Document:

EX-10.6

 Exhibit 10.6 

Exclusive Consulting and Services Agreement 

This Exclusive Consulting and Services Agreement (this “Agreement”) is made and entered into by and between the following Parties in Beijing,
the People’s Republic of China (“PRC”) on June 26, 2018: 
 Party A: Beijing BlueCity Information & Technology Co., Ltd.

 Party B: Beijing BlueCity Culture and Media Co., Ltd. 

Whereas: 
  

	1.	 Party A is a wholly foreign-owned enterprise incorporated and validly existing in Beijing, mainly conducts
business in relation to consultancy, and development and maintenance of software and APPs (“Consultancy and Services”) with extensive experience and resources on Consultancy and Services. 

 

	2.	 Party B is a limited liability company incorporated and validly existing in Beijing; 

 

	3.	 Party B intends to engage Party A as its exclusive Consultancy and Services provider, which will provide Party
B advises and services in relation to its operational activities. 

 Therefore, through mutual discussion, Party A and Party B have
reached the following agreements: 
 Article 1 Consultancy and Services 
  

	1.1	 Party B agrees to engage Party A as its exclusive Consultancy and Services provider, who will provide services
and consultancy in relation to Party B’s operational activities set forth in Exhibit 1 in accordance with terms and conditions of this Agreement (“Consulting and Services”). 

 

	1.2	 Party B’s assignment and authorization to Party A under this Agreement shall be sole, exclusive and
irrevocable. Party B or its subsidiaries shall not accept Consultancy and Services provided by any third party (including its shareholders) without Party A’s prior written consent. 

Article 2 Service Fee and Payment 
  

	2.1	 Party B shall pay Party A service fees for the Consultancy and Services provided by Party A (“Service
Fee”). Party A shall determine and pay the Service Fee at any profitable fiscal quarter pursuant to the methods set forth in Exhibit 2 of this Agreement. 

	2.2	 Party A agrees that, during the term of this Agreement, Party A shall enjoy all economic benefits of, and bear
all risks arising from, the business operation of Party B; to ensure that Party B could meet its daily operating cash flow requirements and/or for the purpose of offsetting any operating loss incurred, regardless of Party B’s actual occurrence
of such operating losses, Party A may in its full discretion to provide financial support to Party B (to the extent permitted under PRC laws and regulations), and Party A may provide financial support to Part B in the form of loans, and they shall
enter into independent loan agreements in relation to such loans; in the event that Party B incurs any operating loss or experiences significant operation difficulties, Party A is entitled to request Party B to cease its operations at any time, and
Party B shall unconditionally accept the request of Party A. 

  

	2.3	 In the event that Party B fails to pay the Service Fee and other expenses in accordance with this Agreement,
Party B shall additionally pay liquidated damage in an amount representing 0.05% late payment per day to Party A. 

  

	2.4	 If at its own expense, Party A is entitled to appoint its employees or other certified accountants or auditors
in PRC or other countries (the “Authorized Representative of Party A”) to examine Party B’s accounts to review the calculation method and the amount of the Service Fee. For this purpose, Party B shall provide the Authorized
Representative of Party A with all requested documents, accounts, records, data, and etc., so that the Authorized Representative of Party A can audit Party B’s accounts and determine the amount of the Service Fee, and Party B consent to the
disclosure of such information and materials by Party A’s shareholders to the satisfaction of the requirements of securities regulations. Except for material mistakes, the amount of the Service Fee shall be the amount as determined by the
Authorized Representative of Party A. 

  

	2.5	 Party A and Party B hereby confirm that, the aforementioned Service Fee only includes the compensation that
Party A shall be paid for the provision of Consultancy and Services. Party B shall bear all travel expenses, transportation expenses, postage and all expenses in relation to the engagement of the certified accountants or auditors.

  

	2.6	 Party B shall make payment of the Service Fee to Party A without any deduction (such as bank commissions and
etc.), and Party B shall bear all such deductions. 

  

	2.7	 Both Parties agree that, the services provided by Party A under this Agreement to Party B shall also be
applicable to the subsidiaries controlled by Party B, and Party B shall procure each of its controlled subsidiaries to exercise rights and perform obligations in accordance with this Agreement. 

 

	2.8	 Party A and Party B agree that both parties will jointly bear all economic losses incurred as a result of the
performance of this Agreement. 

	2.9	 Party B’s relevant shareholders will pledge their equity interests in Party B to Party A to secure all
Service Fee, liquidated damages, actual expenses and indemnifications payable by Party B under this Agreement. 

 Article 3 Obligations
to Refrain from Acts 
 Commencing from the signing date of this Agreement, unless obtained the written consent of Party A or its designated party, Party
B shall not, and shall procure and ensure any of its subsidiaries not to conduct any of the following activities: 
  

	3.1	 Any business not in the ordinary course of the company (“Business of the Company”) or not
consistent with the former practice of the company or conducted in an informal way; 

  

	3.2	 Any increase or decrease of registered capital of the company, any alternation on the structure of the
company’s registered capital in other manners, any adjustment in relation to the business scope of the company or any amendments of the articles of association of the company; 

 

	3.3	 Any change in the ordinary business procedure of the company, or any material amendment on the internal
regulations and policies; 

  

	3.4	 Any material adjustment with respect to its business models, marketing strategies, management policies or
customer relationships; 

  

	3.5	 Any contractual arrangements with any third parties with the purpose of controlling the company;

  

	3.6	 Any consolidation, merger, acquisition, joint venture or other forms of joint operation on the Business of the
Company; 

  

	3.7	 Any capital expenditure other than in the ordinary course of business of the company; 

 

	3.8	 Execution of material contracts other than in the ordinary course of business of the company;

  

	3.9	 Dissolution or liquidation of the company; 

 

	3.10	 Adoption or change of any business plan or annual budget of the company; 

 

	3.11	 Causing the company to bear any debt other than in the ordinary course of business of the company;

  

	3.12	 Deferring any company’s due debt to third parties ; 

 

	3.13	 Inheriting or providing guarantee for any debt other than in the ordinary course of business of the company;

  

	3.14	 Providing guarantees to any third party with its assets or intellectual properties, or creating any other
encumbrances on the company’s assets or interests; 

	3.15	 Sale, transfer, pledge, permission or disposition of the any assets in other forms (including without
limitation, any kinds of tangible assets, intellectual properties and other assets or relevant rights on the assets, such as copyrights, patents, patent applications, trademarks, software, technology secrets, business secrets or other rights) (other
than in the ordinary course of business of the company), the business or the lawful rights to the revenue; 

  

	3.16	 Any external investment; 

 

	3.17	 Distribution of the profits and dividends in any form; 

 

	3.18	 Any material change on the accounting policy of the company, or 

 

	3.19	 Any engagement or change of the company’s auditor. 

Article 4 Operation Management and Personnel Arrangement 
  

	4.1	 Party B agrees to accept suggestions of Party A in relation to employment, dismissal of the company’s
staff, daily operation and management of the company and financial management of the company, as well as to implement the above suggestions strictly. 

