Document:

EX-4.48

 Exhibit 4.48 

Business Operating Agreement 

This Business Operating Agreement (this “Agreement”) is entered into as of June 13, 2016 in Beijing, the People’s Republic
of China (“PRC,” for purposes of this Agreement, excluding Hong Kong Macau and Taiwan) by and among: 
  

	Party  A:	Baidu Online Network Technology (Beijing) Co., Ltd. 

 Registered Address: 3/F, Baidu
Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 
  

	Party  B:	Beijing Baidu Netcom Science Technology Co., Ltd. 

 Registered Address: 2/F, Baidu
Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 
 Party C: 

Yanhong Li, a PRC citizen, ID No.
                                        ; and

 Hailong Xiang, a PRC citizen, ID No. 

WHEREAS: 
  

	1.	 Party A is a wholly foreign-owned enterprise duly incorporated and validly existing under the laws of the PRC,
which has the technology expertise and practical experience in the development and design of computer software, and also has rich experience and human resources specializing in information technology and services; 

 

	2.	 Party B is a limited liability company duly incorporated and validly existing under PRC law;

  

	3.	 Party C is shareholders of Party B owning 100% equity interests in Party B; 

 

	4.	 Party A and Party B have established business relationship by entering into an Exclusive Technology Consulting
and Services Agreement; and 

  

	5.	 Pursuant to the above-mentioned agreement between Party A and Party B, Party B shall make certain payments to
Party A, and the daily operations of Party B will have a material effect on Party B’s ability to make such payment to Party A. 

NOW THEREFORE, through negotiations, all parties to this Agreement hereby agree as follows: 

 

	1.	 Party A agrees, subject to satisfaction of applicable provisions herein by Party B, to be the guarantor of
Party B in the contracts, agreements or transactions entered into between Party B and any third party in connection with Party B’s business and operations, to provide full guarantees for performance of such contracts, agreements or transactions
by Party B. As counter-guarantee, Party B agrees to pledge the accounts receivable in its operations and all of its assets to Party A. According to the aforesaid guarantee arrangement, Party A, when necessary, is willing to enter into written
guarantee contracts with Party B’s counterparties to assume the guarantor’s liabilities. Party B and Party C shall take all necessary actions (including, but not limited to, executing relevant documents and filing relevant registrations)
to carry out the counter-guarantee arrangement with Party A. 

  
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	2.	 In consideration of the requirements of Article 1 hereof and to ensure performance of the various business
agreements between Party A and Party B and payment by Party B of the amounts payable to Party A thereunder, Party B and Party C hereby agree that, without Party A’s prior written consent, Party B shall not engage in any transaction that may
materially affect its assets, liabilities, rights or operations (other than execution of any business contract or agreement, sale or purchase of any asset by Party B in its ordinary course of business and receipt of legal rights by applicable
counterparties as a result thereof), including, but not limited to, the following: 

  

	 	2.1	 To borrow money from any third party or assume any debt; 

 

	 	2.2	 To sell to or acquire from any third party any asset or right, including, but not limited to, any intellectual
property rights; 

  

	 	2.3	 To provide guarantee for any third party using its assets or intellectual property rights as collaterals; or

  

	 	2.4	 To assign to any third party its business contracts. 

 

	3.	 In order to ensure the performance of the various business agreements between Party A and Party B and the
payment by Party B of the amounts payable to Party A thereunder, Party B and Party C hereby agree to accept advice and guidance provided by Party A from time to time relating to its policies on matters such as employment and dismissal of employees,
daily operations and management, and financial management. 

  

	4.	 In the event that any agreement between Party A and Party B terminates or expires, Party A shall have the
right, but not the obligation, to terminate all agreements between Party A and Party B, including, but not limited to, the Services Agreement. 

  

	5.	 Any amendment or supplement to this Agreement shall be made in writing. The amendment or supplement duly
executed by all parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 

  

	6.	 Should any provision of this Agreement be held invalid or unenforceable because of inconsistency with
applicable laws, such provision shall be invalid or unenforceable only to the extent of jurisdiction of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 

 

	7.	 Neither Party B or Party C may assign its rights and obligations under this Agreement to any third party
without the prior written consent of Party A. Party B and Party C hereby agree that Party A may assign its rights and obligations under this Agreement as Party A considers it necessary to do so, in which case Party A only needs to give a written
notice to Party B and no further consent of Party B is required. 

