Document:

Exhibit 4.48

 

English Translation

 

 

Shareholder Voting Rights Proxy Agreement

 

This Shareholder Voting Rights Proxy Agreement
(this “Agreement”) dated January 17, 2017, is made in Guangzhou, the People’s Republic of China (the
“PRC”), by and among:

 

	Party A:	David Xueling Li (the “Shareholder”)
	ID Card number:	 
	 	 
	Party B:	Guangzhou BaiGuoYuan Information Technology Co., Ltd. (the “WOFE”)
	Address:	Room 2705, 27/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	Legal Representative:	David Xueling Li
	 	 
	Party C:	Guangzhou BaiGuoYuan Network Technology Co., Ltd. (the “Company”)
	Address:	25/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	Legal Representative:	David Xueling Li

 

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

 

WHEREAS:

 

		1.	The
Shareholder is the present shareholder of the Company, which holds 99% equity of the Company;

 

		2.	The
Shareholders intend to severally entrust the individual designated by WFOE with the exercise of their voting rights in the Company
and WFOE is willing to designate such individual to accept such entrustment.

 

THEREFORE, the Parties,
after friendly consultations, hereby agree as follows:

 

Article 1 Voting
Right Entrustment

 

		1.1	The
Shareholder hereby irrevocably undertakes to sign a power of attorney in the form and substance as set forth in Annex 1 after
execution of this Agreement to entrust the individual designated by WFOE (hereinafter, the “Entrusted Person”)
to exercise on their respective behalf the following rights they, as the shareholder of the Company, are entitled to under the
then effective articles of association of the Company (collectively, the “Entrusted Rights”):

 

		(1)	Proposing
to convene and attending shareholders’ meetings of the Company as the representative of the Shareholder according to the
articles of association of the Company;

 

    	 	 	 

    	English Translation

    

 

		(2)	On
behalf of the Shareholder, exercising voting rights on all the issues needing to be discussed and resolved by the shareholders’
meetings of the Company, including but not limited to the appointment of the Company’s directors and other officers needing
to be appointed and removed by shareholders;

 

		(3)	Other
voting rights of shareholder as provided by the laws and regulations of PRC (including their amendments, changes, additions and
re-enactments, regardless of the time of their effectiveness before or after the execution of this Agreement);

 

		(4)	Exercise
other shareholder voting rights as specified in the articles of association of the Company (including any other shareholder voting
rights as specified in the amended articles of association).

 

The above
authorization and entrustment are granted subject to the status of the Entrusted Person as a PRC citizen and the approval by WFOE.
Upon and only upon written notice of dismissing and replacing the Entrusted Person (s) given by WFOE to the Shareholder, the
Shareholder shall promptly entrust another PRC citizen then designated by WFOE to exercise the above Entrusted Rights, and once
new entrustment is made, the original entrustment shall be replaced. The Shareholder shall not cancel the authorization and entrustment
for the Entrusted Person (s) otherwise.

 

		1.2	The
Entrusted Person shall perform the fiduciary obligations within the scope of authorization with due care and diligence and in
compliance with laws. The Shareholder acknowledges and assumes relevant liabilities for any legal consequences of the Entrusted
Person’s exercise of the foregoing Entrusted Rights.

 

		1.3	The
Shareholder hereby acknowledges that the Entrusted Person is not required to seek advice from the Shareholder prior to the exercise
of the foregoing Entrusted Rights. However, the Entrusted Person shall inform the Shareholder in a timely manner of any resolution
or any proposal on convening interim shareholders’ meeting after such resolution or proposal is made.

 

Article 2 Right
to Information

 

		2.1	For
the purpose of exercising the Entrusted Rights hereunder, the Entrusted Person is entitled to know the information with regard
to the Company’s operation, business, customers, finance, staff, etc., and shall have access to the relevant materials of
the Company. The Company shall adequately cooperate with the Entrusted Person in this regard.

 

    	 	 	 

    	English Translation

    

 Article 3 Exercise
of Entrusted Rights

 

		3.1	The
Shareholder will provide adequate assistance to the exercise of the Entrusted Rights by the Entrusted Person, including timely
execution of the resolutions of the shareholders’ meeting of the Company adopted by the Entrusted Person or other related
legal documents when necessary (e.g., when it is necessary for examination and approval of or registration or filing with governmental
departments).

 

		3.2	If
at any time during the term of this Agreement, the grant or exercise of the Entrusted Rights hereunder is unenforceable for any
reason (except for default of Shareholder or the Company), the Parties shall immediately seek a most similar substitute for the
unenforceable provision and, if necessary, enter into a supplementary agreement to amend or adjust the provisions herein, in order
to ensure the realization of the purpose of this Agreement.

 

Article 4 Exemption
and Compensation

 

		4.1	Pursuant
to the Section 4.2, the Parties acknowledge that WFOE shall not be requested to be liable to or compensate (monetary or otherwise)
other Parties or any third party due to exercise of the Entrusted Rights hereunder by the individuals designated by it.

 

		4.2	The
Shareholder and the Company agree to indemnify and hold harmless WFOE from and against all losses incurred or likely to be incurred
by it due to exercise of the Entrusted Rights by the Entrusted Person designated by WFOE, including without limitation, any loss
resulting from any litigation, demand, arbitration or claim initiated or raised by any third party against it or from administrative
investigation or penalty of governmental authorities (collectively, the “Losses”), PROVIDED THAT the above indemnity
in respect of any Losses shall not be available to WFOE to the extent that such Losses have been caused by the willful default
or gross negligence on the part of the Entrusted Person.

 

Article 5 Representations
and Warranties

 

		5.1	The
Shareholder hereby represents and warrants that:

 

		5.1.1	It
is a Chinese citizen with full capacity. It has the full and independent legal status and legal capacity to, and has been duly
authorized to, execute, deliver and perform this Agreement. It may sue or be sued as an independent party.

 

		5.1.2	It
has the full power and authority to execute and deliver this Agreement and all other documents relating to the transaction contemplated
hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated hereby. This
Agreement, when duly executed and delivered, shall constitute a legal, valid and binding obligation enforceable against it in
accordance with the terms of this Agreement.

 

    	 	 	 

    	English Translation

    

		5.1.3	It
is the recorded legal shareholder of the Company as of the effective date of this Agreement, and except for the rights under this
Agreement, the Equity Pledge Agreement, the Exclusive Option Agreement and the Exclusive Assets Purchase Agreement entered into
among the Shareholder, the Company and WFOE, the Entrusted Rights are free of any third-party right. Pursuant to this Agreement,
the Entrusted Person may fully and sufficiently exercise the Entrusted Rights in accordance with the then effective articles of
association of the Company.

 

		5.2.	Each
of WFOE and the Company hereby represents and warrants that:

 

		5.2.1	It
is a limited liability company duly organized and validly existing under the PRC Law with an independent legal personality. It
has the full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may sue or be
sued as an independent party.

 

		5.2.2	It
has the full corporate power and authority to execute and deliver this Agreement and all other documents relating to the transaction
contemplated hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated
hereby.

 

		5.3	The
Company further represents and warrants that:

 

		5.3.1	The
Shareholder is the recorded legal shareholder of the Company as of the effective date of this Agreement, and except for the rights
under this Agreement, the Equity Pledge Agreement, the Exclusive Option Agreement and the Exclusive Assets Purchase Agreement
entered into among the Shareholder, the Company and WFOE, the Entrusted Rights are free of any third-party right. Pursuant to
this Agreement, the Entrusted Person may fully and sufficiently exercise the Entrusted Rights in accordance with the then effective
articles of association of the Company.

 

Article 6 Term

 

		6.1	Subject
to the provisions of Articles 6.2 and 6.3 hereof, this Agreement shall become effective as of the date of the due execution by
the Parties. Unless prematurely terminated by the Parties in writing or pursuant to Article 9.1 hereof, this Agreement shall remain
in force.

 

		6.2	If
the Company or WFOE, upon expiry of its duration, fails to handle the examination, approval and registration procedures concerning
the extension thereof, this Agreement shall be terminated.

 

		6.3	In
case that the Shareholder transfers all of the equity interest held by it in the Company with WFOE’s prior consent, such
Shareholder shall cease to be a party to this Agreement.

