Document:

English translation of Exclusive Option Agreements dated September 16, 2011

 Exhibit 10.12 
 Exclusive Option Agreement 
 This Exclusive Option Agreement (this “Agreement”)
dated September 16, 2011, is made in Beijing, the People’s Republic of China (the “PRC”), by and among: 
  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Beijing Tuda Science and Technology Company Limited
	Address:	  	Suite B1506, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou

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

	1.	Party B holds 96.6667% equity interests of Party C; 

  

	2.	Party A and Party C entered into a series of legal documents, including an Exclusive Business Cooperation Agreement and Exclusive Technology Support and Technology
Services Agreement on August 12, 2008, which are made for purpose of formation of Party A’s control over Party C (collectively as “Controlling Documents”). 

 THEREFORE, the Parties hereby agree as follows: 
  

	1.	Sale and Purchase of Equity Interests 

  

	1.1	Right of Grant 

Considering that Party A has paid RMB 10 to Party B as the consideration, and Party B has confirmed that it had received such
consideration and such consideration was sufficient, Party B hereby irrevocably grants Party A an exclusive right to, according to the exercise steps decided by Party A at is own discretion and the price described in Clause 1.3 hereof, at anytime
purchase or designate one or several persons (“Designated Person”) to purchase any portion of all of equity interests held by Party B in Party C in one or several installments, to the extent allowed by laws of the PRC (“Equity
Purchase Right”). Any third party other than Party A and Appointed Person should not enjoy the Equity Purchase Right or any other rights with respect to Party B’s equity interests. Party C hereby allows Party B to grant the Equity Purchase
Right to Party A. “Person” mentioned in this clause and this Agreement refers to individuals, companies, joint ventures, partnerships, enterprises, trusts and non-corporate organizations. 

  
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	1.2	Steps of Exercise 

 The
exercise of Equity Purchase Right by Party A is subject to provisions of laws and regulations of PRC. When exercising the Equity Purchase Right, Party A shall serve a written notice (“Purchase Notice”) to Party B, to specify the following
issues: (a) decisions of Party A regarding the exercise of Equity Purchase Right; (b) the percentage of equity interests to be purchased by Party A from Party B (“Purchased Equity Interests”), and (c) date of
purchase/assignment of Purchased Equity Right. 
  

	1.3	Purchase Price 

 Lowest
price allowed by laws of the PRC. 
  

	1.4	Assignment of Purchased Equity Interests 

 Every time Party A exercises the Equity Purchase Right, 
  

	 	1.4.1	Party B shall cause Party C to hold the shareholders’ meeting, by which the resolutions regarding Party B’s assignment of Purchased Equity Interests to Party
A and/or Designated Person shall be resolved and approved; 

  

	 	1.4.2	Party B shall obtain Party C’s other shareholders’ consent regarding the assignment of Purchased Equity Interests to Party A and/or Designated Person, and
provide a written statement with respect to waiver of the option right; 

  

	 	1.4.3	Party B shall enter into a respective equity transfer Agreement for each transfer of equity interests with Party A and/or the Designated Person (if applicable) in
accordance with the provisions hereof and the Purchase Notice; 

  

	 	1.4.4	related parties shall enter into all the other contracts, agreements and documents, obtain all governmental approvals and consents, and take all actions necessary for
the transfer of all valid ownership of the Purchased Equity Interests to Party A and/or the Designated Person, as well as validation of Party A and/or the Designated Person’s status as registered owner of the Purchased Equity Interests, without
any security interest. For the purpose of this clause and this Agreement, “security interest” includes guaranty, mortgage, third party’s rights or interests, any stock option, right of purchase, option right, setting-off right,
ownership retention or other guaranty arrangement, etc., provided that, for purchase of clarification, it will not include any security interest arising from this Agreement and Party B’s Equity Pledge Agreement. “Party B’s Equity
Pledge Agreement” as mentioned in this clause and this Agreement refers to the Equity Pledge Agreement entered into by and among Party A, Party B and Party C on the date hereof, in accordance with which, Party B pledges all the equity interests
held by it in Party C to Party A, for purpose of security of Party C’s performance of all its obligations under the Exclusive Business Cooperation Agreement between Party C and Party A. 

  
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	1.5	Payment 

 The Parties
agree that, the equity interests transfer price to be paid by Party A to Party B for exercising the exclusive option right hereunder by Party A, in principle, shall be the lowest amount allowed by then effective laws and regulations of the PRC. If
Party B is held liable to Party A or its affiliates then, Party A may also use related creditor’s right as the consideration for the transfer of equity interests. 
  

	2.	Undertakings 

  

	2.1	Undertakings Relating to Party C 

 Party B (as Party C’s shareholder) and Party C hereby undertake that with respect to Party C, they: 
  

	 	2.1.1	without written consent of Party A, will not, in any way, supplement, change or amend the organizational documents of Party C, increase or decrease its registered
capital, or change the structure of its registered capital in any other form; 

  

	 	2.1.2	will maintain its existence, diligently and validly operate its business and deal with its daily corporate matters, according to a well-accepted financial and
commercial standard and practice; 

  

	 	2.1.3	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in Party C’s assets,
business or revenue, or allow any security interest to be created over thereon, anytime upon the execution hereof; 

  

	 	2.1.4	without written consent of Party A, will not incur, succeed, guaranty, or allow the existing of, any liability, provided that, (i) such liability arises from its
routine or daily operation, instead of borrowing; and (ii) such liability has been disclosed by Party A and consented by Party A in writing; 

  

	 	2.1.5	will operate all business in the course of normal operation, and will not take any action/non-action imposing any adverse effect on Party C’s operation status and
value of assets, in order to maintain Party C’s assets value; 

  

	 	2.1.6	without written consent of Party A, will not cause Party C to enter into any material contract, except for contracts made during the ordinary course of business (for
purpose of this clause, if the value of contract exceeds RMB 100,000, the contract will be deemed material); 

  

	 	2.1.7	without written consent of Party A, will not cause Party C to provide any loan or credit facility to any other person; 

 

	 	2.1.8	will provide to Party A all materials in respect of Party C’s operation and financial situation, as required by Party A; 

  
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	 	2.1.9	if required by Party A, will procure from the insurer accepted by Party A insurance and maintain the insurance with respect to its assts and business, and the insurance
premium and policy shall be in compliance with those of other companies operating similar businesses; 

  

	 	2.1.10	without written consent of Party A, will not cause Party C to merge or amalgamate with any other person, or acquire or invest in any other person;

  

	 	2.1.11	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to Party C’s assets, business and revenue;

  

	 	2.1.12	for purpose of maintenance of Party C’s ownership of all of its assets, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.1.13	without written consent of Party A, will not distribute any dividend in any form to shareholders, provided that, if required so by Party A, will immediately distribute
all its distributable profits to its shareholders; and 

  

	 	2.1.14	will appoint the persons designated by Party A as Party C’s directors, as required by Party A. 

 

	2.2	Party B’s Undertakings 

 Party B undertakes that it: 
  

	 	2.2.1	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in the equity interests held by
it of Party C, or allow any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement; 

 

	 	2.2.2	will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve the sale, transfer, mortgage, or disposition in any other way of, any
legal or beneficial interest in the equity interests held by it of Party C, or any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement;

  

	 	2.2.3	without written consent of Party A, will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve Party C’s merger or
amalgamation with any other person, or its acquisition of or investment in any other person; 

  

	 	2.2.4	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to the equity interests held by it;

  
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	 	2.2.5	will cause Party C’s shareholders’ meeting and/or directors meeting to resolve to agree upon the transfer of Purchased Equity Interests mentioned herein, and
take any other actions as required by Party A; 

  

	 	2.2.6	for purpose of maintaining its legitimate ownership of equity interests held by it, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.2.7	will appoint the persons designated by Party A as Party C’s directors, as required by Party A; 

 

	 	2.2.8	as required by Party A at anytime, will at anytime, unconditionally transfer its equity interests to the representatives designated by Party A in accordance with the
Equity Purchase Right mentioned herein, and waive the option right with respect to the transfer of corresponding equity interests to another existing shareholder (if any); and 

 

	 	2.2.9	will strictly abide by all provisions of this Agreement and other contracts among the Parties, and between any two of them, perform all the obligations thereunder, and
will not take any action/non-action which may impose any effect on the validity and enforceability of such contracts. If Party B still maintains any right with respect to the equity interests under this Agreement, or Equity Pledge Agreement among
the Parties, or the authorization letter of Party A, Party B will not exercise any of such rights unless with the written direction of Party A. 

  

	3.	Representations and Warrants 

 Party B and Party C hereby respectively and jointly represent and warrant to Party A on the date hereof and each day of transfer, that: 

 

	 	3.1	it has the power and capacity to execute and deliver this Agreement, as well as any other equity interests transfer contract, to which it is a party, and which is made
for each transfer of Purchased Equity Interests in accordance with this Agreement (individually referred to as “Transfer Agreement”), and perform its obligations under this Agreement and the Transfer Agreement. Party B and Party C agree to
enter into a respective Transfer Agreement containing the provisions same to this Agreement when Party A exercises the Equity Purchase Right. This Agreement and any Transfer Agreement to which it is a party, upon being executed, constitutes or will
constitute its valid and binding obligation enforceable against it in accordance with the terms hereof; 

  

	 	3.2	its execution, delivery and performance of this Agreement or any Transfer Agreement will not (i) violate any applicable laws of the PRC; (ii) conflict with
the articles of association and other organizational documents of Party C; (iii) breach any contract or document which is binding upon it, or to which it is a party; (iv) violate any permit or approval, or the conditions for maintaining
its validity of such permit or approval, granted to any party; or (v) cause the suspension or withdrawal of, or impose any additional conditions on, the permit or approval granted to any party; 

  
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	 	3.3	Party B owns good and salable ownership of the equity interests by it in Party C, and Party B has not created any security interest over such equity interests except
for Party B’s Equity Pledge Agreement; 

  

	 	3.4	Party C owns good and salable ownership of all of its assets, and Party C has not created any security interest over such assets; 

 

	 	3.5	Party C does not have any outstanding liabilities, except for (i) those arising from the ordinary course of business and (ii) those disclosed to Party A and
approved by Party A in writing; 

  

	 	3.6	Party C has been complying with all applicable laws and regulations related to the acquisition of assets; and 

 

	 	3.7	there are no lawsuits, arbitrations or administrative proceedings pending or threatened with respect to the equity interests, Party C’s assets or Party C itself.

  

	4.	Effective Date 

This Agreement becomes effective upon the execution by each Party. The term of this Agreement is ten (10) years, and may be extended
subject to Party A’s decision. All the related Exclusive Stock Option Agreement and the Amendment thereto entered among the Parties will no longer be effective from the date hereof. 

 

	5.	Applicable Law and Dispute Resolution 

  

	5.1	Applicable Law 

 The
formation of this Agreement, its validity, interpretation, performance, change, and termination of this Agreement, and the settlement of any dispute between the Parties, shall be governed by and construed in accordance with the laws of the PRC,
which are officially promulgated and available to the public. The issues not governed by the laws of the PRC, which are officially promulgated and available to the public, shall apply international legal rules and practices. 

 

	5.2	Dispute Resolution 

 The
Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this Agreement through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party
gives the other Party written notice of the dispute, then each Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules.
The arbitration shall be conducted in Shanghai in Chinese. The award of the arbitration tribunal shall be final and binding upon the Parties. 

  
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	6.	Taxes, Fees 

 Each
Party shall respectively bear any and all the taxes, expenses and fees incurred by, or collected from such Party, for preparation and execution of this Agreement, each Transfer Agreement, and completion of the transactions contemplated by this
Agreement and each Transfer Agreement, in accordance with laws of the PRC. 
  

	7.	Notices 

  

	7.1	All the notices and other communications required by or sent pursuant to this Agreement shall be delivered to the following address of each Party in person, by
registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be confirmed with a respective email. Delivery shall be deemed to have occurred: 

 

	 	7.1.1	the same day (local time at the recipient’s place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid
post, or delivery is refused. 

  

	 	7.1.2	the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 

 

	7.2	Each Party’s address for purpose of notice is as follows: 

  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	
		
	Party B:	  	Beijing Tuda Science and Technology Company Limited
	Address:	  	Suite B1506, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Jin Cao
	Telephone:	  	
	Facsimile:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	

  

	7.3	Each Party may at anytime change its address for receiving notices by giving a notice to the other Parties in accordance with this clause. 

  
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	8.	Confidentiality 

Each Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information exchanged
among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not
disclose any confidential information to any third party, provided that, confidential information shall not include information that (i) is or becomes available to the public other than as a result of a disclosure by the receiving Party in
violation of this Agreement, or (ii) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required by order or decree of governmental authorities or courts; or (iii) any information disclosed
by either Party to its shareholders, invertors, legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the
professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party shall be held liable for breach. This provision shall survive the termination of this Agreement for any reason. 

 

	9.	Further Assurance 

The Parties hereto shall each immediately perform such beneficial acts, execute and deliver such beneficial instruments and documents, and
do all such other things as may be reasonably necessary to perform the provisions and purpose of this Agreement. 
  

	10.	Miscellaneous  

  

	10.1	Amendment, Change and Supplement 

 Any amendment, change and supplement to this Agreement can only be made with the written agreement signed by each Party hereto. 

 

	10.2	Entirety 

 Except for any
written amendment, supplement and change made to this Agreement upon the execution hereof, this Agreement constitutes the entire agreement reached among the Parties relating to the subject matter hereof, and supersedes in their entirety all prior
written and oral agreements and understandings among the Parties relating to the subject matter hereof. 
  

	10.3	Headings 

 The headings of
this Agreement are created only for reading convenience and should not be interpreted, or explained to affect the meanings of the provisions hereof. 
  

	10.4	Languages 

 This Agreement
is written in Chinese in three (3) originals, each Party holding one (1) copy. 

  
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	10.5	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected
in any aspect. The Parties shall in good faith endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties to replace those invalid, illegal or unenforceable provisions, provided that, the economic
effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 
  

	10.6	Successors 

 This
Agreement shall be binding upon, and inure to the benefit of, the Parties and their successors and permitted assigns. 
  

	10.8	Survival 

  

	 	10.8.1	Any obligations arising from, or expiring upon the expiry or earlier termination of this Agreement survive the expiry or earlier termination of this Agreement.

  

	 	10.8.2	Section 5, Section 7, Section 8 of this Agreement and this Clause 10.8 shall survive the termination of this Agreement. 

 

	10.9	Waiver 

 Each Party can
only waive any term or condition of this Agreement in writing and with the signatures of all the Parties. Any waiver made by one Party regarding the other Party’s breach should not be deemed as the waiver of such Party regarding the other
Party’s similar breaches in other situations. 
  

	10.10	Indemnification 

  

	 	10.10.1	Each Party hereby agrees and confirms that, if any existing shareholder materially breaches any provision hereof (“Default Party”), or materially fails to
perform any obligation hereunder, then it has constituted the breach of this Agreement (“Breach”), and Party A has the right to require the Default Party to cure such Breach or take any correction measures regarding such Breach within a
reasonable period. In the event that the Default Party fails to cure such Breach or take any correction measures regarding such Breach within such reasonable period or ten (10) days after Party A sends the written breach notice to the Default
Party to require the correction, then Party A is entitled to choose any of the following relieves for the Breach: (i) to terminate this Agreement and require the Default Party to provide full indemnification for such Breach; (2) to require
the enforcement of all the obligations of the Default Party under this Agreement, and the Default Party to provide full indemnification for such Breach; or (3) to sell or dispose of the pledged equity interests in accordance with the Equity
Pledge Agreement, to be indemnified at the first priority with the price of sale and disposal of such equity interests, and require the Default Party to be liable for all losses so incurred by it. 

  
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	 	10.10.2	Each Party agrees and confirms that under no circumstance may the existing shareholders require the termination of this Agreement for any reason.

  

	 	10.10.3	The rights and relieves available hereunder are accumulative and do not exclude any other right or relief available in accordance with laws. 

 

	 	10.10.4	Notwithstanding anything contained herein to the contrary, the validity of this provision survives the suspension or termination of this Agreement.

  
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 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative
		
	Party B:	  	Beijing Tuda Science and Technology Company Limited
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative

  
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 Exclusive Option Agreement 
 This Exclusive Option Agreement (this “Agreement”) dated September 16, 2011, is made in Beijing, the People’s Republic of China (the “PRC”), by and among: 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Xueling Li
	Address:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou

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

	1.	Party B holds 1.6654% equity interests of Party C; 

  

	2.	Party A and Party C entered into a series of legal documents, including an Exclusive Business Cooperation Agreement and Exclusive Technology Support and Technology
Services Agreement on August 12, 2008, which are made for purpose of formation of Party A’s control over Party C (collectively as “Controlling Documents”). 

 THEREFORE, the Parties hereby agree as follows: 
  

	1.	Sale and Purchase of Equity Interests 

  

	1.1	Right of Grant 

Considering that Party A has paid RMB 10 to Party B as the consideration, and Party B has confirmed that it had received such
consideration and such consideration was sufficient, Party B hereby irrevocably grants Party A an exclusive right to, according to the exercise steps decided by Party A at is own discretion and the price described in Clause 1.3 hereof, at anytime
purchase or designate one or several persons (“Designated Person”) to purchase any portion of all of equity interests held by Party B in Party C in one or several installments, to the extent allowed by laws of the PRC (“Equity
Purchase Right”). Any third party other than Party A and Appointed Person should not enjoy the Equity Purchase Right or any other rights with respect to Party B’s equity interests. Party C hereby allows Party B to grant the Equity Purchase
Right to Party A. “Person” mentioned in this clause and this Agreement refers to individuals, companies, joint ventures, partnerships, enterprises, trusts and non-corporate organizations. 

  
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	1.2	Steps of Exercise 

 The
exercise of Equity Purchase Right by Party A is subject to provisions of laws and regulations of PRC. When exercising the Equity Purchase Right, Party A shall serve a written notice (“Purchase Notice”) to Party B, to specify the following
issues: (a) decisions of Party A regarding the exercise of Equity Purchase Right; (b) the percentage of equity interests to be purchased by Party A from Party B (“Purchased Equity Interests”), and (c) date of
purchase/assignment of Purchased Equity Right. 
  

	1.3	Purchase Price 

 Lowest
price allowed by laws of the PRC. 
  

	1.4	Assignment of Purchased Equity Interests 

 Every time Party A exercises the Equity Purchase Right, 
  

	 	1.4.1	Party B shall cause Party C to hold the shareholders’ meeting, by which the resolutions regarding Party B’s assignment of Purchased Equity Interests to Party
A and/or Designated Person shall be resolved and approved; 

  

	 	1.4.2	Party B shall obtain Party C’s other shareholders’ consent regarding the assignment of Purchased Equity Interests to Party A and/or Designated Person, and
provide a written statement with respect to waiver of the option right; 

  

	 	1.4.3	Party B shall enter into a respective equity transfer contract for each transfer of equity interests with Party A and/or the Designated Person (if applicable) in
accordance with the provisions hereof and the Purchase Notice; 

  

	 	1.4.4	related parties shall enter into all the other contracts, agreements and documents, obtain all governmental approvals and consents, and take all actions necessary for
the transfer of all valid ownership of the Purchased Equity Interests to Party A and/or the Designated Person, as well as validation of Party A and/or the Designated Person’s status as registered owner of the Purchased Equity Interests, without
any security interest. For the purpose of this clause and this Agreement, “security interest” includes guaranty, mortgage, third party’s rights or interests, any stock option, right of purchase, option right, setting-off right,
ownership retention or other guaranty arrangement, etc., provided that, for purchase of clarification, it will not include any security interest arising from this Agreement and Party B’s Equity Pledge Agreement. “Party B’s Equity
Pledge Agreement” as mentioned in this clause and this Agreement refers to the Equity Pledge Agreement entered into by and among Party A, Party B and Party C on the date hereof, in accordance with which, Party B pledges all the equity interests
held by it in Party C to Party A, for purpose of security of Party C’s performance of all its obligations under the Exclusive Business Cooperation Agreement between Party C and Party A. 