  
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	8.	 Each party acknowledges and confirms that any oral or written information exchanged pursuant to this Agreement
are confidential. Each party shall keep confidential all such information and not disclose any such information to any third party without the prior written consent from the other party except for any information which: (a) is or will become
known to the public (without any fault of the receiving party); (b) is required to be disclosed by the applicable laws or rules of stock exchange; or (c) is disclosed by each party to its legal or financial advisor relating to the
transactions contemplated by this Agreement, provided that such legal or financial advisor shall comply with the confidentiality provisions set forth in this Article 10. Disclosure of any confidential information by the employee of or any entity
engaged by any Party shall be deemed as disclosure by such Party, and such disclosing Party shall be liable for breach under this Agreement. This Article 10 shall survive the invalidity, cancellation, termination or unenforceability of this
Agreement for any reason. 

  

	9.	 This Agreement shall be governed by and interpreted in accordance with the laws of the PRC.

  

	10.	 Any dispute arising in connection with the interpretation and performance of the provisions of this Agreement
shall be resolved by the Parties in good faith through negotiations. IF no resolution is reached by the Parties through negotiations, any Party may submit such dispute to the China International Economic and Trade Arbitration Commission (the
“CIETAC”) for arbitration in accordance with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be in Beijing, and the language of the proceedings shall be Chinese. The arbitral award shall be final and binding
upon all of the Parties. 

  

	11.	 This Agreement shall be executed by a duly authorized representative of each Party and become effective as of
the date first written above. 

  

	12.	 Once effective, this Agreement shall constitute the entire agreement of the Parties with respect to the
subject matters hereof and supersede all prior oral and written agreements and understandings by the Parties with respect to the subject matters hereof. 

  

	13.	 This Agreement shall remain permanently valid unless early terminated as expressly agreed in this Agreement or
decided by Party A in writing. If the duration of operation (including any extension thereof) of Party A or Party B is expired or terminated for any other reason within the aforesaid term of this Agreement, such Party shall timely renew its duration
of operation to enable this Agreement to continue to be valid and implementable. If a Party’s application to renew its duration of operation fails to obtain the approval or consent of any competent authority, this Agreement shall be terminated
simultaneously with the expiration or termination of the duration of operation of such Party, unless such Party has transferred its rights and obligations pursuant to Article 7 of this Agreement. 

 

	14.	 During the term of this Agreement, unless otherwise required under applicable laws, neither Party B or Party C
may early terminate or end this Agreement. Notwithstanding the foregoing, Party A shall have the right to terminate this Agreement at any time by issuing a thirty (30) days’ prior written notice to Party B and Party C. During the term of
this Agreement, if Party B or Party C is found in breach of this Agreement and fails to correct such breach within fourteen (14) days upon receipt of written notice regarding such breach from Party A, Party A may terminate this Agreement with
notice to Party B and Party C in writing. 

  
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	15.	 All notices or other correspondences required to be sent by any Party hereunder shall be written in Chinese
and delivered to the following addresses of the other Parties or other addresses designated and notified to such Party from time to time via personal delivery, registered mail, post prepaid mail, recognized express delivery service or fax. The
notices shall be deemed to have been duly served (a) upon sent if sent by personal delivery, (b) on the tenth (10th) day after the post-prepaid registered airmail is sent (shown on
the postmark) if sent by mail, or on the fourth day after the notice is handed to an internationally recognized express delivery service; and (c) at the time of receipt shown on the transmission acknowledgement if sent via fax.

  

					
		 	Party A:	  	Baidu Online Network Technology (Beijing) Co., Ltd.
		 	 Address:
	  	 3/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

		 	 Attention:
	  	 Hailong Xiang

		 	 Fax:
	  	 010-59927435

		 	 Tel:
	  	 010-59925049

			
		 	Party B:	  	Beijing Baidu Netcom Science Technology Co., Ltd.
		 	 Address:
	  	 2/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

		 	 Attention:
	  	 Zhixiang Liang

		 	 Fax:
	  	 010-59927435

		 	 Tel:
	  	 010-59928888

			
		 	 Party C:
	  	
		 	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

		 	 Attn:
	  	 Yanhong Li/Hailong Xiang

		 	 Fax:
	  	 010-59927435

		 	 Tel:
	  	 010-59928888

  

	16.	 This Agreement is made in four originals, with each party holding one original. All originals shall have the
same legal effect. 