 

    	 	 	 

    	English Translation

    

 Article 7 Notices

 

		7.1	Any
notice, request, demand and other communications required to be made or given under or pursuant to this Agreement shall be in
writing and served on the relevant Party.

 

		7.2	The
above notices or other communications shall be deemed duly given or served: if sent by fax or telex, immediately upon transmission;
if delivered in person, at the time of delivery; if posted by mail, five (5) days after posting.

 

Article 8 Confidentiality

 

		8.1	Regardless
of whether this Agreement is terminated or not, each Party shall keep strictly confidential all the business secrets, proprietary
information, customer information and other information of a confidential nature about the other Parties known by it during the
execution and performance of this Agreement (collectively, the “Confidential Information”). The receiving Party
shall not disclose any Confidential Information to any third party except with the prior written consent of the disclosing Party
or in accordance with relevant laws or regulations or under requirements of the place where its affiliate is listed on a stock
exchange. The receiving Party shall not use or indirectly use any Confidential Information other than for performing this Agreement.

 

		8.2	The
following information shall not be deemed part of the Confidential Information:

 

		(a)	any
information already known by the receiving Party by legal means prior to disclosure, which is substantiated in writing;

 

		(b)	any
information being part of public knowledge through no fault of the receiving Party; or

 

		(c)	any
information rightfully received by the receiving Party from other sources after disclosure.

 

		8.3	The
receiving Party may disclose the Confidential Information to its relevant employees, agents or engaged professionals, but the
receiving Party shall guarantee that they are in compliance with the relevant terms and conditions of this Agreement and assume
any responsibility arising from any breach thereof by them.

 

		8.4	Notwithstanding
any other provision herein, the validity of this Article shall survive the termination of this Agreement.

 

    	 	 	 

    	English Translation

    

Article 9 Defaulting Liability

 

		9.1	The
Parties agree and acknowledge that, if any of the Parties (the “Defaulting Party”) materially breaches any
provision herein or materially fails to perform or delays performance of any of the obligations hereunder, such breach, failure
or delay shall constitute a default under this Agreement (a “Default”). In such event, any of the other Parties
without default (the “Non-defaulting Party”) shall have the right to require the Defaulting Party to rectify
such Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take
remedial measures within such reasonable period or within ten (10) days of the Non-defaulting Party notifying the
Defaulting Party in writing and requiring the Default to be rectified, then:

 

		9.1.1	if
the Shareholder or the Company is the Defaulting Party, WFOE shall be entitled to terminate this Agreement and require the Defaulting
Party to indemnify all damages;

 

		9.1.2	if
WFOE is the Defaulting Party, the Non-defaulting Party shall be entitled to require the Defaulting Party to indemnify
all damages, but the Non-defaulting Party shall not be entitled to any rights to terminate or cancel this Agreement in any
situation unless otherwise provided by the mandatory provisions of the laws.

  

		9.2	Notwithstanding
any other provision herein, the validity of this Article shall survive the suspension or termination of this Agreement.

 

Article 10 Miscellaneous

 

		10.1	This
Agreement is written in Chinese and executed in three (3) originals, with one (1) original to be retained by each Party
hereto.

 

		10.2	The
formation, validity and interpretation of, resolution of disputes in connection with, this Agreement, shall be governed by PRC
Law.

 

		10.3	Any dispute arising hereunder and in connection herewith
shall be resolved through consultations among the Parties, and if the Parties fail to reach a mutual agreement within thirty (30) days
of its occurrence, any Party may submit such dispute to China International Economic and
Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its arbitration rules
in effect at the time of applying for arbitration. The number of arbitrators should be one. If within 20 (20) days after the issuance
of the notice of arbitration by any party to this Agreement, the parties refuse the designation of the arbitrator who has agreed
to participate in the arbitration, the CIETAC shall appoint an arbitrator separately.
The seat of arbitration shall be Beijing and the language used in arbitration proceedings shall be Chinese. The arbitral award
shall be final and binding on the Parties.

  

		10.4	During
dispute resolution, the Parties shall continue to exercise the rights of this Agreement and perform the terms of this Agreement
other than those relating to disputes.

 

    	 	 	 

    	English Translation

    

		10.5	Any
right, power or remedy conferred on any Party by any provision of this Agreement shall not be exclusive of any other right, power
or remedy available to it at law and under the other provisions of this Agreement, and the exercise by such Party of any of its
rights, powers and remedies shall not preclude the exercise of any other rights, powers and remedies it may have.

 

		10.6	No
failure or delay by a Party in exercising any of its rights, powers and remedies available to it hereunder or at law (hereinafter,
the “Party’s Rights”) shall operate as a waiver thereof, nor shall the waiver of any single or partial
exercise of the Party’s Rights shall preclude such Party from exercising such rights in any other way and exercising the
remaining part of the Party’s Rights.

 

		10.7	The
headings contained herein shall be for reference only, and in no circumstances shall such headings be used in or affect the interpretation
of the provisions hereof.

 

		10.8	Each
provision contained herein shall be severable and independent from each of other provisions, and if at any time any one or more
provisions herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
herein shall not be affected as a result thereof.

 

		10.9	Any
amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto.

 

		10.10	Without
WFOE’s prior written consent, any other Party shall not transfer any of its rights and/or obligations hereunder to any third
party. The Shareholder and the Company hereby agree that WFOE is entitled to transfer any of its rights and/or obligations hereunder
to any third party upon written notice thereof to the other Parties.

 

		10.11	This
Agreement shall be binding on the legal assignees, successors or heirs of the Parties.

 

		10.12	After
the execution of this Agreement, if any government agency of PRC makes amendments to any of the laws, regulations, decrees or
provisions of China, including amendments, additions or repeal of existing laws, regulations, decrees or regulations, or cites
a different interpretation or a different implementation to any of the existing laws, regulations, decrees or regulations (respectively
referred to as a “Modification”), or a new law, regulation, decree or regulation (respectively referred to as a “New
Provision”), or any government agency proposes requirements or opinions that may have an impact to the performance of this
Agreement, the following shall apply:

 

		(a)	if
the Modification or New Provision is more favorable to the WFOE than the relevant laws, regulations, decrees or regulations that
are effective as of the effective date of this Agreement, the parties shall promptly apply to the relevant institutions (if required)
for the benefits of these Modification or New Provision. The parties should use their best efforts to get the application approved.

 

    	 	 	 

    	English Translation

    

		(b)	if,
due to the Modification or New Provision, the interests of the WFOE under this Agreement are seriously and adversely affected
directly or indirectly, after the WFOE notifies the other parties, the parties shall promptly negotiate on the basis of the principle
of good faith, and make all necessary modifications and adjustments to the terms or performance of this Agreement, in order to
maximize the original commercial intentions of the parties under this Agreement and to maintain the interests of WFOE in this
Agreement.

 

		(c)	if
the requirements of any government agency may have a material adverse effect on the performance of this Agreement in accordance
with the terms and conditions of this Agreement, the Shareholder and the Company shall use their best reasonable efforts to communicate
with the relevant government agency in order to make this Agreement could be performed pursuant to the original terms and conditions,
and the WFOE shall provide necessary assistance in such communication. If such communication is unavailable, all parties shall
make timely negotiating on the basis of the principle of good faith, make all necessary modifications and reasonable adjustments
to the terms or performance of this Agreement, in order to maximize the original commercial intentions of the parties under this
Agreement and to maintain the interests of WFOE in this Agreement.

 

[Remainder of this
page intentionally left blank]

  

    	 	 	 

    	English Translation

    

IN WITNESS WHEREOF ,
the Parties hereto have caused this Agreement to be executed as of the date first above written.

 

	Party A:	David Xueling Li	 
	 	 	 
	Signature:	/s/ David Xueling Li	 
	 	 	 
	Party B:	Guangzhou BaiGuoYuan Information Technology Co., Ltd.	 
	 	 	 
	Signature:	/s/ David Xueling Li	 
	Name:	David Xueling Li	 
	Title:	Legal Representative	 

 

	Party C:	Guangzhou BaiGuoYuan Network Technology Co., Ltd.	 
	 	 	 
