Document:

EX-10.3

 Exhibit 10.3 

SHAREHOLDER VOTING RIGHTS PROXY AGREEMENT 

This Shareholder Voting Rights Proxy Agreement (this “Agreement”) is entered into on September 17th, 2020 in Guangzhou, by and among: 

 

	1.	 Linzhi Tencent Technology Co., Ltd. (“Current Shareholder”) Registered address: Room
8103 of Xingcheng Hotel, 58 Guangdong Road, Bayi Town, Bayi District, Linzhi City, Tibet Autonomous Region; 

  

	2.	 Guangzhou Huya Technology Co., Ltd. (“Wholly-owned Company”) Registered Address: Room
1301, 13 Zexi Road, Zhongcun Street (Hanxi Commerce Center), Panyu District, Guangzhou; 

  

	3.	 Guangzhou Huya Information Technology Co., Ltd. (“Domestic-funded Company”) Registered
Address: Room 1401, 13 Zexi Road, Zhongcun Street (Hanxi Commerce Center), Panyu District, Guangzhou; 

 (In this Agreement, the parties
above are individually referred to as a “Party”; collectively, the “Parties”). 
 WHEREAS 

 

	1.	 The Wholly-owned Company, the Domestic-funded Company, Guangzhou Huaduo Network Technology Co., Ltd. and
Guangzhou Qinlv Investment Consulting Co., Ltd. entered into a Shareholder Voting Rights Proxy Agreement (“Original Agreement”) on July 10, 2017. 

 

	2.	 Guangzhou Huaduo Network Technology Co., Ltd. and Guangzhou Qinlv Investment Consulting Co., Ltd. have
transferred all the shares they owned in the Domestic-funded Company to the Current Shareholder. After the aforesaid share transfer, the Current Shareholder holds 100% equity interests of the Domestic-funded Company. 

 

	3.	 The Current Shareholder intends to entrust the persons designated by the Wholly-owned Company to exercise the
voting rights it has in the Domestic-funded Company and the Wholly-owned Company wishes to accept such entrustment through its designated persons. The Parties now agree to replace the Original Agreement with this Agreement. 

The Parties agree as follows through friendly negotiation: 

Article 1 Voting Rights Entrustment 
  

	 	1.1.	 The Current Shareholder hereby irrevocably undertakes to, after execution of this Agreement, sign the power of
attorney according to the substance and form set forth in Appendix 1 hereof, under which the Wholly-owned Company or the person (“Proxy”) then designated by the Wholly-owned Company shall have the power and authority to exercise the
following rights respectively granted to the Current Shareholder as the shareholder of the Domestic-funded Company according to the Article of Association of the Domestic-funded Company (“Entrusted Rights”): 

 

	 	(a)	 proposing to convene or attending shareholder meetings(if applicable) of the Domestic-funded Company as the
proxy of the Current Shareholder, according to the Article of Association; 

  

	 	(b)	 exercising the voting rights on behalf of the Current Shareholder in respect of all matters subject to
decisions by the Shareholder, including but not limited to the appointment and election of directors and other senior management members who should be appointed by the shareholder; 

  
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	 	(c)	 other voting rights (including any other voting rights of shareholder conferred after the amendment of the
Article of Association) vested in the shareholder under the Articles of Association of the Domestic-funded Company. 

 The
precondition of the above authorization and entrustment is that the Proxy is a PRC citizen and the Wholly-owned Company consents to such authorization and entrustment. When and only when a written notice is issued by the Wholly-owned Company to the
Current Shareholder with respect to the removal of the Proxy, the Current Shareholder shall immediately revoke the entrustment to the existing Proxy hereunder, and entrust any other PRC citizen then designated by the Wholly-owned Company to exercise
the Entrusted Rights in accordance with this Agreement, and the new power of attorney shall supersede the previous one once it is executed. Except for the above circumstances, the Current Shareholder shall not revoke the authorization and
entrustment to the Proxy. 
  

	 	1.2.	 The Proxy shall perform the entrusted obligation lawfully with diligence and duty of care within the
authorization scope provided in this Agreement. The Current Shareholder shall accept and assume relevant liabilities for any legal consequences arising out of exercise of the aforementioned Entrusted Rights by the Wholly-owned Company.

  

	 	1.3.	 The Current Shareholder hereby acknowledges that the Proxy is not required to solicit the opinions of the
Current Shareholder before exercising the Entrusted Rights. Nevertheless, the Proxy shall immediately notify the Current Shareholder after any shareholder decision is made. 

Article 2 Right to Know 

For the purpose of exercising the Entrusted Rights under this Agreement, the Proxy shall have the right to understand the operation,
businesses, clients, financial affairs, employees of the Domestic-funded Company and have access to relevant materials, while the Current Shareholder and the Domestic-funded Company shall provide sufficient cooperation in this regard. 

Article 3 Exercise of Entrusted Rights 
  

	 	3.1.	 The Current Shareholder shall provide sufficient assistance to the Proxy for his or her exercise of the
Entrusted Rights, including prompt execution of the shareholder decisions made by the Proxy or other relevant legal documents when necessary (e.g., to satisfy the document submission requirements for the approval of, registration or filing with
governmental authorities). 

  

	 	3.2.	 If at any time within the term of this Agreement, the entrustment or exercise of the Entrusted Rights hereunder
is unenforceable for any reason (except for the default by the Current Shareholder or the Domestic-funded Company), the Parties shall immediately seek the alternative plan which is most similar to the unenforceable provision and, if necessary, enter
into supplementary agreement to amend or adjust the provisions herein, so as to ensure the fulfilment of the purposes hereof. 

  
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 Article 4 Exemption and Indemnification 

 

	 	4.1.	 The Parties acknowledge that in no event shall the Wholly-owned Company be liable to or be required to
compensate financially or in any other aspect, any other party or any third party for any exercise of the Entrusted Rights by the person designated by the Wholly-owned Company. 

