Document:

EX-4.30

 Exhibit 4.30 
 (English Translation) 
 Amended and Restated Equity Purchase Option Agreement

 This Amended and Restated Equity Purchase Option Agreement (this “Agreement”) is entered into by and among the
following parties as of January 16, 2012 in Beijing: 
  

					
		 	Party A: Baidu Online Network Technology (Beijing) Co., Ltd.
		 	Address: Baidu Campus, No. 10 Shangdi
10th Street, Haidian District, Beijing
		
		 	Party B: Jiping Liu
		
		 	Party C: Beijing Perusal Technology Co., Ltd.
		 	Address:	 	 Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8
 Northeast Wangxi Road, Haidian District, Beijing

 Parties A, B and C are referred to as a “Party” individually and “Parties”
collectively hereinafter. 
 WHEREAS: 
  

	1.	Party A, a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the “PRC”), which has technology expertise and
practical experience in computer software development and design, and also has rich experience and professionals in information technology and service; 

  

	2.	Party C is a limited liability company incorporated in the PRC and engages in value-added telecommunication services, including internet information services.

  

	3.	Party B is a shareholder of Party C, holding 80% of the shares in Party C. 

 

	4.	Parties A and B entereed into the Amended and Restated Loan Agreement on             , pursuant to which
Party B obtained an interest-free loan of RMB8,000,000 from Party A (the “Loan Arrangement”) for Party B to invest in Party C. 

  

	5.	Parties A and C entered into a series of agreements, including Exclusive Technology Consulting and Service Agreement (the “Service Agreement”), on
                    . 

  

	6.	Parties A and B entered into the Amended and Restated Equity Pledge Agreement (the “Equity Pledge Agreement) on
                    . 

NOWTHEREFORE, the parties agree as follows: 
  

	1.	Purchase and Sale of Equity Interest 

  

	1.1	Grant of Rights 

 Party B (the
“Transferor”) hereby irrevocably grants to Party A an option to purchase or cause any designated person (“Designated Persons”) to purchase, to the extent permitted under PRC Law, according to the steps determined by Party A, at
the price specified in Section 1.3 of this Agreement, at any time from the Transferor a portion or all of the equity interests held by Transferor in Party C (the “Option”). No Option shall be granted to any third party other than
Party A and/or the Designated Persons. Party C hereby agrees to the granting of the Option by Party B to Party A and/or the Designated Persons. The “person” set forth in this clause and this Agreement means an individual person,
corporation, joint venture, partnership, enterprise, trust or a non-corporation organization. 

  
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	1.2	Exercise Steps 

 According to the
stipulations of PRC laws and regulation, Party A and/or the Designated Persons may exercise Option by issuing a written notice (the “Notice”) to the Transferor and specifying the equity interest purchased from Transferor (the
“Purchased Equity Interest”) and the manner of purchase. 
  

	1.3	Purchase Price 

  

	 	1.3.1	For Party A to exercise the Option, the purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the original paid-in price of the
Purchased Equity Interest by the Transferor, unless the applicable PRC laws and regulations require appraisal of the equity interests or stipulate other restrictions on the purchase price of equity interests. 

 

	 	1.3.2	If the applicable PRC laws require appraisal of the equity interests or stipulates other restrictions on the purchase price of Equity Interest at the time that Party A
exercise the Option, the Parties agree that the Purchase Price shall be set at the lowest price permissible under the applicable laws. 

  

	1.4	Transfer of the Purchased Equity Interest 

 Upon the exercise of the Option: 
  

	 	1.4.1	The Transferor shall, upon the terms and conditions of this Agreement and the Notice related to the Purchased Equity Interest, enter into Equity Interest Transfer
Agreement with Party A and/or the Designated Persons (as applicable); 

  

	 	1.4.2	The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government, conduct all necessary
actions, without any security interest, transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons, and cause Party A and/or the Designated Persons to be the registered owner of the Purchased Equity
Interest. In this Clause and this Agreement, “Security Interest” means the ensure, mortgage, pledge, the right or interest of the third party, any purchase right of equity interest, right of acquisition, right of first refusal, right of
set-off, ownership detainment or other security arrangements. But it does not include any security interest subject to the Equity Pledge Agreement. 

  
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	1.5	Payment 

 The payment of the
Purchase Price shall be determined by the consultation of Party A and/or the Designated Persons with the Transferor according to the applicable laws at the performance of Option. The Parties hereby agree that Transferor shall repay any amount that
is paid by Party A and/or the Designated Persons to Transferor in connection with the Purchased Equity Interest to Party A in accordance with the laws as the reimbursement of the principal of the loan and its interest or cost under the Loan
Arrangement allowed by the laws. 
  

	2.	Undertakings related to the Equity Interest 

  

	2.1	Undertakings related to Party C 

  

	 	2.1.1	Without prior written consent by Party A, not, in any form, to supplement, change or renew the Articles of Association of Party C, to increase or decrease registered
capital of the corporation, or to change the structure of the registered capital in any other forms; 

  

	 	2.1.2	According to fair finance and business standard and tradition, to maintain the existence of the corporation, prudently and effectively operate business and deal with
works; 

  

	 	2.1.3	Without prior written consent by Party A, not, upon the execution of this Agreement, to sale, transfer, mortgage or dispose, in any other form, any asset, legitimate or
beneficial interest of business or income of Party C, or to approve any other security interest set on it; 

  

	 	2.1.4	Without prior written notice by Party A, not cause, inherit guarantee or allow the existence of any debt, other than (i) the debt arising from normal or daily
business but not from borrowing; and (ii) the debt disclosed to Party A and obtained the written consent from Party A; 

  

	 	2.1.5	To normally operate all business to maintain the asset value of Party C, without make any action or nonfeasance that sufficiently affects its operation and asset value;

  

	 	2.1.6	Without prior written consent by Party A, not to enter into any material agreement, other than the agreements in the process of normal business (as in this paragraph,
the amount in the Agreement that exceeds five hundred thousand Yuan (RMB 500,000) shall be deemed as a material agreement); 

  

	 	2.1.7	Without prior written consent by Party A, not to provide loan or credit loan to any others; 

 

	 	2.1.8	Upon the request of Party A, to provide all materials of operation and finance of Party C; 

 

	 	2.1.9	Purchases and holds the insurance from the insurance company accepted by Party A. The insurance amount and category shall be the same with those held by the companies
in the same area, operating the similar business and owning the similar properties and assets with Party C; 

  
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	 	2.1.10	Without prior written consent by Party A, not to merger or associate with any person, or acquire or invest in any person; 

 

	 	2.1.11	To notify Party A of the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the assets, business and income of
Party C; 

  

	 	2.1.12	In order to keep the ownership of Party C to all its assets, to execute all requisite or appropriate documents, do all requisite or appropriate action, and advance all
requisite or appropriate accusation, or make requisite or appropriate plea for all claims; 

  

	 	2.1.13	Without prior written notice by Party A, not to assign equity interests to shareholders in any form, but to assign all or part of its assignable profits to their own
shareholders upon the request by Party A; 

  

	 	2.1.14	According to the request of Party A, to appoint any person designated by Party A to be the directors of Party C. 

 

	2.2	Undertakings related to the Transferor 

 Party B hereby undertakes: 
  

	 	2.2.1	Without prior written consent by Party A, not, upon the execution of this Agreement, to sell, transfer, mortgage or dispose in any other form any legitimate or
beneficial interest of equity interest, or to approve any other security interest set on it, with the exception of the pledge set on the equity interest of the Transferor subject to the Equity Pledge Agreement; 

 

	 	2.2.2	Without the prior written notice by Party A, not to decide or support or execute any shareholders resolution on the Party C’s shareholders’ meeting that
approves any sale, transfer, mortgage or dispose of any legitimate or beneficial interest of equity interest, or allows any other security interest set on it, other than the pledge on the equity interests of Transferor pursuant to Equity Pledge
Agreement; 

