Document:

EX-10.1

 Exhibit 10.1 

Exclusive Business Cooperation Agreement 
 This
Exclusive Business Cooperation Agreement (the “Agreement”) was entered into on August 23, 2019 in Beijing, China by and between: 

Party A: Beijing Quhuo Information Technology Co., Ltd. 

Address: [REDACTED] 
 Party B: Beijing Quhuo Technology Co.,
Ltd. 
 Address: [REDACTED] 
 Party A and Party B are
hereinafter individually referred to as a “Party” and collectively as the “Parties.” 
 WHEREAS: 

 

	1.	 Party A is a limited liability company registered in the People’s Republic of China
(“China”, for the purpose of this Agreement only, it excludes Hong Kong, Macao and Taiwan), whose primary business includes technology development, technical consultation, technology transfer, technology promotion and technical
services; computer services; basic software services; software consultation; self-developed products selling; economic and trade consultation; enterprise planning and design; market research; business management consultation. (An enterprise may
choose business items and carry out business activities on its own in accordance with laws. Business activities that are subject to approval should not be carried out unless such approval is obtained from relevant departments. Enterprises shall not
engage in business activities prohibited or restricted by the industrial policies of the city); 

  

	2.	 Party B is a limited liability company registered in China, whose primary business includes computer software
technology development, technical consultation, technical services, technical training, technology transfer, computer system integration, design, manufacture, agency and issuance of advertising, conference services, catering management, economic and
trade consultation, organization of cultural and artistic exchange activities (excluding performance agents); domestic freight forwarding service, selling self-developed software products, building-cleaning service, family labor service. All
business activities conducted and developed by Party B and its controlled subsidiaries (including subsidiaries controlled by Party B as updated from time to time during the term hereof, similarly hereinafter) at present and at any time during the
term hereof are hereinafter collectively referred to as “Primary Business.” 

	3.	 Party A agrees to take advantages of its resources, technology and information to provide exclusive technical
services, technical consultation and other services (see below for the specific scope) to Party B and its controlled subsidiaries during the term hereof, and Party B agrees to accept such services provided by Party A and/or its designated party.

 THEREFORE, Party A and Party B have reached the following agreement through mutual consultation: 

 

	1.	 Provision of Services by Party A 

 

	 	1.1	 In accordance with the terms and conditions hereof, Party B hereby entrusts Party A as the exclusive service
provider of Party B to provide comprehensive business support, technical services and consultation services to Party B during the term hereof, specifically including all or part of the services within the business scope of Party B as determined by
Party A from time to time, including but not limited to technical services, technical consultation, professional training, business consultation, intellectual property license, market consultation, management consultation services related to the
business operation of Party B, and other consultation and services related to the above as required by Party B from time to time and to the extent permitted by the Laws of China (the “Services”). 

 

	 	1.2	 Party B agrees to accept the consultation and Services provided by Party A. Party B further agrees, unless with
the prior written consent of Party A, during the term hereof, for the purpose hereof, Party B shall not and shall cause the controlled subsidiaries not to accept any other consultation and/services provided by any third party other than the
cooperating bank, nor shall they cooperate with any third party other than the cooperating bank. Party A may designate another Party (such designated Party may sign this Agreement and the agreement provided in Article 1.4 in whole or in part) to
provide Party B with the consultation and/or Services hereunder. 

  

	 	1.3	 To ensure that party B meets the requirements of cash flow in daily operation and/or offset any losses arising
therefrom, Party A may, at its own discretion, provide financial support to Party B (only to the extent permitted by the Laws of China) regardless of whether Party B actually suffers from any such operational losses. Party A may provide financial
support to Party B by means of loan permitted by Laws of China (as defined below) and both Parties shall separately sign such loan contract. 

  

	 	1.4	 Method for Providing Services 

 

	 	(1)	 Party A and Party B agree that, during the term hereof, both Parties may directly, or through their respective
affiliates with the ability and resources to provide the corresponding Services, sign other technical service agreements and consultation service agreements for the purpose of providing the Services to Party B, and agree on the specific contents,
methods, personnel and costs of specific services. 

	 	(2)	 To perform this Agreement, Party A and Party B agree that, with the term hereof, both Parties may directly, or
through their respective affiliates, sign the intellectual property license agreements (including but not limited to trademark, software, copyright, patent and technology secret), which shall allow Party B to use relevant intellectual property of
Party A at any time as required by Party B in conducting its business. 

  

	 	(3)	 To perform this Agreement, Party A and Party B agree that, during the term hereof, both Parties may directly,
or through their respective affiliates, sign the lease agreement for equipment, plant or office, which shall allow Party B to use relevant equipment, plant or office of Party A at any time as required by Party B in conducting its business.

  

	 	(4)	 To perform this Agreement, Party A and Party B agree that, during the term hereof, both Parties may directly,
or through their respective affiliates, sign other agreement for the purpose of providing Services to Party B. 

  

	 	(5)	 Party A may, at its own discretion, subcontract all or part of the Services to be provided to Party B hereunder
to any third party capable of providing the corresponding Services and resources. 

  

	 	1.5	 For the purpose of providing Services pursuant to this Agreement, Party A and Party B shall promptly
communicate and exchange various information related to their business and/or clients. 

 The Services provided by Party A
herein are exclusive. For Services provided by any third party with the same or similar nature as those provided by Party A, Party B may continue to perform such agreements provided that they are permitted by Party A in writing. For agreements
disapproved by Party A, Party B shall immediately rescind such agreements with any third party and bear any expenses and liabilities arising from the rescission thereof. Party B shall continue to perform other contracts or legal documents that
stipulate obligations of Party B, and shall not change, modify or terminate such contracts or legal documents without written consent of Party A. 
  

	 	1.6	 To clarify the rights and obligations of both Parties and to cause the effective implementation of the said
service agreements, both Parties agree to, subject to the Laws of China: 

	 	(1)	 Party B shall operate in accordance with the advice or suggestions under the Services provided in Article 1.1
hereof. 

  

	 	(2)	 Except for the retention of the original directors and supervisors of Party B as agreed by Party A, Party B is
obliged to appoint the person recommended by Party A as the director of Party B, and appoint the senior managers recommended and employed by Party A as its general manager, chief financial officer and other officers to supervise the business and
operation of Party B in accordance with the procedures as required by the laws of China (including any laws, regulations, rules, notices, interpretations or other binding documents issued before or after the execution hereof by the central or local
legislative, administrative or judicial authorities, collectively, the “Laws of China”). Under the premise of complying with the Laws of China, except for reasons of retirement, resignation, incompetence or death, Party B shall not
dismiss the directors, supervisors and/or officers of the Company recommended by Party A for any other reason without the prior written consent of Party A. 

  

	 	(3)	 Party B agrees to cause the directors, supervisors and officers of Party B to exercise their functions and
powers under laws, regulations and Articles of Association as directed by Party A. 

  

	 	(4)	 Party A is entitled to set up and adjust the organizational structure of Party B and conduct human resource
management. 

  

	 	(5)	 Party A is entitled to carry out the business related to the Services in the name of Party B, and Party B shall
provide all necessary support and convenience for Party A to carry out the business smoothly, including but not limited to providing Party A with all necessary power of attorney for the provision of the relevant Services. 

 

	 	(6)	 Subject to the Laws of China, Party A is entitled to check the accounts of Party B in a regular manner or at
any time, and Party B shall keep the accurate accounts up to date and provide Party A with its accounts as required by Party A. during the term hereof, Party B agrees to cooperate with Party A and its (direct or indirect) shareholders in audit
(including but not limited to related transaction audit and other types of audit), and provide Party A, its (direct or indirect) shareholders and/or entrusted auditors with relevant information and materials concerning the operation, business,
customers, finance and employees of Party A, and agree to disclose such information and materials to the shareholders of Party A in order to meet the requirements of securities regulation. 

	 	(7)	 Party B agrees to provide relevant certificates and official seals that are important to its daily operation,
including the business license, official seal, contract seal, special financial seal and legal representative seal of Party B, to the executive director, legal representative, manager and/or other officers recommended by Party A and appointed by
Party B in accordance with legal procedures. 

  

	 	1.7	 The Parties agree that the Services provided by Party A to Party B hereunder are also applicable to the
subsidiaries controlled by Party B, and Party B shall cause tits controlled subsidiaries to exercise their rights and perform their obligations in accordance with the provisions hereof. 

 

	2.	 Calculation and Payment Method of Service Fee, Financial Statements, Audit and Tax

  

	 	2.1	 During the term hereof, provided that the Services provided by Party A pursuant to this Agreement do not
violate the mandatory provisions of Laws of China, Party B and its controlled subsidiaries shall, at the end of each financial year, pay all of its net profits and the profits of its subsidiaries (including accumulated income from the Previous
Fiscal Year) as service fee (the “Service Fee”) to Party A after making up the losses in previous years (if necessary) and deducting the necessary costs, expenses, taxes and fees incurred in the corresponding financial year and
drawing the statutory reserve fund that must be drawn in accordance with law. Party A is entitled to determine the said deductible items. The amount of such Service Fee shall be determined by Party A. The calculation method and adjustment shall
subject but not limited to the following factors, and Party A is entitled to adjust the Service Fee at its sole discretion without the consent of Party B: (a) complexity of technical consultation and other Services provided by Party A;
(b) the time limits required by the personnel of Party A to provide such technical consultation and other Services; (c) the specific content and business value of technical consultation and other services provided by Party A; (d) the
market price of the same kind of service. The above Service Fee shall be transferred to the bank account designated by Party A by remittance or other means agreed by both Parties after Party A issues the payment instructions to Party B. Party A may
change such payment instructions from time to time. Both Parties agree that the payment of the above Service Fee shall in principle not make the operation of any Party difficult in the current year. For the above purposes, and within the limits of
realizing the above principles, Party A is entitled to agree to postpone the payment of Party B to avoid any financial difficulties of Party B. Party A is also entitled to make any other adjustment to the Service Fee as it thinks reasonable, with a
prior written notice. 

	 	2.2	 Party A agrees that, during the term hereof, it shall enjoy all economic benefits and bear all risks arising
from any business of Party B. Party A shall provide financial support to Party B in a manner permitted by the Laws of China in case of any operating loss or serious operating difficulties of Party B. In the event of any of the foregoing
circumstances, only Party A is entitled to decide whether Party B shall continue to operate its business, and Party B shall unconditionally recognize and agree to such decision made by Party A. 