  

	4.2	 To the extent of not violating PRC laws and regulations, Party B and/or any of its subsidiaries shall elect
candidates recommend by Party A as the company’s directors/executive directors and senior managements (including the general manager, chief financial officer and other senior managements). Unless with the prior written consent from Party A or
required by laws, Party B and/or any of its subsidiaries shall not refuse to elect Party A’s recommended candidates with any reasons. 

  

	4.3	 Commencing from the execution date of this Agreement, unless with the prior consent from Party A or its
designated parties, Party B shall not, and shall procure and ensure any of its subsidiaries not to engage, dismiss any director/ executive director or any senior management of the company, or amend conditions with regard to appointment/engagement of
directors/executive directors or senior managements of the company. 

 Article 5 Intellectual Property 

 

	5.1	 Any intellectual properties developed during the performance of this Agreement, including without limitation,
copyrights, patent rights, technical secrets, business secrets and any other intellectual properties, shall be owned by Party A, despite that such intellectual properties developed by Party A independently or by Party B based on Party A’s
intellectual properties or by Party A based on Party B’s intellectual properties. The licensing of such intellectual properties shall be determined by both parties after negotiation. 

 

	5.2	 In the event that the development of the intellectual properties is carried out by Party A based on Party
B’s intellectual properties, Party B shall ensure that such intellectual properties are free from any defect, and in the event that Party A suffers any loss due to the aforementioned defects, Party B shall bear such losses. If Party A becomes
liable for compensation to any third party consequently, then Party A is entitled to recovery from Party B after Party A made such compensation. 

 Article 6 Confidentiality 
  

	6.1	 Any party upon the acknowledgement of the technology materials and information of the other party as a result
of the execution and performance of this Agreement (“Confidential Information”), regardless of whether the other Party has taken measures to keep confidentiality, such informed party shall bear confidentiality responsibility. The
receiving party shall not reveal, disclose or transfer such Confidential Information to any third party, or use such Confidential Information for any third parties’ benefits, unless with the prior written consent from the other Party.

  

	6.2	 The informed party undertakes that it will provide the Confidential Information to its employees, consultants,
and agents only for the purpose of performance of this Agreement, and it shall ensure the employees, consultants, agents that have access to the Confidential Information to undertake confidentiality obligations same as so provided under this Article
6. Any breach by the aforementioned personnel shall be deemed as a breach of this Section 6 by the informed party and it shall assume the liability for breach of this Agreement. 

 

	6.3	 Upon termination of this Agreement, the informed party shall return or destroy any documents or any other
carriers containing the Confidential Information upon the request of the other party. The informed party shall not continue keeping or using such Confidential Information in any carrier. 

 

	6.4	 Party A and Party B mutually agree that this Article 6 shall survive the amendment, cancellation or termination
of this Agreement. 

 Article 7 Representations and Warranties 

 

	7.1	 Party A hereby represents and warrants that: 

 

	 	7.1.1	 Party A is a wholly foreign-owned enterprise incorporated in Beijing under the PRC laws and is in good
standing. 

  

	 	7.1.2	 Party A has taken necessary actions to be duly authorized and has obtained consents or approvals of third
parties or government authorities. None of the provisions of this Agreement constitutes a violation of any applicable laws and the company’s internal regulations. 

 

	 	7.1.3	 In relation to the execution and performance of this Agreement, none of the facts disclosed by Party A to Party
B and the relevant PRC authorities contains any false information, and there is no negligence in disclosing any necessary and material events. 

  

	 	7.1.4	 This Agreement shall become valid, effective and binding to Party A and can be enforced against Party A.

	7.2	 Party B hereby represents and warrants that: 

 

	 	7.2.1	 Party B is a limited liability company incorporated in Beijing under the PRC laws and is validly existing.

  

	 	7.2.2	 Party B has taken necessary corporate actions to be duly authorized, and has obtained consents and approvals
from third parties or government authorities; None of the provisions of this Agreement constitutes a violation of any binding or applicable laws and the company’s internal regulations. 

 

	 	7.2.3	 In relation to the execution and performance of this Agreement, the facts disclosed by Party B to Party A and
the relevant PRC authorities do not contain any false information or omission of any material events. 

  

	 	7.2.4	 Party B shall promptly inform Party A of any situation that may bring or have brought adverse effects to its
business operation, and shall make best efforts to prevent the occurrence of such situation and/or expansion of losses. 

  

	 	7.2.5	 Party B shall not dispose of any material assets or change current shareholding structure in any way without
the prior written consent of Party A. 

  

	 	7.2.6	 This Agreement shall become valid, effective and binding upon its effectiveness and can be enforced against
Party B. 

 Article 8 Indemnification 
  

	8.1	 Unless otherwise provided in this Agreement, it shall constitute a breach of this Agreement if any party does
not perform completely or cease to perform its obligations under this Agreement and fail to remedy within thirty days following the receipt of notice from the other party, or the representations and warranties of any party are not true.

  

	8.2	 In the event that any party breaches this Agreement or any representation or warranty under this Agreement, the
other party can inform the breaching party in writing to require it to remedy such breach within a reasonable period or within ten (10) days after receiving the written notice, to take relevant effective and timely measures to avoid losses, and
to continue the performance of this Agreement. In the case of any losses, the breaching party shall indemnify the other party to put it in such a position as if this Agreement has been normally performed, without prejudice to all other remedies
available pursuant to this Agreement and laws and regulations. 