 

	 	4.2.	 The Domestic-funded Company agrees to hold the Wholly-owned Company harmless and compensate the Wholly-owned
Company for all losses suffered or likely to be suffered in connection with designating the Proxy to exercise the Entrusted Rights, including but not limited to, any loss resulting from any litigation, demand, arbitration or claim initiated by any
third party, and any loss resulting from administrative investigation or penalty by governmental authorities. However, losses suffered as a result of the intentional misconduct or gross negligence of the Proxy shall not be indemnified.

 Article 5 Representations and Warranties 

 

	 	5.1.	 The Current Shareholder represents and warrants as follow: 

 

	 	5.1.1.	 It is a limited liability company legally established and validly existing under the laws of the PRC and has an
independent legal personality; it has complete and independent legal status and legal capacity to execute, deliver and perform this Agreement, and is independently a legal subject of litigation. 

 

	 	5.1.2.	 It has complete power and entrustment to execute and deliver this Agreement and all other documents that it
will execute in relation to the transaction contemplated hereunder, and it has full power and authorization to complete the transaction contemplated hereunder. This Agreement shall be duly and legally executed and delivered by it. This Agreement
shall constitute the legal and binding obligations on and may enforce against it according to the terms hereof. 

  

	 	5.1.3.	 It is the legitimate shareholder of the Domestic-funded Company recorded in the register of members at the time
when this Agreement came into effect and the Authorized Rights are not subject to any third party encumbrance, other than the encumbrance created under this Agreement as well as the Equity Interest Pledge Agreement and the Exclusive Option Agreement
concluded by and among the Current Shareholder, the Domestic-funded Company and the Wholly-owned Company. In accordance with this Agreement, the Proxy may completely and fully exercise the Entrusted Rights according to the Articles of Association of
the Domestic-funded Company then in effect. 

  

	 	5.2.	 The Wholly-owned Company and the Domestic-funded Company severally represent and warrant as follows:

  

	 	5.2.1.	 Each of them is a limited liability company duly registered and legally existing under the laws of palace where
it is registered and has independent legal personality; each of them has complete and independent legal status and legal capacity to execute, deliver and perform this Agreement, and is independently a legal subject of litigation.

  

	 	5.2.2.	 Each of them has complete power and authorization to execute and deliver this Agreement and all other documents
that it will execute in relation to the transaction contemplated hereunder, and each of them has full power and authorization to complete the transaction contemplated hereunder. 

  
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	 	5.3.	 The Domestic-funded Company further represents and warrants as follows: 

 

	 	5.3.1.	 The Current Shareholder is the legitimate shareholder of the Domestic-funded Company recorded in the register
of members at the time when this Agreement came into effect. The Authorized Rights are not subject to any third party encumbrance, other than the encumbrance created under this Agreement as well as the Equity Interest Pledge Agreement and the
Exclusive Option Agreement concluded by and among the Current Shareholder, the Domestic-funded Company and the Wholly-owned Company. In accordance with this Agreement, the Proxy may completely and fully exercise the Entrusted Rights according to the
Articles of Association of the Domestic-funded Company then in effect. 

 Article 6 Term of Agreement 

 

	 	6.1.	 Subject to Articles 6.2 and 6.3 of this Agreement, this Agreement shall take effect as of the date upon
execution. The term of this Agreement is ten (10) years after becoming effective, unless all the Parties agree in writing to early termination or this Agreement is terminated pursuant to Article 6.4 hereunder. This Agreement shall be
automatically renewed for one (1) year after the expiration of the term of this Agreement unless the Wholly-owned Company informs all the other parties not to renew thirty (30) days in advance of the expiration of this Agreement, and so
forth. 

  

	 	6.2.	 The Parties shall, within three months prior to the expiration of their respective business licenses, complete
the approval and registration procedures for extending the business licenses to ensure the effectiveness of this Agreement. 

  

	 	6.3.	 If the Current Shareholder transfers all equity interests it holds in the Domestic-funded Company upon prior
consent of the Wholly-owned Company, it shall cease to act as a party of this Agreement, but the rights and undertakings of the other Parties shall not be adversely affected hereby. If the Current Shareholder transfers all or part of the equity of
the equity interests it holds in the Domestic-funded Company upon prior consent of the Wholly-owned Company, it undertakes to obtain a written confirmation from the transferee or transferees of the equity interest that the transferee or transferees
agree to inherit and fulfill the Current Shareholder’s full responsibility, obligation and commitment under this Agreement. 

  

	 	6.4.	 Termination. 

  

	 	(a)	 Expiration. Unless extended in accordance with the terms of this Agreement, this Agreement shall expire
upon expiration of the term of this Agreement. 

  

	 	(b)	 Early termination. During the term of this Agreement, the Current Shareholder or the Domestic-funded
Company shall not early terminate this Agreement, unless the Wholly-owned Company commits gross negligence, deceitful act or other illegal act, or goes into liquidation, dissolution or termination. In case that the Wholly-owned Company goes into
liquidation or dissolution according to law, this Agreement shall terminate automatically. Notwithstanding the foregoing, the Wholly-owned Company shall has the right to terminate this Agreement at any time by a written notice to other Parties 30
days in advance. 

  
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	 	(c)	 Terms after termination. The Parties’ rights and obligations under Articles 7 and 8 shall survive
the termination of this Agreement. 

 Article 7 Confidentiality 

 

	 	7.1.	 Regardless of whether this Agreement is terminated, each Party shall maintain strictly confidential all
business secrets, proprietary information, client information and all the other information of confidential nature, in relation to other Parties and obtained during the formulation and performance of this Agreement (hereinafter collectively referred
to as “Confidential Information”). Each receiving Party shall not disclose to any third party any Confidential Information, except with prior written consent of the Party providing such information or in circumstances where such
information must be disclosed to third parties according to relevant laws, regulations or listing requirements. Each receiving Party shall not use or indirectly use any Confidential Information except for the purpose of performing this Agreement.

