Document:

Exhibit 4.7

 

Exclusive Option Agreement

 

This Exclusive Option Agreement (the “Agreement”) is signed by and among the following parties in Beijing, People’s Republic of China (“China”) on [Execution Date].

 

(1)         Party A: Shanghai Qiyue Information Technology Co., Ltd.

Unified Social Credit Code: 91310000MA1K1E3BX9

Address: Room A2-8914, Fumin Road No. 58, Hengsha Village, Chongming District, Shanghai

 

(2)         Party B: Beijing Qibutianxia Technology Co., Ltd.

Unified Social Credit Code: 91110106796743693W

Address: Room 117, F/117, Xinghuo Road No. 2, Science Park, Fengtai District, Beijing

 

(3)         Party C: [Name of VIE]

Unified Social Credit Code: [Unified Social Credit Code of VIE]

Address: [Address of VIE]

 

(Party A, Party B and Party C are hereinafter individually referred to as a/one “Party”, and collectively referred to as the “Parties”)

 

WHEREAS:

 

(1)                       Party A is a wholly foreign-owned enterprise formally established and validly existing in accordance with laws of China.

 

(2)                       Party C is a limited liability company formally established and validly existing in accordance with laws of China, and Party B is a registered shareholder of Party C and holds 100% equity of Party C.

 

(3)                       Party A and Party C signed a Technical Consultation and Service Agreement (the “Service Agreement”) on [Execution Date].

 

(4)                       Party B agrees to grant Party A an exclusive option to purchase by this Agreement, and Party A agrees to accept exclusive option to purchase all or part of equity of Party C that is held by Party B.

 

(5)                       Party C agrees to grant Party A an exclusive option to purchase by the Agreement, and Party A agrees to accept exclusive option to purchase all or part of assets that are held by Party C.

 

 

THEREFORE, the Parties hereby reach an agreement as follows through mutual consultation:

 

1.         Exclusive Option to Purchase

 

1.1           Granting of Exclusive Option to Purchase

 

Party B hereby exclusively and irrevocably grants Party A an exclusive option to purchase, to allow Party A or one person or several persons designated by Party A (“Person(s) Designated by Party A”) to purchase from Party B at any time all or part of equity of Party C that is held by Party B (the “Equity”) to the extent permitted by laws of China, with the steps determined by Party A at its sole discretion, and at the price specified in Article 1.3 hereof (“Equity Purchase Option”). Party A shall be entitled to accept and acquire all or part of the Equity by itself or any of the Person(s)  Designated by Party A. Party B shall not refuse and shall transfer all or part of the Equity to Party A or any of the Person(s) Designated by Party A as required. No third party shall enjoy the Equity Purchase Option except for Party A and the Person(s) Designated by Party A. Party C hereby agrees that Party B grants the Equity Purchase Option to Party A. The “Person” as referred to in the article and this Agreement means an individual, company, joint venture, partnership, enterprise, trust or other non-company organization.

 

Party B and Party C hereby exclusively and irrevocably grants Party A an exclusive option to purchase, to allow Party A or any of the Person(s) Designated by Party A to purchase from Party C at any time all or part of assets (the “Assets”) that are held by Party C to the extent permitted by laws of China, with the steps determined by Party A at its sole discretion, and at the price specified in Article 1.3 hereof (“Assets Purchase Option”). Party A shall be entitled to accept and acquire all or part of the Assets by itself or any of the Person(s) Designated by Party A. Party B and Party C shall not refuse and shall transfer all or part of the Assets to Party A or any of the Person(s) Designated by Party A as required. No third party shall enjoy the Assets Purchase Option except for Party A and the Person(s) Designated by Party A. Party B and Party C hereby agrees that Party C grants the Assets Purchase Option to Party A.

 

1.2 Exercising Steps

 

Subject to the provisions of laws and regulations of China, Party A may exercise the Equity Purchase Option or Assets Purchase Option in accordance with Article 1.1 by sending Party B or Party C a written notice (“Purchase Notice”) in which it should specify the equity share to be purchased from Party B (“Purchased Equity”), or assets list to be purchased from Party C (“Purchased Assets”) and the way of purchase. The number of times that Party A exercises its rights is unlimited. Party B or Party C shall sign the Equity Transfer Agreement or Assets Transfer Agreement attached hereto, or other versions of equity transfer agreement or assets transfer agreement agreed upon by Party A, with Party A or any of the Person(s) Designated by Party A within seven (7) working days after they receive the Purchase Notice, to ensure that the Purchased Equity or the Purchased Assets are transferred to Party A or any of the Person(s) Designated by Party A as soon as possible. Meanwhile, Party B or Party C shall take all necessary actions to ensure that the relevant procedures for ownership transfer are completed as soon as possible.

 

 

1.3 Purchase Price

 

Unless the Purchased Equity or Purchased Assets is required to be evaluated or audited, or there are other restrictive provisions concerning the transfer price thereof as specified by applicable laws and regulations of China when Party A exercises its Equity Purchase Option or Assets Purchase Option, the Parties agree that the purchase price (“Purchase Price”) of the Purchased Equity and Purchased Assets shall be the lowest price as permitted by applicable laws.

 

1.4           Transfer of Purchased Equity

 

Each time when exercising the Equity Purchase Option:

 

(a)              Party B shall pass a resolution to approve its transfer of equity to Party A and/or any of the Person(s) Designated by Party A and sign a confirmation letter to agree to waive the right of first refusal to the equity transfer;

 

(b)              For each transfer, Party B shall sign an equity transfer agreement with Party A and/or the Person(s) Designated by Party A in accordance with provisions of the Agreement and the Purchase Notice with respect to the Purchased Equity in the format as specified in Appendix I hereof, or other format as agreed by Party A.