	8.3	 The breaching party shall indemnify the other party (including without limitation, any losses or legal fees due
to such breach) any expenses, liabilities and any other losses resulting from its breach of this Agreement, including without limitation, profit losses of the company. The total amount of indemnification payable to the breaching party shall equal to
the amount of losses incurred due to such breach which shall include any profits that the non-breaching party is entitled to obtain due to its compliance of this Agreement as well, to the extent that the
indemnification shall not exceed the reasonable expectations of both parties. 

  

	8.4	 In the event of any claim of a third party due to Party B’s incompliance of Party A’s instruction,
the improper use of Party A’s intellectual properties or the improper operation of any technology, Party B shall bear all relevant losses. Upon Party B’s knowledge of any third parties’ usage of Party A’s intellectual properties
without lawful authorization, Party B shall inform Party A immediately and cooperate with Party A in relation to any of Party A’s actions. 

Article 9 Effectiveness and Validity 
  

	9.1	 This Agreement shall be effective upon the execution by both parties on the date of agreement indicated at the
beginning of this Agreement. 

  

	9.2	 The term of this Agreement shall be permanent unless terminated in accordance with this Agreement in advance.

  

	9.3	 Before expiration of this Agreement, if required by Party A, both parties shall change the term of this
Agreement in accordance with Party A’s request, and execute another exclusive consulting and services agreement or perform this Agreement continuously. 

Article 10 Termination 
  

	10.1	 On the condition that it will not violate Party A’s laws or other rights or remedies due to other reasons,
Party A is entitled to terminate this Agreement immediately with written notice to Party B in the event of the following conditions: (1) the default of Party B and Party B fails to remedy such defaults within 30 business days after the receipt
of Party A’s written notice; (2) the termination of business, dissolution, liquidation, active or passive application of bankruptcy, revocation of business license or any other similar situations of Party B; (3) equity interests
and/or assets held by Party B have been transferred to Party A and/or other person(s) designated by Party A in accordance with the Exclusive Option Agreement executed by and between Party B’s shareholders and Party A; or (4) once Party A
is permitted by PRC laws to hold equity interests of Party B directly and Party A, its subsidiaries and branches are permitted to operate Party B’s business lawfully, this Agreement shall be terminated on the date that Party A is officially
registered as the shareholder of Party B as agreed. 

  

	10.2	 Within the term of this Agreement, Party A is entitled to terminate this Agreement at any time with a written
notice thirty days in advance. 

	10.3	 Within the term of this Agreement, Party B shall not terminate this Agreement in advance with any reason.

  

	10.4	 The rights and obligations under Article 6 and Article 8 shall survive the termination of this Agreement.

 Article 11 Dispute Resolution 
  

	11.1	 Any dispute arising out of the interpretation and performance of this Agreement shall be resolved in the first
instance through negotiations in good faith. If the dispute is not resolved through negotiations within 30 days after the request of consultation on the dispute by one party, either party can submit the dispute to China International Economic and
Trade Arbitration Commission (the “CIETAC”) for arbitration in Beijing and the then effective rules of arbitration shall be applied. The proceeding of arbitration shall be conducted in Chinese. The arbitral awards shall be final and
binding upon the parties thereto. 

  

	11.2	 Upon the request of either party to the dispute, the court of competent jurisdiction can grant provisional
reliefs, such as seizing or freezing the assets or the equity interests of the party in breach. After the arbitral award takes effect, any party is entitled to apply to a court of competent jurisdiction for enforcement of such award.

  

	11.3	 Both parties shall continuously perform their obligations in good faith pursuant to this Agreement other than
which is under dispute between the parties. 

 Article 12 Force Majeure 

 

	12.1	 “Force Majeure Event” means an event which is unforeseeable to a party or is unable to avoid
or recover even with reasonable attention, which includes, without limitation, war or natural disasters. Provided, however, insufficient of credits, capitals or financing shall not be deemed as a Force Majeure Event. Considering the special nature
of computer networks, the Force Majeure Event shall include any of the following events that may impact the normal operation of either party’s computer network: 

 

	 	12.1.1	 Attacked by hackers or computer virus; 

 

	 	12.1.2	 Interrupted by material adjustment of telecom departments; or 

 

	 	12.1.3	 Suspension of operation due to the temporary control of government authorities. 

	12.2	 Where the performance of this Agreement is delayed or impeded due to the Force Majeure Event aforesaid, the
party affected by the Force Majeure shall not bear any liability herein, provided that the affected party shall make all reasonable and feasible efforts to perform this Agreement or to mitigate the effects of Force Majeure and the scope of liability
exemption shall be limited to the part being delayed and impeded. Once the cause of such exemption has been rectified and remedied, both parties agree to make best endeavor to resume the performance of this Agreement. 

Article 13 Applicable Laws 
 Performance, interpretation,
dispute resolution and enforcement of this Agreement shall be governed by PRC laws. 
 Article 14 Notice 

Any notice or other correspondence sent pursuant to this Agreement shall be written in Chinese and when the notice is delivered personally or sent by
registered mail, postage prepaid, by a reputable commercial courier service or by facsimile transmission to the address of such party or parties set forth below, the notice shall be deemed to be effectively delivered. 

Party A: Beijing BlueCity Information & Technology Co., Ltd. 

Address: *** 
 Party B: Beijing
BlueCity Culture and Media Co., Ltd. 
 Address: *** 

Article 15 Assignment of the Agreement 
  

	15.1	 Party B shall not directly or indirectly assign, re-license, lease,
gift, pledge, entrust, distribute in kind of any, or dispose of its right and/or obligations under this Agreement in other forms to third parties without the prior written consent of Party A. 

 

	15.2	 Party B hereby agrees that, Party A is entitled to assign or delegate all or part of its rights and/or
obligations under this Agreement to third parties pursuant to the actual conditions in a proper time with prior notice to Party B, and prior written or oral confirmation from Party B is not required. 

Article 16 Miscellaneous 
  

	16.1	 Any written consents, suggestions, and appointments in relation to Party A as well as any other decisions that
may have material impacts on Party B’s ordinary course of operation shall be made by Party A’s board of directors or its executive directors if a board is not established. 