	Signature:	/s/ David Xueling Li	 
	Name:	David Xueling Li	 
	Title:	Legal Representative	 

 

    	 	 	 

    	English Translation

    

 Annex 1:

 

Power of Attorney

 

    	 	 	 

    	English Translation

    

 Power of Attorney

 

The undersigned, David Xueling Li, an individual
with PRC nationality, with the ID Card number *, hereby declares and confirms as follows:

 

		(1)	The
undersigned holds 99% of the rights and interests (the “ Rights and Interests ”) in the registered
capital of Guangzhou BaiGuoYuan Network Technology Co., Ltd., a limited liability company duly incorporated and validly existing
under the PRC laws (the “ Domestic Company ”).

 

		(2)	The
undersigned hereby irrevocably authorizes Guangzhou BaiGuoYuan Information Technology Co., Ltd., a company duly incorporated and
validly existing under the PRC laws (the “ WFOE ”), or any succeeding person or entity who
has obtained the business of WFOE through merger, acquisition or integration (the “ Successor ”),
to handle any and all matters in relation to the Domestic Company and its rights and interests, and to exercise all rights of
the undersigned as the holder of the Rights and Interests, in the name of the undersigned. This Power of Attorney grants to WFOE
the following rights and authorizations, including without limitation:

 

		(a)	WFOE
or the Successor may, as the sole agent of the undersigned, handle any and all matters in relation to the Rights and Interests,
including but not limited to (i) attend the general meetings of the Domestic Company; (ii) exercise all voting rights of shareholders
and other rights enjoyed by the undersigned pursuant to PRC laws and the article of association of the Domestic Company, including
but not limited to the sales, transfer, pledge, or disposal in other way, of the whole or part of the Rights and Interests; (iii)
appoint the legal representative, chairman, director, supervisor, chief executive officer and any other senior officers of the
Domestic Company on behalf of the undersigned; and (iv) overlook the operation result of the Domestic Company; (v) access the
financial information of the Domestic Company at any time; (vi) in case the conducts of directors or senior officers of the Domestic
Company harm the interest of the Domestic Company or its shareholders, initiate shareholder derivative litigation or other legal
proceedings against such directors or senior officers; (vii) approve annual budget or distribution of dividends; and (viii) any
other shareholder’s rights granted to the shareholders by the articles of association of the Domestic Company and its amendments
from time to time, or/and relevant laws and regulations.

 

		(b)	The
undersigned further authorizes WFOE to enter into contracts or documents relating to the operation of the Domestic Company on
behalf of the undersigned, including but not limited to any contract of transfer, in order to perform the obligations under the
Exclusive Option Agreement, the Exclusive Assets Purchase Agreement and the Equity Interest Pledge Agreement entered into by the
undersigned on January 17, 2017. This authorization shall also include the rights to execute any other documents for the perfection
of the rights and interests under the aforementioned agreements.

 

    	 	 	 

    	English Translation

    

		(c)	As
solely decided by WFOE and without the necessity of informing the undersigned or obtain further consent from the undersigned,
WFOE is also entitled to authorize any third party to exercise the power hereunder, and transfer the rights hereunder to any third
party to allow such third party to exercise such rights.

 

		(3)	All
actions taken by WFOE or the Successor in relation to the Rights and Interests shall be deemed as taken by the undersigned in
person, without the necessity of consulting with the undersigned in advance; all documents executed by WFOE or the Successor in
relation to the Rights and Interests shall be deemed as executed by the undersigned in person. The undersigned hereby confirms,
ratifies and approves such actions taken by or documents executed by WFOE or the Successor.

 

		(4)	The
undersigned has agreed to transfer the Rights and Interests to WFOE or any person or entity designated by WFOE in line with the
Exclusive Option Agreement entered into by and between the undersigned, WFOE and the Domestic Company (the “ Exclusive
Option Agreement ”). To ensure the performance of the Exclusive Option Agreement, the undersigned hereby undertakes
as follows:

 

		(a)	The
undersigned has executed the Equity Transfer Agreement (the “ Equity Transfer Agreement ”),
and has execute the Shareholder’s Resolution to approve such transfer. At any time upon the request of WFOE, the undersigned
shall immediately transfer the Rights and Interests to WFOE or the Successor. The date of execution and the name of the transferee
on such Equity Transfer Agreement and the Shareholder’s Resolution are left blank.

 

		(b)	The
undersigned hereby irrevocably authorizes WFOE to fill in the date of execution and the name of the transferee in the Equity Transfer
Agreement, and the undersigned hereby agrees that the Equity Transfer Agreement shall be kept by WFOE;

 

		(c)	The
undersigned hereby irrevocably authorizes WFOE to, for the purpose of the effective transfer of the Rights and Interests to WFOE
and the Successor, execute additional documents as required by law or government on behalf of the undersigned; and

 

		(d)	The
undersigned hereby confirms that the undersigned is and will continue to be bound by the obligations under the Exclusive Option
Agreement and the Equity Transfer Agreement, and undertakes to perform all such obligations upon written request of WFOE.

 

    	 	 	 

    	English Translation

    

		(5)	The
undersigned has agreed to procure the Domestic Company to transfer its assets to WFOE or any person or entity designated by WFOE,
pursuant to the Exclusive Assets Purchase Agreement by and between the Domestic Company, the undersigned and WFOE (the “ Exclusive
Assets Purchase Agreement ”), including executing and delivering the Shareholder’s Resolution which approves
such transfer;

 

		(6)	The
undersigned further agrees and undertakes to WFOE that if the undersigned receives any dividends, interests, capital distribution
in any other form, remaining assets after liquidation, or incomes or considerations generated from the transfer of equity by virtue
of the equity interest of the Domestic Company held by the undersigned, the undersigned shall, to the extent permitted by law,
pay all of these dividends, interests, capital distribution, assets, incomes or considerations to WFOE in full without requesting
for any compensation.

 

		(7)	All
actions taken by WFOE or the Successor in line with this Power of Attorney shall be deemed as taken by the undersigned in person;
all documents executed by WFOE or the Successor in relation to the Rights and Interests shall be deemed as executed by the undersigned
in person. The undersigned hereby confirms, ratifies and approves such actions taken by or documents executed by WFOE or the Successor,
and accepts and assumes corresponding responsibility for all legal consequences arising from the authorizations made by the undersigned
under this Power of Attorney.

 

		(8)	The
undersigned hereby waives all rights enjoyed by the undersigned as the holder of the Rights and Interests. Such rights have been
irrevocably authorized to WFOE through this Power of Attorney, and the undersigned shall not exercise or attempt to exercise any
of such rights.

 

		(9)	The
undersigned hereby agrees that if the equity held by the undersigned in the Domestic Company increases, whether through increment
of capital contribution or not, any additional equity held by any shareholder shall be subject to this Agreement, and WFOE shall
have the right to exercise the shareholder’s rights as provided in Section 2 over such additional equity on behalf of the
undersigned; similarly, if any person obtains equity of the Domestic Company, whether through voluntary transfer, transfer by
operation of law, mandatory auction or in any other way, the undersigned shall procure such transferee to agree that all equity
of the Domestic Company it obtained is subject to this Agreement, and WFOE is entitled to exercise the shareholder’s rights
as provided in Section 2 over such equity.

 

		(10)	This
Power of Attorney is attached with rights and interests. Throughout the period that the undersigned is a shareholder of the Domestic
Company, this Power of Attorney shall remain effective from the day of issue and shall not be revoked.

 

(Remainder of this page left blank intentionally;
execution page to follow)

 

    	 	 	 

    	English Translation

    

(Execution Page)

 

	Name of the Shareholder: David Xueling Li	 
	 	 
	/s/ David Xueling Li	 
	(Signature)	 
	 	 	 
	Date:	January 17, 2017	 

 

    	 	 	 

    	English Translation

    

Shareholder Voting Rights Proxy Agreement

 

This Shareholder Voting Rights Proxy Agreement
(this “Agreement”) dated January 17, 2017, is made in Guangzhou, the People’s Republic of China (the
“PRC”), by and among:

 

	Party A:	Jianqiang Hu (the “Shareholder”)
	ID Card number:	 
	 	 
	Party B:	Guangzhou BaiGuoYuan Information Technology Co., Ltd. (the “WFOE”)
	Address:	Room 2705, 27/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	Legal Representative:	David Xueling Li
	 	 
	Party C:	Guangzhou BaiGuoYuan Network Technology Co., Ltd. (the “Company”)
	Address:	25/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	Legal Representative:	David Xueling Li

 

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

 

WHEREAS:

 

		1.	The
Shareholder is the present shareholder of the Company, which holds 1% equity of the Company;

 

		2.	The
Shareholders intend to severally entrust the individual designated by WFOE with the exercise of their voting rights in the Company
and WFOE is willing to designate such individual to accept such entrustment.