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IN WITNESS THEREOF, each Party has caused this Agreement to be duly executed by himself or its duly authorized representative as of the
date first written above. 
  

	Party  A:	Baidu Online Network Technology (Beijing) Co., Ltd. (seal) 

  

	
	 /s/:    Hailong Xiang

	 Title: Legal Representative

 

	Party  B:	Beijing Baidu Netcom Science Technology Co., Ltd. (seal) 

  

	
	 /s/:    Zhixiang Liang

	 Title: Legal Representative

	
	 Party C:

	
	 /s/:     Yanhong Li

	
	 /s/:     Hailong Xiang

  
 5EX-4.49

 Exhibit 4.49 

AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT 

This Amended and Restated Equity Pledge Agreement (this “Agreement”) is entered into in Beijing, PRC by the following parties on
January 18, 2017: 
 Pledgee: 
  

	Party  A:	Baidu Online Network Technology (Beijing) Co., Ltd. 

Registered Address: 3/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Pledgor: 
  

	Party  B:	Hailong Xiang 

 ID No. 

Address: Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 

WHEREAS: 
 1. Party A is a wholly
foreign-owned enterprise registered in Beijing, the People’s Republic of China (the “PRC”). 
 2. Party B is a citizen of the
PRC owning 0.5% equity interests in Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu Netcom”), a limited liability company registered in Beijing, the PRC. 

3. Party A and Party B entered into a Amended and Restated Loan Agreement dated June 13, 2016, whereby Party B obtains a loan (the
“Loan Arrangement”) up to a total amount of RMB10,856,400 (the “Loan”). 
 4. Party A and Baidu Netcom entered into an
Exclusive Technology Consulting and Services Agreement dated March 22, 2005 (the “Services Agreement”), pursuant to which Baidu Netcom shall pay Party A technical consulting and services fee (the “Service Fees”) for the
technology consulting and services provided by Party A. 
 5. In order to ensure that Party B will perform its obligations under the Loan
Arrangement and Party A will be able to collect Service Fees from Baidu Netcom, Party B agrees to pledge his equity interest in Baidu Netcom as security for the Loan and the Service Fees. Party A and Party B intend to enter into this Agreement to
specify their respective rights and obligations in respect of such pledge. 
 6. Party A and Party B have entered into a series of equity
pledge agreements (collectively the “Original Equity Pledge Agreement”) listed in Appendix I hereof, and both Parties hereto now agree to execute this Agreement to amend and restate the Original Equity Pledge Agreement. This Agreement
shall supersede and replace the Original Equity Pledge Agreement as of the effective time provided herein. 

  
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 NOW THEREFORE, the Pledgee and the Pledgor agree as follows through negotiations and to be bound hereby:

  

	1.	 Definitions 

Unless otherwise provided in this Agreement, the following terms shall have the following meanings: 

1.1 “Pledge”: refers to the full content of Article 2 hereunder. 

1.2 “Equity Interest”: refers to all of the equity interest in Baidu Netcom legally held by the Pledgor. 

1.3 “Rate of Pledge”: refers to the ratio between the value of the Pledge under this Agreement and the total amount of the Service
Fees and the Loan. 
 1.4 “Term of Pledge”: refers to the period provided for under Article 3.2 hereunder. 

1.5 “Principal Agreement”: refers to the Services Agreements and the agreements under the Loan Arrangement. 

1.6 “Event of Default”: refers to any event listed in Article 7.1 hereunder. 

1.7 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement. 

 

	2.	 Pledge 

The Pledgor will pledge all of his Equity Interest in Baidu Netcom to the Pledgee as security for (i) all his obligations under the Loan
Arrangement and (ii) all obligations of Baidu Netcom under the Services Agreement. For purpose of this Agreement, “Pledge” refers to the priority in receiving payment in the form of all or part of the Equity Interest based on the
conversion value thereof, or from the proceeds from the auction or sale of all or part of the Equity Interest in accordance with legal procedure. 
  