	16.2	 At any time after the execution of this Agreement, in the event that any promulgation or amendment of any PRC
laws, regulations or rules, or any alternation on the application or interpretation of such laws, regulations or rules, the following arrangements shall be applied: (1) if the amendment or promulgation of such laws, regulations or rules are
more preferential than relevant laws, regulations or rules in effect on the signing date to either party (without any material prejudice to the other party), both parties shall apply for the benefits and interests brought by such amendment or
promulgation in a timely manner and shall make their best efforts for the approval of such application; or (2) if the amendment or promulgation aforesaid will bring material prejudice directly or indirectly to either party with respect to its
economic benefits and interests, this Agreement shall be performed in accordance with the original provisions. Both parties shall make their best efforts to obtain exemptions on such amendment or promulgation in a lawful way. If the adverse effect
on either party’s economic benefits and interests cannot be solved in accordance with this Agreement, and after a notice is delivered by the party affected by such amendment or promulgation to the other party, both parties shall consult in a
timely manner and make all necessary amendments to this Agreement in order to maintain the economic benefits and interests owned by the influenced party under this Agreement. 

 

	16.3	 In the event that any provisions of this Agreement are invalid or cannot be enforced due to conflict with laws,
such provisions shall be deemed as invalid within the jurisdiction of the applicable laws, and shall not affect the effectiveness of other provisions of this Agreement. 

 

	16.4	 Both parties are entitled to amend or supplement this Agreement in the form of written agreements at any time.
Such amendments or supplements shall be a part of this Agreement after being executed by duly authorized representatives of both parties, and shall have equal effectiveness of this Agreement. 

 

	16.5	 This Agreement is made in three (3) copies. Each copy of this Agreement shall be of equal validity and
effect. Each party will hold one copy of this Agreement and the remaining one shall be used for the procedure of filling and registration. 

[Intentionally left blank with signature page] 

 [Signature Page to Exclusive Consulting and Services Agreement] 

Party A: Beijing BlueCity Information & Technology Co., Ltd. 

Authorized Representative: /s/ Beijing BlueCity Information & Technology Co., Ltd. (Seal) 

Party B: Beijing BlueCity Culture and Media Co., Ltd. 

Authorized Representative: /s/ Beijing BlueCity Culture and Media Co., Ltd. (Seal)EX-10.7

 Exhibit 10.7 

Exclusive Option Agreement 
 This
Exclusive Option Agreement (“Agreement”) is made and entered into and among following parties in Beijing on June 26, 2018: 
 Party A:
Beijing BlueCity Information & Technology Co., Ltd. 
 Address: *** 

Party B: MA Baoli (“Party B-1”) and MA Changyou (“Party
B-2”) 
 Address: *** 

(Party B-1 and Party B-2 hereinafter are collectively referred to as
“Party B”) 
 Party C: Beijing BlueCity Culture and Media Co., Ltd. 

Address: *** 
 In this Agreement, Party A, Party B and Party C
shall hereinafter be referred to each as a “Party,” and collectively as the “Parties.” 
 WHEREAS: 

 

	(1)	 Party C is a limited liability company duly incorporated under the PRC laws; 

 

	(2)	 Party B holds 100% of the equity interests in Party C in aggregate as of the execution date of this Agreement;

  

	(3)	 The Exclusive Consulting and Services Agreement (“Service Agreement”) was entered into by and
between Party A and Party C on June 26, 2018. 

 THEREFORE, the Parties agree as follows after friendly negotiation: 

Article 1 Grant of Right 
  

	1.1	 To the extent permitted by the PRC laws and regulations and within the term of this Agreement, Party B hereby
irrevocably grants Party A an exclusive and irrevocable right (“Equity Purchase Right”) to purchase at any time Party C’s equity interests (“Target Equity Interests”) in whole or in part from Party B by Party A
or its designee, at the purchase price as set forth under the article 2 of this Agreement, in accordance with the procedures as determined by Party A in its full discretion. 

Party C hereby agrees to Party B’s grant of Equity Purchase Right to Party A and Party B agrees to cooperate in accordance with this
Agreement. “Person” means any natural person, company, joint venture, partnership, enterprise, trust or non-corporation organization under this section and this Agreement. 

  
 1 

	1.2	 To the extent permitted by the PRC laws and regulations and within the term of this Agreement, Party C hereby
irrevocably grants Party A an exclusive and irrevocable right (“Asset Purchase Right”, collectively with the Equity Purchase right, the “Purchase Rights”) to purchase at any time Party C’s assets
(“Target Assets”) in whole or in part from Party C by Party A or its designee, at the purchase price as set forth under the article 2 of this Agreement, in accordance with the procedures as determined by Party A in its full
discretion. Party B hereby agrees to Party C’s grant of Asset Purchase Right to Party A and Party B agrees to cooperate in accordance with this Agreement. 

 

	1.3	 Purchase Rights shall be exclusive to Party A, and except for the prior written consent from Party A, Party B
shall not sell, offer to sell, transfer, gift, pledge or otherwise dispose of the Target Equity Interests in whole or in part to any other persons, or to authorize other persons to purchase the Target Equity Interests in whole or in part; Party C
shall not sell, offer to sell, transfer, gift, pledge or otherwise dispose of the Target Assets in whole or in part to any other persons, or to authorize other persons to purchase the Target Assets in whole or in part; 

 

	1.4	 It is the condition precedent to follow PRC laws and regulations for Party A to exercise its Equity Purchase
Right. Party A shall issue a written notice to Party B (“Equity Purchase Notice”) when exercising the Equity Purchase Right, which shall include the following information: (a) Party A’s decision to exercise the Equity
Purchase Right; (b) the Target Equity Interests; and (c) the purchase/transfer date of the Target Equity Interests. 

  

	1.5	 It is the condition precedent to follow PRC laws and regulations for Party A to exercise its Asset Purchase
Right. Party A shall issue a written notice to Party B (“Asset Purchase Notice”) when exercising the Asset Purchase Right, which shall include the following information: (a) Party A’s decision to exercise the Asset
Purchase Right; (b) the Target Asset to be purchased by Party A from Party C; and (c) the purchase/transfer date of the Target Asset. 