  

	 	7.2.	 Confidential Information does not include the following: 

 

	 	(a)	 information that the receiving Party has previous known by lawful means, as supported by written evidence;

  

	 	(b)	 information that enters public domain without the receiving Party’s fault; or 

 

	 	(c)	 information received by other lawful means after the receiving Party receive Confidential Information.

  

	 	7.3.	 The receiving Party may disclose Confidential Information to its relevant employees, agents or professionals it
employs, but the receiving Party shall ensure that all such persons comply with relevant terms and conditions of this Agreement and the receiving Party shall be responsible for any damages or consequences caused by the aforementioned persons in
violation of the relevant terms and conditions of this Agreement. 

  

	 	7.4.	 Notwithstanding other provisions of this Agreement, the effectiveness of this Article shall survive the
termination of this Agreement. 

 Article 8 Default Liabilities and Indemnification 

 

	 	8.1.	 The Parties agree and acknowledge that, if any party (the “Defaulting Party”) breaches
substantially any of the provisions herein or fails substantially to perform or fails to perform on time any of the obligations hereunder, such breach or failure shall constitute a default under this Agreement (the “Default”). In
such events any of the other Parties without default (the “Non-defaulting Party”) shall be entitled to require the Defaulting Party to rectify such Default or take remedial measures within a
reasonable period. If the Defaulting Party fails to rectify such Default or take remedial measures within such reasonable period or within ten (10) days of receiving the written notice of the
Non-defaulting Party thereof, then: 

  

	 	(a)	 if the Defaulting Party is the Current Shareholder or the Domestic-funded Company, the Wholly-owned Company
shall have the right to terminate this Agreement and claim the Defaulting Party to indemnify the damages; 

  

	 	(b)	 if the Defaulting Party is the Wholly-owned Company, the Non-defaulting
Party has right to claim the Defaulting Party to indemnify the damages, provided that in no event shall the Non-defaulting Party have the right to terminate or rescind this Agreement, except that the contrary
is provided by the law. 

  
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	 	8.2.	 Notwithstanding any other provisions herein, the effectiveness of this Article shall survive the suspension or
termination of this Agreement. 

  

	 	8.3.	 Indemnification. The Current Shareholder shall hold harmless any damage or loss to the Wholly-owned
Company caused by the acts of the Current Shareholder or the requests by any third party due to the acts of the Current Shareholder. 

Article 9 Applicable Law and Dispute Resolution 
  

	 	9.1.	 Applicable Law. The execution, effectiveness, interpretation and performance of this Agreement and the
resolution of disputes hereunder shall be governed by the laws of the PRC. 

  

	 	9.2.	 Dispute Resolution. In the event of any dispute arising out of or in relation to this Agreement, the
Parties shall first resolve the dispute through friendly negotiation. In the event that any dispute arising out of or in relation to this Agreement fails to be resolved through friendly negotiation, any of the Parties may submit the relevant dispute
to Guangzhou Arbitration Commission for arbitration in Guangzhou, in accordance with its Arbitration Rules. The arbitration panel shall consist of three arbitrators. The arbitration award shall be final and binding on all Parties. Except provided
otherwise by the arbitration award, all the costs shall be borne by the losing Party or Parties. All the Parties agree that the arbitration proceedings shall be confidential. 

Article 10 Change of Law 

After this Agreement becomes effective, if any central of local, legislative or administrative authority of China makes any changes to the
provisions of any law, rule, regulation or other regulatory document at central or local level in China, including amendment of, addition to or abolishment of existing laws, regulations or other regulatory documents, or interpretation of or
promulgation of implementation measures or rules for existing laws, rules, regulations and other regulatory documents (collectively referred to as the “Amendments”), or promulgation of new laws, rules, regulations or other
regulatory documents (collectively referred to the “New Provisions”), the following shall apply: 
  

	 	10.1.	 If the Amendments or the New Provisions are more beneficial to any Party than the relevant laws, rules,
regulations or regulatory documents in effect on the effective date of this Agreement (and the other Parties are not thereby seriously and adversely affected), then all the Parties shall promptly apply to relevant authorities (if applicable) for the
benefits conferred by the Amendments or the New Provisions. Each Party shall use its best endeavors to procure the application to be approved. 

  

	 	10.2.	 If the Amendments or the New Provisions cause the economic interests of the Wholly-owned Company under this
Agreement to be seriously and adversely affected, whether directly or indirectly, and the Parties fail to eliminate such adverse effect on the economic interests of the Wholly-owned Company according to the provisions of this Agreement, then after
the Wholly-owned Company inform the other Parties, all the Parties shall negotiate promptly to make all necessary amendments to this Agreements so as to protect the economic interests of the Wholly-owned Company under this Agreement to the maximum
extent. 

  
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 Article 11 Force Majeure 

 

	 	11.1.	 “Force Majeure Event” refers to any event which is beyond the reasonable control of one Party
and is inevitable even under the reasonable attention of the affected Party, including but not limited to acts of God, war or riots. However, lack of credit, funding or financing shall not be considered beyond one Party’s reasonable control.
The Party who is affected by Force Majeure Event and seeks for discharge of performance obligations under this Agreement shall notify the other Parties such discharge and inform the steps to be taken to complete the performance.