  
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	1.5	Payment 

 The Parties
agree that, the equity interests transfer price to be paid by Party A to Party B for exercising the exclusive option right hereunder by Party A, in principle, shall be the lowest amount allowed by then effective laws and regulations of the PRC. If
Party B is held liable to Party A or its affiliates then, Party A may also use related creditor’s right as the consideration for the transfer of equity interests. 
  

	2.	Undertakings 

  

	2.1	Undertakings Relating to Party C 

 Party B (as Party C’s shareholder) and Party C hereby undertake that with respect to Party C, they: 
  

	 	2.1.1	without written consent of Party A, will not, in any way, supplement, change or amend the organizational documents of Party C, increase or decrease its registered
capital, or change the structure of its registered capital in any other form; 

  

	 	2.1.2	will maintain its existence, diligently and validly operate its business and deal with its daily corporate matters, according to a well-accepted financial and
commercial standard and practice; 

  

	 	2.1.3	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in Party C’s assets,
business or revenue, or allow any security interest to be created over thereon, anytime upon the execution hereof; 

  

	 	2.1.4	without written consent of Party A, will not incur, succeed, guaranty, or allow the existing of, any liability, provided that, (i) such liability arises from its
routine or daily operation, instead of borrowing; and (ii) such liability has been disclosed by Party A and consented by Party A in writing; 

  

	 	2.1.5	will operate all business in the course of normal operation, and will not take any action/non-action imposing any adverse effect on Party C’s operation status and
value of assets, in order to maintain Party C’s assets value; 

  

	 	2.1.6	without written consent of Party A, will not cause Party C to enter into any material contract, except for the contracts made during the ordinary course of business
(for purpose of this clause, if the value of contract exceeds RMB 100,000, the contract will be deemed material); 

  

	 	2.1.7	without written consent of Party A, will not cause Party C to provide any loan or credit facility to any other person; 

 

	 	2.1.8	will provide to Party A all materials in respect of Party C’s operation and financial situation, as required by Party A; 

  
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	 	2.1.9	if required by Party A, will procure from the insurer accepted by Party A insurance and maintain the insurance with respect to its assets and business, and the
insurance premium and policy shall be in compliance with those of other companies operating similar businesses; 

  

	 	2.1.10	without written consent of Party A, will not cause Party C to merge or amalgamate with any other person, or acquire or invest in any other person;

  

	 	2.1.11	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to Party C’s assets, business and revenue;

  

	 	2.1.12	for purpose of maintenance of Party C’s ownership of all of its assets, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.1.13	without written consent of Party A, will not distribute any dividend in any form to shareholders, provided that, if required so by Party A, will immediately distribute
all its distributable profits to its shareholders; and 

  

	 	2.1.14	will appoint the persons designated by Party A as Party C’s directors, as required by Party A. 

 

	2.2	Party B’s Undertakings 

 Party B undertakes that it: 
  

	 	2.2.1	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in the equity interests held by
it of Party C, or allow any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement; 

 

	 	2.2.2	will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve the sale, transfer, mortgage, or disposition in any other way of, any
legal or beneficial interest in the equity interests held by it of Party C, or any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement;

  

	 	2.2.3	without written consent of Party A, will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve Party C’s merger or
amalgamation with any other person, or its acquisition of or investment in any other person; 

  

	 	2.2.4	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to the equity interests held by it;

  
 15 

	 	2.2.5	will cause Party C’s shareholders’ meeting and/or directors meeting to resolve to agree upon the transfer of Purchased Equity Interests mentioned herein, and
take any other actions as required by Party A; 

  

	 	2.2.6	for purpose of maintaining its legitimate ownership of equity interests held by it, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.2.7	will appoint the persons designated by Party A as Party C’s directors, as required by Party A; 

 

	 	2.2.8	as required by Party A at anytime, will at anytime, unconditionally transfer its equity interests to the representatives designated by Party A in accordance with the
Equity Purchase Right mentioned herein, and waive the option right with respect to the transfer of corresponding equity interests to another existing shareholder (if any); and 

 

	 	2.2.9	will strictly abide by all provisions of this Agreement and other contracts among the Parties, and between any two of them, perform all the obligations thereunder, and
will not take any action/non-action which may impose any effect on the validity and enforceability of such contracts. If Party B still maintains any right with respect to the equity interests under this Agreement, or Equity Pledge Agreement among
the Parties, or the authorization letter of Party A, Party B will not exercise any of such rights unless with the written direction of Party A. 

  

	3.	Representations and Warrants 

 Party B and Party C hereby respectively and jointly represent and warrant to Party A on the date hereof and each day of transfer, that: 

 

	 	3.1	it has the power and capacity to execute and deliver this Agreement, as well as any other equity interests transfer contract, to which it is a party, and which is made
for each transfer of Purchased Equity Interests in accordance with this Agreement (individually referred to as “Transfer Agreement”), and perform its obligations under this Agreement and the Transfer Agreement. Party B and Party C agree to
enter into a respective Transfer Agreement containing the provisions same to this Agreement when Party A exercises the Equity Purchase Right. This Agreement and any Transfer Agreement to which it is a party, upon being executed, constitutes or will
constitute its valid and binding obligation enforceable against it in accordance with the terms hereof; 

  

	 	3.2	its execution, delivery and performance of this Agreement or any Transfer Agreement will not (i) violate any applicable laws of the PRC; (ii) conflict with
the articles of association and other organizational documents of Party C; (iii) breach any Agreement or document which is binding upon it, or to which it is a party; (iv) violate any permit or approval, or the conditions for maintaining
its validity of such permit or approval, granted to any party; or (v) cause the suspension or withdrawal of, or impose any additional conditions on, the permit or approval granted to any party; 

  
 16 

	 	3.3	Party B owns good and salable ownership of the equity interests by it in Party C, and Party B has not created any security interest over such equity interests except
for Party B’s Equity Pledge Agreement; 

  

	 	3.4	Party C owns good and salable ownership of all of its assets, and Party C has not created any security interest over such assets; 

 

	 	3.5	Party C does not have any outstanding liabilities, except for (i) those arising from the ordinary course of business; and (ii) those disclosed to Party A and
approved by Party A in writing; 

  

	 	3.6	Party C has been complying with all applicable laws and regulations related to the acquisition of assets; and 

 

	 	3.7	there are no lawsuits, arbitrations or administrative proceedings pending or threatened with respect to the equity interests, Party C’s assets or Party C itself.

  

	4.	Effective Date 

This Agreement becomes effective upon the execution by each Party. The term of this Agreement is ten (10) years, and may be extended
subject to Party A’s decision. All the related Exclusive Stock Option Agreement and the Amendment thereto entered among the Parties will no longer be effective from the date hereof. 

 

	5.	Applicable Law and Dispute Resolution 

  

	5.1	Applicable Law 

 The
formation of this Agreement, its validity, interpretation, performance, change, and termination of this Agreement, and the settlement of any dispute between the Parties, shall be governed by and construed in accordance with the laws of the PRC,
which are officially promulgated and available to the public. The issues not governed by the laws of the PRC, which are officially promulgated and available to the public, shall apply international legal rules and practices. 

 

	5.2	Dispute Resolution 

 The
Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this Agreement through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party
gives the other Party written notice of the dispute, then each Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules.
The arbitration shall be conducted in Shanghai in Chinese. The award of the arbitration tribunal shall be final and binding upon the Parties. 

  
 17 

	6.	Taxes, Fees 

 Each
Party shall respectively bear any and all the taxes, expenses and fees incurred by, or collected from such Party, for preparation and execution of this Agreement, each Transfer Agreement, and completion of the transactions contemplated by this
Agreement and each Transfer Agreement, in accordance with laws of the PRC. 
  

	7.	Notices 

  

	7.1	All the notices and other communications required by or sent pursuant to this Agreement shall be delivered to the following address of each Party in person, by
registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be confirmed with a respective email. Delivery shall be deemed to have occurred: 

 

	 	7.1.1	the same day (local time at the recipient’s place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid
post, or delivery is refused. 

  

	 	7.1.2	the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 

 

	7.2	Each Party’s address for purpose of notice is as follows: 

  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	
		
	Party B:	  	Xueling Li
	Address:	  	No.2, Haiyuncang Hutong, Dongcheng District, Beijing
	Telephone:	  	
	Facsimile:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	

  

	7.3	Each Party may at anytime change its address for receiving notices by giving a notice to the other Parties in accordance with this clause. 

  
 18 

	8.	Confidentiality 

Each Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information exchanged
among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not
disclose any confidential information to any third party, provided that, confidential information shall not include information that (i) is or becomes available to the public other than as a result of a disclosure by the receiving Party in
violation of this Agreement, or (ii) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required by order or decree of governmental authorities or courts; or (iii) any information disclosed
by either Party to its shareholders, invertors, legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the
professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party shall be held liable for breach. This provision shall survive the termination of this Agreement for any reason. 

 

	9.	Further Assurance 

The Parties hereto shall each immediately perform such beneficial acts, execute and deliver such beneficial instruments and documents, and
do all such other things as may be reasonably necessary to perform the provisions and purpose of this Agreement. 
  

	10.	Miscellaneous  

  

	10.1	Amendment, Change and Supplement 

 Any amendment, change and supplement to this Agreement can only be made with the written agreement signed by each Party hereto. 

 

	10.2	Entirety 

 Except for any
written amendment, supplement and change made to this Agreement upon the execution hereof, this Agreement constitutes the entire agreement reached among the Parties relating to the subject matter hereof, and supersedes in their entirety all prior
written and oral agreements and understandings among the Parties relating to the subject matter hereof. 
  

	10.3	Headings 

 The headings of
this Agreement are created only for reading convenience and should not be interpreted, or explained to affect the meanings of the provisions hereof. 
  

	10.4	Languages 

 This Agreement
is written in Chinese in three (3) originals, each Party holding one (1) copy. 
  

	10.5	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected
in any aspect. The Parties shall in good faith endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties to replace those invalid, illegal or unenforceable provisions, provided that, the economic
effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 

  
 19 

	10.6	Successors 

 This
Agreement shall be binding upon, and inure to the benefit of, the Parties and their successors and permitted assigns. 
  

	10.8	Survival 

  

	 	10.8.1	Any obligations arising from, or expiring upon the expiry or earlier termination of this Agreement survive the expiry or earlier termination of this Agreement.

  

	 	10.8.2	Section 5, Section 7, Section 8 of this Agreement and this Clause 10.8 shall survive the termination of this Agreement. 

 

	10.9	Waiver 

 Each Party can
only waive any term or condition of this Agreement in writing and with the signatures of all the Parties. Any waiver made by one Party regarding the other Party’s breach should not be deemed as the waiver of such Party regarding the other
Party’s similar breaches in other situations. 
  

	10.10	Indemnification 

  

	 	10.10.1	Each Party hereby agrees and confirms that, if any existing shareholder materially breaches any provision hereof (“Default Party”), or materially fails to
perform any obligation hereunder, then it has constituted the breach of this Agreement (“Breach”), and Party A has the right to require the Default Party to cure such Breach or take any correction measures regarding such Breach within a
reasonable period. In the event that the Default Party fails to cure such Breach or take any correction measures regarding such Breach within such reasonable period or ten (10) days after Party A sends the written breach notice to the Default
Party to require the correction, then Party A is entitled to choose any of the following relieves for the Breach: (i) to terminate this Agreement and require the Default Party to provide full indemnification for such Breach; (2) to require
the enforcement of all the obligations of the Default Party under this Agreement, and the Default Party to provide full indemnification for such Breach; or (3) to sell or dispose of the pledged equity interests in accordance with the Equity
Pledge Agreement, to be indemnified at the first priority with the price of sale and disposal of such equity interests, and require the Default Party to be liable for all losses so incurred by it. 

 

	 	10.10.2	Each Party agrees and confirms that under no circumstance may the existing shareholders require the termination of this Agreement for any reason.

  
 20 

	 	10.10.3	The rights and relieves available hereunder are accumulative and do not exclude any other right or relief available in accordance with laws. 

 

	 	10.10.4	Notwithstanding anything contained herein to the contrary, the validity of this provision survives the suspension or termination of this Agreement.

  
 21 

 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative
		
	Party B:	  	Xueling Li
		
	Signature:	  	/s/ Xueling Li
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative

  
 22 

 Exclusive Option Agreement 
 This Exclusive Option Agreement (this “Agreement”) dated September 16, 2011, is made in Beijing, the People’s Republic of China (the “PRC”), by and among: 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Jun Lei
	Address:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou

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

	1.	Party B holds 1.4570% equity interests of Party C; 

  

	2.	Party A and Party C entered into a series of legal documents, including an Exclusive Business Cooperation Agreement and Exclusive Technology Support and Technology
Services Agreement on August 12, 2008, which are made for purpose of formation of Party A’s control over Party C (collectively as “Controlling Documents”). 

 THEREFORE, the Parties hereby agree as follows: 
  

	1.	Sale and Purchase of Equity Interests 

  

	1.1	Right of Grant 

Considering that Party A has paid RMB 10 to Party B as the consideration, and Party B has confirmed that it had received such
consideration and such consideration was sufficient, Party B hereby irrevocably grants Party A an exclusive right to, according to the exercise steps decided by Party A at is own discretion and the price described in Clause 1.3 hereof, at anytime
purchase or designate one or several persons (“Designated Person”) to purchase any portion of all of equity interests held by Party B in Party C in one or several installments, to the extent allowed by laws of the PRC (“Equity
Purchase Right”). Any third party other than Party A and Appointed Person should not enjoy the Equity Purchase Right or any other rights with respect to Party B’s equity interests. Party C hereby allows Party B to grant the Equity Purchase
Right to Party A. “Person” mentioned in this clause and this Agreement refers to individuals, companies, joint ventures, partnerships, enterprises, trusts and non-corporate organizations. 

  
 23 

	1.2	Steps of Exercise 

 The
exercise of Equity Purchase Right by Party A is subject to provisions of laws and regulations of PRC. When exercising the Equity Purchase Right, Party A shall serve a written notice (“Purchase Notice”) to Party B, to specify the following
issues: (a) decisions of Party A regarding the exercise of Equity Purchase Right; (b) the percentage of equity interests to be purchased by Party A from Party B (“Purchased Equity Interests”), and (c) date of
purchase/assignment of Purchased Equity Right. 
  

	1.3	Purchase Price 

 Lowest
price allowed by laws of the PRC. 
  

	1.4	Assignment of Purchased Equity Interests 

 Every time Party A exercises the Equity Purchase Right, 
  

	 	1.4.1	Party B shall cause Party C to hold the shareholders’ meeting, by which the resolutions regarding Party B’s assignment of Purchased Equity Interests to Party
A and/or Designated Person shall be resolved and approved; 

  

	 	1.4.2	Party B shall obtain Party C’s other shareholders’ consent regarding the assignment of Purchased Equity Interests to Party A and/or Designated Person, and
provide a written statement with respect to waiver of the option right; 

  

	 	1.4.3	Party B shall enter into a respective equity transfer contract for each transfer of equity interests with Party A and/or the Designated Person (if applicable) in
accordance with the provisions hereof and the Purchase Notice; 

  

	 	1.4.4	related parties shall enter into all the other contracts, agreements and documents, obtain all governmental approvals and consents, and take all actions necessary for
the transfer of all valid ownership of the Purchased Equity Interests to Party A and/or the Designated Person, as well as validation of Party A and/or the Designated Person’s status as registered owner of the Purchased Equity Interests, without
any security interest. For the purpose of this clause and this Agreement, “security interest” includes guaranty, mortgage, third party’s rights or interests, any stock option, right of purchase, option right, setting-off right,
ownership retention or other guaranty arrangement, etc., provided that, for purchase of clarification, it will not include any security interest arising from this Agreement and Party B’s Equity Pledge Agreement. “Party B’s Equity
Pledge Agreement” as mentioned in this clause and this Agreement refers to the Equity Pledge Agreement entered into by and among Party A, Party B and Party C on the date hereof, in accordance with which, Party B pledges all the equity interests
held by it in Party C to Party A, for purpose of security of Party C’s performance of all its obligations under the Exclusive Business Cooperation Agreement between Party C and Party A. 

  
 24 

	1.5	Payment 

 The Parties
agree that, the equity interests transfer price to be paid by Party A to Party B for exercising the exclusive option right hereunder by Party A, in principle, shall be the lowest amount allowed by then effective laws and regulations of the PRC. If
Party B is held liable to Party A or its affiliates then, Party A may also use related creditor’s right as the consideration for the transfer of equity interests. 
  

	2.	Undertakings 

  

	2.1	Undertakings Relating to Party C 

 Party B (as Party C’s shareholder) and Party C hereby undertake that with respect to Party C, they: 
  

	 	2.1.1	without written consent of Party A, will not, in any way, supplement, change or amend the organizational documents of Party C, increase or decrease its registered
capital, or change the structure of its registered capital in any other form; 

  

	 	2.1.2	will maintain its existence, diligently and validly operate its business and deal with its daily corporate matters, according to a well-accepted financial and
commercial standard and practice; 

  

	 	2.1.3	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in Party C’s assets,
business or revenue, or allow any security interest to be created over thereon, anytime upon the execution hereof; 

  

	 	2.1.4	without written consent of Party A, will not incur, succeed, guaranty, or allow the existing of, any liability, provided that, (i) such liability arises from its
routine or daily operation, instead of borrowing; and (ii) such liability has been disclosed by Party A and consented by Party A in writing; 

  

	 	2.1.5	will operate all business in the course of normal operation, and will not take any action/non-action imposing any adverse effect on Party C’s operation status and
value of assets, in order to maintain Party C’s assets value; 

  

	 	2.1.6	without written consent of Party A, will not cause Party C to enter into any material contract, except for the contracts made during the ordinary course of business
(for purpose of this clause, if the value of contract exceeds RMB 100,000, the contract will be deemed material); 

  

	 	2.1.7	without written consent of Party A, will not cause Party C will not provide any loan or credit facility to any other person; 

 

	 	2.1.8	will provide to Party A all materials in respect of Party C’s operation and financial situation, as required by Party A; 

  
 25 

	 	2.1.9	if required by Party A, will procure from the insurer accepted by Party A insurance and maintain the insurance with respect to its assets and business, and the
insurance premium and policy shall be in compliance with those of other companies operating similar businesses; 

  

	 	2.1.10	without written consent of Party A, will not cause Party C to merge or amalgamate with any other person, or acquire or invest in any other person;

  

	 	2.1.11	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to Party C’s assets, business and revenue;

  

	 	2.1.12	for purpose of maintenance of Party C’s ownership of all of its assets, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.1.13	without written consent of Party A, will not distribute any dividend in any form to shareholders, provided that, if required so by Party A, will immediately distribute
all its distributable profits to its shareholders; and 

  

	 	2.1.14	will appoint the persons designated by Party A as Party C’s directors, as required by Party A. 

 

	2.2	Party B’s Undertakings 

 Party B undertakes that it: 
  

	 	2.2.1	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in the equity interests held by
it of Party C, or allow any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement; 

 

	 	2.2.2	will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve the sale, transfer, mortgage, or disposition in any other way of, any
legal or beneficial interest in the equity interests held by it of Party C, or any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement;

  

	 	2.2.3	without written consent of Party A, will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve Party C’s merger or
amalgamation with any other person, or its acquisition of or investment in any other person; 

  

	 	2.2.4	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to the equity interests held by it;

  
 26 

	 	2.2.5	will cause Party C’s shareholders’ meeting and/or directors meeting to resolve to agree upon the transfer of Purchased Equity Interests mentioned herein, and
take any other actions as required by Party A; 

  

	 	2.2.6	for purpose of maintaining its legitimate ownership of equity interests held by it, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.2.7	will appoint the persons designated by Party A as Party C’s directors, as required by Party A; 

 

	 	2.2.8	as required by Party A at anytime, will at anytime, unconditionally transfer its equity interests to the representatives designated by Party A in accordance with the
Equity Purchase Right mentioned herein, and waive the option right with respect to the transfer of corresponding equity interests to another existing shareholder (if any); and 

 

	 	2.2.9	will strictly abide by all provisions of this Agreement and other contracts among the Parties, and between any two of them, perform all the obligations thereunder, and
will not take any action/non-action which may impose any effect on the validity and enforceability of such contracts. If Party B still maintains any right with respect to the equity interests under this Agreement, or Equity Pledge Agreement among
the Parties, or the authorization letter of Party A, Party B will not exercise any of such rights unless with the written direction of Party A. 

