Document:

EXECUTION
VERSION

 

Equity
Pledge Agreement

 

This
Equity Pledge Agreement (this “Agreement”) has been executed by and among the following parties June 15, 2019
in Guangzhou, Guangdong, the People’s Republic of China (“China” or the “PRC”):

 

	Party
    A:	Beijing
Shengshitong Technology Co., Ltd. (hereinafter “Pledgee”)
	 	 
	Address:	28
    Xinxi Road Jia, Building B, Room 02D-189, Haidian District, Beijing, PRC
	 	 
	Party
    B:	Xinyu
Yang (hereinafter “Pledgor”)
	 	 
	Address:	100
    Huangpu Ave West, Building A, Suite 1208, Tianhe District, Guangzhou, Guangdong, PRC
	 	 
	Party
    C:	Guangdong
    Yungu Media Joint Stock Company (“Yungu”)
	 	 
	Address:	100
    Huangpu Ave West, Building A, Suite 1208, Tianhe District, Guangzhou, Guangdong, PRC

 

In
this Agreement, each of Pledgee, Pledgor and Party C shall be referred to as a “Party” respectively, and they shall
be collectively referred to as the “Parties”.

 

Whereas:

 

	 	1.	Pledgor
    is a citizen of PRC, and holds 97.9% of the equity interest in Party C in record. Party C is a limited liability company registered
    in Guangdong, China. Party C acknowledges the respective rights and obligations of Pledgor and Pledgee under this Agreement,
    and intends to provide any necessary assistance in registering the Pledge;
	 	 	 
	 	2.	Pledgee
    is a wholly-foreign-owned enterprise registered in China. Pledgee, Pledgor and Party C owned by Pledgor have executed Business
    Coperation  and Service Agreement and other control agreements (the “Control Agreements”);
	 	 	 
	 	3.	To
    ensure that Pledgor and Party C fully perform their obligations under the Control Agreements, and pay the consulting and service
    fees thereunder to the Pledgee when the same become due, Pledgor hereby pledges to the Pledgee all of the equity interest
    he holds in Party C as security for payment of the consulting and service fees by Party C under the Control Agreements.

 

To perform the provisions of the Control Agreements, the Parties have mutually agreed to execute this Agreement upon the following terms.

 

	1.	Definitions

 

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

 

	1.1.	Pledge:
    shall refer to the security interest granted by Pledgor to Pledgee pursuant to Section 2 of this Agreement, i.e., the right
    of Pledgee to be compensated on a preferential basis with the conversion, auction or sales price of the Equity Interest.
	 	 
	1.2.	Equity
    Interest: shall refer to all of the equity interest lawfully now held and hereafter acquired by Pledgor in Party C.
	 	 
	1.3.	Term
    of Pledge: shall refer to the term set forth in Section 3 of this Agreement.
	 	 
	1.4.	Control
    Agreements: shall refer to Business Cooperation  and Service Agreements, Business Cooperation Agreement and other relevant
    control agreements executed by and among Pledgor, Party C and Pledgee on June, 2019.

 

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	1.5.	Event
    of Default: shall refer to any of the circumstances set forth in Section 7 of this Agreement.
	 	 
	1.6.	Notice
    of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement declaring an Event of Default.

 

	2.	The
    Pledge

 

As
collateral security for the performance of the Control Agreements and the timely and complete payment when due of any or all of
the payments due by Party C and/or Pledgor, including without limitation the consulting and services fees payable to the Pledgee
under the Control Agreements, Pledgor hereby pledges to Pledgee a first security interest in all of Pledgor’s right, title and
interest, whether now owned or hereafter acquired by Pledgor, in the Equity Interest of Party C. The pledged Equity Interest shall
represent 97.9% of Party C’s issued and outstanding equity securities as of the date hereof (the “Collateral”).

 

	3.	Term
    of Pledge

 

	3.1.	The
    Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein has been registered
    with relevant Guangdong Province Tianhe District Administration for Industry and Commerce (the “Authority”).The
    Pledge shall be continuously valid until the Pledgor is no longer a shareholder of Party C or the satisfaction of all its
    obligations by the Party C under the Control Agreements. The Pledgors shall be responsible for recording the Pledge in the
    Company’s Register of Shareholders.
	 	 