 

(c)               The Parties concerned shall sign all other necessary agreements, agreements or documents, obtain all necessary government approval and consent and take all necessary actions to grant the ownership of the Purchased Equity, free from  any security interest or other encumbrance, to Party A and/or the Person(s) Designated by Party A and make Party A and/or the Person(s) Designated by Party A be the registered owner of Purchased Equity in relevant industrial and commercial administrative department. For the purposes of Article 1.4 and the Agreement, “encumbrance” shall include guarantee, mortgage, pledge, third party rights or interests, any Equity Purchase Options, purchase rights, right of first refusal, right of offset, retention of ownership or other security arrangements etc. However, for the sake of clarity, it shall not include any security interest or encumbrance arising under the Agreement and the Equity Interest Pledge Agreement. The Equity Interest Pledge Agreement specified in Article 1.4 and the Agreement refers to the Equity Interest Pledge Agreement signed by and among Party A, Party B and Party C on the same day as the Agreement. According to that agreement, Party B pledges to Party A all its equity in Party C to guarantee Party B and Party C’s performance of their obligations under the Agreement and the Service Agreement;

 

(d)              Party B and Party C shall unconditionally make their best efforts to assist Party A and/or the Person(s) Designated by Party A in completing all government approvals, permits, registrations, filings and all necessary procedures to acquire the Purchased Equity.

 

 

1.5                     Transfer of Purchased Assets

 

Each time when exercising the Assets Purchase Option:

 

(a)              Subject to the provisions of Articles of Association of Party C, Party B shall instruct Party C to pass a/an Executive Director Decision/Resolution of the Board of Directors and/or Shareholder Decision/Resolution of the Meeting of Shareholders to approve Party B’s transfer of the assets to Party A and/or the Person(s) Designated by Party A.

 

(b)              Party C shall sign an assets transfer agreement with Party A and/or the Person(s) Designated by Party A in accordance with the provisions of the Agreement and the Purchase Notice with respect to the Purchased Assets in the format as specified in Appendix II hereof, or other format as agreed by Party A.

 

(c)               The Parties concerned shall sign all other necessary agreements, agreements or documents, obtain all necessary government approval and consent and take all necessary action to grant the ownership of the Purchased Assets to Party A and/or Any of the Person(s)  Designated by Party A and make Party A and/or Any of the Person(s)  Designated by Party A be the registered owner of the Purchased Assets in Industrial and Commercial Administrative Department without any security interest or other encumbrance.

 

(d)              Party B and Party C shall unconditionally make their best efforts to assist Party A and/or the Person(s) Designated by Party A in completing all government approvals, permits, registrations, filings and all necessary procedures to acquire the Purchased Assets.

 

2.                            Undertakings on Equity and Assets

 

2.1                     Undertakings of Party C

 

Each of Party B and Party C hereby undertakes that:

 

(a)              It will not supplement, change or modify Party C’s Articles of Association in any form, increase or reduce its registered capital or otherwise change its shareholding structure without prior written approval of Party A;

 

(b)              It will maintain Party C’s  existence and operates its business and affairs prudently and effectively based on good financial and commercial standards and practices;

 

 

(c)               It will not perform any act and/or omission which may have any adverse effect on Party C’s assets, business and liabilities without prior written approval of Party A, or sell, transfer, mortgage or otherwise dispose of any  of Party C’s legal or beneficial interest of any assets, business or income at any time since the signing of the Agreement, or permit to set up any other encumbrance including security interest thereon without the prior written approval of Party A;

 

(d)              It will not incur, inherit, guarantee or permit any debt without prior written approval of Party A, except for: (i) debt arising from normal or routine business processes rather than through borrowing; and (ii) liabilities disclosed to and agreed in writing by Party A;

 

(e)               It have been conducting all its business in ordinary course of business to maintain Party C’s asset value, and has no action and/or omission that is not conducive to its business status and asset value;

 

(f)                It will not sign any major agreement (for the purposes of this paragraph, if the value of an agreement exceeds RMB one million (1000,000), it shall be deemed to be a major agreement) without prior written approval of Party A, except for those signed in ordinary course of business;

 

(g)               It will not provide any loan or guarantee to anyone without prior written approval of Party A;

 

(h)              It will provide Party A with all information concerning Party C’s operation and financial status at the request of Party A;

 

(i)                  It will purchase and maintain an insurance from an insurance company acceptable to Party A, and the amount and type of the insurance shall be the same or of the same level as the amount generally insured by the company carrying on similar business and having similar property or assets in the same area as Party C;

 

(j)                 It will not merge or combine with, be purchased by, acquire, or make investment in any other person without prior written approval of Party A;

 

(k)              It will immediately notify Party A of any litigation, arbitration or administrative proceedings that may occur in connection with Party C’s assets, business and income;

 

(l)                  It will sign all necessary or appropriate documents, take all necessary or appropriate actions and make all necessary or appropriate claims or defend all claims to maintain the ownership of all of Party C’s assets;

 

(m)          It will not distribute dividend to the shareholders in any form without prior written approval of Party A; provided, however, that it shall distribute all distributable profits to the shareholders immediately upon the request of Party A; and

 

 

(n)              It will not dissolve or liquidate without written approval of Party A unless it is required by laws of China.

 

2.2                     Undertakings of Party B

 

Party B hereby undertakes that:

 

(a)              It will not sell, transfer, mortgage or otherwise dispose of any legal or beneficial right and interest of any equity at any time from the date of signing of the Agreement, or permit to set up any encumbrance thereon without prior written approval of Party A, except for the pledge of equity of Party C held by Party B in accordance with the Equity Interest Pledge Agreement.

 

(b)              It will not approve the sale, transfer, pledge or otherwise dispose of any legal or beneficial interest of any equity, or approve to set up any other security interest thereon without prior written approval of Party A, except to Party A and/or the Person(s) Designated by Party A; and it will not approve the transfer of Purchased Equity specified herein.

 

It will urge the meeting of its Shareholders not to approve the sale, transfer, pledge or otherwise dispose of lawful or beneficial interest of any equity, or approve to set up any other security interest thereon without prior written approval of Party A, except to Party A and/or the Person(s) Designated by Party A; and it will urge its shareholders to vote on the transfer of the Purchased Equity specified herein.