 

	 	2.3	 Party B shall, within 90 days after the end of each fiscal year (the “Previous Fiscal Year”)
provide Party A with an audited consolidated financial statement for the Previous Fiscal Year, which shall be audited by an independent certified public accountant approved by Party A. If the audited financial statement shows that there is any
deficiency in the total amount of Service Fee paid to Party A in the Previous Fiscal Year, Party B shall make up the difference to Party A within 5 business days after any Party discovers the difference. 

 

	 	2.4	 Party B shall prepare financial statements as required by Party A in accordance with applicable laws, generally
accepted accounting standards and business practices. 

  

	 	2.5	 Upon prior notice of Party A, Party A and/or its designated auditor are entitled to review the relevant books
and records of Party B at its main office and make copies of such books and records as required to verify the accuracy of the income and statements of Party B. Party B shall provide relevant operation, business, clients, finance, employees and other
information and materials as required by Party A, and agree that Party A or its direct or indirect shareholders may disclose or make public such information and materials when necessary. 

 

	 	2.6	 The tax burden arising from the execution hereof shall be borne by both Parties. 

 

	3.	 Intellectual Property, Confidentiality Clauses and Non-competition

  

	 	3.1	 To perform this Agreement, Party A and Party B agree that, during the term hereof, both Parties may sign
intellectual property license agreement (including but not limited to: software copyrights, trademarks, copyrights, patents, technical secrets, trade secrets and others), which may allow Party B to use relevant intellectual property rights of Party
A free of charge as required by Party B in conducting its business, or where necessary, Party A agrees to transfer part of its intellectual property to Party B or register such intellectual property rights under the name of Party B.

	 	3.2	 Unless agreed by Party A, any rights, ownerships, interests and intellectual property arising or created from
the operation of Party B and its controlled subsidiaries during the performance hereof and based on the consultation services provided by Party A to Party B and its controlled subsidiaries, including but not limited to all present and future
copyrights, trademarks, trade names, brands, trade secrets, all associated goodwill, domain names and any other similar rights (“Such Rights”), whether they are developed by Party A or Party B, shall be exclusively enjoyed by Party
A. Party B shall not claim any Such Rights against Party A. Party B shall sign all documents necessary to make Party A the owner of Such Rights and take all actions necessary to make Party A the owner of Such Rights. Party B warrants that Such
Rights are free from any defects or encumbrances and shall indemnify Party A for any losses caused by such defects or encumbrances (if any). 

  

	 	3.3	 Without the written consent of Party A, Party B shall not and shall cause its controlled subsidiaries not to
transfer, mortgage, license or otherwise dispose of any Such Rights. 

  

	 	3.4	 Party B shall, in accordance with the instructions of Party A from time to time, dispose of Such Rights,
including but not limited to transfer or authorize Such Rights to Party A or its designated persons without violating Laws of China. 

  

	 	3.5	 Both Parties agree that, this Agreement, its contents and any oral or written information exchanged in
connection with this Agreement shall be confidential information. Party B shall keep all such information confidential and shall not disclose any relevant information to any third party without the written consent of Party A, except for:
(a) such information known to the public (but not disclosed by any of the receiving Parties); (b) information required for disclosure by applicable law or any rules or requirements of the stock exchange; or (c) the information that Party B
needs to disclose to its legal or financial consultants in connection with the transactions hereunder, and such legal or financial consultants shall also be subject to the duty of confidentiality similar to the obligations in this Article. The
disclosure of any confidential information by any personnel or institutions employed by Party B shall be deemed as the disclosure of such confidential information by Party B, and Party B shall bear legal liability for the breach. This Article shall
survive after the termination hereof for any reason. 

	 	3.6	 Party B shall not sign any document or make any commitment that conflict with such legal documents as any
agreements signed and being performed by Party A. Party B shall not, by act or omission, cause conflicts of interest between Party B and Party A and its shareholders. In case of such conflict of interest (Party A is entitled to unilaterally
determine whether such conflict of interest arises), Party B shall take measures to eliminate it as soon as possible with the consent of Party A. If Party B refuses to take measures to eliminate such conflict of interests, Party A is entitled to
exercise the equity purchase right under the Exclusive Call Option Agreement signed with Party B and its existing shareholders on the signing date hereof. 

 

	 	3.7	 During the term hereof, all client information and other relevant materials related to the business of Party B
and the Services provided by Party A shall be owned by Party A. 

  

	 	3.8	 The Parties agree that Article 3 shall remain in effect whether or not this Agreement is modified, rescinded or
terminated. 

  

	4.	 Representations and Warranties 

 

	 	4.1	 Party A represents and warrants that: 

 

	 	(1)	 Party A is a company duly registered and validly existing under the Laws of China. It has full and independent
legal status and legal capacity, and has obtained appropriate authorization to execute, deliver and perform this Agreement, and can act as a subject of litigation independently. 

 

	 	(2)	 The execution and performance by Party A of this Agreement is within its legal person status and business
scope. It has the necessary licenses, records and qualifications to provide the Services agreed herein. Party A has taken all necessary corporate actions, acquired all appropriate authorizations, and obtained all necessary consents and approvals
from any third party or government authority, to complete the transaction contemplated hereunder without violating any laws or other restrictions binding upon or affecting it. 

 

	 	(3)	 This Agreement, upon its execution and delivery, shall constitute legal, valid obligations binding upon Party
A, and shall be enforceable in accordance with the terms hereof. 

  

	 	(4)	 There is no existing and pending litigation, arbitration or other judicial or administrative proceedings that
will affect Party A’s ability to perform its obligations hereunder, and, to the knowledge of Party A, no one threatens to take such action. 

	 	(5)	 Party A has disclosed to Party B all the contracts, government approvals, licenses or documents that may
materially and adversely affect its ability to fully perform its obligations hereunder or bind its assets or business. There is no misrepresentation or omission of any important facts in the documents previously provided by Party A to Party B.

  

	 	4.2	 Party B represents and warrants as follows: 

 

	 	(1)	 Party B is a company duly registered and validly existing under the Laws of China. It has full and independent
legal status and legal capacity, and has obtained appropriate authorization to execute, deliver and perform this Agreement, and can act as a subject of litigation independently. 

 

	 	(2)	 Party B’s acceptance of the Services provided by Party A will not violate Laws of China. The execution and
performance by Party B of this Agreement is within its legal person status and business scope. Party B has taken all necessary corporate actions, acquired all appropriate authorizations, and obtained all necessary consents, approvals from, and
completed all necessary filing with, any third party or government authority without violating any laws or other restrictions binding upon or affecting it. 

  

	 	(3)	 This Agreement, upon its execution and delivery, shall constitute legal, valid obligations binding upon Party
B, and shall be enforceable in accordance with the terms hereof. 

  

	 	(4)	 There is no existing and pending litigation, arbitration or other judicial or administrative proceedings that
will affect Party B’s ability to perform its obligations hereunder, and, to the knowledge of it, no one threatens to take such action. If any litigation, arbitration or other judicial or administrative penalty is, or is likely to be, filed or
imposed in connection with its assets, business or income, Party B shall immediately notify Party A upon becoming aware of such litigation, arbitration or other judicial or administrative penalty. 

 

	 	(5)	 Party B has disclosed to Party A all the contracts, government approvals, licenses or documents that may
materially and adversely affect its ability to fully perform its obligations hereunder or bind its assets or business. There is no misrepresentation or omission of any important facts in the documents previously provided by Party B to Party A.

	 	(6)	 Party B shall, in accordance with the provisions hereof, fully pay the Service Fee to Party A in a timely
manner and maintain the continued validity of the licenses and qualifications related to the business of Party B and its subsidiaries during the period of Service. In all matters necessary for Party A to effectively perform its duties and
obligations hereunder, Party B shall provide full cooperation and actively cooperate with the Services provided by Party A, and accept reasonable opinions and suggestions from Party A on the business of Party B and its subsidiaries.

  

	 	(7)	 From the date hereof, without prior written consent of Party A, Party B shall not, and shall cause its
subsidiaries not, sell, transfer, mortgage or otherwise dispose of any of its assets (except for the assets with a value not exceeding RMB 1million in the ordinary course of business), business, management rights or legitimate rights and interests
in income. 

  

	 	(8)	 Without prior written consent of Party A, Party B shall not, except for the reasonable expenses incurred in the
ordinary course of business, pay any expenses to any third party, nor shall it exempt any liabilities of any third party, or borrow or lend loans to/from any third party, or provide any guarantee or security to any third party, or allow any third
party to create any other security interest on its assets or interests. 

  

	 	(9)	 From the date hereof, without prior written consent of Party A, Party B shall not, and shall cause its
subsidiaries not, incur, inherit, warrant or permit the existence of any debt (except for the debts with a value not exceeding RMB1 million in the ordinary course of business). 

 

	 	(10)	 From the date hereof, without prior written consent of Party A, Party B shall not, and shall cause its
subsidiaries not, sign any material contracts (except the contracts with a value not exceeding RMB 1 million signed in ordinary course of business), or sign any other contract, agreement or arrangement in conflict with this Agreement or which
may prejudice the rights and interests of Party A hereunder. 

  

	 	(11)	 Party B shall not, by act or omission, cause conflicts of interest between it and Party A and its shareholders.
In case of such conflict of interest (Party A is entitled to unilaterally determine whether such conflict of interest arises), it shall take measures to eliminate it as soon as possible with the consent of Party A. 

 

	 	(12)	 From the date hereof, without prior written consent of Party A, Party B shall not, and shall cause its
subsidiaries not, merger or form a joint entity with any third party, invest in or acquire any third party, or to be invested, acquired, or controlled, increase or decrease its registered capital, or otherwise change its corporate form or registered
capital structure, or accept investment or capital increase from existing shareholders or a third party, or liquidate or dissolve itself. 

	 	(13)	 To the extent permitted by the Laws of China, Party B shall appoint directors, supervisors and/or officers
recommended by Party A. Party B shall not refuse to appoint any person recommended by Party A for any other reason unless it obtains prior written consent from Party A or has other legal reasons. 

 

	 	(14)	 Party B holds any and all government permissions, licenses, authorizations and approvals necessary to conduct
its business during the term hereof and shall ensure that all such government permissions, licenses, authorizations and approvals shall continue to be valid and legally valid throughout the term hereof. If, during the term hereof, any and all
government permissions, licenses, authorizations and approvals required by Party B in conducting its business need to be changed and/or added due to the changes of regulations of the relevant government departments, Party B shall make such changes
and/or supplement as required by relevant laws. 