  

	 	2.2.3	With no prior written notice by Party A, not to agree or support or execute any shareholders resolution on the Party C’s shareholders’ meeting that approves
Party C to merger or associate with any person, acquire any person or invest in any person; 

  

	 	2.2.4	To notify Party A the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the equity interest owned by Party B;

  

	 	2.2.5	In order to keep its ownership of the equity interest, to execute all requisite or appropriate documents, conduct all requisite or appropriate actions, and make all
requisite or appropriate claims, or make requisite or appropriate defence against claims of compensation; 

  
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	 	2.2.6	Upon the request of Party A, to appoint any person designated by Party A to be the directors of Party C; 

 

	 	2.2.7	Upon the request of Party A at any time, to transfer its equity interest immediately to the representative designated by Party A unconditionally at any time and abandon
its prior right of first refusal of such equity interest transferring to another current shareholder; 

  

	 	2.2.8	To prudently comply with the provisions of this Agreement and other agreements entered into collectively or respectively by the Transferor, Party C and Party A and
perform all obligations under these agreements, without taking any action or any nonfeasance that sufficiently affects the validity and enforceability of these agreements; 

 

	 	2.2.9	To transfer all the dividends and profits in any other forms distributed by Party C to Party A. 

 

	2.3	Undertakings related to Party A 

Party A undertakes: 
  

	 	2.3.1	Party A shall provide unlimited financial support to Party C unconditionally within an acceptable and reasonable scope when Party C needs any loan or financial support
in any other form during its course of business; 

  

	 	2.3.2	Party A agrees to waive its right to Party C’s repayment to the loans provided by Party A when Party C incurs losses during its operation and is unable to repay.
Such inability of repayment shall be supported by sufficient evidence. 

  

	3.	Representations and Warranties 

 As of the execution date of this Agreement and every transferring date, the Transferor and Party C hereby represents and warrants collectively and respectively to Party A as follows: 

 

	3.1	It has the power and ability to enter into and deliver this Agreement, and any equity interest transferring Agreement (a “Transferring Agreement”,
respectively) to which it is a party, for every single transfer of the Purchased Equity Interest according to this Agreement, and to perform its obligations under this Agreement and any Transferring Agreement. Upon execution, this Agreement and the
Transferring Agreements to which it is a party constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

  

	3.2	The execution, delivery of this Agreement and any Transferring Agreement and performance of the obligations under this Agreement and any Transferring Agreement does
not: (i) cause to violate any relevant laws and regulations of PRC; (ii) constitute a conflict with its Articles of Association or other organizational documents; (iii) cause to breach any agreement or instruments to which it is a
party or having binding obligation on it, or constitute the breach under any agreement or instruments to which it is a party or having binding obligation on it; (iv) cause to violate relevant authorization of any consent or approval to it
and/or any continuing valid condition; or (v) cause any consent or approval authorized to it to be suspended, removed, or into which other requests be added; 

  
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	3.3	Party C bears the kind and sellable ownership of all assets. Party C does not set any security interest on the said assets; 

 

	3.4	Party C does not have any unpaid debt, other than (i) debt arising from its normal business; and (ii) debt disclosed to Party A and obtained by the written
consent from Party A; 

  

	3.5	No litigation, arbitration or administrative procedure relevant to the equity interest and assets of Party C or the corporation is in the process, to be settled or
potentially take place; 

  

	3.6	The Transferor bears the fair and salable ownership of its equity interest without setting any security interest on the aforesaid assets, other than the security
interest pursuant to the Equity Pledge Agreement. 

  

	4.	Assignment of Agreement 

  

	4.1	Party B and Party C shall not transfer their rights and obligations under this Agreement to any third party without the prior written consent of the Party A.

  

	4.2	Party B and Party C hereby agree that Party A shall be able to transfer all of its rights and obligation under this Agreement to any third party with its needs, and
such transfer shall only be subject to a written notice sent to Party B and Party C by Party A, and no any further consent from Party B and Party C will be required. 

 

	5.	Effective Date and Term 

  

	5.1	This Agreement shall be effective as of the date first set forth above. 

  

	5.2	This Agreement shall be terminated upon the legal transfer of all the shares held by Party B to Party A and/or its Designated Person pursuant to this Agreement.

  

	5.3	If Party A or Party C is terminated by the expiration of its operating period (including any extended period) or other causes in the term set forth in Section 5.2,
this Agreement shall be terminated simultaneously, except Party A has transferred its rights and obligations in accordance with Section 4.2 of this Agreement. 

 

	6.	Applicable Law and Dispute Resolution 

  

	6.1	Applicable Law 

 The execution,
validity, construing and performance of this Agreement and the disputes resolution under this Agreement shall be governed by the laws of PRC. 

  
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	6.2	Dispute Resolution 

 The parties
shall strive to settle any dispute arising from the interpretation or performance in connection with this Agreement through friendly consultation. In case no settlement can be reached through consultation within thirty (30) days after such
dispute is raised, each party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration shall take place in Beijing and the proceedings shall be
conducted in Chinese. The arbitration award shall be final conclusive and binding upon both parties. 
  

	7.	Taxes and Expenses 

 Every
Party shall, according to the PRC laws, bear any and all registering taxes, costs and expenses for equity transfer arising from the preparation and execution of this Agreement and all Transferring Agreements, and the completion of the transactions
under this Agreement and all Transferring Agreements. 
  

	8.	Notices 

 Notices or other
communications required to be given by any party pursuant to this Agreement shall be written in English and Chinese and delivered personally or sent by registered mail or postage prepaid mail or by a recognized courier service or by facsimile
transmission to the address of relevant each party or both parties set forth below or other address of the party or of the other addressees specified by such party from time to time. The date when the notice is deemed to be duly served shall be
determined as the follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the date when the air registered mail with postage
prepaid has been sent out (as is shown on the postmark), or the fourth (4th) day after the delivery date to the internationally recognized courier service agency; and (c) a notice sent by facsimile transmission is deemed duly served upon
the receipt time as is shown on the transmission confirmation of relevant documents. 
  

					
		 	Party A: Baidu Online Network Technology (Beijing) Co., Ltd.
		 	Address: Baidu Campus, No. 10 Shangdi
10th Street, Haidian District, Beijing
		 	Telephone: 010-59928888
		 	Fax: 010-59928888
		
		 	Party B: Jiping Liu
		 	Address:
		 	Telephone:
		 	Fax:
		
		 	Party C: Beijing Perusal Technology Co., Ltd.
		 	Address:	 	 Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8
 Northeast Wangxi Road, Haidian District, Beijing

		 	Fax:
		 	Telephone:

  
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	9.	Confidentiality 

 The
Parties acknowledge and confirm any oral or written materials exchanged by the Parties in connection with this Agreement are confidential. The Parties shall maintain the secrecy and confidentiality of all such materials. Without the written approval
by the other Parties, any Party shall not disclose to any third party any relevant materials, but the following circumstances shall be excluded: 
  

	 	a.	The materials that is known or may be known by the public (but not include the materials disclosed by each party receiving the materials); 

 

	 	b.	The materials required to be disclosed subject to the applicable laws or the rules or provisions of stock exchange; or 

 

	 	c.	The materials disclosed by each Party to its legal or financial consultant relating the transaction of this Agreement, and this legal or financial consultant shall
comply with the confidentiality set forth in this Section. The disclosure of the confidential materials by staff or employed institution of any Party shall be deemed as the disclosure of such materials by such Party, and such Party shall bear the
liabilities for breaching the contract. This Clause shall survive whatever this Agreement is invalid, amended, revoked, terminated or unable to implement by any reason. 

The disclosure of information by the staff of consultants of any party shall be deemed as the disclosure by the party itself. This
Section 9 shall survive any invalidity, termination, expiration or unenforceability of this Agreement. 
  