 

(c)               It will not agree, support or sign any decision to approve the merger or combination of Party C with any person, or be purchased by, acquire, or make investment in any person without prior written approval of Party A; or

 

It will not vote at the Shareholders Meeting of Party C to agree, support or sign any resolution to approve the merger or combination of Party C with any person, or be purchased by, acquire, or make investment in any person without prior written approval of Party A.

 

(d)              It will immediately notify Party A of any litigation, arbitration or administrative proceeding that may occur in connection with the equity of Party C.

 

(e)               It will sign all necessary or appropriate documents, take all necessary or appropriate actions and make all necessary or appropriate claims or defend all claims to maintain the ownership of all equity of Party C.

 

(f)                It will not perform any act and/or omission which may have any adverse effect on the assets, business and liabilities of Party C without prior written approval of Party A.

 

 

(g)               It will agree and appoint a Person(s) Designated by Party A as the director and general manager of Party C and other senior management personnel, and shall actively assist in all matters related to the appointment of such personnel at the request of Party A, including but not limited to signing the necessary documents, to assist in registering the appointment of such senior  management personnel in the Industrial and Commercial Administrative Department;

 

(h)              To the extent permitted by laws of China and at the request of Party A, it will immediately and unconditionally transfer to Party A or the Person(s) Designated by Party A all or part of equity of Party C held by Party B at any time, waive the right of first refusal on the equity of other shareholders of Party C transferred to Party A or the Person(s) Designated by Party A, and actively assist in handling all matters related to the transfer, including but not limited to signing the necessary documents and assisting in registering the equity transfer with relevant industrial and commercial administrative department.

 

(i)                  It will strictly abide by the provisions of the Agreement and other agreements signed jointly or separately with Party C and Party A, practically perform all obligations under such agreements, and not perform any act and/or omission which may affect the validity and enforceability of such agreements; and

 

(j)                 It agrees and guarantees that it will sign an irrevocable Power of Attorney to authorize Party A or the Person(s) Designated by Party A to exercise all of its rights as a shareholder of Party C.

 

3.                            Representation and Warranty

 

Party B and Party C hereby, respectively, make the representation and warranty to Party A on the date of signing the Agreement and on each transfer date that:

 

(a)               It has the right to sign the Agreement, or any equity transfer agreement/assets transfer agreement (each “Transfer Agreement”) it signed for each transfer of Purchased Equity/Purchased Assets hereunder, and to perform its obligations under the Agreement and any Transfer Agreement. Once signed, the Agreement and each Transfer Agreement to which it is a Party shall constitute a legal, valid and binding obligation to Party A and be enforceable in accordance with its terms;

 

(b)              Neither the execution and performance of the Agreement or any Transfer Agreements nor the performance of its obligations under the Agreement or any Transfer Agreements will: (i) result in the violation of any relevant laws of China; (ii) be in conflict with the Articles of Association or other organization documents of Party C; (iii) result in the violation of any agreement or document that is binding upon it or to which it is a Party, or constitute a default of any agreement or document that is binding by Party A or in which Party A is as a Party; (iv) result in violation of any restriction relating to the granting and/or continuing validity of any license or approval granted to it; or (v) result in the suspension, revocation or any additional conditions of any license or approval granted to it;

 

 

(c)               Party C has good and marketable ownership of all assets, and does not or will not set up any form of encumbrance thereon, including security interests,  unless it is approved by Party A in writing;

 

(d)              Party C has no outstanding debt, except for: (i) debts incurred in its normal business process and (ii) debts disclosed to and agreed in writing by Party A;

 

(e)               There is no major litigation, arbitration or administrative proceedings currently in progress or pending or likely to occur in connection with the Equity, the assets of Party C or in connection with Party C; and

 

(f)                Party B has good and marketable ownership of all equity of Party C, and does not or will not set up any form of encumbrance thereon, including security interests, except for the pledge set up in accordance with the Equity Interest Pledge Agreement.

 

4.              Compensation for Breach

 

4.1                     Should any Party (the “Breaching Party”) violate any provision hereof and cause damage to the other Parties (the “Non-beaching Parties”), the Non-beaching Parties may send a written notice to the Breaching Party, requiring it to remedy and rectify the breach immediately. If the Breaching Party fails to take satisfactory measures to remedy and rectify the breach within fifteen (15) days from the date of the said notice, the Non-beaching Party shall be entitled to take other remedies in accordance with the methods prescribed herein or by legal means.

 

4.2                     Party B and Party C further agree that they shall fully indemnify Party A against and hold Party A harmless from any loss, damage, obligation and expense caused by or resulting from any litigation, claim or other demand against Party A due to performance of the Agreement by Party A.

 

4.3                     The Parties agree that this Article 4 shall remain in force whether or not this Agreement is modified, rescinded or terminated.

 

5.              Effectiveness and Term

 

5.1                     The Agreement shall come into effect as of the date of signing by all Parties. All Parties hereby agree and confirm that the validity of the terms and conditions hereof starts from the date when Party B becomes a shareholder of Party C.

 

5.2                     The Term of this Agreement should be ten (10) years unless it is early terminated in accordance with the provisions hereof.

 

 

5.3                     Unless Party A notifies Party B and Party C in writing that it does not agree to do so, this Agreement shall be extended automatically by ten (10) years after the expiration of the Term and each expiration hereof thereafter. Party B and Party C shall have no right to dispute over such extension.

 

6.              Termination

 

6.1                     This Agreement shall remain in force unless Party A does not agree to extend it on the expiration date in accordance with Article 5.3 hereof.

 

6.2                     During the Term of this Agreement and any extension thereof, Party A may decide, at its sole discretion, to send a written notice to Party B and Party C to terminate or rescind this Agreement unconditionally and without bearing any responsibility. Party B and Party C shall have no right to terminate this Agreement unilaterally.

 

7.              Governing Law and Dispute Settlement

 

7.1                     The execution, validity, interpretation, performance, amendment and termination of this Agreement and the resolution of disputes shall be governed by laws of China.