Article 2 Purchase Price 
  

	2.1	 The purchase price of the equity interests shall be the lowest price permitted by the PRC laws and regulations.
If PRC laws and regulations require the valuation of the equity interests upon Party A’s exercise of the Equity Purchase Right, all Parties shall negotiate and determine the equity interests purchase price in good faith and make necessary
adjustments based on the valuation, so as to comply with the then applicable PRC laws and regulations. 

  

	2.2	 The purchase price of the assets shall be the lowest price permitted by the PRC laws and regulations. If PRC
laws and regulations require valuation of the assets upon Party A’s exercise of the Asset Purchase Right, all Parties shall negotiate and determine the assets purchase price in good faith and make necessary adjustments based on the valuation,
so as to comply with the then applicable PRC laws and regulations. 

  
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 Article 3 Confirmation of Other Shareholders 

When Party A exercises its Purchase Rights, Party B-1 and Party B-2 shall
approve such transaction and waive their right of first refusal respectively. 
 Article 4 Exercise of the Purchase Rights 

 

	4.1	 Each of Party B and Party C hereby warrants to Party A respectively that, once Party A is allowed to directly
hold Party C’s equity interests while Party C is allowed to continue the operation of its current business under the current PRC laws and regulations, Party A is entitled to exercise the Purchase Rights under this Agreement immediately.

  

	4.2	 For each exercise of the Equity Purchase Right by Party A: 

 

	 	4.2.1	 Party B shall, at the request of Party A, promptly adopt shareholders’ resolutions to approve the transfer
of equity interests to Party A and/or its designee(s), and/or issue a written statement certifying its consent to waive any right of first refusal under the PRC laws and regulations and agreements among relevant shareholders; 

 

	 	4.2.2	 Party B shall execute an equity interests transfer agreement with Party A and/or its designee(s) in accordance
with this Agreement and the Equity Purchase Notice; 

  

	 	4.2.3	 The relevant Parties shall execute all other necessary agreements or documents, obtain all necessary government
approvals and permits, and take all necessary actions to transfer the valid ownership of the Target Equity Interests to Party A and/or its designee(s), taking free of any security interests, and cause Party A and/or its designee(s) to become the
registered owner(s) of the Target Equity Interests. “Security Interests” includes without limiting to, mortgages, pledges or third party’s rights or interests in other forms, any stock options, acquisition rights, right of
first refusal, right of set-off, liens or other security arrangements under this section and this Agreement, and for the avoidance of doubt, the Security Interests shall exclude any security interest under
this Agreement and Party B’s Equity Interests Pledge Agreement. “Party B’s Equity Interests Pledge Agreement” means the Equity Interests Pledge Agreement entered into by and among Party A, Party B and Party C on
June 26, 2018 (“Equity Pledge Agreement”), under this section and this Agreement. According to the Equity Pledge Agreement, Party B shall pledge all of its equity interests in Party C to Party A, in order to guarantee Party
C’s performance of its obligations under the Service Agreement; 

  

	 	4.2.4	 Party B and Party C shall take all necessary actions to ensure that the transfer of Target Equity Interests is
undisturbed in substance or in procedure. Neither Party B nor Party C shall impose any impediments or restrictions on the transfer of the Target Assets unless otherwise specified herein; 

 

	 	4.2.5	 Party B shall procure Party C to adopt shareholders’ resolutions to approve the equity interests transfer
by exercising the Equity Purchase Right and the amendment of the articles of association of Party C; 

  
 3 

	 	4.2.6	 Party B shall, together with Party A and/or Party A’s designee(s), and all of the then other shareholders
of Party C, procure and assist Party C to make registration filings to reflect the change with the relevant registration authorities; and 

  

	 	4.2.7	 Party B shall handle other necessary matters to accomplish the Equity Purchase Right. 

 

	4.3	 For each exercise of the Asset Purchase Right by Party A: 

 

	 	4.3.1	 Party C shall, at the request of Party A, promptly adopt shareholders’ resolutions to approve the transfer
of its assets to Party A and/or its designee(s); and Party B shall, at the request of Party A, vote for such transfer of assets to Party A and/or its designee(s) in Party C’s internal decision procedures; 

 

	 	4.3.2	 Party C shall enter into an asset transfer agreement with Party A and/or its designee(s) in accordance with
this Agreement and the Asset Purchase Notice; 

  

	 	4.3.3	 The relevant Parties shall execute all other necessary agreements or documents, obtain all necessary government
licenses and permits, and take all necessary actions to transfer valid ownership of the Target Assets to Party A and/or its designee(s), taking free of any Security Interests, and cause Party A and/or its designee(s) to become the registered
owner(s) of the Target Assets (if necessary); and 

  

	 	4.3.4	 Party B and Party C shall take all necessary actions to ensure the transfer of Target Assets undisturbed in
substance or in procedure. Neither Party B nor Party C shall impose any impediments or restrictions on the transfer of the Target Assets unless otherwise specified herein. 

 

	4.4	 Payment of purchase price. Party A and/or its designee(s) shall pay the purchase price of the equity interests
and/or assets to Party B or Party C in a manner as set forth under this section 1.3. After withholding the necessary taxes on the equity and/or assets purchase price in accordance with the PRC laws and regulations, Party A and/or the its designee(s)
shall pay the equity and/or assets purchase price to the account designated by Party B and/or Party C within seven (7) business days from the date on which the Target Equity Interests and/or Assets are formally transferred to Party A and/or its
designee(s). Party B and/or Party C hereby agree that, subject to then applicable PRC laws, regulations and policies, the equity and/or assets purchase price paid by Party A and/or its designee(s) to Party B and/or Party C shall be returned by Party
B and/or Party C to Party A and/or its designee(s) in a lawful manner. 

