such dividends, interests, capital allocations, remaining assets after liquidation, revenue and consideration. 

 Proxy Agreement and Power of Attorney 

 

 Any and all acts committed by the Agent in connection with My Equity shall be deemed to be my
own acts, and any and all documents executed by the Agent in connection therewith shall be deemed to be executed by myself. The Agent, upon committing the foregoing acts, may act per its own intent, without firstly obtaining my consent, and I hereby
recognize and approve such the Agent’s such acts and/or documents. I hereby confirm that under any circumstance, the Agent shall not be required to bear any liability, or make any economic compensation, in connection with its exercise of my
equity above. And I agree to compensate and hold harmless the WFOE against any and all losses suffered by or that may be suffered by the WFOE arising out of or in connection with its appointment of the Agent, including but not limited to any losses
resulting from any proceedings, recovery, arbitrations or claims instituted by any third party or from any administrative investigation or punishment by any governmental authority. 

The WFOE shall have the right to re-authorize, or assign to, any other persons with its rights related
to the foregoing matters, without firstly notifying me or obtaining my consent. 
 Under the premises that I am one of the shareholder(s) to
the Company, this Power of Attorney shall be continuously effective as of the date of being executed and cannot be withdrawn, unless otherwise instructed by the WFOE. Once the WFOE notify me in writing to terminate part or all of this Power of
Attorney, I will promptly withdraw all rights, powers granted to the WFOE herein, and will promptly execute a power of attorney with the format same with that of this Power of Attorney to grant to any other person(s) nominated by the WFOE the
rights, powers same with the contents of this Power of Attorney. 
 During the effective term of this Power of Attorney, I hereby waive, and
will not exercise on my own, any and all rights and powers related to My Equity that have been granted to the Agent under this Power of Attorney. 

I will provide, and will procure the Company to provide, sufficient assistance regarding the exercise by the Agent of My Equity above,
including, if necessary (for example, to satisfy the requirements of governmental authorities for examination, submission and filing documents), timely execution of the shareholders’ meetings of the Company, or other legal documents, made by
the Agent, and procuring the Agent to have the right to access any all information related to the Company’s operations, business, customers, finance, employees, et cetera and to consult the Company’s relevant materials, et cetera. 

In case at any time during the effective term of this Power of Attorney, the granting or exercise of My Equity above cannot be realized for
any reason other than my default on any provisions of this Power of Attorney, the Parties shall promptly seek the substitute solutions closest to those provisions that cannot be realized and if necessary, execute an amendment(s) to modify or adjust
the terms of this Power of Attorney, so as to ensure continuous realization of the purposes of this Power of Attorney. 
 This Power of
Attorney shall be the amendment and restatement of the Power of Attorney entered into on May 7, 2020, and its force shall be retroactive to September 8, 2020. This Power of Attorney shall supersede any and all undertakings, memorandums of
understandings, agreements and/or other documents regarding the subject matters under this Power of Attorney. 
 [The following is the
signature page(s)] 

 Proxy Agreement and Power of Attorney 

 

 
	
	Name: Chang Liu
	
	By: /s/ Chang
Liu                                  
	
	September 8, 2020

 Witnessed By: /s/ Wentao
Wei                         

Name: Wentao Wei 
 September 8, 2020 

 Proxy Agreement and Power of Attorney 

 