  

	 	11.2.	 Where the performance of this Agreement is delayed or obstructed by the Force Majeure Event defined
hereinabove, the Party affected by the Force Majeure Event shall not be liable within the scope of being delayed or obstructed. The Party affected by any Force Majeure Event shall take appropriate measures to alleviate or eliminate the effect of the
Force Majeure Event and shall endeavor to resume the performance of its obligations, which are delayed or obstructed by the Force Majeure Event. Upon termination of the Force Majeure Event, all the Parties agree to use the best endeavors resume
performance under this Agreement. 

 Article 12 Miscellaneous 

 

	 	12.1.	 Notice. The notice under this Agreement shall be delivered by the ways of hand delivery, fax or
registered mail. If the notice is delivered by the way of registered mail, then the date of signature recorded on the receipt of the registered mail shall be the delivery date. If sent by the ways of hand delivery or fax, then the date it is sent
shall be the delivery date. Upon delivery of the way of fax, the original document of the notice shall be delivered by the way of registered mail or hand delivery immediately afterwards. 

 

	 	12.2.	 Further Assurance. Each Party agrees to promptly execute documents that are reasonably necessary or
beneficial to the performance of the provisions and purposes of this Agreement and take further actions that are reasonably necessary or beneficial to the performance of the provisions and purposes of this Agreement. 

 

	 	12.3.	 Entire Agreement. Except for any written amendments, additions or modifications made after the
execution of this Agreement, this Agreement constitute the entire agreement among the Parties in respect of the subject matters of this Agreement and supersedes all previous oral agreements or written negotiations, representations and contracts
relating to the subject matters of this Agreement, including but not limited to, the Original Agreement. 

  

	 	12.4.	 Headings. The headings of this Agreement are for convenience only, and in no circumstances shall be used
to explain, interpret or otherwise affect the meaning of the provisions of this Agreement. 

  

	 	12.5.	 Taxes and Fees. The Domestic-funded Company or the Wholly-owned Company shall be responsible for the
taxes and fees incurred for execution and performance of this Agreement. 

  

	 	12.6.	 Assignment of Agreement. Except with prior written consent by the Wholly-owned Company, Neither the
Current Shareholder nor the Domestic-funded Company may assign its rights and obligations under this Agreement to any third party. 

  
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	 	12.7.	 Severability of Agreement. If at any time any provision or provisions of this Agreement become invalid
or unenforceable for contradiction with relevant laws, the provision is invalid or unenforceable only within the scope of such relevant laws and shall not affect the legal effects of the remaining provisions. 

 

	 	12.8.	 Waiver of Rights. Any of the Parties may waive its rights under terms and conditions of
this Agreements, provided that the waiver is only effective in writing and with all the other Parties’ consent. A waiver by a Party in respect of a breach of contract by other Parties shall not be constructed as a waiver of similar breaches in
other cases. Notwithstanding the aforesaid, any of the Parties is entitled to waive any of its rights at its sole discretion. 

  

	 	12.9.	 Amendments and Supplements. Any amendments or supplements to this Agreement shall be made by the Parties
in writing. Amendment agreements or supplemental agreements in relation to this Agreement duly signed by all the Parties shall constitute part of this Agreement and shall take same effect as the original agreement. 

 

	 	12.10.	 Agreement Copies. This Agreement shall be made into three copies in Chinese, each Party shall have one
copy. 

 [The remainder of this page is left blank] 

  
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 (There is no text on this page) 

Therefore, all the Parties execute this Agreement on the date first above written. 

 

			
	Linzhi Tencent Technology Co., Ltd. (Seal)
	[Company seal is affixed]
	
	Guangzhou Huya Technology Co., Ltd. (Seal)
	[Company seal is affixed]
		
	Signature:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie
	 Title: 
	 	Legal Representative
	
	Guangzhou Huya Information Technology Co., Ltd. (Seal)
	[Company seal is affixed]
		
	Signature:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie
	Title:	 	Legal Representative

  

  
 [Signature Page of
Shareholder Voting Rights Proxy Agreement] 

 Appendix I: 

Power of Attorney 
 This
Power of Attorney (“POA”), executed by Linzhi Tencent Technology Co., Ltd. (Uniform Social Credit Code:91540400MA6T10MD6L) as of September 17th,2020, is being issued in favor of Guangzhou Huya Technology Co., Ltd.
(“Proxy”). 
 The Company, Linzhi Tencent Technology Co., Ltd., hereby grants to the Proxy a general proxy power,
authorizing the Proxy to exercise, as the Company’s proxy and on the Company’s behalf, the following rights enjoyed by the Company in the capacity as the shareholder of Guangzhou Huya Information Technology Company Limited
(“Domestic-funded Company”): 
  

	 	(1)	 to exercise, as the Company’s proxy, voting rights on all matters required to be deliberated and resolved
by the shareholder, including without limitation the appointment and election of the directors and other officers to be appointed or removed by the shareholder; 

 

	 	(2)	 to exercise, as the Company’s proxy, other shareholder’s voting rights under the articles of
association of the Company (inclusive of any other shareholder’s voting rights arising after an amendment to such articles of association). 

The Company hereby irrevocably confirms that unless the Wholly-owned Company has issued an instruction to the Company requesting the
replacement of the Proxy, this POA shall remain valid until the expiry or early termination of the Shareholder Voting Rights Proxy Agreement, dated September 17th, 2020, between Wholly-owned
Company, the Domestic-funded Company and the Current Shareholder of the Domestic-funded Company. 
 This Letter is hereby issued. 