  

	3.	Representations and Warrants 

 Party B and Party C hereby respectively and jointly represent and warrant to Party A on the date hereof and each day of transfer, that: 

 

	 	3.1	it has the power and capacity to execute and deliver this Agreement, as well as any other equity interests transfer contract, to which it is a party, and which is made
for each transfer of Purchased Equity Interests in accordance with this Agreement (individually referred to as “Transfer Agreement”), and perform its obligations under this Agreement and the Transfer Agreement. Party B and Party C agree to
enter into a respective Transfer Agreement containing the provisions same to this Agreement when Party A exercises the Equity Purchase Right. This Agreement and any Transfer Agreement to which it is a party, upon being executed, constitutes or will
constitute its valid and binding obligation enforceable against it in accordance with the terms hereof; 

  

	 	3.2	its execution, delivery and performance of this Agreement or any Transfer Agreement will not (i) violate any applicable laws of the PRC; (ii) conflict with
the articles of association and other organizational documents of Party C; (iii) breach any contract or document which is binding upon it, or to which it is a party; (iv) violate any permit or approval, or the conditions for maintaining
its validity of such permit or approval, granted to any party; or (v) cause the suspension or withdrawal of, or impose any additional conditions on, the permit or approval granted to any party; 

  
 27 

	 	3.3	Party B owns good and salable ownership of the equity interests by it in Party C, and Party B has not created any security interest over such equity interests except
for Party B’s Equity Pledge Agreement; 

  

	 	3.4	Party C owns good and salable ownership of all of its assets, and Party C has not created any security interest over such assets; 

 

	 	3.5	Party C does not have any outstanding liabilities, except for (i) those arising from the ordinary course of business; and (ii) those disclosed to Party A and
approved by Party A in writing; 

  

	 	3.6	Party C has been complying with all applicable laws and regulations related to the acquisition of assets; and 

 

	 	3.7	there are no lawsuits, arbitrations or administrative proceedings pending or threatened with respect to the equity interests, Party C’s assets or Party C itself.

  

	4.	Effective Date 

This Agreement becomes effective upon the execution by each Party. The term of this Agreement is ten (10) years, and may be extended
subject to Party A’s decision. All the related Exclusive Stock Option Agreement and the Amendment thereto entered among the Parties will no longer be effective from the date hereof. 

 

	5.	Applicable Law and Dispute Resolution 

  

	5.1	Applicable Law 

 The
formation of this Agreement, its validity, interpretation, performance, change, and termination of this Agreement, and the settlement of any dispute between the Parties, shall be governed by and construed in accordance with the laws of the PRC,
which are officially promulgated and available to the public. The issues not governed by the laws of the PRC, which are officially promulgated and available to the public, shall apply international legal rules and practices. 

 

	5.2	Dispute Resolution 

 The
Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this Agreement through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party
gives the other Party written notice of the dispute, then each Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules.
The arbitration shall be conducted in Shanghai in Chinese. The award of the arbitration tribunal shall be final and binding upon the Parties. 

  
 28 

	6.	Taxes, Fees 

 Each
Party shall respectively bear any and all the taxes, expenses and fees incurred by, or collected from such Party, for preparation and execution of this Agreement, each Transfer Agreement, and completion of the transactions contemplated by this
Agreement and each Transfer Agreement, in accordance with laws of the PRC. 
  

	7.	Notices 

  

	7.1	All the notices and other communications required by or sent pursuant to this Agreement shall be delivered to the following address of each Party in person, by
registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be confirmed with a respective email. Delivery shall be deemed to have occurred: 

 

	 	7.1.1	the same day (local time at the recipient’s place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid
post, or delivery is refused. 

  

	 	7.1.2	the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 

 

	7.2	Each Party’s address for purpose of notice is as follows: 

  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	
		
	Party B:	  	Jun Lei
	Address:	  	Suite A19E, Huating Jiayuan, 6 North Sihuanzhong Road, Chaoyang District, Beijing
	Telephone:	  	
	Facsimile:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	

  

	7.3	Each Party may at anytime change its address for receiving notices by giving a notice to the other Parties in accordance with this clause. 

  
 29 

	8.	Confidentiality 

Each Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information exchanged
among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not
disclose any confidential information to any third party, provided that, confidential information shall not include information that (i) is or becomes available to the public other than as a result of a disclosure by the receiving Party in
violation of this Agreement, or (ii) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required by order or decree of governmental authorities or courts; or (iii) any information disclosed
by either Party to its shareholders, invertors, legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the
professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party shall be held liable for breach. This provision shall survive the termination of this Agreement for any reason. 

 

	9.	Further Assurance 

The Parties hereto shall each immediately perform such beneficial acts, execute and deliver such beneficial instruments and documents, and
do all such other things as may be reasonably necessary to perform the provisions and purpose of this Agreement. 
  

	10.	Miscellaneous  

  

	10.1	Amendment, Change and Supplement 

 Any amendment, change and supplement to this Agreement can only be made with the written agreement signed by each Party hereto. 

 

	10.2	Entirety 

 Except for any
written amendment, supplement and change made to this Agreement upon the execution hereof, this Agreement constitutes the entire agreement reached among the Parties relating to the subject matter hereof, and supersedes in their entirety all prior
written and oral agreements and understandings among the Parties relating to the subject matter hereof. 
  

	10.3	Headings 

 The headings of
this Agreement are created only for reading convenience and should not be interpreted, or explained to affect the meanings of the provisions hereof. 
  

	10.4	Languages 

 This Agreement
is written in Chinese in three (3) originals, each Party holding one (1) copy. 

  
 30 

	10.5	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected
in any aspect. The Parties shall in good faith endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties to replace those invalid, illegal or unenforceable provisions, provided that, the economic
effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 
  

	10.6	Successors 

 This
Agreement shall be binding upon, and inure to the benefit of, the Parties and their successors and permitted assigns. 
  

	10.8	Survival 

  

	 	10.8.1	Any obligations arising from, or expiring upon the expiry or earlier termination of this Agreement survive the expiry or earlier termination of this Agreement.

  

	 	10.8.2	Section 5, Section 7, Section 8 of this Agreement and this Clause 10.8 shall survive the termination of this Agreement. 

 

	10.9	Waiver 

 Each Party can
only waive any term or condition of this Agreement in writing and with the signatures of all the Parties. Any waiver made by one Party regarding the other Party’s breach should not be deemed as the waiver of such Party regarding the other
Party’s similar breaches in other situations. 
  

	10.10	Indemnification 

  

	 	10.10.1	Each Party hereby agrees and confirms that, if any existing shareholder materially breaches any provision hereof (“Default Party”), or materially fails to
perform any obligation hereunder, then it has constituted the breach of this Agreement (“Breach”), and Party A has the right to require the Default Party to cure such Breach or take any correction measures regarding such Breach within a
reasonable period. In the event that the Default Party fails to cure such Breach or take any correction measures regarding such Breach within such reasonable period or ten (10) days after Party A sends the written breach notice to the Default
Party to require the correction, then Party A is entitled to choose any of the following relieves for the Breach: (i) to terminate this Agreement and require the Default Party to provide full indemnification for such Breach; (2) to require
the enforcement of all the obligations of the Default Party under this Agreement, and the Default Party to provide full indemnification for such Breach; or (3) to sell or dispose of the pledged equity interests in accordance with the Equity
Pledge Agreement, to be indemnified at the first priority with the price of sale and disposal of such equity interests, and require the Default Party to be liable for all losses so incurred by it. 

  
 31 

	 	10.10.2	Each Party agrees and confirms that under no circumstance may the existing shareholders may require the termination of this Agreement for any reason.

  

	 	10.10.3	The rights and relieves available hereunder are accumulative and do not exclude any other right or relief available in accordance with laws. 

 

	 	10.10.4	Notwithstanding anything contained herein to the contrary, the validity of this provision survives the suspension or termination of this Agreement.

  
 32 

 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative
		
	Party B:	  	Jun Lei
		
	Signature:	  	/s/ Jun Lei
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative

  
 33 

 Exclusive Option Agreement 
 This Exclusive Option Agreement (this “Agreement”) dated September 16, 2011, is made in Beijing, the People’s Republic of China (the “PRC”), by and among: 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Bin Zhao
	Address:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou

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

	1.	Party B holds 0.1406% equity interests of Party C; 

  

	2.	Party A and Party C entered into a series of legal documents, including an Exclusive Business Cooperation Agreement and Exclusive Technology Support and Technology
Services Agreement on August 12, 2008, which are made for purpose of formation of Party A’s control over Party C (collectively as “Controlling Documents”). 

 THEREFORE, the Parties hereby agree as follows: 
  

	1.	Sale and Purchase of Equity Interests 

  

	1.1	Right of Grant 

Considering that Party A has paid RMB 10 to Party B as the consideration, and Party B has confirmed that it had received such
consideration and such consideration was sufficient, Party B hereby irrevocably grants Party A an exclusive right to, according to the exercise steps decided by Party A at is own discretion and the price described in Clause 1.3 hereof, at anytime
purchase or designate one or several persons (“Designated Person”) to purchase any portion of all of equity interests held by Party B in Party C in one or several installments, to the extent allowed by laws of the PRC (“Equity
Purchase Right”). Any third party other than Party A and Appointed Person should not enjoy the Equity Purchase Right or any other rights with respect to Party B’s equity interests. Party C hereby allows Party B to grant the Equity Purchase
Right to Party A. “Person” mentioned in this clause and this Agreement refers to individuals, companies, joint ventures, partnerships, enterprises, trusts and non-corporate organizations. 

  
 34 

	1.2	Steps of Exercise 

 The
exercise of Equity Purchase Right by Party A is subject to provisions of laws and regulations of PRC. When exercising the Equity Purchase Right, Party A shall serve a written notice (“Purchase Notice”) to Party B, to specify the following
issues: (a) decisions of Party A regarding the exercise of Equity Purchase Right; (b) the percentage of equity interests to be purchased by Party A from Party B (“Purchased Equity Interests”), and (c) date of
purchase/assignment of Purchased Equity Right. 
  

	1.3	Purchase Price 

 Lowest
price allowed by laws of the PRC. 
  

	1.4	Assignment of Purchased Equity Interests 

 Every time Party A exercises the Equity Purchase Right, 
  

	 	1.4.1	Party B shall cause Party C to hold the shareholders’ meeting, by which the resolutions regarding Party B’s assignment of Purchased Equity Interests to Party
A and/or Designated Person shall be resolved and approved; 

  

	 	1.4.2	Party B shall obtain Party C’s other shareholders’ consent regarding the assignment of Purchased Equity Interests to Party A and/or Designated Person, and
provide a written statement with respect to waiver of the option right; 

  

	 	1.4.3	Party B shall enter into a respective equity transfer contract for each transfer of equity interests with Party A and/or the Designated Person (if applicable) in
accordance with the provisions hereof and the Purchase Notice; 

  

	 	1.4.4	related parties shall enter into all the other contracts, agreements and documents, obtain all governmental approvals and consents, and take all actions necessary for
the transfer of all valid ownership of the Purchased Equity Interests to Party A and/or the Designated Person, as well as validation of Party A and/or the Designated Person’s status as registered owner of the Purchased Equity Interests, without
any security interest. For the purpose of this clause and this Agreement, “security interest” includes guaranty, mortgage, third party’s rights or interests, any stock option, right of purchase, option right, setting-off right,
ownership retention or other guaranty arrangement, etc., provided that, for purchase of clarification, it will not include any security interest arising from this Agreement and Party B’s Equity Pledge Agreement. “Party B’s Equity
Pledge Agreement” as mentioned in this clause and this Agreement refers to the Equity Pledge Agreement entered into by and among Party A, Party B and Party C on the date hereof, in accordance with which, Party B pledges all the equity interests
held by it in Party C to Party A, for purpose of security of Party C’s performance of all its obligations under the Exclusive Business Cooperation Agreement between Party C and Party A. 

  
 35 

	1.5	Payment 

 The Parties
agree that, the equity interests transfer price to be paid by Party A to Party B for exercising the exclusive option right hereunder by Party A, in principle, shall be the lowest amount allowed by then effective laws and regulations of the PRC. If
Party B is held liable to Party A or its affiliates then, Party A may also use related creditor’s right as the consideration for the transfer of equity interests. 
  

	2.	Undertakings 

  

	2.1	Undertakings Relating to Party C 

 Party B (as Party C’s shareholder) and Party C hereby undertake that with respect to Party C, they: 
  

	 	2.1.1	without written consent of Party A, will not, in any way, supplement, change or amend the organizational documents of Party C, increase or decrease its registered
capital, or change the structure of its registered capital in any other form; 

  

	 	2.1.2	will maintain its existence, diligently and validly operate its business and deal with its daily corporate matters, according to a well-accepted financial and
commercial standard and practice; 

  

	 	2.1.3	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in Party C’s assets,
business or revenue, or allow any security interest to be created over thereon, anytime upon the execution hereof; 

  

	 	2.1.4	without written consent of Party A, will not incur, succeed, guaranty, or allow the existing of, any liability, provided that, (i) such liability arises from its
routine or daily operation, instead of borrowing; and (ii) such liability has been disclosed by Party A and consented by Party A in writing; 

  

	 	2.1.5	will operate all business in the course of normal operation, and will not take any action/non-action imposing any adverse effect on Party C’s operation status and
value of assets, in order to maintain Party C’s assets value; 

  

	 	2.1.6	without written consent of Party A, will not cause Party C to enter into any material contract, except for the contracts made during the ordinary course of business
(for purpose of this clause, if the value of contract exceeds RMB 100,000, the contract will be deemed material); 

  

	 	2.1.7	without written consent of will not cause Party A, Party C will not provide any loan or credit facility to any other person; 

 

	 	2.1.8	will provide to Party A all materials in respect of Party C’s operation and financial situation, as required by Party A; 

  
 36 

	 	2.1.9	if required by Party A, will procure from the insurer accepted by Party A insurance and maintain the insurance with respect to its assets and business, and the
insurance premium and policy shall be in compliance with those of other companies operating similar businesses; 

  

	 	2.1.10	without written consent of Party A, will not cause Party C to merge or amalgamate with any other person, or acquire or invest in any other person;

  

	 	2.1.11	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to Party C’s assets, business and revenue;

  

	 	2.1.12	for purpose of maintenance of Party C’s ownership of all of its assets, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.1.13	without written consent of Party A, will not distribute any dividend in any form to shareholders, provided that, if required so by Party A, will immediately distribute
all its distributable profits to its shareholders; and 

  

	 	2.1.14	will appoint the persons designated by Party A as Party C’s directors, as required by Party A. 

 

	2.2	Party B’s Undertakings 

 Party B undertakes that it: 
  

	 	2.2.1	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in the equity interests held by
it of Party C, or allow any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement; 

 

	 	2.2.2	will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve the sale, transfer, mortgage, or disposition in any other way of, any
legal or beneficial interest in the equity interests held by it of Party C, or any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement;

  

	 	2.2.3	without written consent of Party A, will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve Party C’s merger or
amalgamation with any other person, or its acquisition of or investment in any other person; 

  

	 	2.2.4	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to the equity interests held by it;

  
 37 

	 	2.2.5	will cause Party C’s shareholders’ meeting and/or directors meeting to resolve to agree upon the transfer of Purchased Equity Interests mentioned herein, and
take any other actions as required by Party A; 

  

	 	2.2.6	for purpose of maintaining its legitimate ownership of equity interests held by it, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.2.7	will appoint the persons designated by Party A as Party C’s directors, as required by Party A; 

 

	 	2.2.8	as required by Party A at anytime, will at anytime, unconditionally transfer its equity interests to the representatives designated by Party A in accordance with the
Equity Purchase Right mentioned herein, and waive the option right with respect to the transfer of corresponding equity interests to another existing shareholder (if any); and 

 

	 	2.2.9	will strictly abide by all provisions of this Agreement and other Agreements among the Parties, and between any two of them, perform all the obligations thereunder, and
will not take any action/non-action which may impose any effect on the validity and enforceability of such contracts. If Party B still maintains any right with respect to the equity interests under this Agreement, or Equity Pledge Agreement among
the Parties, or the authorization letter of Party A, Party B will not exercise any of such rights unless with the written direction of Party A. 

  

	3.	Representations and Warrants 

 Party B and Party C hereby respectively and jointly represent and warrant to Party A on the date hereof and each day of transfer, that: 

 

	 	3.1	it has the power and capacity to execute and deliver this Agreement, as well as any other equity interests transfer contracts, to which it is a party, and which is made
for each transfer of Purchased Equity Interests in accordance with this Agreement (individually referred to as “Transfer Agreement”), and perform its obligations under this Agreement and the Transfer Agreement. Party B and Party C agree to
enter into a respective Transfer Agreement containing the provisions same to this Agreement when Party A exercises the Equity Purchase Right. This Agreement and any Transfer Agreement to which it is a party, upon being executed, constitutes or will
constitute its valid and binding obligation enforceable against it in accordance with the terms hereof; 

  

	 	3.2	its execution, delivery and performance of this Agreement or any Transfer Agreement will not (i) violate any applicable laws of the PRC; (ii) conflict with
the articles of association and other organizational documents of Party C; (iii) breach any contract or document which is binding upon it, or to which it is a party; (iv) violate any permit or approval, or the conditions for maintaining
its validity of such permit or approval, granted to any party; or (v) cause the suspension or withdrawal of, or impose any additional conditions on, the permit or approval granted to any party; 

  
 38 

	 	3.3	Party B owns good and salable ownership of the equity interests by it in Party C, and Party B has not created any security interest over such equity interests except
for Party B’s Equity Pledge Agreement; 

  

	 	3.4	Party C owns good and salable ownership of all of its assets, and Party C has not created any security interest over such assets; 

 

	 	3.5	Party C does not have any outstanding liabilities, except for (i) those arising from the ordinary course of business; and (ii) those disclosed to Party A and
approved by Party A in writing; 

  

	 	3.6	Party C has been complying with all applicable laws and regulations related to the acquisition of assets; and 

 

	 	3.7	there are no lawsuits, arbitrations or administrative proceedings pending or threatened with respect to the equity interests, Party C’s assets or Party C itself.

  

	4.	Effective Date 

This Agreement becomes effective upon the execution by each Party. The term of this Agreement is ten (10) years, and may be extended
subject to Party A’s decision. All the related Exclusive Stock Option Agreement and the Amendment thereto entered among the Parties will no longer be effective from the date hereof. 

 

	5.	Applicable Law and Dispute Resolution 

  

	5.1	Applicable Law 

 The
formation of this Agreement, its validity, interpretation, performance, change, and termination of this Agreement, and the settlement of any dispute between the Parties, shall be governed by and construed in accordance with the laws of the PRC,
which are officially promulgated and available to the public. The issues not governed by the laws of the PRC, which are officially promulgated and available to the public, shall apply international legal rules and practices. 

 

	5.2	Dispute Resolution 

 The
Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this Agreement through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party
gives the other Party written notice of the dispute, then each Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules.
The arbitration shall be conducted in Shanghai in Chinese. The award of the arbitration tribunal shall be final and binding upon the Parties. 

  
 39 

	6.	Taxes, Fees 

 Each
Party shall respectively bear any and all the taxes, expenses and fees incurred by, or collected from such Party, for preparation and execution of this Agreement, each Transfer Agreement, and completion of the transactions contemplated by this
Agreement and each Transfer Agreement, in accordance with laws of the PRC. 
  