 Article 5 Covenants Relating to the Equity Interests and
Assets 
  

	5.1	 Party B hereby covenants that: 

 

	 	5.1.1	 Without the prior written consent of Party A, Party B shall not sell, transfer, pledge or otherwise dispose of
in any manner any legal or beneficial interests in the equity interests after execution of this Agreement, or allow the encumbrance thereon of any other security interests, except for the security interest placed in accordance with this Agreement
and the pledge created under the Equity Pledge Agreement; 

  
 4 

	 	5.1.2	 Without the prior written consent of Party A, Party B shall ensure the shareholders’ meeting of Party C
not to and shall procure the board of directors or the executive directors (if no board of directors) of Party C not to approve any sale, transfer, pledge or other dispositions of any legal or beneficial interests in the equity interests in Party C
held by Party B, or allow the encumbrance thereon of any other security interests, except for the security interest placed in accordance with this Agreement and the pledge created under the Equity Pledge Agreement; 

 

	 	5.1.3	 Without the prior written consent of Party A, Party B shall ensure the shareholders’ meeting of Party C
not to and shall procure the board of directors or the executive director (if no board of directors) of Party C not to approve any merger or consolidation of Party C with any Persons, or any acquisition of or investment in any other Persons;

  

	 	5.1.4	 Party B shall immediately inform Party A of any actual or potential litigations, arbitrations or administrative
proceedings relating to the equity interests in Party C held by Party B; 

  

	 	5.1.5	 Party B shall ensure the shareholders’ meeting of Party C to and shall procure the board of directors and
executive director (if no board of directors) of Party C to approve the transfer of Target Equity Interests and/or Target Assets herein and take other measures at the request of Party A; 

 

	 	5.1.6	 For the purpose of maintaining Party B’s ownership in Party C, Party B shall execute all necessary or
appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, and raise necessary or appropriate defenses against all claims; 

 

	 	5.1.7	 Upon the request of Party A, Party B shall promptly and unconditionally transfer its equity interests to Party
A and/or its designee(s) at any time; 

  

	 	5.1.8	 Party B shall strictly comply with all provisions of this Agreement and other agreements jointly or separately
executed by Party B and Party C with Party A, earnestly perform the obligations thereunder, and not to take, or omit to take, any actions which may sufficiently affect the validity and enforceability of such agreements. Where Party B has any
remaining rights with respect to the equity interests subject to this Agreement hereunder or under Equity Pledge Agreement executed by the Parties or the Power of Attorney to Party A, Party B shall not exercise such rights unless with the written
instructions from Party A; and 

  

	 	5.1.9	 At the request of Party A, Party B shall appoint the Persons designated by Party A as directors and/or
executive directors of Party C, and procure the appointment of Persons designated by the Party A to serve as the general manager, chief financial officer and other senior managements of Party C; 

  
 5 

	 	5.1.10	 Without the prior written consent of Party A, Party B shall notify Party A of any dividends, bonuses or
distributions received from Party C within three (3) business days and immediately transfer such benefits at nil consideration to Party A. 

  

	5.2	 Party C hereby covenants that: 

 

	 	5.2.1	 Without the prior written consent of Party A, Party C shall not in any manner supplement, amend or modify its
articles of association, increase or decrease its registered capital or change its structure of registered capital in other manners; 

  

	 	5.2.2	 Party C shall maintain its valid existence, operate its business and manage its corporate matters prudently and
effectively, in accordance with good business standards and practices; 

  

	 	5.2.3	 Without the prior written consent of Party A, Party C shall not sell, transfer, pledge or dispose of in any
manner any equity interests, assets or legal or beneficial interest in the business or revenues of Party C and its subsidiaries (unless required by daily business operation) or allow the encumbrance thereon of any security interests;

  

	 	5.2.4	 Without the prior written consent of Party A, Party C shall not incur, inherit, guarantee or allow any
indebtedness, except for (a) debts incurred legally in the ordinary course of business other than through loans, and (b) debts disclosed to Party A for which Party A’s written consent has been obtained; 

 

	 	5.2.5	 Party C shall operate all of its business continuously in the ordinary course of business in order to maintain
equity and the asset value of Party C and its subsidiaries, and refrain from any action or omission which may affects Party C’s operating status and equity and asset value; 

 

	 	5.2.6	 Without the prior written consent of Party A, Party C and its subsidiaries shall not enter into any material
agreement (including but not limited to, loan agreements, external security agreements, asset disposal agreements or any agreements that may place Party C under debt or substantial adverse effects), other than those entered in the ordinary course of
business (for purpose of this section, an agreement with a value exceeding RMB500,000 shall be deemed as a material agreement); 

  

	 	5.2.7	 Without the prior written consent of Party A, Party C and its subsidiaries shall not provide any loan or credit
to any Person; 

  

	 	5.2.8	 At the request of Party A, Party C shall provide Party A with all operating and financial materials of Party C
and its subsidiaries; 

  

	 	5.2.9	 If probable, Party C shall purchase from and maintain insurance with insurance companies acceptable to Party A,
at an amount and type of insurance coverage typical for companies that in the same region operate the similar business and owning similar properties or assets as Party C; 

  
 6 

	 	5.2.10	 Without the prior written consent of Party A, Party C and its subsidiaries shall not merge or consolidate with
any Person, or acquire or invest in any Person; 

  

	 	5.2.11	 Party C shall immediately notify Party A of any actual or potential litigations, arbitrations or administrative
proceedings in relation to equity interests, assets, business and revenue of Party C and its subsidiaries; 

  

	 	5.2.12	 For the propose of maintaining the ownership by Party C of all of its and its subsidiaries’ assets, Party
C shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, and raise necessary or appropriate defenses against all claims; 

 

	 	5.2.13	 Without the prior written consent of Party A, Party C shall not distribute dividends, bonuses or any assets to
its shareholders, and if Party B receives any aforementioned interests, Party B shall inform Party A within three (3) business days and transfer relevant benefits at nil consideration to Party A; and 

 

	 	5.2.14	 At the request of Party A, Party C shall appoint Persons designated by Party A as its directors and/or
executive directors, general manager, chief financial officer and other senior managements. 

 Article 6 Representations and Warranties

 Party B and Party C hereby represent and warrant to Party A, from the effective date of this Agreement to the date when all equity interests in Party
C are completely transferred to Party A, that: 
  

	6.1	 Party B lawfully holds equity interests in Party C. 

 

	6.2	 Party B has strictly complied with all obligations set forth in the articles of associations of Party C. There
is no circumstance that may affect Party B’s legal status as a shareholder of Party C or Party A’s exercise of the Purchase Rights under this Agreement. 