 

	
	Linzhi Tencent Technology Co., Ltd. (Seal)
	    [Company seal is affixed]EX-10.4

 Exhibit 10.4 

EXCLUSIVE OPTION AGREEMENT 
 This
Exclusive Option Agreement (this “Agreement”) is entered into on September 17th, 2020 in Guangzhou, by and among: 
  

	1.	 Guangzhou Huya Technology Co., Ltd., a wholly owned foreign enterprise registered in China, registered
address: Room 1301, 13 Zexi Road, Zhongcun Street (Hanxi Commerce Center), Panyu District, Guangzhou (“Wholly-owned Company”); 

  

	2.	 Linzhi Tencent Technology Co., Ltd., a limited liability company established and existing under the laws
of the PRC, registered address: Room 8103 of Xingcheng Hotel, 58 Guangdong Road, Bayi Town, Bayi District, Linzhi City, Tibet Autonomous Region (“Current Shareholder”); 

 

	3.	 Guangzhou Huya Information Technology Co., Ltd., a limited liability company established and existing
under the laws of the PRC, registered address: Room 1401, 13 Zexi Road, Zhongcun Street (Hanxi Commerce Center), Panyu District, Guangzhou (“Domestic-funded Company”); 

(In this Agreement, the parties above are individually referred to as a “Party”; collectively, the “Parties”). 

WHEREAS 
  

	1.	 The Wholly-owned Company, the Domestic-funded Company, Guangzhou Huaduo Network Technology Co., Ltd. and
Guangzhou Qinlv Investment Consulting Co., Ltd. entered into an Exclusive Option Agreement(“Original Agreement”) on July 10, 2017. 

  

	2.	 Guangzhou Huaduo Network Technology Co., Ltd. and Guangzhou Qinlv Investment Consulting Co., Ltd. have
transferred all the shares they owned in the Domestic-funded Company to the Current Shareholder. After the aforesaid share transfer, the Current Shareholder holds 100% equity interests of the Domestic-funded Company. 

 

	3.	 The Wholly-owned Company and the Domestic-funded Company executed an Exclusive Business Cooperation Agreement
(“Exclusive Business Cooperation Agreement”) on September 17th, 2020. On the same date, the Wholly-owned Company and the Current Shareholder executed an Equity Interest Pledge Agreement (“Equity Interest Pledge
Agreement”) and a series of agreements; 

  

	4.	 The Parties now agree to replace the Original Agreement with this Agreement. 

Now, the Parties agree as follows: 
 Article 1
Sale and Purchase of Equity Interests 
  

	 	1.1.	 Grant of Right. The Current Shareholder hereby irrevocably grants the Wholly-owned Company, as permitted
by the laws of the PRC, an exclusive option, according to the steps of exercise decided by the Wholly-owned Company at its own discretion and the price provided in Article 1.3 hereof, at any time to purchase or designate one or several persons (
“Designated Persons”) to purchase any portion or all of equity interests held by the Current Shareholder in the Domestic-funded Company (“Equity Interest Option”). Any third party other than the Wholly-owned Company
and the Designated Persons shall not enjoy the Equity Interest Option. The Domestic-funded Company hereby allows the Current Shareholder to grant the Equity Interest Option to the Wholly-owned Company. “Person” mentioned in this
article and this Agreement refers to individual, company, joint venture, partnership, enterprise, trust and non-corporate organization. 

  
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	 	1.2.	 Steps of Exercise. The exercise of the Equity Interest Option by the Wholly-owned Company is subject to
provisions of laws and regulations of the PRC. When exercising the Equity Interest Option, the Wholly-owned Company shall serve a written notice (“Equity Purchase Notice”) to the Current Shareholder, to specify the following issues:
(a) decisions of the Wholly-owned Company regarding the exercise of Equity Interest Option; (b) the percentage of equity interests to be purchased by the Wholly-owned Company from the Current Shareholder (“Target Equity
Interests”), and (c) date of purchase/assignment. 

  

	 	1.3.	 Purchase Price. Unless evaluation is required by law, the purchase price of the Target Equity Interests
(“Equity Purchase Price”) shall be the lowest price permitted by the laws and regulations of the PRC at the time of equity assignment. 

  

	 	1.4.	 Assignment of Target Equity Interests. Every time the Wholly-owned Company exercises the
Equity Interest Option, 

  

	 	(a)	 The Current Shareholder shall cause the Domestic-funded Company to promptly hold the shareholders’
meeting(if applicable), in which the resolutions permitting the Current Shareholder’s assignment of the Target Equity Interests to the Wholly-owned Company and (or) the Designated persons shall be resolved and approved; 

 

	 	(b)	 The Current Shareholder shall enter into an equity assignment agreement with the Wholly-owned Company (or, if
applicable, the Designated Persons) in accordance with the provisions hereof and in the Equity Purchase Notice; 

  

	 	(c)	 The related parties shall enter into all the other necessary contracts, agreements and documents, obtain all
the necessary governmental approvals and consents, and take all actions necessary for the assignment of all valid ownership of the Target Equity Interests to the Wholly-owned Company and/or the Designated Persons, as well as validation of the
Wholly-owned Company and/or the Designated Persons’ status as registered owner of the Target Equity Interests, without any Security Interest. For the purpose of this article and this Agreement, “Security Interest” includes
guarantee, mortgage, pledge, third party’s rights or interests, any stock option, right of purchase, preemptive right, set-off right, ownership retention or other guaranty arrangement, etc., provided
that, for purchase of clarification, it will not include any security interest arising from this Agreement and the Equity Interest Pledge Agreements. 