	10.	Further Warranties 

 The
Parties agree to promptly execute documents reasonably required to perform the provisions and the aim of this Agreement or documents beneficial to it, and to take actions reasonably required to perform the provisions and the aim of this Agreement or
actions beneficial to it. 
  

	11.	Miscellaneous 

  

	11.1	Amendment, Modification and Supplement 

 Any amendment and supplement of this Agreement shall be made by the Parties in writing. The amendment and supplement duly executed by each Party shall be deemed as a part of this Agreement and shall have
the same legal effect as this Agreement. 
  

	11.2	Entire Agreement 

Notwithstanding Section 5 of this Agreement, the Parties acknowledge that this Agreement constitutes the entire agreement of the
Parties with respect to the subject matters therein and supercede and replace all prior or contemporaneous agreements and understandings orally or/and in writing. 

  
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	11.3	Severability 

 If any provision
of this Agreement is judged as invalid or non-enforceable according to relevant Laws, the provision shall be deemed invalid only within the applicable area of the PRC Laws, and the validity, legality and enforceability of the other provisions hereof
shall not be affected or impaired in any way. The Parties shall, through fairly consultation, replace those invalid, illegal or non-enforceable provisions with valid provisions that may bring the similar economic effects with the effects caused by
those invalid, illegal or non-enforceable provisions. 
  

	11.4	Headings 

 The headings contained
in this Agreement are for the convenience of reference only and shall not affect the interpretation, explanation or in any other way the meaning of the provisions of this Agreement. 

 

	11.5	Language and Copies 

 This
Agreement is executed in Chinese in three (3) copies; each Party holds one and each original copy has the same legal effect. 
  

	11.6	Successor 

 This Agreement shall
bind and benefit the successor of each Party and the transferee allowed by each Party. 
  

	11.7	Survival 

 Any obligation taking
place or at term hereof prior to the end or termination ahead of the end of this Agreement shall continue in force and effect notwithstanding the occurrence of the end or termination ahead of the end of the Agreement. Sections 6, 8, 9 and 11.7
hereof shall continue in force and effect after the termination of this Agreement. 
  

	11.8	Waiver 

 Any Party may waive the
terms and conditions of this Agreement in writing with the signature of the Parties. Any waiver by a Party to the breach by other Parties within certain situation shall not be construed as a waiver to any similar breach by other Parties within other
situations. 
 [No text below] 

  
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 IN WITNESS THEREFORE, the parties hereof have caused this Agreement to be executed by
their duly authorized representatives as of the date first written above. 
  

							
		 	Party A: Baidu Online Network Technology (Beijing) Co., Ltd.	 	
		 	Legal representative/Authorized representative:	 	  
	 	

							
		 	Company seal: (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)
				
		 	Party B: Jiping Liu	 		 	
		 	Signature: /s/ Jiping Liu	 		 	
		 	Company seal:	 		 	
			
		 	Party C: Beijing Perusal Technology Co., Ltd.	 	
		 	Legal representative/Authorized representative:	 	  
	 	

			
		 	Company seal: (with the company seal of Beijing Perusal Technology Co., Ltd.)

  
 10 

 Amended and Restated Equity Purchase Option Agreement 

This Amended and Restated Equity Purchase Option Agreement (this “Agreement”) is entered into by and among the following
parties as of January 16, 2012 in Beijing: 
  

					
		 	Party A: Baidu Online Network Technology (Beijing) Co., Ltd.
		 	Address: Baidu Campus, No. 10 Shangdi
10th Street, Haidian District, Beijing
		
		 	Party B: Yazhu Zhang
		
		 	Party C: Beijing Perusal Technology Co., Ltd.
		 	Address:	  	 Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8
 Northeast Wangxi Road, Haidian District, Beijing

 Parties A, B and C are referred to as a “Party” individually and “Parties”
collectively hereinafter. 
 WHEREAS: 
  

	1.	Party A, a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the “PRC”), which has technology expertise and
practical experience in computer software development and design, and also has rich experience and professionals in information technology and service; 

  

	2.	Party C is a limited liability company incorporated in the PRC and engages in value-added telecommunication services, including internet information services.

  

	3.	Party B is a shareholder of Party C, holding 20% of the shares in Party C. 

 

	4.	Parties A and B entereed into the Amended and Restated Loan Agreement on             , pursuant to which
Party B obtained an interest-free loan of RMB2,000,000 from Party A (the “Loan Arrangement”) for Party B to invest in Party C. 

  

	5.	Parties A and C entered into a series of agreements, including Exclusive Technology Consulting and Service Agreement (the “Service Agreement”), on
                    . 

  

	6.	Parties A and B entered into the Amended and Restated Equity Pledge Agreement (the “Equity Pledge Agreement) on
                    . 

NOWTHEREFORE, the parties agree as follows: 
  

	1.	Purchase and Sale of Equity Interest 

  

	1.1	Grant of Rights 

 Party B (the
“Transferor”) hereby irrevocably grants to Party A an option to purchase or cause any designated person (“Designated Persons”) to purchase, to the extent permitted under PRC Law, according to the steps determined by Party A, at
the price specified in Section 1.3 of this Agreement, at any time from the Transferor a portion or all of the equity interests held by Transferor in Party C (the “Option”). No Option shall be granted to any third party other than
Party A and/or the Designated Persons. Party C hereby agrees to the granting of the Option by Party B to Party A and/or the Designated Persons. The “person” set forth in this clause and this Agreement means an individual person,
corporation, joint venture, partnership, enterprise, trust or a non-corporation organization. 

  
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	1.2	Exercise Steps 

 According to the
stipulations of PRC laws and regulation, Party A and/or the Designated Persons may exercise Option by issuing a written notice (the “Notice”) to the Transferor and specifying the equity interest purchased from Transferor (the
“Purchased Equity Interest”) and the manner of purchase. 
  

	1.3	Purchase Price 

  

	 	1.3.1	For Party A to exercise the Option, the purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the original paid-in price of the
Purchased Equity Interest by the Transferor, unless the applicable PRC laws and regulations require appraisal of the equity interests or stipulate other restrictions on the purchase price of equity interests. 

 

	 	1.3.2	If the applicable PRC laws require appraisal of the equity interests or stipulates other restrictions on the purchase price of Equity Interest at the time that Party A
exercise the Option, the Parties agree that the Purchase Price shall be set at the lowest price permissible under the applicable laws. 

  

	1.4	Transfer of the Purchased Equity Interest 

 Upon the exercise of the Option: 
  

	 	1.4.1	The Transferor shall, upon the terms and conditions of this Agreement and the Notice related to the Purchased Equity Interest, enter into Equity Interest Transfer
Agreement with Party A and/or the Designated Persons (as applicable); 

  

	 	1.4.2	The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government, conduct all necessary
actions, without any security interest, transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons, and cause Party A and/or the Designated Persons to be the registered owner of the Purchased Equity
Interest. In this Clause and this Agreement, “Security Interest” means the ensure, mortgage, pledge, the right or interest of the third party, any purchase right of equity interest, right of acquisition, right of first refusal, right of
set-off, ownership detainment or other security arrangements. But it does not include any security interest subject to the Equity Pledge Agreement. 

  
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	1.5	Payment 

 The payment of the
Purchase Price shall be determined by the consultation of Party A and/or the Designated Persons with the Transferor according to the applicable laws at the performance of Option. The Parties hereby agree that Transferor shall repay any amount that
is paid by Party A and/or the Designated Persons to Transferor in connection with the Purchased Equity Interest to Party A in accordance with the laws as the reimbursement of the principal of the loan and its interest or cost under the Loan
Arrangement allowed by the laws. 
  