	7.	Notices 

  

	7.1	All the notices and other communications required by or sent pursuant to this Agreement shall be delivered to the following address of each Party in person, by
registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be confirmed with a respective email. Delivery shall be deemed to have occurred: 

 

	 	7.1.1	the same day (local time at the recipient’s place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid
post, or delivery is refused. 

  

	 	7.1.2	the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 

 

	7.2	Each Party’s address for purpose of notice is as follows: 

  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	
		
	Party B:	  	Bin Zhao
	Address:	  	No.501, Door 2, Suite 6, Jiefang East yard, 55 Dongxi, Luoyang, He’nan Province
	Telephone:	  	
	Facsimile:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	

  

	7.3	Each Party may at anytime change its address for receiving notices by giving a notice to the other Parties in accordance with this clause. 

  
 40 

	8.	Confidentiality 

Each Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information exchanged
among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not
disclose any confidential information to any third party, provided that, confidential information shall not include information that (i) is or becomes available to the public other than as a result of a disclosure by the receiving Party in
violation of this Agreement, or (ii) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required by order or decree of governmental authorities or courts; or (iii) any information disclosed
by either Party to its shareholders, invertors, legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the
professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party shall be held liable for breach. This provision shall survive the termination of this Agreement for any reason. 

 

	9.	Further Assurance 

The Parties hereto shall each immediately perform such beneficial acts, execute and deliver such beneficial instruments and documents, and
do all such other things as may be reasonably necessary to perform the provisions and purpose of this Agreement. 
  

	10.	Miscellaneous  

  

	10.1	Amendment, Change and Supplement 

 Any amendment, change and supplement to this Agreement can only be made with the written agreement signed by each Party hereto. 

 

	10.2	Entirety 

 Except for any
written amendment, supplement and change made to this Agreement upon the execution hereof, this Agreement constitutes the entire agreement reached among the Parties relating to the subject matter hereof, and supersedes in their entirety all prior
written and oral agreements and understandings among the Parties relating to the subject matter hereof. 
  

	10.3	Headings 

 The headings of
this Agreement are created only for reading convenience, should not be interpreted, or explained to affect the meanings of the provisions hereof. 
  

	10.4	Languages 

 This Agreement
is written in Chinese in three (3) originals, each Party holding one (1) copy. 

  
 41 

	10.5	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected
in any aspect. The Parties shall in good faith endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties to replace those invalid, illegal or unenforceable provisions, provided that, the economic
effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 
  

	10.6	Successors 

 This
Agreement shall be binding upon, and inure to the benefit of, the Parties and their successors and permitted assigns. 
  

	10.8	Survival 

  

	 	10.8.1	Any obligations arising from, or expiring upon the expiry or earlier termination of this Agreement survive the expiry or earlier termination of this Agreement.

  

	 	10.8.2	Section 5, Section 7, Section 8 of this Agreement and this Clause 10.8 shall survive the termination of this Agreement. 

 

	10.9	Waiver 

 Each Party can
only waive any term or condition of this Agreement in writing and with the signatures of all the Parties. Any waiver made by one Party regarding the other Party’s breach should not be deemed as the waiver of such Party regarding the other
Party’s similar breaches in other situations. 
  

	10.10	Indemnification 

  

	 	10.10.1	Each Party hereby agrees and confirms that, if any existing shareholder materially breaches any provision hereof (“Default Party”), or materially fails to
perform any obligation hereunder, then it has constituted the breach of this Agreement (“Breach”), and Party A has the right to require the Default Party to cure such Breach or take any correction measures regarding such Breach within a
reasonable period. In the event that the Default Party fails to cure such Breach or take any correction measures regarding such Breach within such reasonable period or ten (10) days after Party A sends the written breach notice to the Default
Party to require the correction, then Party A is entitled to choose any of the following relieves for the Breach: (i) to terminate this Agreement and require the Default Party to provide full indemnification for such Breach; (2) to require
the enforcement of all the obligations of the Default Party under this Agreement, and the Default Party to provide full indemnification for such Breach; or (3) to sell or dispose of the pledged equity interests in accordance with the Equity
Pledge Agreement, to be indemnified at the first priority with the price of sale and disposal of such equity interests, and require the Default Party to be liable for all losses so incurred by it. 

  
 42 

	 	10.10.2	Each Party agrees and confirms that under no circumstance may the existing shareholders may require the termination of this Agreement for any reason.

  

	 	10.10.3	The rights and relieves available hereunder are accumulative and do not exclude any other right or relief available in accordance with laws. 

 

	 	10.10.4	Notwithstanding anything contained herein to the contrary, the validity of this provision survives the suspension or termination of this Agreement.

  
 43 

 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative
		
	Party B:	  	Bin Zhao
		
	Signature:	  	/s/ Bin Zhao
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative

  
 44 

 Exclusive Option Agreement 
 This Exclusive Option Agreement (this “Agreement”) dated September 16, 2011, is made in Beijing, the People’s Republic of China (the “PRC”), by and among: 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Jin Cao
	Address:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou

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

	1.	Party B holds 0.0703% equity interests of Party C; 

  

	2.	Party A and Party C entered into a series of legal documents, including an Exclusive Business Cooperation Agreement and Exclusive Technology Support and Technology
Services Agreement on August 12, 2008, which are made for purpose of formation of Party A’s control over Party C (collectively as “Controlling Documents”). 

 THEREFORE, the Parties hereby agree as follows: 
  

	1.	Sale and Purchase of Equity Interests 

  

	1.1	Right of Grant 

Considering that Party A has paid RMB 10 to Party B as the consideration, and Party B has confirmed that it had received such
consideration and such consideration was sufficient, Party B hereby irrevocably grants Party A an exclusive right to, according to the exercise steps decided by Party A at is own discretion and the price described in Clause 1.3 hereof, at anytime
purchase or designate one or several persons (“Designated Person”) to purchase any portion of all of equity interests held by Party B in Party C in one or several installments, to the extent allowed by laws of the PRC (“Equity
Purchase Right”). Any third party other than Party A and Appointed Person should not enjoy the Equity Purchase Right or any other rights with respect to Party B’s equity interests. Party C hereby allows Party B to grant the Equity Purchase
Right to Party A. “Person” mentioned in this clause and this Agreement refers to individuals, companies, joint ventures, partnerships, enterprises, trusts and non-corporate organizations. 

  
 45 

	1.2	Steps of Exercise 

 The
exercise of Equity Purchase Right by Party A is subject to provisions of laws and regulations of PRC. When exercising the Equity Purchase Right, Party A shall serve a written notice (“Purchase Notice”) to Party B, to specify the following
issues: (a) decisions of Party A regarding the exercise of Equity Purchase Right; (b) the percentage of equity interests to be purchased by Party A from Party B (“Purchased Equity Interests”), and (c) date of
purchase/assignment of Purchased Equity Right. 
  

	1.3	Purchase Price 

 Lowest
price allowed by laws of the PRC. 
  

	1.4	Assignment of Purchased Equity Interests 

 Every time Party A exercises the Equity Purchase Right, 
  

	 	1.4.1	Party B shall cause Party C to hold the shareholders’ meeting, by which the resolutions regarding Party B’s assignment of Purchased Equity Interests to Party
A and/or Designated Person shall be resolved and approved; 

  

	 	1.4.2	Party B shall obtain Party C’s other shareholders’ consent regarding the assignment of Purchased Equity Interests to Party A and/or Designated Person, and
provide a written statement with respect to waiver of the option right; 

  

	 	1.4.3	Party B shall enter into a respective equity transfer contract for each transfer of equity interests with Party A and/or the Designated Person (if applicable) in
accordance with the provisions hereof and the Purchase Notice; 

  

	 	1.4.4	related parties shall enter into all the other contracts, agreements and documents, obtain all governmental approvals and consents, and take all actions necessary for
the transfer of all valid ownership of the Purchased Equity Interests to Party A and/or the Designated Person, as well as validation of Party A and/or the Designated Person’s status as registered owner of the Purchased Equity Interests, without
any security interest. For the purpose of this clause and this Agreement, “security interest” includes guaranty, mortgage, third party’s rights or interests, any stock option, right of purchase, option right, setting-off right,
ownership retention or other guaranty arrangement, etc., provided that, for purchase of clarification, it will not include any security interest arising from this Agreement and Party B’s Equity Pledge Agreement. “Party B’s Equity
Pledge Agreement” as mentioned in this clause and this Agreement refers to the Equity Pledge Agreement entered into by and among Party A, Party B and Party C on the date hereof, in accordance with which, Party B pledges all the equity interests
held by it in Party C to Party A, for purpose of security of Party C’s performance of all its obligations under the Exclusive Business Cooperation Agreement between Party C and Party A. 

  
 46 

	1.5	Payment 

 The Parties
agree that, the equity interests transfer price to be paid by Party A to Party B for exercising the exclusive option right hereunder by Party A, in principle, shall be the lowest amount allowed by then effective laws and regulations of the PRC. If
Party B is held liable to Party A or its affiliates then, Party A may also use related creditor’s right as the consideration for the transfer of equity interests. 
  

	2.	Undertakings 

  

	2.1	Undertakings Relating to Party C 

 Party B (as Party C’s shareholder) and Party C hereby undertake that with respect to Party C, they: 
  

	 	2.1.1	without written consent of Party A, will not, in any way, supplement, change or amend the organizational documents of Party C, increase or decrease its registered
capital, or change the structure of its registered capital in any other form; 

  

	 	2.1.2	will maintain its existence, diligently and validly operate its business and deal with its daily corporate matters, according to a well-accepted financial and
commercial standard and practice; 

  

	 	2.1.3	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in Party C’s assets,
business or revenue, or allow any security interest to be created over thereon, anytime upon the execution hereof; 

  

	 	2.1.4	without written consent of Party A, will not incur, succeed, guaranty, or allow the existing of, any liability, provided that, (i) such liability arises from its
routine or daily operation, instead of borrowing; and (ii) such liability has been disclosed by Party A and consented by Party A in writing; 

  

	 	2.1.5	will operate all business in the course of normal operation, and will not take any action/non-action imposing any adverse effect on Party C’s operation status and
value of assets, in order to maintain Party C’s assets value; 

  

	 	2.1.6	without written consent of Party A, will not cause Party C to enter into any material contract, except for the contracts made during the ordinary course of business
(for purpose of this clause, if the value of contract exceeds RMB 100,000, the contract will be deemed material); 

  

	 	2.1.7	without written consent of Party A, will not cause Party C will not provide any loan or credit facility to any other person; 

 

	 	2.1.8	will provide to Party A all materials in respect of Party C’s operation and financial situation, as required by Party A; 

  
 47 

	 	2.1.9	if required by Party A, will procure from the insurer accepted by Party A insurance and maintain the insurance with respect to its assts and business, and the insurance
premium and policy shall be in compliance with those of other companies operating similar businesses; 

  

	 	2.1.10	without written consent of Party A, will not cause Party C to merge or amalgamate with any other person, or acquire or invest in any other person;

  

	 	2.1.11	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to Party C’s assets, business and revenue;

  

	 	2.1.12	for purpose of maintenance of Party C’s ownership of all of its assets, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.1.13	without written consent of Party A, will not distribute any dividend in any form to shareholders, provided that, if required so by Party A, will immediately distribute
all its distributable profits to its shareholders; and 

  

	 	2.1.14	will appoint the persons designated by Party A as Party C’s directors, as required by Party A. 

 

	2.2	Party B’s Undertakings 

 Party B undertakes that it: 
  

	 	2.2.1	without written consent of Party A, will not sell, transfer, mortgage, or dispose of in any other way, any legal or beneficial interest in the equity interests held by
it of Party C, or allow any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement; 

 

	 	2.2.2	will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve the sale, transfer, mortgage, or disposition in any other way of, any
legal or beneficial interest in the equity interests held by it of Party C, or any security interest to be created over thereon, except for the pledge created over such equity interests in accordance with Party B’s Equity Pledge Agreement;

  

	 	2.2.3	without written consent of Party A, will cause Party C’s shareholders’ meeting and/or directors’ meeting not to approve Party C’s merger or
amalgamation with any other person, or its acquisition of or investment in any other person; 

  

	 	2.2.4	will notify Party A of any occurrence or threat of any lawsuit, arbitration or administrative proceeding with respect to the equity interests held by it;

  
 48 

	 	2.2.5	will cause Party C’s shareholders’ meeting and/or directors meeting to resolve to agree upon the transfer of Purchased Equity Interests mentioned herein, and
take any other actions as required by Party A; 

  

	 	2.2.6	for purpose of maintaining its legitimate ownership of equity interests held by it, will sign all necessary or appropriate documents, take all necessary and appropriate
actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  

	 	2.2.7	will appoint the persons designated by Party A as Party C’s directors, as required by Party A; 

 

	 	2.2.8	as required by Party A at anytime, will at anytime, unconditionally transfer its equity interests to the representatives designated by Party A in accordance with the
Equity Purchase Right mentioned herein, and waive the option right with respect to the transfer of corresponding equity interests to another existing shareholder (if any); and 

 

	 	2.2.9	will strictly abide by all provisions of this Agreement and other contracts among the Parties, and between any two of them, perform all the obligations thereunder, and
will not take any action/non-action which may impose any effect on the validity and enforceability of such contracts. If Party B still maintains any right with respect to the equity interests under this Agreement, or Equity Pledge Agreement among
the Parties, or the authorization letter of Party A, Party B will not exercise any of such rights unless with the written direction of Party A. 

  

	3.	Representations and Warrants 

 Party B and Party C hereby respectively and jointly represent and warrant to Party A on the date hereof and each day of transfer, that: 

 

	 	3.1	it has the power and capacity to execute and deliver this Agreement, as well as any other equity interests transfer contract, to which it is a party, and which is made
for each transfer of Purchased Equity Interests in accordance with this Agreement (individually referred to as “Transfer Agreement”), and perform its obligations under this Agreement and the Transfer Agreement. Party B and Party C agree to
enter into a respective Transfer Agreement containing the provisions same to this Agreement when Party A exercises the Equity Purchase Right. This Agreement and any Transfer Agreement to which it is a party, upon being executed, constitutes or will
constitute its valid and binding obligation enforceable against it in accordance with the terms hereof; 

  

	 	3.2	its execution, delivery and performance of this Agreement or any Transfer Agreement will not (i) violate any applicable laws of the PRC; (ii) conflict with
the articles of association and other organizational documents of Party C; (iii) breach any contract or document which is binding upon it, or to which it is a party; (iv) violate any permit or approval, or the conditions for maintaining
its validity of such permit or approval, granted to any party; or (v) cause the suspension or withdrawal of, or impose any additional conditions on, the permit or approval granted to any party; 

  
 49 

	 	3.3	Party B owns good and salable ownership of the equity interests by it in Party C, and Party B has not created any security interest over such equity interests except
for Party B’s Equity Pledge Agreement; 

  

	 	3.4	Party C owns good and salable ownership of all of its assets, and Party C has not created any security interest over such assets; 

 

	 	3.5	Party C does not have any outstanding liabilities, except for (i) those arising from the ordinary course of business; and (ii) those disclosed to Party A and
approved by Party A in writing; 

  

	 	3.6	Party C has been complying with all applicable laws and regulations related to the acquisition of assets; and 

 

	 	3.7	there are no lawsuits, arbitrations or administrative proceedings pending or threatened with respect to the equity interests, Party C’s assets or Party C itself.

  

	4.	Effective Date 

This Agreement becomes effective upon the execution by each Party. The term of this Agreement is ten (10) years, and may be extended
subject to Party A’s decision. All the related Exclusive Stock Option Agreement and the Amendment thereto entered among the Parties will no longer be effective from the date hereof. 

 

	5.	Applicable Law and Dispute Resolution 

  

	5.1	Applicable Law 

 The
formation of this Agreement, its validity, interpretation, performance, change, and termination of this Agreement, and the settlement of any dispute between the Parties, shall be governed by and construed in accordance with the laws of the PRC,
which are officially promulgated and available to the public. The issues not governed by the laws of the PRC, which are officially promulgated and available to the public, shall apply international legal rules and practices. 

 

	5.2	Dispute Resolution 

 The
Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this Agreement through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party
gives the other Party written notice of the dispute, then each Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules.
The arbitration shall be conducted in Shanghai in Chinese. The award of the arbitration tribunal shall be final and binding upon the Parties. 

  
 50 

	6.	Taxes, Fees 

 Each
Party shall respectively bear any and all the taxes, expenses and fees incurred by, or collected from such Party, for preparation and execution of this Agreement, each Transfer Agreement, and completion of the transactions contemplated by this
Agreement and each Transfer Agreement, in accordance with laws of the PRC. 
  

	7.	Notices 

  

	7.1	All the notices and other communications required by or sent pursuant to this Agreement shall be delivered to the following address of each Party in person, by
registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be confirmed with a respective email. Delivery shall be deemed to have occurred: 

 

	 	7.1.1	the same day (local time at the recipient’s place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid
post, or delivery is refused. 

  

	 	7.1.2	the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 

 

	7.2	Each Party’s address for purpose of notice is as follows: 

  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	
		
	Party B:	  	Jin Cao
	Address:	  	6-1-301, Guanjingli, Hongqi South Road, Nankai District, Tianjin
	Telephone:	  	
	Facsimile:	  	
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	  	2nd Floor, Jiadu International Plaza, 48-50 Jianzhong Road, Tianhe District, Guangzhou
	Attention:	  	Li Xueling
	Telephone:	  	
	Facsimile:	  	

  

	7.3	Each Party may at anytime change its address for receiving notices by giving a notice to the other Parties in accordance with this clause. 

  
 51 

	8.	Confidentiality 

Each Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information exchanged
among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not
disclose any confidential information to any third party, provided that, confidential information shall not include information that (i) is or becomes available to the public other than as a result of a disclosure by the receiving Party in
violation of this Agreement, or (ii) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required by order or decree of governmental authorities or courts; or (iii) any information disclosed
by either Party to its shareholders, invertors, legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the
professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party shall be held liable for breach. This provision shall survive the termination of this Agreement for any reason. 

 

	9.	Further Assurance 

The Parties hereto shall each immediately perform such beneficial acts, execute and deliver such beneficial instruments and documents, and
do all such other things as may be reasonably necessary to perform the provisions and purpose of this Agreement. 
  

	10.	Miscellaneous  

  

	10.1	Amendment, Change and Supplement 

 Any amendment, change and supplement to this Agreement can only be made with the written agreement signed by each Party hereto. 

 

	10.2	Entirety 

 Except for any
written amendment, supplement and change made to this Agreement upon the execution hereof, this Agreement constitutes the entire agreement reached among the Parties relating to the subject matter hereof, and supersedes in their entirety all prior
written and oral agreements and understandings among the Parties relating to the subject matter hereof. 
  

	10.3	Headings 

 The headings of
this Agreement are created only for reading convenience and should not be interpreted, or explained to affect the meanings of the provisions hereof. 
  

	10.4	Languages 

 This Agreement
is written in Chinese in three (3) originals, each Party holding one (1) copy. 
  

	10.5	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected
in any aspect. The Parties shall in good faith endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties to replace those invalid, illegal or unenforceable provisions, provided that, the economic
effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 

  
 52 

	10.6	Successors 

 This
Agreement shall be binding upon, and inure to the benefit of, the Parties and their successors and permitted assigns. 
  

	10.8	Survival 

  

	 	10.8.1	Any obligations arising from, or expiring upon the expiry or earlier termination of this Agreement survive the expiry or earlier termination of this Agreement.

  

	 	10.8.2	Section 5, Section 7, Section 8 of this Agreement and this Clause 10.8 shall survive the termination of this Agreement. 

 

	10.9	Waiver 

 Each Party can
only waive any term or condition of this Agreement in writing and with the signatures of all the Parties. Any waiver made by one Party regarding the other Party’s breach should not be deemed as the waiver of such Party regarding the other
Party’s similar breaches in other situations. 
  

