Document:

EX-4.35

 Exhibit 4.35 

Amended and Restated Loan Agreement 
 This
Amended and Restated Loan Agreement (this “Agreement”) is entered into on June 20, 2016 in Beijing, by and between: 
 Party A: Baidu
Online Network Technology (Beijing) Co., Ltd. 
 Registered Address: 3/F, No. 10 Shangdi 10th Street, Haidian District, Beijing 
 Party B: Xiaodong Wang 

ID Card No.: 
 WHEREAS, 

 

	 	1.	 Party A is a foreign invested enterprise incorporated under the laws of the PRC, 

 

	 	2.	 Party B is a Chinese citizen, holding 50% of equity interests of Beijing Perusal Technology Co., Ltd.
(“Perusal”), and is the shareholder of Perusal; 

  

	 	3.	 On May 3, 2016, Party A provided Party B with an interest-free loan of RMB1.02344 billion
(RMB1,023,440,000), used towards the investment in Perusal. With regards to such loan, Party A and Party B signed a Loan Agreement (the “Original Loan Agreement”) on May 3, 2016. 

 

	 	4.	 The Parties propose to amend and restate the Original Loan Agreement as expressed herein.

 Party A and Party B, through friendly consultation, agree as follows: 

 

	 	1.	 In accordance with the terms and conditions of this Agreement, Party A agrees to provide an interest-free loan
in the amount of RMB1.59844 billion yuan (RMB1,598,440,000) to Party B, and Party B agrees to accept such loan. 

  

	 	2.	 Party B confirms the receipt of such loan and has applied part of such loan equal to RMB 645,940,000 toward
payment of transfer price to acquire the equity interests of Perusal, and the remaining RMB952,500,000 will be used to pay the newly increased registered capital of Perusal subscribed by it. 

 

	 	3.	 The term of the loan under this Agreement shall commence on the date Party B receives such loan to the date 10
years from the execution of this Agreement, which may be extended upon mutual written consent of the Parties. During the term of the loan or the extended term of the loan, Party A has the right to cause the loan to be due immediately by written
notice, and require Party B to repay the loan in accordance to this Agreement in the event any of the following circumstances occur to Party B: 

  

	 	(1)	 Party B leaves or is dismissed from Party A or an affiliated company of Party A; 

 

	 	(2)	 Party B’s death, lack or limitation of civil capacity; 

 

	 	(3)	 Party B engages in criminal act or is involved in criminal activities; 

 

	 	(4)	 Any third party files a claim against Party B that exceeds RMB100,000; or 

  
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	 	(5)	 Subject to the laws of the PRC, Party A or a person designated by Party A is permitted to invest in Perusal to
conduct internet information service business, value-added telecommunication business and other business, and Party A has issued a written notice relating to the equity purchase of Perusal to Party B pursuant to the provisions of the Exclusive
Equity Purchase and Transfer Agreement mentioned in Article 4 hereof, to exercise the option. 

  

	 	4.	 The parties herein agree and confirm that, to the extent and within the scope permitted by the laws of the
PRC, Party A shall have the right but not the obligation to purchase or designate other persons (including natural person, legal entity or any other entity) to purchase the equity interests of Perusal held by Party B in whole or in part (hereinafter
referred to as “Option Right”), but Party A shall issue a written notice to purchase equity interests to Party B. Upon Party A’s issuance of a written notice to exercise such Option, Party B shall, in accordance with Party A’s
wishes and instructions, immediately transfer all of its equity interests in Perusal to Party A or other persons as designated by Party A at the original investment price (“Original Investment Price”) or at another price agreed upon by
Party A where the law otherwise requires. The Parties hereby agree and acknowledge, when Party A exercises its Option Right, if in accordance with the applicable laws at the time, the lowest price of the equity interests permitted is higher than the
Original Investment Price, then the subscription price of Party A or other persons designated by Party A shall be the lowest price permitted by the laws. The parties agree to execute the Exclusive Equity Purchase and Transfer Agreement with respect
to the above. 

  

	 	5.	 The parties herein agree and confirm that Party B may repay the loan only by the following methods: the
borrower (or his successors or assignees) shall, to the extent permissible by the PRC laws and as required by Party A’s written notice, transfer the equity interest in Perusal to Party A or its designated person and use the proceeds to repay
the loan when the loan is due and Party A gives a written notice, or through another method as mutually agreed by the parties herein. 

  

	 	6.	 The Parties herein agree and confirm that this loan is an interest-free loan unless there are different
provisions in this Agreement. But if the loan is due and Party B has to transfer his equity interests in Perusal to Party A or its designated person and the proceeds exceed the loan principal due to the legal requirement or other reasons, Party B
agrees to pay such excess amount over the principal of proceeds, net of the individual income tax and other taxes and fees payable by Party B, to Party A at its decision to the extent permissible by the law. 

 

	 	7.	 The parties agree and confirm that Party B shall be deemed to have completed his obligations under this
Agreement only if all of the following requirements are met: 

  

	 	(1)	 Party B has transferred all his equity interests in Perusal to Party A and/or its designated person; and

  

	 	(2)	 Party B has repaid the total amount of proceeds from the equity interest transfer or the maximum amount
(including principal and the maximum interests as permitted by the applicable laws at the time) permitted by applicable laws to Party A. 

  

	 	8.	 To secure the performance of debt under this Agreement, Party B agrees to pledge all of his equity interests
in Perusal to Party A (the “Equity Pledge”). The parties agree to execute an equity pledge agreement for the above matters. 