 

THEREFORE, the Parties,
after friendly consultations, hereby agree as follows:

 

Article 1 Voting
Right Entrustment

 

		1.1	The
Shareholder hereby irrevocably undertakes to sign a power of attorney in the form and substance as set forth in Annex 1 after
execution of this Agreement to entrust the individual designated by WFOE (hereinafter, the “Entrusted Person”)
to exercise on their respective behalf the following rights they, as the shareholder of the Company, are entitled to under the
then effective articles of association of the Company (collectively, the “Entrusted Rights”):

 

		(1)	Proposing
to convene and attending shareholders’ meetings of the Company as the representative of the Shareholder according to the
articles of association of the Company;

 

    	 	 	 

    	English Translation

    

		(2)	On
behalf of the Shareholder, exercising voting rights on all the issues needing to be discussed and resolved by the shareholders’
meetings of the Company, including but not limited to the appointment of the Company’s directors and other officers needing
to be appointed and removed by shareholders;

 

		(3)	Other
voting rights of shareholder as provided by the laws and regulations of PRC (including their amendments, changes, additions and
re-enactments, regardless of the time of their effectiveness before or after the execution of this Agreement);

 

		(4)	Exercise
other shareholder voting rights as specified in the articles of association of the Company (including any other shareholder voting
rights as specified in the amended articles of association).

 

The above
authorization and entrustment are granted subject to the status of the Entrusted Person as a PRC citizen and the approval by WFOE.
Upon and only upon written notice of dismissing and replacing the Entrusted Person (s) given by WFOE to the Shareholder, the
Shareholder shall promptly entrust another PRC citizen then designated by WFOE to exercise the above Entrusted Rights, and once
new entrustment is made, the original entrustment shall be replaced. The Shareholder shall not cancel the authorization and entrustment
for the Entrusted Person (s) otherwise.

 

		1.2	The
Entrusted Person shall perform the fiduciary obligations within the scope of authorization with due care and diligence and in
compliance with laws. The Shareholder acknowledges and assumes relevant liabilities for any legal consequences of the Entrusted
Person’s exercise of the foregoing Entrusted Rights.

 

		1.3	The
Shareholder hereby acknowledges that the Entrusted Person is not required to seek advice from the Shareholder prior to the exercise
of the foregoing Entrusted Rights. However, the Entrusted Person shall inform the Shareholder in a timely manner of any resolution
or any proposal on convening interim shareholders’ meeting after such resolution or proposal is made.

 

Article 2 Right
to Information

 

		2.1	For
the purpose of exercising the Entrusted Rights hereunder, the Entrusted Person is entitled to know the information with regard
to the Company’s operation, business, customers, finance, staff, etc., and shall have access to the relevant materials of
the Company. The Company shall adequately cooperate with the Entrusted Person in this regard.

 

    	 	 	 

    	English Translation

    

Article 3 Exercise of Entrusted Rights

 

		3.1	The
Shareholder will provide adequate assistance to the exercise of the Entrusted Rights by the Entrusted Person, including timely
execution of the resolutions of the shareholders’ meeting of the Company adopted by the Entrusted Person or other related
legal documents when necessary (e.g., when it is necessary for examination and approval of or registration or filing with governmental
departments).

 

		3.2	If
at any time during the term of this Agreement, the grant or exercise of the Entrusted Rights hereunder is unenforceable for any
reason (except for default of Shareholder or the Company), the Parties shall immediately seek a most similar substitute for the
unenforceable provision and, if necessary, enter into a supplementary agreement to amend or adjust the provisions herein, in order
to ensure the realization of the purpose of this Agreement.

 

Article 4 Exemption
and Compensation

 

		4.1	Pursuant
to the Section 4.2, the Parties acknowledge that WFOE shall not be requested to be liable to or compensate (monetary or otherwise)
other Parties or any third party due to exercise of the Entrusted Rights hereunder by the individuals designated by it.

 

		4.2	The
Shareholder and the Company agree to indemnify and hold harmless WFOE from and against all losses incurred or likely to be incurred
by it due to exercise of the Entrusted Rights by the Entrusted Person designated by WFOE, including without limitation, any loss
resulting from any litigation, demand, arbitration or claim initiated or raised by any third party against it or from administrative
investigation or penalty of governmental authorities (collectively, the “Losses”), PROVIDED THAT the above indemnity
in respect of any Losses shall not be available to WFOE to the extent that such Losses have been caused by the willful default
or gross negligence on the part of the Entrusted Person.

 

Article 5 Representations
and Warranties

 

		5.1	The
Shareholder hereby represents and warrants that:

 

		5.1.1	It
is a Chinese citizen with full capacity. It has the full and independent legal status and legal capacity to, and has been duly
authorized to, execute, deliver and perform this Agreement. It may sue or be sued as an independent party.

 

		5.1.2	It
has the full power and authority to execute and deliver this Agreement and all other documents relating to the transaction contemplated
hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated hereby. This
Agreement, when duly executed and delivered, shall constitute a legal, valid and binding obligation enforceable against it in
accordance with the terms of this Agreement.

 

    	 	 	 

    	English Translation

    

		5.1.3	It
is the recorded legal shareholder of the Company as of the effective date of this Agreement, and except for the rights under this
Agreement, the Equity Pledge Agreement, the Exclusive Option Agreement and the Exclusive Assets Purchase Agreement entered into
among the Shareholder, the Company and WFOE, the Entrusted Rights are free of any third-party right. Pursuant to this Agreement,
the Entrusted Person may fully and sufficiently exercise the Entrusted Rights in accordance with the then effective articles of
association of the Company.

 

		5.2.	Each
of WFOE and the Company hereby represents and warrants that:

 

		5.2.1	It
is a limited liability company duly organized and validly existing under the PRC Law with an independent legal personality. It
has the full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may sue or be
sued as an independent party.

 

		5.2.2	It
has the full corporate power and authority to execute and deliver this Agreement and all other documents relating to the transaction
contemplated hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated
hereby.

 

		5.3	The
Company further represents and warrants that:

 

		5.3.1	The
Shareholder is the recorded legal shareholder of the Company as of the effective date of this Agreement, and except for the rights
under this Agreement, the Equity Pledge Agreement, the Exclusive Option Agreement and the Exclusive Assets Purchase Agreement
entered into among the Shareholder, the Company and WFOE, the Entrusted Rights are free of any third-party right. Pursuant to
this Agreement, the Entrusted Person may fully and sufficiently exercise the Entrusted Rights in accordance with the then effective
articles of association of the Company.

 

Article 6 Term

 

		6.1	Subject
to the provisions of Articles 6.2 and 6.3 hereof, this Agreement shall become effective as of the date of the due execution by
the Parties. Unless prematurely terminated by the Parties in writing or pursuant to Article 9.1 hereof, this Agreement shall remain
in force.

 

		6.2	If
the Company or WFOE, upon expiry of its duration, fails to handle the examination, approval and registration procedures concerning
the extension thereof, this Agreement shall be terminated.

 

		6.3	In
case that the Shareholder transfers all of the equity interest held by it in the Company with WFOE’s prior consent, such
Shareholder shall cease to be a party to this Agreement.

 

Article 7 Notices

 

		7.1	Any
notice, request, demand and other communications required to be made or given under or pursuant to this Agreement shall be in
writing and served on the relevant Party.

 

    	 	 	 

    	English Translation

    

		7.2	The
above notices or other communications shall be deemed duly given or served: if sent by fax or telex, immediately upon transmission;
if delivered in person, at the time of delivery; if posted by mail, five (5) days after posting.