  

	 	(15)	 Party B shall promptly inform Party A of any circumstances that may have a material adverse effect on its
business and operations, and shall make its best efforts to prevent the occurrence of such circumstances and/or the expansion of losses. 

  

	 	(16)	 Without prior written consent of Party A, Party B and/or its subsidiaries shall not modify the Articles of
Association, or change the Primary Business, or make major adjustments to the business scope, model, profit model, marketing strategy, business policy or client relationship. 

 

	 	(17)	 Without prior written consent of Party A, Party B and/or its subsidiaries shall not enter into any partnership
or joint venture or profit-sharing arrangement, or any other arrangements to effect profits transfer or profit-sharing in the form of royalties, service fees or consultancy fees, with any third party. 

 

	 	(18)	 At the request of Party A from time to time, Party B shall provide Party A with information concerning its
business management and financial status. 

  

	 	(19)	 Without prior written consent of Party A, Party B shall not declare or distribute dividends or any other
benefits to its shareholders. 

  

	 	(20)	 Party B shall provide Party A with any technology or other information that Party A deems necessary or useful
for providing the Services hereunder, and allow Party A to use its relevant facilities, materials or information that Party A deems necessary or useful for providing the Services hereunder. 

	 	(21)	 Without prior written consent of Party A, Party B shall not change, replace or remove any of its directors,
supervisors or officers. 

  

	 	(22)	 Without prior written consent of Party A, Party B shall not dissolve itself, or liquidate or distribute the
remaining properties. 

  

	5.	 Effectiveness and Term 

This Agreement shall take effect from the date of signing by both Parties. Unless terminated in accordance with Article 6.2 hereof, this
Agreement shall remain valid for 10 years and Party A may choose to renew this Agreement upon expiry. If Party A fails to confirm the renewal hereof upon the expiration, this Agreement shall be automatically renewed until Party A delivers a letter
confirming the renewal period hereof. 
  

	6.	 Termination 

  

	 	6.1	 Unless renewed in accordance with relevant terms hereof, this Agreement shall be terminated on the date of
expiration. 

  

	 	6.2	 This Agreement shall be terminated under any of the following circumstances: 

 

	 	(1)	 If Party B is bankrupt, liquidated, terminated or dissolved according to law during the term hereof, this
Agreement shall be terminated on the effective date of such bankrupt, liquidation, termination or dissolution. 

  

	 	(2)	 All equity of Party B is transferred to Party A and/or its designated Party in accordance with the Exclusive
Call Option Agreement signed between both Parties and the existing shareholder of Party B on August 23, 2019, and relevant industrial and commercial registration is completed; 

 

	 	(3)	 This Agreement shall be terminated on the date on which Party A and/or its designated Party have directly held
all the equity of Party B, legally engaged in its business and formally registered as the shareholders of Party B in accordance with the Laws of China; 

  

	 	(4)	 At any time during the term hereof, Party A shall terminate this Agreement by giving Party B a written notice
30 days in advance, on the expiry date of such written notice; 

	 	(5)	 This Agreement shall be early terminated in accordance with Article 7 hereof. 

 

	 	6.3	 During the term hereof, Party B shall not unilaterally rescind this Agreement. If Party A terminates this
Agreement in accordance with Article 6.2(4) above, it shall not be liable for any breach of contract for its unilateral rescission hereof. 

  

	 	6.4	 After the termination of this Agreement, the rights and obligations of both Parties under Article 3, 7, 8, 10,
11 and 16.3 shall remain effective. 

  

	 	6.5	 Early termination or expiration of this Agreement for any reason shall not release either Party from all
payment obligations (including but not limited to Service Fee) hereunder that have expired on or before the date of termination or expiration, nor shall it release either party from any liability for breach of contract that has occurred before the
termination of this Agreement. The Service Fee payable before the termination or expiration of this Agreement shall be paid by Party B to Party A within fifteen (15) business days from the date of termination. 

 

	7.	 Liability for Breach 

 

	 	7.1	 Unless otherwise agreed in other terms hereof, if either Party (the “Breaching Party”) fails
to perform its obligations hereunder or otherwise breach this Agreement, the other Party (the “Affected Party”) may: (a) send a written notice to the Breaching Party, stating the nature and extent of the breach and
require the Breaching Party to cure the breach at its own expense within a reasonable period specified in the notice (the “Cure Period”). If the Breaching Party fails to cure the breach within the Cure Period, the Affected Party
shall be entitled to require the Breaching Party to assume all liabilities caused by its breach and compensate the Affected Party for all actual economic losses, including but not limited to attorney fees, litigation or arbitration fees incurred
related to litigation or arbitration proceedings in connection with such breach. In addition, the Affected Party shall be entitled to require the Breaching Party to perform its obligations hereunder, and the Affected Party shall be entitled to
request relevant arbitration institution or court to order the actual performance and/or enforcement of the provisions hereof; (b) terminate this Agreement, and require the Breaching Party to assume all liabilities caused by its breach, and pay
all damages; or (c) enjoy the priority to get compensated from the proceeds obtained from the conversion of the pledged equity into money, or the auction or sales of the pledged equity in accordance with the Equity Interest Pledge
Agreement signed by and among both Parties and the existing shareholders of Party B at the date hereof, and require the Breaching Party to bear all losses caused thereby. The exercise of the said remedy by the Affected Party shall not affect its
exercise of other remedies in accordance with this Agreement and relevant laws. 

	 	7.2	 The Parties agree and acknowledge that, unless otherwise required by the Laws of China, if Party B is the
Breaching Party, the Affected Party is entitled to unilaterally terminate this Agreement immediately and demand damages from the Breaching Party. If Party A is the Breaching Party, Party B shall exempt Party A’ liability of for damages. Unless
otherwise stipulated by the Laws of China, Party B is not entitled to unilaterally terminate or rescind this Agreement in any case. 

  

	8.	 Governing Law, Dispute Settlement and Change of Laws 

 

	 	8.1	 The execution, validity, interpretation, performance, amendment and termination hereof or hereto, and disputes
settlement hereunder shall be governed by the Laws of China. 

  

	 	8.2	 In case of any dispute arising from the interpretation and performance hereof, both Parties shall settle the
dispute through negotiation in good faith. If the Parties fail to reach an agreement on the settlement of such dispute within thirty (30) days after the request of either Party through negotiation, either Party may submit the dispute to China
International Economic and Trade Arbitration Commission for arbitration in accordance with the applicable arbitration rules at that time. The arbitration shall be conducted in Beijing and the language of arbitration shall be Chinese. The arbitration
award shall be final and binding upon both Parties. The arbitral tribunal may decide the compensation by the equity interests, assets or property interests of Party B for the losses caused by Party A due to the breach of contract by other Party
hereto, or order the compulsory relief or bankruptcy of Party B in respect of the relevant business or compulsory transfer of assets. After the arbitration award becomes effective, either Party shall apply to the court with jurisdiction for
enforcement of the arbitration award. When necessary, the arbitration institution is entitled to immediately stop the breach of contract by the Breaching Party before making the final award on the disputes between the Parties, or decide that the
Breaching Party not conduct any action that may cause further losses of Party A. 

  

	 	8.3	 In the event of any dispute arising from the interpretation, modification, supplement or performance hereof or
hereto, or any dispute being arbitrated, except for the matters in dispute, the Parties hereto shall continue to exercise their respective rights and perform their respective obligations hereunder. 

	 	8.4	 If, at any time after the date hereof, any laws, regulations and rules of China is enacted or changed, or any
of their interpretation or application is changed, the following provisions shall apply: to the extent permitted by the Laws of China, (a) if the changed law or enacted provision is more favorable to either Party than the relevant laws,
regulations, decrees or provisions in force on the date hereof (and the other Party is not adversely affected), both Parties shall promptly apply for and make their best efforts to obtain the benefits arising from such changes or new regulations; or
(b) if the changed law or enacted provision has adversely affected the rights and interests of either Party, whether directly or indirectly, this Agreement shall continue to be executed in accordance with the original terms. The Parties shall
adopt all lawful means to obtain exemptions from compliance with such changes or provisions. If the adverse effect on the economic interests of either party cannot be solved in accordance with the provisions hereof, after the Affected Party notifies
the other Party, both Parties shall consult and make all necessary modifications hereto in a timely manner to maintain the economic interests of the Affected Party hereunder. 

 

	9.	 Force Majeure 

 

	 	9.1	 “Force Majeure” refers to any unforeseeable, unavoidable and insurmountable event that renders
either Party’s failure to perform any part or all of its obligations hereunder, including but not limited to earthquake, typhoon, flood, war, strike, riot, act of government, change of laws or other applicable changes. 

 

	 	9.2	 In case of any Force Majeure event, the obligations of any Party affected by the Force Majeure hereunder shall
be automatically suspended during the delay period, and its performance period shall be automatically extended. The extended period shall be the suspension period, during which the Party shall not be punished or liable. In the event of a Force
Majeure, both Parties shall immediately consult to seek a just solution and shall make all reasonable efforts to minimize the effect of Force Majeure. 

  

	10.	 Indemnity 

Party B shall indemnify and hold Party A harmless from any loss, damage, liability or expense incurred to Party A resulting from any
litigation, claim or other demand against Party A due to the consultation and Services provided by Party A at the request of Party B, unless such loss, damage, liability or expense is caused by gross negligence or intentional misconduct of Party A.

	11.	 Notice 

  

	 	11.1	 All notices and other communications required or permitted hereunder shall be delivered by hand or by prepaid
registered mail, commercial express service or fax to the address and fax number of such Party as set forth in Appendix I hereto. Each notice shall be accompanied by a confirmation sent by e-mail. Under the
following circumstances the notice is deemed to be validly served: 

  

	 	(1)	 If the notice is given by hand delivery, courier service or prepaid registered mail, it shall be deemed to have
been given on the date of receipt or rejection at the designated addressee. 

  

	 	(2)	 If the notice is given by fax, it shall be deemed to have been given on the date of successful transmission (as
evidenced by the automatically generated transmission confirmation). 

  

	 	11.2	 Either Party may change its contact address, fax and/or email address at any time by giving notice to the other
Party in accordance with this Article. 

  

	12.	 Transfer 

  

	 	12.1	 Without prior written consent of Party A, Party B shall not transfer its rights and obligations hereunder to
any third party. 

  

	 	12.2	 Party B agrees that Party A may transfer its rights and obligations hereunder to any third party by giving
prior written notice to Party B without the consent of Party B. 