	3.	 Rate of Pledge and Term of Pledge  

3.1 Rate of the Pledge 
 The rate of the Pledge
shall be approximately 100%. 
 3.2 Term of the Pledge 

3.2.1 The Pledge shall take effect as of the date when the pledge of the Equity Interest is recorded in the Register of Shareholders of Baidu
Netcom and registered with the applicable authority of industrial and commercial administration, and shall remain in effect until two (2) years after obligations under the Principal Agreement have been fulfilled. 

3.2.2 During the term of the Pledge, the Pledgee shall be entitled to dispose of the Pledge in accordance with this Agreement in the event
that the Pledgor fails to perform his obligations under the Loan Arrangement or Baidu Netcom fails perform its obligations under the Services Agreement. 

  
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	4.	 Physical Possession of Documents  

4.1 During the term of the Pledge under this Agreement, the Pledgor shall deliver his capital contribution certificate and the register of
shareholders of Baidu Netcom to the Pledgee within one (1) week from the date of this Agreement. 
 4.2 The Pledgee shall be entitled
to receive dividends from the Equity Interest. 
 4.3 The Pledge under this Agreement will be recorded in the Register of Shareholders of
Baidu Netcom (See Appendix II) after execution of this Agreement. 
  

	5.	 Representations and Warranties of the Pledgor  

5.1 The Pledgor is the legal owner of the Equity Interest and has adopted shareholders’ resolutions to approve the Pledge (See Appendix
III). 
 5.2 Except for the benefit of the Pledgee, the Pledgor has not pledged the Equity Interest or created other encumbrance on the
Equity Interest. 
  

	6.	 Covenants of the Pledgor  

6.1 During the term of this Agreement, the Pledgor covenants to the Pledgee for its benefit that the Pledgor shall: 

6.1.1 not transfer or assign the Equity Interest, create or permit the existence of any other pledges which may have any effect on the rights
or benefits of the Pledgee without prior written consent of the Pledgee; 
 6.1.2 comply with and implement the laws and regulations with
respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by relevant government authorities within five (5) days upon receiving such notices, orders or suggestions;
comply with such notices, orders or suggestions or, alternatively, at the reasonable request of the Pledgee or with consent from the Pledgee, raise objection to such notices, orders or suggestions; and 

6.1.3 timely notify the Pledgee of any events or any notices received which may affect the Pledgor’s right to all or any part of the
Equity Interest, and any events or any received notices which may change the Pledgor’s warranties and obligations under this Agreement or affect the Pledgor’s performance of its obligations under this Agreement. 

6.2 The Pledgor agrees that the Pledgee’s right to the Pledge obtained from this Agreement shall not be suspended or inhibited by any
legal procedure initiated by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any other person. 

  
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 6.3 The Pledgor promises to the Pledgee that in order to protect or perfect the security for the
payment of the Loan and the Services Fees, the Pledgor shall execute in good faith and cause other parties who have interests in the Pledge to execute, all title certificates and contracts and/or to perform any other actions (and cause other parties
who have interests to take action) as required by the Pledgee and facilitate the exercise of the rights and authorization vested in the Pledgee under this Agreement. 

6.4 The Pledgor promises to the Pledgee that he will execute all amendment documents (if applicable and necessary) in connection with the
certificate of the Equity Interest with the Pledgee or its designated person (being a natural person or a legal entity) and, within a reasonable period, provide to the Pledgee all notices, orders and decisions about the Pledge as the Pledgee deems
necessary. 
 6.5 The Pledgor promises to the Pledgee that he will comply with and perform all the guarantees, covenants, warranties,
representations and conditions for the benefit of the Pledgee. The Pledgor shall compensate the Pledgee for all losses suffered by the Pledgee because of the Pledgor’s failure to perform in whole or in part its guarantees, covenants,
warranties, representations and conditions. 
 6.6 During the term of this Agreement, the Pledgor will not perform any action/non-action
which may affect the value of the Equity Interest to maintain or increase the value. The Pledgor shall timely notify the Pledgee of any events which may decrease the value of the Equity Interest or affect the Pledgor’s performance of the
obligations under this Agreement, and shall provide security satisfactory to the Pledgee of the decreased value of the Equity Interest upon the Pledgee’s request. 

6.7 To the extent permitted under applicable laws or regulations, the Pledgor shall use his best efforts to cooperate with all the
registration, record or other procedures relating to the Pledge as required by relevant laws and regulations. 
  