	10.10	Indemnification 

  

	 	10.10.1	Each Party hereby agrees and confirms that, if any existing shareholder materially breaches any provision hereof (“Default Party”), or materially fails to
perform any obligation hereunder, then it has constituted the breach of this Agreement (“Breach”), and Party A has the right to require the Default Party to cure such Breach or take any correction measures regarding such Breach within a
reasonable period. In the event that the Default Party fails to cure such Breach or take any correction measures regarding such Breach within such reasonable period or ten (10) days after Party A sends the written breach notice to the Default
Party to require the correction, then Party A is entitled to choose any of the following relieves for the Breach: (i) to terminate this Agreement, and requires the Default Party to provide full indemnification for such Breach; (2) to
require the enforcement of all the obligations of the Default Party under this Agreement, and the Default Party to provide full indemnification for such Breach; or (3) to sell or dispose of the pledged equity interests in accordance with the
Equity Pledge Agreement, to be indemnified at the first priority with the price of sale and disposal of such equity interests, and require the Default Party to be liable for all losses so incurred by it. 

 

	 	10.10.2	Each Party agrees and confirms that under no circumstance may the existing shareholders may require the termination of this Agreement for any reason.

  
 53 

	 	10.10.3	The rights and relieves available hereunder are accumulative and do not exclude any other right or relief available in accordance with laws. 

 

	 	10.10.4	Notwithstanding anything contained herein to the contrary, the validity of this provision survives the suspension or termination of this Agreement.

  
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 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative
		
	Party B:	  	Jin Cao
		
	Signature:	  	/s/ Jin Cao
		
	Party C:	  	Guangzhou Huaduo Network Technology Co., Ltd.
		
	Signature:	  	(Seal)
	Name:	  	
	Title:	  	Legal Representative/Authorized Representative

  
 55English translation of Equity Interest Pledge Agreements dated September 16,2011

 Exhibit 10.13 
 Equity Interest Pledge Agreement 
 This Equity Interest Pledge Agreement (this
“Contract”), dated September 16, 2011, is made in the People’s Republic of China (the “PRC”), by and between: 
  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited (“Pledgee”)
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Beijing Tuda Science and Technology Company Limited (“Pledgor”)
	Address:	  	Suite B1506, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing

 (Pledgor and Pledgee individually, a “Party”; collectively, the “Parties”). 

WHEREAS 
  

	1.	The Pledgor is a company registered in the PRC, holding 96.6667% equity interests of Guangzhou Huaduo Network Technology Co., Ltd. (the “Company”) as
of the date hereof. The Company is a limited liability company registered in Guangzhou, the PRC, engaged in the Internet-based value-added telecommunications services. Party B will cause the Company to confirm the rights and obligations of the
Pledgor and the Pledgee under this Contract and to provide necessary assistance for the registration of such pledge. 

  

	2.	The Pledgee is a limited liability company registered in Beijing. The Pledgee, the Pledgor and/or the Company entered into a series of legal documents, including
an Exclusive Business Cooperation Agreement, which are made for the purpose of formation of the Pledgee’s control over the Company (“Controlling Agreements”). 

 

	3.	The Pledgor agrees to pledge all of its equity interests in the Company to the Pledgee as security for the performance of the obligations hereunder by Party B
and/or the Company. 

 NOW, THEREFORE, the Parties agree as follows through friendly negotiations: 

 

	1.	Definitions 

 Unless
otherwise required in the context, in this Contract: 
  

	1.1	Pledge means the secured property rights granted to the Pledgee by the Pledgor in accordance with Section 2 of this Contract, i.e., the right of the Pledgee
to be compensated at first priority with respect to the price of sale or disposal of such equity interests pledged to the Pledgee by the Pledgor. 

  
 1 

	1.2	Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company now and in the future. 

 

	1.3	Pledged Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company, to be pledged by the Pledgor. 

 

	1.4	Pledge Term means the period as specified in Section 3 of this Contract. 

 

	1.5	Major Contracts mean the agreements listed in Appendix 1 hereto, including a series of Controlling Agreements by and among the Pledgor and/or the Company and the
Pledgee, such as the Exclusive Business Cooperation Agreement. 

  

	1.6	An Breaching Event means any event listed in Section 7 hereof. 

 

	1.7	Default Notice means the notice given by the Pledgee regarding the Breaching Event in accordance with this Contract. 

 

	2.	Pledge 

 The Pledgor
hereby pledges any and all equity interests of the Company owned by it now and in the future as security for its timely and complete performance of the Pledgor’s obligations to discharge of liabilities, other monetary payments, as well as all
other obligations under the Major Contracts, no matter the monetary payment obligation becomes due and payable as a result of its maturity, demand of earlier collection or any other reasons. 

 

	3.	Pledge Term 

  

	 	3.1	This Pledge becomes effective immediately after the equity interests pledged hereunder is recorded on the share register of the Company, and remains valid until Party B
is no longer authorized as shareholder of the Company. Each Party agrees that the Pledgor shall record the equity interests pledge under this Contract on the share register of the Company within three (3) business days upon the execution
hereof. 

  

	 	3.2	During the Pledge Term, if Party B fails to perform the obligations in accordance with the provisions of the Major Contracts, the Pledgee is entitled, however not
obligated, to dispose the Pledged Equity Interests pursuant to law and this Contract. 

  

	4.	Custody of Pledge Certificate 

  

	 	4.1	During the Pledge Term, the Pledgor shall deliver its capital contribution certificate and the share register of the Company in which the pledge is recorded to the
custody of the Pledgee. The Pledgor shall deliver the abovementioned capital contribution certificate and the share register of the Company in which the pledge is recorded to the Pledgee within one (1) week upon the execution of this Contract.
And the Pledgee shall remain the custodian of such documents throughout the whole Pledge Term as mentioned herein. 

  
 2 

	 	4.2	During the Pledge Term, the Pledgee has the right to collect the dividends arising from the Equity Interests. 

 

	5.	Pledgor’s Representations and Warranties 

  

	 	5.1	The Pledgor is the only legal owner of the Equity Interests. 

  

	 	5.2	The Pledgee has the right to dispose or transfer the Equity Interests according to the ways as described in this Contract. 

 

	 	5.3	The Pledgor has not created any other pledge or other security interest over the Equity Interests, except for this Pledge. 

 

	6.	Pledgor’s Undertakings and Confirmation 

  

	 	6.1	During the term of this Contract, the Pledgor undertakes to the Pledgee that: 

 

	 	6.1.1	Without prior written consent of the Pledgee, the Pledgor may not transfer the Equity Interests, or create or allow the creation of any new pledge or any other
encumbrances upon the Equity Interests, except for the purpose of performance of the Major Contracts; 

  

	 	6.1.2	The Pledgor will abide by the provisions of all laws and regulations related to the Pledge, and upon receiving any notice, order or direction given or formulated by any
competent authority with respect to the Pledge, the Pledgor will notify the Pledgee of such notice, order or direction within five (5) days upon the receipt thereof, and comply with such notice, order or direction, or submit any dissenting
opinions and statements at the request of the Pledgee or with the consent of the Pledgee; 

  

	 	6.1.3	The Pledgor will immediately notify the Pledgee of any event or notice received which may possibly affect the Equity Interests of the Pledgee or any part of the
Plegee’s rights, and any other event or received notice which may possibly change the warrants and obligations of the Pledgor under this Contract, or the performance of obligations hereunder by the Pledgor. 

  
 3 

	 	6.2	The Pledgor agrees that, the rights granted to the Pledgee regarding the Pledge in accordance with this Contract shall not be interrupted or impaired by any legal
proceedings initiated by the Pledgor, its successors, its authorized persons, or any other person. 

  

	 	6.3	The Pledgor warrants to the Pledgee that, for safeguarding or consummating the guaranty regarding the transfer of earnings under the Major Contracts in accordance with
this Contract, the Pledgor will faithfully sign, or cause the other party materially related to the Pledge to sign, all the right certificates or instruments as required by the Pledgee, and/or take, or cause the other party materially related to the
Pledge to take, any acts as required by the Pledgee, facilitate the exercise of rights and authorizations granted to the Pledgee hereunder, enter into any documents related to the ownership of the Equity Interests with the Pledges or its designated
persons (natural person/legal person), and provide to the Pledgee any and all notices, orders and decisions relating to the Pledge as deemed necessary by the Pledgee within the reasonable period. 

 

	 	6.4	The Pledgor warrants to the Pledgee that, the Pledgor will abide by and perform all the warrants, undertakings, agreements, representations and conditions under this
Contract, and the Pledgor will indemnify the Pledgee of all losses incurred that is caused by the failure in or partial failure in the performance of such warrants, undertakings, agreements, representations or conditions by the Pledgor.

  

	7.	Breaching Event 

  

	 	7.1	Any of the following is deemed as an Breaching Event: 

  

	 	7.1.1	Party B fails to transfer the earnings under the Major Contracts in full and according to the timeline, or commits any act in violation of the Major Contracts and this
Contract; 

  

	 	7.1.2	Any of representations or warrants made by the Pledgor in Section 5 hereof is materially misleading or wrong, and/or, the Pledgor breaches any of the
representations or warrants made by the Pledgor in Section 5 hereof; 

  

	 	7.1.3	The Pledgor fails to record the Pledge on the share register of the Company in accordance with Clause 3.1; 

 

	 	7.1.4	The Pledgor breaches any provision of this Contract; 

  
 4 

	 	7.1.5	Except for the circumstance agreed to in Clause 6.1.1, the Pledgor waives the Pledged Equity Interests, or transfers or intends to transfer the Pledged Equity Interests
without the prior written consent of the Pledgee; 

  

	 	7.1.6	Any external borrowings, guaranties, indemnification, undertakings or any other liabilities of the Pledgor (1) shall be repaid or performed earlier due to its
default; or (2) cannot be repaid or performed when due; 

  

	 	7.1.7	Any or all consents, permits, approvals or authorizations from the governmental authorities necessary for the enforceability, legality or validity of this Contract, are
revoked, suspended, invalidated, or materially changed; 

  

	 	7.1.8	Promulgation of application laws makes this Contract becomes illegal, or the Pledgor cannot continue the performance of its obligations hereunder;

  

	 	7.1.9	Any adverse change to assets owned by the Pledgor makes the Pledgee to believe that the ability of the Pledgor to perform its obligations hereunder has been affected;

  

	 	7.1.10	Any other circumstance which makes the Pledgee unable or possibly unable to dispose the Pledge in accordance with applicable laws. 

 

	 	7.2	The Pledgor shall immediately notify the Pledgee in writing of the occurrence of any event mentioned in Clause 7.1 or any event which may cause the occurrence of any
abovementioned event. 

  

	 	7.3	Unless any of the abovementioned Breaching Event has been resolved to the satisfaction of the Pledgee, the Pledgee is entitled to give a written Default Notice to the
Pledgor anytime upon or following the occurrence of any Breaching Event of the Pledgor, requiring the Pledgee to dispose the Pledge in accordance with Section 8 of this Contract. 

 

	8.	Exercise of Pledge 

  

	 	8.1	The Pledgor should not transfer any of the Equity Interests of the Company owned by it before the liabilities are discharged and all other material obligations are
performed under the Major Contracts. 

  
 5 

	 	8.2	The Pledgee may give a Default Notice to the Pledgor when exercising the Pledge. 

 

	 	8.3	Subject to Clause 7.3, the Pledgee may exercise the right to dispose the Pledge at the same time or at anytime after the Pledgee gives the Default Notice in accordance
with Clause 7.2. The Pledgor no longer owns any right or benefit in relation to the Equity Interests once the Pledgee decides to exercise the right to dispose the Pledge. 

 

	 	8.4	As of the occurrence of any Breaching Event, the Pledgee is entitled to dispose the Pledged Equity Interests according to legal procedure, to the extent allowed by laws
and in accordance with applicable laws, and does not need to distribute any of the proceedings of such disposal to the Pledgor; the Pledgor hereby waives the contingent right to require for distribution from the Pledgee of any proceedings of such
disposal. Similarly, the Pledgor should not be held liable for any losses which the Pledgee may incur by following the disposal of the Pledged Equity Interests. 

 

	 	8.5	As the Pledgee disposes the Pledge in accordance with this Contract, the Pledgor and the Company shall provide assistance necessary for the realization of the Pledge by
the Pledgee. 

  

	9.	Transfer 

  

	 	9.1	Unless with the prior consent of the Pledgee, the Pledgor has no right to grant or transfer any of its rights and obligations hereunder. 

 

	 	9.2	This Contract shall be binding upon the Pledgor and its successors and permitted assigns, and inure to the benefit of the Pledgee and its successors and permitted
assigns. 

  

	 	9.3	The Pledgee has the right to, at anytime, transfer any of its rights and obligations under the business cooperation agreement to its designated person (natural
person/legal person), and under such circumstance, the assigns shall enjoy and assume the same rights and obligations same to which the Pledgee enjoys and assumes under this Contract, as if the assigns is the original party to the Contract. When the
Pledgee transfers any of its rights and obligations under the business cooperation agreement, the Pledgor shall sign any necessary agreement and/or instruments at the request of the Pledgee. 

 

	 	9.4	After the Pledgee changes upon the transfer, the Pledgor shall enter into a new pledge contract containing the content substantially same to this Contract with the new
pledgee. 

  
 6 

	 	9.5	The Pledgor shall strictly comply with the provisions of this Contract and any other contract entered into with any other party or parties, perform the obligations
under this Contract and other contracts, and should not take any action/non-action which may substantially affect the validity and enforceability of the abovementioned contracts. Unless with the written direction of the Pledgee, the Pledgor should
not exercise its remaining rights regarding the Pledged Equity Interests. 

  

	10.	Termination 

 This
Contract terminates once the transfer of the proceedings arising from the Major Contracts is completed, and the Pledgor no longer assumes any obligations under the Major Contracts and is no longer authorized as shareholder of the Company. And the
Pledgee shall cancel or revoke this Contract as soon as practical upon the termination of this Contract. 
  

	11.	Costs and Expenses 

 Any
and all costs and expenses actually incurred in connection with this Contract, including but not limited to legal expenses, costs, stamp duty, as well as any other taxes and fees, will be fully borne by Party A. 

 

	12.	Confidentiality 

 Each
Party recognizes and confirms this Contract, the content of this Contract, and any and all oral and written information exchanged among them for the preparation and performance of this Contract shall be deemed as confidential information. Each Party
shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not disclose any confidential information to any third party, provided that, confidential information shall not include
information that (a) is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this Contract, or (b) any information which must be disclosed pursuant to laws and regulations, stock
trading rules, or as required by order or decree of governmental authorities or courts; or (c) any information disclosed by either Party to its shareholders, investors, legal or financial advisors in relation to the transactions contemplated
herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party
shall be held liable for breach. This provision shall survive the termination of this Contract for any reason. 

  
 7 

	13.	Applicable Law and Dispute Resolution 

 The formation of this Contract, its validity, interpretation, performance, change, and termination of this Contract, and the settlement of any dispute between the Parties, shall be governed by and
construed in accordance with the laws of the PRC. 
 The Parties will firstly attempt in good faith to resolve any and all
disputes arising out of or relating to this Contract through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party gives the other Party written notice of the dispute, then each
Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules. The arbitration shall be conducted in Beijing in Chinese. The
award of the arbitration tribunal shall be final and binding upon the Parties. 
 In the event of any dispute arising from the
interpretation or performance of this Contract, and in the course of the arbitration of any dispute, each Party shall continue the performance of its rights and obligations hereunder excepted for those disputed ones. 

 

	14.	Notices 

 All the notices
and other communications required by or sent pursuant to this Contract shall be delivered to the following address of each Party in person, by registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be
confirmed with a respective email. Delivery shall be deemed to have occurred: 
 the same day (local time at the recipient’s
place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid post, or delivery is refused; or 
 the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 
 Each Party’s address for purpose of notice is as follows: 
  

			
	Pledgee:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Xueling Li
	Facsimile:	  	
		
	Pledgor:	  	Beijing Tuda Science and Technology Company Limited
	Address:	  	Suite B1506, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Jin Cao
	Facsimile:	  	

 Each Party may at anytime change its address for receiving notices by giving a notice to the other
Parties in accordance with this clause. 

  
 8 

	15.	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Contract shall not be affected
in any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions, provided that, the
economic effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 
  

	16.	Appendices 

 The appendix
hereto is an integral part of this Contract. 
  

	17.	Effectiveness 

 Any
amendment, supplement or change to this Contract shall be made in writing, and can only become effective with the signatures or seals of the Parties and registration with governmental authorities in accordance with applicable rules (if applicable).

  
 9 

 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Equity Pledge Contract to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	
	By Authorized Representative: (Seal)
	Date:	  	
		
	Party B:	  	Beijing Tuda Science and Technology Company Limited
	
	By Authorized Representative: (Seal)
	Date:	  	

  
 10 

 Appendix 1 
 List of Major Contracts 
  

	1.	Exclusive Business Cooperation Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company Limited and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	2.	Exclusive Option Agreement, dated September 16, 2011, by and among Duowan Entertainment Information Technology (Beijing) Company Limited, Beijing Tuda Science and
Technology Company Limited and Guangzhou Huaduo Network Technology Co., Ltd. 

  

	3.	Exclusive Technology Support and Technology Services Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company
Limited and Guangzhou Huaduo Network Technology Co., Ltd. 

  

	4.	Power of Attorney, dated September 16, 2011, signed by Beijing Tuda Science and Technology Company Limited 

  
 11 

 Equity Interest Pledge Agreement 

This Equity Interest Pledge Agreement (this “Contract”), dated September 16, 2011, is made in the People’s Republic of China (the
“PRC”), by and between: 
  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited (“Pledgee”)
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Xueling Li (“Pledgor”)
	Address:	  	

 (Pledgor and Pledgee individually, a “Party”; collectively, the “Parties”). 

WHEREAS 
  

	1.	The Pledgor is a company registered in the PRC, holding 1.6654% equity interests of Guangzhou Huaduo Network Technology Co., Ltd. (the “Company”) as of
the date hereof. The Company is a limited liability company registered in Guangzhou, the PRC, engaged in the Internet-based value-added telecommunications services. Party B will cause the Company to confirm the rights and obligations of the Pledgor
and the Pledgee under this Contract and to provide necessary assistance for the registration of such pledge. 

  

	2.	The Pledgee is a limited liability company registered in Beijing. The Pledgee, the Pledgor and/or the Company entered into a series of legal documents, including
an Exclusive Business Cooperation Agreement, which are made for the purpose of formation of the Pledgee’s control over the Company (“Controlling Agreements”). 

 

	3.	The Pledgor agrees to pledge all of its equity interests in the Company to the Pledgee as security for the performance of the obligations hereunder by Party B
and/or the Company. 

 NOW, THEREFORE, the Parties agree as follows through friendly negotiations: 

 

	1.	Definitions 

 Unless
otherwise required in the context, in this Contract: 
  

	1.1	Pledge means the secured property rights granted to the Pledgee by the Pledgor in accordance with Section 2 of this Contract, i.e., the right of the Pledgee
to be compensated at first priority with respect to the price of sale or disposal of such equity interests pledged to the Pledgee by the Pledgor. 

  

	1.2	Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company now and in the future. 

  
 12 

	1.3	Pledged Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company, to be pledged by the Pledgor. 

 

	1.4	Pledge Term means the period as specified in Section 3 of this Contract. 

 

	1.5	Major Contracts mean the agreements listed in Appendix 1 hereto, including a series of Controlling Agreements by and among the Pledgor and/or the Company and the
Pledgee, such as the Exclusive Business Cooperation Agreement. 

  

	1.6	An Breaching Event means any event listed in Section 7 hereof. 

 

	1.7	Default Notice means the notice given by the Pledgee regarding the Breaching Event in accordance with this Contract. 

 

	2.	Pledge 

 The Pledgor
hereby pledges any and all equity interests of the Company owned by it now and in the future as security for its timely and complete performance of the Pledgor’s obligations to discharge of liabilities, other monetary payments, as well as all
other obligations under the Major Contracts, no matter the monetary payment obligation becomes due and payable as a result of its maturity, demand requirement of earlier collection or any other reasons. 