  
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	 	9.	 Party A hereby represents and warrants to Party B that, as of the execution date of this Agreement:

  

	 	(1)	 Party A is a wholly foreign-owned enterprise incorporated and validly existing under the laws of the PRC;

  

	 	(2)	 Party A has the right to execute and perform this Agreement. The execution and performance by Party A of this
agreement comply with its business scope, Articles or other institutional documents, and Party A has taken necessary actions to get all necessary and appropriate approvals and authorizations; 

 

	 	(3)	 The principal of the loan to Party B is legally owned by Party A; 

 

	 	(4)	 The execution and performance of this Agreement by Party A does not violate any law, regulation, approval,
authorization, notice or other governmental document by which it is bound or affected, or any agreement between Party A and any third party, or any promise made by Party A to a third party; and 

 

	 	(5)	 This Agreement, once executed, shall constitute a legal, valid and enforceable obligations of Party A.

  

	 	10.	 Party B hereby represents and warrants to Party A that, from the execution date of this agreement until this
Agreement terminates: 

  

	 	(1)	 Perusal is a limited liability company incorporated and validly existing under the laws of the PRC and Party B
is the legal holder of the equity interest of Perusal; 

  

	 	(2)	 Party B has the right to execute and perform this Agreement. The execution and performance by Party B of this
Agreement comply with its business scope, Articles or other institutional documents, and Party B has taken necessary actions to obtain all necessary and appropriate approvals and authorizations; 

 

	 	(3)	 The execution and performance of this Agreement by Party B does not violate any law, regulation, approval,
authorization, notice or other governmental document by which it is bound or affected, or any agreement between Party B and any third party, or any promise made by Party B to a third party; 

 

	 	(4)	 This Agreement, once executed, shall constitute a legal, valid and enforceable obligation of Party B;

  

	 	(5)	 Party B has paid contribution in full for the equity interests he holds in Perusal in accordance with
applicable laws and regulations; 

  

	 	(6)	 Except pursuant to the provisions stipulated in the equity pledge agreement and exclusive equity purchase and
transfer option agreement, Party B did not create any mortgage, pledge or other security over his equity interest in Perusal, make any offer to a third party to transfer his equity, make acceptance for the offer to a third party to purchase his
equity, or execute any agreement with a third party to transfer his equity; 

  

	 	(7)	 There are no pending or potential disputes, litigation, arbitration, administrative proceedings or other legal
proceedings in connection with the equity interests of Perusal held by Party B; 

  

	 	(8)	 Perusal has completed all necessary governmental approvals, licenses, registrations and filings.

  

	 	11.	 Party B undertakes, during the term of this Agreement: 

 

	 	(1)	 not to sell, transfer, pledge or otherwise dispose of his equity interests or other interests in Perusal, nor
to allow the creation of any other security interest over his equity interests without the prior written consent of Party A, except pledges or other rights created for the benefit of Party A; 

  
 3 

	 	(2)	 not to vote for, support or execute any shareholder resolutions at Perusal’s shareholder’s meetings
that permit the sale, transfer, pledge or other disposal of, or the creation of any other security interest on, any of his legal or beneficiary equity interests without the prior written consent of Party A, except those made to Party A;

  

	 	(3)	 not to vote for, support or execute any shareholder resolutions at Perusal’s shareholder meetings that
permit Perusal to merge or combine with, or acquire or invest in, any person without Party A’s prior written consent; 

  

	 	(4)	 to promptly inform Party A of any pending or threatened litigation, arbitration or administrative proceeding
relating to the equity interests of Perusal; 

  

	 	(5)	 to execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all
necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to maintain his ownership of equity interests in Perusal; 

 

	 	(6)	 to refrain from any act and/or omission that may materially affect the assets, business and liabilities of
Perusal without the prior written consent of Party A; 

  

	 	(7)	 to appoint any person nominated by Party A as executive director of Perusal, upon Party A’s request;

  

	 	(8)	 in connection with Party A’s exercise of the subscription right provided hereunder, to transfer promptly
and unconditionally all equity interests in Perusal held by Party B to Party A and/or its designated person, to the extent and within the scope permissible under the laws of the PRC; 

 

	 	(9)	 not to request Perusal to distribute dividends or profits to it; 

 

	 	(10)	 once Party B transfers his equity interest in Perusal to Party A or its designated person, to repay the
consideration he receives as the principal and the interests or capital use cost to Party A to the extent permitted under the laws of the PRC; 

  

	 	(11)	 to strictly comply with the terms of this Agreement, perform the obligations under this Agreement, and refrain
from any act or omission that suffices to affect the validity and enforceability of this Agreement. 

  

	 	12.	 Party B, as the shareholder of Perusal, undertakes to cause Perusal, during the term of this Agreement:

  

	 	(1)	 not to supplement, amend or modify its articles of association, or increase or decrease its registered
capital, or to change its capital structure in any form without the prior written consent of Party A; 

  

	 	(2)	 to maintain its existence and handle matters prudently and affectively according to good financial and
business rules and practices; 

  

	 	(3)	 not to sell, transfer, mortgage or otherwise dispose of, nor to permit the creation of any other security
interest on, any of its legal or beneficial interests in its assets, business or income without the prior written consent of Party A, at any time as of the date of this Agreement; 

 

	 	(4)	 not to incur, succeed, guarantee or permit the existence of any liabilities without the prior written consent
of Party A, except the liabilities (i) arising from the ordinary or day-to-day course of business, rather than through Party B; and (ii) disclosed to Party A or approved by Party A in writing; 

  
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	 	(5)	 to operate all businesses on a continued basis and maintain the value of its assets; 

 

	 	(6)	 not to execute any material contracts (for the purpose of this item, a contract will be deemed material if its
value exceeds RMB [100,000]) without the prior written consent of Party A, other than those executed during the ordinary course of business; 

  

	 	(7)	 to provide all information about its operations and financial affairs at Party A’s request;

  

	 	(8)	 not to merge or combine with, acquire or invest in, any other person without the prior written consent of
Party A; 

  

	 	(9)	 not to distribute dividends to the shareholders in any way without the prior written consent of Party A, and
upon Party A’s request, to promptly distribute all distributable profits to the shareholders. 