  

	13.	 Severability 

If one or more provisions hereof are held to be invalid, illegal or unenforceable in any respect under any law or regulation, the validity,
legality or enforceability of the remaining provisions hereof shall not be affected or impaired in any way. Both Parties shall replace an invalid, illegal or unenforceable agreement with a valid one through the sincerity consultations and to the
fullest extent permitted by law. The economic effect of such valid agreement shall be as similar as possible to that of the invalid, illegal or unenforceable agreement. 
  

	14.	 Amendment and Supplement 

 

	 	14.1	 Any amendment or supplement hereto shall be made in writing. The amended or supplementary agreement signed by
both Parties in connection with this Agreement shall constitute an integral part of, and have the same legal effect as, this Agreement. 

	 	14.2	 If relevant stock exchange or other regulatory authority with jurisdiction proposes any amendment hereto, or
relevant stock exchange listing rules or other relevant provisions, rules, codes or guidelines require the amendment hereto, the Parties shall amend this Agreement accordingly. 

 

	15.	 Counterpart 

This Agreement is made in quadruplicate (4), with each Party holding two of them which shall have the same legal effect. 

 

	16.	 Miscellaneous 

 

	 	16.1	 This Agreement (except for any of its amendment, supplement or modification made in writing after the date
hereof) shall constitute an entire agreement between the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written negotiations, representations and contracts with respect to the subject matter hereof.

  

	 	16.2	 This Agreement shall be binding upon the respective successors and permitted transferees of the Parties.

  

	 	16.3	 Either Party may waive its rights hereunder, but such waiver must be made in writing and signed by both
Parties. A waiver by either Party in respect of a breach by another Party in one case shall not be deemed to be a waiver by such party in respect of a similar breach in any other case. 

 

	 	16.4	 The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or
otherwise affect the meaning of any provision of this Agreement. 

 (The remainder of this page is intentionally left
blank) 

 (This is the signature page of the Exclusive Business Cooperation Agreement only) 

IN WITNESS WHEREOF, this Exclusive Business Cooperation Agreement has been executed by both Parties on the date and at the place first written above.

 Beijing Quhuo Information Technology Co., Ltd. (Seal) 

Signature: /s/ Yiyang Yu 
 Name: Yiyang Yu 

Title: Legal Representative 
 Beijing Quhuo Technology Co.,
Ltd. (Seal) 
 Signature: /s/ Leslie Yu 
 Name:
Leslie Yu 
 Title: Legal Representative 

 Appendix I 

For the purpose of notification, the contact information of both Parties is as follows: 

Party A: Beijing Quhuo Information Technology Co., Ltd. 

Address: [REDACTED] 
 Phone:
[REDACTED] 
 Party B: Beijing Quhuo Technology Co., Ltd. 

Address: [REDACTED] 
 Phone:
[REDACTED]EX-10.2

 Exhibit 10.2 

Equity Interest Pledge Agreement 
 This
Equity Interest Pledge Agreement (the “Agreement”) was entered into on August 23, 2019 in Beijing, China by and among: 
 Party
A: Beijing Quhuo Information Technology Co., Ltd., a limited liability company legally incorporated and validly existing under the Laws of China, with registered address at [REDACTED]; 

Party B: Lili Sun, a [REDACTED] citizen, with ID number of [REDACTED]; 

Party C: Beijing Quhuo Technology Co., Ltd., a limited liability company legally incorporated and validly existing under the Laws of China, with registered
address at [REDACTED]. 
 In this Agreement, Party A is hereinafter referred to as the “Pledgee,” Party B as the
“Pledgor,” and Party A, Party B and Party C are hereinafter individually referred to as a “Party” and collectively as the “Parties.” 

WHEREAS: 
  

	1.	 The Pledgor, Zhen Ba, Shuyi Yang, Tongtong Li and Ningbo Maiken Investment Management LLP (the “Ningbo
Maiken”) are shareholders of Party C as of the date hereof, and hold 100% equity interest in Party C in total, with the amount of contribution in the registered capital and the shareholding ratio in Party C as follows:

  

									
	 Name of Shareholder
	  	Registered Capital (RMB)	 	  	Ratio of Contributions	 
	 Lili Sun
	  	 	629,662.95	 	  	 	25.7264	% 
	 Zhen Ba
	  	 	236,302.87	 	  	 	9.6547	% 
	 Shuyi Yang
	  	 	611,354.35	 	  	 	24.9784	% 
	 Tongtong Li
	  	 	19,956.36	 	  	 	0.8154	% 
	 Ningbo Maiken
	  	 	950,255.32	 	  	 	38.8250	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	2,447,531.85	 	  	 	100.0000	% 
		  	  
	  
	 	  	  
	  
	 

  

	2.	 Party C is a limited liability company incorporated and validly existing under the Laws of China, and the
Pledgee is a limited liability company incorporated and validly existing under the laws of Laws of China; 

  

	3.	 The Pledgee and Party C signed the Exclusive Business Cooperation Agreement (the “Business
Cooperation Agreement”) on August 23, 2019, whereby the Pledgee provides Party C with relevant exclusive technical, management consulting and other services; 

	4.	 The Parties signed the Exclusive Call Option Agreement (the “Exclusive Call Option
Agreement”) on August 23, 2019, whereby if the Pledgee independently decides to make a purchase request, the Pledgor shall, upon its request, transfer all or part of the equity it holds in Party C to the Pledgee and/or any other entity
or individual designated by the Pledgee, subject to the Laws of China and applicable conditions; 

  

	5.	 The Parties signed the Power of Attorney (the “Power of Attorney”) on August 23,
2019, whereby the Pledgor has irrevocably entrusted a person designated by the Pledgee at that time to exercise on behalf of the Pledgor the voting right corresponding to all the equity held by the Pledgor in Party C; 

 

	6.	 As security of the Pledgor for performance of the Contractual Obligations (as defined below) and settlement of
the Secured Debt (as defined below), Party A, Party B and Party C plan to sign this Agreement regarding Party B’s provision of equity pledge for Party A, whereby the Pledgor will pledge all the equity held by the Pledgor in Party C to the
Pledgee to secure the pledge of such obligation and liability, and Party C agrees to the pledge of such Equity. 

 THEREFORE, the Parties
reached the following agreement after friendly negotiation: 
  

	1.	 Definitions 

Unless otherwise agreed herein, the following terms shall have the following meanings: 

 

	1.1	 “Pledge” shall mean the Security Interest granted by the Pledgor to the Pledgee pursuant to
Article 2 hereof, i.e., the right enjoyed by the Pledgee to have priority in compensation from the discount, conversion, auction or sale price of the pledged Equity pledged to the Pledgee by the Pledgor. 

 

	1.2	 “Equity” shall mean all the Equity of Party C that the Pledgor legally holds and has the right
to dispose of when this Agreement comes into force and that will be pledged to the Pledgee in accordance with this Agreement as security of the Pledgor and Party C to perform the Contractual Obligations and the Secured Debt (including all equity
interest held by the Pledgor now that constitutes and is related to all registered capital of Party C) and Additional Equity added pursuant to Article 6.7 hereof. 

 

	1.3	 “Pledge Period” shall mean the term set forth in Article 3 hereof. 

 

	1.4	 “Default Event” shall mean any of the circumstances set forth in Article 7 hereof.

	1.5	 “Default Notice” shall mean the notice issued by the Pledgee to declare the Default Event
hereunder. 

  

	1.6	 “Contractual Obligations” shall mean all Contractual Obligations of the Pledgor under the
Exclusive Call Option Agreement and the Power of Attorney, all Contractual Obligations of Party C under the Business Cooperation Agreement, the Exclusive Call Option Agreement and the Power of Attorney, and all Contractual Obligations of the Pledgor
and Party C under this Agreement. 

  

	1.7	 “Transaction Agreements” shall mean the Business Cooperation Agreement, the Exclusive Call
Option Agreement and the Power of Attorney, or one or more of the agreements. 

  

	1.8	 “Secured Debt” shall mean (i) all payments owed by Party C to the Pledgee, including but
not limited to the consulting and service fees (whether through payment on an agreed due date, prepayment or otherwise) and interest, liquidated damages (if any), damages and attorney’s fees, arbitration fees, Equity evaluation, auction and
other costs to realize the Pledge payable to the Pledgee in accordance with the Business Cooperation Agreement; (ii) all direct, indirect, derivative losses and loss of predictable interests suffered by the Pledgee as a result of any Default
Event of the Pledgor or Party C, with the amount of such loss based on, but not limited to, reasonable business plan and profit forecast of the Pledgee, and all expenses incurred by the Pledgee in forcing the Pledgor and/or Party C to perform their
Contractual Obligations. 

  

	1.9	 “Laws of China” shall include any law, regulation, rule, notice, interpretation or other
binding documents issued by the central or local legislative, administrative or judicial branch before or after the execution of this Agreement. 

  

	1.10	 “Security Interest” shall include security, mortgage, third party rights or interests, any
share option, right of acquisition, right of first refusal, right of set-off, retention of title or other security arrangements, etc. 

 

	2.	 Pledge 

  

	2.1	 The Pledgor agrees to unconditionally and irrevocably Pledge the 25.7264% Equity held by it in Party C, namely
its contribution of RMB 629,662.95 in the registered capital in Party C, to the Pledgee in the first priority irrevocably in accordance with the terms and conditions hereof, so as to secure full performance of its Contractual Obligations. Party C
agrees that the Pledgor pledges the Equity to the Pledgee in accordance with this Agreement. 

	2.2	 The Parties understand and agree that the scope of security for the pledged Equity includes all the Secured
Debts that Party A shall obtain under the Contractual Obligations. If the competent industrial and commercial authority requires to specify the amount of Secured Debt in the process of Equity pledge registration, the Parties agree to register the
principal amount of Secured Debt as RMB629,662.95 and all and any liability for breach of contract and compensation for loss under the Contractual Obligations only for the purpose of such Equity pledge registration. The Parties further confirm that,
for the purpose of Equity pledge registration, the aforesaid amount shall not detract from or limit all rights and interests of Party A under its Contractual Obligations. 

 

	2.3	 During the Pledge Period (as defined in Article 3.1), the Pledgee shall have the right to place in deposit any
bonus, dividend or other distributable interest arising out of the Equity and to receive priority in compensation therefor. The Pledgor shall, upon receipt of the Pledgee’s written request, deposit (or urge Party C to deposit) such fruits into
the account designated by the Pledgee in writing for supervision by the Pledgee; such fruits deposited into the account designated by the Pledgee in writing shall not be withdrawn by the Pledgor without the written consent of the Pledgee.

