Document:

EX-10.6

 Exhibit 10.6 

 
  
 Restated Equity Option Agreement 
  

 
 Among 

Qunar Cayman Islands Limited 
 Beijing Qunar Software Technology Co., Ltd. 
 ZHANG Dongchen

 ZHUANG Chenchao 
 And 
 Beijing Qu Na Information Technology Co., Ltd. 

October 10, 2012 

  
  

 TABLE OF CONTENTS 

 

							
	 Articles
	 	 	  	Pages	 
			
	 1.
	 	 DEFINITIONS AND INTERPRETATIONS
	  	 	4	  
			
	 2.
	 	 PURCHASE AND SALE OF EQUITY INTEREST
	  	 	5	  
			
	 3.
	 	 UNDERTAKINGS
	  	 	7	  
			
	 4.
	 	 UNDERTAKINGS, REPRESENTATIONS AND WARRANTIES
	  	 	9	  
			
	 5.
	 	 FURTHER WARRANTIES
	  	 	11	  
			
	 6.
	 	 TERM
	  	 	11	  
			
	 7.
	 	 APPLICABLE LAW AND DISPUTE RESOLUTION
	  	 	11	  
			
	 8.
	 	 CONFIDENTIALITY
	  	 	12	  
			
	 9.
	 	 MISCELLANEOUS
	  	 	12	  

  
  

					
		 	- 2 -	  	

  
  

 THIS RESTATED EQUITY OPTION AGREEMENT (Agreement) is entered into on October 10, 2012 in
Beijing, People’s Republic of China (PRC). 
 by and among 

 

	(1)	Qunar Cayman Islands Limited, a Cayman Islands exempted company (“Qunar Cayman”); 

 

	(2)	Beijing Qunar Software Technology Co., Ltd. (

) , a wholly foreign owned enterprise duly incorporated and validly existing under the laws of the PRC, with its registered address at Room 1701-1707, 1710-1720,17th Floor, Viva Plaza, Building 18, Yard 29, Suzhou
Street, Haidian District Beijing, China. (Party A); 

 And 

 

	(3)	Zhang Dongchen, a PRC citizen, ID card number 110103197708030953 of No.2 of Middle Door of East Tower, No.98 of Xicaoshi East Avenue, Chongwen District, Beijing,
China. (Party B); 

  

	And	

  

	(4)	Zhuang Chenchao, a PRC citizen, ID card number 310107197603264035 of Room 204, No. 5 of 285 Nong, Xincun Road, Putuo District, Shanghai, China. (Party
C); 

  

	And	

  

	(5)	Beijing Qu Na Information Technology Co., Ltd. (

), a limited liability company duly incorporated and validly existing in the PRC, with its registered address at Room 1709 17th Floor, Viva Plaza, Building 18, Yard 29, Suzhou Street, Haidian District Beijing,China
(Party D) 

 (Party B and Party C are hereinafter collectively referred to as the “Shareholders.” Qunar
Cayman, Party A, Party B, Party C and Party D are each hereinafter individually referred to as a “Party”, and collectively the “Parties”.) 
 Recitals 
  

	A.	Party B holds 60% of the equity interest in Party D, and Party C holds 40% of the equity interest in Party D. 

 

	B.	Party D, an operating vehicle of the website www.qunar.com, is a PRC domestic company duly incorporated and validly existing in the PRC and engaged in Internet
information services. 

  
  

					
		 	- 3 -	  	

  
  

	C.	A Restated Loan Agreement dated the even date of this Agreement was entered into among Party A, Party B and Party C (Loan Agreement), pursuant to which Party B
took loans in the amount of 6,600,000 and Party C took loans in the amount of 4,400,000 (collectively “Loan”) from, and therefore owe a debt to, Party A to subscribe to the aforementioned 60% and 40% equity interest in Party D
respectively. 

  

	D.	A Restated Exclusive Technical Consulting and Services Agreement dated the even date of this Agreement was entered into between Party A and Party D (Services
Agreement), pursuant to which Party D will pay a service fee to Party A in consideration for services provided by Party A. 

  

	E.	Qunar Cayman, Party A, Party B, Party C and Party D entered into an Equity Option Agreement (

 , Original Agreement) dated 20 July, 2011, pursuant to which Party B and Party C have severally agreed to grant to Qunar Cayman and Party A (collectively “Qunar”) an exclusive option to
acquire all the equity interests of Party D registered in Party B and Party C’s name, subject to the terms and conditions therein. 