  

	 	(10)	 to promptly inform Party A of any pending or threatened litigation, arbitration or administrative proceeding
relating to its assets, business or revenue; 

  

	 	(11)	 to execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all
necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to maintain tis ownership of its assets; 

  

	 	(12)	 to strictly comply with the terms of the Exclusive Technology Service Agreement (“Service
Agreement”) entered into between Perusal and Party A and other agreements, duly perform its obligations under the Service Agreement and such other agreements, and refrain from any act or omission that suffice to affect the validity and
enforceability of the Service Agreement. 

  

	 	13.	 This Agreement shall be binding on, and only for the benefits of, all parties hereto and their respective
successors and assignees. Without prior written consent of Party A, Party B shall not transfer, pledge or otherwise assign any of its rights, interests or obligations hereunder. 

 

	 	14.	 Party B agrees that Party A may assign its rights and obligations hereunder to a third party by a written
notice to Party B when it considers necessary. No further consent from Party B is required for such transfer. 

  

	 	15.	 The execution, validity, interpretation, performance, amendment, termination and dispute resolution of this
Agreement are governed by the laws of the PRC. 

  

	 	16.	 Arbitration 

  

	 	(1)	 Both Parties shall strive to settle any dispute, conflicts, or claims arising from the interpretation or
performance (including any issue relating to the existence, validity and termination) of this Agreement through friendly consultation. In case no settlement can be reached within thirty (30) days after one party requests for settlement, any
party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its then-current rules at the time of application. The arbitration award shall be final and conclusive and
binding upon the Parties. 

  

	 	(2)	 The arbitration shall take place in Beijing. 

 

	 	(3)	 The arbitration language shall be Chinese. 

  
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	 	17.	 This Agreement shall become effective on the date of execution. Both Parties agree that the terms and
conditions of this Agreement shall be effective as of the date on which Party B receives the loan, and shall expire as of the date on which both Parties complete their obligations hereunder. 

 

	 	18.	 Party B shall not terminate or revoke this Agreement under any circumstances unless (a) Party A commits a
gross negligence, fraud, or other material misconduct; or (b) upon Party A’s bankruptcy. 

  

	 	19.	 This Agreement shall not be amended or modified without the written consent of the Parties hereto. Any matters
not agreed upon in this Agreement may be supplemented by all Parties through the execution of a written agreement. The above amendments, modifications, supplements and any attachment of this Agreement shall be integral parts of this Agreement.

  

	 	20.	 This Agreement constitutes the entire agreement of the Parties with respect to the subject matter herein and
supersedes and replaces all prior verbal and written agreements and understandings between the Parties. 

  

	 	21.	 This Agreement is severable. The invalidity or unenforceability of any one clause shall not affect the
validity or enforceability of other clauses herein. 

  

	 	22.	 Each Party shall protect the confidentiality of information concerning the other Party’s business,
operation, financial situation or other confidential information obtained under this Agreement or during the performance of this Agreement. 

  

	 	23.	 Any obligation that is incurred or becomes due before the expiration or early termination of this Agreement
shall survive such expiration or early termination. Section 15, 16, and 22 shall survive the termination of this Agreement. 

  

	 	24.	 This Agreement shall be executed in two counterparts, and each Party shall hold one counterpart. Both
counterparts shall have the same legal effect. 

 [No text below] 

  
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 [No text on this page] 

IN WITNESS WHEREOF, each party hereto has executed or caused this Agreement to be duly executed by its legal or authorized
representative on its behalf as of the date first written above. 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

			
	Legal representative/authorized representative:	 	 /s/ Hailong Xiang

 Company seal: /s/ Baidu Online Network Technology (Beijing) Co., Ltd. 

Party B: Xiaodong Wang 

			
	 Signature:
	 	 /s/ Xiaodong Wang

  
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 Amended and Restated Loan Agreement 

This Amended and Restated Loan Agreement (this “Agreement”) is entered into on June 20, 2016 in Beijing, by and between: 

Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

Registered Address: 3/F, No. 10 Shangdi 10th Street, Haidian
District, Beijing 
 Party B: Zhixiang Liang 

ID Card No.: 
 WHEREAS, 

 

	 	1.	 Party A is a foreign invested enterprise incorporated under the laws of the PRC, 

 

	 	2.	 Party B is a Chinese citizen, holding 50% of equity interests of Beijing Perusal Technology Co., Ltd.
(“Perusal”), and is the shareholder of Perusal; 

  

	 	3.	 On May 3, 2016, Party A provided Party B with an interest-free loan of RMB 1.02344 billion
(1,023,440,000) yuan, used towards the investment in Perusal. With regards to such loan, Party A and Party B signed a Loan Agreement (the “Original Loan Agreement”) on May 3, 2016. 

 

	 	4.	 The Parties propose to amend and restate the Original Loan Agreement as expressed herein.

  

	Party	 A and Party B, through friendly consultation, agree as follows: 

 

	 	1.	 In accordance with the terms and conditions of this Agreement, Party A agrees to provide an interest-free loan
in the amount of RMB1.59844 billion yuan (RMB1,598,440,000) to Party B, and Party B agrees to accept such loan. 

  

	 	2.	 Party B confirms the receipt of such loan and has applied part of such loan equal to RMB645,940,000 toward
payment of transfer price to acquire the equity interests of Perusal, and the remaining RMB952,500,000 will be used to pay the newly increased registered capital of Perusal subscribed by it. 