	2.	Undertakings related to the Equity Interest 

  

	2.1	Undertakings related to Party C 

  

	 	2.1.1	Without prior written consent by Party A, not, in any form, to supplement, change or renew the Articles of Association of Party C, to increase or decrease registered
capital of the corporation, or to change the structure of the registered capital in any other forms; 

  

	 	2.1.2	According to fair finance and business standard and tradition, to maintain the existence of the corporation, prudently and effectively operate business and deal with
works; 

  

	 	2.1.3	Without prior written consent by Party A, not, upon the execution of this Agreement, to sale, transfer, mortgage or dispose, in any other form, any asset, legitimate or
beneficial interest of business or income of Party C, or to approve any other security interest set on it; 

  

	 	2.1.4	Without prior written notice by Party A, not cause, inherit guarantee or allow the existence of any debt, other than (i) the debt arising from normal or daily
business but not from borrowing; and (ii) the debt disclosed to Party A and obtained the written consent from Party A; 

  

	 	2.1.5	To normally operate all business to maintain the asset value of Party C, without make any action or nonfeasance that sufficiently affects its operation and asset value;

  

	 	2.1.6	Without prior written consent by Party A, not to enter into any material agreement, other than the agreements in the process of normal business (as in this paragraph,
the amount in the Agreement that exceeds five hundred thousand Yuan (RMB 500,000) shall be deemed as a material agreement); 

  

	 	2.1.7	Without prior written consent by Party A, not to provide loan or credit loan to any others; 

 

	 	2.1.8	Upon the request of Party A, to provide all materials of operation and finance of Party C; 

 

	 	2.1.9	Purchases and holds the insurance from the insurance company accepted by Party A. The insurance amount and category shall be the same with those held by the companies
in the same area, operating the similar business and owning the similar properties and assets with Party C; 

  
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	 	2.1.10	Without prior written consent by Party A, not to merger or associate with any person, or acquire or invest in any person; 

 

	 	2.1.11	To notify Party A of the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the assets, business and income of
Party C; 

  

	 	2.1.12	In order to keep the ownership of Party C to all its assets, to execute all requisite or appropriate documents, do all requisite or appropriate action, and advance all
requisite or appropriate accusation, or make requisite or appropriate plea for all claims; 

  

	 	2.1.13	Without prior written notice by Party A, not to assign equity interests to shareholders in any form, but to assign all or part of its assignable profits to their own
shareholders upon the request by Party A; 

  

	 	2.1.14	According to the request of Party A, to appoint any person designated by Party A to be the directors of Party C. 

 

	2.2	Undertakings related to the Transferor 

 Party B hereby undertakes: 
  

	 	2.2.1	Without prior written consent by Party A, not, upon the execution of this Agreement, to sell, transfer, mortgage or dispose in any other form any legitimate or
beneficial interest of equity interest, or to approve any other security interest set on it, with the exception of the pledge set on the equity interest of the Transferor subject to the Equity Pledge Agreement; 

 

	 	2.2.2	Without the prior written notice by Party A, not to decide or support or execute any shareholders resolution on the Party C’s shareholders’ meeting that
approves any sale, transfer, mortgage or dispose of any legitimate or beneficial interest of equity interest, or allows any other security interest set on it, other than the pledge on the equity interests of Transferor pursuant to Equity Pledge
Agreement; 

  

	 	2.2.3	With no prior written notice by Party A, not to agree or support or execute any shareholders resolution on the Party C’s shareholders’ meeting that approves
Party C to merger or associate with any person, acquire any person or invest in any person; 

  

	 	2.2.4	To notify Party A the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the equity interest owned by Party B;

  

	 	2.2.5	In order to keep its ownership of the equity interest, to execute all requisite or appropriate documents, conduct all requisite or appropriate actions, and make all
requisite or appropriate claims, or make requisite or appropriate defence against claims of compensation; 

  
 14 

	 	2.2.6	Upon the request of Party A, to appoint any person designated by Party A to be the directors of Party C; 

 

	 	2.2.7	Upon the request of Party A at any time, to transfer its equity interest immediately to the representative designated by Party A unconditionally at any time and abandon
its prior right of first refusal of such equity interest transferring to another current shareholder; 

  

	 	2.2.8	To prudently comply with the provisions of this Agreement and other agreements entered into collectively or respectively by the Transferor, Party C and Party A and
perform all obligations under these agreements, without taking any action or any nonfeasance that sufficiently affects the validity and enforceability of these agreements; 

 

	 	2.2.9	To transfer all the dividends and profits in any other forms distributed by Party C to Party A. 

 

	2.3	Undertakings related to Party A 

Party A undertakes: 
  

	 	2.3.1	Party A shall provide unlimited financial support to Party C unconditionally within an acceptable and reasonable scope when Party C needs any loan or financial support
in any other form during its course of business; 

  

	 	2.3.2	Party A agrees to waive its right to Party C’s repayment to the loans provided by Party A when Party C incurs losses during its operation and is unable to repay.
Such inability of repayment shall be supported by sufficient evidence. 

  

	3.	Representations and Warranties 

 As of the execution date of this Agreement and every transferring date, the Transferor and Party C hereby represents and warrants collectively and respectively to Party A as follows: 

 

	3.1	It has the power and ability to enter into and deliver this Agreement, and any equity interest transferring Agreement (a “Transferring Agreement”,
respectively) to which it is a party, for every single transfer of the Purchased Equity Interest according to this Agreement, and to perform its obligations under this Agreement and any Transferring Agreement. Upon execution, this Agreement and the
Transferring Agreements to which it is a party constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

  

	3.2	The execution, delivery of this Agreement and any Transferring Agreement and performance of the obligations under this Agreement and any Transferring Agreement does
not: (i) cause to violate any relevant laws and regulations of PRC; (ii) constitute a conflict with its Articles of Association or other organizational documents; (iii) cause to breach any agreement or instruments to which it is a
party or having binding obligation on it, or constitute the breach under any agreement or instruments to which it is a party or having binding obligation on it; (iv) cause to violate relevant authorization of any consent or approval to it
and/or any continuing valid condition; or (v) cause any consent or approval authorized to it to be suspended, removed, or into which other requests be added; 

  
 15 

	3.3	Party C bears the kind and sellable ownership of all assets. Party C does not set any security interest on the said assets; 

 

	3.4	Party C does not have any unpaid debt, other than (i) debt arising from its normal business; and (ii) debt disclosed to Party A and obtained by the written
consent from Party A; 

  

	3.5	No litigation, arbitration or administrative procedure relevant to the equity interest and assets of Party C or the corporation is in the process, to be settled or
potentially take place; 

  

	3.6	The Transferor bears the fair and salable ownership of its equity interest without setting any security interest on the aforesaid assets, other than the security
interest pursuant to the Equity Pledge Agreement. 

  

	4.	Assignment of Agreement 

  

	4.1	Party B and Party C shall not transfer their rights and obligations under this Agreement to any third party without the prior written consent of the Party A.

  

	4.2	Party B and Party C hereby agree that Party A shall be able to transfer all of its rights and obligation under this Agreement to any third party with its needs, and
such transfer shall only be subject to a written notice sent to Party B and Party C by Party A, and no any further consent from Party B and Party C will be required. 

 

	5.	Effective Date and Term 

  

	5.1	This Agreement shall be effective as of the date first set forth above. 

  

	5.2	This Agreement shall be terminated upon the legal transfer of all the shares held by Party B to Party A and/or its Designated Person pursuant to this Agreement.

  

	5.3	If Party A or Party C is terminated by the expiration of its operating period (including any extended period) or other causes in the term set forth in Section 5.2,
this Agreement shall be terminated simultaneously, except Party A has transferred its rights and obligations in accordance with Section 4.2 of this Agreement. 

 

	6.	Applicable Law and Dispute Resolution 

  

	6.1	Applicable Law 

 The execution,
validity, construing and performance of this Agreement and the disputes resolution under this Agreement shall be governed by the laws of PRC. 

