Document:

Exhibit 4.20

 

Contract No. : 3205032016CR0004

 

Electronic Administration No. : 3205002016B00132

 

Contract for State-owned Construction
Land 

Use Right Assignment

 

Formulated by: The Ministry of Land and
Resources of the People's Republic of China and The State Administration for Industry and Commerce of the People's Republic of
China

 

     

     

    

 

Contract for State-owned Construction
Land 

Use Right Assignment

 

The parties to this Contract:

 

Assignor: Suzhou Industrial Park Land and Resources Bureau

 

Mailing Address: 8/F, Xiandai Building, No. 999 Xiandai Street,
Suzhou Industrial Park

 

Postal Code: 215000

 

Tel: 0512-66680879

 

Fax: 0512-66680899

 

Name of Bank of Deposit:  /

 

Account No.:  /

 

Assignee: Suzhou Jumei Youpin Information and Technology
Co., Ltd.

 

Mailing Address: 9/F, Zongbao Building, No. 66 Xiandai Street,
Suzhou Industrial Park

 

Postal Code: 215000

 

Tel: 13771843479

 

Fax:  /

 

Name of Bank of Deposit:  /

 

Account No.:  /

 

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Chapter I General Provisions

 

Article 1       In accordance with the Property Law of the
People's Republic of China, Contract Law of the People's Republic of China, Land Administration Law of People's Republic of China,
the Urban Real Estate Administration Law of the People's Republic of China, relevant administrative regulations and rules on land
supply plicies, the two parties enter into this contract based on the principles of equality, voluntariness, with compensation
and in good faith.

 

Article 2       The ownership of the assigned land belongs
to the People's Republic of China. The Assignor can only assign the state-owned construction land use right to the Assignee in
accordance with laws. The resources and objects buried under shall continue to be owned by the State.

 

Article 3       The Assignee has the right to possess, use,
make profit and dispose of the land within the period of assignment, and shall be entitled to the construction of buildings, fixtures
and any auxiliary facilities by making use of the land hereof.

 

Chapter II Delivery of the Assigned Land
and Payment of the Assignment Charge

 

Article 4        The Registered No. of the land parcel under
this contract is 43622, with the total area of 90,116.51 square meters. Of which, the assigned land area of the
land parcel is 90,116.51 square meters.

 

The assigned land parcel under this contract
is located at east of Shengpu Road and south of Tongsheng Road.

 

The ichnographic boundary of the assigned
land under the contract is to the east of riverway, south to the riverway, west to the planning road and north to Tongsheng
Road. Please see the sketch of Ichnographic boundary of the assigned land in Exhibit 1.

 

The vertical limit of the assigned land
under this contract is to take +50 as its upper limit and to take -10 as its lower limit, with the altitude difference
of 60 meters. Please see the sketch of vertical limits of the assigned land in Exhibit 2.

 

The spatial extent of the assigned land
refers to the closed space formed by the aforesaid boundary points posed by the vertical plane and the upper and lower elevation
level.

 

Article 5       The use purpose of the
assigned land is for warehouse usage.

 

Article 6       The Assignor agrees to
deliver the assigned land to the Assignee prior to the date of January 29, 2016. The Assignor agrees that the assigned land
shall meet the following land conditions required under Item 2 of this article upon delivering the land:

 

(1) To level the land
and make it meet the conditions of  / ;

 

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The infrastructure
around the land shall meet the conditions of  / ;

 

(2) Current land status
shall remain the same.

 

Article 7               The assignment term of
the state-owned construction land use right under this contract is 50 years, starting from the date when the assigned land
is delivered according to Article 6 of this contract. In case applying for completion of the formalities on state-owned construction
land use right which is previously allotted (or leased), the assignment term shall be counted from the execution date of the contract.

 

Article 8              The
assignment charge for the state-owned construction land use right under this contract is RMB 43,530,000, with RMB 483.0413
per square meter.

 

Article 9               The
deposit for the assigned land is RMB 8,705,000. The deposit shall be regarded as part of the payment of assignment charge.

 

Article 10            The Assignee agrees to
pay the assignment charge for the state-owned construction land use right in accordance with Item 1 of this article:

 

(1) The assignment charge
of the state-owned construction land use right shall be paid in lump-sum payment within 7 days after the execution date of the
contract.

 

(2) The assignment charge
for the state-owned construction land use right shall be paid by installments according to the following time and amount.

 

First Phase: RMB
43,530,000; Date of Payment is prior to February 5, 2016

Second Phase:
RMB  / ; Date of Payment is  /

Third Phase: RMB
 / ; Date of Payment is  /

Fourth Phase:
RMB  / ; Date of Payment is  /

 

If the assignment charge
for the state-owned construction land use right is paid in installments, the Assignee agrees to pay interests to the Assignor.
When the second installment and each following installment are paid according to payment schedule, the interests shall be based
on the interest rate published by the People's Bank of China (PBOC) on the date when the first installment occurs.

 

Article 11            After all the assignment
charge of the land is paid up in accordance with this contract, the Assignee may apply for the Certificate of State-owned Construction
Land Use Right Assignment by presenting this contract, payment receipt of the assignment charge and other relevant materials.

 

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Chapter III Development, Construction and
Utilization of the Assigned Land

 

Article 12             The Assignee agrees the investment intensity
to develop the assigned land under this contract shall meet the criteria stipulated in Item 2 of this article:

 

(1) Where the assigned land is used for
construction of industrial projects, the Assignee agrees the fixed assets invested in the land under this contract are no less
than the approved amount or the registered amount of RMB  / and the investment intensity shall be no less than RMB  /
per square meter. The investment of fixed assets to the assigned land under this contract should include buildings, fixtures
and their auxiliary facilities as well as the assignment charge.

 

(2) Where the assigned land under this
contract is used for construction of non-industrial projects, the Assignee guarantees the total investment to the assigned land
should be no less than RMB 675,873,825.