Article 2 Undertakings Relating to Equity Interests 
  

	 	2.1.	 Undertakings Relating to the Domestic-funded Company. The Domestic-funded Company hereby undertakes:

  

	 	(a)	 without prior written consent of the Wholly-owned Company, will not, in any way, supplement, change or amend
the organizational documents of the Domestic-funded Company, increase or decrease its registered capital, or change the structure of its registered capital by other means; 

  
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	 	(b)	 will maintain its existence, diligently and validly operate its business and deal with its matters, according
to a well-accepted financial and commercial standard and practice; 

  

	 	(c)	 without prior written consent of the Wholly-owned Company, will not sell, transfer, mortgage, or dispose of in
any other way, any legal or beneficial interest in the assets, business or revenue of the Domestic-funded Company, or allow any security interest to be created over thereon, anytime upon the execution hereof; 

 

	 	(d)	 without prior written consent of the Wholly-owned Company, will not incur, inherit, guarantee, or allow the
existing of, any liability, however except, (i) such liability arising from its ordinary or daily operation, instead of borrowing; and (ii) such liability that has been disclosed to the Wholly-owned Company and been consented by the
Wholly-owned Company in writing; 

  

	 	(e)	 will keep operating all businesses in the course of ordinary operation, and will not take any action/non-action imposing any adverse effect on the Domestic-funded Company’s operating status and value of assets, in order to maintain the Domestic-funded Company’s assets value; 

 

	 	(f)	 without prior written consent of the Wholly-owned Company, will not enter into any material contract (including
but not limited to contract of which the value exceeds RMB 100,000), except contracts made during the ordinary course of business; 

  

	 	(g)	 without prior written consent of the Wholly-owned Company, will not provide any loan or credit facility to any
person; 

  

	 	(h)	 will provide the Wholly-owned Company with all materials in respect of the Domestic-funded Company’s
operational and financial situations, as required by the Wholly-owned Company. 

  

	 	(i)	 will purchase and maintain insurance from the insurance companies accepted by the Wholly-owned Company, and the
insurance premium and type shall be the same as those of the policies purchased by the companies operating similar businesses and holding similar assets in the same region; 

 

	 	(j)	 without prior written consent of the Wholly-owned Company, will not merge or amalgamate with any person, or
acquire or invest in any person; 

  

	 	(k)	 will notify the Wholly-owned Company of any occurrence or threat of any lawsuit, arbitration or administrative
proceeding with respect to the assets, business and revenue of the Domestic-funded Company; 

  

	 	(l)	 for purpose of maintenance of Domestic-funded Company’s ownership of all of its assets, will execute all
necessary or appropriate documents, take all necessary and appropriate actions, and file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

  
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	 	(m)	 without prior written consent of the Wholly-owned Company, will not distribute any dividend in any form to the
shareholder, provided that, if required so by the Wholly-owned, will immediately distribute all its distributable profits to its shareholder; and 

  

	 	(n)	 as required by the Wholly-owned Company, will appoint the persons designated or acknowledged by the
Wholly-owned Company as directors of the Domestic-funded Company. 

  

	 	2.2.	 Undertakings Relating to the Current Shareholder. Current Shareholder undertakes: 

 

	 	(a)	 without prior written consent of the Wholly-owned Company, will not, in any way, supplement, change or amend
the organizational documents of the Domestic-funded Company, increase or decrease its registered capital, or change the structure of its registered capital by other means; 

 

	 	(b)	 without prior written consent of the Wholly-owned Company, will not sell, transfer, mortgage, or dispose of in
any other way, any legal or beneficial interest in the equity interests it owned in the Domestic-funded Company, or allow any security interest to be created over thereon, except for the pledge created over such equity interests in the
Domestic-funded Company in accordance with the Equity Interest Pledge Agreement and/or the encumbrances created in accordance with the Shareholder Voting Rights Proxy Agreement; 

 

	 	(c)	 without prior written consent of the Wholly-owned Company, will not permit the Domestic-funded Company merge or
amalgamate with any person, or acquire or invest in any person; 

  

	 	(d)	 will notify the Wholly-owned Company of any occurrence or threat of any lawsuit, arbitration or administrative
proceeding with respect to the equity interests it holds in the Domestic-funded Company; 

  

	 	(e)	 will cause the Domestic-funded Company to resolve to approve the assignment of the Target Equity Interests
provided in this Agreement; 

  

	 	(f)	 for purpose of maintenance of its ownership of the Target Equity Interests, will execute all necessary or
appropriate documents, take all necessary and appropriate actions, and/or file any necessary or appropriate claims, or proceed with all necessary and appropriate defenses against all claims; 

 

	 	(g)	 as required by the Wholly-owned Company, will appoint the persons designated or acknowledged by the
Wholly-owned Company as directors of the Domestic-funded Company. 

  

	 	(h)	 Provided permitted under the laws of the PRC and as required by the Wholly-owned Company at any time, will at
any time, unconditionally assign its equity interests in the Domestic-funded Company to the Wholly-owned Company or it designated representatives; 

  

	 	(i)	 will strictly abide by all provisions of this Agreement and the Exclusive Business Cooperation Agreement, the
Equity Interest Pledge Agreement and the Shareholder Voting Rights Proxy Agreement entered into among the Parties or between any two of them, perform all the obligations thereunder, and will not take
action/non-action which may impose any effect on the validity and enforceability of such contracts. 

  
 4 

 Article 3 Representations and Warranties of the Current Shareholder and the
Domestic-funded Company 
 The Current Shareholder and the Domestic-funded Company hereby separately and severally represent and
warrant to the Wholly-owned Company on the date hereof and on each date of equity interest assignment, that: 
  

	 	3.1.	 it has the power and capacity to execute and deliver this Agreement, as well as any other equity interest
assignment contract, to which it is a party, and which is made for each assignment of the Target Equity Interests in accordance with this Agreement (individually referred to as “Assignment Agreement”), and perform its obligations
under this Agreement and any Assignment Agreement. This Agreement and any Assignment Agreement to which it is a party, upon being executed, constitutes or will constitute legal, valid and binding obligations enforceable against it in accordance with
the terms thereof; 

  

	 	3.2.	 neither the execution and delivery of this Agreement and any Assignment Agreement, nor its performance of
obligations under any provisions of this Agreement and any Assignment Agreement will: (i) violate any applicable laws of the PRC; (ii) conflict with its memorandum and articles of association and other organizational documents;
(iii) breach any contract or document which it is a party or which is binding on it; (iv) violate any condition relevant to the grant of any permit or approval or the maintenance of the validity of such permit or approval; or (v) cause the
suspense or withdrawal of, or imposition of any additional condition on, the permit or approval granted to it; 

  

	 	3.3.	 the Current Shareholder has good and salable ownership of all the equity interests it owns in the
Domestic-funded Company. The Current Shareholder has not created any security interest over the abovementioned equity interests, except for the security interests created in accordance with the Equity Interest Pledge Agreement and the Shareholder
Voting Rights Proxy Agreement; and 

  

	 	3.4.	 there is no lawsuit, arbitration or administrative proceeding ongoing, pending or threatened with respect to
the equity interests in the Domestic-funded Company. 