	7.	 Event of Default  

7.1 Each of the following events shall be regarded as an Event of Default: 

7.1.1 Pledgor fails to perform his obligations under the Loan Arrangement; 

7.1.2 Baidu Netcom fails to pay the Services Fees in due course in full amount or perform other obligations under the Services Agreements;

 7.1.3 Any representation or warranty made by the Pledgor in Article 5 hereof contains material misleading statements or errors and/or the
Pledgor breaches any warranty in Article 5 hereof; 
 7.1.4 The Pledgor breaches the covenants under Article 6 hereof; 

7.1.5 The Pledgor breaches any other provision of this Agreement; 

  
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 7.1.6 The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity
Interest without prior written consent from the Pledgee; 
 7.1.7 Any of the Pledgor’s external loans, guaranties, compensations,
undertakings or other obligations (1) is required to be repaid or performed prior to the scheduled due date because of a default; or (2) is due but cannot be repaid or performed as scheduled, causing the Pledgee to believe that the
Pledgor’s ability to perform the obligations hereunder has been affected; 
  

	7.1.8	 Baidu Netcom is incapable of repaying its general debts or other debts; 

7.1.9 This Agreement becomes illegal or the Pledgor is not capable of continuing to perform the obligations hereunder due to any reason other
than a force majeure event; 
 7.1.10 There have been adverse changes to the properties owned by the Pledgor, causing the Pledgee to believe
that the capability of the Pledgor to perform the obligations hereunder has been affected; 
 7.1.11 The successor or custodian of Baidu
Netcom only partially performs or refuses to perform the payment obligation under the Services Agreements; and 
 7.1.12 The breach of the
other provisions of this Agreement by the Pledgor due to his act or omission. 
 7.2 The Pledgor shall immediately give a written notice to
the Pledgee if the Pledgor knows or discovers that any event specified under Article 7.1 hereof or any event that may result in the foregoing events has occurred. 

7.3 Unless an event of default under Article 7.1 hereof has been solved to the Pledgee’s satisfaction, the Pledgee, at any time when the
event of default occurs or at any time thereafter, may give a written Notice of Default to the Pledgor, requiring the Pledgor to immediately make full payment of the outstanding amount under the Loan Arrangement or under the Services Agreements or
requesting to exercise the Pledge in accordance with Article 8 hereof. 
  

	8.	 Exercise of the Pledge  

8.1 The Pledgor shall not transfer or assign the Equity Interest without prior written approval from the Pledgee prior to the full performance
of his obligations under the Loan Arrangement and supplementary agreement and full payment of all Service Fees under the Services Agreements, whichever is later. 

8.2 The Pledgee shall give a Notice of Default to the Pledgor when the Pledgee exercises the Pledge. 

8.3 Subject to Article 7.3, the Pledgee may exercise the Pledge when the Pledgee gives a Notice of Default in accordance with Article 7.3 or
at any time thereafter. 

  
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 8.4 The Pledgee is entitled to priority in receiving payment in the form of all or part of the
Equity Interest based on the conversion value thereof, or from the proceeds from the auction or sale of all or part of the Equity Interest in accordance with legal procedure, until the outstanding debt and all other payables of the Pledgor under
Loan Arrangement and Services Agreements are repaid. 
 8.5 The Pledgor shall not hinder the Pledgee from exercising the Pledge in
accordance with this Agreement and shall give necessary assistance so that the Pledgee could fully exercise its Pledge. 
  

	9.	 Assignment 

9.1 The Pledgor shall not assign or transfer its rights and obligations hereunder without prior consent from the Pledgee. 

9.2 This Agreement shall be binding upon the Pledgor and his successors and be binding on the Pledgee and each of its successors and permitted
assigns. 
 9.3 To the extent permitted by law, the Pledgee may transfer or assign any or all of its rights and obligations under the Loan
Arrangement and supplementary agreements to any person (natural person or legal entity) designated by it at any time. In that case, the assignee shall have the same rights and obligations as those of the Pledgee as if the assignee were an original
party hereto. When the Pledgee transfers or assigns the rights and obligations under the Services Agreement, Loan Arrangement and supplementary agreements, it is only required to provide a written notice to the Pledgor, and at the request of the
Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment. 
 9.4 After the
Pledgee has been changed as a result of a transfer or an assignment, the new parties to the Pledge shall execute a new pledge contract. 
  