  
 16 

	6.2	Dispute Resolution 

 The parties
shall strive to settle any dispute arising from the interpretation or performance in connection with this Agreement through friendly consultation. In case no settlement can be reached through consultation within thirty (30) days after such
dispute is raised, each party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration shall take place in Beijing and the proceedings shall be
conducted in Chinese. The arbitration award shall be final conclusive and binding upon both parties. 
  

	7.	Taxes and Expenses 

 Every
Party shall, according to the PRC laws, bear any and all registering taxes, costs and expenses for equity transfer arising from the preparation and execution of this Agreement and all Transferring Agreements, and the completion of the transactions
under this Agreement and all Transferring Agreements. 
  

	8.	Notices 

 Notices or other
communications required to be given by any party pursuant to this Agreement shall be written in English and Chinese and delivered personally or sent by registered mail or postage prepaid mail or by a recognized courier service or by facsimile
transmission to the address of relevant each party or both parties set forth below or other address of the party or of the other addressees specified by such party from time to time. The date when the notice is deemed to be duly served shall be
determined as the follows: (a) a notice delivered personally is deemed duly served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the date when the air registered mail with postage
prepaid has been sent out (as is shown on the postmark), or the fourth (4th) day after the delivery date to the internationally recognized courier service agency; and (c) a notice sent by facsimile transmission is deemed duly served upon
the receipt time as is shown on the transmission confirmation of relevant documents. 
 Party A: Baidu Online Network
Technology (Beijing) Co., Ltd. 
 Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Telephone: 010-59928888 
 Fax: 010-59928888 
 Party B: Yazhu Zhang 

Address: 

Telephone: 

Fax: 
  

					
		 	Party C:	 	Beijing Perusal Technology Co., Ltd.
		 	Address:	 	 Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8
 Northeast Wangxi Road, Haidian District, Beijing

 Fax: 
 Telephone: 

  
 17 

	9.	Confidentiality 

 The
Parties acknowledge and confirm any oral or written materials exchanged by the Parties in connection with this Agreement are confidential. The Parties shall maintain the secrecy and confidentiality of all such materials. Without the written approval
by the other Parties, any Party shall not disclose to any third party any relevant materials, but the following circumstances shall be excluded: 
  

	 	a.	The materials that is known or may be known by the public (but not include the materials disclosed by each party receiving the materials); 

 

	 	b.	The materials required to be disclosed subject to the applicable laws or the rules or provisions of stock exchange; or 

 

	 	c.	The materials disclosed by each Party to its legal or financial consultant relating the transaction of this Agreement, and this legal or financial consultant shall
comply with the confidentiality set forth in this Section. The disclosure of the confidential materials by staff or employed institution of any Party shall be deemed as the disclosure of such materials by such Party, and such Party shall bear the
liabilities for breaching the contract. This Clause shall survive whatever this Agreement is invalid, amended, revoked, terminated or unable to implement by any reason. 

The disclosure of information by the staff of consultants of any party shall be deemed as the disclosure by the party itself. This
Section 9 shall survive any invalidity, termination, expiration or unenforceability of this Agreement. 
  

	10.	Further Warranties 

 The
Parties agree to promptly execute documents reasonably required to perform the provisions and the aim of this Agreement or documents beneficial to it, and to take actions reasonably required to perform the provisions and the aim of this Agreement or
actions beneficial to it. 
  

	11.	Miscellaneous 

  

	11.1	Amendment, Modification and Supplement 

 Any amendment and supplement of this Agreement shall be made by the Parties in writing. The amendment and supplement duly executed by each Party shall be deemed as a part of this Agreement and shall have
the same legal effect as this Agreement. 
  

	11.2	Entire Agreement 

Notwithstanding Section 5 of this Agreement, the Parties acknowledge that this Agreement constitutes the entire agreement of the
Parties with respect to the subject matters therein and supercede and replace all prior or contemporaneous agreements and understandings orally or/and in writing. 

  
 18 

	11.3	Severability 

 If any provision
of this Agreement is judged as invalid or non-enforceable according to relevant Laws, the provision shall be deemed invalid only within the applicable area of the PRC Laws, and the validity, legality and enforceability of the other provisions hereof
shall not be affected or impaired in any way. The Parties shall, through fairly consultation, replace those invalid, illegal or non-enforceable provisions with valid provisions that may bring the similar economic effects with the effects caused by
those invalid, illegal or non-enforceable provisions. 
  

	11.4	Headings 

 The headings contained
in this Agreement are for the convenience of reference only and shall not affect the interpretation, explanation or in any other way the meaning of the provisions of this Agreement. 

 

	11.5	Language and Copies 

 This
Agreement is executed in Chinese in three (3) copies; each Party holds one and each original copy has the same legal effect. 
  

	11.6	Successor 

 This Agreement shall
bind and benefit the successor of each Party and the transferee allowed by each Party. 
  

	11.7	Survival 

 Any obligation taking
place or at term hereof prior to the end or termination ahead of the end of this Agreement shall continue in force and effect notwithstanding the occurrence of the end or termination ahead of the end of the Agreement. Sections 6, 8, 9 and 11.7
hereof shall continue in force and effect after the termination of this Agreement. 
  

	11.8	Waiver 

 Any Party may waive the
terms and conditions of this Agreement in writing with the signature of the Parties. Any waiver by a Party to the breach by other Parties within certain situation shall not be construed as a waiver to any similar breach by other Parties within other
situations. 
 [No text below] 

  
 19 

 IN WITNESS THEREFORE, the parties hereof have caused this Agreement to be executed by
their duly authorized representatives as of the date first written above. 
  

							
		 	Party A: Baidu Online Network Technology (Beijing) Co., Ltd.	 	
		 	Legal representative/Authorized representative:	 	  
	 	

							
		 	Company seal: (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)
				
		 	Party B: Yazhu Zhang	 		 	
		 	Signature: /s/ Yazhu Zhang	 		 	
		 	Company seal:	 		 	
			
		 	Party C: Beijing Perusal Technology Co., Ltd.	 	
		 	Legal representative/Authorized representative:	 	  
	 	

			
		 	Company seal: (with the company seal of Beijing Perusal Technology Co., Ltd.)

  
 20EX-4.32

 Exhibit 4.32 
 (English Translation) 
 Amended and Restated Loan Agreement 

This Amended and Restated Loan Agreement (the “Agreement”) is entered into in Beijing as of January 16, 2012 by the following parties:

  

			
	Party A:	  	Baidu Online Network Technology (Beijing) Co., Ltd.
	Registration Address:	  	 3/F, No. 10 Shangdi 10th Street, Haidian District, Beijing 100085,
 The People’s Republic of China

	Party B:	  	Jiping Liu

 WHEREAS, 
  

	1.	Party A is a wholly-owned foreign enterprise incorporated in the People’s Republic of China (the “PRC”); 

 

	2.	Party B is a citizen of the PRC and a 80% shareholder of Beijing Perusal Technology Co., Ltd. (“Beijing Perusal”). 

 

	3.	Party A provided to Party B an interest-free loan of RMB800,000 on May 19, 2006 for Party B to invest in Beijing Perusal. Party A and Party B entered into the Loan
Agreement on May 19, 2006 in connection with the loan (the “Original Loan Agreement”). 

  

	4.	The parties intend to amend and restate the Original Loan Agreement. 

 NOW THEREFORE, through friendly negotiation, Party A and Party B agree as follows: 
  

	1.	Party A agrees to provide an interest-free loan to Party B with the principal as RMB 8,000,000 in accordance with the terms and conditions set forth in this Agreement.
Party B agrees to accept the loan above. 

  

	2.	Party B confirms that he has obtained the total amount of the loan and has invested it into Beijing Perusal as capital contribution. 