 

	 	3.	 The term of the loan under this Agreement shall commence on the date Party B receives such loan to the date 10
years from the execution of this Agreement, which may be extended upon mutual written consent of the Parties. During the term of the loan or the extended term of the loan, Party A has the right to cause the loan to be due immediately by written
notice, and require Party B to repay the loan in accordance to this Agreement in the event any of the following circumstances occur to Party B: 

  

	 	(1)	 Party B leaves or is dismissed from Party A or an affiliated company of Party A; 

 

	 	(2)	 Party B’s death, lack or limitation of civil capacity; 

 

	 	(3)	 Party B engages in criminal act or is involved in criminal activities; 

 

	 	(4)	 Any third party files a claim against Party B that exceeds RMB100,000; or 

  
 8 

	 	(5)	 Subject to the laws of the PRC, Party A or a person designated by Party A is permitted to invest in Perusal to
conduct internet information service business, value-added telecommunication business and other business, and Party A has issued a written notice relating to the equity purchase of Perusal to Party B pursuant to the provisions of the Exclusive
Equity Purchase and Transfer Option Agreement mentioned in Article 4 hereof, to exercise the option. 

  

	 	4.	 The parties herein agree and confirm that, to the extent and within the scope permitted by the laws of the
PRC, Party A shall have the right but not the obligation to purchase or designate other persons (including natural person, legal entity or any other entity) to purchase the equity interests of Perusal held by Party B in whole or in part (hereinafter
referred to as “Option Right”), but Party A shall issue a written notice to purchase equity interests to Party B. Upon Party A’s issuance of a written notice to exercise such Option, Party B shall, in accordance with Party A’s
wishes and instructions, immediately transfer all of its equity interests in Perusal to Party A or other persons as designated by Party A at the original investment price (“Original Investment Price”) or at another price agreed upon by
Party A where the law otherwise requires. The Parties hereby agree and acknowledge, when Party A exercises its Option Right, if in accordance with the applicable laws at the time, the lowest price of the equity interests permitted is higher than the
Original Investment Price, then the subscription price of Party A or other persons designated by Party A shall be the lowest price permitted by the laws. The parties agree to execute the Exclusive Equity Purchase and Transfer Option Agreement with
respect to the above. 

  

	 	5.	 The parties herein agree and confirm that Party B may repay the loan only by the following methods: the
borrower (or his successors or assignees) shall, to the extent permissible by the PRC laws and as required by Party A’s written notice, transfer the equity interest in Perusal to Party A or its designated person and use the proceeds to repay
the loan when the loan is due and Party A gives a written notice, or through another method as mutually agreed by the parties herein. 

  

	 	6.	 The Parties herein agree and confirm that this loan is an interest-free loan unless there are different
provisions in this Agreement. But if the loan is due and Party B has to transfer his equity interests in Perusal to Party A or its designated person and the proceeds exceed the loan principal due to the legal requirement or other reasons, Party B
agrees to pay such excess amount over the principal of proceeds, net of the individual income tax and other taxes and fees payable by Party B, to Party A at its decision to the extent permissible by the law. 

 

	 	7.	 The parties agree and confirm that Party B shall be deemed to have completed his obligations under this
Agreement only if all of the following requirements are met: 

  

	 	(1)	 Party B has transferred all his equity interests in Perusal to Party A and/or its designated person; and

  

	 	(2)	 Party B has repaid the total amount of proceeds from the equity interest transfer or the maximum amount
(including principal and the maximum interests as permitted by the applicable laws at the time) permitted by applicable laws to Party A. 

  

	 	8.	 To secure the performance of debt under this Agreement, Party B agrees to pledge all of his equity interests
in Perusal to Party A (the “Equity Pledge”). The parties agree to execute an equity pledge agreement for the above matters. 

  
 9 

	 	9.	 Party A hereby represents and warrants to Party B that, as of the execution date of this Agreement:

  

	 	(1)	 Party A is a wholly foreign-owned enterprise incorporated and validly existing under the laws of the PRC;

  

	 	(2)	 Party A has the right to execute and perform this Agreement. The execution and performance by Party A of this
agreement comply with its business scope, Articles or other institutional documents, and Party A has taken necessary actions to get all necessary and appropriate approvals and authorizations; 

 

	 	(3)	 The principal of the loan to Party B is legally owned by Party A; 

 

	 	(4)	 The execution and performance of this Agreement by Party A does not violate any law, regulation, approval,
authorization, notice or other governmental document by which it is bound or affected, or any agreement between Party A and any third party, or any promise made by Party A to a third party; and 

 

	 	(5)	 This Agreement, once executed, shall constitute a legal, valid and enforceable obligations of Party A.

  

	 	10.	 Party B hereby represents and warrants to Party A that, from the execution date of this agreement until this
Agreement terminates: 

  

	 	(1)	 Perusal is a limited liability company incorporated and validly existing under the laws of the PRC and Party B
is the legal holder of the equity interest of Perusal; 

  

	 	(2)	 Party B has the right to execute and perform this Agreement. The execution and performance by Party B of this
Agreement comply with its business scope, Articles or other institutional documents, and Party B has taken necessary actions to obtain all necessary and appropriate approvals and authorizations; 

 

	 	(3)	 The execution and performance of this Agreement by Party B does not violate any law, regulation, approval,
authorization, notice or other governmental document by which it is bound or affected, or any agreement between Party B and any third party, or any promise made by Party B to a third party; 

 

	 	(4)	 This Agreement, once executed, shall constitute a legal, valid and enforceable obligation of Party B;

  

	 	(5)	 Party B has paid contribution in full for the equity interests he holds in Perusal in accordance with
applicable laws and regulations; 

  

	 	(6)	 Except pursuant to the provisions stipulated in the equity pledge agreement and exclusive equity purchase and
transfer option agreement, Party B did not create any mortgage, pledge or other security over his equity interest in Perusal, make any offer to a third party to transfer his equity, make acceptance for the offer to a third party to purchase his
equity, or execute any agreement with a third party to transfer his equity; 

  

	 	(7)	 There are no pending or potential disputes, litigation, arbitration, administrative proceedings or other legal
proceedings in connection with the equity interests of Perusal held by Party B; 

  

	 	(8)	 Perusal has completed all necessary governmental approvals, licenses, registrations and filings.