 

	3.	Pledge Term 

  

	 	3.1	This Pledge becomes effective immediately after the equity interests pledged hereunder is recorded on the share register of the Company, and remains valid until Party B
is no longer authorized as shareholder of the Company. Each Party agrees that the Pledgor shall record the equity interests pledge under this Contract on the share register of the Company within three (3) business days upon the execution
hereof. 

  

	 	3.2	During the Pledge Term, if Party B fails to perform the obligations in accordance with the provisions of the Major Contracts, the Pledgee is entitled, however not
obligated, to dispose the Pledged Equity Interests pursuant to law and this Contract. 

  

	4.	Custody of Pledge Certificate 

  

	 	4.1	During the Pledge Term, the Pledgor shall deliver its capital contribution certificate and the share register of the Company in which the pledge is recorded to the
custody of the Pledgee. The Pledgor shall deliver the abovementioned capital contribution certificate and the share register of the Company in which the pledge is recorded to the Pledgee within one (1) week upon the execution of this Contract.
And the Pledgee shall remain the custodian of such documents throughout the whole Pledge Term as mentioned herein. 

  
 13 

	 	4.2	During the Pledge Term, the Pledgee has the right to collect the dividends arising from the Equity Interests. 

 

	5.	Pledgor’s Representations and Warranties 

  

	 	5.1	The Pledgor is the only legal owner of the Equity Interests. 

  

	 	5.2	The Pledgee has the right to dispose or transfer the Equity Interests according to the ways as described in this Contract. 

 

	 	5.3	The Pledgor has not created any other pledge or other security interest over the Equity Interests, except for this Pledge. 

 

	6.	Pledgor’s Undertakings and Confirmation 

  

	 	6.1	During the term of this Contract, the Pledgor undertakes to the Pledgee that: 

 

	 	6.1.1	Without prior written consent of the Pledgee, the Pledgor may not transfer the Equity Interests, or create or allow the creation of any new pledge or any other
encumbrances upon the Equity Interests, except for the purpose of performance of the Major Contracts; 

  

	 	6.1.2	The Pledgor will abide by the provisions of all laws and regulations related to the Pledge, and upon receiving any notice, order or direction given or formulated by any
competent authority with respect to the Pledge, the Pledgor will notify the Pledgee of such notice, order or direction within five (5) days upon the receipt thereof, and comply with such notice, order or direction, or submit any dissenting
opinions and statements at the request of the Pledgee or with the consent of the Pledgee; 

  

	 	6.1.3	The Pledgor will immediately notify the Pledgee of any event or notice received which may possibly affect the Equity Interests of the Pledgee or any part of the
Plegee’s rights, and any other event or received notice which may possibly change the warrants and obligations of the Pledgor under this Contract, or the performance of obligations hereunder by the Pledgor. 

 

	 	6.2	The Pledgor agrees that, the rights granted to the Pledgee regarding the Pledge in accordance with this Contract shall not be interrupted or impaired by any legal
proceedings initiated by the Pledgor, its successors, its authorized persons, or any other person. 

  
 14 

	 	6.3	The Pledgor warrants to the Pledgee that, for safeguarding or consummating the guaranty regarding the transfer of earnings under the Major Contracts in accordance with
this Contract, the Pledgor will faithfully sign, or cause the other party materially related to the Pledge to sign, all the right certificates or instruments as required by the Pledgee, and/or take, or cause the other party materially related to the
Pledge to take, any acts as required by the Pledgee, facilitate the exercise of rights and authorizations granted to the Pledgee hereunder, enter into any documents related to the ownership of the Equity Interests with the Pledges or its designated
persons (natural person/legal person), and provide to the Pledgee any and all notices, orders and decisions relating to the Pledge as deemed necessary by the Pledgee within the reasonable period. 

 

	 	6.4	The Pledgor warrants to the Pledgee that, the Pledgor will abide by and perform all the warrants, undertakings, agreements, representations and conditions under this
Contract, and the Pledgor will indemnify the Pledgee of all losses incurred that is caused by the failure in or partial failure in the performance of such warrants, undertakings, agreements, representations or conditions by the Pledgor.

  

	7.	Breaching Event 

  

	 	7.1	Any of the following is deemed as an Breaching Event: 

  

	 	7.1.1	Party B fails to transfer the earnings under the Major Contracts in full and according to the timeline, or commits any act in violation of the Major Contracts and this
Contract; 

  

	 	7.1.2	Any of representations or warrants made by the Pledgor in Section 5 hereof is materially misleading or wrong, and/or, the Pledgor breaches any of the
representations or warrants made by the Pledgor in Section 5 hereof; 

  

	 	7.1.3	The Pledgor fails to record the Pledge on the share register of the Company in accordance with the Clause 3.1; 

 

	 	7.1.4	The Pledgor breaches any provision of this Contract; 

  

	 	7.1.5	Except for the circumstance agreed to in Clause 6.1.1, the Pledgor waives the Pledged Equity Interests, or transfers or intends to transfer the Pledged Equity Interests
without the prior written consent of the Pledgee; 

  
 15 

	 	7.1.6	Any external borrowings, guaranties, indemnification, undertakings or any other liabilities of the Pledgor (1) shall be repaid or performed earlier due to its
default; or (2) cannot be repaid or performed when due; 

  

	 	7.1.7	Any or all consents, permits, approvals or authorizations from the governmental authorities necessary for the enforceability, legality or validity of this Contract, are
revoked, suspended, invalidated, or materially changed; 

  

	 	7.1.8	Promulgation of application laws makes this Contract becomes illegal, or the Pledgor cannot continue the performance of its obligations hereunder;

  

	 	7.1.9	Any adverse change to assets owned by the Pledgor makes the Pledgee to believe that the ability of the Pledgor to perform its obligations hereunder has been affected;

  

	 	7.1.10	Any other circumstance which makes the Pledgee unable or possibly unable to dispose the Pledge in accordance with applicable laws. 

 

	 	7.2	The Pledgor shall immediately notify the Pledgee in writing of the occurrence of any event mentioned in Clause 7.1 or any event which may cause the occurrence of any
abovementioned event. 

  

	 	7.3	Unless any of the abovementioned Breaching Event has been resolved to the satisfaction of the Pledgee, the Pledgee is entitled to give a written Default Notice to the
Pledgor anytime upon or following the occurrence of any Breaching Event of the Pledgor, requiring the Pledgee to dispose the Pledge in accordance with Section 8 of this Contract. 

 

	8.	Exercise of Pledge 

  

	 	8.1	The Pledgor should not transfer any of the Equity Interests of the Company owned by it before the liabilities are discharged and all other material obligations are
performed under the Major Contracts. 

  

	 	8.2	The Pledgee may give a Default Notice to the Pledgor when exercising the Pledge. 

  
 16 

	 	8.3	Subject to Clause 7.3, the Pledgee may exercise the right to dispose the Pledge at the same time or at anytime after the Pledgee gives the Default Notice in accordance
with Clause 7.2. The Pledgor no longer owns any right or benefit in relation to the Equity Interests once the Pledgee decides to exercise the right to dispose the Pledge. 

 

	 	8.4	As of the occurrence of any Breaching Event, the Pledgee is entitled to dispose the Pledged Equity Interests according to legal procedure, to the extent allowed by laws
and in accordance with applicable laws, and does not need to distribute any of the proceedings of such disposal to the Pledgor; the Pledgor hereby waives the contingent right to require for distribution from the Pledgee of any proceedings of such
disposal. Similarly, the Pledgor should not be held liable for any losses which the Pledgee may incur by following the disposal of the Pledged Equity Interests. 

 

	 	8.5	As the Pledgee disposes the Pledge in accordance with this Contract, the Pledgor and the Company shall provide assistance necessary for the realization of the Pledge by
the Pledgee. 

  

	9.	Transfer 

  

	 	9.1	Unless with the prior consent of the Pledgee, the Pledgor has no right to grant or transfer any of its rights and obligations hereunder. 

 

	 	9.2	This Contract shall be binding upon the Pledgor and its successors and permitted assigns, and inure to the benefit of the Pledgee and its successors and permitted
assigns. 

  

	 	9.3	The Pledgee has the right to, at anytime, transfer any of its rights and obligations under the business cooperation agreement to its designated person (natural
person/legal person), and under such circumstance, the assigns shall enjoy and assume the same rights and obligations same to which the Pledgee enjoys and assumes under this Contract, as if the assigns is the original party to the Contract. When the
Pledgee transfers any of its rights and obligations under the business cooperation agreement, the Pledgor shall sign any necessary agreement and/or instruments at the request of the Pledgee. 

 

	 	9.4	After the Pledgee changes upon the transfer, the Pledgor shall enter into a new pledge contract containing the content substantially same to this Contract with the new
pledgee. 

  

	 	9.5	The Pledgor shall strictly comply with the provisions of this Contract and any other contract entered into with any other party or parties, perform the obligations
under this Contract and other contracts, and should not take any action/non-action which may substantially affect the validity and enforceability of the abovementioned contracts. Unless with the written direction of the Pledgee, the Pledgor should
not exercise its remaining rights regarding the Pledged Equity Interests. 

  
 17 

	10.	Termination 

 This
Contract terminates once the transfer of the proceedings arising from the Major Contracts is completed, and the Pledgor no longer assumes any obligations under the Major Contracts and is no longer authorized as shareholder of the Company. And the
Pledgee shall cancel or revoke this Contract as soon as practical upon the termination of this Contract. 
  

	11.	Costs and Expenses 

 Any
and all costs and expenses actually incurred in connection with this Contract, including but not limited to legal expenses, costs, stamp duty, as well as any other taxes and fees, will be fully borne by Party A. 

 

	12.	Confidentiality 

 Each
Party recognizes and confirms this Contract, the content of this Contract, and any and all oral and written information exchanged among them for the preparation and performance of this Contract shall be deemed as confidential information. Each Party
shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not disclose any confidential information to any third party, provided that, confidential information shall not include
information that (a) is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this Contract, or (b) any information which must be disclosed pursuant to laws and regulations, stock
trading rules, or as required by order or decree of governmental authorities or courts; or (c) any information disclosed by either Party to its shareholders, investors, legal or financial advisors in relation to the transactions contemplated
herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party
shall be held liable for breach. This provision shall survive the termination of this Contract for any reason. 
  

	13.	Applicable Law and Dispute Resolution 

 The formation of this Contract, its validity, interpretation, performance, change, and termination of this Contract, and the settlement of any dispute between the Parties, shall be governed by and
construed in accordance with the laws of the PRC. 

  
 18 

 The Parties will firstly attempt in good faith to resolve any and all disputes arising out
of or relating to this Contract through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party gives the other Party written notice of the dispute, then each Party may submit the
dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules. The arbitration shall be conducted in Beijing in Chinese. The award of the arbitration
tribunal shall be final and binding upon the Parties. 
 In the event of any dispute arising from the interpretation or
performance of this Contract, and in the course of the arbitration of any dispute, each Party shall continue the performance of its rights and obligations hereunder excepted for those disputed ones. 

 

	14.	Notices 

 All the notices
and other communications required by or sent pursuant to this Contract shall be delivered to the following address of each Party in person, by registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be
confirmed with a respective email. Delivery shall be deemed to have occurred: 
 the same day (local time at the recipient’s
place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid post, or delivery is refused; or 
 the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 
 Each Party’s address for purpose of notice is as follows: 
  

			
	Pledgee:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Xueling Li
	Facsimile:	  	
		
	Pledgor:	  	Xueling Li
	Address:	  	No.2, Haiyuncang Hutong, Dongcheng District, Beijing
	Facsimile:	  	

 Each Party may at anytime change its address for receiving notices by giving a notice to the other
Parties in accordance with this clause. 

  
 19 

	15.	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Contract shall not be affected
in any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions, provided that, the
economic effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 
  

	16.	Appendices 

 The appendix
hereto is an integral part of this Contract. 
  

	17.	Effectiveness 

 Any
amendment, supplement or change to this Contract shall be made in writing, and can only become effective with the signatures or seals of the Parties and registration with governmental authorities in accordance with applicable rules (if applicable).

  
 20 

 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Equity Pledge Contract to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	
	By Authorized Representative: (Seal)
	Date:	  	
		
	Party B:	  	Xueling Li

			
		
	By:	 	/s/ Xueling Li
	Date:	 	

  
 21 

 Appendix 1 
 List of Major Contracts 
  

	1.	Exclusive Business Cooperation Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company Limited and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	2.	Exclusive Option Agreement, dated September 16, 2011, by and among Duowan Entertainment Information Technology (Beijing) Company Limited, Xueling Li and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	3.	Exclusive Technology Support and Technology Services Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company
Limited and Guangzhou Huaduo Network Technology Co., Ltd. 

  

	4.	Power of Attorney, dated September 16, 2011, signed by Xueling Li 

  
 22 

 Equity Interest Pledge Agreement 

This Equity Interest Pledge Agreement (this “Contract”), dated September 16, 2011, is made in the People’s Republic of China (the
“PRC”), by and between: 
  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited (“Pledgee”)
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Jun Lei (“Pledgor”)
	Address:	  	

 (Pledgor and Pledgee individually, a “Party”; collectively, the “Parties”). 

WHEREAS 
  

	1.	The Pledgor is a company registered in the PRC, holding 1.4570% equity interests of Guangzhou Huaduo Network Technology Co., Ltd. (the “Company”) as of
the date hereof. The Company is a limited liability company registered in Guangzhou, the PRC, engaged in the Internet-based value-added telecommunications services. Party B will cause the Company to confirm the rights and obligations of the Pledgor
and the Pledgee under this Contract and to provide necessary assistance for the registration of such pledge. 

  

	2.	The Pledgee is a limited liability company registered in Beijing. The Pledgee, the Pledgor and/or the Company entered into a series of legal documents, including
an Exclusive Business Cooperation Agreement, which are made for the purpose of formation of the Pledgee’s control over the Company (“Controlling Agreements”). 

 

	3.	The Pledgor agrees to pledge all of its equity interests in the Company to the Pledgee as security for the performance of the obligations hereunder by Party B
and/or the Company. 

 NOW, THEREFORE, the Parties agree as follows through friendly negotiations: 

 

	1.	Definitions 

 Unless
otherwise required in the context, in this Contract: 
  

	1.1	Pledge means the secured property rights granted to the Pledgee by the Pledgor in accordance with Section 2 of this Contract, i.e., the right of the Pledgee
to be compensated at first priority with respect to the price of sale or disposal of such equity interests pledged to the Pledgee by the Pledgor. 

  
 23 

	1.2	Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company now and in the future. 

 

	1.3	Pledged Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company, to be pledged by the Pledgor. 

 

	1.4	Pledge Term means the period as specified in Section 3 of this Contract. 

 

	1.5	Major Contracts mean the agreements listed in Appendix 1 hereto, including a series of Controlling Agreements by and among the Pledgor and/or the Company and the
Pledgee, such as the Exclusive Business Cooperation Agreement. 

  

	1.6	An Breaching Event means any event listed in Section 7 hereof. 

 

	1.7	Default Notice means the notice given by the Pledgee regarding the Breaching Event in accordance with this Contract. 

 

	2.	Pledge 

 The Pledgor
hereby pledges any and all equity interests of the Company owned by it now and in the future as security for its timely and complete performance of the Pledgor’s obligations to discharge of liabilities, other monetary payments, as well as all
other obligations under the Major Contracts, no matter the monetary payment obligation becomes due and payable as a result of its maturity, demand of earlier collection or any other reasons. 

 

	3.	Pledge Term 

  

	 	3.1	This Pledge becomes effective immediately after the equity interests pledged hereunder is recorded on the share register of the Company, and remains valid until Party B
is no longer authorized as shareholder of the Company. Each Party agrees that the Pledgor shall record the equity interests pledge under this Contract on the share register of the Company within three (3) business days upon the execution
hereof. 

  

	 	3.2	During the Pledge Term, if Party B fails to perform the obligations in accordance with the provisions of the Major Contracts, the Pledgee is entitled, however not
obligated, to dispose the Pledged Equity Interests pursuant to law and this Contract. 

  

	4.	Custody of Pledge Certificate 

  

	 	4.1	During the Pledge Term, the Pledgor shall deliver its capital contribution certificate and the share register of the Company in which the pledge is recorded to the
custody of the Pledgee. The Pledgor shall deliver the abovementioned capital contribution certificate and the share register of the Company in which the pledge is recorded to the Pledgee within one (1) week upon the execution of this Contract.
And the Pledgee shall remain the custodian of such documents throughout the whole Pledge Term as mentioned herein. 

  
 24 

	 	4.2	During the Pledge Term, the Pledgee has the right to collect the dividends arising from the Equity Interests. 

 

	5.	Pledgor’s Representations and Warranties 

  

	 	5.1	The Pledgor is the only legal owner of the Equity Interests. 

  

	 	5.2	The Pledgee has the right to dispose or transfer the Equity Interests according to the ways as described in this Contract. 

 

	 	5.3	The Pledgor has not created any other pledge or other security interest over the Equity Interests, except for this Pledge. 

 

	6.	Pledgor’s Undertakings and Confirmation 

  

	 	6.1	During the term of this Contract, the Pledgor undertakes to the Pledgee that: 

 

	 	6.1.1	Without prior written consent of the Pledgee, the Pledgor may not transfer the Equity Interests, or create or allow the creation of any new pledge or any other
encumbrances upon the Equity Interests, except for the purpose of performance of the Major Contracts; 

  

	 	6.1.2	The Pledgor will abide by the provisions of all laws and regulations related to the Pledge, and upon receiving any notice, order or direction given or formulated by any
competent authority with respect to the Pledge, the Pledgor will notify the Pledgee of such notice, order or direction within five (5) days upon the receipt thereof, and comply with such notice, order or direction, or submit any dissenting
opinions and statements at the request of the Pledgee or with the consent of the Pledgee; 

  

	 	6.1.3	The Pledgor will immediately notify the Pledgee of any event or notice received which may possibly affect the Equity Interests of the Pledgee or any part of the
Plegee’s rights, and any other event or received notice which may possibly change the warrants and obligations of the Pledgor under this Contract, or the performance of obligations hereunder by the Pledgor. 

  
 25 

	 	6.2	The Pledgor agrees that, the rights granted to the Pledgee regarding the Pledge in accordance with this Contract shall not be interrupted or impaired by any legal
proceedings initiated by the Pledgor, its successors, its authorized persons, or any other person. 

  

	 	6.3	The Pledgor warrants to the Pledgee that, for safeguarding or consummating the guaranty regarding the transfer of earnings under the Major Contracts in accordance with
this Contract, the Pledgor will faithfully sign, or cause the other party materially related to the Pledge to sign, all the right certificates or instruments as required by the Pledgee, and/or take, or cause the other party materially related to the
Pledge to take, any acts as required by the Pledgee, facilitate the exercise of rights and authorizations granted to the Pledgee hereunder, enter into any documents related to the ownership of the Equity Interests with the Pledges or its designated
persons (natural person/legal person), and provide to the Pledgee any and all notices, orders and decisions relating to the Pledge as deemed necessary by the Pledgee within the reasonable period. 

 

	 	6.4	The Pledgor warrants to the Pledgee that, the Pledgor will abide by and perform all the warrants, undertakings, agreements, representations and conditions under this
Contract, and the Pledgor will indemnify the Pledgee of all losses incurred that is caused by the failure in or partial failure in the performance of such warrants, undertakings, agreements, representations or conditions by the Pledgor.