 

7.2                     Any dispute arising from the interpretation and performance hereof shall be firstly settled by all Parties through friendly negotiation. If such negotiation fails within thirty (30) days after one Party has issued a written notice to the other requiring the negotiation, either Party may submit the dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its current arbitration rules. The arbitration shall be held in Shanghai and conducted in Chinese. The arbitral award shall be final and binding upon all Parties.

 

7.3                     In case of any dispute arising from the interpretation and performance hereof or any ongoing arbitration on any dispute, except for to the subject matter of the dispute itself, the Parties shall continue exercising and performing their respective rights and obligations hereunder.

 

8.              Taxes and Fees:

 

Party B shall bear any and all taxes, expenses and fees incurred to or charged against the Parties for the purpose of preparing and signing this Agreement and each Transfer Agreement and completing the transactions contemplated under this Agreement and each Transfer Agreement in accordance with laws and regulations of China, unless Party A agrees to bear all or part of the taxes, expenses and fees.

 

 

9.              Notice

 

Any notice or other communication sent by either Party in accordance with this Agreement shall be written in Chinese or English, and sent by personal delivery, registered mail, repaid post, express or graphic facsimile to the following address of the receiving Party, or other address that it notifies the others from time to time, or the address of other person as designated by tithe date on which the notice is deemed to be actually served shall be determined as follows: (a) a notice sent by personal delivery shall be deemed to be served on the day of delivery; (b) a notice sent by letter shall be deemed to be served on the tenth (10th) day after the date when the pre-paid registered mail by air is sent out (subject to the postmark), or the fourth (4th) day after the date when it is handed over to the express service agency; and (c) a notice sent by fax shall be deemed to be served at the receipt time as shown on the fax receipt.

 

10.       Confidentiality

 

The Parties hereto acknowledge and confirm that all oral or written information exchanged among them hereunder are confidential (“Confidential Information”).All Parties shall keep the Confidential Information in strict confidential, and shall not disclose them to any third party without prior written consent of other Parties, other than the information: (a) that are already, or will be, made public (other than through arbitrary disclosure by the receiving Party); (b) that are required to be disclosed by rules or regulations of applicable laws or stock exchange; or (c) that are required to be disclosed by any Party to its legal or financial advisor for the transactions contemplated hereunder, on the condition that such legal or financial advisor should also assume the liability for confidentiality similar to that specified in this article. Any Party shall be held liable for disclosure of the Confidential Information in breach of this Agreement by any employee of or any entity engaged by such Party as if such disclosure is made by such Party itself. This Article 10 shall remain in force whether or not the Agreement is modified, rescinded, invalid, terminated or non-operative.

 

11.       Further Assurance

 

All Parties agree to promptly sign the documents or take further actions that are reasonably necessary or advisable for performing the Agreement.

 

12.       Miscellaneous

 

12.1              Modification, Amendment and Supplement

 

Any uncovered matter herein shall be agreed separately by all Parties through consultation. No amendment and supplement to this Agreement shall take effect unless it is made by all Parties in writing. Such amendment and the supplementary agreement to this Agreement and its appendix(es), once duly signed by all Parties, shall constitute an integral part of, and have the same legal effect as this Agreement.

 

12.2              Compliance with Laws and Regulations

 

All Parties shall comply with, and ensure that their operations fully conform to, all laws and regulations currently and publicly available in China.

 

 

12.3              Entire Agreement

 

All Parties confirm that as soon as the Agreement comes into force it shall constitute the entire agreement and consensus reached by the Parties on the contents hereof, and replace all oral and/or written agreements and consensus reached by both Parties on the contents hereof prior to the Agreement. The  Appendix hereof shall constitute an integral part of, and has the same legal effect as this Agreement.

 

12.4              Headings

 

The headlines hereof are for convenience only, and shall not be used to interpret, explain or otherwise affect the meaning of the provisions hereof.

 

12.5              Severability

 

If any or several provisions hereof is/are determined or ruled to be invalid, ineffective, illegal or unenforceable in any respect by any court or arbitral body with jurisdiction in accordance with any law or regulation, the validity, effectiveness, legality and enforceability of the remaining provisions shall not be affected or impaired in any way. The Parties shall cease to perform such invalid, ineffective, illegal or unenforceable provisions, and revise them only to the extent that they are effective and enforceable for such specific fact and situation and mostly closest to their original intention.

 

12.6              Transfer

 

Neither Party B nor Party C may transfer its rights and obligations hereunder to any third party without prior written consent of Party A. Party B and Party C hereby agree that Party A may transfer its rights and obligations hereunder at its own discretion, and Party A is only obligated to notify Party B in writing on such transfer without obtaining Party B’s consent for such transfer. At the request of Party A, Party B shall sign with the transferee a supplementary agreement, or an agreement with contents substantially the same as that of this Agreement.

 

12.7              Successor

 

This Agreement shall be effective and binding upon all Parties and their successors, inheritors and assignee.

 

12.8              Survival

 

Any obligation arising from, or becoming due under, this Agreement before the expiration or early termination hereof shall remain in force after the expiration or early termination hereof.

 

 

12.9              Waiver

 

Failure of either Party to exercise its rights hereunder in a timely manner shall not be deemed to be a waiver of that right, nor shall it affect the Party’s future exercise of that right.

 

12.10       Counterpart

 

The Agreement is made in three (3) copies, with each Party holding one (1) of them, which shall have the same legal effect.

 

[No Body Text Below]

 

 

[Signature Page Only]

 

IN WITNESS WHEREOF, the Parties have caused the Agreement to be signed by their respective authorized representatives on the date first written above.

 

Party A: Shanghai Qiyue Information Technology Co., Ltd. (Seal)

 

Company seal: /s/ Shanghai Qiyue Information Technology Co., Ltd.

 

	
Signature of Legal   (or Authorized) Representative:
    	
/s/ WU Haisheng
    
	
 
    	
  WU   Haisheng
    

 

 

[Signature Page Only]

 

IN WITNESS WHEREOF, the Parties have caused the Agreement to be signed by their respective authorized representatives on the date first written above.