 Power of Attorney 

I, Zhan Xie, a citizen of the People’s Republic of China (“PRC”) with the ID Card number being [***], and a
holder of 1% of all the registered capital of Beijing Yiqi Education Information Consultation Co., Ltd. (the “Company”) (“My Equity”) which corresponds RMB 50,000 of the registered capital of the
Company, hereby irrevocably authorize Beijing Yiqi Education & Technology Co., Ltd. (the “WFOE”) to exercise the following rights and powers regarding My Equity during the effective term
of this Power of Attorney: 
 The WFOE or any person(s) nominated by the WFOE (the “Agent”) is hereby authorized as my sole
agent and attorney-in-fact to act on behalf of me at his, her or its own will regarding all matters in connection with My Equity, including but not limited to
(1) to propose convention of shareholders’ meetings pursuant to the articles of association of the Company, and to execute and deliver any written resolutions in the name and on behalf of me; (2) to vote, personally or by sending a
representative(s), regarding any matters discussed by the shareholders’ meetings, including but not limited to, sales, transfer, mortgage pledge, hypothecation or otherwise disposal of any or all of the assets of the Company; (3) to sell,
transfer, pledge, hypothecate or otherwise dispose any or all of the equity in the Company; (4) if necessary, to nominate, appoint or remove from office any of the director(s) or supervisor(s) of the Company; (5) to supervise the operating
performance of the Company; (6) to lawfully consult the resolutions and records of the shareholders’ meetings and the BOD meetings, and financial accounting statements and financial information of the Company from time to time;
(7) when any interest of the Company or its shareholders is harmed by any acts or omissions of any directors or senior executives of the Company, to institute a lawsuit of the Existing Shareholders or take any other legal action against such
directors or senior executives; (8) to approve the annual budget or declare dividends, and to exercise the rights to dividends, the rights to obtain remaining property after the liquidation of the Company, and other rights to, in or of
operations of the Company, owned by me as one of the shareholders of the Company under the laws and regulations and the articles of association of the Company; (9) upon any liquidation or dissolution of the Company, to compose the liquidation
group subject to the provisions of laws and the articles of association of the Company and legally exercise the powers owned by the liquidation group during the liquidation period, including but not limited to administrating assets of the Company;
(10) to submit any documents on behalf that are needed to be submitted by me as one of the shareholders of the Company to the competent governmental authorities; and (11) Any other rights or powers conferred to me as one of the
shareholders of the Company under the articles of association of the Company or applicable laws and regulations. 
 Without limiting the
generality of the powers granted under this Power of Attorney, the Agent shall have the rights, powers and authority under this Power of Attorney to authorize a representative(s) to execute on behalf of me the transfer agreement(s) (when I am
required to be a party thereto) described in the Exclusive Call Option Agreement and to perform the terms of the Equity Interest Pledge Agreement and the Exclusive Call Option Agreement which are executed on the same day of this Power of Attorney
and to which I am a party. 
 Within the effective term of this Power of Attorney and subject to any restrictions imposed by PRC laws, I
undertake that after I obtain any dividends, interests or capital allocations in any form, due to the equity of the Company they hold, remaining assets after liquidation, or revenue or consideration arising out of equity transfer, I will gift to the
WFOE or any entity nominated by the WFOE free of charge or compensation all of such dividends, interests, capital allocations, remaining assets after liquidation, revenue and consideration. 

 Proxy Agreement and Power of Attorney 

 

 Any and all acts committed by the Agent in connection with My Equity shall be deemed to be my
own acts, and any and all documents executed by the Agent in connection therewith shall be deemed to be executed by myself. The Agent, upon committing the foregoing acts, may act per its own will, without firstly obtaining my consent, and I hereby
recognize and approve such the Agent’s such acts and/or documents. I hereby confirm that under any circumstance, the Agent shall not be required to bear any liability, or make any economic compensation, in connection with its exercise of my
equity above. And I agree to compensate and hold harmless the WFOE against any and all losses suffered by or that may be suffered by the WFOE arising out of or in connection with its appointment of the Agent, including but not limited to any losses
resulting from any proceedings, recovery, arbitrations or claims instituted by any third party or from any administrative investigation or punishment by any governmental authority. 

The WFOE shall have the right to re-authorize, or assign to, any other persons with its rights related
to the foregoing matters, without firstly notifying me or obtaining my consent. 
 Under the premises that I am one of the shareholder(s) to
the Company, this Power of Attorney shall be continuously effective as of the date of being executed and cannot be withdrawn, unless otherwise instructed by the WFOE. Once the WFOE notify me in writing to terminate part or all of this Power of
Attorney, I will promptly withdraw all rights, powers granted to the WFOE herein, and will promptly execute a power of attorney with the format same with that of this Power of Attorney to grant to any other person(s) nominated by the WFOE the
rights, powers same with the contents of this Power of Attorney. 
 During the effective term of this Power of Attorney, I hereby waive, and
will not exercise on my own, any and all rights and powers related to My Equity that have been granted to the Agent under this Power of Attorney. 

I will provide, and will procure the Company to provide, sufficient assistance regarding the exercise by the Agent of My Equity above,
including, if necessary (for example, to satisfy the requirements of governmental authorities for examination, submission and filing documents), timely execution of the shareholders’ meetings of the Company, or other legal documents, made by
the Agent, and procuring the Agent to have the right to access any all information related to the Company’s operations, business, customers, finance, employees, et cetera and to consult the Company’s relevant materials, et cetera. 

In case at any time during the effective term of this Power of Attorney, the granting or exercise of My Equity above cannot be realize for any
reason other than my default on any provisions of this Power of Attorney, the Parties shall promptly seek the substitute solutions closest to those provisions that cannot be realized and if necessary, execute an amendment(s) to modify or adjust the
terms of this Power of Attorney, so as to ensure continuous realization of the purposes of this Power of Attorney. 
 This Power of Attorney
shall be retroactive to September 8, 2020. This Power of Attorney shall supersede any and all undertakings, memorandums of understandings, agreements and/or other documents regarding the subject matters under this Power of Attorney. 