  

	F.	Qunar Cayman, Party A, Party B, Party C and Party D agreed to sign this Agreement to restate and replace the Original Agreement. Qunar Cayman, Party A, Party B, Party C
and Party D further acknowledge that this Agreement does not substantially change the Original Agreement, and the provisions of this Agreement reflect the intention of the Parties when they executed the Original Agreement. 

NOW THEREFORE, the parties agree as follows: 
  

	1.	DEFINITIONS AND INTERPRETATIONS 

  

	 	1.1	Definitions. Unless otherwise provided in this Agreement, the following terms shall have the meanings set forth below: 

 

			
	Designated Person(s)	 	means one or more person(s) designated by Party A;
		
	Equity Interest	 	means 100% of the equity interest held by Party B and Party C in Party D;
		
	Equity Pledge Agreement	 	means the Restated Equity Interest Pledge Agreement entered into by and among Party A, Party B and Party C, dated the even date of this Agreement, under which Party B and Party C
severally pledge to Party A their Equity Interest in consideration for Party D’s performance of its obligations under this Agreement, the Loan Agreement and the Services
Agreement;

  
  

					
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	Power of Attorney	 	means each of the Power of Attorney respectively signed and issued by Party B and Party C dated the even date of this Agreement conferring all his rights as a shareholder of the
Company to Party A or the Designated Party; and
		
	Notice of Purchase	 	means the written notice sent by Party A to exercise the Purchase Right (as defined below), as set forth in Article 2.2;
		
	Person	 	means a person, corporation, joint venture, partnership, enterprise, trust, or non-corporate entity;
		
	Purchase Right	 	means an exclusive and irrevocable right to purchase, at any time, all or part of the Equity Interest held by Party B and/or Party C respectively at a price equivalent to the lowest
price permitted by then-current PRC laws; and
		
	Security Interest	 	means any third party’s security, right or interest, any right to purchase Party B and Party C’s equity interest in Party D, or any right of acquisition, right of set-off,
or other security arrangement, including any security interest subject to this Agreement, the Restated Equity Pledge Agreement or the Loan Agreement.

  

	 	1.2	Interpretations. All headings used herein are for reference purposes only and do not affect the meaning or interpretation of any provision. The use of the plural
shall include the use of the singular, and vice versa. Unless otherwise indicated, a reference to a day, month or year is to a calendar day, month or year. The use of the masculine shall include the use of the feminine, and vice versa.

  

	2.	PURCHASE AND SALE OF EQUITY INTEREST 

  

	 	2.1	Authorization. Party B hereby irrevocably grants Qunar or its Designated Person(s) the Purchase Right for his Equity Interest. Party C hereby irrevocably grants
Qunar or its Designated Person(s) the Purchase Right for his Equity Interest. Qunar hereby agrees to accept the Purchase Right granted by the Shareholders. Party D hereby agrees that the Shareholders grant the Purchase Right to Qunar in accordance
with the Agreement. 

  
  

					
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	 	2.2	Procedures. Upon Qunar’s decision to exercise such Purchase Right, it shall send a written Notice of Purchase to Party B and/or Party C setting forth
details for the purchase. 

  

	 	2.3	Exercise of Purchase Right. Every time Qunar exercises the Purchase Right: 

 

	 	2.3.1	Party B and Party C shall convene a shareholder meeting of Party D, and pass a resolution to transfer the Equity Interest from Party B and Party C to Qunar and/or the
Designated Person; 

  

	 	2.3.2	Party B and Party C shall, upon the terms and conditions of this Agreement and the Notice of Purchase, enter into all documents, including but not limited to the share
purchase agreement relating to the Equity Interest, requested by Qunar; 

  

	 	2.3.3	Party B, Party C and Party D shall execute all documents, obtain or complete all the necessary governmental approvals, authorizations, licenses, registrations and
filing procedures , and perform all necessary and appropriate actions to transfer the valid ownership of the Equity Interest to Qunar and/or the Designated Person ; and 

 

	 	2.3.4	For the avoidance of doubt, Qunar Cayman, in its sole discretion, will decide whether the Options and other rights granted under this Agreement will be exercised by
Qunar Cayman and/or by Party A. 