	3.2.	During
    the Term of Pledge, in the event Party C fails to pay the consulting or service fees in accordance with the Control Agreements,
    Pledgee shall have the right, but not the obligation, to dispose of and enforce  the Pledge in accordance with the provisions
    of this Agreement.

 

	4.	Custody
    of Records for Equity Interest subject to Pledge

 

	4.1.	Upon
    the execution of this Agreement, Pledgor shall deliver to Pledgee’s custody the capital contribution certificate for the Equity
    Interest and the shareholders’ register representing the Collateral containing the Pledge within one week from the execution
    of this Agreement. Pledgee shall have custody of such items during the entire Term of Pledge set forth in this Agreement.
	 	 
	4.2.	Pledgee
    shall have the right to collect dividends generated by the Equity Interest during the Term of Pledge.

 

	5.	Representations
    and Warranties of Pledgor

 

	5.1.	Pledgor
    is the owner of the Equity Interest in record of register of shareholder.
	 	 
	5.2.	Pledgee
    shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions set forth in this Agreement.
	 	 
	5.3.	Except
    for the Pledge, Pledgor has not placed any security interest or other encumbrance on the Equity Interest.

 

	6.	Covenants
    and Further Agreements of Pledgor

 

	6.1.	Pledgor
    hereby covenants to the Pledgee, that during the term of this Agreement, Pledgor shall:
	 	 
	6.1.1.	not
    transfer the Equity Interest, place or permit the existence of any security interest or other encumbrance on the Equity Interest,
    without the prior written consent of Pledgee, except for the performance of the Share Disposal Agreement (the “Share
    Disposal Agreement”) executed by Pledgor, the Pledgee and Party C on the execution date of this Agreement;

 

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	6.1.2.	comply
    with the provisions of all laws and regulations applicable to the pledge of rights, and within 5 working days of receipt of
    any notice, order or recommendation issued or prepared by relevant competent authorities regarding the Pledge, shall present
    the aforementioned notice, order or recommendation to Pledgee, and shall comply with the aforementioned notice, order or recommendation
    or submit objections and representations with respect to the aforementioned matters upon Pledgee’s reasonable request or upon
    consent of Pledgee;
	 	 
	6.1.3.	promptly
    notify Pledgee of any event or notice received by Pledgor that may have an impact on Pledgee’s rights to the Collateral  or
    any portion thereof, as well as any event or notice received by Pledgor that may have an impact on any guarantees and other
    obligations of Pledgor arising out of this Agreement.
	 	 
	6.2.	Pledgor
    agrees that the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted
    or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through any legal proceedings.
	 	 
	6.3.	To
    protect or perfect the security interest granted by this Agreement for payment of the consulting and service fees under the
    Control Agreements, Pledgor hereby undertakes to execute in good faith and to cause other parties who have an interest in
    the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgor also undertakes to
    perform and to cause other parties who have an interest in the Pledge to perform actions required by Pledgee, to facilitate
    the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all relevant documents
    regarding ownership of Equity Interest with Pledgee or designee(s) of Pledgee (natural persons/legal persons). Pledgor undertakes
    to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are required
    by Pledgee.
	 	 
	6.4.	Pledgor
    hereby undertakes to comply with and perform all guarantees, covenants, agreements, representations and conditions under this
    Agreement. In the event of failure or partial performance of its guarantees, convenants, agreements, representations and conditions,
    Pledgor shall indemnify Pledgee for all losses resulting therefrom.
	 	 
	6.5.	The
    Pledgors shall process the registration procedures with the AIC concerning the Pledge as soon as practical after the execution
    of this Agreement.
	 	 
	6.6.	Without
    notifying Pledgee in advance and obtaining Pledgee’s prior written consent, Pledgor shall not transfer the Collateral
    t and any action for the proposed transfer of the Equity Interest of Pledgor shall be invalid. Any payment received by Pledgor
    for transfer of the Equity Interest shall be firstly used to repay the secured obligations to Pledgee or be placed in escrow
    with a third party as agreed with Pledgee.

