Document:

Exhibit
10.6

 

CONFIDENTIAL

 

EQUITY PLEDGE
AGREEMENT

 

AMONG

 

LIU RONGHUA

 

FENG KA

 

QIANHAI
ASIA TIME (SHENZHEN) INTERNATIONAL FINANCE SERVICE

CO., LTD..

 

AND

 

HUAYA INFORMATION
(SHENZHEN) CO., LTD.

 

[September
5], 2018

 

     

     

    

 

EQUITY
PLEDGE AGREEMENT

 

This EQUITY
PLEDGE AGREEMENT (hereinafter, this “AGREEMENT”) is entered into in the People’s Republic of China (hereinafter,
 “PRC”) in Shenzhen as of [September 5], 2018 by and among the following Parties:

 

(1) Liu
Ronghua

ADDRESS:
No. 16, 12 Team, Datang Village, Dali Town, Beiliu, Guangxi Province, China

ID Number:
450681199012101418

 

(2) Feng
Ka

ADDRESS:
No.23, Youwei Tang, Yanggang Village, Xinqiao Town, Yulin District, Yulin, Guangxi Province, China

ID Number:452501197110101736

 

(3) QIANHAI
ASIA TIME (SHENZHEN) INTERNATIONAL FINANCE SERVICE CO., LTD..( “ASIA TIME”)

 

REGISTERED
ADDRESS: Room 3902A, Building 5, Dachong International Center, No.39 Tong Gu Road, Yuehai Street, Nanshan district, Shen Zhen,
China

 

(4) HUAYA
INFORMATION (SHENZHEN) Co., Ltd. (HUAYA)

 

REGISTERED
ADDRESS: Room 3902, Building 5, Dachong International Center, No.39 Tong Gu Road, Yuehai Street, Nanshan district, Shen Zhen,
China

 

(The above
Parties hereinafter each referred to as a “PARTY” individually, and collectively, the “PARTIES”. Among
them, Liu Ronghua, Feng Ka hereinafter referred to as an “INDIVIDUAL PLEDGOR” individually, and collectively, the
 “INDIVIDUAL PLEDGORS”; the Individual Pledgor and ASIA TIME hereinafter referred to as a “PLEDGOR” individually,
and collectively, the “PLEDGORS”; HUAYA hereinafter referred to as a “PLEDGEE”.)

 

WHEREAS:

 

(l) As
of the date of this Agreement, Liu Ronghua, Feng Ka are the enrolled shareholders of ASIA TIME, legally holding all the equity
in ASIA TIME, of which Liu Ronghua holding 99% interest, Feng Ka holding 1% .

 

     

     

    

 

(2) Pursuant
to the Call Option Agreement dated as of [September 5], 2018 among
HUAYA, the Pledgors and the Target Companies (as defined below) (hereinafter, the “CALL OPTION AGREEMENT”), the Pledgors
shall transfer part or all of the equity interest of the Target Companies to HUAYA and/or any other entity or individual designated
by HUAYA at the request of the HUAYA.

 

(3) Pursuant
to the Shareholders’ Voting Right Proxy Agreement dated as of [September 5], 2018 among HUAYA, the Target Company and the
Pledgors (hereinafter, the “PROXY AGREEMENT”), Pledgors have already irrevocably entrusted the personnel designated
by HUAYA then with full power to exercise on their behalf all of their shareholders’ voting rights in respect of the relevant
Target Companies.

 

(4) Pursuant
to the Exclusive Service Agreement dated as of [September 5], 2018 among HUAYA and the Target Companies (hereinafter, the “SERVICE
AGREEMENT”), the Target Companies have already engaged HUAYA exclusively to provide them with relevant management and consultation
and other services, for which the Target Companies will respectively pay HUAYA services accordingly.

 

(5) As
security for performance by the Pledgors of the Contract Obligations (as defined below) and repayment of the Guaranteed Liabilities
(as defined below), the Pledgors agree to pledge all of their Target Company Equity to the Pledgee and grant the Pledgee the right
to request for repayment in first priority and the Target Companies agree such equity pledge arrangement.

 

THEREFORE,
the Parties hereby have reached the following agreement upon mutual consultations:

 

ARTICLE
1 -  DEFINITION

 

1.1 Except
as otherwise construed in the context, the following terms in this Agreement shall be interpreted to have the following meanings:

 

“CONTRACT
OBLIGATIONS” shall mean all contractual obligations of a Pledgor under the Call Option Agreement and Proxy Agreement; all
contractual obligations of a Target Company under the Exclusive Service Agreement, Call Option Agreement, Proxy Agreement; and
all contractual obligations of a Pledgor under this Agreement.

 

“TARGET
COMPANY” shall mean, to Liu Ronghua, Feng Ka, ASIA TIME and to ASIA TIME, any and all of the companies in which it held
equity interest (exclusive of Qianhai Asia Time (Shenzhen) International Fund Management Company (“Fund Company”)).

 

“GUARANTEED
LIABILITIES” shall mean all direct, indirect and consequential losses and losses of foreseeable profits suffered by Pledgee
due to any Breaching Event (as defined below) a Pledgor and/or a Target Company, and all fees incurred by Pledgee for the enforcement
of the Contractual Obligations of a Pledgor and/or a Target Company.

 

     

     

    

 

“TRANSACTION
AGREEMENTS” shall mean the Call Option Agreement and the Proxy Agreement in respect of a Pledgor; the Exclusive Service
Agreement, and Proxy Agreement in respect of a Target Company.

 

“BREACHING
EVENT” shall mean any breach by either Pledgor of its Contract Obligations under the Proxy Agreement, Call Option Agreement
or this Agreement; any breach by a Target Company of its Contract Obligations under the Service Agreement, Call Option Agreement
and/or Proxy Agreement.

 

“PLEDGED
PROPERTY” shall mean (1) in respect of Liu Ronghua, Feng Ka, all of the equity interests in ASIA TIME which are legally
owned by them as of the effective date hereof and is to be pledges by them to the Pledgee according to provisions hereof as the
security for the performance by them and ASIA TIME of their Contractual Obligations, and the increased capital contribution and
equity interest described in Articles 2.6 and 2.7 hereof; (2) in respect of ASIA TIME, all of the equity interest in the Target
Companies which is legally owned by it as of the effective date hereof and is to be pledged to the Pledgee by it according to
provisions hereof as the security for the performance of the Contractual Obligations by it and the Target Companies (for details
of such equity interest, see Appendix I), and the increased capital contribution and equity interest described in Articles 2.6
and 2.7 hereof.

 

“PRC
LAW” shall mean the then valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations
and other binding regulatory documents of the People’s Republic of China.

 

1.2 The
references to any PRC Law here in shall be deemed:

 

(1) to
include the references to the amendments, changes, supplements and reenactments of such law, irrespective of whether they take
effect before or after the formation of this Agreement; and

 

(2) to
include the references to other decisions, notices or regulations enacted in accordance therewith or effective as a result thereof.

 

1.3 Except
as otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall refer to the relevant
part of this Agreement.

 

     

     

    

 

ARTICLE
2 - EQUITY PLEDGE

 

2.1 Each
Pledgor hereby agrees to pledge the Pledged Property, which it legally owns and has the right to dispose of, to Pledgee according
to the provisions hereof as the security for the performance of the Contract Obligations and the repayment of the Guaranteed Liabilities.
Each Target Company hereby agrees that the Pledgors legally holding equity interest in it to pledge the Pledged Property to the
Pledgee according to the provisions hereof.

 

2.2 Each
Pledgor hereby undertakes that it will be responsible for, recording the arrangement of the equity pledge hereunder (hereinafter,
the “EQUITY PLEDGE”) on the shareholder register of each Target Company on the date hereof, and will do its best endeavor
to make registration with registration authorities of industry and commerce of each Target Company. Each Target Company respectively
undertakes that it will do its best to cooperate with the Pledgors to complete the registration with authorities of industry and
commerce under this Article.