 

	6.3	 Except for equity pledges agreed by Party A, the equity interests in Party C held by Party B are free of any
form of security or seizure, any disputes, litigations, arbitrations, or other forms of administrative or judicial compulsory measures, or claims of which such equity interests are subject to. 

 

	6.4	 Party B has disclosed to Party A all materials or information which may have substantial adverse effects on
Party B’s ability to perform its obligations under this Agreement, or Party A’s willingness to enter into this Agreement. 

  

	6.5	 Party B and Party C have the authority and capacity to execute and deliver this Agreement and any equity
transfer agreements and/or asset transfer agreements to which they are a party and under which Target Equity Interests and Target Assets are transferred (“Transfer Agreement”), and to perform their obligations under this Agreement
and any Transfer Agreement. Once this Agreement and the Transfer Agreements to which they are a party are executed, these agreements will constitute their legal, valid and binding obligations and shall be enforceable against them in accordance with
the provisions thereof. 

  
 7 

	6.6	 The execution and delivery of this Agreement or any Transfer Agreement or the performance of obligations under
this Agreement or any Transfer Agreement shall not: (a) be inconsistent with the articles of association or other organizational documents of Party B and Party C; (b) cause the violation of any agreements or instruments to which they are a
party or which are binding on them, or constitute any breach under any agreements or instruments to which they are a party or which are binding on them; (c) cause any violation of any condition for the granting and/or continued effectiveness of
any licenses or permits issued to either of them; or (d) cause the suspension or revocation of or imposition of additional conditions to any licenses or permits issued to either of them;. 

 

	6.7	 Party B hereby undertakes to Party A that it has made all appropriate arrangements and executed all necessary
documents to ensure that upon the death, incapacity, bankruptcy, divorce or any other circumstances that may affect the fulfillment of the obligations under this Agreement, none of its successor, guardian, creditor, spouse or any other person who
may be entitled to assume rights and interests in its equity interests will be able to affect or hinder the performance of this Agreement; and, those who acquires equity interests or related rights thereafter shall be deemed to be a signatory to
this Agreement and shall inherit/assume all rights and obligations of Party B under this Agreement. 

  

	6.8	 If Party C or its subsidiaries are dissolved or liquidated as requested by PRC laws, Party A shall be entitled
to appoint a liquidator to manage the assets of Party C or its affiliates to the extent permitted by the PRC laws, and Party C or its subsidiary shall, to the extent permitted by the PRC laws and regulations, sell all of the assets to Party A or
other qualified persons designated by Party A at the minimum price permitted by the PRC laws. Party C or its subsidiaries shall, to the extent permitted by the then applicable PRC laws and regulations in effect, waive any payment obligations arising
therefrom of Party A or other qualified persons designated by Party A; and any profit derived from any such transactions shall be paid to Party A or any qualified person designated by Party A as a part of the service fees under the Service
Agreement, to the extent permitted by the then applicable PRC laws and regulations in effect. 

  

	6.9	 Party B shall not execute any documents or make relevant commitments in conflict of the interests with any
agreement executed with Party C or Party A and its designated Person; and Party B shall not, by any action or omission of action, cause a conflict of interest among Party B and Party A and its shareholders. In any case of such conflict of interest
(Party A may determine the occurrence of such conflict of interest in its full discretion), Party B shall take measures to eliminate such conflicts as soon as practicable with Party A or its designated person(s)’ prior consents. If Party B
refuses to take actions to eliminate conflict of interests, Party A is entitled to exercise the Purchase Rights under this Agreement. 

  

	6.10	 Without the written consent of Party A, Party B shall not directly or indirectly participate in or engage in
business that could compete with or is likely to compete with the business of Party C and its subsidiaries, or be employed to operate relevant entities or hold the rights and assets of such entities whose business competes with or is likely to
compete with the business of Party C and its subsidiaries. Party A shall have the final decision right to determine whether the above-mentioned circumstances exist or may exist. 

  
 8 

 Article 7 Further Covenants by Party B and Party C 

Party B and Party C hereby covenant to Party A that: 
  

	7.1	 During the term of this Agreement, Party B and Party C shall take all necessary measures, to ensure that Party
C can obtain all operational licenses on time and keep all operational licenses valid at all times; 

  

	7.2	 During the term of this Agreement, without the prior written consent of Party A, 

 

	 	7.2.1	 Party B shall not transfer or otherwise dispose of any equity interests in Party C or create any security
interest or other third-party rights thereon, except for security interest under this Agreement and the pledge create in accordance with the Equity Pledge Agreement; 

 

	 	7.2.2	 Party C has a good and merchantable title to all of its assets. Party C has not placed any security interest on
the aforementioned assets; 

  

	 	7.2.3	 Party B shall not approve the increase or decrease in Party C’s registered capital, or the increase or
decrease of existing shareholders. 

  

	 	7.2.4	 Party B shall not dispose of or procure the management of Party C to dispose of any assets of Party C (other
than in the ordinary course of business); 

  

	 	7.2.5	 Party B shall not terminate or procure the management of Party C to terminate any material agreements (the
definition of material agreement shall be determined by Party A then) entered into by Party C or enter into any other agreements in conflict with such existing material agreements; 

 

	 	7.2.6	 Party B shall not appoint or dismiss any executive directors or members of the board of directors (if any),
supervisors or other management members of Party C who shall be appointed and dismissed by the existing shareholders; 

  

	 	7.2.7	 Party C have no outstanding debts, except for (a) legal debts incurred in the ordinary or daily course of
business; and (b) debts disclosed to Party A for which Party A’s written consent has been obtained.; 

  

	 	7.2.8	 Unless otherwise provided by laws, without consent of Party A, Party B shall not cause Party C to declare
distributions or actually effect distribution of any distributable profits, bonuses, interests or dividends; 

  

	 	7.2.9	 Unless otherwise compulsorily provided by laws, Party B shall not approve the amendment of the articles of
associations of Party C; 

  

	 	7.2.10	 The Parties agree to promptly execute documents that are reasonably required for or are conducive to the
implementation of the provisions and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement. 