	10.	 Effectiveness and Term  

This Agreement is executed on the date first set forth above and becomes effective from the date when the pledge is recorded on Baidu
Netcom’s Register of Shareholders. 
  

	11.	 Termination  

This Agreement shall terminate when the loan under the Loan Arrangement and the Services Fees under the Services Agreement have been fully
repaid and the Pledgor no longer has any outstanding obligations under the Loan Arrangement and Baidu Netcom no longer has any outstanding obligations under the Services Agreements. Thereafter, the Pledgee shall cancel or terminate this Agreement as
soon as reasonably practicable. 

  
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	12.	 Fees and Other Charges  

12.1 The Pledgor shall be responsible for all of the fees and actual expenses in relation to this Agreement including, but not limited to,
legal fees, production costs, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with the laws, the Pledgor shall fully indemnify the Pledgee for such taxes paid by the Pledgee. 

12.2 In the event that the Pledgee has to make a claim against the Pledgor by any means as a result of the Pledgor’s failure to pay any
tax or expense payable by the Pledgor under this Agreement, the Pledgor shall be responsible for all the expenses arising from such claim (including but not limited to any taxes, handling fees, management fees, litigation fees, attorney’s fees,
and various insurance premiums in connection with the disposition of the Pledge). 
  

	13.	 Force Majeure 

13.1 A Force Majeure event refers to any unforeseen event that is beyond a party’s reasonable control and cannot be prevented with
reasonable care, which includes but is not limited to acts of governments, changes of law, acts of God, fires, explosions, typhoons, floods, earthquake, tides, lightning or war; provided, however, that any insufficiency of creditworthiness, capital
or financing shall not be regarded as an event beyond a party’s reasonable control. The affected party by Force Majeure shall promptly notify the other party of such event resulting in exemption. 

13.2 In the event that the affected party is delayed or prevented from performing its obligations under this Agreement by Force Majeure, and
only to the extent of such delay and prevention, the affected party shall not be liable for obligations under this Agreement. The affected party shall take appropriate measures to minimize or remove the effects of Force Majeure and attempt to resume
performance of the obligations that were delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, both Parties agree to resume the performance of this Agreement using their best efforts. 

 

	14.	 Confidentiality  

The Parties acknowledge and confirm that all the oral and written materials exchanged relating to this Agreement are confidential. Each party
must keep such materials confidential and cannot disclose such materials to any other third party without the other party’s prior written approval, unless: (a) the public knows or will know the materials (not due of the disclosure by the
receiving party); (b) the disclosed materials are required by law or stock exchange rules to be disclosed; or (c) materials relating to the transactions under this Agreement are disclosed to the Parties’ legal or financial advisors,
who must keep them confidential as well. Disclosure of the confidential information by employees or institutions hired by the Parties is deemed as an act by the Parties, therefore, subjecting them to liability. 

 

	15.	 Dispute Resolution  

 

	15.1	 This Agreement shall be governed by and construed in accordance with PRC law. 

  
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 15.2 The Parties shall strive to settle any dispute arising from the interpretation or
performance of this Agreement through friendly consultation. In case no settlement can be reached through consultation, each party can submit such matter to the China International Economic and Trade Arbitration Commission (“CIETAC”) for
arbitration. The arbitration shall follow the current rules of CIETAC, the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing, PRC. The arbitration award shall be final and binding upon the Parties. 

 

	16.	 Notice  

Any notice which is given by the Parties hereto for the purpose of performing the rights and obligations hereunder shall be in writing. If such
notice is delivered personally, the time of notice is the time when such notice actually reaches the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time when such notice is transmitted. If such notice does
not reach the addressee on a business day or reaches the addressee after business hours, the next business day following such day is the date of notice. The delivery place is the address first written above for each of the Parties hereto or the
address advised by such party in writing, including facsimile and telex, from time to time. 
  

			
	 Party A:
	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Fax:
	  	 5992-7435

	 Telephone:
	  	 5992-8888

		
	 Party B:
	  	 Hailong Xiang

	 Address:
	  	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Telephone:
	  	

  

	17.	 Entire Agreement  

Notwithstanding provisions in Article 10 hereof, the Parties agree that this Agreement constitutes the entire agreement of the Parties hereto
with respect to the subject matters herein upon its effectiveness and supersedes and replaces all prior oral and/or written agreements and understandings relating to the subject matters of this Agreement. 