 

Party B: Beijing Qibutianxia Technology Co., Ltd. (Seal)

 

Company seal: /s/ Beijing Qibutianxia Technology Co., Ltd.

 

	
Signature of Legal   (or Authorized) Representative:
    	
/s/ LIU Wei
    
	
 
    	
 LIU Wei
    

 

 

[Signature Page Only]

 

IN WITNESS WHEREOF, the Parties have caused the Agreement to be signed by their respective authorized representatives on the date first written above.

 

Party C: [Name of VIE] (Seal)

Company seal: /s/ [Name of VIE]

 

	
Signature of Legal   (or Authorized) Representative:
    	
 
    
	
/s/[Authorized Representative of VIE]
    	
 
    
	
[Authorized Representative of VIE]
    	
 
    

 

 

Appendix I

 

Form of Equity Transfer Agreement

 

This Equity Transfer Agreement (the “Agreement”) is signed by and between the following two parties in         , People’s Republic of China (“China”).

 

Transferor:                           

 

Transferee:                           

 

NOW THEREFORE, the two Parties reach an agreement on the equity transfer as follows:

 

1.                  The transferor agrees to transfer the [*] % of the equity of Shanghai Qiyu Information Technology Co., Ltd it holds to the Transferee at the price of [*], and the Transferee agrees to purchase the said equity.

 

2.                  After the equity transfer is completed, the Transferor will no longer enjoy the shareholders’ rights or undertake relevant obligations on the said equity, while the Transferee will enjoy the shareholders’ rights and assume the shareholders’ obligations instead.

 

3.                  Anything uncovered herein shall be agreed upon by both Parties in a supplemental agreement.

 

4.                  This Agreement shall come into force as of the date of signing of both Parties.

 

5.                  This Agreement is made in four (4) copies, with each party holding one (1) of them and the others for going through the registration of changes with relevant industrial and commercial administrative department.

 

	
Transferor:
    	
 
    	
 
    	
Transferee:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signed by:
    	
 
    	
 
    	
Authorized signatory:
    	
 
    
	
Signed on:
    	
 
    	
 
    	
Signed on:
    	
 
    

 

 

Appendix II

 

Form of Assets Transfer Agreement

 

This Assets Transfer Agreement (the “Agreement”) is signed by and between the following two parties in          , People’s Republic of China (“China”).

 

Transferor:                           

 

Transferee:                           

 

NOW THEREFORE, the two Parties reach an agreement on the asset transfer as follows:

 

1.              The transferor agrees to transfer relevant asset of Shanghai Qiyu Information Technology Co., Ltd it holds (subject to the appendix hereof “List of Purchased Assets”) to the Transferee at the price of [*] , and the Transferee agrees to purchase the said asset.

 

2.              Based on the principle of “transafer of personnel and business along with transfer of the underlying assets”, the personnel and businesses related to the said asset shall be transferred to the Transferee as well.

 

3.              From [the date of completion of the procedures for asset transfer/ base date of asset evaluation / date of final account audit], the creditor’s rights and liabilities related to the said asset shall be transferred to the Transferee along with the asset.

 

1.                  Anything uncovered herein shall be agreed upon by both Parties in a supplemental agreement.

 

2.                  This Agreement shall come into force as of the date of signing of both Parties.

 

3.                  This Agreement is made in four (4) copies, with each party holding one (1) of them and the others for going through the formalities for the transfer of ownership.

 

Attached: List of Purchased Assets

 

	
Transferor:
    	
 
    	
 
    	
Transferee:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signed by:
    	
 
    	
 
    	
Authorized signatory:
    	
 
    
	
Signed on:
    	
 
    	
 
    	
Signed on:
    	
 
    

 

 

Schedule of Material Differences

 

One or more persons entered into exclusive option agreement with Shanghai Qiyue Information Technology Co., Ltd. and Beijing Qibutianxia Technology Co., Ltd. using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

 

	
No.
    	
 
    	
Name of VIE
    	
 
    	
Unified Social Credit Code
   of VIE
    	
 
    	
Address of VIE
    	
 
    	
Name of the
   Authorized
   Representative
   of VIE
    	
 
    	
Execution
   Date
    
	
1
    	
 
    	
Shanghai Qiyu   Information Technology Co., Ltd.
    	
 
    	
91310230MA1JXJYF7E
    	
 
    	
Room A1-5962, Fumin   Branch Road No. 58, Hengsha Town, Chongming County, Shanghai (Hengtai   Economic Development Zone, Shanghai)
    	
 
    	
LIU Wei
    	
 
    	
September 10, 2018
    
	
2
    	
 
    	
Fuzhou 360 Online   Microcredit Co., Ltd.
    	
 
    	
91350100MA2Y4D6073
    	
 
    	
Section 018, Room   201, 2/F, Affiliated Building of the Regulatory Building, Processing Trade   Zone of the Free Trade Port Area, Fuzhou City, Fujian Province (Xinjiang Road   No. 9, Xincuo Town, Fuqing City)
    	
 
    	
ZHAO Qian
    	
 
    	
September 10, 2018
    
	
3
    	
 
    	
Fuzhou 360 Financing   Guarantee Co., Ltd.
    	
 
    	
91350100MA31UJWL4W
    	
 
    	
32# Building, Xihong   Road No. 528, Jinniushan Software Park, Gulou District, Fuzhou City,   Fujian Province
    	
 
    	
ZHAO Qian
    	
 
    	
April 22, 
   2019Exhibit 4.8

 

Loan Agreement

 

This Loan Agreement (the “Agreement”) has been signed by and between the following Parties on [Execution Date]:

 

Party A: Shanghai Qiyue Information Technology Co., Ltd., a wholly foreign-owned enterprise legally established and existing under the laws of China, with a unified social credit code of 91310000MA1K1E3BX9 and registered address of Room A2-8914, Fumin Road No. 58, Hengsha Village, Chongming District, Shanghai (“WFOE”);

 

Party B: Beijing Qibutianxia Technology Co., Ltd., a limited liability company legally established and existing under Chinese law, with a unified social credit code of 91110106796743693W and registered address of Room 117, F/1, Xinghuo Road No. 2, Science Park, Fengtai District, Beijing (“Beijing Qibutianxia”);

 

Party C: [Name of VIE], a limited liability enterprise legally established and existing under Chinese law, with a unified social credit code of [Unified Social Credit Code of VIE] and [Registered Address of VIE] (“[Short Name of VIE]”);

 

Party A, Party B and Party C are hereinafter individually referred to as a “Party” and collectively as the “Parties”.