 

	3.	The Term of such loan starts from the date that Party B received the loan until ten (10) years after signing this Agreement and could be extended upon the written
agreement of the parties. During the term or extended term of such a loan, Party A may accelerate the loan repayment, if any of the following events occurs: 

 

	 	(1)	Party B quits or is dismissed by Party A or its affiliates; 

  

	 	(2)	Party B dies or becomes a person without capacity or with limited capacity for civil acts; 

 

	 	(3)	Party B commits a crime or is involved in a crime; 

  

	 	(4)	Any other third party claims more than RMB100,000 against Party B; or 

  
 1 

	 	(5)	According to the PRC laws, Party A or its designated person may be qualified to invest in the business of value-added telecommunication, such as internet information
service and other services, which Beijing Perusal runs, and also Party A will have given a written notice to Beijing Perusal and exercised its right of purchase in accordance with the terms under the exclusive equity purchase option agreement
speculated in Section 4 of this Agreement. 

  

	4.	The parties herein agree and confirm that, according to the PRC laws, Party A or its designated person (including natural person, legal entity or any other entity) has
the right, but the obligation, to purchase all or part of the equity interest held by Party B in Beijing Perusal (the “Option Right”) at anytime, however, Party A shall notify Party B of such purchase of equity interests with a written
notice. Once the written notice for exercising the Option Right is issued by Party A, Party B shall sell their equity interests of Beijing Perusal with the original invest price (the “Original Investment Price”) or other price allowed by
laws according to the consent of Party A to Party A or its designated person. All parties agree and confirm that when Party A exercises the Option Right, the price that allowed by the applicable law at the time is higher than the Original Investment
Price, Party A or its designated person shall purchase the equity interests at the lowest price in accordance with the applicable law. The parties agree to execute an exclusive equity purchase option agreement in connection with above matters.

  

	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 transfer the
equity interest in Beijing 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. 

 

	6.	The parties 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 Beijing Perusal to Party A or its designated person and the proceeds exceed the loan principal due to the legal requirement or other reasons, the extra amount over the principal of proceeds will be considered as the
interests or capital use cost, which shall be repaid to Party A. 

  

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

  

	 	(a)	Party B has transferred all his equity interests of Beijing Perusal to Party A and/its designated person; and 

 

	 	(b)	Party B has repaid the total amount caused from the equity interest transferring or the maximum amount (including principal and the highest loan interest) allowed by
the applicable law concerning loans to Party A. 

  

	8.	To secure the performance of the debt under this Agreement, Party B agrees to pledge all his own equity interest of Beijing Perusal to Party A (the “Equity
Pledge”). The parties agree to execute an equity pledge agreement for the additional shares issued for the capital increase regaring the above matters. 

  
 2 

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

 

	 	(a)	Party A is a company incorporated and validly existing under the laws of PRC; 

 

	 	(b)	Party A has the right to execute and perform this Agreement. Party A, subject to its business scope, Articles or other institutional documents, has taken necessary
actions to get all necessary and appropriate approvals and authorizations; 

  

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

  

	 	(d)	The execution and the performance of this Agreement by Party A does not violate any laws, regulations, approvals, authorizations, notices, other governmental documents,
any agreement Party A signed with a third party or any promise Party A issued to a third party; and 

  

	 	(e)	This Agreement shall constitute the legal, valid and binding obligations of Party A upon its execution. 

 

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

 

	 	(a)	Beijing Perusal is a limited liability company incorporated and validly existing under the laws of PRC and Party B is the legal holder of the equity interest of Beijing
Perusal newly issued for the capital increase; 

  

	 	(b)	Party B has the right to execute and perform this Agreement. Party B, subject to its business scope, Articles or other institutional documents, has taken necessary
actions to get all necessary and appropriate approvals and authorizations; 

  

	 	(c)	The execution and the performance of this Agreement by Party B does not violate any laws, regulations, approvals, authorizations, notices, other governmental documents,
any agreement Party B signed with a third party or any promise Party B issued to a third party; 

  

	 	(d)	This Agreement shall constitute the legal, valid and binding obligations of Party B upon its execution; 

 

	 	(e)	Party B has paid contribution in full for the additional equity interests he obtained in Beijing Perusal in accordance with applicable laws and regulations;

  

	 	(f)	Except the provisions stipulated in the equity pledge agreement and exclusive equity purchase option agreement for the additional shares issued for the capital
increase, Party B did not create any pledge or other security, make third party any offer to transfer his equity, make acceptance for the offer of any third party to purchase his equity, or execute any agreement with a third party to transfer his
equity; 

  
 3 

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

  

	 	(h)	Beijing Perusal has completed all governmental approval, license, registration and filing necessary for the capital increase. 

 

	11.	Party B covenants that he shall, during the term of this Agreement: 

  

	 	(a)	Not sell, transfer, pledge, dispose in any other manners of his additional equity interests of Beijing Perusal after the capital increase or other interests, or not
allow to create other security interests on them without Party A’s prior written consent, except pledges or other rights created in the interest of Party A; 

 

	 	(b)	Not cause shareholder’s meetings to make resolutions to sell, transfer, pledge, dispose of in any other manners, or not allow to create other security interest on,
any of his legal and beneficiary equity interest without Party A’s prior written consent, except transferring his equity interest to Party A; 

  

	 	(c)	Not vote for any merger or combination with, or acquire or invest in, any person at shareholder’s meetings of Beijing Perusal without Party A’s prior consent;

  

	 	(d)	Promptly inform Party A of the pending or threatened litigation, arbitration or regulatory procedure concerning the additional equity interests of the Beijing Perusal
after the capital increase held by Party B; 

  

	 	(e)	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 defending against all claims in order to maintain the additional equity interest of the Beijing Perusal after the capital increase held by Party B; 

 

	 	(f)	Refrain from any act or omission that may materially affect the assets, business and liabilities of Beijing Perusal without Party A’s prior written consent;

  

	 	(g)	Appoint any person to be the director of Beijing Perusal subject to Party A’s request; 

 

	 	(h)	Transfer promptly and unconditionally, at any time, all the additional equity interest in the Beijing Perusal after the capital increase held by Party B to Party A or
the representative designated by Party A subject to the request of Party A, provided that such transfer is permitted under the laws of PRC; 

  

	 	(i)	Not request Beijing Perusal to distribute dividends or profits; 

  

	 	(j)	Once Party B transfers the additional equity interest of Beijing Perusal after the capital increase he holds Party A or its designated person, he shall repay the
consideration he receives as the principal and the interests or capital use cost to Party A if such repayment is permitted under the laws of PRC; 

  
 4 

	 	(k)	Strictly comply with the terms of this Agreement, perform the obligations under this Agreement and refrain from any act or omission that affects the validity and
enforceability of this Agreement. 

  

	12.	Party B, as the shareholder of Beijing Perusal, covenants that he shall cause Beijing Perusal, during the term of this Agreement: 

 

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

  

	 	(b)	To operate its business and deal with matters prudently and effectively according to good financial and business rules and practices; 

 

	 	(c)	Not to sell, transfer, mortgage, dispose of in any other manner, or to create other security interests on, any of its assets, business or legal or beneficial rights to
its income without Party A’s prior written consent since the date of this Agreement; 

  

	 	(d)	Not to create, succeed to, guarantee or permit any liability, without the Party A’s prior written consent, except (i) the liability arising from the course of
the ordinary or daily business operation, but not arising from the loan; and (ii) the liability reported to Party A or approved by Party A in writing; 

 

	 	(e)	To operate persistently all the business and to maintain the value of its assets; 

 

	 	(f)	Not to execute any material contracts (for the purpose of this Section 12, a contract will be deemed material if its value exceeds RMB ¥ 100,000), without
Party A’s prior written consent, other than those executed during the ordinary course of business; 

  

	 	(g)	To provide information concerning all of its operation and financial affairs per Party A’s request; 

 

	 	(h)	Not to merger or combine with, acquire or invest in, any other person without Party A’s prior written consent; 

 

	 	(i)	Not to distribute dividends to its shareholder in any form without Party A’s prior written consent. However, Beijing Perusal shall promptly distribute all its
distributable profits to its shareholder upon the Party A’s request; 

  

	 	(j)	To promptly inform Party A of any pending or threatened suit, arbitration or administrative procedure concerning the assets, business or income of the Beijing Perusal;

  

	 	(k)	To execute all necessary or appropriate documents, take all necessary or appropriate actions, bring all necessary or appropriate lawsuits and make all necessary and
appropriate defendings against all claims in order to maintain the ownership of all the assets of Beijing Perusal; 

  
 5 

	 	(l)	To strictly comply with the terms of Service Agreement and other agreements with Party A, perform its obligations under the aforesaid agreements, and not to conduct any
action or nonfeasance that affects the validity and enforceability of such agreements. 