  

	7.	Breaching Event 

  

	 	7.1	Any of the following is deemed as an Breaching Event: 

  

	 	7.1.1	Party B fails to transfer the earnings under the Major Contracts in full and according to the timeline, or commits any act in violation of the Major Contracts and this
Contract; 

  

	 	7.1.2	Any of representations or warrants made by the Pledgor in Section 5 hereof is materially misleading or wrong, and/or, the Pledgor breaches any of the
representations or warrants made by the Pledgor in Section 5 hereof; 

  

	 	7.1.3	The Pledgor fails to record the Pledge on the share register of the Company in accordance with Clause 3.1; 

 

	 	7.1.4	The Pledgor breaches any provision of this Contract; 

  
 26 

	 	7.1.5	Except for the circumstance agreed to in Clause 6.1.1, the Pledgor waives the Pledged Equity Interests, or transfers or intends to transfer the Pledged Equity Interests
without the prior written consent of the Pledgee; 

  

	 	7.1.6	Any external borrowings, guaranties, indemnification, undertakings or any other liabilities of the Pledgor (1) shall be repaid or performed earlier due to its
default; or (2) cannot be repaid or performed when due; 

  

	 	7.1.7	Any or all consents, permits, approvals or authorizations from the governmental authorities necessary for the enforceability, legality or validity of this Contract, are
revoked, suspended, invalidated, or materially changed; 

  

	 	7.1.8	Promulgation of application laws makes this Contract becomes illegal, or the Pledgor cannot continue the performance of its obligations hereunder;

  

	 	7.1.9	Any adverse change to assets owned by the Pledgor makes the Pledgee to believe that the ability of the Pledgor to perform its obligations hereunder has been affected;

  

	 	7.1.10	Any other circumstance which makes the Pledgee unable or possibly unable to dispose the Pledge in accordance with applicable laws. 

 

	 	7.2	The Pledgor shall immediately notify the Pledgee in writing of the occurrence of any event mentioned in Clause 7.1 or any event which may cause the occurrence of any
abovementioned event. 

  

	 	7.3	Unless any of the abovementioned Breaching Event has been resolved to the satisfaction of the Pledgee, the Pledgee is entitled to give a written Default Notice to the
Pledgor anytime upon or following the occurrence of any Breaching Event of the Pledgor, requiring the Pledgee to dispose the Pledge in accordance with Section 8 of this Contract. 

 

	8.	Exercise of Pledge 

  

	 	8.1	The Pledgor should not transfer any of the Equity Interests of the Company owned by it before the liabilities are discharged and all other material obligations are
performed under the Major Contracts. 

  
 27 

	 	8.2	The Pledgee may give a Default Notice to the Pledgor when exercising the Pledge. 

 

	 	8.3	Subject to Clause 7.3, the Pledgee may exercise the right to dispose the Pledge at the same time or at anytime after the Pledgee gives the Default Notice in accordance
with Clause 7.2. The Pledgor no longer owns any right or benefit in relation to the Equity Interests once the Pledgee decides to exercise the right to dispose the Pledge. 

 

	 	8.4	As of the occurrence of any Breaching Event, the Pledgee is entitled to dispose the Pledged Equity Interests according to legal procedure, to the extent allowed by laws
and in accordance with applicable laws, and does not need to distribute any of the proceedings of such disposal to the Pledgor; the Pledgor hereby waives the contingent right to require for distribution from the Pledgee of any proceedings of such
disposal. Similarly, the Pledgor should not be held liable for any losses which the Pledgee may incur by following the disposal of the Pledged Equity Interests. 

 

	 	8.5	As the Pledgee disposes the Pledge in accordance with this Contract, the Pledgor and the Company shall provide assistance necessary for the realization of the Pledge by
the Pledgee. 

  

	9.	Transfer 

  

	 	9.1	Unless with the prior consent of the Pledgee, the Pledgor has no right to grant or transfer any of its rights and obligations hereunder. 

 

	 	9.2	This Contract shall be binding upon the Pledgor and its successors and permitted assigns, and inure to the benefit of the Pledgee and its successors and permitted
assigns. 

  

	 	9.3	The Pledgee has the right to, at anytime, transfer any of its rights and obligations under the business cooperation agreement to its designated person (natural
person/legal person), and under such circumstance, the assigns shall enjoy and assume the same rights and obligations same to which the Pledgee enjoys and assumes under this Contract, as if the assigns is the original party to the Contract. When the
Pledgee transfers any of its rights and obligations under the business cooperation agreement, the Pledgor shall sign any necessary agreement and/or instruments at the request of the Pledgee. 

 

	 	9.4	After the Pledgee changes upon the transfer, the Pledgor shall enter into a new pledge contract containing the content substantially same to this Contract with the new
pledgee. 

  
 28 

	 	9.5	The Pledgor shall strictly comply with the provisions of this Contract and any other contract entered into with any other party or parties, perform the obligations
under this Contract and other contracts, and should not take any action/non-action which may substantially affect the validity and enforceability of the abovementioned contracts. Unless with the written direction of the Pledgee, the Pledgor should
not exercise its remaining rights regarding the Pledged Equity Interests. 

  

	10.	Termination 

 This
Contract terminates once the transfer of the proceedings arising from the Major Contracts is completed, and the Pledgor no longer assumes any obligations under the Major Contracts and is no longer authorized as shareholder of the Company. And the
Pledgee shall cancel or revoke this Contract as soon as practical upon the termination of this Contract. 
  

	11.	Costs and Expenses 

 Any
and all costs and expenses actually incurred in connection with this Contract, including but not limited to legal expenses, costs, stamp duty, as well as any other taxes and fees, will be fully borne by Party A. 

 

	12.	Confidentiality 

 Each
Party recognizes and confirms this Contract, the content of this Contract, and any and all oral and written information exchanged among them for the preparation and performance of this Contract shall be deemed as confidential information. Each Party
shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not disclose any confidential information to any third party, provided that, confidential information shall not include
information that (a) is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this Contract, or (b) any information which must be disclosed pursuant to laws and regulations, stock
trading rules, or as required by order or decree of governmental authorities or courts; or (c) any information disclosed by either Party to its shareholders, investors, legal or financial advisors in relation to the transactions contemplated
herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party
shall be held liable for breach. This provision shall survive the termination of this Contract for any reason. 

  
 29 

	13.	Applicable Law and Dispute Resolution 

 The formation of this Contract, its validity, interpretation, performance, change, and termination of this Contract, and the settlement of any dispute between the Parties, shall be governed by and
construed in accordance with the laws of the PRC. 
 The Parties will firstly attempt in good faith to resolve any and all
disputes arising out of or relating to this Contract through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party gives the other Party written notice of the dispute, then each
Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules. The arbitration shall be conducted in Beijing in Chinese. The
award of the arbitration tribunal shall be final and binding upon the Parties. 
 In the event of any dispute arising from the
interpretation or performance of this Contract, and in the course of the arbitration of any dispute, each Party shall continue the performance of its rights and obligations hereunder excepted for those disputed ones. 

 

	14.	Notices 

 All the notices
and other communications required by or sent pursuant to this Contract shall be delivered to the following address of each Party in person, by registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be
confirmed with a respective email. Delivery shall be deemed to have occurred: 
 the same day (local time at the recipient’s
place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid post, or delivery is refused; or 
 the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 
 Each Party’s address for purpose of notice is as follows: 
  

			
	Pledgee:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Xueling Li
	Facsimile:	  	
		
	Pledgor:	  	Jun Lei
	Address:	  	Suite A19E, Huating Jiayuan, 6 North Sihuanzhong Road, Chaoyang District, Beijing
	Facsimile:	  	

 Each Party may at anytime change its address for receiving notices by giving a notice to the other
Parties in accordance with this clause. 

  
 30 

	15.	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Contract shall not be affected
in any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions, provided that, the
economic effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 
  

	16.	Appendices 

 The appendix
hereto is an integral part of this Contract. 
  

	17.	Effectiveness 

 Any
amendment, supplement or change to this Contract shall be made in writing, and can only become effective with the signatures or seals of the Parties and registration with governmental authorities in accordance with applicable rules (if applicable).

  
 31 

 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Equity Pledge Contract to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	
	By Authorized Representative: (Seal)
	Date:	  	
		
	Party B:	  	Jun Lei

			
	
	By: /s/ Jun Lei
	Date:	 	

  
 32 

 Appendix 1 
 List of Major Contracts 
  

	1.	Exclusive Business Cooperation Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company Limited and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	2.	Exclusive Option Agreement, dated September 16, 2011, by and among Duowan Entertainment Information Technology (Beijing) Company Limited, Jun Lei and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	3.	Exclusive Technology Support and Technology Services Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company
Limited and Guangzhou Huaduo Network Technology Co., Ltd. 

  

	4.	Power of Attorney, dated September 16, 2011, signed by Jun Lei 

  
 33 

 Equity Interest Pledge Agreement 

This Equity Interest Pledge Agreement (this “Contract”), dated September 16, 2011, is made in the People’s Republic of China (the
“PRC”), by and between: 
  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited (“Pledgee”)
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Bin Zhao (“Pledgor”)
	Address:	  	

 (Pledgor and Pledgee individually, a “Party”; collectively, the “Parties”). 

WHEREAS 
  

	1.	The Pledgor is a company registered in the PRC, holding 0.1406% equity interests of Guangzhou Huaduo Network Technology Co., Ltd. (the “Company”) as of
the date hereof. The Company is a limited liability company registered in Guangzhou, the PRC, engaged in the Internet-based value-added telecommunications services. Party B will cause the Company to confirm the rights and obligations of the Pledgor
and the Pledgee under this Contract and to provide necessary assistance for the registration of such pledge. 

  

	2.	The Pledgee is a limited liability company registered in Beijing. The Pledgee, the Pledgor and/or the Company entered into a series of legal documents, including
an Exclusive Business Cooperation Agreement, which are made for the purpose of formation of the Pledgee’s control over the Company (“Controlling Agreements”). 

 

	3.	The Pledgor agrees to pledge all of its equity interests in the Company to the Pledgee as security for the performance of the obligations hereunder by Party B
and/or the Company. 

 NOW, THEREFORE, the Parties agree as follows through friendly negotiations: 

 

	1.	Definitions 

 Unless
otherwise required in the context, in this Contract: 
  

	1.1	Pledge means the secured property rights granted to the Pledgee by the Pledgor in accordance with Section 2 of this Contract, i.e., the right of the Pledgee
to be compensated at first priority with respect to the price of sale or disposal of such equity interests pledged to the Pledgee by the Pledgor. 

  
 34 

	1.2	Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company now and in the future. 

 

	1.3	Pledged Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company, to be pledged by the Pledgor. 

 

	1.4	Pledge Term means the period as specified in the Section 3 of this Contract. 

 

	1.5	Major Contracts mean the agreements listed in Appendix 1 hereto, including a series of Controlling Agreements by and among the Pledgor and/or the Company and the
Pledgee, such as the Exclusive Business Cooperation Agreement. 

  

	1.6	An Breaching Event means any event listed in Section 7 hereof. 

 

	1.7	Default Notice means the notice given by the Pledgee regarding the Breaching Event in accordance with this Contract. 

 

	2.	Pledge 

 The Pledgor
hereby pledges any and all equity interests of the Company owned by it now and in the future as security for its timely and complete performance of the Pledgor’s obligations to discharge of liabilities, other monetary payments, as well as all
other obligations under the Major Contracts, no matter the monetary payment obligation becomes due and payable as a result of its maturity, demand of earlier collection or any other reasons. 

 

	3.	Pledge Term 

  

	 	3.1	This Pledge becomes effective immediately after the equity interests pledged hereunder is recorded on the share register of the Company, and remains valid until Party B
is no longer authorized as shareholder of the Company. Each Party agrees that the Pledgor shall record the equity interests pledge under this Contract on the share register of the Company within three (3) business days upon the execution
hereof. 

  

	 	3.2	During the Pledge Term, if Party B fails to perform the obligations in accordance with the provisions of the Major Contracts, the Pledgee is entitled, however not
obligated, to dispose the Pledged Equity Interests pursuant to law and this Contract. 

  

	4.	Custody of Pledge Certificate 

  

	 	4.1	During the Pledge Term, the Pledgor shall deliver its capital contribution certificate and the share register of the Company in which the pledge is recorded to the
custody of the Pledgee. The Pledgor shall deliver the abovementioned capital contribution certificate and the share register of the Company in which the pledge is recorded to the Pledgee within one (1) week upon the execution of this Contract.
And the Pledgee shall remain the custodian of such documents throughout the whole Pledge Term as mentioned herein. 

  
 35 

	 	4.2	During the Pledge Term, the Pledgee has the right to collect the dividends arising from the Equity Interests. 

 

	5.	Pledgor’s Representations and Warranties 

  

	 	5.1	The Pledgor is the only legal owner of the Equity Interests. 

  

	 	5.2	The Pledgee has the right to dispose or transfer the Equity Interests according to the ways as described in this Contract. 

 

	 	5.3	The Pledgor has not created any other pledge or other security interest over the Equity Interests, except for this Pledge. 

 

	6.	Pledgor’s Undertakings and Confirmation 

  

	 	6.1	During the term of this Contract, the Pledgor undertakes to the Pledgee that: 

 

	 	6.1.1	Without prior written consent of the Pledgee, the Pledgor may not transfer the Equity Interests, or create or allow the creation of any new pledge or any other
encumbrances upon the Equity Interests, except for the purpose of performance of the Major Contracts; 

  

	 	6.1.2	The Pledgor will abide by the provisions of all laws and regulations related to the Pledge, and upon receiving any notice, order or direction given or formulated by any
competent authority with respect to the Pledge, the Pledgor will notify the Pledgee of such notice, order or direction within five (5) days upon the receipt thereof, and comply with such notice, order or direction, or submit any dissenting
opinions and statements at the request of the Pledgee or with the consent of the Pledgee; 

  

	 	6.1.3	The Pledgor will immediately notify the Pledgee of any event or notice received which may possibly affect the Equity Interests of the Pledgee or any part of the
Plegee’s rights, and any other event or received notice which may possibly change the warrants and obligations of the Pledgor under this Contract, or the performance of obligations hereunder by the Pledgor. 

  
 36 

	 	6.2	The Pledgor agrees that, the rights granted to the Pledgee regarding the Pledge in accordance with this Contract shall not be interrupted or impaired by any legal
proceedings initiated by the Pledgor, its successors, its authorized persons, or any other person. 

  

	 	6.3	The Pledgor warrants to the Pledgee that, for safeguarding or consummating the guaranty regarding the transfer of earnings under the Major Contracts in accordance with
this Contract, the Pledgor will faithfully sign, or cause the other party materially related to the Pledge to sign, all the right certificates or instruments as required by the Pledgee, and/or take, or cause the other party materially related to the
Pledge to take, any acts as required by the Pledgee, facilitate the exercise of rights and authorizations granted to the Pledgee hereunder, enter into any documents related to the ownership of the Equity Interests with the Pledges or its designated
persons (natural person/legal person), and provide to the Pledgee any and all notices, orders and decisions relating to the Pledge as deemed necessary by the Pledgee within the reasonable period. 

 

	 	6.4	The Pledgor warrants to the Pledgee that, the Pledgor will abide by and perform all the warrants, undertakings, agreements, representations and conditions under this
Contract, and the Pledgor will indemnify the Pledgee of all losses incurred that is caused by the failure in or partial failure in the performance of such warrants, undertakings, agreements, representations or conditions by the Pledgor.

  

	7.	Breaching Event 

  

	 	7.1	Any of the following is deemed as an Breaching Event: 

  

	 	7.1.1	Party B fails to transfer the earnings under the Major Contracts in full and according to the timeline, or commits any act in violation of the Major Contracts and this
Contract; 

  

	 	7.1.2	Any of representations or warrants made by the Pledgor in Section 5 hereof is materially misleading or wrong, and/or, the Pledgor breaches any of the
representations or warrants made by the Pledgor in Section 5 hereof; 

  

	 	7.1.3	The Pledgor fails to record the Pledge on the share register of the Company in accordance with Clause 3.1; 

 

	 	7.1.4	The Pledgor breaches any provision of this Contract; 

  
 37 

	 	7.1.5	Except for the circumstance agreed to in Clause 6.1.1, the Pledgor waives the Pledged Equity Interests, or transfers or intends to transfer the Pledged Equity Interests
without the prior written consent of the Pledgee; 

  

	 	7.1.6	Any external borrowings, guaranties, indemnification, undertakings or any other liabilities of the Pledgor (1) shall be repaid or performed earlier due to its
default; or (2) cannot be repaid or performed when due; 

  

	 	7.1.7	Any or all consents, permits, approvals or authorizations from the governmental authorities necessary for the enforceability, legality or validity of this Contract, are
revoked, suspended, invalidated, or materially changed; 

  

	 	7.1.8	Promulgation of application laws makes this Contract becomes illegal, or the Pledgor cannot continue the performance of its obligations hereunder;

  

	 	7.1.9	Any adverse change to assets owned by the Pledgor makes the Pledgee to believe that the ability of the Pledgor to perform its obligations hereunder has been affected;

  

	 	7.1.10	Any other circumstance which makes the Pledgee unable or possibly unable to dispose the Pledge in accordance with applicable laws. 

 

	 	7.2	The Pledgor shall immediately notify the Pledgee in writing of the occurrence of any event mentioned in Clause 7.1 or any event which may cause the occurrence of any
abovementioned event. 

  

	 	7.3	Unless any of the abovementioned Breaching Event has been resolved to the satisfaction of the Pledgee, the Pledgee is entitled to give a written Default Notice to the
Pledgor anytime upon or following the occurrence of any Breaching Event of the Pledgor, requiring the Pledgee to dispose the Pledge in accordance with Section 8 of this Contract. 

 

	8.	Exercise of Pledge 

  

	 	8.1	The Pledgor should not transfer any of the Equity Interests of the Company owned by it before the liabilities are discharged and all other material obligations are
performed under the Major Contracts. 

  
 38 

	 	8.2	The Pledgee may give a Default Notice to the Pledgor when exercising the Pledge. 

 

	 	8.3	Subject to Clause 7.3, the Pledgee may exercise the right to dispose the Pledge at the same time or at anytime after the Pledgee gives the Default Notice in accordance
with Clause 7.2. The Pledgor no longer owns any right or benefit in relation to the Equity Interests once the Pledgee decides to exercise the right to dispose the Pledge. 

 

	 	8.4	As of the occurrence of any Breaching Event, the Pledgee is entitled to dispose the Pledged Equity Interests according to legal procedure, to the extent allowed by laws
and in accordance with applicable laws, and does not need to distribute any of the proceedings of such disposal to the Pledgor; the Pledgor hereby waives the contingent right to require for distribution from the Pledgee of any proceedings of such
disposal. Similarly, the Pledgor should not be held liable for any losses which the Pledgee may incur by following the disposal of the Pledged Equity Interests. 

 

	 	8.5	As the Pledgee disposes the Pledge in accordance with this Contract, the Pledgor and the Company shall provide assistance necessary for the realization of the Pledge by
the Pledgee. 

  

	9.	Transfer 

  

	 	9.1	Unless with the prior consent of the Pledgee, the Pledgor has no right to grant or transfer any of its rights and obligations hereunder. 

 

	 	9.2	This Contract shall be binding upon the Pledgor and its successors and permitted assigns, and inure to the benefit of the Pledgee and its successors and permitted
assigns. 

  

	 	9.3	The Pledgee has the right to, at anytime, transfer any of its rights and obligations under the business cooperation agreement to its designated person (natural
person/legal person), and under such circumstance, the assigns shall enjoy and assume the same rights and obligations same to which the Pledgee enjoys and assumes under this Contract, as if the assigns is the original party to the Contract. When the
Pledgee transfers any of its rights and obligations under the business cooperation agreement, the Pledgor shall sign any necessary agreement and/or instruments at the request of the Pledgee. 

 

	 	9.4	After the Pledgee changes upon the transfer, the Pledgor shall enter into a new pledge contract containing the content substantially same to this Contract with the new
pledgee. 

  
 39 

	 	9.5	The Pledgor shall strictly comply with the provisions of this Contract and any other contract entered into with any other party or parties, perform the obligations
under this Contract and other contracts, and should not take any action/non-action which may substantially affect the validity and enforceability of the abovementioned contracts. Unless with the written direction of the Pledgee, the Pledgor should
not exercise its remaining rights regarding the Pledged Equity Interests. 

  

	10.	Termination 

 This
Contract terminates once the transfer of the proceedings arising from the Major Contracts is completed, and the Pledgor no longer assumes any obligations under the Major Contracts and is no longer authorized as shareholder of the Company. And the
Pledgee shall cancel or revoke this Contract as soon as practical upon the termination of this Contract. 
  