[The following is the signature page(s)] 

 Proxy Agreement and Power of Attorney 

 

 
	
	Name: Zhan Xie
	
	By: /s/ Zhan Xie                                
	
	September 8, 2020

 Witnessed By: /s/ Wentao
Wei                             

Name: Wentao Wei 
 September 8, 2020EX-10.12

 Exhibit 10.12 

Equity Interest Pledge Agreement 

Equity Interest Pledge Agreement 

This Equity Interest Pledge Agreement (the “Agreement”) is entered into on September 8, 2020 by and among the following
parties as the amendment and restatement of the Equity Interest Pledge Agreement entered into on May 7, 2020 by and among Beijing Yiqi Education & Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd., Chang
Liu and Dun Xiao: 
  

	(1)	 Beijing Yiqi Education & Technology Co., Ltd. (the “Pledgee”), a
wholly foreign owned enterprise incorporated subject to the laws of the People’s Republic of China (“PRC”); 

  

	(2)	 Beijing Yiqi Education Information Consultation Co., Ltd. (the “Company”), a limited
liability company incorporated subject to the PRC laws; and 

  

	(3)	 Chang Liu, a PRC citizen (PRC ID Card No.: [***]); and 

Zhan Xie, a PRC citizen (PRC ID Card No.: [***]) (together with Chang Liu, collectively as the “Pledgors”). 

(Each of the above Pledgee, the Company, and the Pledgors, hereinafter individually referred to as a “Party”, and collectively
the “Parties”.) 
 Recitals 
  

	(A)	 WHEREAS, as of the date of execution of this Agreement, the Pledgors totally hold 100% equity of the Company,
with the aggregate contribution amount being CNY thirty million (5,000,000.00). 

  

	(B)	 WHEREAS, an Exclusive Management Services and Business Cooperation Agreement was entered into by and among the
Pledgee, the Company and other relevant parties on May 7, 2020 (the “Exclusive Management Services and Business Cooperation Agreement”) under which the Company shall pay service costs to the Pledgee regarding certain services
to be provided by the Pledgee. 

  

	(C)	 WHEREAS, an Exclusive Call Option Agreement was entered into by and among the Parties on September 8, 2020 (the
“Exclusive Call Option Agreement”) under which the Pledgors and the other shareholders of the Company respectively grants to the Pledgee the exclusive option to purchase, subject to the terms thereof, the equity or assets of the
Company. 

  

	(D)	 WHEREAS, an Proxy Agreement and Power of Attorney was entered into by and among the Parties on September 8,
2020 (the “Proxy Agreement and Power of Attorney”) under which the Pledgors grants to the Pledgee the shareholders’ rights it has as one of the shareholders of the Company. 

 

	(E)	 WHEREAS, the spouse of Chang Liu and the spouse of Zhan Xie respectively executed the Consent Letters on
September 8, 2020 (the “Consent Letters by the Spouses”). 

 AND THEREFORE, the Parties agree as below:

  
 1 

 Equity Interest Pledge Agreement 

 

 Agreement 
  

	1.	 Main Agreements 

The Parties hereto acknowledge and confirm that the main agreements under the pledge guarantee hereunder consist of the Exclusive Management
Services and Business Cooperation Agreement, the Exclusive Call Option Agreement, the Proxy Agreement and Power of Attorney, the Consent Letters by the Spouses, and other varied agreements entered into by and among the Pledgors, the Company and/or
the Pledgee from time to time. 
  

	2.	 Pledge 

  

	2.1	 The Pledgors unconditionally and irrevocably pledge to the Pledgee all of the equity it holds of the Company
and the equity arising out of new capital they newly contribute to the Company subject to Section 5.3 hereof (including any and all interest or dividends accruing from the foregoing equity) (the “Pledged Equity”) as the
guarantee for the performance by the Pledgors and the Company of all obligations under the Main Agreements. 

  

	3.	 Guarantee Scope 

 

	3.1	 The scope of the guarantee by the Pledged Equity under this Agreement shall include all obligations of the
Pledgors and the Company under the Main Agreements, including but not limited to the borrowings and their interest (if applicable) under the Main Agreements, all service costs receivable by the Pledgee, all other balance due and debts payable to the
Pledgee (including but not limited to any amounts payable to the Pledgee’s affiliates), the liquidated damages (if any), the costs and expenses incurred due to exercise of the rights as a creditor and/or the pledge rights (including but not
limited to the attorney’s fee, arbitration costs, costs for assessment and auction of the Pledged Equity, et cetera) and any other related costs and expenses. To avoid doubt, the pledge scope shall not be limited by or subject to neither the
shareholders’ contribution amounts nor the amount of the creditors’ rights registered with the competent administration of industry and commerce, or the competent market supervision and management administration, with which the Company is
affiliated (the “AIC”). 