  

	2.4	 During the term hereof, unless due to the Pledgee’s intention or gross negligence, the Pledgee shall not
be liable for any decrease in the value of the Equity, nor shall the Pledgor have the right to pursue or make any demand against the Pledgee in any form. 

  

	2.5	 Subject to the provisions of Article 2.4 hereof, if any significant decrease in the value of the Equity is
possible, which is sufficient to endanger the rights of the Pledgee, the Pledgor agrees that the Pledgee may auction or sell the Equity at any time on behalf of the Pledgor, and agree with the Pledgor to use the proceeds from the auction or sale to
pay off the Secured Debts in advance or to place in deposit with the notary office where the Pledgee is located (any expenses incurred therefrom shall be paid with the proceeds from the auction or sale). In addition, the Pledgor shall provide other
properties satisfactory to the Pledgee as security. The Pledgor must promptly notify the Pledgee of any event that may result in any significant decrease in the value of the Equity, which is sufficient to endanger the rights of the Pledgee, and take
necessary actions to resolve or mitigate the adverse effects of such event as reasonably required by the Pledgee. Otherwise, the Pledgor shall bear corresponding compensation liability to the Pledgee for the direct or indirect losses caused thereby.

  

	2.6	 The Equity pledge created hereunder is a continuing guarantee and shall remain valid until the Contractual
Obligations are fully performed and the Secured Debt is fully settled. The Pledgee’s immunity and grace from any breach of contract by the Pledgor or the Pledgee’s delayed exercise of any rights under the Transaction Agreements and this
Agreement shall not affect the Pledgee’s right to require the Pledgor or Party C to strictly perform the Transaction Agreements and this Agreement at any time thereafter hereunder, relevant Laws of China and the Transaction Agreements or the
Pledgee’s right as a result of subsequent breach of the Transaction Agreements and/or this Agreement by the Pledgor or Party C. 

	3.	 Pledge Period 

 

	3.1	 The Pledge shall take effect from the date on which the Equity pledge hereunder is registered in the industrial
and commercial administrative department (the “Registration Authority”) where Party C is located and be valid (the “Pledge Period”) from such effective date to: (1) the date on which the last Secured Debt and
Contractual Obligations secured by such Pledge are fully settled and performed, or (2) the date on which the Pledgee and/or its designee decide/decides to purchase all the Equity of Party C held by the Pledgor in accordance with Exclusive Call
Option Agreement under the Laws of China, and the Equity of Party C has been legally transferred to the Pledgee and/or its designee who have/has legally engaged in the business of Party C, or (3) the date on which the Pledgee unilaterally
requests the termination of this Agreement (the Pledgee’s right to terminate this Agreement is the right without any restrictive conditions, and the right is only enjoyed by the Pledgee. The Pledgor or Party C shall not have the right to
unilaterally terminate this Agreement, or (4) the date on which the Pledgee has fully realized the Pledge in accordance with this Agreement, or (5) the date on which relevant applicable laws and regulations of China require termination.

  

	3.2	 During the Pledge Period, if Party B and/or Party C fail/fails to perform the Contractual Obligations or pay
the Secured Debt (including paying the exclusive consultation or service fee in accordance with the Business Cooperation Agreement or failing to perform other aspects of any Transaction Agreement), the Pledgee shall have the right but no obligation
to realize the Pledge as agreed herein. 

  

	4.	 Pledge Registration and Safekeeping of Records of Equity subject to Pledge 

 

	4.1	 The Pledgor and Party C agree and undertake that upon execution of this Agreement, Party C shall immediately
and the Pledgor shall urge Party C to immediately record the Equity pledge arrangement hereunder on the register of shareholders of Party C on the date of execution of this Agreement, and apply to the Registration Authority for the creation (or
change) of Equity pledge in accordance with the Measures for Registration of Equity Pledge at the Administrative Authority for Industry and Commerce no later than the date of execution of this Agreement and within a reasonable time determined
by the Parties. The Pledgor and Party C further agree and undertake to complete all Equity pledge registration procedures and obtain the registration notice issued by the Registration Authority as soon as possible after the Registration Authority
formally accepts the Equity pledge registration application, and that the Registration Authority shall record the Equity pledge completely and accurately in the Equity pledge registration book. 

	4.2	 During the Pledge Period agreed herein, the Pledgor shall, within one week after the completion of the Pledge
registration in accordance with Article 4.1 above, deliver the original copies of the Equity contribution certificate and the register of shareholders recording the Pledge (and other documents reasonably required by the Pledgee, including but not
limited to the Pledge registration notice issued by the industrial and commercial administrative department) to the Pledgee for safekeeping. The Pledgee shall keep such documents during the Pledge Period agreed herein. 

 

	5.	 Representations and Warranties of the Pledgor and Party C 

The Pledgor represents and warrants to the Pledgee that: 
  

	5.1	 The Pledgor has a complete and independent legal status and capacity under the Laws of China, has obtained the
appropriate authorization to sign, deliver and perform this Agreement, and can be an independent subject of litigation of one party. 

  

	5.2	 The Pledgor is the sole legal owner and beneficial owner of the Equity, has the full right and power to Pledge
the Equity to the Pledgee in accordance with this Agreement, and also has the right to dispose of the Equity and any part thereof. Except for the separate agreement signed by the Pledgor and the Pledgee, the Pledgor enjoys the legal and complete
ownership of the Equity. 

  

	5.3	 The Pledgee shall have the right to dispose of and transfer the Equity as specified herein.

  

	5.4	 Except for the Pledge, the Pledgor does not have any Security Interest or other encumbrances on the Equity, the
ownership of the Equity is not subject to any dispute, there is no taxes or fees payable but unpaid in connection with the Equity, and the Equity is not subject to seizure or other legal proceedings or similar threats and may be pledged or
transferred in accordance with applicable laws.. 

  

	5.5	 The Pledgor’s execution of this Agreement and exercise of its rights or performance of its obligations
hereunder shall not violate or contravene any law, regulation, judgment of any court, decision of any arbitration authority, decision of any administrative authority, any agreement or contract to which the Pledgor is a party or binding on its
assets, or any promise made by the Pledgor to any third party. 

	5.6	 All documents, materials, statements and vouchers provided by the Pledgor to the Pledgee are accurate, true,
complete and valid, whether provided before the entry into force of this Agreement or provided after the entry into force of this Agreement and during the Pledge Period. 

 

	5.7	 After this Agreement is duly signed by the Pledgor and becomes effective in accordance with the provisions
hereof, it shall constitute a legal, effective and binding obligation to the Pledgor. 

  

	5.8	 The Pledgor has the full right and authority within the Pledgor to sign and deliver this Agreement and all
other documents relating to the transaction described herein and to be signed, and full right and authority to complete the transaction described herein. 

  

	5.9	 Except for the Equity pledge registration to be applied to the Registration Authority, any third party’s
consent, permission, waiver, authorization or any government agency’s approval, permission, exemption or registration or filing to be applied to any government agency (if required by law) required for the execution and performance hereof and
for the effectiveness of the Equity pledge hereunder have been obtained or handled, and will remain fully and continuously valid during the term hereof. 

  

	5.10	 The Pledge hereunder shall constitute the Security Interest in the Equity in the first order.

  

	5.11	 All taxes and fees payable in connection with the acquisition of Equity have been paid in full by the Pledgor.

  

	5.12	 There are no pending or threatened lawsuit, arbitration or other legal proceedings or claims as known to the
Pledgor in any court or arbitral tribunal against the Pledgor or its property or Equity, nor are there any pending or threatened administrative proceeding, administrative penalty or other legal proceedings or claims as known to the Pledgor in any
government agency or administrative authority against the Pledgor or its property or Equity, which will have a material or adverse impact on the Pledgor’s financial situation or ability to perform its obligations and secure liability hereunder.

  

	5.13	 Unless otherwise agreed herein, at any time once the Pledgee exercises its rights pursuant to this Agreement,
there shall be no interference from any other party. 

  

	5.14	 The Pledgor hereby agrees to be jointly and severally liable to the Pledgee for the representations and
warranties made by Party C hereunder. 

	5.15	 The Pledgor hereby warrants to the Pledgee that the above representations and warranties will be true, correct,
accurate and complete and will be fully complied with at any time and under any circumstances before the Contractual Obligations are fully performed or the Secured Debt is fully settled. 

Party C represents and warrants to the Pledgee that: 
  

	5.16	 Party C is a limited liability company incorporated and validly existing under the Laws of China, has the
status of an independent legal person, can be an independent subject of litigation of one party, has formally registered with the competent industrial and commercial administrative department, has passed annual inspection over the years or submitted
annual report in accordance with law, has full and independent legal status and capacity, and has been duly authorized to sign, deliver and perform this Agreement. 

 

	5.17	 After this Agreement is duly signed by Party C and becomes effective in accordance with the provisions hereof,
it shall constitute a legal, effective and binding obligation to Party C. 

  

	5.18	 Party C has the full right and authority within Party C to sign and deliver this Agreement and all other
documents relating to the transaction described herein and to be signed, and full right and authority to complete the transaction described herein. 

  

	5.19	 There is no material Security Interest or other encumbrances on the assets owned by Party C that may affect the
Pledgee’s rights and interests in the Equity (including but not limited to the transfer of any intellectual property rights of Party C or any assets with the value of RMB500,000 or above, or any burden of property rights or right to use
attached to such assets). 

  

	5.20	 There are no pending or threatened lawsuit, arbitration or other legal proceedings as known to Party C in any
court or arbitral tribunal against the Equity, Party C or its asset, nor are there any pending or threatened administrative proceeding, administrative penalty or other legal proceedings as known to Party C in any government agency or administrative
authority against the Equity, Party C or its asset, which will have a material or adverse impact on Party C’s financial situation or the Pledgor/ Party C’s ability to perform its obligations and secure liability hereunder.

  

	5.21	 Party C hereby agrees to be jointly and severally liable to the Pledgee for the representations and warranties
made by the Pledgor hereunder. 

	5.22	 Party C’s execution of this Agreement and exercise of its rights or performance of its obligations
hereunder shall not violate or contravene an law, regulation, judgment of any court, decision of any arbitration authority, decision of any administrative authority, any agreement or contract to which Party C is a party or binding on its assets, or
any promise made by Party C to any third party. 

  

	5.23	 All documents, materials, statements and vouchers provided by Party C to the Pledgee are accurate, true,
complete and valid, whether provided before the entry into force of this Agreement or provided after the entry into force of this Agreement and during the Pledge Period. 