  

	13.	This agreement shall be binding to, and only in the interest of, all the parties hereto and their respective successors and assignees. Without prior written consent of
Party A, Party B shall not transfer, pledge or assign any right, benefit or obligation hereunder. 

  

	14.	Party B agrees that Party A can assign its rights and obligations hereunder to a third party with a written notice to Party B when it considers necessary. No further
consent of Party B is required upon such a transfer. 

  

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

  

	16.	Arbitration. 

  

	 	(a)	Both Parties shall strive to settle any dispute, conflicts, or compensation 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) day after one party ask for the settlement, each party can submit such matter to China International
Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration award shall be final and conclusive and binding upon the Parties. 

 

	 	(b)	The arbitration should take place in Beijing. 

  

	 	(c)	The arbitration language is Chinese. 

  

	17.	This Agreement shall be concluded 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 expire when both Parties complete their obligations hereunder. 

  

	18.	Party B shall terminate or revoke this Agreement unless (a) Party A commits a material defect, fraud or other material illegal action; (b) upon Party A’s
bankruptcy. 

  

	19.	This Agreement shall not be amended or modified without the written consent of the Parties hereto. The Parties may amend and modify this Agreement with a written
agreement. The amendments, modifications, supplements and attachments shall be integral parts of this Agreement. 

  

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

  
 6 

	21.	This Agreement is severable. The invalidity or enforceability of any clause shall not affect the validity or enforceability of other parts hereof.

  

	22.	Each Party shall protect the confidentiality of the 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 due before the expiration or early termination this Agreement shall survive such expiration or early termination. Sections 15, 16 and 22 shall
survive the termination of this Agreement. 

  

	24.	This Agreement shall be executed in two originals, each Party holding one original. All the originals shall have the same legal effect. 

IN WITNESS WHEREOF, each party hereto have caused this Agreement to be duly executed by its legal representative on its behalf as
of the date first set forth above. 
 [No text below] 

  
 7 

 [No text on this page] 
  

			
	Party A:	  	Baidu Online Network Technology (Beijing) Co., Ltd.
	Legal representative/authorized representative:
	Company seal:	  	(with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)
	Party B:	  	Jiping Liu
	Signature:	  	/s/ Jiping Liu

  
 8 

 Amended and Restated Loan Agreement 

This Amended and Restated Loan Agreement (the “Agreement”) is entered into in Beijing as of January 16, 2012 by the following parties:

  

			
	Party A:	  	Baidu Online Network Technology (Beijing) Co., Ltd.
	Registration Address:	  	 3/F, No. 10 Shangdi 10th Street, Haidian District, Beijing 100085,
 The People’s Republic of China

	Party B:	  	Yazhu Zhang

 WHEREAS, 
  

	1.	Party A is a wholly-owned foreign enterprise incorporated in the People’s Republic of China (the “PRC”); 

 

	2.	Party B is a citizen of the PRC and a 20% shareholder of Beijing Perusal Technology Co., Ltd. (“Beijing Perusal”). 

 

	3.	Party A provided to Party B an interest-free loan of RMB200,000 on May 19, 2006 for Party B to invest in Beijing Perusal. Party A and Party B entered into the Loan
Agreement on May 19, 2006 in connection with the loan (the “Original Loan Agreement”). 

  

	4.	The parties intend to amend and restate the Original Loan Agreement. 

 NOW THEREFORE, through friendly negotiation, Party A and Party B agree as follows: 
  

	1.	Party A agrees to provide an interest-free loan to Party B with the principal as RMB 2,000,000 in accordance with the terms and conditions set forth in this Agreement.
Party B agrees to accept the loan above. 

  

	2.	Party B confirms that he has obtained the total amount of the loan and has invested it into Beijing Perusal as capital contribution. 

 

	3.	The Term of such loan starts from the date that Party B received the loan until ten (10) years after signing this Agreement and could be extended upon the written
agreement of the parties. During the term or extended term of such a loan, Party A may accelerate the loan repayment, if any of the following events occurs: 

 

	 	(1)	Party B quits or is dismissed by Party A or its affiliates; 

  

	 	(2)	Party B dies or becomes a person without capacity or with limited capacity for civil acts; 

 

	 	(3)	Party B commits a crime or is involved in a crime; 

  

	 	(4)	Any other third party claims more than RMB100,000 against Party B; or 

  
 9 

	 	(5)	According to the PRC laws, Party A or its designated person may be qualified to invest in the business of value-added telecommunication, such as internet information
service and other services, which Beijing Perusal runs, and also Party A will have given a written notice to Beijing Perusal and exercised its right of purchase in accordance with the terms under the exclusive equity purchase option agreement
speculated in Section 4 of this Agreement. 

  

	4.	The parties herein agree and confirm that, according to the PRC laws, Party A or its designated person (including natural person, legal entity or any other entity) has
the right, but the obligation, to purchase all or part of the equity interest held by Party B in Beijing Perusal (the “Option Right”) at anytime, however, Party A shall notify Party B of such purchase of equity interests with a written
notice. Once the written notice for exercising the Option Right is issued by Party A, Party B shall sell their equity interests of Beijing Perusal with the original invest price (the “Original Investment Price”) or other price allowed by
laws according to the consent of Party A to Party A or its designated person. All parties agree and confirm that when Party A exercises the Option Right, the price that allowed by the applicable law at the time is higher than the Original Investment
Price, Party A or its designated person shall purchase the equity interests at the lowest price in accordance with the applicable law. The parties agree to execute an exclusive equity purchase option agreement in connection with above matters.

  

	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 transfer the
equity interest in Beijing 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. 

 

	6.	The parties 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 Beijing Perusal to Party A or its designated person and the proceeds exceed the loan principal due to the legal requirement or other reasons, the extra amount over the principal of proceeds will be considered as the
interests or capital use cost, which shall be repaid to Party A. 

  

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

  

	 	(a)	Party B has transferred all his equity interests of Beijing Perusal to Party A and/its designated person; and 

 

	 	(b)	Party B has repaid the total amount caused from the equity interest transferring or the maximum amount (including principal and the highest loan interest) allowed by
the applicable law concerning loans to Party A. 

  

	8.	To secure the performance of the debt under this Agreement, Party B agrees to pledge all his own equity interest of Beijing Perusal to Party A (the “Equity
Pledge”). The parties agree to execute an equity pledge agreement for the additional shares issued for the capital increase regaring 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: 

 

	 	(a)	Party A is a company incorporated and validly existing under the laws of PRC; 

 

	 	(b)	Party A has the right to execute and perform this Agreement. Party A, subject to its business scope, Articles or other institutional documents, has taken necessary
actions to get all necessary and appropriate approvals and authorizations; 

  

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

  

	 	(d)	The execution and the performance of this Agreement by Party A does not violate any laws, regulations, approvals, authorizations, notices, other governmental documents,
any agreement Party A signed with a third party or any promise Party A issued to a third party; and 

  

	 	(e)	This Agreement shall constitute the legal, valid and binding obligations of Party A upon its execution. 