  

	3.2	 In case the AIC requires to clarifying the amount of the main creditors’ rights during handling of the
equity pledge registration, the Parties agree, for the sole purpose of handling such equity pledge registration, that the amount of the creditors’ rights under the Main Agreements shall be registered as CNY five million (5,000,000.00) plus the
amounts of any and all breach of contract liability and damages under the related agreements. The Parties further explicitly confirm that for the purpose of handling the equity pledge registration, the foregoing amount shall impair or limit any
rights or interests the Pledgee has under the applicable Main Agreements and this Agreement 

  

	4.	 Pledge Term 

  

	4.1	 The pledge shall be continuously effective. The term of pledge will terminate on the earliest of the following:
(i) the date on which all Main Agreements have been fully performed, ceased to be effective or terminated (subject to the latest date) and all outstanding guaranteed debts have been paid or otherwise discharged, (ii) the date on which the
Pledgee exercises the pledge rights pursuant to the terms and conditions of this Agreement for the purpose of fully realizing the rights it has against the guaranteed debts and the Pledged Equity, or (iii) the date on which the Pledgors
transfer, subject to the Exclusive Call Option Agreement, all of their equity to the Pledgee or any third party nominated by the Pledgee and no longer hold any equity of the Company. 

 

	4.2	 During the effective term of the pledge, in the event any of the shareholders, or the Company or its
subsidiaries fail to perform its or their respective obligations under the Main Agreements, the Pledgee will have the right to dispose the Pledged Equity pursuant to the provisions of this Agreement. 

  
 2 

 Equity Interest Pledge Agreement 

 

	4.3	 The Pledgee shall have the right to collect any and all dividends or other distributable interests arising out
of the equity, and to decide, on its own, the distribution or disposal of such dividends or interests. 

  

	5.	 Registration 

  

	5.1	 The Company shall (i) on the date of execution of this Agreement, register the pledge in, and provide to
the Pledgee, the Company’s Shareholders’ Register, and (ii) within the practically shortest time after execution of this Agreement but not later than thirty (30) working days after execution of this Agreement, submit to the AIC
the pledge registration application and obtain the certification document(s) regarding completion of handling of pledge registration. The shareholders and the Company shall submit and provide all documents and procedures required by the PRC laws and
regulations and the competent AIC, so as to ensure the completion of the applicable registration procedures as soon as possible after submission of the pledge to the AIC. 

 

	5.2	 Without limiting any provisions under this Agreement, during the term of pledge, the original of the
Company’s Shareholders’ Register shall be kept custody by the Pledgee or any other person(s) nominated by the Pledgee. 

  

	5.3	 The Pledgors, after firstly obtaining the Pledgee’s consent, may increase its contributions to the Company
provided, however, that any of the Pledgors’ contributions to the Company shall be subject to the provisions of this Agreement, and that all the increased contributions shall fall into the Pledged Equity. The Company shall promptly change its
Shareholders’ Register pursuant to Section 5 above, and shall change the registration of pledge at the AIC(s) within five (5) working days. 

  

	6.	 Representations and Warranties of the Pledgors and the Company 

 

	6.1	 The Pledgors are the sole lawful owner of the Pledged Equity, and there is no actual or potential dispute in
ownership related to the Pledged Equity. The Pledgors have the right to dispose any of all the Pledged Equity subject to no limitation from any third party. 

  

	6.2	 The Pledgors have not created any encumbrance or other liens on the Pledged Equity except those set forth in
this Agreement and the Exclusive Call Option Agreement. 

  

	6.3	 The Company is a limited liability company officially incorporated and validly existing pursuant to PRC laws,
is officially registered at the competent administration of industry and commerce and has passed all annual inspections. The registered capital of the Company is CNY five million (5,000,000.00) and has been fully paid. 

 

	6.4	 The Pledgors and the Company fully understand the contents of this Agreement, and their execution and
performance of this Agreement are out of free will, and all of their expressions of intent are true. The Pledgors and the Company have, upon the Pledgee’s reasonable request, taken all necessary action, obtained all corporate authorizations
necessitated for execution and performance of this Agreement and executed all necessary documents, and have obtained the consents and approvals (if applicable) from the governmental authorities and third parties, so as to ensure the legality and
validity of the pledge hereunder. 