 

2.3 During
the valid term of this Agreement, except for the willful misconduct or gross negligence of Pledgee which has direct cause and
effect relationship the reduction in value of the Pledged Property, Pledgee shall not be liable in any way to, nor shall Pledgors
have any right to claim in any way or propose any demands on Pledgee, in respect of the said reduction in value of the Pledged
Property.

 

2.4 To
the extent not violating provision of Article 2.3 above, in case of any possibility of obvious reduction in value of the Pledged
Property which is sufficient to jeopardize Pledgee’s rights, Pledgee may at any time auction or sell off the Pledged Property
on behalf of Pledgors, and discuss with Pledgors to use the proceeds from such auction or sale-off as pre-repayment of the Guaranteed
Liabilities, or may submit such proceeds to the local notary institution where Pledgee are domiciled (any fees incurred in relation
thereto shall be borne by Pledgors).

 

2.5 HUAYA
as Pledgee shall be deemed to have created the encumbrance of first order in priority on the Pledged Property, and in case of
any Breaching Event, Pledgee shall have the right to dispose of the Pledged Property in the way set out in Article 4 hereof.

 

2.6 Only
upon prior consent by Pledgee shall Pledgors be able to increase their capital contribution to any or all of the Target Companies.
Further capital contribution made by Pledgor (s) in the Target Company shall also be part of the Pledged Property.

 

2.7 Only
upon prior consent by Pledgee shall Pledgors be able to receive dividends or share profits from the Pledged Property. The dividends
or the profits received by Pledgors from the Pledged Property shall be deposited into Pledgee’s bank account designated
by Pledgee respectively, to be under the supervision of Pledgee and used as the Pledged Property to repay in priority the Guaranteed
Liabilities.

 

     

     

    

 

2.8 Liu
Ronghua, Feng Ka agree to bear joint liabilities respectively to Pledgee upon occurrence of any Breaching Event on the part of
ASIA TIME and Pledgee shall have the right, upon occurrence of the Breaching Event, to dispose of any Pledged Property of either
of Pledgors in accordance with the provisions hereof.

 

ARTICLE
3 - RELEASE OF PLEDGE

 

In respect
of equity interest of any Target Company, upon full and complete performance by relevant Pledgors of all of their Contractual
Obligations, Pledgee shall, at the request of relevant Pledgors, release the pledge created on such Target Company under this
Agreement, and shall cooperate with relevant Pledgors to go through the formalities to cancel the record of the Equity Pledge
in the shareholder register of the relevant Target Company, with the reasonable fees incurred in connection with such release
to be borne by Pledgee with the same proportion.

 

ARTICLE
4 - DISPOSAL OF THE PLEDGED PROPERTY

 

4.1 Pledgors,
Target Companies and Pledgee hereby agree that, in case of any Breaching Event, Pledgee shall have the right to exercise, upon
giving written notice to Pledgors, all of the remedial rights and powers enjoyable by them under PRC Law, including but not limited
to being repayment in priority with proceeds from auctions or sale-offs of the Pledged Property. Pledgee shall not be liable for
any loss as the result of their reasonable exercise of such rights and powers.

 

4.2 Pledgee
shall have the right to designate in writing its legal counsel or other agents to exercise on their respective behalf any and
all rights and powers set out above, and neither Pledgors nor Target Companies shall not oppose thereto.

 

4.3 The
reasonable costs incurred by Pledgee in connection with their exercise of any and all rights and powers set out above shall be
borne by Pledgors, and Pledgee shall have the right to deduct the costs actually incurred from the proceeds that they acquire
from the exercise of the rights and powers.

 

4.4 The
proceeds that Pledgee acquire from the exercise of their respective rights and powers shall be used in the priority order as follows:

 

First,
to pay any cost incurred in connection with the disposal of the Pledged Property and the exercise by Pledgee of their respective
rights and powers (including remuneration paid to their respective legal counsels and agents);

 

- Second,
to pay any taxes and levies payable for the disposal of the Pledged Property; and

 

-Third,
to repay Pledgee for the Guaranteed Liabilities.

 

     

     

    

 

In case
of any balance after payment of the above amounts, Pledgee shall return the same to Pledgors or other persons entitled thereto
according to the relevant laws and rules or submit the same to the local notary institution where Pledgee are domiciled (any fees
incurred in relation thereto shall be borne by Pledgors).

 

4.5 Pledgee
shall have the option to exercise, simultaneously or in certain sequence, any of the remedies at breaching that it is entitled
to in respect of the equity interest of any Target Company holding by any Pledgor; Pledgee shall not be obliged to exercise other
remedies at breaching before their exercise of the right to the auctions or sale-offs of the Pledged Property hereunder. Pledgors
or Target Companies shall not oppose to whether Pledgee exercise any part of the right to the pledge or the sequence of exercising
the pledge interest.

 

ARTICLE
5 - FEES AND COSTS

 

All costs
actually incurred in connection with the establishment of the Equity Pledge hereunder, including but not limited to stamp duties,
any other taxes, all legal fees, etc shall be borne by Pledgee with the same proportion.

 

ARTICLE
6 - CONTINUITY AND NO WAIVE

 

The Equity
Pledge hereunder is a continuous guarantee, with its validity to continue until the full performance of the Contractual Obligations
or the full repayment of the Guaranteed Liabilities. Neither exemption or grace period granted by Pledgee to Pledgors in respect
of their breach, nor delay by Pledgee in exercising any of their rights under this Agreement shall affect the rights of Pledgee
under this Agreement, relevant PRC Law, the rights of Pledgee to demand at any time thereafter the strict performance of this
Agreement by Pledgors or the rights Pledgee may be entitled to due to subsequent breach by Pledgors of the obligations under this
Agreement.

 

ARTICLE
7 - REPRESENTATIONS AND WARRANTIES BY PLEDGORS

 

Each of
Pledgors hereby, in respect of itself and Target Company in which it holds equity interest, represents and warrants to Pledgee
as follows:

 

7.1 Each
Individual Pledgor is a PRC citizen with full capacity of disposition and has obtained due authorization to execute, deliver and
perform this Agreement and can independently be a subject of actions; ASIA TIME is a limited liability corporation duly incorporated
and validly existing under PRC Law, has full right and authorization to execute and deliver this Agreement and other documents
relating to the transaction as stipulated in this Agreement and to be executed by them. It also has full right and authorization
to complete the transaction stipulated in this Agreement.

 

     

     

    

 

7.2 Target
Company is a limited liability corporation duly incorporated and validly existing under PRC Law, it has independent status as
a legal person; it has full and independent legal status and capacity to execute, deliver and perform this Agreement and can independently
be a subject of actions. It has full right and authorization to execute and deliver this Agreement and other documents relating
to the transaction as stipulated in this Agreement and to be executed by them. It also has full right and authorization to complete
the transaction stipulated in this Agreement.

 

7.3 All
reports, documents and information concerning Pledgors and all matters as required by this Agreement which are provided by Pledgors
to Pledgee before this Agreement comes into effect are true, correct and effective in all material aspects as of the execution
hereof.

 

7.4 At
the time of the effectiveness of this Agreement, Pledgors are the sole legal owner of the Pledged Property, with no existing dispute
whatever concerning the ownership of the Pledged Property. Pledgors have the right to dispose of the Pledged Property or any part
thereof.

 

7.5 Except
for the encumbrance set on the Pledged Property hereunder and the rights set under the Transaction Agreements, there is no other
encumbrance or third party interest set on the Pledged Property.

 

7.6 The
Pledged Property is capable of being pledged or transferred according to the laws, and Pledgors have the full right and power
to pledge the Pledged Property to Pledgee according to this Agreement.