 

Article 8 Confidentiality

 

		8.1	Regardless
of whether this Agreement is terminated or not, each Party shall keep strictly confidential all the business secrets, proprietary
information, customer information and other information of a confidential nature about the other Parties known by it during the
execution and performance of this Agreement (collectively, the “Confidential Information”). The receiving Party
shall not disclose any Confidential Information to any third party except with the prior written consent of the disclosing Party
or in accordance with relevant laws or regulations or under requirements of the place where its affiliate is listed on a stock
exchange. The receiving Party shall not use or indirectly use any Confidential Information other than for performing this Agreement.

 

		8.2	The
following information shall not be deemed part of the Confidential Information:

 

		(a)	any
information already known by the receiving Party by legal means prior to disclosure, which is substantiated in writing;

 

		(b)	any
information being part of public knowledge through no fault of the receiving Party; or

 

		(c)	any
information rightfully received by the receiving Party from other sources after disclosure.

 

		8.3	The
receiving Party may disclose the Confidential Information to its relevant employees, agents or engaged professionals, but the
receiving Party shall guarantee that they are in compliance with the relevant terms and conditions of this Agreement and assume
any responsibility arising from any breach thereof by them.

 

		8.4	Notwithstanding
any other provision herein, the validity of this Article shall survive the termination of this Agreement.

 

    	 	 	 

    	English Translation

    

Article 9 Defaulting Liability

 

		9.1	The
Parties agree and acknowledge that, if any of the Parties (the “Defaulting Party”) materially breaches any
provision herein or materially fails to perform or delays performance of any of the obligations hereunder, such breach, failure
or delay shall constitute a default under this Agreement (a “Default”). In such event, any of the other Parties
without default (the “Non-defaulting Party”) shall have the right to require the Defaulting Party to rectify
such Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take
remedial measures within such reasonable period or within ten (10) days of the Non-defaulting Party notifying the
Defaulting Party in writing and requiring the Default to be rectified, then:

 

		9.1.1	if
the Shareholder or the Company is the Defaulting Party, WFOE shall be entitled to terminate this Agreement and require the Defaulting
Party to indemnify all damages;

 

		9.1.2	if
WFOE is the Defaulting Party, the Non-defaulting Party shall be entitled to require the Defaulting Party to indemnify
all damages, but the Non-defaulting Party shall not be entitled to any rights to terminate or cancel this Agreement in any
situation unless otherwise provided by the mandatory provisions of the laws.

  

		9.2	Notwithstanding
any other provision herein, the validity of this Article shall survive the suspension or termination of this Agreement.

 

Article 10 Miscellaneous

 

		10.1	This
Agreement is written in Chinese and executed in three (3) originals, with one (1) original to be retained by each Party
hereto.

 

		10.2	The
formation, validity and interpretation of, resolution of disputes in connection with, this Agreement, shall be governed by PRC
Law.

 

		10.3	Any dispute arising hereunder and in connection herewith
shall be resolved through consultations among the Parties, and if the Parties fail to reach a mutual agreement within thirty (30) days
of its occurrence, any Party may submit such dispute to China International Economic and
Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its arbitration rules
in effect at the time of applying for arbitration. The number of arbitrators should be one. If within 20 (20) days after the issuance
of the notice of arbitration by any party to this Agreement, the parties refuse the designation of the arbitrator who has agreed
to participate in the arbitration, the CIETAC shall appoint an arbitrator separately.
The seat of arbitration shall be Beijing and the language used in arbitration proceedings shall be Chinese. The arbitral award
shall be final and binding on the Parties.

  

		10.4	During
dispute resolution, the Parties shall continue to exercise the rights of this Agreement and perform the terms of this Agreement
other than those relating to disputes.

 

    	 	 	 

    	English Translation

    

 

		10.5	Any
right, power or remedy conferred on any Party by any provision of this Agreement shall not be exclusive of any other right, power
or remedy available to it at law and under the other provisions of this Agreement, and the exercise by such Party of any of its
rights, powers and remedies shall not preclude the exercise of any other rights, powers and remedies it may have.

 

		10.6	No
failure or delay by a Party in exercising any of its rights, powers and remedies available to it hereunder or at law (hereinafter,
the “Party’s Rights”) shall operate as a waiver thereof, nor shall the waiver of any single or partial
exercise of the Party’s Rights shall preclude such Party from exercising such rights in any other way and exercising the
remaining part of the Party’s Rights.

 

		10.7	The
headings contained herein shall be for reference only, and in no circumstances shall such headings be used in or affect the interpretation
of the provisions hereof.

 

		10.8	Each
provision contained herein shall be severable and independent from each of other provisions, and if at any time any one or more
provisions herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
herein shall not be affected as a result thereof.

 

		10.9	Any
amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto.

 

		10.10	Without
WFOE’s prior written consent, any other Party shall not transfer any of its rights and/or obligations hereunder to any third
party. The Shareholder and the Company hereby agree that WFOE is entitled to transfer any of its rights and/or obligations hereunder
to any third party upon written notice thereof to the other Parties.

 

		10.11	This
Agreement shall be binding on the legal assignees, successors or heirs of the Parties.

 

		10.12	After
the execution of this Agreement, if any government agency of PRC makes amendments to any of the laws, regulations, decrees or
provisions of China, including amendments, additions or repeal of existing laws, regulations, decrees or regulations, or cites
a different interpretation or a different implementation to any of the existing laws, regulations, decrees or regulations (respectively
referred to as a “Modification”), or a new law, regulation, decree or regulation (respectively referred to as a “New
Provision”), or any government agency proposes requirements or opinions that may have an impact to the performance of this
Agreement, the following shall apply:

 

		(a)	if
the Modification or New Provision is more favorable to the WFOE than the relevant laws, regulations, decrees or regulations that
are effective as of the effective date of this Agreement, the parties shall promptly apply to the relevant institutions (if required)
for the benefits of these Modification or New Provision. The parties should use their best efforts to get the application approved.

 

    	 	 	 

    	English Translation

    

		(b)	if,
due to the Modification or New Provision, the interests of the WFOE under this Agreement are seriously and adversely affected
directly or indirectly, after the WFOE notifies the other parties, the parties shall promptly negotiate on the basis of the principle
of good faith, and make all necessary modifications and adjustments to the terms or performance of this Agreement, in order to
maximize the original commercial intentions of the parties under this Agreement and to maintain the interests of WFOE in this
Agreement.

 

		(c)	if
the requirements of any government agency may have a material adverse effect on the performance of this Agreement in accordance
with the terms and conditions of this Agreement, the Shareholder and the Company shall use their best reasonable efforts to communicate
with the relevant government agency in order to make this Agreement could be performed pursuant to the original terms and conditions,
and the WFOE shall provide necessary assistance in such communication. If such communication is unavailable, all parties shall
make timely negotiating on the basis of the principle of good faith, make all necessary modifications and reasonable adjustments
to the terms or performance of this Agreement, in order to maximize the original commercial intentions of the parties under this
Agreement and to maintain the interests of WFOE in this Agreement.

 

[Remainder of this
page intentionally left blank]

  

    	 	 	 

    	English Translation

    

IN WITNESS WHEREOF ,
the Parties hereto have caused this Agreement to be executed as of the date first above written.

 

	Party A:	Jianqiang Hu	 
	 	 	 
	Signature:	/s/ Jianqiang Hu	 
	 	 	 
	Party B:	Guangzhou BaiGuoYuan Information Technology Co., Ltd.	 
	 	 	 
	Signature:	/s/ David Xueling Li	 
	Name:	David Xueling Li	 
	Title:	Legal Representative	 

 

	Party C:	Guangzhou BaiGuoYuan Network Technology Co., Ltd.	 
	 	 	 
	Signature:	/s/ David Xueling Li	 
	Name:	David Xueling Li	 
	Title:	Legal Representative	 

 

    	 	 	 

    	English Translation

    

Annex 1:

 

Power of Attorney

 

    	 	 	 

    	English Translation

    

Power of Attorney

 

The undersigned, Jianqiang Hu, an individual
with PRC nationality, with the ID Card number *, hereby declares and confirms as follows:

 

		(1)	The
undersigned holds 1% of the rights and interests (the “ Rights and Interests ”) in the registered
capital of Guangzhou BaiGuoYuan Network Technology Co., Ltd., a limited liability company duly incorporated and validly existing
under the PRC laws (the “ Domestic Company ”).