  
 3 

 Equity Interest Pledge Agreement 

 

	6.5	 Its execution, delivery or performance of this Agreement will not: (i) result in breach of any applicable
PRC laws, (ii) be in conflict with the Company’s articles of association or other organizational documents, (iii) result in breach of, or constitute a default under, any contracts or documents to which it is a party or which have
binding force upon it, (iv) result in breach of any conditions for issuance and/or continuous validity of any licenses or permits which have been issued to any party, or (v) result in cancellation of, or imposition of additional conditions
for, any licenses or permits that have been issued to any party. 

  

	7.	 Further Undertakings and Warranties of the Pledgors and the Company 

 

	7.1	 The Pledgors and the Company hereby undertake to the Pledgee that during the effective term of this Agreement:

  

	 	7.1.1	 Without the Pledgee’s prior written consent, the Pledgors will not transfer the Pledged Equity, or create
or permit creation of, any encumbrance or other liens on the Pledged Equity, or grant to any person to exercise any interests or options related to the Pledged Equity or other rights with respect thereto, or otherwise dispose the Pledged Equity,
except as necessitated for performance of the Exclusive Call Option Agreement. 

  

	 	7.1.2	 The Pledgors and the Company shall comply with the provisions of all laws and regulation applicable to pledge,
and shall submit to the Pledgee, within five (5) working days after receipt of, and comply with, any notices, orders or suggestions regarding pledge issued or prepared by the competent regulatory authorities, and shall propose or file claims or
complaints regarding the foregoing. 

  

	 	7.1.3	 Neither the Pledgors nor the Company may take, or permit any person to take, any action that may damage, impair
or otherwise harm the value of the Pledged Equity or the Pledgee’s pledge rights. The Pledgors and the Company shall promptly inform the Pledgee after it becomes aware of or receive any event or notice that may adversely affect any rights the
Pledgee has with respect to the Pledged Equity or other obligations of the Pledgors under this Agreement. The Pledgee shall not be liable for any depreciation of value of the Pledged Equity, and neither the Pledgors nor the Company may recover or
claim against the Pledgee in any form. 

  

	 	7.1.4	 Subject to the provisions of the applicable PRC laws and regulations, the pledge under this Agreement shall be
the continuous guarantee and be fully valid during the existence of this Agreement, and remains unaffected, even if the Pledgors or the Company becomes insolvent, suffers liquidation, loses capacity for conduct or has any change in organization or
status or if there occurs any setoff of funds or any other events during the Parties. 

  

	7.2	 The Pledgors agree that any rights obtained by the Pledgee hereunder related to pledge shall not be interrupted
or impaired through any legal procedures by the Company, the Pledgors, the successors or representatives of the Pledgors, or any other persons (collectively, the “Related Persons”). The Pledgors warrant to the Pledgee that they have
made all proper arrangements and executed all necessary documents, to ensure that upon their death, loss of capacity for conduct, bankruptcy, divorce or occurrence of any other circumstance that may adversely affect their exercise of equity, the
performance of this Agreement will not be affected or impaired by their successors, guardians, creditors, spouses or any other persons that may obtain the equity or rights related thereto accordingly. 

 

	 	7.2.1	 Without the Pledgee’s prior written consent, the Related Persons shall not amend, change or modify the
Company’s memorandum of association or articles of association, or increase or decrease the Company’s registered capital, or change the Company’s registered capital structure in any form. 

  
 4 

 Equity Interest Pledge Agreement 

 

	 	7.2.2	 Without the Pledgee’s prior written consent, the Related Persons shall not sell, transfer, mortgage or
dispose, in any form, any assets of the Company or any subsidiaries of the Company or any legal or beneficial interests in the business or revenue of the Company or permit creation of any encumbrance related thereto. 

 

	 	7.2.3	 Without the Pledgee’s prior written consent, the Related Persons shall not distribute dividends, make
property distributions, decrease of capital, initiation of liquidation procedures or make distributions in any other form, to or against the shareholders by any method. Any distributions, including but not limited to the distributed property or the
remaining property under liquidation, shall be deemed to be part of the pledge. 

  

	 	7.2.4	 Without the Pledgee’s prior written consent, the Related Persons shall not commit any act that will or may
result in depreciation of the Pledged Equity or impair the validity of the pledge of this Agreement. In the event there is any depreciation in the value of the Pledged Equity that will impair the Pledgee’s rights, the Related Persons shall
promptly notify the Pledgee and upon the Pledgee’s reasonable request, provide as guarantee other property to the Pledgee’s satisfaction and take necessary action to solve the foregoing events or reduce their adverse effects.