 

7.7 This
Agreement constitutes the legal, valid and binding obligations on Pledgors when it is duly executed by Pledgors.

 

7.8 Any
consent, permission, waive or authorization by any third person, or any approval, permission or exemption by any government authority,
or any registration or filing formalities (if required by laws) with any government authority to be handled or obtained in respect
of the execution and performance hereof and the Equity Pledge hereunder have already been handled or obtained, and will be fully
effective during the valid term of this Agreement.

 

7.9 The
execution and performance by Pledgors of this Agreement are not in violation of or conflict with any laws applicable to them,
or any agreement to which they are a party or which has binding effect on their assets, any court judgment, any arbitration award,
or any administration authority decision.

 

7.10 The
pledge hereunder constitutes the encumbrance of first order in priority on the Pledged Property.

 

     

     

    

 

7.11 All
taxes and fees payable in connection with acquisition of the Pledged Property have already been paid in full amount by Pledgors.

 

7.12 There
is no pending or, to the knowledge of Pledgors, threatened litigation, legal process or demand by any court or any arbitral tribunal
against Pledgors, or their property, or the Pledged Property, nor is there any pending or, to the knowledge of Pledgors, threatened
litigation, legal process or demand by any government authority or any administration authority against Pledgors, or their property,
or the Pledged Property, which is of material or detrimental effect on the economic status of Pledgors or their capability to
perform the obligations hereunder and the Guaranteed Liabilities.

 

7.13 Pledgors
hereby warrant to Pledgee that the above representations and warranties will remain true, correct and effective at any time and
under any circumstance before the Contractual Obligations are fully performed or the Guaranteed Liabilities are fully repaid,
and will be fully complied with.

 

ARTICLE
8 - REPRESENTATIONS AND WARRANTIES

BY
TARGET COMPANY

 

Each of
Target Company hereby individually represents and warrants to Pledgee as follows:

 

8.1 Target
Company is a limited liability corporation duly incorporated and validly existing under PRC Law, with full capacity of disposition
and has obtained due authorization to execute, deliver and perform this Agreement and can independently be a subject of actions.

 

8.2 All
reports, documents and information concerning Pledged Property and all matters as required by this Agreement which are provided
by Target Company to Pledgee before this Agreement comes into effect are true, correct and effective in all material aspects as
of the execution hereof.

 

8.3 All
reports, documents and information concerning Pledged Property and all matters as required by this Agreement which are provided
by Target Company to Pledgee after this Agreement comes into effect are true, correct and effective in all material aspects upon
provision.

 

8.4 This
Agreement constitutes the legal, valid and binding obligations on Target Company when it is duly executed by Target Company.

 

     

     

    

 

8.5 It
has full right and authorization to execute and deliver this Agreement and other documents relating to the transaction as stipulated
in this Agreement and to be executed by them. It also has full right and authorization to complete the transaction stipulated
in this Agreement.

 

8.6 There
is no pending or, to the knowledge of Target Company, threatened litigation, legal process or demand by any court or any arbitral
tribunal against Target Company, or their property (including but are not limited to the Pledged Property), nor is there any pending
or, to the knowledge of Target Company, threatened litigation, legal process or demand by any government authority or any administration
authority against Target Company, or their property (including but are not limited to the Pledged Property), which is of material
or detrimental effect on the economic status of Target Company or their capability to perform the obligations hereunder and the
Guaranteed Liabilities.

 

8.7 Each
of Target Company hereby agree to bear joint responsibilities to Pledgee in respect of the representations and Warranties made
by its relevant Pledgor according to Article 7.5, Article 7.6, Article 7.7, Article 7.9 and Article 7.11 hereof.

 

8.8 Target
Company hereby warrant to Pledgee that the above representations and warranties will remain true, correct and effective at any
time and under any circumstance before the Contractual Obligations are fully performed or the Guaranteed Liabilities are fully
repaid, and will be fully complied with.

 

ARTICLE
9 - UNDERTAKINGS BY PLEDGORS

 

Each of
Pledgors hereby individually undertakes to Pledgee in respect of it and Its Target Company of which it holds equity as follows:

 

9.1 Without
the prior written consent by Pledgee, Pledgors shall not establish or permit to establish any new pledge or any other encumbrance
on the Pledged Property.

 

9.2 Without
first giving written notice to Pledgee and having Pledgee’s prior written consent, Pledgors shall not transfer the Pledged
Property, and any attempt by Pledgors to transfer the Pledged Property shall be null and void. The proceeds from transfer of the
Pledged Property by Pledgors shall be used to repay to Pledgee in advance the Guaranteed Liabilities or submit the same to the
third party agreed with Pledgee.

 

9.3 In
case of any litigation, arbitration or other demand which may affect detrimentally the interest of Pledgors or Pledgee under the
Transaction Agreements and hereunder or the Pledged Property, Pledgors undertake to notify Pledgee thereof in writing as soon
as possible and promptly and shall take, at the reasonable request of Pledgee, all necessary measures to ensure the pledge interest
of Pledgee in the Pledged Property.

 

     

     

    

 

9.4 Pledgors
shall not carry on or permit any act or action which may affect detrimentally the interest of Pledgee under the Transaction Agreements
and hereunder or the Pledged Property.

 

9.5 Pledgors
guarantee that they shall, at the reasonable request of Pledgee, take all necessary measures and execute all necessary documents
(including but not limited to supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee in the Pledged
Property and the exercise and realization of the rights thereof.

 

9.6 In
case of assignment of any Pledged Property as the result of the exercise of the right to the pledge hereunder, Pledgors guarantee
that they will take all necessary measures to realize such assignment.

 

9.7 Liu
Ronghua, Feng Ka undertake individually to bear joint responsibilities with the other party if the performance of the Article
9 thereof of the other Party refers to ASIA TIME; Liu Ronghua, Feng Ka and ASIA TIME undertake individually to bear joint responsibilities
with the other party if the performance of Article 9 thereof of the other party refers to any Target Company listed in the Appendix
I to this Agreement.

 

ARTICLE
10 - UNDERTAKINGS BY TARGET COMPANY

 

10.1 Any
consent, permission, waive or authorization by any third person, or any approval, permission or exemption by any government authority,
or any registration or filing formalities (if required by laws) with any government authority to be handled or obtained in respect
of the execution and performance hereof and the Equity Pledge hereunder will be cooperated to handle or obtain by Target Company
to their best and will be ensured to remain full effective during the valid term of this Agreement.

 

10.2 Without
the prior written consent by Pledgee, Target Company shall not cooperate to establish or permit to establish any new pledge or
any other encumbrance on the Pledged Property.

 

10.3 Without
having Pledgee’s prior written consent, Target Company shall not cooperate to transfer or permit to transfer the Pledged
Property.

 

10.4 In
case of any litigation, arbitration or other demand which may affect detrimentally the interest of Target Company or Pledgee under
the Transaction Agreements and hereunder or the equity of Target Company as the Pledged Property, Target Company undertake to
notify Pledgee thereof in writing as soon as possible and promptly and shall take, at the reasonable request of Pledgee, all necessary
measures to ensure the pledge interest of Pledgee in the Pledged Property.

 

     

     

    

 

10.5 Target
Company shall not carry on or permit any act or action which may affect detrimentally the interest of Pledgee under the Transaction
Agreements and hereunder or the Pledged Property.

 

10.6 Target
Company shall provide Pledgee with the financial statement of the last calendar season within the first month of each calendar
season, including but are not limited to the balance sheet, the income statement and the statement of cash flow.

 

10.7 Target
Company guarantee that they shall, at the reasonable request of Pledgee, take all necessary measures and execute all necessary
documents (including but not limited to supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee
in the Pledged Property and the exercise and realization of the rights thereof.

 

10.8 In
case of assignment of any Pledged Property as the result of the exercise of the right to the pledge hereunder, Target Company
guarantee that they will take all necessary measures to realize such assignment.