	11.	Costs and Expenses 

 Any
and all costs and expenses actually incurred in connection with this Contract, including but not limited to legal expenses, costs, stamp duty, as well as any other taxes and fees, will be fully borne by Party A. 

 

	12.	Confidentiality 

 Each
Party recognizes and confirms this Contract, the content of this Contract, and any and all oral and written information exchanged among them for the preparation and performance of this Contract shall be deemed as confidential information. Each Party
shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not disclose any confidential information to any third party, provided that, confidential information shall not include
information that (a) is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this Contract, or (b) any information which must be disclosed pursuant to laws and regulations, stock
trading rules, or as required by order or decree of governmental authorities or courts; or (c) any information disclosed by either Party to its shareholders, investors, legal or financial advisors in relation to the transactions contemplated
herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party
shall be held liable for breach. This provision shall survive the termination of this Contract for any reason. 

  
 40 

	13.	Applicable Law and Dispute Resolution 

 The formation of this Contract, its validity, interpretation, performance, change, and termination of this Contract, and the settlement of any dispute between the Parties, shall be governed by and
construed in accordance with the laws of the PRC. 
 The Parties will firstly attempt in good faith to resolve any and all
disputes arising out of or relating to this Contract through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party gives the other Party written notice of the dispute, then each
Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules. The arbitration shall be conducted in Beijing in Chinese. The
award of the arbitration tribunal shall be final and binding upon the Parties. 
 In the event of any dispute arising from the
interpretation or performance of this Contract, and in the course of the arbitration of any dispute, each Party shall continue the performance of its rights and obligations hereunder excepted for those disputed ones. 

 

	14.	Notices 

 All the notices
and other communications required by or sent pursuant to this Contract shall be delivered to the following address of each Party in person, by registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be
confirmed with a respective email. Delivery shall be deemed to have occurred: 
 the same day (local time at the recipient’s
place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid post, or delivery is refused; or 
 the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 
 Each Party’s address for purpose of notice is as follows: 
  

			
	Pledgee:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Xueling Li
	Facsimile:	  	
		
	Pledgor:	  	Bin Zhao
	Address:	  	No.501, Door 2, Suite 6, Jiefang East yard, 55 Dongxi, Luoyang, He’nan Province
	Facsimile:	  	

 Each Party may at anytime change its address for receiving notices by giving a notice to the other
Parties in accordance with this clause. 

  
 41 

	15.	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Contract shall not be affected
in any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions, provided that, the
economic effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 
  

	16.	Appendices 

 The appendix
hereto is an integral part of this Contract. 
  

	17.	Effectiveness 

 Any
amendment, supplement or change to this Contract shall be made in writing, and can only become effective with the signatures or seals of the Parties and registration with governmental authorities in accordance with applicable rules (if applicable).

  
 42 

 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Equity Pledge Contract to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	
	By Authorized Representative: (Seal)
	Date:	  	
		
	Party B:	  	Bin Zhao

			
	
	By: /s/ Bin Zhao
	Date:	 	

  
 43 

 Appendix 1 
 List of Major Contracts 
  

	1.	Exclusive Business Cooperation Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company Limited and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	2.	Exclusive Option Agreement, dated September 16, 2011, by and among Duowan Entertainment Information Technology (Beijing) Company Limited, Bin Zhao and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	3.	Exclusive Technology Support and Technology Services Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company
Limited and Guangzhou Huaduo Network Technology Co., Ltd. 

  

	4.	Power of Attorney, dated September 16, 2011, signed by Bin Zhao 

  
 44 

 Equity Interest Pledge Agreement 

This Equity Interest Pledge Agreement (this “Contract”), dated September 16, 2011, is made in the People’s Republic of China (the
“PRC”), by and between: 
  

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited (“Pledgee”)
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
		
	Party B:	  	Jin Cao (“Pledgor”)
	Address:	  	

 (Pledgor and Pledgee individually, a “Party”; collectively, the “Parties”). 

WHEREAS 
  

	1.	The Pledgor is a company registered in the PRC, holding 0.0703% equity interests of Guangzhou Huaduo Network Technology Co., Ltd. (the “Company”) as of
the date hereof. The Company is a limited liability company registered in Guangzhou, the PRC, engaged in the Internet-based value-added telecommunications services. Party B will cause the Company to confirm the rights and obligations of the Pledgor
and the Pledgee under this Contract and to provide necessary assistance for the registration of such pledge. 

  

	2.	The Pledgee is a limited liability company registered in Beijing. The Pledgee, the Pledgor and/or the Company entered into a series of legal documents, including
an Exclusive Business Cooperation Agreement, which are made for the purpose of formation of the Pledgee’s control over the Company (“Controlling Agreements”). 

 

	3.	The Pledgor agrees to pledge all of its equity interests in the Company to the Pledgee as security for the performance of the obligations hereunder by Party B
and/or the Company. 

 NOW, THEREFORE, the Parties agree as follows through friendly negotiations: 

 

	1.	Definitions 

 Unless
otherwise required in the context, in this Contract: 
  

	1.1	Pledge means the secured property rights granted to the Pledgee by the Pledgor in accordance with Section 2 of this Contract, i.e., the right of the Pledgee
to be compensated at first priority with respect to the price of sale or disposal of such equity interests pledged to the Pledgee by the Pledgor. 

  
 45 

	1.2	Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company now and in the future. 

 

	1.3	Pledged Equity Interests mean any and all equity interests duly owned by the Pledgor in the Company, to be pledged by the Pledgor. 

 

	1.4	Pledge Term means the period as specified in Section 3 of this Contract. 

 

	1.5	Major Contracts mean the agreements listed in Appendix 1 hereto, including a series of Controlling Agreements by and among the Pledgor and/or the Company and the
Pledgee, such as the Exclusive Business Cooperation Agreement. 

  

	1.6	An Breaching Event means any event listed in Section 7 hereof. 

 

	1.7	Default Notice means the notice given by the Pledgee regarding the Breaching Event in accordance with this Contract. 

 

	2.	Pledge 

 The Pledgor
hereby pledges any and all equity interests of the Company owned by it now and in the future as security for its timely and complete performance of the Pledgor’s obligations to discharge of liabilities, other monetary payments, as well as all
other obligations under the Major Contracts, no matter the monetary payment obligation becomes due and payable as a result of its maturity, demand of earlier collection or any other reasons. 

 

	3.	Pledge Term 

  

	 	3.1	This Pledge becomes effective immediately after the equity interests pledged hereunder is recorded on the share register of the Company, and remains valid until Party B
is no longer authorized as shareholder of the Company. Each Party agrees that the Pledgor shall record the equity interests pledge under this Contract on the share register of the Company within three (3) business days upon the execution
hereof. 

  

	 	3.2	During the Pledge Term, if Party B fails to perform the obligations in accordance with the provisions of the Major Contracts, the Pledgee is entitled, however not
obligated, to dispose the Pledged Equity Interests pursuant to law and this Contract. 

  

	4.	Custody of Pledge Certificate 

  

	 	4.1	During the Pledge Term, the Pledgor shall deliver its capital contribution certificate and the share register of the Company in which the pledge is recorded to the
custody of the Pledgee. The Pledgor shall deliver the abovementioned capital contribution certificate and the share register of the Company in which the pledge is recorded to the Pledgee within one (1) week upon the execution of this Contract.
And the Pledgee shall remain the custodian of such documents throughout the whole Pledge Term as mentioned herein. 

  
 46 

	 	4.2	During the Pledge Term, the Pledgee has the right to collect the dividends arising from the Equity Interests. 

 

	5.	Pledgor’s Representations and Warranties 

  

	 	5.1	The Pledgor is the only legal owner of the Equity Interests. 

  

	 	5.2	The Pledgee has the right to dispose or transfer the Equity Interests according to the ways as described in this Contract. 

 

	 	5.3	The Pledgor has not created any other pledge or other security interest over the Equity Interests, except for this Pledge. 

 

	6.	Pledgor’s Undertakings and Confirmation 

  

	 	6.1	During the term of this Contract, the Pledgor undertakes to the Pledgee that: 

 

	 	6.1.1	Without prior written consent of the Pledgee, the Pledgor may not transfer the Equity Interests, or create or allow the creation of any new pledge or any other
encumbrances upon the Equity Interests, except for the purpose of performance of the Major Contracts; 

  

	 	6.1.2	The Pledgor will abide by the provisions of all laws and regulations related to the Pledge, and upon receiving any notice, order or direction given or formulated by any
competent authority with respect to the Pledge, the Pledgor will notify the Pledgee of such notice, order or direction within five (5) days upon the receipt thereof, and at same comply with such notice, order or direction, or submit any
dissenting opinions and statements at the request of the Pledgee or with the consent of the Pledgee; 

  

	 	6.1.3	The Pledgor will immediately notify the Pledgee of any event or notice received which may possibly affect the Equity Interests of the Pledgee or any part of the
Plegee’s rights, and any other event or received notice which may possibly change the warrants and obligations of the Pledgor under this Contract, or the performance of obligations hereunder by the Pledgor. 

  
 47 

	 	6.2	The Pledgor agrees that, the rights granted to the Pledgee regarding the Pledge in accordance with this Contract shall not be interrupted or impaired by any legal
proceedings initiated by the Pledgor, its successors, its authorized persons, or any other person. 

  

	 	6.3	The Pledgor warrants to the Pledgee that, for safeguarding or consummating the guaranty regarding the transfer of earnings under the Major Contracts in accordance with
this Contract, the Pledgor will faithfully sign, or cause the other party materially related to the Pledge to sign, all the right certificates or instruments as required by the Pledgee, and/or take, or cause the other party materially related to the
Pledge to take, any acts as required by the Pledgee, facilitate the exercise of rights and authorizations granted to the Pledgee hereunder, enter into any documents related to the ownership of the Equity Interests with the Pledges or its designated
persons (natural person/legal person), and provide to the Pledgee any and all notices, orders and decisions relating to the Pledge as deemed necessary by the Pledgee within the reasonable period. 

 

	 	6.4	The Pledgor warrants to the Pledgee that, the Pledgor will abide by and perform all the warrants, undertakings, agreements, representations and conditions under this
Contract, and the Pledgor will indemnify the Pledgee of all losses incurred that is caused by the failure in or partial failure in the performance of such warrants, undertakings, agreements, representations or conditions by the Pledgor.

  

	7.	Breaching Event 

  

	 	7.1	Any of the following is deemed as an Breaching Event: 

  

	 	7.1.1	Party B fails to transfer the earnings under the Major Contracts in full and according to the timeline, or commits any act in violation of the Major Contracts and this
Contract; 

  

	 	7.1.2	Any of representations or warrants made by the Pledgor in Section 5 hereof is materially misleading or wrong, and/or, the Pledgor breaches any of the
representations or warrants made by the Pledgor in Section 5 hereof; 

  

	 	7.1.3	The Pledgor fails to record the Pledge on the share register of the Company in accordance with Clause 3.1; 

 

	 	7.1.4	The Pledgor breaches any provision of this Contract; 

  
 48 

	 	7.1.5	Except for the circumstance agreed to in Clause 6.1.1, the Pledgor waives the Pledged Equity Interests, or transfers or intends to transfer the Pledged Equity Interests
without the prior written consent of the Pledgee; 

  

	 	7.1.6	Any external borrowings, guaranties, indemnification, undertakings or any other liabilities of the Pledgor (1) shall be repaid or performed earlier due to its
default; or (2) cannot be repaid or performed when due; 

  

	 	7.1.7	Any all consents, permits, approvals or authorizations from the governmental authorities necessary for the enforceability, legality or validity of this Contract, are
revoked, suspended, invalidated, or materially changed; 

  

	 	7.1.8	Promulgation of application laws makes this Contract becomes illegal, or the Pledgor cannot continue the performance of its obligations hereunder;

  

	 	7.1.9	Any adverse change to assets owned by the Pledgor makes the Pledgee to believe that the ability of the Pledgor to perform its obligations hereunder has been affected;

  

	 	7.1.10	Any other circumstance which makes the Pledgee unable or possibly unable to dispose the Pledge in accordance with applicable laws. 

 

	 	7.2	The Pledgor shall immediately notify the Pledgee in writing of the occurrence of any event mentioned in Clause 7.1 or any event which may cause the occurrence of any
abovementioned event. 

  

	 	7.3	Unless any of the abovementioned Breaching Event has been resolved to the satisfaction of the Pledgee, the Pledgee is entitled to give a written Default Notice to the
Pledgor anytime upon or following the occurrence of any Breaching Event of the Pledgor, requiring the Pledgee to dispose the Pledge in accordance with Section 8 of this Contract. 

 

	8.	Exercise of Pledge 

  

	 	8.1	The Pledgor should not transfer any of the Equity Interests of the Company owned by it before the liabilities are discharged and all other material obligations are
performed under the Major Contracts. 

  
 49 

	 	8.2	The Pledgee may give a Default Notice to the Pledgor when exercising the Pledge. 

 

	 	8.3	Subject to Clause 7.3, the Pledgee may exercise the right to dispose the Pledge at the same time or at anytime after the Pledgee gives the Default Notice in accordance
with Clause 7.2. The Pledgor no longer owns any right or benefit in relation to the Equity Interests once the Pledgee decides to exercise the right to dispose the Pledge. 

 

	 	8.4	As of the occurrence of any Breaching Event, the Pledgee is entitled to dispose the Pledged Equity Interests according to legal procedure, to the extent allowed by laws
and in accordance with applicable laws, and does not need to distribute any of the proceedings of such disposal to the Pledgor; the Pledgor hereby waives the contingent right to require for distribution from the Pledgee of any proceedings of such
disposal. Similarly, the Pledgor should not be held liable for any losses which the Pledgee may incur by following the disposal of the Pledged Equity Interests. 

 

	 	8.5	As the Pledgee disposes the Pledge in accordance with this Contract, the Pledgor and the Company shall provide assistance necessary for the realization of the Pledge by
the Pledgee. 

  

	9.	Transfer 

  

	 	9.1	Unless with the prior consent of the Pledgee, the Pledgor has no right to grant or transfer any of its rights and obligations hereunder. 

 

	 	9.2	This Contract shall be binding upon the Pledgor and its successors and permitted assigns, and inure to the benefit of the Pledgee and its successors and permitted
assigns. 

  

	 	9.3	The Pledgee has the right to, at anytime, transfer any of its rights and obligations under the business cooperation agreement to its designated person (natural
person/legal person), and under such circumstance, the assigns shall enjoy and assume the same rights and obligations same to which the Pledgee enjoys and assumes under this Contract, as if the assigns is the original party to the contract. When the
Pledgee transfers any of its rights and obligations under the business cooperation agreement, The Pledgor shall sign any necessary agreement and/or instruments at the request of the Pledgee. 

 

	 	9.4	After the Pledgee changes upon the transfer, the Pledgor shall enter into a new pledge contract containing the content substantially same to this Contract with the new
pledgee. 

  
 50 

	 	9.5	The Pledgor shall strictly comply with the provisions of this Contract and any other contract entered into with any other party or parties, perform the obligations
under this Contract and other contracts, and should not take any action/non-action which may substantially affect the validity and enforceability of the abovementioned contracts. Unless with the written direction of the Pledgee, the Pledgor should
not exercise its remaining rights regarding the Pledged Equity Interests. 

  

	10.	Termination 

 This
Contract terminates once the transfer of the proceedings arising from the Major Contracts is completed, and the Pledgor no longer assumes any obligations under the Major Contracts and is no longer authorized as shareholder of the Company. And the
Pledgee shall cancel or revoke this Contract as soon as practical upon the termination of this Contract. 
  

	11.	Costs and Expenses 

 Any
and all costs and expenses actually incurred in connection with this Contract, including but not limited to legal expenses, costs, stamp duty, as well as any other taxes and fees, will be fully borne by Party A. 

 

	12.	Confidentiality 

 Each
Party recognizes and confirms this Contract, the content of this Contract, and any and all oral and written information exchanged among them for the preparation and performance of this Contract shall be deemed as confidential information. Each Party
shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not disclose any confidential information to any third party, provided that, confidential information shall not include
information that (a) is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this Contract, or (b) any information which must be disclosed pursuant to laws and regulations, stock
trading rules, or as required by order or decree of governmental authorities or courts; or (c) any information disclosed by either Party to its shareholders, investors, legal or financial advisors in relation to the transactions contemplated
herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party
shall be held liable for breach. This provision shall survive the termination of this Contract for any reason. 

  
 51 

	13.	Applicable Law and Dispute Resolution 

 The formation of this Contract, its validity, interpretation, performance, change, and termination of this Contract, and the settlement of any dispute between the Parties, shall be governed by and
construed in accordance with the laws of the PRC. 
 The Parties will firstly attempt in good faith to resolve any and all
disputes arising out of or relating to this Contract through friendly consultations. If a dispute is not resolved through friendly consultations within 30 days from the date a Party gives the other Party written notice of the dispute, then each
Party may submit the dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with then effective arbitration rules. The arbitration shall be conducted in Beijing in Chinese. The
award of the arbitration tribunal shall be final and binding upon the Parties. 
 In the event of any dispute arising from the
interpretation or performance of this Contract, and in the course of the arbitration of any dispute, each Party shall continue the performance of its rights and obligations hereunder excepted for those disputed ones. 

 

	14.	Notices 

 All the notices
and other communications required by or sent pursuant to this Contract shall be delivered to the following address of each Party in person, by registered mail, prepaid post, or commercial courier services, or facsimile. Each notice shall be
confirmed with a respective email. Delivery shall be deemed to have occurred: 
 the same day (local time at the recipient’s
place of business) on which delivery is made by personal delivery, or by courier services, registered mail, or prepaid post, or delivery is refused; or 
 the day of delivery being successfully made, if by facsimile (certified by the automatically generated transmission confirmation). 
 Each Party’s address for purpose of notice is as follows: 
  

			
	Pledgee:	  	Duowan Entertainment Information Technology (Beijing) Company Limited
	Address:	  	Suite B1507, Huizhi Plaza, 9 Xueqing Road, Haidian District, Beijing
	Attention:	  	Xueling Li
	Facsimile:	  	
		
	Pledgor:	  	Jin Cao
	Address:	  	6-1-301, Guanjingli, Hongqi South Road, Nankai District, Tianjin
	Facsimile:	  	

 Each Party may at anytime change its address for receiving notices by giving a notice to the other
Parties in accordance with this clause. 

  
 52 

	15.	Severability 

 If any
single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Contract shall not be affected
in any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent allowed by laws and reflecting the intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions, provided that, the
economic effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable provisions. 
  

	16.	Appendices 

 The appendix
hereto is an integral part of this Contract. 
  

	17.	Effectiveness 

 Any
amendment, supplement or change to this Contract shall be made in writing, and can only become effective with the signatures or seals of the Parties and registration with governmental authorities in accordance with applicable rules (if applicable).

  
 53 

 [Signature page] 
 IN WITNESS WHEREOF, the Parties hereto have caused this Equity Pledge Contract to be executed by their duly authorized representatives as of the date first above written. 

 

			
	Party A:	  	Duowan Entertainment Information Technology (Beijing) Company Limited

  

			
	By Authorized Representative: (Seal)
	Date:

  

			
	Party B:	  	Jin Cao

  

			
	By: /s/ Jin Cao
	Date:

  
 54 

 Appendix 1 
 List of Major Contracts 
  

	1.	Exclusive Business Cooperation Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company Limited and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	2.	Exclusive Option Agreement, dated September 16, 2011, by and among Duowan Entertainment Information Technology (Beijing) Company Limited, Jin Cao and Guangzhou
Huaduo Network Technology Co., Ltd. 

  

	3.	Exclusive Technology Support and Technology Services Agreement, dated August 12, 2008, by and between Duowan Entertainment Information Technology (Beijing) Company
Limited and Guangzhou Huaduo Network Technology Co., Ltd. 

  

	4.	Power of Attorney, dated September 16, 2011, signed by Jin Cao 

  
 55

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