 

	7.	Event
    of Default

 

	7.1.	The
    following circumstances shall be deemed Event of Default:
	 	 
	7.1.1.	Party
    C fails to fully and timely fulfill any liabilities under the Control Agreements, including without limitation failure to
    pay in full any of the consulting and service fees payable under the Control Agreements or breaches any other obligations
    of Party C thereunder;
	 	 
	7.1.2.	Pledgor
    or Party C has committed a material breach of any provisions of this Agreement;
	 	 
	7.1.3.	Except
    for the performance of the Share Disposal Agreement, Pledgor abandons, transfers or purports to transfer or the Equity Interest
    pledged without the written consent of Pledgee;
	 	 
	7.1.4.	The
    successor or custodian of Party C is capable of only partially performing or refusing to perform the payment obligations under
    the Control Agreements;

 

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	7.1.5.	The
    occurrence of any adverse change to the assets or property of the Pledgor, which in Pledgee’s determination, may impact
    the ability of the Pledgor to perform its obligations hereunder;and
	 	 
	7.1.6.	The
    occurrence of any other circumstances under which the Pledgee is not or may not able to exercise its rights hereunder in accordance
    with the applicable law.
	 	 
	7.2.	Upon
    notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned circumstances described
    in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly.
	 	 
	7.3.	Unless
    an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s satisfaction within twenty (20)
    days after the Pledgee delivers a notice to the Pledgor requesting ratification of such Event of Default, Pledgee may issue
    a Notice of Default to Pledgor in writing at any time thereafter, demanding immediate disposal of the Pledge in accordance
    with the provisions of Section 8 of this Agreement.

 

	8.	Exercise
    of Pledge

 

	8.1.	Prior
    to the full payment of the consulting and service fees described in the Control Agreements, without the Pledgee’s written
    consent, Pledgor shall not assign or transfer the Equity Interest in Party C.
	 	 
	8.2.	Pledgee
    may issue a written notice to Pledgor when exercising the Pledge.
	 	 
	8.3.	Subject
    to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge at any time after the issuance of the
    Notice of Default in accordance with Section 7.3. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled
    to any rights or interests associated with the Equity Interest.
	 	 
	8.4.	In
    the Event of Default, Pledgee is entitled to dispose of the Equity Interest in accordance with applicable PRC laws. Only to
    the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgor for proceeds of disposition
    of the Equity Interest, and Pledgor hereby waives any rights it may have to demand any such accounting from Pledgee.
	 	 
	8.5.	When
    Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall provide necessary assistance to
    enable Pledgee to enforce the Pledge in accordance with this Agreement.

 

	9.	Assignment

 

	9.1.	Without
    Pledgee’s prior written consent, Pledgor shall not have the right to assign or delegate its rights and obligations under this
    Agreement.
	 	 
	9.2.	This
    Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall be valid with respect to Pledgee
    and each of its successors and assigns.
	 	 
	9.3.	At
    any time, Pledgee may assign any and all of its rights and obligations under the Control Agreements to its designee(s) (natural/legal
    persons), in which case the assignee shall have the rights and obligations of Pledgee under this Agreement, as if it were
    the original party to this Agreement. When the Pledgee assigns the rights and obligations under the Control Agreements, upon
    Pledgee’s request, Pledgor shall execute relevant agreements and/or other documents relating to such assignment.
	 	 
	9.4.	In
    the event of a change in Pledgee due to an assignment, Pledgor shall, at the request of Pledgee, execute a new pledge agreement
    with the new pledgee on the same terms and conditions as this Agreement, and register the same with the relevant AIC.
	 	 
	9.5.	Pledgor
    shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by the Parties
    hereto or any of them, including the Share Disposal Agreement and the Power of Attorney granted to Pledgee, perform the obligations
    hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof.
    Any remaining rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except
    in accordance with the written instructions of Pledgee.