 

Article 13             The new buildings, fixtures and their auxiliary
facilities established on the assigned land under this contract shall be satisfied with the planning requirement for the assigned
land regulated by the municipal (county) planning administrations. (Please see attached Exhibit 3). Among which:

 

Nature of the main building: warehouse
;

Nature of the affiliated buildings: per
requested by the planning;

Total construction area: 72,093.208
square meters;

Floor Area Ratio is between 0.80-1.50;

Building Height Limit is  / meter;

Building Density is not more than 55%;

Greening Rate is  / ;

Other utilization requirement: / .

 

Article 14            The Assignee agrees to develop the assigned
land under this contract according to Item  / of this article.

 

(1) The assigned land under this contract
is used for construction of industrial projects. According to the planning and designing conditions set by the planning departments,
the land within the boundaries of the assigned land for office buidings and life service facilities shall not be more than 
/ % of the total area of the assigned land, that is, not more  / square meters, and the construction area shall be not
more than  / square meters. The Assignee agrees not to build nonproductive facilities on the assigned land, including sets
of residence, expert buiding, hotel, guest house and training center.

 

(2) The assigned land under this contract
is used for construction of residential projects. According to the planning and designing conditions set by the planning departments,
the total number of the apartments within the boundaries of the assigned land shall not be less than  / sets. Among the
apartments, the ones with the construction area of less than 90 square meters shall not be less than  / sets. The requirement
of the residence construction is  / . Within the boundaries of the assigned land, the land area used for developing apartments
under 90 square meters shall not be less than  / % of the total area of the assigned land. Regarding the affordable housing,
low-rent housing developed within the assigned land, the Assignee agrees to utilize according to Term  / of this article
upon completion of the construction.

 

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		i.	Transfer to the local government;

		ii.	Repurchase by the local government;

		iii.	Enforce the relevant administrative regulations on construction and sales of affordable housing;

		iv.	/ ;

		v.	/ ;

 

Article 15             The Assignee agrees to construct the following
supporting facilities within the boundaries of the assigned land and transfer to the government without compensation upon completion
of construction.

 

(1)  / ;

(2)  / ;

(3)  / .

 

Article 16            The Assignee agrees to commence the construction
on the assigned land before January 28, 2017 and complete before January 28, 2019.

 

In case the commencement of construction needs
to be deferred, the Assignee shall submit the application for deferral to the Assignor 30 days in advance. After the deferral of
commencement is approved by the Assignor, the completion date shall also be deferred accordingly. However, the deferral should
not be exceed one year.

 

Article 17            During the construction period, regarding
the water supply, gas supply, sewage disposal and other facilities which need to be connected with main pipelines outside of the
assigned land, the Assignee agrees to perform in accordance with relevant regulations.

 

The Assignee agrees to the entering, passing
and crossing of any kind of pipelines through the assigned land laid by the government for public purpose. However, the government
or relevant public operation entitiy shall make reasonable compensation once the land use functions are affected.

 

Article 18             The Assignee should utilize the assigned land
according to the purpose and floor area ratio regulated under this contract. Any alteration of the above is prohibited. Within
the term of assignment, both parties agree to perform according to Item 1 of this article when the land use purpose needs to be
changed.

 

(1) The Assignor shall withdraw the construction
land use right with compensation to the Assignee;

 

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(2) Both parties shall complete the formalities
of land use alteration in accordance with relevant laws. Both parties shall sign an alteration agreement on the state-owned construction
land use right assignment or resign a new contract on the land use right assignment. The Assignee shall make a supplementary payment
for the balance between evaluated market price of the contruction land use right with the price under new purpose. The evaluated
market price shall subject to the time when the alteration of land use is approved. The registration of land use alteration shall
be undertaken afterwards.

 

Article 19             Within the assignment term under this contract,
the government reserves its right to adjust the planning of the assigned land. In case the original planning needs to be modified,
it shall not affect the existing buildings on the assigned land. However, if reconstruction, renovation and rebuilding of the
the buildings, fixtures and their affiliated facilities on the assigned land is needed within its use term, or when applying for
renewal of the contract upon expiration of use term, the adjusted planning shall govern.

 

Article 20             The Assignee shall utilize the state-owned
construction land use right in accordance with law. The Assignor shall not withdraw before the expiration of use term of this contract.
Under special circumstances, where the Assignor needs to withdraw the state-owned construction land use right for the purpose of
public interests before expiration of use term, approval formalities shall be undertaken in accordance with laws. The Assignor
shall compensate the Assignee according to 1) value of buildings, fixtures and their affiliated facilities on the assigned land
at the time of withdrawal; 2) the evaluated market price of the remained use term of the state-owned construction land use right;
3) and the evaluated direct loss arising from the withdrawal.

 

Chapter IV Transfer, Lease and Mortgage
of the State-Owned Construction Land Use Right

 

Article 21             The Assignee is entitled to transfer, lease
or mortgage, fully or partially, the land use right under the Contract provided that the Assignee has made full payment of the
assignment fee, received the Certificate for the Use of State-owned Land and obtained the land use right assigned. Nevertheless,
in the first transfer of the land use rights, it shall meet the conditions set forth in item / of this article:

 

(1) Investment and development are made in
accordance with the Contract, and above 25% of the total investment in the development has been completed;

 

(2) Investment and development are made in
accordance with the Contract, and conditions for industrial or other construction land use purposes have been formed.

 

Article 22              The state-owned construction land use right transfer,
mortgage and lease contract shall not breach the laws and regulations of the State or the stipulations of this Contract.

 

Article 23             With the transfer of the state-owned construction
land use right, the rights and obligations specified in the Contract and in the registration documents shall be thereby transferred.
The term of the land use right is the term specified in the Contract minus the number of the years in which the land has been used.
After the lease of state-owned construction land use right in part or in full, the rights and obligations specified in the Contract
and in the registration documents shall remain imposed on the Assignee.

 

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Article 24             In the transfer or mortgage of the state-owned
construction land use right, both parties to the transfer or mortgage shall take the Contract, corresponding contract for the transfer
or mortgage and the Certificate of the Use of State-owned Land to the land administration department to apply for land registration.