 

		(2)	The
undersigned hereby irrevocably authorizes Guangzhou BaiGuoYuan Information Technology Co., Ltd., a company duly incorporated and
validly existing under the PRC laws (the “ WFOE ”), or any succeeding person or entity who
has obtained the business of WFOE through merger, acquisition or integration (the “ Successor ”),
to handle any and all matters in relation to the Domestic Company and its rights and interests, and to exercise all rights of
the undersigned as the holder of the Rights and Interests, in the name of the undersigned. This Power of Attorney grants to WFOE
the following rights and authorizations, including without limitation:

 

		(a)	WFOE
or the Successor may, as the sole agent of the undersigned, handle any and all matters in relation to the Rights and Interests,
including but not limited to (i) attend the general meetings of the Domestic Company; (ii) exercise all voting rights of shareholders
and other rights enjoyed by the undersigned pursuant to PRC laws and the article of association of the Domestic Company, including
but not limited to the sales, transfer, pledge, or disposal in other way, of the whole or part of the Rights and Interests; (iii)
appoint the legal representative, chairman, director, supervisor, chief executive officer and any other senior officers of the
Domestic Company on behalf of the undersigned; and (iv) overlook the operation result of the Domestic Company; (v) access the
financial information of the Domestic Company at any time; (vi) in case the conducts of directors or senior officers of the Domestic
Company harm the interest of the Domestic Company or its shareholders, initiate shareholder derivative litigation or other legal
proceedings against such directors or senior officers; (vii) approve annual budget or distribution of dividends; and (viii) any
other shareholder’s rights granted to the shareholders by the articles of association of the Domestic Company and its amendments
from time to time, or/and relevant laws and regulations.

 

		(b)	The
undersigned further authorizes WFOE to enter into contracts or documents relating to the operation of the Domestic Company on
behalf of the undersigned, including but not limited to any contract of transfer, in order to perform the obligations under the
Exclusive Option Agreement, the Exclusive Assets Purchase Agreement and the Equity Interest Pledge Agreement entered into by the
undersigned on January 17, 2017. This authorization shall also include the rights to execute any other documents for the perfection
of the rights and interests under the aforementioned agreements.

 

    	 	 	 

    	English Translation

    

		(c)	As
solely decided by WFOE and without the necessity of informing the undersigned or obtain further consent from the undersigned,
WFOE is also entitled to authorize any third party to exercise the power hereunder, and transfer the rights hereunder to any third
party to allow such third party to exercise such rights.

 

		(3)	All
actions taken by WFOE or the Successor in relation to the Rights and Interests shall be deemed as taken by the undersigned in
person, without the necessity of consulting with the undersigned in advance; all documents executed by WFOE or the Successor in
relation to the Rights and Interests shall be deemed as executed by the undersigned in person. The undersigned hereby confirms,
ratifies and approves such actions taken by or documents executed by WFOE or the Successor.

 

		(4)	The
undersigned has agreed to transfer the Rights and Interests to WFOE or any person or entity designated by WFOE in line with the
Exclusive Option Agreement entered into by and between the undersigned, WFOE and the Domestic Company (the “ Exclusive
Option Agreement ”). To ensure the performance of the Exclusive Option Agreement, the undersigned hereby undertakes
as follows:

 

		(a)	The
undersigned has executed the Equity Transfer Agreement (the “ Equity Transfer Agreement ”),
and has execute the Shareholder’s Resolution to approve such transfer. At any time upon the request of WFOE, the undersigned
shall immediately transfer the Rights and Interests to WFOE or the Successor. The date of execution and the name of the transferee
on such Equity Transfer Agreement and the Shareholder’s Resolution are left blank.

 

		(b)	The
undersigned hereby irrevocably authorizes WFOE to fill in the date of execution and the name of the transferee in the Equity Transfer
Agreement, and the undersigned hereby agrees that the Equity Transfer Agreement shall be kept by WFOE;

 

		(c)	The
undersigned hereby irrevocably authorizes WFOE to, for the purpose of the effective transfer of the Rights and Interests to WFOE
and the Successor, execute additional documents as required by law or government on behalf of the undersigned; and

 

		(d)	The
undersigned hereby confirms that the undersigned is and will continue to be bound by the obligations under the Exclusive Option
Agreement and the Equity Transfer Agreement, and undertakes to perform all such obligations upon written request of WFOE.

 

    	 	 	 

    	English Translation

    

		(5)	The
undersigned has agreed to procure the Domestic Company to transfer its assets to WFOE or any person or entity designated by WFOE,
pursuant to the Exclusive Assets Purchase Agreement by and between the Domestic Company, the undersigned and WFOE (the “ Exclusive
Assets Purchase Agreement ”), including executing and delivering the Shareholder’s Resolution which approves
such transfer;

 

		(6)	The
undersigned further agrees and undertakes to WFOE that if the undersigned receives any dividends, interests, capital distribution
in any other form, remaining assets after liquidation, or incomes or considerations generated from the transfer of equity by virtue
of the equity interest of the Domestic Company held by the undersigned, the undersigned shall, to the extent permitted by law,
pay all of these dividends, interests, capital distribution, assets, incomes or considerations to WFOE in full without requesting
for any compensation.

 

		(7)	All
actions taken by WFOE or the Successor in line with this Power of Attorney shall be deemed as taken by the undersigned in person;
all documents executed by WFOE or the Successor in relation to the Rights and Interests shall be deemed as executed by the undersigned
in person. The undersigned hereby confirms, ratifies and approves such actions taken by or documents executed by WFOE or the Successor,
and accepts and assumes corresponding responsibility for all legal consequences arising from the authorizations made by the undersigned
under this Power of Attorney.

 

		(8)	The
undersigned hereby waives all rights enjoyed by the undersigned as the holder of the Rights and Interests. Such rights have been
irrevocably authorized to WFOE through this Power of Attorney, and the undersigned shall not exercise or attempt to exercise any
of such rights.

 

		(9)	The
undersigned hereby agrees that if the equity held by the undersigned in the Domestic Company increases, whether through increment
of capital contribution or not, any additional equity held by any shareholder shall be subject to this Agreement, and WFOE shall
have the right to exercise the shareholder’s rights as provided in Section 2 over such additional equity on behalf of the
undersigned; similarly, if any person obtains equity of the Domestic Company, whether through voluntary transfer, transfer by
operation of law, mandatory auction or in any other way, the undersigned shall procure such transferee to agree that all equity
of the Domestic Company it obtained is subject to this Agreement, and WFOE is entitled to exercise the shareholder’s rights
as provided in Section 2 over such equity.

 

		(10)	This
Power of Attorney is attached with rights and interests. Throughout the period that the undersigned is a shareholder of the Domestic
Company, this Power of Attorney shall remain effective from the day of issue and shall not be revoked.

 

(Remainder of this page left blank intentionally;
execution page to follow)

 

    	 	 	 

    	English Translation

    

(Execution Page)

 

	Name of the Shareholder: Jianqiang Hu	 
	 	 
	/s/ Jianqiang Hu	 
	(Signature)	 
	 	 	 
	Date:	January 17, 2017Exhibit 4.49

 

	English Translation

 

Equity Interest
Pledge Agreement

 

This Equity Interest
Pledge Agreement (this “Contract”), dated October 17, 2018, is made in Guangzhou, the People’s Republic
of China (the “PRC”), by and between:

 

	Party A:	Guangzhou 100-Education Technology Co., Ltd. (the “Pledgee”), a wholly owned foreign enterprise incorporated under the laws of China, with its registered address at Room 2910, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	 	 
	Party B-1:	Guangzhou Huaduo Network Technology Co., Ltd., a limited liability company incorporated under the laws of China, with its registered address at 24/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	 	 
	Party B-2:	Guangzhou 100-Wuyou Online Education Technology Co., Ltd., a limited liability company incorporated under the laws of China, with its registered address at Room 2804, 28/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	 	 
	Party B-3:	David Xueling Li
    (together with Party B-1and Party B-2, the “Pledgor”), a Chinese citizen, which address at 29/F, Building
    B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou
	 	 
	Party C:	Guangzhou Sanrenxing 100-Education Technology Co., Ltd. , a limited liability company incorporated under the laws of China, with its registered address at Room 2803, 28/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun Town, Panyu District, Guangzhou

 

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

 

WHEREAS

 

	1.	The Pledgor holds 100% equity interests of Party C, representing RMB one hundred million register capital of Party C as of the date hereof. Party C is a limited liability company registered in Guangzhou, the PRC. Party C hereby confirms 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 China. The Pledgee and Party C entered into an Exclusive Business Cooperation Agreement (as defined below); the Pledgee, Pledgor and Party C entered into an Exclusive Option Agreement (as defined below); the Pledgee, Pledgor and Party C entered into a Voting Proxy Agreement (as defined below); the Pledgor executed a Power of Attorney authorizing the Pledgee (as defined below).