 

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	10.	Termination

 

Upon
the full payment of the consulting and service fees under the Control Agreements and upon termination of Party C’s obligations
under the Control Agreements, this Agreement shall be terminated, and Pledgee shall then terminate the equity pledge under this
Agreement as soon as reasonably practicable.

 

	11.	Handling
    Fees and Other Expenses

 

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

 

	12.	Confidentiality

 

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

 

	13.	Governing
    Law and Resolution of Disputes

 

	13.1.	The
    execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes
    hereunder shall be governed by the laws of China.
	 	 
	13.2.	In
    the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve
    the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days
    after either Party’s request to the other Parties for resolution of the dispute through negotiations, either Party may submit
    the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with
    its Arbitration Rules. The arbitration shall be conducted in Chinese, and the language used in arbitration shall be Chinese.
    The arbitration award shall be final and binding on all Parties.
	 	 
	13.3.	Upon
    the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration
    of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective
    rights under this Agreement and perform their respective obligations under this Agreement.

 

	14.	Notices

 

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

 

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	14.1.1.	Notices
    given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on
    the date of acceptance or refusal at the address specified for notices.
	 	 
	14.1.2.	Notices
    given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by
    an automatically generated confirmation of transmission).

 

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

 

	 	Party A:	Beijing Shengshitong Technology Co., Ltd.
	 	 	 
	 	Address:	28 Xinxi Road Jia, Building B, Room 02D-189, Haidian District, Beijing, PRC
	 	 	 
	 	Attn:	Xinyu Yang and Xiaomin Chan
	 	 	 
	 	Email:	Xiaomin_Chan@163.com
	 	 	 
	 	Party B and Party C:	Xinyu Yang and Guangdong Yungu Media Joint Stock Company
	 	 	 
	 	Address:	100 Huangpu Ave West, Building A, Suite 1208, Tianhe District, Guangzhou, Guangdong, PRC
	 	 	 
	 	Attn:	Xinyu Yang and Xiaomin Chan
	 	 	 
	 	Email:	Xiaomin_Chan@163.com

 

	14.3.	If
    any Party change its address for notices or its contact person, a notice shall be delivered to the other Parties in accordance
    with the terms hereof.

 

	15.	Severability

 

In
the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect
in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement
shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions
of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those
invalid, illegal or unenforceable provisions.

 

	16.	Reserved.

 

	17.	Effectiveness

 

	17.1.	This
    Agreement shall become effective when the Parties have duly executed this Agreement.
	 	 
	17.2.	Any
    amendments, changes and supplements to this Agreement shall be in writing and shall become effective after the affixation
    of the signatures or seals of the Parties.

 

[SIGNATURE
PAGE FOLLOWS IMMEDIATELY]

 

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

 

	Party
    A:	Beijing
    Shengshitong Technology Co., Ltd.
	 	 
	By:	 	 
	Name:	Xinyu
    Yang
	Title:	Legal
    Representative
	 	 
	Party
    B:	Xinyu
    Yang
	 	 
	By:	 	 
	Name:	Xinyu
Yang

        

	 	 
	Party
    C:	Guangdong
Yungu Media Joint Stock Company 
	 	 
	By:	 	 
	Name:	Xinyu
    Yang
	Title:	Legal
    Representative

 

    	 	 	7 | P a g eVoting
Rights Proxy Agreement

 

This
Voting Rights Proxy Agreement (the “Agreement”) is made in the P.R.C on June 15th, 2019 by and among the following
parties:

 

	Party
    A:	Xinyu
    Yang(hereinafter “Entrusting Party”)
	 	 
	Address:	100
    Huangpu Ave West, Building A, Suite 1208, Tianhe District, Guangzhou, Guangdong, PRC
	 	 
	Party
    B:	Beijing
    Shengshitong Technology Co., Ltd.
	 	 
	Address:	28
    Xinxi Road Jia, Building B, Room 02D-189, Haidian District, Beijing, PRC
	 	 
	Party
    C:	Guangdong
    Yungu Media Joint Stock Company 
	 	 
	Address:	100
    Huangpu Ave West, Building A, Suite 1208, Tianhe District, Guangzhou, Guangdong, PRC

 

In
this Agreement, each of Party A, Party B and Party C shall be referred to as a “Party” respectively, and they shall
be collectively referred to as the “Parties”.