  

	 	11.	 Party B undertakes, during the term of this Agreement: 

 

	 	(1)	 not to sell, transfer, pledge or otherwise dispose of his equity interests or other interests in Perusal, nor
to allow the creation of any other security interest over his equity interests without the prior written consent of Party A, except pledges or other rights created for the benefit of Party A; 

  
 10 

	 	(2)	 not to vote for, support or execute any shareholder resolutions at Perusal’s shareholder’s meetings
that permit the sale, transfer, pledge or other disposal of, or the creation of any other security interest on, any of his legal or beneficiary equity interests without the prior written consent of Party A, except those made to Party A;

  

	 	(3)	 not to vote for, support or execute any shareholder resolutions at Perusal’s shareholder meetings that
permit Perusal to merge or combine with, or acquire or invest in, any person without Party A’s prior written consent; 

  

	 	(4)	 to promptly inform Party A of any pending or threatened litigation, arbitration or administrative proceeding
relating to the equity interests of Perusal; 

  

	 	(5)	 to execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all
necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to maintain his ownership of equity interests in Perusal; 

 

	 	(6)	 to refrain from any act and/or omission that may materially affect the assets, business and liabilities of
Perusal without the prior written consent of Party A; 

  

	 	(7)	 to appoint any person nominated by Party A as executive director of Perusal, upon Party A’s request;

  

	 	(8)	 in connection with Party A’s exercise of the subscription right provided hereunder, to transfer promptly
and unconditionally all equity interests in Perusal held by Party B to Party A and/or its designated person, to the extent and within the scope permissible under the laws of the PRC; 

 

	 	(9)	 not to request Perusal to distribute dividends or profits to it; 

 

	 	(10)	 once Party B transfers his equity interest in Perusal to Party A or its designated person, to repay the
consideration he receives as the principal and the interests or capital use cost to Party A to the extent permitted under the laws of the PRC; 

  

	 	(11)	 to strictly comply with the terms of this Agreement, perform the obligations under this Agreement, and refrain
from any act or omission that suffices to affect the validity and enforceability of this Agreement. 

  

	 	12.	 Party B, as the shareholder of Perusal, undertakes to cause Perusal, during the term of this Agreement:

  

	 	(1)	 not to supplement, amend or modify its articles of association, or increase or decrease its registered
capital, or to change its capital structure in any form without the prior written consent of Party A; 

  

	 	(2)	 to maintain its existence and handle matters prudently and affectively according to good financial and
business rules and practices; 

  

	 	(3)	 not to sell, transfer, mortgage or otherwise dispose of, nor to permit the creation of any other security
interest on, any of its legal or beneficial interests in its assets, business or income without the prior written consent of Party A, at any time as of the date of this Agreement; 

 

	 	(4)	 not to incur, succeed, guarantee or permit the existence of any liabilities without the prior written consent
of Party A, except the liabilities (i) arising from the ordinary or day-to-day course of business, rather than through Party B; and (ii) disclosed to Party A or approved by Party A in writing; 

  
 11 

	 	(5)	 to operate all businesses on a continued basis and maintain the value of its assets; 

 

	 	(6)	 not to execute any material contracts (for the purpose of this item, a contract will be deemed material if its
value exceeds RMB [100,000]) without the prior written consent of Party A, other than those executed during the ordinary course of business; 

  

	 	(7)	 to provide all information about its operations and financial affairs at Party A’s request;

  

	 	(8)	 not to merge or combine with, acquire or invest in, any other person without the prior written consent of
Party A; 

  

	 	(9)	 not to distribute dividends to the shareholders in any way without the prior written consent of Party A, and
upon Party A’s request, to promptly distribute all distributable profits to the shareholders. 

  

	 	(10)	 to promptly inform Party A of any pending or threatened litigation, arbitration or administrative proceeding
relating to its assets, business or revenue; 

  

	 	(11)	 to execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all
necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to maintain tis ownership of its assets; 

  

	 	(12)	 to strictly comply with the terms of the Exclusive Technology Service Agreement (“Service
Agreement”) entered into between Perusal and Party A and other agreements, duly perform its obligations under the Service Agreement and such other agreements, and refrain from any act or omission that suffice to affect the validity and
enforceability of the Service Agreement. 

  

	 	13.	 This Agreement shall be binding on, and only for the benefits of, all parties hereto and their respective
successors and assignees. Without prior written consent of Party A, Party B shall not transfer, pledge or otherwise assign any of its rights, interests or obligations hereunder. 

 

	 	14.	 Party B agrees that Party A may assign its rights and obligations hereunder to a third party by a written
notice to Party B when it considers necessary. No further consent from Party B is required for such transfer. 

  

	 	15.	 The execution, validity, interpretation, performance, amendment, termination and dispute resolution of this
Agreement are governed by the laws of the PRC. 

  

	 	16.	 Arbitration 

  

	 	(1)	 Both Parties shall strive to settle any dispute, conflicts, or claims arising from the interpretation or
performance (including any issue relating to the existence, validity and termination) of this Agreement through friendly consultation. In case no settlement can be reached within thirty (30) days after one party requests for settlement, any
party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its then-current rules at the time of application. The arbitration award shall be final and conclusive and
binding upon the Parties. 

  

	 	(2)	 The arbitration shall take place in Beijing. 

 

	 	(3)	 The arbitration language shall be Chinese. 

  
 12 

	 	17.	 This Agreement shall become effective on the date of execution. Both Parties agree that the terms and
conditions of this Agreement shall be effective as of the date on which Party B receives the loan, and shall expire as of the date on which both Parties complete their obligations hereunder. 