 

     

     

    

 

	English Translation

 

	3.	The Pledgor agrees to pledge all of its equity interests in Party C to the Pledgee as security for the performance of the obligations under Exclusive Business Cooperation Agreement, Exclusive Option Agreement, Voting Proxy Agreement and Power of Attorney by Party C and the Pledgor.

 

NOW, THEREFORE, for
the performance of transaction documents, the Parties agree as follows through 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	Pledged Equity Interests mean 100% of equity interests duly owned by the Pledgor in Party C, and all equity interests duly owned by the Pledgor in Party C in future, to be pledged by the Pledgor.

 

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

 

	 	1.4	Transaction Documents mean the Exclusive Business Cooperation Agreement entered into by and between the Pledgee and Party C on October 17, 2018 (“Exclusive Business Cooperation Agreement”); the Exclusive Option Agreement entered into by and between the Pledgee, Pledgor and Party C on October 17, 2018 (“Exclusive Option Agreement”); the Shareholder Voting Rights Proxy Agreement entered into by and between the Pledgee, Pledgor and Party C on October 17, 2018 (“Voting Proxy Agreement”);the Power of Attorney executed by the Pledgor on on October 17, 2018 (“Power of Attorney”), and any amendments, changes and/or restatements of the abovesaid documents.

 

	 	1.5	Contractual Obligations mean all the obligations of the Pledgor under the Exclusive Option Agreement, Voting Proxy Agreement, Power of Attorney and this Contract; all the obligations of the Party C under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement, Voting Proxy Agreement.

 

	 	1.6	Secured Debts mean all the direct, indirect, and derivative losses and the loss of predictable benefits suffered by the pledgee due to any default by the Pledgor and/or Party C under the Transaction Documents. The basis for the amount of such losses includes, but is not limited to, the pledgee's reasonable business plan and profit forecast, the service fee payable by Party C under the Exclusive Business Cooperation Agreement, the damages and relevant fees under the Transaction Documents, and all the fees incurred by the Pledgee for the enforcement of pledgor and/or Party C performing its Contractual Obligations.

 

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

 

     

     

    

 

	English Translation

 

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

 

	2.	Pledge

 

	 	2.1	The Pledgor hereby pledges the Pledged Equity Interests to the Pledgee as security for its performance of the Contractual Obligations and repayment of the Secured Debts according to this Contract. Party C hereby agrees that the Pledgor pledges the Pledged Equity Interests to the Pledgee according to this Contract.

 

	 	2.2	During the Pledge Term, the pledgee has the right to receive dividends or interests arising from the Pledged Equity Interests, unless prohibited by applicable laws and regulations. The Pledgor shall not receive dividends or interests from the Pledged Equity Interests without the prior written consent of the Pledgee. After deducting the personal income tax paid by the pledgor, according to the pledgee's request, the dividends or interests obtained by the pledgor due to the Pledged Equity Interests shall (1) be deposited in the designated account of the pledgee and supervised by the pledge, and shall be used to secure the Contractual Obligations and the first settlement of the Secured Debt; or (2) within the scope not prohibited by the laws of China, such dividends and interests shall be unconditionally donated to the pledgee or the person designated by the pledgee in the manner permitted by the laws of China.

 

	 	2.3	The Pledgor only may increase the capital of Party C with the prior written consent of the Pledgee. The amount of capital contributed by the pledgor in the company's registered capital due to the capital increase of the company is also belongs to Pledged Equity Interests. The parties shall further sign a pledge agreement for such case and file a pledge registration for the increased capital contribution.

 

	 	2.4	If Party C is required to be dissolved or liquidated in accordance with the mandatory provisions of the laws of China, after Party C has completed the dissolution or liquidation procedures legally, any benefit or interest distributed to the Pledgor from Party C shall, upon the request of the Pledgee, (1) be deposited in the designated account of the pledgee and supervised by the pledge, and shall be used to secure the Contractual Obligations and the first settlement of the Secured Debts; or (2) within the scope not prohibited by the laws of China, such dividends and interests shall be unconditionally donated to the pledgee or the person designated by the pledgee in the manner permitted by the laws of China.

 

     

     

    

 

	English Translation

 

	3.	Pledge Term

 

	 	3.1	This
    Pledge becomes effective immediately after the Pledged Equity Interests hereunder is registered by the relevant industry and
    commerce administrative authority, and remains valid until all the Contractual Obligations have been fulfilled and all the
    Secured Debts have been paid. The Pledgor and Party C shall (1) record the equity interests pledge under this Contract on the
    share register of the Company within three (3) business days upon the execution hereof, and (2) file and complete the
    registration of the Pledge by the relevant industry and commerce administrative authority within thirty (30) days upon the
    execution hereof. The parties jointly confirm that in order to file the industrial and commercial registration procedures for
    equity pledge, the parties and other shareholders of Party C shall submit this Contract or a equity pledge contract signed in
    a form in accordance with the requirements of the local industrial and commercial administration department where Party C is
    located, and truly reflects the pledge information under this Contract (the “industrial and commercial registration
    pledge contract”). Matters not privided in the industrial and commercial registration pledge contract are still subject
    to the terms in this Contract. The Pledgor and Party C shall, in accordance with the laws and regulations of China and the
    relevant requirements of the industrial and commercial administration authorities, submit all necessary documents and
    complete all necessary formalities to ensure that the pledge is registered as soon as possible after submitting the
    application.

 

	 	3.2	During the Pledge Term, if the Pledgor and/or Party C 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.

 

	 	3.3	During the term of this Contract, the Pledgee shall not be held liable for any depreciation of the value of the Pledged Equity Interests, and the Pledgor has no right to confront The right holder makes any form of recourse or makes any request, unless the depreciation of the value of the Pledged Equity Interests is due to the pledgee's willful misconduct, or the gross negligence which has direct causal relationship with the results,.

 

	4.	Custody of Pledge Certificate

 

	 	4.1	During the Pledge Term, the Pledgor shall deliver its capital contribution certificate and the share register of Party C in which the pledge is recorded to the custody of 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.

  

     

     

    

 

	English Translation

 

	5.	Pledgor and Party C’s Representations and Warranties

 

The Pledgor
and Party C hereby respectively and jointly represent and warrant to Party A on the date hereof , that:

 

	 	5.1	The Pledgor is the only legal owner of the Equity Interests. The Pledgee has the right to dispose or transfer the Pledged Equity Interests according to the ways as described in this Contract.

 

	 	5.2	Both the Pledgor and Party C have full powers, capabilities and authority to execute and deliver this Contract and to perform their obligations under this Contract. Once executed, this Contract constitutes a legal, valid and binding obligation of the Pledgor and Party C and may be enforced in accordance with its terms.

 

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

 

	 	5.4	The Pledgor and Party C have obtained the consent and approval (if required) from the government department and third parties for the purpose of execution, delivery and performance of this agreement.

 

	 	5.5	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;

 

	6.	Pledgor and Party C’s Undertakings

 

	 	6.1	During the term of this Contract, the Pledgor and Party C respectively and jointly undertake to the Pledgee that:

 

	 	6.1.1	Without prior written consent of the Pledgee, the Pledgor may not transfer the Pledged 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 Transaction Documents; Party C shall not agree or assist abovesaid action;

 

	 	6.1.2	The Pledgor and Party C 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;

 

     

     

    

 

	English Translation

 

	 	6.1.3	The Pledgor and Party C will immediately notify the Pledgee of any event or notice received which may possibly affect the Pledged 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.