 

Whereas:

 

	 	1.	The
    Entrusting Party, a shareholder of Party C, owns 97.9% of the equity interest in Party C in record.

 

	 	2.	The
    Entrusting Party is willing to unconditionally entrust Party B or Party B’s designee to vote on his or her behalf at
    any and all shareholders’ meetings of Party C, and Party B is willing to accept such proxy on behalf of Entrusting Party.

 

Therefore,
the Parties hereby agree as follows:

 

	1	Proxy
    of Voting Rights

 

	1.1	Entrusting
    Party hereby irrevocably covenants that, he/she shall execute the Power of Attorney/Irrevocable Proxy (“POA”)
    set forth in Exhibit A upon signing this Agreement and entrust Party B or Party B’s designee (“Designee”)
    to exercise all his or her rights as the shareholders of Party C under the Articles of Association of Party C (hereinafter
    collectively referred to as “Proxy Rights”), including without limitation to:

 

	 	1)	propose
    to hold a shareholders’ meeting in accordance with the Articles of Association of Party C and attend shareholders’
    meetings of Party C as the agent and attorney of Entrusting Party;

 

    	 	 

    	 	 	 

    

 

	 	2)	exercise
    all shareholder’s voting rights with respect to all matters to be discussed and voted in the shareholders’ meeting
    of Party C, including but not limited to designate and appoint the director, the chief executive officer and other senior
    management members of Party C;
	 	 	 
	 	3)	exercise
    other voting rights the shareholders are entitled to under the laws of China promulgated from time to time; and
	 	 	 
	 	4)	exercise
    other voting rights the shareholders are entitled to under the Articles of Association of Party C amended from time to time;

 

Party
B hereby agrees to accept such proxy as set forth in Section 1.1. Upon receipt of written notice of change of Designee from Party
B, the Entrusting Party shall immediately entrust the person so designated in the Notice to exercise the rights set forth in Section
1.1. , The proxy granted hereby shall be irrevocable and continuously valid.

 

	1.2.	The
    Entrusting Party hereby acknowledges and ratify all the actions associated with the proxy conducted by the Designee.
	 	 
	1.3.	The
    Entrusting Party hereby confirm that, Designee is entitled to exercise all proxy rights without the consent of Entrusting
    Party.

 

	2.	Rights
    to Information

 

	2.1.	For
    the purpose of this Agreement, the Designee is entitled to request relevant information of Party C and inspect the materials
    of Party C. Party C shall provide appropriate assistance to the Designee for his/her work.
	 	 
	2.2.	The
    Entrusting Party and Party C shall immediately inform Party B once the proxy matter happens.

 

	3.	Performance
    of Proxy Rights

 

	3.1.	The
    Entrusting Party shall provide appropriate assistance to the Designee for the performance of proxy rights provided in this
    Agreement, including signing and executing the shareholders’ resolution or other relevant legal documents (if applicable).
	 	 
	3.2.	In
    the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any
    aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of
    this Agreement shall not be affected or compromised in any aspect. The Parties shall strive in good faith to replace such
    invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by
    law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible
    to the economic effect of those invalid, illegal or unenforceable provisions.

 

    	 	 

    	 	 	 

    

 

	4.	Representations
    and Warranties

 

	4.1.	The
    Entrusting Party hereby represents and warrants as follows:

 

	 	1)	The
    Entrusting Party has full power and legal right to enter into this Agreement and perform his or her obligations under this
    Agreement and in executing the POA; This Agreement constitute legal, valid, binding and enforceable obligation of each Entrusting
    Party.
	 	 	 
	 	2)	Each
    Entrusting Party has necessary authorization for the execution and delivery of this Agreement, and the execution, delivery
    and performance of this Agreement will not conflict with or violate any and all constitutional documents of Party C.
	 	 	 