 

WHEREAS:

 

1.                  Party A, Party B and Party C have signed the Exclusive Consultation and Service Agreement, the Exclusive Option Agreement, the Equity Interest Pledge Agreement and the Power of Attorney (collectively as “Cooperation Agreements”) on [Execution Date].

 

2.                  Party A agrees to provide interest-free loans (the “Loans”) to Party B, and Party B agrees to receive the Loans from Party A, both in accordance with the terms and conditions hereof.

 

In order to clarify the rights and obligations of all Parties, this Agreement is concluded through friendly negotiation among all Parties for mutual compliance.

 

I. Definitions and Interpretation

 

“Company to be Listed” refers to 360 Finance, Inc., a company with limited liability incorporated in accordance with laws of the Cayman Islands.

 

“License” refers to all permits, licenses, registrations, approvals and authorizations required to operate a business.

 

“Business” refers to all services and businesses provided or operated from time to time under the License granted.

 

 

“Assets” refers to all tangible and intangible assets, directly or indirectly owned, including but not limited to all fixed assets, current assets, capital interests of foreign investment, intellectual property rights, acquirable interests under all contracts entered into and any other interests that should be obtained.

 

“China” refers to the People’s Republic of China (for the purpose of this Agreement, excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Region).

 

II. Issuance of the Loans

 

1.                  At any time after the execution and validation of the Cooperation Agreements, and to the extent permitted by laws, regulations and industry policies of China, Party A is entitled to provide the Loans to Party B from time to time at such time and amount as it deems appropriate in accordance with the terms and conditions hereof. Party B agrees to accept such Loans in accordance with the terms and conditions hereof and issue corresponding receipt to Party A in the form set out in Annex 1 from the date of receipt of such Loans.

 

2                     The funds used by Party A to issue the Loans to Party B shall be RMB funds obtained by Party A through business operations or other legal methods and can be used for such purpose in accordance with laws.

 

III. Usage of the Loans

 

1.                  Party B hereby guarantees and undertakes that, if Party A provides the Loans to Party B, Party B shall use all such Loans for Party C’s business operation and development, including but not limited to Party B’s investment of such Loans in the registered capital of Party C (such event is hereinafter referred to as “Capital Increase”, and the newly increased registered capital is hereinafter referred to as “New Capital Contribution”). After the Capital Increase, the registered capital of Party C will increase accordingly based on the Loans amount.

 

2.                  Party B and Party C hereby guarantee and undertake that if Party B contributes the Loans to the registered capital of Party C, Party B shall fully pay the New Capital Contribution to Party C within one month after each receipt of the Loans issued by Party A, and Party B and Party C shall complete all relevant procedures for Capital Increase (including but not limited to changing the Articles of Association of the company, handling the capital verification report, updating the business license) within onemonth after Party C receives the New Capital Contribution, and that Party B shall not withdraw any capital contribution during Party C’s existence.

 

3.                  Party B further agrees that, as long as it is permitted by laws and the approval practices of China, Party A is entitled to pay the Loans that it shall provide to Party B hereunder directly to Party C. Such directly paid Loans shall be deemed as Party B’s Capital Increase to Party C in order to facility payment and improve the efficiency of capital arrangement. Party B and Party C shall complete all relevant procedures for Capital Increase (including but not limited to changing the Articles of Association of the company, handling the capital verification report, updating the business license) within one month after Party C receives the New Capital Contribution.

 

 

IV. Duration of the Loans

 

1.                  Each of the Loans hereunder has no fixed term, and unless otherwise agreed herein, Party A shall unilaterally decide when to withdraw the Loans, provided that Party A shall notify Party B in writing one month in advance.

 

2.                  In case of any of the following circumstance, Party A is entitled to declare the immediate maturity of the Loans hereunder by written notice and require Party B to immediately repay the Loans:

 

(1)                                Party B applies for or is declared of application for bankruptcy liquidation, reorganization or settlement;

 

(2)                                Party B applies for or is declared of application for dissolution liquidation;

 

(3)                                Party B is apparently insolvent or has other large debts that may affect Party B’s repayment of the Loans debts hereunder;

 

(4)                                Party A and/or its designated buyer has/have fully exercised its/their equity purchase rights in accordance with the Exclusive Option Agreement of the Cooperation Agreements; or

 

(5)                                Any guarantee of Party B, Party C and/or relevant signing Party under this Agreement or the Cooperation Agreements has been proved to be untrue or proved to be inaccurate in any material aspect; or Party B, Party C and/or relevant signing Party violate their commitments or obligations under this Agreement or the Cooperation Agreements.

 

V. Interest on the Loans

 

The Parties hereby confirm that no interest will be charged on the Loans hereunder.

 

VI. Continuous Compliance with the Cooperation Agreements

 

All Parties agree that (1) after the Capital Increase, all shareholders’ rights and related benefits arising from the newly increased registered capital of Party C shall be deemed as an integral part of the shareholders’ rights held by Beijing Qibutianxia in [Short Name of VIE] from time to time under the Exclusive Option Agreement and an integral part of the shareholders’ rights entrusted to WFOE by Beijing Qibutianxia under the Power of Attorney; (2) all rights, interests, benefits and Assets (including but not limited to the rights and interests of shareholders and the Assets of Party C) arising from Party C’s newly increased registered capital shall be deemed as the subject under the Cooperation Agreements, and all Parties shall urge and ensure that they shall abide by all agreements under the Cooperation Agreements regarding such rights, interests, benefits and Assets. In order to realize the aforesaid agreed purposes, if Party A requests, Party B and Party C shall immediately sign relevant legal documents and/or perform relevant legal procedures.