 

	 	18.	 Party B shall not terminate or revoke this Agreement under any circumstances unless (a) Party A commits a
gross negligence, fraud, or other material misconduct; or (b) upon Party A’s bankruptcy. 

  

	 	19.	 This Agreement shall not be amended or modified without the written consent of the Parties hereto. Any matters
not agreed upon in this Agreement may be supplemented by all Parties through the execution of a written agreement. The above amendments, modifications, supplements and any attachment of this Agreement shall be integral parts of this Agreement.

  

	 	20.	 This Agreement constitutes the entire agreement of the Parties with respect to the subject matter herein and
supersedes and replaces all prior verbal and written agreements and understandings between the Parties. 

  

	 	21.	 This Agreement is severable. The invalidity or unenforceability of any one clause shall not affect the
validity or enforceability of other clauses herein. 

  

	 	22.	 Each Party shall protect the confidentiality of information concerning the other Party’s business,
operation, financial situation or other confidential information obtained under this Agreement or during the performance of this Agreement. 

  

	 	23.	 Any obligation that is incurred or becomes due before the expiration or early termination of this Agreement
shall survive such expiration or early termination. Section 15, 16, and 22 shall survive the termination of this Agreement. 

  

	 	24.	 This Agreement shall be executed in two counterparts, and each Party shall hold one counterpart. Both
counterparts shall have the same legal effect. 

 [No text below] 

  
 13 

 [No text on this page] 

IN WITNESS WHEREOF, each party hereto has executed or caused this Agreement to be duly executed by its legal or authorized
representative on its behalf as of the date first written above. 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

			
	 Legal representative/authorized representative:
	 	 /s/ Hailong Xiang

 Company seal: /s/ Baidu Online Network Technology (Beijing) Co., Ltd. 

Party B: Zhixiang Liang 

			
	 Signature:
	 	 /s/ Zhixiang Liang

  
 14EX-4.36

 Exhibit 4.36 

Equity Transfer Agreement 
 This Equity
Transfer Agreement (this “Agreement”) is entered into as of May 3, 2016 in Beijing, PRC by and between: 
 Party A: Jiping Liu
(Transferor)  
 ID No.: 
 Address: 

Party B: Zhixiang Liang (Transferee)  
 ID No.: 

Address: 
 The Parties above are collectively referred to as the
“Parties,” individually as a “Party.” 
 WHEREAS 
  

	(1)	 Party A holds 80% equity interests in Beijing Perusal Technology Co., Ltd. (the “Company”),
representing a capital contribution of RMB100,400; 

  

	(2)	 Party A is willing to transfer to Party B part of its capital contribution in the Company amounting to
RMB627,500,000, representing 50% equity interests of the Company (the “Subject Equity”); and 

  

	(3)	 Party B intends to accept the transfer of the Subject Equity. 

Upon friendly consultation, the Parties agree as follows: 
  

	1.	 Transfer of Target Equity 

 

	1.1	 Party A agrees to transfer to Party B, and Party B agrees to accept the transfer of, 50% of the equity
interests it holds in the Company, at a price of RMB645,940,000 (the “Transfer Price”). 

  

	1.2	 Party B agrees to pay the Transfer Price to Party A in one lump sum within three months after this Agreement
takes effect. 

  

	1.3	 The Parties shall take all necessary actions and execute all necessary documents to complete the procedures
for shareholder change registration, including but not limited to filing a change application to the AIC, amending the Company’s articles of association, and going through relevant change registration procedures. 

 

	1.4	 The closing date of the equity transfer shall be the date on which the AIC change registration procedures are
completed. As of the closing date Party A will cease to own, and Party B will become a shareholder of the Company and start to own, the Subject Equity and all rights and interests affiliated therewith, and Party B shall exercise its rights and
fulfill its obligations and duties in accordance with the Company’s articles of association. 

  
 1 

	2.	 Warranties 

Party A warrants that the equity interests it intends to transfer to Party B are legally owned by Party A and Party A has full
right of disposal on such equity. Party A further guarantees that the equity transferred is free of any mortgage, pledge or guarantee or any claims from any third party. otherwise all liabilities thus arising shall be borne by Party A. 

 

	3.	 Expenses, Costs and Taxes 

All costs and taxes incurred by the Parties in connection with the execution and performance of this Agreement shall be borne
by the Parties respectively; all expenses relating to registration shall be borne by the Company. 
  

	4.	 Liabilities for Breach 

If either Party materially breaches any provision provided hereunder, the non-defaulting Party may terminate this Agreement and
claim damages against the defaulting Party. This Article will not affect any other right entitled by either Party in accordance with the law. 
  

	5.	 Governing Law and Dispute Resolution 

 

	5.1	 The conclusion, validity, interpretation, performance, amendment and termination of this Agreement as well as
the resolution of disputes hereunder shall be governed by the laws of the People’s Republic of China. 

  

	5.2	 Any disputes arising from the interpretation and performance of the terms hereunder shall first be resolved by
the Parties through consultation in good faith. In case of a failure to reach an agreement to resolve a dispute between the Parties within thirty (30) days after a Party makes the request of consultation in writing, either Party may submit the
dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its then effective arbitration rules. The arbitration shall be held in Beijing. The arbitral award shall be final and binding upon both
Parties. 

  

	5.3	 In the occurrence of any dispute arising as a result of interpretation and performance of this Agreement or
during the process of arbitration, each Party shall continue to exercise its other rights and fulfill its other obligations hereunder. 

  

	6.	 Miscellaneous 

 

	6.1	 The Parties may amend and supplement this Agreement in writing. The agreements to amend and/or supplement this
Agreement between the Parties constitute integral parts of this Agreement and shall have equal legal effect as this Agreement. 