 

Chapter V Expiration of the Term

 

Article 25             Upon expiration of the term of the land use
right under the Contract, the land user may apply for a renewal of the land use right no less than one year prior to the expiration
of the term of use if continued use of the land is needed. The Assignor shall approve the renewal unless the assigned land under
the Contract shall be withdrawn for public interests.

 

Article 26             In case application to renew is made by the
land user but failed due to the needs of public interests upon expiration of the term of land assignment, the land user shall return
the Certificate of Use of State-owned Land and the Assignor shall recover the land use right on behalf of the State without compensation
and cancel the registration of the land use right in accordance with related regulations. In respect of the buildings, fixtures
and their affiliated facilities on the assigned land under this Contract, the Assignor and the land user agree to (2) of this article:

 

(1) The Assignor shall recover the above-ground
buildings, fixtures and their affiliated facilities on the assigned land, and give reasonable compensation to the land user based
on the residual value of these buildings, fixtures and their affiliated facilities at the time of recovery.

 

(2) The Assignor shall recover the above-ground
buildings, fixtures and their affiliated facilities on the assigned land without compensation.

 

Article 27             If upon expiration of the term of the land
use right, the land user fails to apply for renewal, the land user shall return the Certificate of Use of State-owned Land and
the Assignor shall recover the land use right on behalf of the State without compensation and cancel the registration of the land
use right in accordance with related regulations. The Assignor shall recover the above-ground buildings, fixtures and their affiliated
facilities on the assigned land under the Contract without compensation. The land user shall maintain the normal functions of the
above-ground buildings, fixtures and their affiliated facilities and no sabotage is allowed. In case the above-ground buildings,
fixtures and their affiliated facilities lose their normal functions, the Assignor may request the land user to remove or demolish
the above-ground buildings and their affiliated facilities to restore the surface of the land.

 

Chapter 6 Force Majeure

 

Article 28             Neither Party shall be held responsible in
case of failure to fulfill, fully or in part, the Contract due to force majeure. Nevertheless, necessary remedial actions shall
be made where possible by both Parties to reduce the loss caused by force majeure. No exemption from responsibility shall be applied
to delayed fulfillment of the Contract by the Parties involved.

 

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Article 29             Either Party that encounters force majeure
shall notify the other Party of the event in writing by such means as mail, telegram, facsimile within 7 days and submit to the
other Party a report or proof of the reason(s) for the inability to fulfill the Contract partially or fully or for delayed fulfillment
of the Contract within 15 days after such force majeure occurred.

 

Chapter VII Responsibility for Breach of
Contract

 

Article 30             The Assignee must make payment of the assignment
fee on time as agreed in the Contract. In case of failure to pay the assignment fee on time, the Assignee shall pay the Assignor
an overdue fine which is 1% of the delayed amount on a daily basis as of the due date of payment. In case the delay in payment
exceeds 60 days, the Assignor shall be entitled to terminate the Contract and recover the land use right. The Assignee is not entitled
to claim back the down payment, whereas the Assignor may demand compensation from the Assignee for other losses due to the breach
of the Contract.

 

Article 31             In case the Assignee ceases to invest in and
construct the project due to its own reasons, thus requesting termination of the Contract and applying to return the land to the
Assignor, the Assignor shall obtain approval from the People's Government or government office that formerly approved the land
assignment scheme, then return, in accordance with the agreements hereinafter where applicable, partially or fully the assignment
fee except the down payment agreed in the Contract (and excluding interests) and recover the land use right at no consideration
for the buildings and structure already constructed within the land parcel. The Assignor may also call on the Assignee to remove
the existing buildings and structures to restore the surface of the land.

 

(1) In case the application is made by the
Assignee to the Assignor no less than 60 days before the date of one year from the date of construction commencement agreed in
the Contract, the Assignor shall, after withholding the down payment, return the assignment fee already paid by the Assignee;

 

(2) In case the application is made by the
Assignee to the Assignor after one year but no less than 60 days before the date of two years from the date of construction commencement
as agreed in the Contract, the Assignor shall, after withholding the down payment and imposing the idle land fee, return the remaining
assignment fee that has been paid to the Assignee.

 

Article 32             In case the Assignee causes the land for construction
to become idle, and the term of idleness reaches one year but is less than two years, an idle land fee shall be imposed; if the
term of idleness reaches two years and construction is yet to commence, the Assignor is entitled to recover the State-owned land
use right without compensation.

 

Article 33             In case the Assignee fails to commence
construction at the date agreed in the Contract, or a date for delayed construction is otherwise agreed, the Assignee shall
pay the Assignor a penal sum that equals 0.10% of the total assignment fee for each day that is delayed. The Assignor
is entitled to request the Assignee to continue performance of obligations.

 

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In case the Assignee fails to complete construction
at the date agreed in the Contract, or a date for delayed completion is otherwise agreed, the Assignee shall pay the Assignor a
penal sum of 0.10% of the total assignment fee for each day that is delayed.

 

Article 34             In case the total investment in fixed assets,
investment frequency and total investing amount fail to meet the standards as agreed upon in the Contract, the Assignor may, in
accordance with the ratio of actual difference to the agreed total investment and investment frequency, impose a penal sum equal
to the same ratio of the total assignment fee, and the Assignor may request the Assignee to continue performance of obligations.

 

Article 35             In case any index of building volumetric fraction,
building density and other index is lower than the minimum standard under this Contract, the Assignor may, in accordance with the
ratio of actual difference to the agreed minimum standard, impose a penal sum equal to the same ratio of the total assignment fee,
and the Assignor may request the Assignee to continue performance of obligations. Where and if any index such as the building volumetric
fraction, building density and other index is higher than the maximum standard, the Assignor is entitled to withdraw the portion
in excess of the maximum standard, and in accordance with the ratio of actual difference to the agreed maximum standard, impose
a penal sum equal to the same ratio of the total assignment fee.

 

Article 36             In case any index such as the green land rate
of the industrial construction project, proportion of the land used for internal administration of the enterprise and life service
facilities, the building area of the internal administration of the enterprise and life service facilities and any index is higher
than the standard agreed in this Contract, the Assignee shall pay to the Assignor a penal sum equal to 1% of the assignment
fee, and remove the corresponding greening and building structures voluntarily.