  

	7.3	 For the purpose of protecting or perfecting the encumbrance created hereunder regarding payment of amounts
under the Main Agreements, the Pledgors hereby undertake that they will honestly execute, and procure other parties related to the pledge to execute, all certifications, agreements, contracts and/or undertakings as required by the Pledgee. The
Pledgors further undertake to take, and procure other parties related to the pledge to take, any action as required by the Pledgee due to its exercise of any rights or powers hereunder, and shall provide all notices, orders and decisions related to
pledge as required by the Pledgee. 

  

	7.4	 The Pledgors hereby undertake to comply with and perform all warranties, undertakings, covenants,
representations and conditions hereunder. The Pledgors shall compensate all losses suffered by the Pledgee arising out of or in connection with their failure to perform, or partial performance of, such warranties, undertakings, covenants,
representations or conditions. 

  

	8.	 Exercise of the Pledge Rights 

 

	8.1	 Any of the following events will constitute an exercise event hereunder (the “Exercise Event”)
(except remedies or exemption has been made, the Exercise Event will be deemed to be “continuous”): 

  

	 	8.1.1	 Any representations, warranties or declarations made by the Pledgors or the Company under this Agreement or the
Main Agreements are untrue, incomplete or inaccurate; or, the Pledgors or the Company breaches, or fails to perform any obligations or comply with any undertakings, under this Agreement or the Main Agreements. 

 

	 	8.1.2	 Any or more of the Pledgors’ or the Company’s obligations under this Agreement or any of the Main
Agreements are deemed to be illegal or invalid. 

  

	 	8.1.3	 The Company terminates business or is dissolved, or is ordered to terminate business or dissolve, or becomes
bankrupt. 

  

	 	8.1.4	 The Pledgors and/or the Company involves any disputes, proceedings, arbitrations or administrative procedures
or any other legal proceedings or governmental consultancy, action or investigation as reasonably deemed by the Pledgee to have material adverse effects upon any of the following matters: (i) the capacity for the Pledgors’ performance of
their obligations under this Agreement or any of the Main Agreements, or (ii) the capacity for the Company’s performance of their obligations under this Agreement or any of the Main Agreements. 

  
 5 

 Equity Interest Pledge Agreement 

 

	 	8.1.5	 Any other circumstances under which the Pledged Equity may be disposed pursuant to the applicable laws and
regulations. 

  

	8.2	 Once upon the occurrence of an Exercise Event and during the existence of such Exercise Event, the Pledgee
shall have the right to exercise all rights as the guaranteed person pursuant to the effective PRC laws (including but not limited to the provisions of the Guarantee Act of the People’s Republic of China and the Property Act of the
People’s Republic of China), including but not limited to: 

  

	 	8.2.1	 to sell, auction or realize part or all of the Pledged Equity at one or more public or private trading
occasions, under which situation the transaction may be carried out in cash, credit trade or future delivery; or 

  

	 	8.2.2	 to execute, or nominate any entity to execute, an agreement with the Pledgors to purchase the Pledged Equity at
the currency value as determined by reference to the market price of the pledged property. 

 The Pledgee shall have the
right to firstly compensated regarding the costs and expenses described in Section 3 above from the price obtained by disposal of the Pledged Equity as per the manner above. 

 

	8.3	 The Pledgee may directly exercise its pledge rights hereunder without firstly exercising other guarantee or
rights, or taking any other action or procedures against the Pledgors and/or the Company or any other persons, or firstly exercising any other breach of contract remedies. 

 

	8.4	 Upon the Pledgee’s request, the Pledgors and the Company shall take any and all legal and appropriate
action to ensure the exercise by the Pledgee of its pledge rights. With respect to the foregoing, the Pledgors and the Company shall execute all documents and materials, and take all measures and action, as reasonably requested by the Pledgee.

  

	9.	 Transfer 

  

	9.1	 Without the Pledgee’s prior written consent, neither the Company nor the Pledgors may transfer any of its
or their rights or obligations hereunder to any third party. 

  

	9.2	 Both the Company and the Pledgors hereby agree that the Pledgee may at its sole discretion transfer any of its
rights or obligations hereunder only after issuing a written notice to the Company and the Pledgors regarding its transfer of its rights or obligations hereunder without obtaining consent from the other Parties regarding the transfer thereof.

  

	9.3	 The rights and obligations hereunder shall be legally binding upon each Party’s assignees and successors
whether or not the transfer of such rights or obligations is caused by acquisition, reorganization, succession, transfer, assignment or any other reason. 