	 	3)	Each
    Entrusting Party is the lawfully registered and beneficial owner of the shares of Party C, and none of the shares held by
    the Entrusting Party is subject to any encumbrance or other restrictions, except as otherwise provided under the Equity Pledge
    Agreement and Share Disposal Agreement entered into by and between the Entrusting Party, Party B and Party C . According to
    this Agreement, the Designee has full power and legal rights to exercise the proxy rights according to the Articles of Association
    of Party C.

 

	4.2.	Party
    C hereby represents and warrants as follows:

 

	 	1)	Party
    C is a company legally registered and validly existing in accordance with the laws of China and has independent legal person
    status, and has full and independent civil and legal capacity to execute, deliver and perform this Agreement. It can sue and
    be sued as a separate entity;
	 	 	 
	 	2)	Party
    C has taken all necessary corporate actions, obtained all necessary authorization and the consent and approval from third
    parties and government agencies (if any) for the execution and performance of this Agreement. Party C’s execution and
    performance of this Agreement do not violate any explicit requirements under any law or regulation binding on Party C.
	 	 	 
	 	3)	Each
    Entrusting Party is the lawfully registered and beneficial owner of the shares of Party C, and none of the shares held by
    the Entrusting Party is subject to any encumbrance or other restrictions, except as otherwise provided under the Equity Pledge
    Agreement and Share Disposal Agreement entered into by and between the Entrusting Party, Party B and Party C. According to
    this Agreement, the Designee has full power and legal rights to exercise the proxy rights according to the Articles of Association
    of Party C.

 

    	 	 

    	 	 	 

    

 

	5.	Term
    of this Agreement

 

	5.1.	This
    Agreement shall become effective upon the date hereof with a term of twenty (20) years. The Parties agree that, this Agreement
    can be extended only if Party B gives its written consent of the extension of this Agreement before the expiration of this
    Agreement and the other Parties shall agree with this extension without reserve.
	 	 
	5.2.	If
    the Entrusting Party has transferred all his or her equity interests in Party C subject to the prior consent of Party B, the
    obligations under this Agreement of the Entrusting Party shall be undertaken by the assignee of Entrusting Party’s equity
    securities.

 

	6.	Notices

 

	6.1.	All
    notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered in written.
	 	 
	6.2.	Notices
    given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on
    the date of acceptance or refusal at the address specified for notices. Notices given by facsimile transmission shall be deemed
    effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

 

	7.	Confidentiality

 

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

 

    	 	 

    	 	 	 

    

 

	8.	Liability
    for Breach of Agreement

 

	8.1.	The
    Parties agree and confirm that, if either Party (the “Defaulting Party”) is in breach of any provisions
    herein or fails to perform its obligations hereunder, such breach or failure shall constitute a default under this Agreement
    (the “Default”), which shall entitle the non-defaulting Party (the “Non-defaulting Party”)
    to request the Defaulting Party to rectify or remedy such default with a reasonable period of time. If the Defaulting Party
    fails to rectify or remedy such default within the reasonable period of time or within 10 days of Non-defaulting Party’s
    written notice requesting for such rectification or remedy, then the Non-defaulting Party shall be entitled to elect the following
    remedial actions:

 

	 	1)	If
    the Defaulting Party is any Entrusting Party or Party C, then Party B has the right to terminate this Agreement and request
    the Defaulting Party to fully compensate its losses and damages;

 

	 	2)	If
    the Defaulting Party is Party B, then the Non-defaulting Party has the right to request the Defaulting Party to fully compensate
    its losses and damages, but in no circumstance shall the Non-defaulting Party terminate this Agreement prior to the end of
    the Term unless the applicable law provides otherwise.

 

	8.2.	Notwithstanding
    otherwise provided under this Agreement, the validity of this Section shall not be affect by the suspension or termination
    of this Agreement.

 

	9.	Miscellaneous

 

	9.1.	Reserved.
	 	 
	9.2.	The
    execution, effectiveness, interpretation, performance, amendment, termination and dispute resolution shall be governed by
    the law of the People’s Republic of China.
	 	 