 

Article 37             Upon payment of the assignment fee by the
Assignee, the Assignor shall deliver the assigned land as scheduled under this Contract. Where the Assignor fails to deliver the
assigned land as scheduled and causes a delay in the Assignee's use of land, the Assignor shall pay to the Assignee a penal sum
of 1% of the assignment fee already paid by the Assignee, and the term of land use shall commence on the date of actual
delivery. Where the delay in delivering the assigned land exceeds 60 days, and the Assignor fails to delay the land upon the Assignee's
urge, the Assignor shall refund to the Assignee double the amount of deposit and return the remaining portion of the assignment
fee paid, the Assignee may recover damages from the Assignor.

 

Article 38             In case the Assignor fails to deliver the
land as scheduled or the delivered land fails to meet the conditions under this Contract or unilaterally changes the conditions
of use of the land, the Assignee is entitled to request performance of the Assignor's obligations under this Contract, and to claim
for damages arising out of delayed performance. The term of the land use shall commence on the date that the condition of the land
meets the standards of this Contract.

 

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Chapter VIII Applicable Laws and Dispute
Resolution

 

Article 39             The conclusion, validity, interpretation,
performance and dispute resolution related to the Contract shall be governed by the laws of People's Republic of China.

 

Article 40             Disputes arising from the performance of the
Contract shall be resolved by both Parties through negotiation. Where negotiation fails, the dispute shall be settled pursuant
to item (1) below:

 

(1) Submitted to Suzhou Arbitration
Committee for arbitration.

 

(2) Submitted to the People's Court for litigation.

 

Chapter VIII Supplemental Provisions

 

Article 41             The scheme of land parcel assignment under
the Contract has been approved by the People's Government of the Management Committee of Suzhou Industrial Park, the Contract
shall become effective as of the date of execution by both Parties.

 

Article 42             Both Parties hereby guarantee that the contents
of this Contract such as name, correspondence address, phone number, facsimile, bank account and agent are true and in effect,
in case of change in one party's information, a written notice to inform the other party shall be given within 15 days of such
change being taken place, otherwise the responsibilities arising from failure of timely notice shall be borne by the party with
the information change.

 

Article 43             The Contract and attachment contain 19
pages in total, and the Chinese version shall prevail.

 

Article 44             The amounts and areas in this Contract shall
be stated in both numbers and in words, which shall be consistent with each other. In case of inconsistency, the amount stated
in words shall prevail.

 

Article 45             For issues not covered in this Contract, a
separate agreement shall be made between the two parties through negotiation and shall constitute the attachment to, and have the
same legal effect with this Contract.

 

Article 46             This Contract is executed in four copies,
the Assignor and Assignee shall each hold two copies, all of which have the same legal effect.

 

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	The Assignor (Seal): /Seal/ Suzhou Industrial Park National Land Bureau	 	The Assignee (Seal): /Seal/ Suzhou Jumeiyoupin Information Technology Co., Ltd
	 	 	 
	Legal Representative (Agency)	 	Legal Representative (Agency)
	(Signature): /s/  Legal Representative	 	(Signature): /s/  Legal Representative

 

January 29, 2016

 

    	12Exhibit 4.21 

 

Loan Agreement

 

This Loan Agreement (this “Agreement”) is
entered into on July 20, 2015 by and among:

 

Party A: Beijing Chuangrui Media Co., Ltd.

Party B: Beijing Zhongming Century Technology Co., Ltd.

Party C: 

C1: BabyTree (Beijing) Information Technology
Co., Ltd.

C2: BabyTree (Beijing) Consulting Co., Ltd.

C3: Hai Tun (Shanghai) International Commerce
Co., Ltd.

C4: Mei Tun Mei Wu (Shanghai) Information Technology
Co., Ltd.

C5: BabyTree (Tianjin) Media Technology Co., Ltd.

C6: Beijing BabyTree Market Consulting Co., Ltd.

C7: Mei Tuan Mama (Shanghai) E-Commerce Co., Ltd.

Party D: BabyTree Inc.

Party E: Wang Huainan

 

Party C1, C2, C3, C4, C5, C6 and C7 are referred to collectively
as Party C, and individually as a Party C. Party A, Party B, Party C, Party D and Party E are referred to as a Party and collectively
as Parties.

 

Whereas,

 

		1.	Party B is a limited liability company duly incorporated
in the People’s Republic of China (the “China”, for the purpose of this Agreement, excluding the Hong Kong SAR,
Macao SAR and Taiwan). Each entity of Party C is limited liability company incorporated in China.

 

		2.	Party D is a company incorporated in Cayman Islands. Party
B covenants that Party D will directly or indirectly control 100% shares of Party C through arrangements. Party D , any subsidiaries,
branches directly or indirectly controlled by Party D, Party B and Party C are referred to collectively as the “Group Companies”.
The Group Companies are mainly engaged in community operation, advertisement release and E-Commerce businesses (“Main Business”).

 

		3.	Party E holds 100% shares of Party B, and is the actual
controller of Party C and Party D.

 

		4.	The Group Companies are contemplating a series of restructuring
work concerning the Group structure, assets, businesses, equity, etc. that are satisfactory to each Party, including determining
Party B as the domestic listing entity via such restructuring arrangements, Party B as the acquiring entity for relevant subsidiaries
and other relevant enterprises, putting all of the material assets and business under the operation of Party B and demolishing
the offshore VIE structure, etc. (“Restructuring Plan”).

 

     

     

    

 

		5.	For the purpose of supporting the daily operation of the
Main Business, Party A agrees to provide Agreed Loan (as defined below) to Party B in accordance with the terms and conditions
of this Agreement, prior to the completion of the Restructuring Plan, Party B also agrees to accept the Agreed Loan from Party
A in accordance with the terms and conditions of this Agreement; and

 

		6.	Each Party C agrees to perform the obligations under this
Agreement for Party B and provide security in the form of warranty in the terms and conditions in this Agreement.