  

	6.2	 Should any one or more provisions hereunder be held invalid, void or unenforceable in any respect in
accordance with any law or regulation, the validity, legality or enforceability of the other provisions hereof will not be affected or prejudiced in any respect. The Parties shall negotiate in faith to seek to replace such invalid, void or
unenforceable provision(s) with valid one(s) to the maximum extent permissible by the law and closest to the expectations of the Parties, to accomplish an economic effect as similar as possible. 

  
 2 

	6.3	 This Agreement shall be concluded as of the date on which both Parties affix their signatures and seals, and
shall become effective as of the date on which the approval authority renders its approval till the date on which both Parties complete their respective obligations hereunder. 

 

	6.4	 This Agreement is made in five counterparts, one for each Party, one retained by the Company and the other two
shall be filed to relevant approval authority for record. All counterparts shall be equally binding. 

 [Remainder of the
page intentionally left blank] 

  
 3 

 (Signature page of the Equity Transfer Agreement) 

IN WITNESS WHEREOF, each party hereto has executed this Equity Transfer Agreement as of the date first written above. 

Party A: Jiping Liu 
  

			
	 Signature:
	 	 /s/ Jiping Liu

 Party B: Zhixiang Liang 
  

			
	 Signature:
	 	 /s/ Zhixiang Liang

  
 4 

 Equity Transfer Agreement 

This Equity Transfer Agreement (this “Agreement”) is entered into as of May 3, 2016 in Beijing, PRC by and between: 

Party A: Jiping Liu (Transferor)  

ID No.: 
 Address: 201 Block N,
Portofino Lake Garden, Shahe, Nanshan District, Shenzhen, Guangdong Province 
 Party B: Xiaodong Wang (Transferee)  

ID No.: 
 Address: 

The Parties above are collectively referred to as the “Parties,” individually as a “Party.” 

WHEREAS 
  

	(1)	 Party A holds 80% equity interests in Beijing Perusal Technology Co., Ltd. (the “Company”),
representing a capital contribution of RMB100,400; 

  

	(2)	 Party A is willing to transfer to Party B part of its capital contribution in the Company amounting to
RMB376,500,000, representing 30% equity interests of the Company (the “Subject Equity”); and 

  

	(3)	 Party B intends to accept the transfer of the Subject Equity. 

Upon friendly consultation, the Parties agree as follows: 
  

	1.	 Transfer of Target Equity 

 

	1.1	 Party A agrees to transfer to Party B, and Party B agrees to accept the transfer of, 30% of the equity
interests it holds in the Company, at a price of RMB387,560,000 (the “Transfer Price”). 

  

	1.2	 Party B agrees to pay the Transfer Price to Party A in one lump sum within three months after this Agreement
takes effect. 

  

	1.3	 The Parties shall take all necessary actions and execute all necessary documents to complete the procedures
for shareholder change registration, including but not limited to filing a change application to the AIC, amending the Company’s articles of association, and going through relevant change registration procedures. 

 

	1.4	 The closing date of the equity transfer shall be the date on which the AIC change registration procedures are
completed. As of the closing date Party A will cease to own, and Party B will become a shareholder of the Company and start to own, the Subject Equity and all rights and interests affiliated therewith, and Party B shall exercise its rights and
fulfill its obligations and duties in accordance with the Company’s articles of association. 

  
 5 

	2.	 Warranties 

Party A warrants that the equity interests it intends to transfer to Party B are legally owned by Party A and Party A has full
right of disposal on such equity. Party A further guarantees that the equity transferred is free of any mortgage, pledge or guarantee or any claims from any third party. otherwise all liabilities thus arising shall be borne by Party A. 

 

	3.	 Expenses, Costs and Taxes 

All costs and taxes incurred by the Parties in connection with the execution and performance of this Agreement shall be borne
by the Parties respectively; all expenses relating to registration shall be borne by the Company. 
  

	4.	 Liabilities for Breach 

If either Party materially breaches any provision provided hereunder, the non-defaulting Party may terminate this Agreement and
claim damages against the defaulting Party. This Article will not affect any other right entitled by either Party in accordance with the law. 
  

	5.	 Governing Law and Dispute Resolution 

 

	5.1	 The conclusion, validity, interpretation, performance, amendment and termination of this Agreement as well as
the resolution of disputes hereunder shall be governed by the laws of the People’s Republic of China. 

  

	5.2	 Any disputes arising from the interpretation and performance of the terms hereunder shall first be resolved by
the Parties through consultation in good faith. In case of a failure to reach an agreement to resolve a dispute between the Parties within thirty (30) days after a Party makes the request of consultation in writing, either Party may submit the
dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its then effective arbitration rules. The arbitration shall be held in Beijing. The arbitral award shall be final and binding upon both
Parties. 

  

	5.3	 In the occurrence of any dispute arising as a result of interpretation and performance of this Agreement or
during the process of arbitration, each Party shall continue to exercise its other rights and fulfill its other obligations hereunder. 

  

	6.	 Miscellaneous 

 

	6.1	 The Parties may amend and supplement this Agreement in writing. The agreements to amend and/or supplement this
Agreement between the Parties constitute integral parts of this Agreement and shall have equal legal effect as this Agreement. 

  

	6.2	 Should any one or more provisions hereunder be held invalid, void or unenforceable in any respect in
accordance with any law or regulation, the validity, legality or enforceability of the other provisions hereof will not be affected or prejudiced in any respect. The Parties shall negotiate in faith to seek to replace such invalid, void or
unenforceable provision(s) with valid one(s) to the maximum extent permissible by the law and closest to the expectations of the Parties, to accomplish an economic effect as similar as possible. 

  
 6 

	6.3	 This Agreement shall be concluded as of the date on which both Parties affix their signatures and seals, and
shall become effective as of the date on which the approval authority renders its approval till the date on which both Parties complete their respective obligations hereunder. 