 

ARTICLE
11 - ENCUMBRANCE OF FIRST ORDER IN PRIORITY

 

11.1 HUAYA
has the encumbrance of first order in priority on any and all Pledged Property. Pursuant to the stipulations of the Transaction
Agreement, any Breaching Event under any Transaction Agreement shall result in the occurrence of Breaching Event under other Transaction
Agreement, HUAYA shall claim the pledge interest hereunder to Pledgor relevant to the Breaching Event, and be repaid in priority
in the proportion of their respective security amount from the proceeds obtained according to the disposal of Pledged Property
stipulated in Article 4 hereof.

 

ARTICLE
12 - CHANGE OF CIRCUMSTANCES

 

12 As supplement
and subject to compliance with other terms of the Transaction Agreements and this Agreement, in case that at any time the promulgation
or change of any PRC Law, regulations or rules, or change in interpretation or application of such laws, regulations and rules,
or the change of the relevant registration procedures enables Pledgee to believe that it will be illegal or in conflict with such
laws, regulations or rules to further maintain the effectiveness of this Agreement and/or dispose of the Pledged Property in the
way provided herein, Pledgors and Target Company shall, at the written direction of Pledgee and in accordance with the reasonable
request of Pledgee, promptly take actions and/or execute any agreement or other document, in order to:

 

(1) keep
this Agreement remain in effect;

 

     

     

    

 

(2) facilitate
the disposal of the Pledged Property in the way provided herein; and/or

(3) maintain
or realize the intention or the guarantee established hereunder.

 

ARTICLE
13 - EFFECTIVENESS AND TERM OF THIS AGREEMENT

 

13.1 This
Agreement shall become effective upon the satisfaction of all of the following conditions in respect of any Target Company and
any Pledgor who holds the equity of the Target Company:

 

(1) this
Agreement is duly executed by Pledgors, the Target Company and the Pledgors who pledge the equity of the Target Company; and

 

(2) the
Equity Pledge hereunder has been legally recorded in the shareholders’ register of the Target Company.

 

Pledgors
shall provide the registration certification of the Equity Pledge being recorded in the shareholders’ register as mentioned
above to Pledgee in a way satisfactory to Pledgee.

 

13.2 This
Agreement shall have its valid term until the full performance of the Contractual Obligations or the full repayment of the Guaranteed
Liabilities.

 

ARTICLE
14 - NOTICE

 

14.1 Any
notice, request, demand and other correspondences made as required by or in accordance with this Agreement shall be made in writing
and delivered to the relevant Party.

 

14.2 The
abovementioned notice or other correspondences shall be deemed to have been delivered when it is transmitted if transmitted by
facsimile or telex; it shall be deemed to have been delivered when it is delivered if delivered in person; it shall be deemed
to have been delivered five (5) days after posting the same if posted by mail.

 

ARTICLE
15 – MISCELLANEOUS

 

15.1 Pledgee
may, upon notice to Pledgors but not necessarily with Pledgors’ consent, assign Pledgee’s rights and/or obligations
hereunder to any third party; provided that Pledgors may not, without Pledgee’s prior written consent, assign Pledgors’
rights, obligations and/or liabilities hereunder to any third party. Successors or permitted assignees (if any) of Pledgors shall
continue to perform the obligations of Pledgors under this Agreement.

 

15.2 This
Agreement shall be prepared in the Chinese language in six (6) original copies, with each involved Party holding one (1).

 

     

     

    

 

15.3 The
formation, validity, execution, amendment, interpretation and termination of this Agreement shall be subject to PRC Law.

 

15.4 Any
disputes arising hereunder and in connection herewith shall be settled through consultations among the Parties, and if the Parties
cannot reach an agreement regarding such disputes within thirty (30) days of their occurrence, such disputes shall be submitted
to Shenzhen Court of International Arbitration in accordance with the arbitration rules of such Commission, and the arbitration
award shall be final and binding on all Parties.

 

15.5 Any
rights, powers and remedies empowered to any Party by any provisions herein shall not preclude any other rights, powers and remedies
enjoyed by such Party in accordance with laws and other provisions under this Agreement, and the exercise of its rights, powers
and remedies by a Party shall not preclude its exercise of its other rights, powers and remedies by such Party.

 

15.6 Any
failure or delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with laws (hereinafter,
the “PARTY’S RIGHTS”) shall not lead to a waiver of such rights, and the waiver of any single or partial exercise
of the Party’s Rights shall not preclude such Party from exercising such rights in any other way and exercising the remaining
part of the Party’s Rights.

 

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

 

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

 

15.9 This
Agreement shall substitute any other documents on the same subject executed by relevant Parties hereof once duly executed.

 

15.10 Any
amendments or supplements to this Agreement shall be made in writing. Except for assignment by Pledgee of its rights hereunder
according to Article 15.1 of this Agreement, the amendments or supplements to this Agreement shall take effect only when properly
signed by the Parties to this Agreement. Notwithstanding the preceding sentence, considering the rights and obligations of Target
Company and Pledgors are severable and independent, in case the amendment or supplement is intended to have impact upon one Party
of the Target Company and part of the Pledgors who hold the equity interest, the amendment or supplement requires the consent
by the Target Company and the part of the Pledgors only and it is not required to obtain the consent of other Target Company and
other Pledgors (to the extent the amendment or supplement does not have impact upon such Pledgor).

 

     

     

    

 

15.11 This
Agreement shall be binding on the legal successors of the Parties.

 

15.12 At
the time of execution hereof, each of Pledgors shall sign respectively a power of attorney (as set out in Appendix 1 hereto, hereinafter,
the “POWER OF ATTORNEY”) to authorize any person designated by HUAYA to sign on its behalf according to this Agreement
any and all legal documents necessary for the exercise by Pledgee of HUAYA’s rights hereunder. Such Power of Attorney shall
be delivered to HUAYA to keep in custody and, when necessary, HUAYA may at any time submit the Power of Attorney to the relevant
government authority.

 

15.13 Notwithstanding
any provision to the contrary in this Agreement, new companies except the Target Company and its shareholders can be included
as one party of this Agreement by executing the Acknowledgement Letter in the form of Appendix 2 to this Agreement. The new companies
shall enjoy the same rights and obligations as other Target Companies; the shareholders of the new companies shall enjoy the same
rights and obligations as other Pledgors hereunder. Considering that the rights and obligations of the Target Company and relevant
Pledgors under the Agreement are severable and independent, the participation of the new target companies and their shareholders
will not affect the rights and obligations of the original Target Company and relevant Pledgors, the participation of the new
target companies only requires confirmation of HUAYA by signature. Each of the Target Company hereby irrevocably and unconditionally
agree the participation of the new companies and their shareholders and further confirm that shareholders of any new target companies
can pledge their equity of the new target companies to HUAYA according to the stipulation of this Agreement not necessarily with
consent of the original Target Company or their relevant Pledgors.

 

[The remainder
of this page is left blank]

 

     

     

    

 

(EXECUTION
PAGE)

IN WITNESS
HEREOF, the following Parties have caused this Equity Pledge Agreement to be executed as of the date and in the place first here
abovementioned.

 

	Liu Ronghua	 	 
	Signature by:	/s/ Liu Ronghua	 

 

	Feng Ka	 	 
	Signature by: 	/s/ Feng Ka	 

 

HUAYA INFORMATION
(SHENZHEN) CO., LTD.

 

	Signed by:	/s/ Chen Qiang	 
	Name:	Chen Qiang	 
	Position:	Authorized Representative	 

 

QIANHAI
ASlA TIME (SHENZHEN) INTERNATIONAL FINANCE SERVICE CO., LTD.