 

Based on the aforementioned explanation and mutual undertakings
made by the Parties, the Parties hereby agree as follows:

 

		1.	Loan Amount

 

Party A agrees to provide Party B the Loan
of RMB558,000,000 in total (“Agreed Loan”) to Party B in accordance with the terms and conditions of this Agreement.
Party B agrees to borrow the Agreed Loan from Party A in accordance with the terms and conditions of this Agreement.

 

		2.	Usage of the Loan

 

The Agreed Loan shall only be used for the
purpose of the Main Business of the Group Companies. Party B, Party C and Party D hereby jointly provide the warranty that the
Agreed Loan will be used in accordance of the aforementioned usage.

 

		3.	Provision of the Loan

 

Within five (5) business days upon the completion
of the conditions precedent to the Loan as provided in Article 7 of this Agreement, Party B shall deliver a written withdrawal
notice to Party A. Party A shall wire the Agreed Loan to Party B’s designated bank account within five (5) business days
upon receiving Party B’s written withdrawal notice.

 

		4.	Term of the Loan

 

Unless otherwise provided in Article 11 (2)
(b) and Article 15 of this Agreement, the term of the Agreed Loan is 12 months, starting from the date that Party A actually provides
the Agreed Loan. If necessary, the term of the Loan may be properly extended through Party A and Party B’s prior written
consent.

 

Party C will provide joint and several warranty
for the whole term before Party B pays off the Agreed Loan to Party A (including any relevant interest fees, any compensation or
indemnities, and reasonable attorney’s fees and expenditure occurred as Party A executes its rights under this Agreement
against Party B).

 

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		5.	Interest of the Loan

 

Party A agrees to charge no interest within
the term of the Loan provided in Article 4.

 

If Party B fails to pay off the Agreed Loan
upon the expiration of the term of the Loan in accordance with this Agreement, and Party A does not transfer the Agreed Loan to
shares of any Group Companies in accordance with Article 9, Party A shall charge Party B a penalty at an annualized interest of
12 % of Party B’s actual outstanding amount, from the date Party B withdraw the Loan and to the date Party B pays off the
Agreed Loan and interest.

 

		6.	Payment of the Loan

 

Unless Party A has transferred the Agreed
Loan to the equity of any Group Company in accordance with Article 9 of this Agreement, Party B shall pay the Agreed Loan, interest
and fees in a lump sum to Party A at the expiration of the term of the Loan.

 

		7.	Conditions precedent to the Loan

 

Notwithstanding the other provisions in this
Agreement, the following are the conditions precedent to Party A’s provision of the Agreed Loan to Party B.

 

		(1)	Party D shall have provided effective board resolutions,
approving Party D’s execution of this Agreement and authorizing the Party D’s representative to execute this Agreement;

 

		(2)	Party B shall have provided the information of its
designated bank account; and

 

		(3)	Party B, Party C and Party D’s representatives
and warranties in this Agreement shall be true, accurate, complete and non-misleading upon the execution of this Agreement and
the date that Party A provides the Agreed Loan. Any undertaking and covenant made by Party B, Party C and Party D to Party
A in this Agreement shall have been executed upon or before the date that Party A provides the Agreed Loan.

 

		8.	Each Parties’ Representatives and Warranties

 

Party B, Party C and Party D hereby jointly
make the following representative and warranties to Party A:

 

		(1)	Party B and each Party C are limited liability companies
duly incorporated and validly existing under the laws of China;

 

		(2)	Party D is a limited liability company duly incorporated
and validly existing under the laws of Cayman Islands;

 

		(3)	Party B, Party C and Party D shall each have the ability
to execute this Agreement and perform the obligations under this Agreement;

 

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		(4)	Party B, Party C and Party D have completed all internal
procedures necessary to executing and performing this Agreement in accordance with the provisions in their articles of association;

 

		(5)	The obligations of Party B, Party C and Party D provided
this Agreement is effective, binding on the aforementioned Parties, and can be enforced against the aforementioned Parties in
accordance with provisions of this Agreement;

 

		(6)	Party B, Party C and Party D’s execution of
this Agreement and the transactions contemplated in this Agreement is not in violation of their corporate incorporation documents,
articles of association, any laws or regulations, and any other agreement or document that is binding on their assets;

 

		(7)	Currently there is no lawsuits, arbitration or other
legal proceedings that have adverse impact on the Main Business of Party B and/or the Group Companies, neither any threats of
this kind;

 

		(8)	Party B, Party C and Party D undertake that the business
will be operated in accordance with China laws and previous practice since the execution date of this Agreement;

 

		(9)	Party B, Party C and Party D shall exert their best
efforts to keep the business and assets intact in all material aspects;

 

		(10)	Since the execution of this Agreement, without Party
A’s prior written consent, any Group Company may not approve the following actions (excluding the actions taken by the Group
Companies to execute the Restructuring Plan under this Agreement):

 

(a)          (i)
redemption of any share, or (ii) declaration, payment of any dividend, profit or other distributions to shareholders of any Group
Company;

 

(b)          any
single purchase of real estate, equipment or intangible assets that is above RMB5,000,000 or any capital expenditure that is above
RMB20,000,000;

 

(c)          setting
up or approval to set up any encumbrance on its assets or property with the amount above RMB10,000,000;

 

(d)          unless
it is in accordance with the previous practice in ordinary course of business, discharge or exempt in any method any debt the amount
of which is above RMB10,000,000; or waive any rights of material value (including any legal claims);

 

(e)          disposal
of any property or assets, regardless it is real estate, personal property or other assets (including rental interests and intangible
assets), in any method except the disposal is in accordance with ordinary course of business;

 

    	 	4	 

     

    

 

(f)          merger
or acquisition of any third party (transaction amount above RMB50,000,000), or purchase any significant asset (transaction amount
above RMB5,000,000), excluding the purchase of materials in ordinary course of business;

 

(g)          revision
or restatement of any incorporation certificates or articles of association ( or similar incorporation documents);

 

(h)          change
of any accounting methods, practice or system, except the change required by the applicable accounting principle;

 

(i)           failure
to adopt necessary measures resulting in the expiration, invalidation, abandon, donation, waiver of the intellectual property of
any group Company which is necessary for the business operation, or disclosure of any trade secrets, know-how or other intellectual
property that is unknown to the public before the disclosure, unless the disclosure is made in accordance with law or confidentiality
agreements;