	9.3.	In
    the event of any dispute with respect to this Agreement, the Parties shall first resolve the dispute through friendly negotiations.
    In the event the Parties fail to reach an agreement on the dispute, either Party may submit the relevant dispute to the China
    International Economic and Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration
    shall be conducted in Chinese. The arbitration award shall be final and binding on all Parties.
	 	 
	9.4.	The
    rights and remedies provided for in this Agreement shall be accumulative and shall not affect any other rights and remedies
    stipulated at law.
	 	 
	9.5.	Any
    Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall
    require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties
    shall operate as a waiver by such a Party with respect to any similar breach in other circumstances.
	 	 
	9.6.	The
    headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings
    of the provisions of this Agreement.
	 	 
	9.7.	Any
    amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties.
	 	 
	9.8.	Without
    Party B’s prior written consent, other Parties shall not assign its rights and obligations under this Agreement to any
    third party. Entrusting Party and Party C agrees that Party B may assign its obligations and rights under this Agreement to
    any third party upon a prior written notice to Entrusting Party and Party C.
	 	 
	9.9.	This
    Agreement shall be binding on the legal successors of the Parties.

 

    	 	 

    	 	 	 

    

 

[THE
SIGNATURE PAGE]

 

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

 

	Party
    A	 
	 	 
	By:	 	 
	Name:	Xinyu
Yang
	 

        Party
        B:
	 

        Beijing
        Shengshitong Technology Co., Ltd.

	 	 
	By:	 	 
	Name:	Xinyu
    Yang
	Title:	Legal
    Representative
	 	 
	Party
    C:	Guangdong
    Yungu Media Joint Stock Company 
	 	 
	By:	 	 
	Name:	Xinyu
    Yang
	Title:	Legal
    Representative

 

    	 	 

    	 	 	 

    

 

Exhibit
A

 

Power
of Attorney

 

I,
Xinyu Yang, a Chinese citizen with Chinese Identification Card No. [       ], and a holder of 97.90% (“My Shareholding”)
of the entire registered capital in Guangdong Yungu Media Joint Stock Company(“Yungu”), hereby irrevocably authorize
Beijing Shengshitong Technology Co. Ltd. (“Designee”) to exercise the following rights relating to My Shareholding
during the term of this Power of Attorney:

 

The
Designee is hereby authorized to act on behalf of myself as my exclusive agent and attorney with respect to all matters concerning
my shareholding, including without limitation to: 1) attend shareholders’ meetings of Yungu; 2) exercise all the shareholder’s
rights and shareholder’s voting rights I am entitled to under the laws of China and Articles of Association of Yungu .,
including but not limited to the sale or transfer or pledge or disposition of My Shareholding in part or in whole; and 3)
designate and appoint on behalf of myself the legal representative (chairperson), the director, the supervisor, the chief executive
officer and other senior management members of Yungu.

 

Without
limiting the generality of the powers granted hereunder, the Designee shall have the power and authority under this Power of Attorney
to execute the Transfer Contracts stipulated in Share Disposal Agreement, to which I am required to be a party, on behalf of myself,
and to effect the terms of the Equity Pledge Agreement and Share Disposal Agreement, both dated the date hereof, to which I am
a party.

 

All
the actions associated with My Shareholding conducted by the Designee shall be deemed as my own actions, and all the documents
related to My Shareholding executed by the Designee shall be deemed to be executed by me. I hereby acknowledge and ratify those
actions and/or documents by the Designee.

 

Unless
Guangdong Yungu Media Joint Stock Companyissues an instruction to me to change the Designee, this Power of Attorney is coupled
with an interest and shall be irrevocable and continuously valid from the date of execution of this Power of Attorney, so long
as I am a shareholder of Yungu.

 

During
the term of this Power of Attorney, I hereby waive all the rights associated with My Shareholding, which have been authorized
to the Designee through this Power of Attorney, and shall not exercise such rights by myself.

 

This
Power of Attorney is written in Chinese and English; in case there is any conflict between the Chinese version and the English
version, the Chinese version shall prevail.

 

	 	By:	 
	 	Name:
    	Xinyu
Yang
	 	Date:	 

 

	Witness:	                       	 
	Name:	 	 
	Date:

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