 

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

 

	 	(a)	Beijing Perusal is a limited liability company incorporated and validly existing under the laws of PRC and Party B is the legal holder of the equity interest of Beijing
Perusal newly issued for the capital increase; 

  

	 	(b)	Party B has the right to execute and perform this Agreement. Party B, subject to its business scope, Articles or other institutional documents, has taken necessary
actions to get all necessary and appropriate approvals and authorizations; 

  

	 	(c)	The execution and the performance of this Agreement by Party B does not violate any laws, regulations, approvals, authorizations, notices, other governmental documents,
any agreement Party B signed with a third party or any promise Party B issued to a third party; 

  

	 	(d)	This Agreement shall constitute the legal, valid and binding obligations of Party B upon its execution; 

 

	 	(e)	Party B has paid contribution in full for the additional equity interests he obtained in Beijing Perusal in accordance with applicable laws and regulations;

  

	 	(f)	Except the provisions stipulated in the equity pledge agreement and exclusive equity purchase option agreement for the additional shares issued for the capital
increase, Party B did not create any pledge or other security, make third party any offer to transfer his equity, make acceptance for the offer of any third party to purchase his equity, or execute any agreement with a third party to transfer his
equity; 

  
 11 

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

  

	 	(h)	Beijing Perusal has completed all governmental approval, license, registration and filing necessary for the capital increase. 

 

	11.	Party B covenants that he shall, during the term of this Agreement: 

  

	 	(a)	Not sell, transfer, pledge, dispose in any other manners of his additional equity interests of Beijing Perusal after the capital increase or other interests, or not
allow to create other security interests on them without Party A’s prior written consent, except pledges or other rights created in the interest of Party A; 

 

	 	(b)	Not cause shareholder’s meetings to make resolutions to sell, transfer, pledge, dispose of in any other manners, or not allow to create other security interest on,
any of his legal and beneficiary equity interest without Party A’s prior written consent, except transferring his equity interest to Party A; 

  

	 	(c)	Not vote for any merger or combination with, or acquire or invest in, any person at shareholder’s meetings of Beijing Perusal without Party A’s prior consent;

  

	 	(d)	Promptly inform Party A of the pending or threatened litigation, arbitration or regulatory procedure concerning the additional equity interests of the Beijing Perusal
after the capital increase held by Party B; 

  

	 	(e)	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 defending against all claims in order to maintain the additional equity interest of the Beijing Perusal after the capital increase held by Party B; 

 

	 	(f)	Refrain from any act or omission that may materially affect the assets, business and liabilities of Beijing Perusal without Party A’s prior written consent;

  

	 	(g)	Appoint any person to be the director of Beijing Perusal subject to Party A’s request; 

 

	 	(h)	Transfer promptly and unconditionally, at any time, all the additional equity interest in the Beijing Perusal after the capital increase held by Party B to Party A or
the representative designated by Party A subject to the request of Party A, provided that such transfer is permitted under the laws of PRC; 

  

	 	(i)	Not request Beijing Perusal to distribute dividends or profits; 

  

	 	(j)	Once Party B transfers the additional equity interest of Beijing Perusal after the capital increase he holds Party A or its designated person, he shall repay the
consideration he receives as the principal and the interests or capital use cost to Party A if such repayment is permitted under the laws of PRC; 

  
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	 	(k)	Strictly comply with the terms of this Agreement, perform the obligations under this Agreement and refrain from any act or omission that affects the validity and
enforceability of this Agreement. 

  

	12.	Party B, as the shareholder of Beijing Perusal, covenants that he shall cause Beijing Perusal, during the term of this Agreement: 

 

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

  

	 	(b)	To operate its business and deal with matters prudently and effectively according to good financial and business rules and practices; 

 

	 	(c)	Not to sell, transfer, mortgage, dispose of in any other manner, or to create other security interests on, any of its assets, business or legal or beneficial rights to
its income without Party A’s prior written consent since the date of this Agreement; 

  

	 	(d)	Not to create, succeed to, guarantee or permit any liability, without the Party A’s prior written consent, except (i) the liability arising from the course of
the ordinary or daily business operation, but not arising from the loan; and (ii) the liability reported to Party A or approved by Party A in writing; 

 

	 	(e)	To operate persistently all the business and to maintain the value of its assets; 

 

	 	(f)	Not to execute any material contracts (for the purpose of this Section 12, a contract will be deemed material if its value exceeds RMB ¥ 100,000), without
Party A’s prior written consent, other than those executed during the ordinary course of business; 

  

	 	(g)	To provide information concerning all of its operation and financial affairs per Party A’s request; 

 

	 	(h)	Not to merger or combine with, acquire or invest in, any other person without Party A’s prior written consent; 

 

	 	(i)	Not to distribute dividends to its shareholder in any form without Party A’s prior written consent. However, Beijing Perusal shall promptly distribute all its
distributable profits to its shareholder upon the Party A’s request; 

  

	 	(j)	To promptly inform Party A of any pending or threatened suit, arbitration or administrative procedure concerning the assets, business or income of the Beijing Perusal;

  

	 	(k)	To execute all necessary or appropriate documents, take all necessary or appropriate actions, bring all necessary or appropriate lawsuits and make all necessary and
appropriate defendings against all claims in order to maintain the ownership of all the assets of Beijing Perusal; 

  
 13 

	 	(l)	To strictly comply with the terms of Service Agreement and other agreements with Party A, perform its obligations under the aforesaid agreements, and not to conduct any
action or nonfeasance that affects the validity and enforceability of such agreements. 

  

	13.	This agreement shall be binding to, and only in the interest of, all the parties hereto and their respective successors and assignees. Without prior written consent of
Party A, Party B shall not transfer, pledge or assign any right, benefit or obligation hereunder. 

  

	14.	Party B agrees that Party A can assign its rights and obligations hereunder to a third party with a written notice to Party B when it considers necessary. No further
consent of Party B is required upon such a transfer. 

  

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

  

	16.	Arbitration. 

  

	 	(a)	Both Parties shall strive to settle any dispute, conflicts, or compensation 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) day after one party ask for the settlement, each party can submit such matter to China International
Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration award shall be final and conclusive and binding upon the Parties. 

 

	 	(b)	The arbitration should take place in Beijing. 

  

	 	(c)	The arbitration language is Chinese. 

  

	17.	This Agreement shall be concluded 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 expire when both Parties complete their obligations hereunder. 

  

	18.	Party B shall terminate or revoke this Agreement unless (a) Party A commits a material defect, fraud or other material illegal action; (b) upon Party A’s
bankruptcy. 

  

	19.	This Agreement shall not be amended or modified without the written consent of the Parties hereto. The Parties may amend and modify this Agreement with a written
agreement. The amendments, modifications, supplements and attachments shall be integral parts of this Agreement. 

  

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

  
 14 

	21.	This Agreement is severable. The invalidity or enforceability of any clause shall not affect the validity or enforceability of other parts hereof.

  

	22.	Each Party shall protect the confidentiality of the 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 due before the expiration or early termination this Agreement shall survive such expiration or early termination. Sections 15, 16 and 22 shall
survive the termination of this Agreement. 

  

	24.	This Agreement shall be executed in two originals, each Party holding one original. All the originals shall have the same legal effect. 

IN WITNESS WHEREOF, each party hereto have caused this Agreement to be duly executed by its legal representative on its behalf as
of the date first set forth above. 
 [No text below] 

  
 15 

 [No text on this page] 
  

			
	Party A:	 	Baidu Online Network Technology (Beijing) Co., Ltd.
	Legal representative/authorized representative:
	Company seal:	 	(with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)
	Party B:	 	Yazhu Zhang
	Signature:	 	/s/ Yazhu Zhang

  
 16

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