 

 

VII.      Representation and Warranty

 

Either Party represents and warrants to the other Parties that:

 

a)                 It is a legally established and validly existing limited company with the ability to bear civil liability;

 

b)                 It has the right to sign and perform this Agreement, has obtained all necessary and appropriate approvals and authorizations for signing and performing this Agreement, and has obtained all government approvals, qualifications, Licenses, etc. required for engaging in relevant Business according to applicable laws;

 

c)                  This Agreement shall be valid and binding on it on the effective date hereof, and may be implemented in accordance with the provisions hereof and laws;

 

d)                 Its signing and performance of this Agreement does not violate any law and regulation of China, court judgment or arbitration organ’s ruling, any administrative organ’s decision, approval, License or any agreement binding on it to which it is a party, nor will it result in the suspension, revocation, confiscation or non-renewal of any approval or License issued by any government department.

 

e)                  There are no outstanding litigation, arbitration or other judicial or administrative procedures that will affect the performance of its obligations hereunder;

 

f)                   It will strictly abide by the provisions of this Agreement and the Cooperation Agreements signed jointly or separately by and among all Parties, practically perform all obligations under the Cooperation Agreements, and does not have any act and/or omission which may affect the validity and enforceability of such agreements.

 

VIII. Validity and Term

 

1.              This Agreement shall take effect as of the date of signing by all Parties.

 

2.              This Agreement shall remain in effect during Party C’s duration and the renewable period stipulated by laws of China. It shall automatically terminate after WFOE and/or other entities designated by WFOE fully exercise all their rights and interests directly held by Beijing Qibutianxia in [Short Name of VIE] under the Exclusive Option Agreement. Party A may unilaterally terminate this Agreement after thirty (30) days’ notice.  Unless otherwise stipulated by law, Party B or Party C shall have no right to unilaterally rescind or terminate this Agreement under any circumstances.

 

IX. Confidentiality

 

1.              The Parties hereto acknowledge and confirm that all oral or written information exchanged among them hereunder are confidential. All such information shall be kept strictly confidential and shall not be disclosed to any third party without the written consent of the other Parties, except for:

 

a)                 The information that has been or will be known by the public (not disclosed to the public without authorization by one of the recipients of such data);

 

 

b)                 The information that is required to be disclosed by applicable laws and regulations or stock trading rules or regulations or requests of regulatory authorities; or

 

c)                  The information that needs be disclosed by either Party to its legal or financial advisor for the purpose of transactions described herein, and such legal or financial advisor is subject to similar confidentiality obligations described in this article.

 

2.              Any Party shall be held liable for disclosure of the Confidential Information in breach of this Agreement by any employee of or any entity engaged by such Party as if such disclosure is made by such Party itself.

 

3.              The Parties agree that the Article IX shall remain in force whether or not the Agreement is invalid, modified, rescinded, terminated or non-operative.

 

X.               Compensation for Breach

 

1.              Should any Party (the “Breaching Party”) violate any provision hereof and cause damage to the other Parties (the “Non-beaching Parties”), the Non-beaching Parties may send a written notice to the Breaching Party, requiring it to remedy and rectify the breach immediately. If the Breaching Party fails to take satisfactory measures to remedy and rectify the breach within fifteen (15) days from the date of the said notice, the Non-beaching Parties shall be entitled to take other remedies in accordance with the methods prescribed herein or by legal means.

 

2.              Party B and Party C further agree that they shall fully indemnify Party A against and hold Party A harmless from any loss, damage, obligation and expense caused by or resulting from any litigation, claim or other demand against Party A due to performance of this Agreement by Party A.

 

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

 

XI. Force Majeure

 

1.              “Force Majeure” refers to any event that is beyond reasonable expectation or control of, and unavoidable even with reasonable attention by the affected Party, including but not limited to government behavior, natural forces, fires, explosions, storms, floods, earthquakes, tides, lightning or war. However, lack of credit, capital or financing shall not be regarded as an event that beyond reasonable control of either Party. The Party who is affected by Force Majeure and seeks exemption from its obligations hereunder shall notify the other Parties of the liabilities subject to exemption and inform them of the steps to be taken to fulfil the obligations as soon as possible.

 

2.              In case the performance hereof is delayed or impeded by Force Majeure, the affected Party shall not be liable for the part of obligations delayed or impeded thereby. However, it should take appropriate measures to reduce or eliminate the impact of Force Majeure, and to strive to restore the performance of the obligation delayed or impeded. Once the Force Majeure is eliminated, the Parties agree to do their outmost to restore the performance hereof.

 

 

XII. Change of Situation

 

1.              As a supplement and on the premise that it does not contravene other provisions of the Cooperation Agreements, if at any time due to the promulgation or amendment of any law, regulation or rule of China, or due to the interpretation or application changes of such laws, regulations or rules, or due to the changes of relevant registration procedures, leading to Party A believes that it is illegal or contrary to such laws, regulations or rules to maintain this Agreement in effect, Party B and Party C shall immediately take any action and/or sign any agreement or other documents according to Party A’s written instructions at Party A’s reasonable request so as to:

 

a)                 Keep this Agreement valid;

 

b)                 Exercise the right to purchase shares in the manner specified herein; and/or

 

c)                  Realize the intent and purpose hereof in the way specified herein or in other ways.

 

XIII   Miscellaneous

 

1.              Both Party B and Party C agree that, after Party A notifies Party B and Party C in writing, Party A can transfer its rights and obligations hereunder to its designated party. However, without prior written consent of Party A, Party B or Party C shall not transfer its rights, obligations or responsibilities hereunder to any third party. The successors or permitted assigns (if any) of Party B or Party C shall continue to perform all obligations of Party B or Party C hereunder.

 

2.              The execution, validity, interpretation, performance, amendment and termination of this Agreement and the resolution of disputes shall be governed by the laws of China.