  

	9.4	 The Pledgee may, at any time, transfer any or all of its rights or obligations under the Main Agreements to any
person it nominates (whether a natural person or a legal person) under which situation, the assignee(s) shall have the same rights and obligations as those enjoyed and borne by the Pledgee under this Agreement, as if it has and bears such rights and
obligations as is a party to this Agreement. Upon transfer by the Pledgors of their rights and obligations under the Main Agreements, the Pledgors and/or the Company shall, as required by the Pledgee, execute the applicable agreements and documents
in connection therewith (including but not limited to execution with the assignees of a new equity interest pledge agreement of the contents and format consistent with this Agreement). 

  
 6 

 Equity Interest Pledge Agreement 

 

	9.5	 In case the Pledgee hereunder is changed due to the Pledgee’s transfer as described above, the parties to
the new pledge shall newly execute the equity interest pledge agreement, and the Pledgors and the Company shall assist the assignees to handle all formalities regarding change of equity pledge registration (if applicable). 

 

	9.6	 In the event that any of the Pledgors discontinues to own any equity of the Company, it shall be automatically
deemed that such Pledgor shall discontinue to be a party to this Agreement. In the event that any third party becomes a shareholder to this Company, the Company and all then currently Shareholders shall try their best efforts to procure such third
party to execute appropriate legal documents to become one of the Pledgors hereunder as soon as possible. 

  

	10.	 Termination 

  

	10.1	 Without the Pledgee’s written consent, neither the Pledgors nor the Company nay terminate this Agreement
under any circumstance. 

  

	10.2	 This Agreement shall terminate upon expiry of the pledge term pursuant to Section 4 above. Upon or after
the termination of this Agreement, the Pledgee shall, as required by the Pledgee and within the reasonably and practically shortest time, terminate the pledge of the Pledged Equity hereunder, and cooperate the Pledgors to handle deregistration of
the pledge of equity recorded in the Company’s Shareholders’ Register and deregistration of the pledge at the competent AIC. 

  

	11.	 Confidentiality 

The Parties hereby acknowledge that any and all oral or written communications regarding this Agreement shall be confidential information. Each Party shall
keep confidential all of the aforesaid information, and without written consent from the other Parties, shall not disclose to any third party any related information except the information that: (a) has entered or will enter the public domain
for any reason except as being publicly disclosed by the receiving party, (b) is disclosed subject to the applicable laws or regulations or stock exchange requirements, or (c) that has to be disclosed by any Party to its legal counsels or
financial consultants with respect to the transactions contemplated hereunder who must be bound by the obligations of confidentiality similar to those under this paragraph. In case any employee or agency employed by any Party discloses any
confidential information, it shall be deemed that such Party discloses such confidential information and shall bear the breach of contract liability accordingly. The provisions under this paragraph shall survive the termination of this Agreement for
any reason. 
  

	12.	 Breach of Contract Liability 

 

	12.1	 In the event that any party fails to perform any of its obligations hereunder or that any of its
representations or warranties hereunder is essentially inaccurate or incorrect, such party shall be in default of this Agreement and shall compensate all actual economic losses suffered by the other parties. And this Section 12 shall not affect
the Pledgee’s any other rights under this Agreement. 

  

	12.2	 This Section shall be legally binding whether or not this Agreement is amended, cancelled or terminated.

  
 7 

 Equity Interest Pledge Agreement 

 

	13.	 Entire Agreement and Amendment 

 

	13.1	 This Agreement and all agreements and/or documents expressly mentioned or incorporated herein shall constitute
the entire agreement regarding the subject matters herein, and shall supersede all oral agreements, contracts, understandings and communications previously entered into by and among the Parties regarding the subject matters herein, including but not
limited to the Equity Interest Pledge Agreement entered into on May 7, 2020 by and among Beijing Yiqi Education & Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd., Chang Liu and Dun Xiao which shall
terminate on September 8, 2020 and be superseded by this Agreement. 

  

	13.2	 Any amendments to this Agreement shall be made in writing and will enter into force only after being signed by
the Parties hereto. The amendments or revisions signed by the Parties shall form part of this Agreement and shall be of equal legal force with this Agreement. 

 

	14.	 Governing Law and Dispute Settlement 

 

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

  

	14.2	 Any disputes arising out of or in connection with this Agreement shall be submitted to China International
Economic and Trade Arbitration Commission to be arbitrated in accordance with its arbitration rules effective upon application for arbitration. The arbitration award shall be final and binding upon all Parties. The place of arbitration shall be
Beijing. Except for the portions submitted for arbitration, the other portions of this Agreement shall continue to be valid. The validity of this Section shall not be affected whether this Agreement is amended, cancelled or terminated.