 

(j)          
any material revision or adjustment to any material contracts, or approval to terminate any material contracts;

 

(k)         
provision of loan to any third party (including the transferor and its related party but not the Group Companies) or provision
of guarantee or warranty to any third party’s ( excluding the Group Companies) financial debt; borrow of debt or other financial
debt from any third party, the amount of which is above RMB10,000,000;

 

(l)           any
donation the amount of which is above RMB2,000,000;

 

(m)         making
settlement or arrangement regarding any liability in relation to the main taxes of Main Business, and the amount of taxes is above
RMB5,000,000;

 

(n)          willfulness
or gross negligence of any Group Company resulting in the invalidation or termination of any permission, license, authorization
or approval in relation to the Group Companies or their business, or failure to extend any permission, license, authorization or
approval when it is due;

 

(o)          any
lawsuit, arbitration or administrative measure that is against any Group Company that could lead to the Group Company paying more
than RMB5,000,000, or any judicial investigation ( excluding customary administrative reviews), that could lead to the Group Company
paying more than RMB5,000,000, or lawsuit or arbitration initiated by any Group Company than could lead to the Group Company paying
more than RMB5,000,000;

 

(p)          any
material adverse impact that could influence the continuous operation of any Group Company’s Main Business; or

 

    	 	5	 

     

    

 

(q)          
undertaking , approval or permission to adopt any action mentioned in above items.

 

Party A hereby make the following
representations and warranties to Party B, Party C and Party D:

 

		(1)	Party A is a duly incorporated and validly existing
limited liability company under the laws of China, Party A has the power to execute this Agreement and perform the obligations
under this Agreement; this Agreement is binding on Party A and can be enforced against Party A in accordance with the provisions
of this Agreement, and

 

		(2)	Party A undertakes that it will cooperate with Party
B, Party C and Party D in relation to any work under the Restructuring Plan with its best efforts, including providing any of
its document, material, etc. that is needed.

 

		9.	Debt to Equity Swap

 

Whereas Party A agrees to provide Party B
with the Agreed Loan under this Agreement, Party B, Party C and Party D hereby irrevocably agree and undertake that:

 

		(1)	(A) If Party B completes the Restructuring Plan within
the term of the Loan, Party A or its related party shall swap all outstanding Agreed Loan to Party B’s equity (rights no
less favorable than that of the investors of the same series of Party A) based on (I) the pre-investment valuation of RMB4,216,000,000
(“Designated Valuation”) or (II) the valuation of the Group Company’s next round financing in the method of
new issuance of shares within the term of the Loan (lower one of the aforementioned valuation shall apply);

 

(B) If the shareholder of Party B
transfer the equity of Party B to non-related third party within the term of the Loan at a price lower than the sum of Designated
Valuation and the amount of the then outstanding Agreed Loan, Party B agrees that Party A is entitled to exercise the right of
first refusal on a pro rata basis with other investors entitled with the right of first refusal (assuming Party B has implement
the debt-to-equity swap in accordance with this Article 9); and the capital that has been contributed by Party A shall be adjusted
in accordance with the new valuation. Party A has the right to request for additional shares or cash compensation. If there are
more than one transactions of Party B’s equity to non-related third parties, the new valuation shall be decided by the weighted
average of all the transactions;

 

The aforementioned Item (A) and (B)
of this Article 9 (1) shall not apply in the relevant transactions, the purpose of which is to keep the current shareholders’
(or any entity designated by the shareholders) shareholding of the domestic company in proportion to its shareholding in Party
D during the execution of the Restructuring Plan;

 

    	 	6	 

     

    

 

		(2)	If Party B fails to complete the Restructuring Plan
within the term of the Loan, Party A or its related party is entitled (not under the obligation) to covert the whole or part of
the outstanding Agreed Loan into Party D’ preferential shares within two (2) months upon the expiration of the term of the
Loan;

 

		(3)	If according to the Restructuring Plan, Party B has
not been chosen to be the entity whose shares are publicly offered and listed on the Shanghai Stock Exchange or listed on the
National Equities Exchange and Quotations System (“NEEQ”), Party A is entitled to convert all outstanding Agreed Loan
to the equity of the enterprise that is determined that its shares are publicly offered and listed on the Shanghai Stock Exchange
or on the NEEQ after the restructure of the Group Companies, the proportion of the shareholding shall not be lower than the proportion
of its shareholding of Party B after conversion in accordance with this Agreement;

 

		(4)	If limitation of relevant laws and regulations or
inconvenience in execution makes it unable or inconvenient to execute the debt-to-equity swap under this Article 9, Parties shall
make appropriate adjustment to the transaction plan to realize the purpose of the debt-to-equity swap provided in this Article;

 

		(5)	Before the expiration of the term of the Loan, without
Party A’s prior written consent, Party B shall not repay the Loan in a lump sum or in installment to Party A.

 

		10.	Party C’s Guarantee

 

Each Party C hereby unconditionally
and irrevocably agree to provide joint guarantee to Party B’s performance of all of its obligations under this Agreement
(including but not limited to Party B’s obligation to repay the Agreed Loan upon the expiration of the term of the Loan).
Party A is entitled to request each Party C to assume the joint compensation liability. Each Party C agrees and undertakes to undergo
all procedures required by law to validate the guarantee and make it enforceable.

 

Each Party C’s guarantee liability
under this Agreement is joint guarantee liability. Each Party C further agrees and confirms that Party C’s assuming of the
aforementioned joint guarantor liability is not premised upon Party A’s prior claiming for damages against Party B or any
other guarantor.

 

		11.	Business Cooperation

 

		(1)	Parties agree to initiate business cooperation upon execution of this Agreement. Party B, Party C and Party D agree to sell
maternal and infants products on the shopping channel of the relevant APP of BabyTree (mainly the “Special Sale” section
(in other name “ Meitun Mom” Chanel” on the BabyTree Pregnancy APP), detailed methods and contents of the cooperation
will be determined by Parties otherwise.