 

	Signed by:	/s/ Chen Qiang	 
	Name:	Chen Qiang	 
	Position:	Authorized RepresentativeExhibit
10.7

 

Confidential

 

CALL
OPTION AGREEMENT

 

AMONG

 

LIU
RONGHUA

 

FENG
KA

 

QIANHAI
ASIA TIME(SHENZHEN) INTERNATIONAL FINANCE SERVICE CO.,

LTD.

 

HUAYA
INFORMATION (SHENZHEN) CO., LTD.

 

[September
5], 2018

 

     

     

    

  

CALL
OPTION AGREEMENT

 

This
CALL OPTION AGREEMENT (this “AGREEMENT”) is entered into in Shenzhen of the People’s Republic of China (“China”
or the “PRC”) as of [September 5], 2018
by and among the following Parties:

 

(1)
Liu Ronghua

ADDRESS:
No. 16, 12 Team, Datang Village, Dali Town, Beiliu, Guangxi Province, China

ID
Number: 450681199012101418

 

(2)
Feng Ka

ADDRESS:
No.23, Youwei Tang, Yanggang Village, Xinqiao Town, Yulin District, Yulin, Guangxi Province, China

ID Number:452501197110101736

 

(3)
Qianhai Asia Time (Shenzhen) International Finance Service Co., Ltd. ( “ASIA TIME”)

 

REGISTERED
ADDRESS: Room 3902A, Building 5, Dachong International Center, No.39 Tong Gu Road, Yuehai Street, Nanshan district, Shen Zhen,
China

 

(4)
HUAYA INFORMATION (SHENZHEN) CO., LTD. (“HUAYA”)

 

REGISTERED
ADDRESS: Room 3902, Building 5, Dachong International Center, No.39 Tong Gu Road, Yuehai Street, Nanshan district, Shen Zhen, China

 

(Liu
Ronghua, Feng ka hereinafter shall be individually referred to as a “PERSONAL SHAREHOLDER” and collectively, the “PERSONAL
SHAREHOLDERS”. The Personal Shareholders and ASIA TIME hereinafter individually referred to as a “SHAREHOLDER” and
collectively, the “SHAREHOLDERS”. The Shareholders, HUAYA and the companies which was holding by ASIA TIME hereinafter
shall be individually referred to as a “PARTY” and collectively referred to as the “PARTIES”.)

 

WHEREAS

 

(1)
As of the date of this Agreement, Liu Ronghua and Feng ka are the enrolled shareholders of ASIA TIME, legally holding all the equity
in ASIA TIME, of which Liu Ronghua holding 99% interest, Feng ka holding 1% interest.

 

(2)
The Shareholders intend to transfer to HUAYA,
and HUAYA is willing to
accept, all their respective equity interest in the Target Companies (as defined below), to the extent not violating PRC Law.

 

     

     

    

  

(3)
In order to conduct the above equity transfer, the Shareholders agree to jointly grant HUAYA
an irrevocable call option for equity transfer (hereinafter the “CALL OPTION”), under which and to the extent permitted
by PRC Law, the Shareholders shall on demand of HUAYA
transfer the Option Equity (as defined below) to HUAYA
and/or any other entity or individual designated by it in accordance with the provisions contained herein.

 

(4)
ASIA TIME intends to transfer to HUAYA
all of its assets and liabilities to the extent not violating PRC Law. In order to conduct the above asset transfer,
ASIA TIME agrees to grant
HUAYA an irrevocable call
option for assets (hereinafter the “ASSET CALL OPTION”), under which and to the extent as permitted by PRC Law, ASIA
TIME shall on demand of HUAYA
transfer the assets and liabilities to HUAYA
and/or any other entity or individual designated by it in accordance with the provisions contained herein.

 

THEREFORE,
the Parties hereby have reached the following agreement upon mutual consultations:

 

ARTICLE
1 - DEFINITION

 

1.1
Except as otherwise construed in the context, the following terms in this Agreement shall be interpreted to have the following
meanings:

 

“PRC
LAW” shall mean the then valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations
and other binding regulatory documents of the People’s Republic of China.

 

“OPTION
EQUITY” shall mean, in respect of each of the Shareholders, all of the equity interest held thereby in the Target Company
Registered Capital (as defined below).

 

“TARGET
COMPANY” shall mean, to PERSONAL SHAREHOULDERS, ASIA
TIME: and to ASIA TIME, any and all of the companies which was held by it (exclusive of Qianhai Asia Time (Shenzhen)
International Fund Management Company (“Fund Company”)).

 

“TARGET
COMPANY REGISTERED CAPITAL” shall mean the registered capital of ASIA
TIME as of the execution date of this Agreement, i.e., RMB50, 000,000, and the registered capital of each Target
Company which was holding by ASIA TIME, which shall include any expanded registered capital as the result of any capital increase
within the term of this Agreement.

 

     

     

    

  

“TRANSFERRED
EQUITY” shall mean the equity of Target Company which HUAYA
has the right to require the Shareholders to transfer to it or its designated entity or individual when HUAYA
exercises its Call Option (hereinafter the “EXERCISE OF OPTION”) in accordance with Article 3.2 herein, the amount of
which may be all or part of the Option Equity and the details of which shall be determined by HUAYA
at its sole discretion in accordance with the then valid PRC Law and from its commercial consideration.

 

“TRANSFER
PRICE” shall mean all the consideration that HUAYA
or its designated entity or individual is required to pay to the Shareholders in order to obtain the Transferred Equity upon each
Exercise of Option. In spite of any provision herein, in case of HUAYA
exercising the call option in its sole discretion upon the occurrence of the situation in which such call option exercise become
feasible under the relevant laws in PRC, any additional consideration paid other than the $1.00 which may be required under the
laws of China to effect such purchase to comply with such legal formalities shall be either cancelled or returned to the company
immediately with no additional compensation to the owners. The shareholders hereby acknowledge the purpose of such provisions and
hereby agrees and authorizes the company to take any and all actions to effect such transaction and agrees irrevocably to execute
any and all documents and instruments and authorize HUAYA
and its designated entity or individual to sign on his or her behalf and hereby gives the HUAYA
and its designated entity or individual a proxy to execute and deliver such documents and instruments to effect the purpose of
this provision and hereby waives any defense or claim of causes of action to challenge or defeat this provision. If there exists
any regulatory provision with respect to Transfer Price under the then PRC Law, HUAYA
or its designated entity or individual shall be entitled to determine the lowest price permitted by PRC Law as the Transfer Price.

 

“BUSINESS
PERMITS” shall mean any approvals, permits, filings, registrations etc. which ASIA
TIME is required to have for legally and validly operating its commercial consulting business and all such other
businesses, including but not limited to the Business License of the Cooperate Legal Person, the Tax Registration Certificate,
the Permit for commercial consulting business and such other relevant licenses and permits as required by the then PRC Law.

 

“TARGET
COMPANY ASSETS” shall mean, in respect of any Target Company, all the tangible and intangible assets which such Target Company
owns or has the right to use during the term of this Agreement, including but not limited to any immoveable and moveable assets,
and such intellectual property rights as trademarks, copyrights, patents, proprietary know-how, domain names and software use rights.

 

     

     

    

  

“THE
EXCLUSIVE SERVICE AGREEMENT” shall mean the Exclusive Service Agreement entered into among each Target Company and HUAYA
dated [September 5], 2018.

 

“MATERIAL
AGREEMENT” shall mean an agreement to which any Target Company is a party and which has a material impact on the businesses
or assets of the Target Company, including but not limited to the Exclusive Service Agreement among the Target Company and HUAYA,
and other agreements regarding the Target Company’s commercial consulting business.

 

1.2
The references to any PRC Law herein shall be deemed

 

(1)
to include the references to the amendments, changes, supplements and reenactments of such law, irrespective of whether they take
effect before or after the formation of this Agreement; and

 

(2)
to include the references to other decisions, notices or regulations enacted in accordance therewith or effective as a result thereof.