 

	5.24	 Except for the Equity pledge registration to be applied to the Registration Authority, any third party’s
consent, permission, waiver, authorization or any government agency’s approval, permission, exemption or registration or filing to be applied to any government agency (if required by law) required for the execution and performance of this
Agreement and for the effectiveness of the Equity pledge hereunder have been obtained or handled and will remain fully and continuously valid during the term hereof. 

 

	5.25	 The Pledge hereunder shall constitute the Security Interest in the Equity in the first order.

  

	5.26	 Party C hereby warrants to the Pledgee that the above representations and warranties will be true, correct,
accurate and complete and will be fully complied with at any time and under any circumstances before the Contractual Obligations are fully performed or the Secured Debt is fully settled. 

 

	6.	 Undertakings and Further Consent of the Pledgor and Party C 

The Pledgor undertakes and further agrees that: 
  

	6.1	 During the term hereof, the Pledgor hereby undertakes to the Pledgee that: 

 

	 	(1)	 except for performance of the Exclusive Call Option Agreement and with written consent or that a disclosure has
been made to the Pledgee, without prior written consent of the Pledgee, the Pledgor shall not or agree others to transfer all or any part of the Equity, have or allow existence of any Security Interest or other encumbrances that may affect the
Pledgee’s rights and interests in the Equity; 

  

	 	(2)	 the Pledgor shall comply with and enforce all laws and regulations applicable to Pledge of rights, present to
the Pledgee within five (5) days after receiving any notice, order or suggestion issued or made by relevant competent authority in respect of Pledge (or any other relevant aspect), and comply with such notice, order or suggestion or raise
objections and statements on the matters above as reasonably required by the Pledgee or with the consent of the Pledgee; 

	 	(3)	 the Pledgor shall immediately notify the Pledgee in writing of any event that may affect the Pledgee’s
right to the Equity or any part thereof or any notice received by the Pledgor and any event that may affect any warranties and other obligations of the Pledgor arising out of this Agreement or any notice received by the Pledgor, and take all
necessary measures as reasonably required by the Pledgee to ensure the Pledgee’s interest in Equity pledge. 

  

	6.2	 The Pledgor agrees that the Pledgee’s right to the Pledge hereunder shall not be interrupted or obstructed
by the Pledgor or any successor or representative of the Pledgor or any other person through legal procedures. 

  

	6.3	 In order to protect or improve the Security Interest granted hereunder for payment of the Secured Debt and
performance of the Contractual Obligations, and ensure the Pledgee’s interest in Equity pledge and the exercise and realization of such rights, the Pledgor hereby undertakes to apply to relevant Registration Authority for registration of the
Equity pledge hereunder as soon as possible after the execution of this Agreement, and sincerely sign and cause other parties who have interests in the Pledge to sign all documents (including but not limited to supplementary agreements to this
Agreement), certificates, agreements, deeds and/or undertakings required by the Pledgee. The Pledgor also undertakes to act and to cause other parties who have interests in the Pledge to act as required by the Pledgee, promote the Pledgee to
exercise its rights and authorizes granted hereunder, and sign all relevant documents related to the ownership of the Equity with the Pledgee or its designee. The Pledgor undertakes to provide the Pledgee with all notices, orders and decisions
related to the Equity as required by the Pledgee within a reasonable period. 

  

	6.4	 The Pledgor hereby undertakes to the Pledgee to comply with and fulfill all warranties, undertakings,
agreements, representations and conditions hereunder. If the Pledgor fails or partially fulfills its warranties, undertakings, agreements, representations and conditions, the Pledgor shall indemnify the Pledgee for all losses resulting therefrom.

  

	6.5	 If, for any reason, the pledged Equity hereunder is subject to any compulsory measures taken by the court or
other government departments, the Pledgor shall use all its efforts, including but not limited to providing other guarantees to the court or taking other measures, to remove such compulsory measures taken by the court or other departments regarding
the Equity. 

  

	6.6	 If the Equity involves any property preservation or enforcement, or any decrease or loss in the value of the
Equity is possible, which is sufficient to endanger the rights of the Pledgee, the Pledgor shall immediately notify the Pledgee in writing of such situation, and cooperate with the Pledgee in taking effective measures to guarantee the rights and
interest of the Pledgee, including but not limited to providing additional property as mortgage or security. If the Pledgor refuses to provide as required by the Pledgee, the Pledgee may auction or sell the Equity at any time, and use the proceeds
from the auction or sale to pay off the Secured Debt in advance or to place in deposit; any expenses incurred therefrom shall be borne by the Pledgor. 

	6.7	 Without prior written consent of the Pledgee, the Pledgor and/or Party C shall not (or assist others to)
increase, decrease or transfer the registered capital of Party C (or its amount of contribution to Party C) or impose any encumbrances on it (including the Equity). Subject to this provision, the Equity of Party C registered and acquired by the
Pledgor after the date hereof (the “Additional Equity”) and corresponding capital of such Equity in the registered capital of Party C shall also be the Equity to be pledged by the Pledgor for the Pledgee in accordance with this
Agreement. The Pledgor and Party C shall sign a supplementary agreement on Equity pledge with the Pledgee regarding the Additional Equity immediately after the Pledgor acquires the Additional Equity, and submit all documents necessary for the
supplementary agreement on Equity pledge to the Pledgee, including but not limited to (a) the original shareholders’ capital contribution certificate issued by Party C in respect of the Additional Equity, and (b) certified copies of
the capital verification report or other capital contribution certificates issued by Chinese Certified Public Accountant in respect of the Additional Equity. The Pledgor and Party C shall apply for Pledge (or change) registration of the Additional
Equity in accordance with Article 4.1 hereof and deliver relevant documents to the Pledgee for safekeeping in accordance with Article 4.2 hereof. 

  

	6.8	 Unless otherwise instructed to the contrary by the Pledgee in writing, the Pledgor and/or Party C agree/agrees
that if part or all of the Equity is transferred in violation of this Agreement between the Pledgor and any third party (the “Transferee of Equity”), the Pledgor and/or Party C shall ensure that the Transferee of Equity
unconditionally acknowledges the Pledge and handle necessary Pledge change registration procedures (including but not limited to signing relevant documents), so as to ensure the existence of the Pledge. Performance of the provisions of this article
by the Pledgor and/or Party C shall not be deemed that the Pledgee waives to pursue the Pledgor and/or Party C’s breach of contract. The Pledgee hereby expressly reserves the right to pursue the Pledgor and/or Party C’s breach of contract.

  

	6.9	 If the Pledgee provides a loan for Party C, the Pledgor and/or Party C shall agree to grant the Pledge to the
Pledgee with the Equity as Pledge to secure such further loan, and handle relevant procedures as soon as possible as required by laws, regulations or local practices (if any), including but not limited to signing relevant documents and applying for
relevant Pledge (or change) registration. 

	6.10	 The Pledgor shall not carry out or permit any act or action that may adversely affect the Pledgee’s rights
or Equity under the Transaction Agreements and this Agreement. The Pledgor hereby unconditionally and irrevocably waives the right of first refusal when the Pledgee realizes the Pledge. 

 

	6.11	 In the event of any transfer of the Equity arising from the exercise of the Pledge hereunder, the Pledgor
warrants to take all measures to achieve such transfer. 

  

	6.12	 The Pledgor shall not give up the Equity pledged to the Pledgee pursuant to this Agreement and/or give up the
fruits, including but not limited to dividends and bonuses, arising from the holding of such Equity until the Contractual Obligations have been fully performed and the Secured Debt has been fully settled. 

 

	6.13	 The Pledgor shall not, by any resolution, allow Party C to transfer, sell or otherwise dispose of any of its
assets without prior written consent of the Pledgee until the Contractual Obligations have been fully performed and the Secured Debt has been fully settled. 

  

	6.14	 Unless disclosed to and agreed by Party A, the Pledgor shall not sign any document or make relevant commitment
which has a conflict of interest with legal documents such as agreements signed and being performed by Party C or the Pledgee and its designee, and shall not, by act or omission, cause a conflict of interest between the Pledgor and the Pledgee and
its shareholders. If such conflict of interest occurs (the Pledgee shall have the right to unilaterally determine whether such conflict of interest occurs), the Pledgor shall, with the consent of the Pledgee or its designee, take measures to
eliminate it as soon as possible. If the Pledgor refuses to take measures to eliminate the conflict of interest, the Pledgee shall have the right to exercise the right of Equity purchase under the Exclusive Call Option Agreement.

  

	6.15	 If, under applicable law, any amendment, supplement or update of this Agreement shall not take effect until the
approval and/or registration of corresponding change of Pledge has been completed, the Pledgor shall, within a reasonable time after the completion of such amendment, supplement or update, complete the registration of such change at relevant
Registration Authority. 

  

	6.16	 The Pledgor shall ensure that the convening procedure, voting method and content of the shareholders’
meeting and board meeting of Party C convened for signing of this Agreement, creation of the Pledge and exercise of the Pledge do not violate laws, administrative regulations or the articles of association of Party C. 

 Party C undertakes and further agrees that: 

 

	6.17	 If the execution and performance of this Agreement and the Equity pledge hereunder require any third
party’s consent, permission, waiver, authorization or any government agency’s approval, permission, exemption or registration or filing to be applied to any government agency (if required by law), Party C shall use its best efforts to
assist in obtaining and maintaining its full validity during the term hereof. If the term of operation of Party C expires within the term hereof, Party C shall complete the registration procedures for extending the term of operation before the term
of operation of Party C expires, so as to ensure the continuation of the validity of this Agreement. 

  

	6.18	 Without prior consent of the Pledgee, Party C shall not assist or permit the Pledgor to create any new Pledge
or grant any other Security Interest in the Equity, nor shall it assist or permit the Pledgor to transfer the Equity. 

  

	6.19	 Party C agrees to strictly abide by the obligations agreed in Articles 6.3, 6.7, 6.8, 6.9, 6.11, 6.12, 6.14,
6.15 and 6.16 of this Agreement with the Pledgor. 

  

	6.20	 Without prior written consent of the Pledgee, Party C shall not transfer or sell the assets of Party C or
create or permit the existence of any Security Interest or other encumbrances on the assets of Party C that may affect the Pledgee’s rights and interests in the Equity (including but not limited to the transfer of any intellectual property
rights of Party C or any assets with the value of RMB 500,000 or above, or any burden of property rights or right to use attached to such assets). 