 The Domestic-funded Company hereby represents and warrants to the
Wholly-owned Company on the date hereof and on each date of equity interest assignment, that: 
  

	 	3.5.	 the Domestic-funded Company does not have any outstanding debt, except (i) those arising out of its
ordinary course of business, and (ii) those already disclosed to and consented in writing by the Wholly-owned Company. 

  

	 	3.6.	 the Domestic-funded Company has been complying with all applicable laws and regulations; and

  

	 	3.7.	 there is no lawsuit, arbitration or administrative proceeding ongoing, pending or threatened with respect to
the assets of the Domestic-funded Company, or ongoing lawsuit, arbitration or administrative proceeding relevant in other aspects. 

Article 4 Confidentiality 

Each Party recognizes and confirms and any and all oral and written information exchanged among them in relation to this Agreement shall be
deemed as confidential information. Each Party shall hold in confidence all such confidential information, and without the written consent from the other Parties, shall not disclose any confidential information to any third party, only except the
following circumstances: (a) such information is or will become available to the public (other than disclosed to the public by the receiving Party without authorization); (b) any information which must be disclosed pursuant to applicable laws
and regulations; or (c) the information disclosed by any Party to its legal or financial advisors as such disclosure is necessary for the transactions contemplated herein, and such legal or financial advisors are bound by confidentiality
obligation similar to that provided by this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such Party shall be held liable for
breach. This provision shall survive the termination of this Agreement for any reason. 

  
 5 

 Article 5 Effective and Term 

This Agreement becomes effective upon the execution by each Party. The term of this Agreement is ten (10) years, and may be extended for
another ten (10) years subject to the Wholly-owned Company’s decision. 
 Article 6 Termination 

 

	 	6.1.	 Expiration. Unless extended in accordance with the terms of this Agreement, this Agreement shall expire
upon expiration of the term of this agreement. 

  

	 	6.2.	 Early termination. During the term of this Agreement, the Current Shareholder or the Domestic-funded
Company shall not terminate this Agreement, unless the Wholly-owned Company commits gross negligence, deceitful act or other illegal act, or goes into liquidation, dissolution or termination. In the case that the Wholly-owned Company goes into
liquidation or dissolution according to law, this Agreement shall terminate automatically. Notwithstanding the foregoing, the Wholly-owned Company shall has the right to terminate this Agreement at any time by a written notice to the other Parties
30 days in advance. 

  

	 	6.3.	 Terms after termination. The Parties’ rights and obligations under Articles 4 and 7 shall survive
the termination of this Agreement. 

 Article 7 Default Liabilities and Indemnification 

 

	 	7.1.	 Default Liabilities. The Parties agree and acknowledge that, if any Party (the “Defaulting
Party”) breaches substantially any of the provisions herein or fails substantially to perform or fails to perform on time any of the obligations hereunder, such breach or failure shall constitute a default under this Agreement (the
“Default”). In such events any of the other Parties without default (the “Non-defaulting Party”) shall be entitled to require the Defaulting Party to rectify such Default or
take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such Default or take remedial measures within such reasonable period or within ten (10) days of receiving the written notice of the Non-defaulting Party thereof, then the Non-defaulting Parties have the rights to claim the Defaulting Party to indemnify the damages. 

 

	 	7.2.	 Indemnification. The Domestic-funded Company shall indemnify the Wholly-owned Company in full as to any
losses, damages, obligations and/or costs caused by any action, claim or other request against the Wholly-owned Company arising out of the performance of this Agreement, and shall hold harmless any damage or loss to the Wholly-owned Company caused
by the acts of the Current Shareholder and the Domestic- funded Company or requests by any third party due to the acts of the Current Shareholder and the Domestic-funded Company. The Current Shareholder shall hold harmless any damage or loss to the
Wholly-owned Company caused by the acts of the Current Shareholder or requests by any third party due to the acts of the Current Shareholder. 

  
 6 

 Article 8 Applicable Law and Dispute Resolution 

 

	 	8.1.	 Applicable Law. The execution, effectiveness, interpretation and performance of this Agreement and the
resolution of disputes hereunder shall be governed by the laws of the PRC. 

  

	 	8.2.	 Dispute Resolution. In the event of any dispute arising out of or in relation to this Agreement, the
Parties shall first resolve the dispute through friendly negotiation. In the event that any dispute arising out of or in relation to this Agreement fails to be resolved through friendly negotiation, any of the Parties may submit the relevant dispute
to Guangzhou Arbitration Commission for arbitration in Guangzhou, in accordance with its Arbitration Rules. The arbitration panel shall consist of three arbitrators. The arbitration award shall be final and binding on all Parties. Except provided
otherwise by the arbitration award, all the costs shall be borne by the losing Party or Parties. All the Parties agree that the arbitration proceedings shall be confidential. 