 

1.3
Except as otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall refer to the relevant
part of this Agreement.

 

ARTICLE
2 - GRANT OF CALL OPTION

 

The
Parties agree that the Shareholders exclusively grant HUAYA
hereby irrevocably and without any additional conditions with a Call Option, under which HUAYA
shall have the right to require the Shareholders to transfer the Option Equity to HUAYA
or its designated entity or individual in such method as set out herein and as permitted by PRC Law. HUAYA
also agrees to accept such Call Option.

 

In
case of HUAYA exercising
the call option in its sole discretion upon the occurrence of the situation in which such call option exercise become feasible
under the relevant laws in PRC, any additional consideration paid other than the $1.00 which may be required under the laws of
China to effect such purchase to comply with such legal formalities shall be either cancelled or returned to the company immediately
with no additional compensation to the ASIA
TIME and Shareholders. ASIA
TIME and Shareholders hereby acknowledge the purpose of such provisions and hereby agrees and authorizes the company
to take any and all actions to effect such transaction and agrees irrevocably to execute any and all documents and instruments
and authorize the company’s relevant officers to sign on his or her behalf and hereby gives the company and any of its relevant
officers a proxy to execute and deliver such documents and instruments to effect the purpose of this provision and hereby waives
any defense or claim of causes of action to challenge or defeat this provision.

 

     

     

    

  

ARTICLE
3 - METHOD OF EXERCISE OF OPTION

 

3.1
To the extent permitted by PRC Law, HUAYA
shall have the sole discretion to determine the specific time, method and times of its Exercise of Option.

 

3.2
If the then PRC Law permits HUAYA
and/or other entity or individual designated by it to hold all the equity interest of Target Company, then HUAYA shall
have the right to elect to exercise all of its Call Option at once, where HUAYA and/or
other entity or individual designated by it shall accept all the Option Equity from the Shareholders at once; if the then PRC
Law permits HUAYA and/or
other entity or individual designated by it to hold only part of the equity in Target Company, HUAYA shall
have the right to determine the amount of the Transferred Equity within the extent not exceeding the upper limit of
shareholding ratio set out by the then PRC Law (hereinafter the “SHAREHOLDING LIMIT”), where HUAYA and/or
other entity or individual designated by it shall accept such amount of the Transferred Equity from the Shareholders. In the
latter case, HUAYA shall
have the right to exercise its Call Option at multiple times in line with the gradual deregulation of PRC Law on the
permitted Shareholding Limit, with a view to ultimately acquiring all the Option Equity.

 

3.3
At each Exercise of Option by HUAYA,
each of the Shareholders shall transfer their respective equity in the Target Company to HUAYA
and/or other entity or individual designated by it respectively in accordance with the amount required in the Exercise Notice stipulated
in Article 3.5. HUAYA and
other entity or individual designated by it shall pay the Transfer Price to each of the Shareholders who has transferred the Transferred
Equity for the Transferred Equity accepted in each Exercise of Option. HUAYA
shall have the right to elect to pay the purchase price by settlement of certain credits held by it or its affiliates to the shareholders.

 

3.4
In each Exercise of Option, HUAYA
may accept the Transferred Equity by itself or designate any third party to accept all or part of the Transferred Equity.

 

3.5
On deciding each Exercise of Option, HUAYA
shall issue to the Shareholders a notice for exercising the Call Option (hereinafter the “EXERCISE NOTICE”, the form
of which is set out as Appendix I hereto). The Shareholders shall, upon receipt of the Exercise Notice, forthwith transfer all
the Transferred Equity in accordance with the Exercise Notice to HUAYA
and/or other entity or individual designated by HUAYA
in such method as described in Article 3.3 herein.

 

3.6
The Shareholders hereby severally undertake and guarantee that once HUAYA
issues the Exercise Notice in respect to the specific Transferred Equity of the Target Company held by it:

 

     

     

    

  

(l)
it shall immediately hold or request to hold a shareholders’ meeting of the Target Company and adopt a resolution
through the shareholders’ meeting, and take all other necessary actions to agree to the transfer of all the Call Option
to HUAYA and/or other
entity or individual designated by it at the Transfer Price and waive the possible preemption;

 

(2)
it shall immediately enter into an equity transfer agreement with HUAYA
and/or other entity or individual designated by it for transfer of all the Transferred Equity to HUAYA
and/or other entity or individual designated by it at the Transfer Price; and

 

(3)
it shall provide HUAYA with
necessary support (including providing and executing all the relevant legal documents, processing all the procedures for government
approvals and registrations and bearing all the relevant obligations) in accordance with the requirements of HUAYA
and of the laws and regulations, in order that HUAYA
and/or other entity or individual designated by it may take all the Transferred Equity free from any legal defect.

 

3.7
At the meantime of this Agreement, the Shareholders shall respectively enter into a power of attorney (hereinafter the
 “POWER OF ATTORNEY”, the form of which is set out as Appendix II hereto), authorizing in writing any person
designated by HUAYA
to, on behalf of such Shareholder, to enter into any and all of the legal documents in accordance with this Agreement so as
to ensure that HUAYA
and/or other entity or individual designated by it take all the Transferred Equity free from any legal defect. Such Power of
Attorney shall be delivered for custody by HUAYA
and HUAYA may, at any
time if necessary, require the Shareholders to enter into multiple copies of the Power of Attorney respectively and deliver
the same to the relevant government department.

 

ARTICLE
4 - ASSET CALL OPTION

 

ASIA
TIME and the Personal Shareholders hereby further undertake to grant HUAYA
irrevocably an option to purchase assets within the term of this Agreement: to the extent not violating the
mandatory requirements under PRC Law, ASIA
TIME will transfer all of its assets and liabilities to HUAYA
and/or other entity or individual designated by it when required by HUAYA.

 

In
case of the HUAYA exercising
the Asset Call Option in its sole discretion upon the occurrence of the situation in which such call option exercise become feasible
under the relevant laws in PRC, any additional consideration paid other than the $1.00 which may be required under the laws of
China to effect such purchase to comply with such legal formalities shall be either cancelled or returned to the company immediately
with no additional compensation to the ASIA
TIME and Shareholders. ASIA
TIME and Shareholders hereby acknowledge the purpose of such provisions and hereby agrees and authorizes the company
to take any and all actions to effect such transaction and agrees irrevocably to execute any and all documents and instruments
and authorize the company’s relevant officers to sign on his or her behalf and hereby gives the company and any of its relevant
officers a proxy to execute and deliver such documents and instruments to effect the purpose of this provision and hereby waives
any defense or claim of causes of action to challenge or defeat this provision.

 

     

     

    

  

ARTICLE
5 - REPRESENTATIONS AND WARRANTIES

 

5.1
Each of the Shareholders hereby severally represents and warrants in respect to itself and the Target Company in which he holds
equity as follows:

 

5.1.1
Each of the Personal Shareholders is a PRC citizen with full capacity, with full and independent legal status and legal capacity
to execute, deliver and perform this Agreement, and may act independently as a litigant party. Each of the Personal Shareholders
has full power and authorization to execute and deliver this Agreement and all the other documents to be entered into by it in
relation to the transaction referred to herein, and it has the full power and authorization to complete the transaction referred
to herein.

 

5.1.2
This Agreement is executed and delivered by Personal Shareholders legally and properly. This Agreement constitutes the legal and
binding obligations on Personal Shareholders and is enforceable on it in accordance with its terms and conditions. The Personal
Shareholders are the enrolled legal owner of the Option Equity as of the effective date of this Agreement, and except the rights
created by this Agreement, the Shareholders’ Voting Rights Proxy Agreement entered into by Personal Shareholders, HUAYA
and their respective Target Company dated [September 5], 2018
(the “PROXY AGREEMENT”), the Equity Pledge Agreement entered into by it, HUAYA.
the Target Company dated [September 5], 2018
(the “EQUITY PLEDGE AGREEMENT”), there is no lien, pledge, claim and other encumbrances and third party
rights on the Option Equity. In accordance with this Agreement, HUAYA
and/or other entity or individual designated by it may, after the Exercise of Option, obtain the proper title to
the Transferred Equity free from any lien, pledge, claim and other encumbrances and third party rights.