 

	 	6.1.4	Party C shall complete the registration procedures for the extension of the operation period within three (3) months prior to the expiration of its operating period, so as to ensure the effectiveness of this Contract.

 

	 	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	The Pledgor breaches any obligation of the Transaction Documents and/or this Contract;

 

     

     

    

 

	English Translation

 

	 	7.1.2	Party C breaches any obligation of the Transaction Documents and/or this Contract.

 

	 	7.2	The Pledgor and Party C 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 within twenty (20) days after the Pledgee give a notice to the Pledgor and/or Party C requiring correction of breach behavior , the Pledgee is entitled to give a written Default Notice to the Pledgor anytime 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 Pledgee shall give a Default Notice to the Pledgor when exercising the Pledge.

 

	 	8.2	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 8.1.

 

	 	8.3	The Pledgee has the right to exercise all the rights of default remedies in accordance with the laws of China, the Transaction Document and the terms of this Contract after the issuance of the Notice of Default under Section 8.1, including but not limited to be indemnified in priority by the proceeds from depreciation, auction or sale of the Pledged Equity Interest. The Pledgee is not responsible for any loss caused by the reasonable exercise of such rights and powers.

 

	 	8.4	The proceeds obtained by the pledge from exercising the Pledge shall give priority to the taxes and fees payable for the disposal of the Pledged Equity Interest and the performance of the Contractual Obligations and repayment of the Secured Debts to the pledgee. If there is any balance after deducting the above amount, the pledgee shall return the balance to the pledgor or other persons who have rights to the proceeds in accordance with relevant laws and regulations, or deposit the balance to the notary office of the place where the pledgor is located, and any expenses incurred thereby shall be borne by the Pledgor; within the scope not prohibited by the laws of China, the pledgor shall grant the above-mentioned proceeds unconditionally to the pledgee or the person designated by the pledgee in the manner permitted by the laws of China.

 

     

     

    

 

	English Translation

 

	 	8.5	The Pledgee has the right to choose to exercise any default remedies at the same time or in succession. The pledgee is not required to exercise other default remedies before exercising the right to be indemnified in priority by the proceeds from depreciation, auction or sale of the Pledged Equity Interest under this Contract.

 

	 	8.6	The pledgee has the right to appoint its lawyer or other agent to exercise its Pledge in writing, and neither the pledgor nor Party C may raise any objection to this.

 

	 	8.7	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.	Liability For Default

 

	 	9. 1	If the Pledgor or Party C materially breaches any provision hereof, or fails to perform all or any obligations hereunder, then it has constituted the breach of this Contract (“Breach”). The Pledgee has the right to require the Pledgor or Party C to cure such Breach or take any correction measures regarding such Breach. In the event that the Pledgor or Party C fails to cure such Breach or take any correction measures regarding such Breach within such reasonable period or ten (10) days after the Pledgee sends the written breach notice to the Default Party to require the correction, then the Pledgee is entitled to choose any of the following relieves for the Breach: (1) to terminate this Contract and require the Pledgor or Party C to provide full indemnification for such Breach; or (2) to require the enforcement of all the obligations of the Pledgor or Party C under this Contract, and the Pledgor or Party C to provide full indemnification for such Breach. This section does not exclude any other right of the Pledgee provided by this Contract.

 

	 	9. 2	Each Party agrees and confirms that under no circumstance may the Pledgor or Party C require the termination of this Contract for any reason.

 

	10.	Transfer

 

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

 

	 	10.2	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.

 

     

     

    

 

	English Translation

 

	 	10.3	The Pledgee has the right to, at anytime, transfer any of its rights and obligations under the business cooperation agreement to its designated person, 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.

 

	 	10.4	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.

 

	 	10.5	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.

 

	11.	Termination

 

	 	11.1	After the Pledgor and Party C has fully and completely performed all Contractual Obligations and paid off all the Secured Debts, the Pledgee shall, at the request of the Pledgor, terminate the Pledge of the Pledged Equity Interests under this Contract as soon as reasonably practicable, and cooperate with the pledgor to cancel the registration of the equity pledge made in the register of shareholders of Party C and conduct the pledge cancellation registration in the relevant industrial and commercial administration.

 

	 	11.2	Section 9, 13, and 14 of this Contract and this clause 11.2 survives after the termination of this Contract.

 

	12.	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 C.

 

     

     

    

 

	English Translation

 

	13.	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.

 

	14.	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, then each Party may submit the dispute to China Guangzhou
Arbitration Commission for arbitration in accordance with then effective arbitration rules. The arbitration shall be conducted
in Guangzhou. 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.

 

	15.	Notices

 

	 	15.1	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:

 

	 	15.1.1	Notices given in person, shall be deemed effectively given on the date of receipt or lien at the address specified for notices.

 

	 	15.1.2	Notices given by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt, refusal or returned for any reason at the address specified for notices.

 

     

     

    

 

	English Translation

 

	 	15.1.3	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). Notices given by e-mail shall be deemed effectively given on the date of successful transmission, in the circumstance that the sending party receives the system information indicating that the e-mail is successful delivered or does not receive the system information indicating that the e-mail has not been delivered or returned within 24 hours.

 

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

 

	Party
A:	 	Guangzhou 100-Education Technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attn:	 	Yujun Liu
	E-mail:	 	 
	 	 
	Party B-1:	 	Guangzhou Huaduo Network Technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road,

 Nancun Town, Panyu District, Guangzhou
	Attention:	 	Jianping Yan
	E-mail:	 	 

 

	Party B-2:	 	Guangzhou 100-Wuyou Online Education Technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attn:	 	Yujun Liu
	E-mail:	 	 

 

	Party B-3:	 	David
    Xueling Li
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attn:	 	Jianping Yan
	E-mail:	 	 

 

	Party C:	 	Guangzhou Sanrenxing 100-Education technology Co., Ltd.
	Address:	 	29/F, Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, 

Nancun Town, Panyu District, Guangzhou
	Attn:	 	Yujun Liu
	E-mail:	 	 

 

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

 

     

     

    

 

	English Translation

 

	16.	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.

 

	17.	Appendices

 

The appendix
hereto is an integral part of this Contract.

 

	18.	Effectiveness and Modification

 

	 	18.1	This Contract shall enter into effectiveness on the date of execution by the parties, until the completion of the performance of all the Contractual Obligations and the complete settlement of the Secured Obligations.

 

	 	18.2	Any amendment, supplement or change to this Contract shall be made in writing.

 

	19.	Languages and Copy

 

This Agreement
is written in Chinese in six (6) originals, each Party holding one (1) copy, and the rest one (1) is for registration.

 

     

     

    

 

	English Translation

 

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:	 	Guangzhou 100-Education Technology Co., Ltd.
	 	 
	Signature:	 	/s/ Yujun Liu	 
	Name:	 	Yujun Liu
	Title:	 	Legal Representative
	 	 
	Party B-1:	 	Guangzhou Huaduo Network Technology Co., Ltd.
	 	 
	Signature:	 	/s/ Ting Li	 
	Name:	 	Ting Li
	Title:	 	Legal Representative
	 	 
	Party B-2:	 	Guangzhou 100-Wuyou Online Education Technology Co., Ltd.
	 	 
	Signature:	 	/s/ Yujun Liu	 
	Name:	 	Yujun Liu
	Title:	 	Legal Representative

 

	Party B-3:	 	David
    Xueling Li
	 	 
	Signature:	 	/s/
    David Xueling Li	 
	Name:	 	Xueling Li

 

	Party C:	 	Guangzhou Sanrenxing 100-Education Technology Co., Ltd.
	 	 
	Signature:	 	/s/ Yujun Liu	 
	Name:	 	Yujun Liu
	Title:	 	Legal Representative

 

     

     

    

 

	English Translation

 

Appendix

 

		1.	Register
of shares of Party C;

 

		2.	Certificate
of contribution of Party C;

 

		3.	Exclusive
Business Cooperation Agreement;

 

		4.	Exclusive
Option Agreement;

 

		5.	Voting
Proxy Agreement;

 

		6.	Power
of Attorney.

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