  

	15.	 Effective Date and Term 

 

	15.1	 This Agreement shall be executed and enter into force on the date first written above, as the amendment and
restatement of the Equity Interest Pledge Agreement entered into on May 7, 2020 by and among Beijing Yiqi Education & Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd., Chang Liu, and Dun Xiao, and the
Parties agree and confirm that the force of this Agreement shall be retroactive to September 8, 2020. 

  

	15.2	 This Agreement shall be continuously effective during the existence of the pledge. 

 

	16.	 Notice 

  

	16.1	 Any notices or other communications hereunder issued by any Party shall be made in English or Chinese and may
be sent by personal delivery, registered mail with prepaid postage or recognized express mail service or by facsimile to the recipient addresses specified by the relevant Parties from time to time. It shall be deemed that the notice has been
actually delivered (a) if by personal delivery, on the date of personal delivery, (b) if by mail, on the tenth day after the registered air mail with prepaid postage is posted (subject to the postmark date), or on the fourth day after
delivered to the express mail service, or (c) if by facsimile, at the receiving time indicated on the transmission confirmation slip of the corresponding documents. 

 

	16.2	 The addresses of the Parties are listed below for the purpose of notification: 

To the Pledgee: 
 Address:
[***] 
 Recipient: Chang Liu 

Telephone: [***] 

  
 8 

 Equity Interest Pledge Agreement 

 

 To the Pledgors: 

Address: [***] 
 Recipient: Chang
Liu 
 Telephone: [***] 
 To
the Company: 
 Address: [***] 

Recipient: Chang Liu 
 Telephone:
[***] 
  

	16.3	 Any Party may send a notice to the other Parties pursuant to this Section to change its recipient address of
notification from time to time. 

  

	17.	 Severability 

In case any provision hereunder is deemed to be invalid or unenforceable due to inconsistency with any applicable laws, such provision shall be
invalid or unenforceable to the extent such law is applicable, and the validity, legality or enforceability of the other provisions hereunder shall not be affected. The Parties shall, through good faith negotiations, try to replace such invalid,
illegal or unenforceable provisions with an effective provision that is legally permitted and satisfies the Parties’ expectation to greatest extent, and the economic results caused by such effective provisions shall be similar to the economic
results caused by such invalid, illegal or unenforceable provision as far as possible. 
  

	18.	 Counterparts 

This Agreement is made by the Parties in four (4) originals of equal legal force, one (1) for each Party. This Agreement may be
signed through one or more counterparts. 
 [The following is the signature page(s)] 

  
 9 

 Equity Interest Pledge Agreement 

 

 In witness thereof, the Parties cause this Agreement to be signed on the date first written above. 

 

	
	Beijing Yiqi Education & Technology Co., Ltd.
	Seal: (Public Seal) /s/ Beijing Yiqi Education & Technology Co., Ltd.
	
	By: /s/ Chang
Liu                                         
   
	Authorized Representative: Chang Liu
	
	Beijing Yiqi Education Information Consultation Co., Ltd.
	Seal: (Public Seal) /s/ Beijing Yiqi Education Information Consultation Co., Ltd.
	
	By: /s/ Chang
Liu                                        

	Authorized Representative: Chang Liu
	
	Chang Liu
	  
 By: /s/ Chang
Liu                                         
   

	
	Zhan Xie
	  
 By: /s/ Zhan
Xie                                         
       

 Equity Interest Pledge Agreement 

 

 Shareholders’ Register of Beijing Yiqi Education Information Consultation Co., Ltd.

 (Compiled on September 8, 2020; the corporate registered capital is CNY 5,000,000.00 and the paid-up capital is CNY 5,000,000.00) 
  

													
	 No.
	  	Name of
Shareholder	  	ID Card No.	  	Address	  	Contribution Amount
(Equity Percentage)	  	Contribution
Methods	  	 Pledge Information Pledgee(s)

	 001
	  	Chang Liu	  	[***]	  	[***]	  	CNY 4,950,000.00 (99%)	  	Currency	  	Already pledged to Beijing Yiqi Education & Technology Co., Ltd.
	 002
	  	Zhan Xie	  	[***]	  	[***]	  	CNY 50,000.00 (1%)	  	Currency	  	Already pledged to Beijing Yiqi Education & Technology Co., Ltd.

  

					
	Beijing Yiqi Education Information Consultation Co., Ltd.
	(Public Seal) /s/ Beijing Yiqi Education Information Consultation Co., Ltd.
	  
 Signature
	 	:	 	  /s/ Chang
Liu                                
	Name	 	:	 	  Chang Liu
	Title	 	:	 	  Statutory Representative
	Date	 	:	 	  September 8, 2020

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