 

3.              Any dispute arising from the interpretation and performance hereof shall be firstly settled by all Parties through friendly negotiation. If such negotiation fails within thirty (30) days after one Party has issued a written notice to the other requiring the negotiation, either Party may submit the dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its current arbitration rules. The arbitration shall be held in Shanghai and in Chinese. The arbitral award shall be final and binding upon all Parties. In case of any dispute arising from the interpretation and performance hereof or any ongoing arbitration on any dispute, except for to the subject matter of the dispute itself, the Parties shall continue exercising and performing their respective rights and obligations hereunder.

 

4.              Any right, power and remedy endowed to either Party by any provision hereof shall not exclude any other rights, powers or remedies enjoyed by this Party in accordance with the provisions of the law and other provisions hereunder; besides, the exercise of either Party’s rights, powers and remedies does not exclude its exercise of other rights, powers and remedies.

 

 

5.              Failure or delay of one Party to exercise any of its rights, powers and remedies it may enjoy hereunder or by law shall not result in the waiver of such rights, nor the waiver of any individual or partial rights of the Party shall exclude the exercise of such rights by the Party in other ways and the exercise of other rights of the Party.

 

6.              The headings of the articles hereof are for reference only. Under no circumstance shall these headings be used as or affect the interpretation of the articles hereof.

 

7.              Each article hereof is severable and independent of the others. If at any time one or more articles hereof become invalid, illegal or unenforceable, the validity, legality and enforceability of other articles hereof shall not be affected.

 

8.              Amendment

 

a)                 After negotiation and subject to approval by the shareholders (meeting) of Party A, the Parties hereto may amend or supplement this Agreement and take all necessary steps and actions, as well as corresponding fees, to legalize and validate such modifications and supplements.

 

b)                 If the U.S. Securities and Exchange Commission (“ SEC”) or other regulatory agencies propose any amendments to this Agreement, or the SEC’s listing rules or related requirements have changes regarding this Agreement, the Parties shall amend this Agreement accordingly.

 

9.              The Agreement is made in Chinese and in three copies, with each Party holding one of them, which shall have the same legal effect.

 

(No Body Text Below)

 

 

(This is the signing page of the Loan Agreement.)

 

Party A: Shanghai Qiyue Information Technology Co., Ltd. (Seal)

 

	
Company seal: 
    	
/s/ Shanghai Qiyue   Information Technology Co., Ltd.
    	
 
    

 

	
Legal (or   Authorized) Representative: 
    	
/s/ WU Haisheng
    	
 
    
	
 
    	
WU Haisheng
    	
 
    

 

Party B: Beijing Qibutianxia Technology Co., Ltd. (Seal)

 

	
Company seal: 
    	
/s/ Beijing   Qibutianxia Technology Co., Ltd.
    	
 
    

 

	
Legal (or   Authorized) Representative: 
    	
/s/ LIU Wei
    	
 
    
	
 
    	
LIU Wei
    	
 
    

 

Party C: [Name of VIE](Seal)

 

	
Company seal: 
    	
/s/ [Name of VIE]
    	
 
    	
 
    

 

	
Legal (or   Authorized) Representative:
    	
/s/[Authorized Representative of VIE]
    	
 
    
	
 
    	
[Authorized Representative of VIE]
    	
 
    

 

 

Annex I:

 

Receipt

 

In accordance with the Loan Agreement signed by and among the undersigned, Shanghai Qiyue Information Technology Co., Ltd. and [Name of VIE] on [Execution Date], Shanghai Qiyue Information Technology Co., Ltd. has lent [Amount of the Loan] to the undersigned by cash/bank remittance or other means on _______. The undersigned hereby confirms that the undersigned has received the said loan from Shanghai Qiyue Information Technology Co., Ltd.

 

	
 
    	
By: Beijing Qibutianxia Technology Co., Ltd. (Seal)
    
	
 
    	
Legal Representative:
    
	
 
    	
 
    
	
 
    	
MM/DD/YY:
    	
 
    

 

 

Schedule of Material Differences

 

One or more persons entered into exclusive option agreement with Shanghai Qiyue Information Technology Co., Ltd. and Beijing Qibutianxia Technology Co., Ltd. using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

 

	
No.
    	
 
    	
Name of
   VIE
    	
 
    	
Short
   Name of
   VIE
    	
 
    	
Unified Social Credit
   Code of VIE
    	
 
    	
Registered
   Address of
   VIE
    	
 
    	
Name of the
   Authorized
   Representative
   of VIE
    	
 
    	
Execution
   Date
    
	
1
    	
 
    	
Shanghai Qiyu   Information Technology Co., Ltd.
    	
 
    	
Shanghai Qiyu
    	
 
    	
91310230MA1JXJYF7E
    	
 
    	
Room A1-5962, Fumin   Branch Road No. 58, Hengsha Town, Chongming County, Shanghai (Hengtai   Economic Development Zone, Shanghai)
    	
 
    	
LIU Wei
    	
 
    	
September 10, 2018
    
	
2
    	
 
    	
Fuzhou 360 Online   Microcredit Co., Ltd.
    	
 
    	
Fuzhou Microcredit
    	
 
    	
91350100MA2Y4D6073
    	
 
    	
Section 018, Room   201, 2/F, Affiliated Building of the Regulatory Building, Processing Trade   Zone of the Free Trade Port Area, Fuzhou City, Fujian Province (Xinjiang Road   No. 9, Xincuo Town, Fuqing City)
    	
 
    	
ZHAO Qian
    	
 
    	
September 10, 2018
    
	
3
    	
 
    	
Fuzhou 360 Financing   Guarantee Co., Ltd.
    	
 
    	
Fuzhou Financing   Guarantee
    	
 
    	
91350100MA31UJWL4W
    	
 
    	
32# Building, Xihong   Road No. 528, Jinniushan Software Park, Gulou District, Fuzhou City,   Fujian Province
    	
 
    	
ZHAO Qian
    	
 
    	
April 22, 2019

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