 

5.1.3
Target Company shall obtain complete Business Permits as necessary for its operations upon this Agreement taking effect, and Target
Company shall have sufficient rights and qualifications to operate within PRC the businesses of commercial consulting and other
business relating to its current business structure. Target Company has conducted its business legally since its establishment
and has not incurred any cases which violate or may violate the regulations and requirements set forth by the departments of commerce
and industry, tax, culture, news, quality technology supervision, labor and social security and other governmental departments
or any disputes in respect of breach of contract.

 

     

     

    

  

5.2
ASIA TIME hereby represents
and warrants in respect to itself and the Target Company in which it holds equity as follows:

 

5.2.1
ASIA TIME is a limited liability
company operation duly registered and validly existing under PRC Law, with independent status as a legal person; ASIA
TIME has full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and
may act independently as a subject of actions.

 

5.2.2
ASIA TIME has full power
and authorization to execute and deliver this Agreement and all the other documents to be entered into by it in relation to the
transaction referred to herein, and it has the full power and authorization to complete the transaction referred to herein.

 

5.2.3
This Agreement is executed and delivered by ASIA
TIME legally and properly. This Agreement constitutes legal and binding obligations on it.

 

5.2.4
ASIA TIME is the enrolled
legal shareholder of the Option Equity when this Agreement comes into effect, except the rights created by this Agreement, the
Proxy Agreement, the Equity Pledge Agreement, there is no lien, pledge, claim and other encumbrances and third party rights on
the Option Equity. In accordance with this Agreement, HUAYA
and/or other entity or individual designated by it may, upon the Exercise of Option, obtain the proper title to the Transferred
Equity free from any lien, pledge, claim and other encumbrances and third party rights.

 

5.2.5
Target Company shall obtain complete Business Permits as necessary for its operations upon this Agreement taking effect, and Target
Company shall have sufficient rights and qualifications to operate within PRC the businesses of commercial consulting and other
business relating to its current business structure. Target Company has conducted its business legally since its establishment
and has not incurred any cases which violate or may violate the regulations and requirements set forth by the departments of commerce
and industry, tax, culture, quality technology supervision, labor and social security and other governmental departments or any
disputes in respect of breach of contract.

 

The
remaining shareholders of the Target Companies in which ASIA TIME holds equity have given written approvals regarding the content
of this Agreement and have irrevocably undertaken, upon the Exercise of Option by ASIA
TIME of Option Equity in accordance with this Agreement, to respectively waive possible rights of preemption and
offer necessary assistance.

 

5.3
HUAYA hereby represents
and warrants as follows:

 

5.3.1 HUAYA
is a company with limited liability properly registered and legally existing under PRC Law, with an independent status as a
legal person. HUAYA has
full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may act independently
as a subject of actions.

 

     

     

    

  

5.3.2
HUAYA has full power and
authorization to execute and deliver this Agreement and all the other documents to be entered into by it in relation to the transaction
referred to herein, and it has the full power and authorization to complete the transaction referred to herein.

 

ARTICLE
6 - UNDERTAKINGS BY THE SHAREHOLDERS

 

6.1
The Shareholders hereby individually undertake within the term of this Agreement that it must take all necessary measures to ensure
that Target Company is able to obtain all the Business Permits necessary for its business in a timely manner and all the Business
Permits remain in effect at any time.

 

6.2
The Shareholders hereby individually undertake within the term of this Agreement that without the prior written consent by HUAYA,

 

6.2.1
no Shareholders shall transfer or otherwise dispose of any Option Equity or create any encumbrance or other third party rights
on any Option Equity;

 

6.2.2
it shall not increase or decrease the Target Company Registered Capital or cast affirmative vote regarding the aforesaid increase
or decrease in registered capital;

 

6.2.3
it shall not dispose of or cause the management of Target Company to dispose of any of the Target Company Assets (except as occurs
during the arm’s length operations);

 

6.2.4
it shall not terminate or cause the management of Target Company to terminate any Material Agreements entered into by Target Company,
or enter into any other Material Agreements in conflict with the existing Material Agreements;

 

6.2.5
it shall not individually or collectively cause each Target Company to conduct any transactions that may substantively affect the
asset, liability, business operation, equity structure, equity of a third party and other legal rights (except those occurring
during the arm’s length operations or daily operation, or having been disclosed to and approved by HUAYA
in writing);

 

6.2.6
it shall not appoint or cancel or replace any executive directors or members of board of directors (if any), supervisors or any
other management personnel of Target Company to be appointed or dismissed by the Shareholders;

 

6.2.7
it shall not announce the distribution of or in practice release any distributable profit, dividend or share profit or cast affirmative
votes regarding the aforesaid distribution or release;

 

     

     

    

  

6.2.8
it shall ensure that Target Company shall validly exist and prevent it from being terminated, liquidated or dissolved;

 

6.2.9
it shall not amend the Articles of Association of Target Company or cast affirmative votes regarding such amendment;

 

6.2.10
it shall ensure that Target Company shall not lend or borrow any money, or provide guarantee or engage in security activities in
any other forms, or bear any substantial obligations other than on the arm’s length basis; and

 

6.3
The Shareholders hereby individually undertake that it must make all its efforts during the term of this Agreement to develop the
business of Target Company, and ensure that the operations of Target Company are legal and in compliance with the regulations and
that it shall not engage in any actions or omissions which might harm the Target Company Assets or its credit standing or affect
the validity of the Business Permits of Target Company.

 

6.4
Without limiting the generality of Article 6.3 above, considering the fact that each Shareholder of each Target Company sets aside
all the equity interest held thereby in each Target Company as security to secure the performance by each Target Company of the
obligations under the Exclusive Service Agreement, the performance of such Shareholder of the obligations under the Proxy Agreement,
the Shareholder undertakes to, within the term of this Agreement, make full and due performance of any and all of the obligations
on the part thereof under the Proxy Agreement, and to procure the full and due performance of each Target Company of any and all
of its obligations under the Exclusive Service Agreement and warrants that no adverse impact on exercising the rights under this
Agreement by HUAYA will
be incurred due to the breach by the Shareholder of the Proxy Agreement or the breach of the Target Company of the Exclusive Service
Agreement.

 

6.5
ASIA TIME undertakes that,
before HUAYA Exercise of Option and acquire all equity of ASIA TIME, ASIA
TIME shall not do the following:

 

6.5.1
Sell, transfer, mortgage or dispose by other way any assets, business, revenue or other legal rights of its own or any Target Company,
or permit creating any encumbrance or other third party’s interest on such assets, business, revenue or other legal rights (except
as occurs during the arm’s length or operations or daily operation, or as is disclosed to HUAYA
and approved by HUAYA in
writing);

 

6.5.2
conduct any transactions that may substantively affect the asset, liability, business operation, equity structure, equity of a
third party and other legal rights (except those occurring during the arm’s length operations or daily operation, or having been
disclosed to HUAYA and approved
by HUAYA in writing);

 

     

     

    

  

6.5.3
release any dividend or share profit to the Personal Shareholders or cause the Target Company to do so in any form.