  
 9 

 Article 8 Confidentiality 

Without the prior consent by Parties, any Party shall keep everything herein confidential and shall not disclose or comment on anything herein to any other
Persons, except for: 
  

	(1)	 any disclosure made in accordance with relevant laws or rules of any stock exchange; 

 

	(2)	 any information that enters the public domain not due to the default of the disclosing party;

  

	(3)	 any disclosure made to shareholders, accountants, financial consultants, legal consultants or other
professional consultants; 

  

	(4)	 any disclosure made to potential buyers of equity or assets, other investors, debt or equity providers,
provided that the recipient should have made corresponding confidential commitments (Party A’s consent shall be obtained if the transferee is not Party A). 

Article 9 Default 
  

	9.1	 The following events shall constitute an event of default by Party B: 

 

	 	9.1.1	 Party B violates any provisions herein, or any representations or warranties made by Party B herein is
materially inaccurate, false or incorrect; 

  

	 	9.1.2	 Without the prior written consent of Party A, Party B assigns, otherwise transfers or pledges any rights
herein. 

  

	9.2	 Upon an event of default or other events occur, in addition to the remedial measures under laws, Party A may
also take following measures: 

  

	 	9.2.1	 To the extent permitted by then PRC laws, Party A may require Party B to immediately transfer all or any part
of its equity interests in Party C to Party A or any third party designated by Party A at the exercise price; 

  

	 	9.2.2	 Immediately reclaim the loans under the loan agreements executed with Party B; 

 

	 	9.2.3	 Request Party B to indemnify all direct and indirect losses, including but not limited to, fruits arising from
the equity interests in Party C, all legal fees, travel expenses, investigation fees and other expenses paid for enforcement and seeking remedies. 

Article 10 Termination 
  

	10.1	 During the term of this Agreement, Party A may, at its sole discretion, terminate this Agreement
unconditionally at any time by giving a written notice to Party B, and shall not assume any liability. 

  
 10 

	10.2	 During the term of this Agreement, Party B is not entitled to unilaterally terminate this Agreement at any
time. 

 Article 11 Governing Laws and Dispute Resolution 
  

	11.1	 The execution, effectiveness, interpretation, performance and dispute resolution of this Agreement shall be
governed by the PRC laws. 

  

	11.2	 Any dispute in connection with this Agreement or arising out of the performance of this Agreement, shall be
resolved in first instance through friendly negotiations among the Parties. If the dispute is not resolved through negotiations within 60 days after the delivery of a written notice by one party in relation to the dispute, any Party can submit the
dispute to China International Economic and Trade Arbitration Commission for arbitration in Beijing. The arbitral awards shall be final and binding on all Parties. 

 

	11.3	 During the proceeding of arbitration, except for the matters under dispute, the Parties shall continue their
performance of obligations under this Agreement. The arbitrators shall have the right to make appropriate awards based on the actual circumstances and give Party A appropriate legal remedies, including restrictions on the business operations of
Party B and/or Party C, restrictions, prohibitions or enforced transfer or disposition of the equity interests or assets of Party Band /or Party C, and liquidation of Party B and/or Party C. 

 

	11.4	 Upon the request of either Party to the dispute, the court of competent jurisdiction can grant temporary
reliefs, such as seizing or freezing the assets of the defaulting party based on judicial decisions or verdicts. After the arbitral award takes effect, any Party is entitled to apply to a court of competent jurisdiction for enforcement of such
awards. 

 Article 12 Miscellaneous 
  

	12.1	 All the schedules to this Agreement constitute integral parts of this Agreement and have equal legal effect as
the body text of this Agreement. 

  

	12.2	 Parties hereto may enter into supplement agreements to settle matters not mentioned herein. Any supplement
agreement reached in writing shall constitute an integral part of this Agreement. 

  

	12.3	 Any party hereto shall not alter this agreement without authorization, and any change to this Agreement shall
be agreed upon by the Parties through negotiation and in the form of written contract or agreement. 

  

	12.4	 Party A’s failure or delay in exercising any rights or remedies under this Agreement shall not be
construed as a waiver of such rights or remedies by Party A, nor shall it affect Party A’s exercise of such rights or remedies at any time in accordance with the provisions of this Agreement and / or laws and regulations. 

 

	12.5	 The invalidity of any one or more provisions of this Agreement shall not affect validity of the remaining
provisions of this Agreement. 

  
 11 

	12.6	 Party A is entitled to transfer all or part of rights herein to a third party without consent of Party B,
however, Party B shall not transfer any rights and obligations herein without the consent of Party A. Party A and transferee shall obey relevant obligations after the transfer of rights herein. 

 

	12.7	 Each party shall bear any and all transfer and registration taxes, expenses and fees incurred thereby or levied
thereon in accordance with the PRC laws and regulations in connection with the preparation and execution of this Agreement and Transfer Agreements, as well as the consummation of the transactions contemplated under this Agreement and Transfer
Agreements. 

 Article 13 Text and Effectiveness 
  

	13.1	 This Agreement is made in six (6) copies. Each Party of this Agreement shall hold one (1) copy, and
the other two (2) copies shall be retained by Party C, each of which shall have the same legal effect. 

  

	13.2	 This Agreement shall become effective upon the execution of all Parties hereto (“Effective
Date”), the effective term shall terminate when all equity interests held by Party B in Party C and assets of Party C have been transferred to Party A and/or any other person designated by Party A pursuant to this Agreement legally.

  

	13.3	 This Agreement shall become effective upon execution by the Parties of this Agreement or their authorized
representatives. Notwithstanding anything to the contrary set forth in this Agreement, any party hereto shall not request for the termination, the invalidation or the early termination of this Agreement on the ground that this Agreement or any terms
hereof are unconscionable, or violate the principle of fairness, industry practice or market price, or on other similar grounds. 

[The Remainder of this page is intentionally left blank] 
  

  
 12 

 [Signature Page to the Exclusive Option Agreement] 

Party A: Beijing BlueCity Information & Technology Co., Ltd. 

Authorized Representative: /s/ Beijing BlueCity Information & Technology Co., Ltd. (seal) 

Party B-1: MA Baoli Signature: /s/ MA Baoli 

Party B-2: MA Changyou Signature: /s/ MA Changyou 

Party C: Beijing BlueCity Culture and Media Co., Ltd. 

Authorized Representative: /s/ Beijing BlueCity Culture and Media Co., Ltd. (seal)

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