 

	6.4	 This Agreement is made in five counterparts, one for each Party, one retained by the Company and the other two
shall be filed to relevant approval authority for record. All counterparts shall be equally binding. 

 [Remainder of the
page intentionally left blank] 

  
 7 

 [Signature page of the Equity Transfer Agreement] 

IN WITNESS WHEREOF, each party hereto has executed this Equity Transfer Agreement as of the date first written above. 

Party A: Jiping Liu 
  

			
	 Signature:
	 	 /s/ Jiping Liu

 Party B: Xiaodong Wang 
  

			
	 Signature:
	 	 /s/ Xiaodong Wang

  
 8 

 Equity Transfer Agreement 

This Equity Transfer Agreement (this “Agreement”) is entered into as of May 3, 2016 in Beijing, PRC by and between: 

Party A: Yazhu Zhang (Transferor)  

ID No.: 
 Address: 201 Block N,
Portofino Lake Garden, Shahe, Nanshan District, Shenzhen, Guangdong Province 
 Party B: Xiaodong Wang (Transferee)  

ID No.: 
 Address: 

The Parties above are collectively referred to as the “Parties,” individually as a “Party.” 

WHEREAS 
  

	(1)	 Party A holds 20% equity interests in Beijing Perusal Technology Co., Ltd. (the “Company”),
representing a capital contribution of RMB25,100 (the “Subject Equity”); and 

  

	(2)	 Party A is willing to transfer to Party B, and Party B intends to accept the transfer of the Subject Equity.

 Upon friendly consultation, the Parties agree as follows: 

 

	1.	 Transfer of Target Equity 

 

	1.1	 Party A agrees to transfer to Party B, and Party B agrees to accept the transfer of, 20% of the equity
interests it holds in the Company, at a price of RMB258,380,000 (the “Transfer Price”). 

  

	1.2	 Party B agrees to pay the Transfer Price to Party A in one lump sum within three months after this Agreement
takes effect. 

  

	1.3	 The Parties shall take all necessary actions and execute all necessary documents to complete the procedures
for shareholder change registration, including but not limited to filing a change application to the AIC, amending the Company’s articles of association, and going through relevant change registration procedures. 

 

	1.4	 The closing date of the equity transfer shall be the date on which the AIC change registration procedures are
completed. As of the closing date Party A will cease to own, and Party B will become a shareholder of the Company and start to own, the Subject Equity and all rights and interests affiliated therewith, and Party B shall exercise its rights and
fulfill its obligations and duties in accordance with the Company’s articles of association. 

  
 9 

	2.	 Warranties 

Party A warrants that the equity interests it intends to transfer to Party B are legally owned by Party A and Party A has full
right of disposal on such equity. Party A further guarantees that the equity transferred is free of any mortgage, pledge or guarantee or any claims from any third party. otherwise all liabilities thus arising shall be borne by Party A. 

 

	3.	 Expenses, Costs and Taxes 

All costs and taxes incurred by the Parties in connection with the execution and performance of this Agreement shall be borne
by the Parties respectively; all expenses relating to registration shall be borne by the Company. 
  

	4.	 Liabilities for Breach 

If either Party materially breaches any provision provided hereunder, the non-defaulting Party may terminate this Agreement and
claim damages against the defaulting Party. This Article will not affect any other right entitled by either Party in accordance with the law. 
  

	5.	 Governing Law and Dispute Resolution 

 

	5.1	 The conclusion, validity, interpretation, performance, amendment and termination of this Agreement as well as
the resolution of disputes hereunder shall be governed by the laws of the People’s Republic of China. 

  

	5.2	 Any disputes arising from the interpretation and performance of the terms hereunder shall first be resolved by
the Parties through consultation in good faith. In case of a failure to reach an agreement to resolve a dispute between the Parties within thirty (30) days after a Party makes the request of consultation in writing, either Party may submit the
dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its then effective arbitration rules. The arbitration shall be held in Beijing. The arbitral award shall be final and binding upon both
Parties. 

  

	5.3	 In the occurrence of any dispute arising as a result of interpretation and performance of this Agreement or
during the process of arbitration, each Party shall continue to exercise its other rights and fulfill its other obligations hereunder. 

  

	6.	 Miscellaneous 

 

	6.1	 The Parties may amend and supplement this Agreement in writing. The agreements to amend and/or supplement this
Agreement between the Parties constitute integral parts of this Agreement and shall have equal legal effect as this Agreement. 

  

	6.2	 Should any one or more provisions hereunder be held invalid, void or unenforceable in any respect in
accordance with any law or regulation, the validity, legality or enforceability of the other provisions hereof will not be affected or prejudiced in any respect. The Parties shall negotiate in faith to seek to replace such invalid, void or
unenforceable provision(s) with valid one(s) to the maximum extent permissible by the law and closest to the expectations of the Parties, to accomplish an economic effect as similar as possible. 

  
 10 

	6.3	 This Agreement shall be concluded as of the date on which both Parties affix their signatures and seals, and
shall become effective as of the date on which the approval authority renders its approval till the date on which both Parties complete their respective obligations hereunder. 

 

	6.4	 This Agreement is made in five counterparts, one for each Party, one retained by the Company and the other two
shall be filed to relevant approval authority for record. All counterparts shall be equally binding. 

 [Remainder of the
page intentionally left blank] 

  
 11 

 [Signature page of the Equity Transfer Agreement] 

IN WITNESS WHEREOF, each party hereto has executed this Equity Transfer Agreement as of the date first written above. 

Party A: Yazhu Zhang 
  

			
	 Signature:
	 	 /s/ Yazhu Zhang

 Party B: Xiaodong Wang 
  

			
	 Signature:
	 	 /s/ Xiaodong Wang

  
 12

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