  

	6.21	 If any legal action, arbitration or other claims may adversely affect the interests of Party C, the Equity or
the Pledgee under the Transaction Agreements and this Agreement, Party C warrants that it shall notify the Pledgee in writing as soon as possible and in a timely manner, and take all necessary measures to ensure the Pledgee’s Pledge interest in
the Equity as reasonably required by the Pledgee. 

  

	6.22	 Party C shall not carry out or permit any act or action that may adversely affect the Pledgee’s interests
or Equity under the Transaction Agreements and this Agreement. 

  

	6.23	 Within the first month of each calendar quarter, Party C shall provide the Pledgee with the financial
statements of the previous calendar quarter of Party C, including but not limited to the balance sheet, income statement and cash flow statement. 

  

	6.24	 Party C warrants that it shall take all necessary measures and sign all necessary documents as reasonably
required by the Pledgee to ensure the Pledgee’s interest in Equity pledge and the exercise and realization of such interest. 

	6.25	 In the event of any transfer of the Equity arising from the exercise of the Pledge hereunder, Party C warrants
to take all measures to achieve such transfer. 

  

	6.26	 In the event of dissolution or liquidation of Party C as required by the Laws of China, this Agreement shall be
terminated, and Party C and Party B shall, to the extent permitted by the Laws of China, transfer all their assets including Equity to Party A for free or at the lowest price permitted by the Laws of China, or all assets including Equity of Party C
shall be disposed of by the liquidator at that time to protect the interests of Party A and/or the creditor. 

  

	6.27	 Each Party warrants to the other party that once permitted by the Laws of China and the Pledgee decides to
purchase all the Equity of Party C held by the Pledgor in accordance with the Exclusive Call Option Agreement, the Parties shall immediately terminate this Agreement. 

 

	7.	 Default Event 

 

	7.1	 Any of the following events shall be deemed a Default Event: 

 

	 	(1)	 The Pledgor breaches or fails to perform any of its Contractual Obligations under the Exclusive Call Option
Agreement, the Power of Attorney and/or this Agreement, and Party C breaches or fails to perform any of its Contractual Obligations under the Exclusive Call Option Agreement, the Power of Attorney, the Business Cooperation Agreement and/or this
Agreement; 

  

	 	(2)	 Any representation or warranty made by the Pledgor in Article 5 hereof contains serious misrepresentation or
error, and/or the Pledgor breaches any warranty in Article 5 hereof and/or any undertaking in Article 6 hereof; 

  

	 	(3)	 The Pledgor and Party C breach any content or provision of this Agreement; 

 

	 	(4)	 Unless expressly agreed in Article 6.1(1), the Pledgor transfers or intends to transfer or abandon the pledged
Equity or transfers the pledged Equity without prior written consent of the Pledgee; 

  

	 	(5)	 The Pledgor’s own loan, warranty, indemnity, undertaking or other liabilities to any third party
(i) are required to be repaid or fulfilled in advance due to the Pledgor’s default, or (ii) are due but cannot be repaid or fulfilled on time; 

  

	 	(6)	 The Pledgor is unable to repay general debts or other debts; 

	 	(7)	 Any approval, license, consent, permission or authorization of any government agency that makes this Agreement
enforceable, legal and effective is withdrawn, suspended, invalidated or materially altered; 

  

	 	(8)	 The enactment of applicable law makes this Agreement illegal or prevents the Pledgor from continuing to perform
its obligations hereunder; 

  

	 	(9)	 Adverse changes in the property owned by the Pledgor cause the Pledgee to believe that the ability of the
Pledgor to perform its obligations hereunder has been affected; 

  

	 	(10)	 Party C or its successors or custodians can only partially perform or refuse to perform the payment obligation
under the Business Cooperation Agreement or the Pledgor and/or Party C can only partially settle or refuse to settle the Secured Debt; and 

  

	 	(11)	 Any other circumstance in which the Pledgee is unable or may not be able to exercise its right to the Pledge.

  

	7.2	 The Pledgor and Party C shall immediately and accordingly notify the Pledgee in writing as soon as they become
aware of or discover that any of the circumstances described in Article 7.1 or any of the events that may cause such circumstances has occurred. 

  

	7.3	 Unless the Default Event set forth in Article 7.1 has been satisfactorily resolved by the Pledgee within thirty
(30) days from the date of notice given by the Pledgee, the Pledgee may give Default Notice to the Pledgor at the time or at any time after the occurrence of the Default Event to exercise all of its rights and powers of remedy for breach of
contract under the Laws of China, the Transaction Agreements and this Agreement, including but not limited to: 

  

	 	(1)	 requiring the Pledgor and/or Party C to immediately make all outstanding payments due under the Business
Cooperation Agreement, all arrears due under the Transaction Agreements and all other payments due to the Pledgee, and/or repay the loan; and/or 

  

	 	(2)	 disposing of the Pledge and/or disposing of the pledged Equity by other means as agreed in Article 8 hereof
(including but not limited to the conversion of all or part of the Equity, or the preferential payment of the proceeds from auction or sale of the Equity) to the extent permitted by law. 

The Pledgee shall have the right to choose to exercise any of the above rights in accordance with its independent judgment. In such case, the
other parties to this Agreement shall unconditionally agree to cooperate fully. The Pledgee shall not be liable for any loss caused by its reasonable exercise of such rights and powers. 

	7.4	 The Pledgee shall have the right to appoint its lawyer or other agents in writing to exercise any and all of
the aforesaid rights and powers, and neither the Pledgor nor Party C shall raise any objection. 

  

	7.5	 The Pledgee shall have the right to exercise any default remedies it enjoys at the same time or successively.
The Pledgee shall not have to make other default remedies before exercising the right to auction or sell the Equity hereunder. 

  

	8.	 Exercise of Pledge 

 

	8.1	 The Pledgor shall not transfer the Pledge or the Equity in Party C without the written consent of the Pledgee
until the Contractual Obligations have been fully performed and the Secured Debt has been fully repaid. 

  

	8.2	 When exercising the Pledge, the Pledgee may send a Default Notice to the Pledgor in accordance with Article
7.3. 

  

	8.3	 Subject to Article 7.3, the Pledgee may exercise the right to enforce the Pledge at the same time or at any
time after the Default Notice is given in accordance with Article 7.3. Once the Pledgee chooses to enforce the Pledge, the Pledgor shall no longer have any rights or interests related to the Equity. 

 

	8.4	 When exercising the Pledge, the Pledgee shall have the right to dispose of the pledged Equity in accordance
with law within the permitted scope and in accordance with the applicable law; all the payment received by the Pledgee due to the exercise of the Pledge shall be handled in the following order: 

 

	 	(1)	 pay all expenses arising from the disposal of the Equity and the exercise of the Pledgee’s rights and
powers (including the fees paid to its lawyer and the remuneration paid to its agent); 

  

	 	(2)	 pay the taxes due for the disposal of the Equity; 

 

	 	(3)	 repay the Secured Debt to the Pledgee. 

If there is any balance after deducting the above amount, the balance shall be paid to the Pledgor or the person entitled to receive such
amount (without interest), and the Pledgor shall give such amount to the Pledgee or its designee unconditionally as permitted by the Laws of China. The Pledgee shall not be liable for any loss caused by its reasonable exercise of such rights and
powers. 
  

	8.5	 When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgor and Party C shall
provide necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreement. 

	8.6	 All the actual expenses, taxes and all legal fees related to the creation of the Equity pledge and the
realization of the Pledgee’s rights hereunder shall be borne by Party C, unless they shall be borne by the Pledgee in accordance with law, and the Pledgee shall have the right to deduct such expenses in accordance with the actual amount from
the payment obtained from the exercise of its rights and powers. 

  

	8.7	 The amount of the Secured Debt identified by the Pledgee when exercising its Pledge of the Equity in accordance
with this Agreement shall be deemed as final evidence of the Secured Debt hereunder. 

  

	9.	 Transfer 

  

	9.1	 Without prior written consent of the Pledgee, the Pledgor shall not transfer or delegate its rights and
obligations hereunder. 

  

	9.2	 The Pledgor and Party C agree that, without contravening the Laws of China at the time, after the Pledgee
notifies the Pledgor and Party C, the Pledgee may delegate or transfer to any third party in any manner and on any terms and conditions (including the right to re-delegate) as it deems appropriate, any right
it may exercise hereunder, the Transaction Agreements and other security documents. 

  

	9.3	 This Agreement shall be binding upon the Pledgor and Party C and their respective successors and permitted
transferees (if any), and shall be valid for the Pledgee and each of its successors and transferees. 

  

	9.4	 At any time when the Pledgee transfers any and all of its rights and obligations under the Transaction
Agreements to the party (natural person/legal person) designated by it, the transferee shall enjoy and assume the rights and obligations of the Pledgee hereunder as if it were the original party to this Agreement. When the Pledgee transfers the
rights and obligations under the Transaction Agreements, at the request of the Pledgee, the Pledgor and/or Party C shall sign relevant agreement or other documents related to such transfer. 

 

	9.5	 If the Pledgee changes as a result of the transfer of the Transaction Agreements and/or this Agreement, the
Pledgor and Party C shall, at the request of the Pledgee, sign a new equity interest pledge agreement with the new pledgee on the pledged Equity on the same terms and conditions as this Agreement and apply for corresponding pledge registration.

	9.6	 The Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or separately
signed by the Parties hereto or by any of them, including the Transaction Agreements, perform its obligations under this Agreement and other contracts (including the Transaction Agreements), and shall not perform any act/omission that may affect
their validity and enforceability. Unless instructed in writing by the Pledgee, the Pledgor shall not exercise any remaining rights in respect of the Equity pledged hereunder. 

 

	10.	 Termination 

  

	10.1	 Upon expiration of the Pledge Period, this Agreement shall be terminated, the Pledgee shall cancel or terminate
this Agreement as soon as reasonably practicable and remove the Equity pledge hereunder, and the Pledgor and Party C shall record the release of the Equity pledge in the register of shareholders of Party C and apply to relevant Registration
Authority for registration of the Equity pledge release. The Pledgor and Party C shall bear the reasonable expenses arising from the Equity pledge release. Articles 12, 13 and 19.5 shall survive termination of this Agreement. 

 

	10.2	 If Party B, with the knowledge and consent of Party A, no longer holds any Equity or other interests of Party
C, and has completed all registration or filing related to the transfer or release of such Equity/interests in accordance with relevant laws and regulations (including but not limited to industrial and commercial registration of changes,
registration of Equity pledge release/change, etc.), the rights and obligations of the party hereunder and other contracts (including but not limited to the Exclusive Call Option Agreement and the Business Cooperation Agreement) jointly or
separately concluded by Party B, Party C and Party A shall be terminated automatically. Amendments and changes to this Agreement made by the other parties shall not require the consent of that Party. 