 

	18.	 Severability  

Should any provision of this Agreement be held invalid or unenforceable because of inconsistency with applicable laws, such provision shall be
invalid or unenforceable only to the extent of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 
  

	19.	 Appendices  

The appendices to this Agreement shall constitute an integral part of this Agreement. 

  
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	20.	 Amendment or Supplement  

20.1 The Parties may amend or supplement this Agreement by written agreement. The amendments or supplements to this Agreement duly executed by
both Parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 
 20.2 This Agreement
and any amendments, modifications, supplements, additions or changes hereto shall be in writing and shall be effective upon being executed and sealed by the Parties hereto. 
  

	21.	 Counterparts  

This Agreement is made in Chinese in two originals, with each Party holding one original. Both originals have the same legal effect. 

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IN WITNESS WHEREOF, each Party has caused this Agreement to be executed by himself, its legal representative or its duly authorized
representative as of the date first written above. 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

 

	
	 /s/:    Hailong Xiang

	
	 Seal of Baidu Online Network Technology (Beijing) Co., Ltd.

	
	 Party B: Hailong Xiang

	
	 /s/:    Hailong Xiang

  
 10 

 Appendices: 
  

	1.	 The Original Equity Pledge Agreement 

	2.	 Register of Shareholders of Beijing Baidu Netcom Technology Co., Ltd. 

	3.	 Resolutions of the Shareholders’ Meeting of Beijing Baidu Netcom Technology Co., Ltd.

  
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 Appendix I 

The Original Equity Pledge Agreement 
  

									
	 	  	 Number
	  	 Contract Name
	  	 Parties
	  	 Date

		  	1	  	Equity Pledge Agreement	  	Baidu Online Network Technology (Beijing) Co., Ltd.; Hailong Xiang	  	June 13, 2016

  
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 Appendix II 

Register of shareholders of Beijing Baidu Netcom Technology Co., Ltd. 

 

			
	 Name of the Shareholder:
	  	 Yanhong Li

	 ID number:
	  	
	 Residence
	  	
	 Contribution Amount:
	  	 RMB2,160,423,600

	 Percentage of Share Capital:
	  	 99.5%

	 Number of the certificate of capital contribution:
	  	 001

 Yanhong Li holds 99.5% equity interests in Beijing Baidu Netcom Technology Co., Ltd., the entirety of which
has been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
  

			
	 Name of the Shareholder:
	  	 Hailong Xiang

	 ID number:
	  	
	 Residence
	  	
	 Contribution Amount:
	  	 RMB10,856,400

	 Percentage of Share Capital:
	  	 0.5%

	 Number of the certificate of capital contribution:
	  	 002

 Hailong Xiang holds 0.5% equity interests in Beijing Baidu Netcom Technology Co., Ltd., the entirety of which
has been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Baidu Online Network Technology (Beijing) Co., Ltd. is the
pledgee of 100% of the equity interests in Beijing Baidu Netcom Technology Co., Ltd. 
 Beijing Baidu Netcom Technology Co., Ltd. 

 

			
	Signature:	 	 /s/ Zhixiang Liang

 Name: Zhixiang Liang 
 Title:
Legal representative 
 Date: January 18, 2017 

  
 13 

 Appendix III 

Resolutions of the Shareholders’ Meeting of Beijing Baidu Netcom Technology Co., Ltd. 

In respect of the Amended and Restated Equity Pledge Agreement dated January 18, 2017 between the shareholders of Beijing Baidu Netcom
Technology Co., Ltd. (the “Company”) and Beijing Online Network Technology (Beijing) Co., Ltd., a resolution is unanimously adopted at the shareholders’ meeting of the Company that: 

It is approved that the shareholders of the Company pledge all of their equity interests in the Company to Baidu Online Network Technology
(Beijing) Co., Ltd. 
 The resolution was signed and delivered on January 18, 2017 by the undersigned shareholders. 

Shareholders: 
 Yanhong Li 

			
	Signed by:	 	 /s/ Yanhong Li

 Hailong Xiang 

			
	 Signed by:
	 	 /s/ Hailong Xiang

  
 14

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