 

    	 	7	 

     

    

 

		(2)	Parties agree that the total sum of the retail goods
determined by the business cooperation is targeted at: from the execution date of this Agreement to the end of 2015, among the
total transaction amount of retail good on BabyTree E-Commerce Platform, there shall be at least two (2) months the single month
sum of which is above RMB100,000,000. For the avoidance of doubt, “sum of the retail goods transaction” under this
Agreement shall mean the Paid-up Net GMV, i.e. it only includes the amount users actually paid (including the delayed amount that
are transferred within the first five days of next months), deducting the amount of sales activities in the form of coupon, rebates,
etc., and does not include those normal orders which are only worth nil or RMB1. Except the Operating Expense of RMB323,000,000
as in the 2015 financial forecast, the proportion of the additional market promotion fees against the net GMV of the E-Commerce
retail products should be no more than 30%.

 

(a)          If
the aforementioned target has been met by the end of 2015, Party A is entitled (but not obliged) to supplement additional loan
of RMB186,000,000 on the basis of the Agreed Loan as provided in Article 1 of this Agreement (“Additional Loan”). Within
the ten (10) business day upon the completion of the aforementioned target, Party B shall send Party A the written withdrawal notice.
Party A shall transfer the Additional Loan to Party B’s designated bank account within ten (10) business days upon receiving
Party B’s written withdrawal notice.

 

(b)          If
the aforementioned target has not been met by the end of 2015, Party A is entitle to make adjustment to the amount of the Agreed
Loan in either of the following ways. Party A shall send notice to Party B within ten (10) business days and notify Party A’s
choice of the following arrangements:

 

(i) Party A decides to provide Additional
Loan of RMB186,000,000 on the basis of the Agreed Loan as provided in Article 1 of this Agreement. Within ten (10) business days
upon receiving Party A’s written notice, Party B shall send Party A the written withdrawal notice. Party A shall transfer
the Additional Loan to Party B’s designated bank account within five (5) business days upon receiving Party B’s written
withdrawal notice;

 

(ii) Party A decides to keep the
current Agreed Loan amount unchanged;

 

(iii) Party A decides accelerate
the maturity of the Agreed Loan of RMB186,000,000 as provided in Article 1 of this Agreement. No interest shall be charged for
the accelerated loan. Party A shall transfer RMB186,000,000 without interest to Party A’ designated bank account within five
(5) business days upon receiving Party A’ written notice.

 

		(3)	Parties agree that Party A’s Additional Loan
in accordance with this Article shall be deemed as part of the Agreed Loan; Party A is entitled to all its rights of the Agreed
Loan as to the Additional Loan; the Additional Loan is bound by the terms and conditions provided for the Agreed Loan in this
Agreement.

 

    	 	8	 

     

    

 

		12.	Equity Adjustment Terms

 

		(1)	If Party A converts, pursuant to Article 9 hereof,
the Agreed Loan to relevant shares of Party B or another enterprise whose shares are determined to be publicly offered and listed
on the Shanghai Stock Exchange within China or listed on the NEEQ (the “Listed Entity”) following the restructuring
of the Group Companies, to the extent that the then-current valuation of the Listed Entity calculated in the following manner
is lower than the Designated Valuation provided in Article 9 hereof plus the amount of the then-outstanding Agreed Loan, Party
E agrees to provide Party A with share compensation pursuant to this article:

 

(a)           if
the Listed Entity still fails to be listed on a PRC domestic stock exchange or traded on the NEEQ as of the date when the shares
of the Listed Entity held by Party A become outstanding (i.e. the date of completion of the AIC change registration to register
Party A as shareholder of the Listed Entity, or if after the completion of the debt-to-equity swap, the shares of Party B or the
Listed Entity held by Party A are subject to a lock-up period due to the transformation of the Listed Entity, the date on which
such lock-up period expires), then the valuation shall be calculated based on the IPO share price of the Listed Entity or the listing
price on the NEEQ; or

 

(b)          if
the Listed Entity has completed its listing on a PRC domestic stock exchange or trading on the NEEQ as of the date when the shares
of the Listed Entity held by Party A become outstanding, then the valuation shall be calculated based on the average share price
of the Listing Entity in the most recent thirty (30) trading days.

 

Party E agrees to make share compensation
to Party A according to the following formula, provided, however, that the number of such compensative shares shall not exceed
the number of shares of the onshore Listed Entity that correspond to the 2,475,000 shares held by Party E in the employee shareholding
platform (Party D holds a total of 54,838,130 shares as of the date hereof) after the restructuring pursuant to the restructuring
plan satisfactory to Party A:

 

Share compensation percentage=(the
amount of Agreed Loan for Party A’s debt-to-equity swap/then current valuation of the Listed Entity) – the amount of
Agreed Loan for Party A’s debt-to-equity swap/(Designated Valuation + the amount of Agreed Loan for Party A’s debt-to-equity
swap pursuant to Article 9 hereof))

 

		(2)	Process of Share Compensation

 

Within ten (10) days upon the occurrence
of the circumstance described in the above item (1), Party E shall confirm the share compensation percentage payable to Party A
and serve a written notice thereof to Party A, and within thirty (30) days upon the occurrence of the circumstance described in
the above item (1), Party E shall sign with Party A relevant legal instruments necessary for and in relation to the share compensation,
and shall do its legal and reasonable efforts, within fifteen (15) days after the execution of such legal instruments, complete
the AIC registration formalities for the transfer of the compensative shares or the share registration formality with China Securities
Depository and Clearing Company Limited (SCDCC) (except those incurred for reasons attributable to relevant government authorities).

 

    	 	9	 

     

    

 

		13.	Information Right

 

Party A has the right to request
Party B to, and Party B shall deliver Party B’s unaudited financial statement of last quarter to Party A within 20 days after
the end of each quarter. Whereas after Party B is listed on NEEQ or on the domestic stock exchange, Party B shall disclose it relevant
financial information annually, half-annually and quarterly in accordance with the requirements of the NEEQ Co., Ltd. or relevant
stock exchange.