 

	11.	 Handling Fees and Other Charges 

All costs and actual expenses in connection with this Agreement, including but not limited to attorney’s fees, cost of production, stamp duty and any
other tax and expense, shall be borne by Party C. If applicable law requires the Pledgee to bear certain taxes and expenses, the Pledgor shall urge Party C to pay back in full the taxes and expenses paid by the Pledgee. 

	12.	 Confidentiality 

The Parties agree that, this Agreement, its contents and any oral or written information exchanged in connection with this Agreement shall be confidential
information. Party B and Party C shall keep all such information and shall not disclose any relevant information to any third party without the written consent of Party A, except for: (a) such information known to the public (but not disclosed
by any of the receiving Parties); (b) information required by applicable law or any rules or requirements of the stock exchange; or(c) the information that Party B and Party C needs to disclose to its legal or financial consultants in connection
with the transactions hereunder, and such legal or financial consultants shall also be subject to the duty of confidentiality similar to the obligations in this Article. The disclosure of any confidential information by any personnel or institutions
employed by Party B and Party C shall be deemed as the disclosure of such confidential information by Party B and Party C, and Party B and Party C shall bear legal liability for the breach. This Article shall survive after the termination hereof for
any reason. 
  

	13.	 Governing Law and Dispute Settlement 

 

	13.1	 The execution, validity, interpretation, performance, amendment and termination hereof or hereto, and disputes
settlement hereunder shall be governed by the Laws of China. 

  

	13.2	 In case of any dispute arising from the interpretation, amendment, supplement and performance hereof or hereto,
the Parties shall first settle the dispute through negotiation in good faith. If the Parties fail to reach an agreement on the settlement of such dispute within thirty (30) days after the request of any Party through negotiation, any Party may
submit the dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with the applicable arbitration rules at that time. The arbitration shall be conducted in Beijing and the language of arbitration shall
be Chinese. The arbitration award shall be final and binding upon both Parties. The arbitral tribunal may decide the compensation for the Equity interests, assets or property interests of Party C for the losses caused to the Pledgee due to the
breach of contract by any other Party hereto, or order the compulsory relief or bankruptcy of Party C in respect of the relevant business or compulsory transfer of assets. After the arbitral award takes effect, any Party shall have the right to
apply to the court with jurisdiction for the enforcement of it. When necessary, the arbitration institution is entitled to immediately stop the breach of contract by the Breaching Party before making the final award on the disputes between the
Parties, or decide that the Breaching Party not conduct any action that may cause further losses of the Pledgee. 

  

	13.3	 In the event of any dispute arising from the interpretation or performance hereof, or any dispute being
arbitrated, except for the matters in dispute, the Parties hereto shall continue to exercise their respective rights and perform their respective obligations hereunder. 

	13.4	 If, at any time after the date hereof, any laws, regulations and rules of China is enacted or changed, or any
of their interpretation or application is changed, the following provisions shall apply: to the extent permitted by the Laws of China, if the changed law or enacted provision is more favorable to any Party than the relevant laws, regulations,
decrees or provisions in force on the date hereof (and the other Parties is not adversely affected), all Parties shall promptly apply for and make their best efforts to obtain the benefits arising from such changes or new regulations; if the changed
law or enacted provision has adversely affected the rights and interests of any Party, whether directly or indirectly, this Agreement shall continue to be executed in accordance with the original terms. The Parties shall adopt all lawful means to
obtain exemptions from compliance with such changes or provisions. If the adverse effect on the economic interests of any party cannot be solved in accordance with the provisions hereof, after any of the Affected Party notifies the other Parties,
all Parties shall consult and make all necessary modifications hereto in a timely manner to maintain the economic interests of the Affected Party hereunder. 

  

	14.	 Force Majeure 

 

	14.1	 “Force Majeure” refers to any unforeseeable, unavoidable and insurmountable event that renders
either Party’s failure to perform any part or all of its obligations hereunder, including but not limited to earthquake, typhoon, flood, war, strike, riot, act of government, change of laws or other applicable changes. 

 

	14.2	 In case of any Force Majeure event, the obligations of any Party affected by the Force Majeure hereunder shall
be automatically suspended during the delay period, and its performance period shall be automatically extended. The extended period shall be the suspension period, during which the Party shall not be punished or liable. In the event of a Force
Majeure, both Parties shall immediately consult to seek a just solution and shall make all reasonable efforts to minimize the effect of Force Majeure. 

  

	15.	 Notice 

  

	15.1	 All notices and other communications required or permitted hereunder shall be delivered by hand or by prepaid
registered mail, commercial express service or fax to the address and fax number of such Party as set forth in Appendix I hereto. Each notice shall be accompanied by a confirmation sent by e-mail. Under the
following circumstances the notice is deemed to be validly served: 

  

	 	(1)	 If the notice is given by hand delivery, courier service or prepaid registered mail, it shall be deemed to have
been served on the date of receipt or rejection at the designated addressee. 

  

	 	(2)	 If the notice is given by fax, it shall be deemed to have been served on the date of successful transmission
(as evidenced by the automatically generated transmission confirmation). 

	15.2	 Any Party may change its address, fax and/or email address at any time by giving notice to the other Parties in
accordance with this Article. 

  

	16.	 Severability 

If one or more provisions hereof are held to be invalid, illegal or unenforceable in any respect under any law or regulation, the validity, legality or
enforceability of the remaining provisions hereof shall not be affected or impaired in any way. The Parties shall replace an invalid, illegal or unenforceable agreement with a valid one through the sincerity consultations and to the fullest extent
permitted by law. The economic effect of such valid agreement shall be as similar as possible to that of the invalid, illegal or unenforceable agreement. 
  

	17.	 Appendix 

The appendix hereto shall constitute an integral part of this Agreement. 
  

	18.	 Effectiveness, Amendment, Modification, Supplement and Counterpart 

 

	18.1	 This Agreement shall enter into force from the date of signature by the Parties, and the Equity pledge
hereunder shall enter into force from the date of completion of the relevant registration procedures with the Registration Authority. 

  

	18.2	 Any amendment, modification and supplement hereto shall be made in writing and shall enter into force upon
signature or seal by the Parties and the completion of the government registration procedure, if applicable. 

  

	18.3	 If relevant stock exchange or other regulatory authority with jurisdiction proposes any amendment hereto, or
relevant stock exchange listing rules or other relevant provisions require the amendment hereto, the Parties shall amend this Agreement accordingly. 

  

	18.4	 This Agreement is made in six (6) copies, with Party A and Party C each holding two (2) of them,
Party B holding one (1) of them and one (1) for Registration Authority, which shall have the same legal effect 

  

	19.	 Miscellaneous 

 

	19.1	 This Agreement (except for any of its amendment, supplement or modification made in writing after the date
hereof) shall constitute an entire agreement between the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written negotiations, representations and contracts with respect to the subject matter hereof.

	19.2	 This Agreement shall be binding upon the respective successors and permitted transferees of the Parties.

  

	19.3	 Either Party may waive its rights hereunder, but such waiver must be made in writing and signed by the Parties.
A waiver by either Party in respect of a breach by another Party in one case shall not be deemed to be a waiver by such party in respect of a similar breach in any other case. 

 

	19.4	 The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or
otherwise affect the meaning of any provision of this Agreement. 

  

	19.5	 The Parties agree to sign all necessary documents and take further actions reasonably needed for the
performance of the provisions, or the realization of the purposes, of this Agreement or in their favor in a timely manner. 

  

	19.6	 Without conflicting with the Transaction Agreements and other provisions of this Agreement, if at any time
after the date hereof, any laws, regulations and rules of China is enacted or changed, or any of their interpretation or application is changed, or relevant registration procedure is changed, the Pledgee deems it illegal to maintain the
effectiveness of this Agreement, the validity of the Pledge hereunder and/or to dispose of the Equity in the manner agreed upon herein is contrary to such laws, regulations or rules, the Pledgor and Party C shall immediately take any action and/or
execute any agreement or other documents in accordance with the written instructions and the reasonable requirements of the Pledgee, in order to: (1) maintain the effectiveness of this Agreement and the validity of the Pledge hereunder;
(2) facilitate the disposal of the Equity in the manner agreed upon herein; and/or (3) maintain or realize the guarantees created or intended to be created hereunder. 

 

	19.7	 This Agreement is a legal document independent of the Transaction Agreements and other guarantee documents. The
invalidity of the Transaction Agreements or other guarantee documents shall not affect the rights and obligations of the Parties hereunder. If the Transaction Agreements or other guarantee documents are declared invalid, but the Pledgor still has
outstanding Contractual Obligations and/or still owes Secured Debt with the Pledgee, the Equity hereunder shall remain the Pledge of the Contractual Obligations and the Secured Debt until the Pledgor has paid off all the Secured Debts and fulfilled
all the Contractual Obligations. 

 (The remainder of this page is intentionally left blank) 

 (This is the signature page of the Equity Interest Pledge Agreement only.) 

IN WITNESS WHEREOF, this Equity Interest Pledge Agreement has been executed by the Parties on the date and at the place first written above. 

Party A: Beijing Quhuo Information Technology Co., Ltd. (Seal) 
  

			
	Signature:	 	 /s/ Yiyang Yu

	Name: Yiyang Yu
	Title: Legal Representative

 (This is the signature page of the Equity Interest Pledge Agreement only.) 

IN WITNESS WHEREOF, this Equity Interest Pledge Agreement has been executed by the Parties on the date and at the place first written above. 

Party B: Lili Sun 
  

			
	Signature:	 	 /s/ Lili Sun

 (This is the signature page of the Equity Interest Pledge Agreement only.) 

IN WITNESS WHEREOF, this Equity Interest Pledge Agreement has been executed by the Parties on the date and at the place first written above. 

Party C: Beijing Quhuo Technology Co., Ltd. (Seal) 
  

			
	Signature:	 	 /s/ Leslie Yu

	Name: Leslie Yu
	Title: Legal Representative

 Appendix I 

For the purpose of notification, the contact information of the Parties are as follows: 

Party A: Beijing Quhuo Information Technology Co., Ltd. 

Address: [REDACTED] 
 Phone: [REDACTED] 

Party B: Lili Sun 
 Address: [REDACTED] 

Phone: [REDACTED] 
 Party C: Beijing Quhuo Technology Co., Ltd.

 Address: [REDACTED] 
 Phone: [REDACTED]

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