Article 9 Change of Law 

After this Agreement becomes effective, if any central of local, legislative or administrative authority of China makes any changes to the
provisions of any law, rule, regulation or other regulatory document at central or local level in China, including amendment of, addition to or abolishment of existing laws, regulations or other regulatory documents, or interpretation of or
promulgation of implementation measures or rules for existing laws, rules, regulations and other regulatory documents (collectively referred to as the “Amendments”), or promulgation of new laws, rules, regulations or other
regulatory documents (collectively referred to the “New Provisions”), the following shall apply: 
  

	 	9.1.	 If the Amendments or the New Provisions are more beneficial to any Party than the relevant laws, rules,
regulations or regulatory documents in effect on the effective date of this Agreement (and the other Parties are not thereby seriously and adversely affected), then all the Parties shall promptly apply to relevant authorities (if applicable) for the
benefits conferred by the Amendments or the New Provisions. Each Party shall use its best endeavors to procure the application to be approved. 

  

	 	9.2.	 If the Amendments or the New Provisions cause the economic interests of the Wholly-owned Company under this
Agreement to be seriously and adversely affected, whether directly or indirectly, and the Parties fail to eliminate such adverse effect on the economic interests of the Wholly-owned Company according to the provisions of this Agreement, then after
the Wholly-owned Company inform the other Parties, all the Parties shall negotiate promptly to make all necessary amendments to this Agreements so as to protect the economic interests of the Wholly-owned Company under this Agreement to the maximum
extent. 

 Article 10 Force Majeure 
  

	 	10.1.	 “Force Majeure Event” refers to any event which is beyond the reasonable control of one Party
and is inevitable even under the reasonable attention of the affected Party, including but not limited to acts of God, war or riots. However, lack of credit, funding or financing shall not be considered beyond one Party’s reasonable control.
Where the performance of this Agreement is delayed or obstructed by any Force Majeure Event, the Party affected by the Force Majeure Event shall not assume any liability hereunder for the part of performance being delayed or obstructed. The Party
who is affected by Force Majeure Event and seeks for discharge of performance obligations under this Agreement shall notify the other Parties such discharge and inform the steps to be taken to complete the performance. 

  
 7 

	 	10.2.	 The Party affected by the Force Majeure Event shall not therefore assume any liability hereunder. However, only
where the affected Party uses its reasonable best endeavor to perform this Agreement, may this Party be waived of such performance obligation, and only within the scope of the part of performance being delayed or obstructed. Once the reasons for
such waiver of responsibility are rectified and remedied, all the Parties agree to use the best endeavors to resume performance under this Agreement. 

Article 11 Miscellaneous 
  

	 	11.1.	 Notice. The notice under this Agreement shall be delivered by the ways of hand delivery, fax or
registered mail. If the notice is delivered by way of registered mail, then the date of signature recorded on the receipt of the registered mail shall be the delivery date. If sent by ways of hand delivery or fax, then the date it is sent shall be
the delivery date. Upon delivery of the way of fax, the original document of the notice shall be delivered by way of registered mail or hand delivery immediately afterwards. 

 

	 	11.2.	 Further Assurance. Each Party agrees to promptly execute documents that are reasonably necessary or
beneficial to the performance of the provisions and purposes of this Agreement and take further actions that are reasonably necessary or beneficial to the performance of the provisions and purposes of this Agreement. 

 

	 	11.3.	 Entire Agreement. Except for any written amendments, additions or modifications made after the execution
of this Agreement, this Agreement constitute the entire agreement among the Parties in respect of the subject matters of this Agreement and supersedes all previous oral agreements or written negotiations, representations and contracts relating to
the subject matters of this Agreement, including but not limited to, the Original Agreement. 

  

	 	11.4.	 Headings. The headings of this Agreement are for convenience only, and in no circumstances shall be used
to explain, interpret or otherwise affect the meaning of the provisions of this Agreement. 

  

	 	11.5.	 Taxes and Fees. The Wholly-owned Company or the Domestic-funded Company shall be responsible for the
taxes and fees incurred for execution and performance of this Agreement. 

  

	 	11.6.	 Assignment of Agreement. Except with prior written consent by the Wholly-owned Company,
neither the Current Shareholder nor the Domestic-funded Company may assign its rights and/or obligations under this Agreement to any third party. 

  

	 	11.7.	 Severability of Agreement. If at any time any provision or provisions of this Agreement become invalid
or unenforceable for contradiction with relevant laws, the provision is invalid or unenforceable only within the scope of such relevant laws and shall not affect the legal effects of the remaining provisions. 

 

	 	11.8.	 Waiver of Rights. Any of the Parties may waive its rights under terms and conditions of this Agreements,
provided that the waiver is only effective in writing and with all the other Parties’ consent. A waiver by a Party in respect of a breach of contract by other Parties shall not be constructed as a waiver of similar breaches in other cases.
Notwithstanding the aforesaid, any of the Parties is entitled to waive any of its rights at its sole discretion. 

  
 8 

	 	11.9.	 Amendments and Supplements. Any amendments or supplements to this Agreement shall be made by the Parties
in writing. Amendment agreements or supplemental agreements in relation to this Agreement duly signed by all the Parties shall constitute part of this Agreement and shall take same effect as the original agreement. 

 

	 	11	 Agreement Copies. This Agreement shall be made into three copies in Chinese, each Party shall have one
copy. 

 [The remainder of this page is left blank] 

  
 9 

 (There is no text on this page) 

Therefore, all the Parties execute this Agreement on the date written first above. 

 

			
	Wholly-owned Company: Guangzhou Huya Technology Co., Ltd. (Seal)
	[Company seal is affixed]
		
	Signature:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie
	Title:	 	Legal Representative
	
	Current Shareholder: Linzhi Tencent Technology Co., Ltd. (Seal)
	[Company seal is affixed]
	
	Domestic-funded Company: Guangzhou Huya Information Technology Co., Ltd. (Seal)
	[Company seal is affixed]
		
	Signature:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie
	Title:	 	Legal Representative

  
 [Signature Page of
Exclusive Option Agreement]

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