 

ARTICLE
7 - CONFIDENTIALITY

 

7.1
Notwithstanding the termination of this Agreement, the Shareholders shall be obligated to keep in confidence the following information
(hereinafter collectively the “CONFIDENTIAL INFORMATION”): (i) information on the execution, performance and the contents
of this Agreement; (ii) the commercial secret, proprietary information and customer information in relation to HUAYA
known to or received by it as the result of execution and performance of this Agreement; and (iii) the commercial secrets, proprietary
information and customer information in relation to Target Company known to or received by it as the shareholder of Target Company.
The Shareholders may use such Confidential Information only for the purpose of performing its obligations under this Agreement.
No Shareholders shall disclose the above Confidential Information to any third parties without the written consent from HUAYA,
or they shall bear the default liability and indemnify the losses.

 

7.2
Upon termination of this Agreement, both Shareholders shall, upon demand by HUAYA,
return, destroy or otherwise dispose of all the documents, materials or software containing the Confidential Information and suspend
using such Confidential Information.

 

7.3
Notwithstanding any other provisions herein, the validity of this Article shall not be affected by the suspension or termination
of this Agreement.

 

ARTICLE
8 - TERM OF AGREEMENT

 

8.1
This Agreement shall take effect as of the date of formal execution by the Parties. For each Shareholder, this Agreement shall
terminate in respect to such Shareholder when all the Option Equity of all the Target Company held by him is legally transferred
under the name of HUAYA
and/or other entity or individual designated by it in accordance with the provisions of this Agreement.

 

8.2
After termination of this Agreement in respect to such Shareholder according to Article 8.1 above, this Agreement continues to
be fully valid in respect to other Shareholders.

 

     

     

    

  

ARTICLE
9 – NOTICE

 

9.1
Any notice, request, demand and other correspondences made as required by or in accordance with this Agreement shall be made in
writing and delivered to the relevant Party.

 

9.2
The abovementioned notice or other correspondences shall be deemed to have been delivered when it is transmitted if transmitted
by facsimile or telex; it shall be deemed to have been delivered when it is delivered if delivered in person; it shall be deemed
to have been delivered five (5) days after posting the same if posted by mail.

 

ARTICLE
10 - LIABILITY FOR BREACH OF CONTRACT

 

10.1
The Parties agree and confirm that, if any party (hereinafter the “DEFAULTING PARTY”) breaches substantially any of the
provisions herein or omits substantially to perform any of the obligations hereunder, or fails substantially to perform any of
the obligations under this Agreement, such a breach or omission shall constitute a default under this Agreement (hereinafter a
 “DEFAULT”), then 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 non-defaulting Party’s notifying the Defaulting Party in writing and requiring
it to rectify the Default, then non-defaulting Party shall have the right at its own discretion to select any of the following
remedial measures:

 

(1)
to terminate this Agreement and require the Defaulting Party to indemnify it for all the damage; or

 

(2)
mandatory performance of the obligations of the Defaulting Party hereunder and require the Defaulting Party to indemnify it for
all the damage.

 

10.2
Without limiting the generality of Article 10.1, any breach of the Proxy Agreement, the Equity Pledge Agreement shall be deemed
as having constituted the breach by such Shareholder of this Agreement; and any breach by Target Company of any provision in the
Exclusive Service Agreement, if attributable to the failure of any Shareholder to perform the obligations thereof under Article
6.4 hereof, shall be deemed as having constituted the breach by such Shareholder of this Agreement.

 

10.3
The Parties agree and confirm that in no circumstances shall the Shareholders request the termination of this Agreement for any
reason, except otherwise stipulated by law or this Agreement.

 

10.4
Notwithstanding any other provisions herein, the validity of this Article shall stand disregarding the suspension or termination
of this Agreement.

 

     

     

    

  

ARTICLE
11 - MISCELLANEOUS

 

11.1
This Agreement shall be prepared in the Chinese language in four (4) original copies, with each involved Party holding one (1)
copy hereof.

 

11.2
The formation, validity, execution, amendment, interpretation and termination of this Agreement shall be subject to PRC Law.

 

11.3
Any disputes arising hereunder and in connection herewith shall be settled through consultations among the Parties, and if the
Parties cannot reach an agreement regarding such disputes within thirty (30) days of their occurrence, such disputes shall be submitted
to Shenzhen Court of International Arbitration in accordance with the arbitration rules of such Commission in Shenzhen, and the
arbitration award shall be final and binding on all Parties.

 

11.4
Any rights, powers and remedies empowered to any Party by any provisions herein shall not preclude any other rights, powers and
remedies enjoyed by such Party in accordance with laws and other provisions under this Agreement, and the exercise of its rights,
powers and remedies by a Party shall not preclude its exercise of its other rights, powers and remedies by such Party.

 

11.5
Any failure or delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with laws (hereinafter
the “PARTY’S RIGHTS”) shall not lead to a waiver of such rights, and the waiver of any single or partial exercise of
the Party’s Rights shall not preclude such Party from exercising such rights in any other way and exercising the remaining part
of the Party’s Rights.

 

11.6
The titles of the Articles contained herein shall be for reference only, and in no circumstances shall such titles be used in or
affect the interpretation of the provisions hereof.

 

11.7
Each provision contained herein shall be severable and independent from each of other provisions, and if at any time any one or
more articles herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
herein shall not be affected as a result thereof.

 

11.8
Upon execution, this Agreement shall substitute any other legal documents previously executed by the Parties on the same subject.

 

11.9
Any amendments or supplements to this Agreement shall be made in writing and shall take effect only when properly signed by the
Parties to this Agreement. Notwithstanding the preceding sentence, considering that the rights and obligations of each of the Shareholders
hereunder are independent and severable from each other, in case the amendment or supplement to this Agreement is intended to have
impact upon one of the Shareholders, such amendment or supplement requires the approval of such Shareholder only and it is not
required to obtain the approval from the other ones of the Shareholders (to the extent the amendment or supplement do not have
impact upon such other Shareholders).

 

     

     

    

  

11.10
Without prior written consent by HUAYA,
the Shareholders shall not transfer to any third party any of its right and/or obligation under this Agreement, HUAYA
shall have the right to transfer to any third party designated by it any of its right and/or obligation under this Agreement
after notice to the Shareholders.

 

11.11
This Agreement shall be binding on the legal successors of the Parties.

 

Notwithstanding
any provision to the contrary in this Agreement, in case of the event stipulated under Article 6.2.10, the relevant Shareholder
shall, upon request by HUAYA,
procure that such new commercial consulting company should be included as a Target Company defined hereunder and that the all the
equity interest held by such Shareholder in such new commercial consulting company shall become the Option Equity defined hereunder,
by signing the acknowledgement letter in substantially the form attached hereto as Appendix III. Considering that the rights and
obligations of each of the Shareholders hereunder are independent and severable from each other, the arrangement procuring that
the equity interest in such new commercial consulting company becoming the Option Equity will have no impact on the rights or obligations
of the other Shareholders, the above arrangement requires written confirmation of HUAYA
and the relevant Shareholder only. The other Shareholders hereto hereby grant irrevocable and unconditional waiver in respect to
such arrangement, and further acknowledge that the relevant Shareholder should not be obligated to obtain approval from them when
he or it make the equity interest held by him or it Option Equity.

 

[The
remainder of this page is left blank]

 

     

     

    

  

(EXECUTION
PAGE)

 

IN
WITNESS HEREOF, the following Parties have caused this Call Option Agreement to be executed as of the date and in the place first
here above mentioned.

 

	Liu Ronghua 	 	 
	Signature by: 	/s/ Liu Ronghua	 

 

	Feng Ka 	 	 
	Signature by: 	/s/ Feng Ka	 

 

HUAYA
INFORMATION (SHENZHEN) CO., LTD. (Company chop)

 

	Signed by:	/s/ Chen Qiang	 
	Name:	Chen Qiang	 
	Position:	Authorized Representative	 

 

QIANHAI
ASIA TIME (SHENZHEN) INTERNATIONAL FINANCE SERVICE CO, LTD. (Company
chop)

 

	Signed by:	/s/ Chen Qiang	 
	Name:	Chen Qiang	 
	Position:	Authorized Representative

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]