 

		14.	Performance Guarantee

 

Party A agrees to pay USD1,000,000
through itself or its offshore related company to Party B’s designated offshore related company as performance guarantee
within one (1) business day after this Agreement takes effect. Parties agree and confirm that if Party A fails to timely perform
the payment obligation of the Agreed Loan under this Agreement, Party B, Party C and Party D shall take the aforementioned performance
guarantee. If the transaction contemplated under this Agreement is failed to complet because Party B, Party C and Party D fail
to perform their obligations under this Agreement, Party B, Party C and Party D shall return all the performance guarantee to Party
A.

 

Parties agree that if Party A pays
Party B the Agreed Loan in accordance with this Agreement, Party A’s payment of the performance Guarantee to Party B shall
be converted to RMB6,200,000 and deemed as part of the Agreed Loan.

 

		15.	Events of Default

 

If any Party fails to perform any
right or undertaking under this Agreement, or any of its representations and warranties is untrue or misleading, the Party shall
be deemed as in breach of this Agreement. When breach happens, and losses are caused to the non-breaching party, the non-breaching
party is entitled to request the breaching party to assume joint compensation liability. If Party A is the non-breaching party,
Party A may at its own discretion to determine that the Agreed Loan matures at once, and notify Party B to repay the Agreed Loan
at any time.

 

		16.	Force Majeure

 

Any Party shall not take any legal
responsibility for any loss to the other Party resulted from its failure or delay to perform any obligation under this Agreement
caused by force majeure. If any event of force majeure takes place, the Party being influenced shall notify the other Party immediately,
and provides the documents effectively proving the occurrence of force majeure event to the other Party within fifteen (15) days
upon the occurrence of the force majeure event. The Party under the influence of force majeure event shall take active measure
to lower the loss resulted from failure or delay to perform this Agreement. The time period of delay by the Party under the influence
of force majeure event shall be the same time period that force majeure event lasts.

 

    	 	10	 

     

    

 

		17.	Notice

 

All notices and correspondences
in relation to this Agreement shall be made in written form and be delivered by express courier service, mail or facsimile to the
addresses or facsimile number as provided upon execution of this Agreement.

 

Notice, document or facsimile shall
be deemed served at the following time:

 

(1)         if
by express courier service, on the day the relevant documents are delivered to the recipient;

 

(2)         if
by mail, on the fifth (5th) business day after the documents are sent;

 

(3)         if
by facsimile, at the time the delivering party’s facsimile machine has printed the transmission record that shows the documents
have been successfully delivered to the recipient.

 

		18.	Governing Law

 

The formation, validity, interpretation,
performance and dispute resolution of this Agreement shall be governed by and construed in accordance with the PRC laws.

 

		19.	Dispute Resolution

 

Any dispute arising out of or in
connection with this Agreement shall first be resolved through amicable consultation between the Parties. If the consultation fails
to resolve the dispute or one Party refuses to resolve through consultation, the dispute shall be submitted to China International
Economic and Trade Arbitration Commission and resolved in accordance with the then effective arbitration rules in Beijing. The
arbitration decision is final and binding on each Party. During the term of resolving the dispute, each Party shall continue to
perform other provisions of this Agreement.

 

		20.	Confidentiality

 

Parties agree that without the other
Party’s prior written consent, any Party shall not disclose this Agreement or any provision thereof to any third party.

 

		21.	Amendment and Termination

 

The Amendment and termination of
this Agreement shall be negotiated by Parties and made in written form.

 

    	 	11	 

     

    

 

		22.	Invalid Provision

 

If any provision of this Agreement
is determined as invalid or unable to enforce in accordance with applicable laws, it does not influence the validity of other provisions.
Parties shall replace the aforementioned invalid, illegal or unenforceable provision with legal, valid and enforceable provision,
the intend of the replacement shall be as close as to the intent of the invalid, illegal or unenforceable provision as possible.

 

		23.	Counterparts and Effectiveness

 

This Agreement shall take effect
upon execution of each Party. This Agreement is made in five (5) counterparts, one for each Party, each counterpart shall have
equal legal force.

 

[The remaining
of this page is intentionally left blank]

 

    	 	12	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party A: /Seal/ Beijing Chuangrui Media Co., Ltd. 

Legal Representative / Authorized Signatory: /s/  Legal Representative

 

    	 	13	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party B: /Seal/ Beijing Zhongming Century Technology
Co., Ltd. 

Legal Representative / Authorized Signatory: /s/ Wang Huainan

 

    	 	14	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party C1: /Seal/ BabyTree (Beijing) Information Technology
Co., Ltd. 

 

Legal Representative / Authorized Signatory: /s/ Wang Huainan

 

    	 	15	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party C2: /Seal/ BabyTree (Beijing) Consulting Co., Ltd.

 

Legal Representative / Authorized Signatory:  /s/ Wang Huainan

 

    	 	16	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party C3: /Seal/ Hai Tun (Shanghai)
International Commerce Co., Ltd. 

 

Legal Representative / Authorized Signatory:  /s/ Wang Huainan

 

    	 	17	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party C4: /Seal/ Mei Tun Mei Wu (Shanghai) Information Technology
Co., Ltd. 

 

Legal Representative / Authorized Signatory:  /s/ Wang Huainan

 

    	 	18	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party C5: /Seal/ BabyTree (Tianjin) Media Technology Co.,
Ltd.

 

Legal Representative / Authorized Signatory: /s/ Wang Huainan

 

    	 	19	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party C6: /Seal/ Beijing BabyTree Market Consulting Co.,
Ltd. 

 

Legal Representative / Authorized Signatory:  /s/ Wang Huainan

 

    	 	20	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party C7: /Seal/ Mei Tuan Mama (Shanghai) E-Commerce Co.,
Ltd.

 

Legal Representative / Authorized Signatory:  /s/ Wang Huainan

 

    	 	21	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party D: BabyTree Inc.

 

Legal Representative / Authorised Signatory:  /s/ Wang Huainan

 

    	 	22	 

     

    

 

Below is the signature page of the Loan Agreement:

 

Party E: Wang Huainan /s/ Wang Huainan

  

    	 	23

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