  

	 	2.4	Method of Payment.  

  

	 	2.4.1	Upon exercise of the Purchase Right by Qunar and/or its Designated Person(s), Qunar shall make payment by cancelling all or a portion of the Loan, in the same
proportion that Qunar and/or its Designated Person(s) has acquired the Security Interest. In case PRC laws require Qunar and/or its Designated Person(s) to pay to Party B and Party C, Party B and Party C shall immediately and unconditionally pay or
transfer to Qunar any proceeds in whatsoever form obtained from the Qunar and/or its Designated Person(s) at the time such payables arise, after having deducted and paid any and all relevant taxes and expenses applicable to such a shareholder as a
result of his receipt of such proceeds. 

  
  

					
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	3.	UNDERTAKINGS 

  

	 	3.1	Undertakings of Party D. Party D hereby undertakes that: 

  

	 	3.1.1	it will maintain its corporate existence, operate its business, and transact affairs prudently and efficiently in accordance with good financial and commercial
standards and practices; 

  

	 	3.1.2	without the prior written consent of Qunar, it will not sell, assign, mortgage, or otherwise dispose of any legal or beneficiary rights to any of its assets, business,
or revenues, or permit the creation of any other Security Interest over such rights at any time after the execution date of this Agreement; 

  

	 	3.1.3	without the prior written consent of Qunar, it will not incur, assume, guarantee or allow the existence of any debts, except for those to which Qunar has given its
written consent; 

  

	 	3.1.4	it will always operate its business to maintain the value of its assets, and will not do anything which will affect its business situation nor the value of its assets;

  

	 	3.1.5	without the prior written consent of Qunar, it will not enter into any contract at an amount exceedingly higher than or outside the ordinary business;

  

	 	3.1.6	without the prior written consent of Qunar, it will not provide any loan to any third party; 

 

	 	3.1.7	at the request of Qunar, it will provide to Qunar all information relating to its operation and financial conditions; 

 

	 	3.1.8	without the prior written consent of Qunar, it will not be consolidated or merged with any third party, acquire or invest in any third party, nor make a division;

  

	 	3.1.9	it will promptly inform Qunar of any existing or threatened litigation, arbitration, or administrative proceedings relating to its assets, business, or revenues;

  

	 	3.1.10	in order to maintain the ownership of all its assets, it will execute all necessary or appropriate documents, take all necessary or appropriate actions, file all
necessary or appropriate charges, and conduct all necessary or appropriate defenses against all claims; 

  

	 	3.1.11	without the prior written consent of Qunar, it will not in any form whatsoever allocate dividends to shareholders; and 

 

	 	3.1.12	if PRC laws requires it to be dissolved or liquidated, it shall sell all of its assets to the extent permitted by PRC laws to Qunar and/or the Designated Person, at the
lowest selling price permitted by applicable PRC laws. Any obligation for Qunar to pay Party D as a result of such transaction shall be forgiven by Party D or any proceeds from such transaction shall be paid to Qunar in partial satisfaction of the
service fee under the Services Agreement or remitted to Qunar and/or the Designated Person, as applicable under then-current PRC laws. 

  
  

					
		 	- 7 -	  	

  
  

	 	3.2	Undertakings of Party B and Party C respectively. Party B and Party C undertake on their own behalf that: 

 

	 	3.2.1	without the prior written consent of Qunar, he will not sell, transfer, mortgage, pledge, grant any option rights or otherwise dispose of any legal or beneficiary
rights to the Equity Interest, or permit the creation of any other Security Interest over such rights at any time, except for the pledge under the Equity Pledge Agreement; 

 

	 	3.2.2	without the prior written consent of Qunar, he will not vote in favor of, endorse, or sign any shareholders resolution approving the sale, assignment, mortgage, or
other disposal of the legal or beneficiary rights of any shareholder or allowing the creation of any other Security Interest over such rights at the shareholders meeting of Party D; 

 

	 	3.2.3	without the prior written consent of Qunar, he will not vote in favor of, endorse, or sign any shareholders resolution approving the consolidation or merger of Party D
with any third party, the acquisition of or investment in any third party by Party D or the division of Party D at the shareholders meeting of Party D; 

  

	 	3.2.4	without the prior written consent of Qunar, he will not vote in favor of, endorse, or sign any shareholders resolution approving the increase or decrease of Party
D’s registered capital at the shareholders meeting of Party D; 

  

	 	3.2.5	he will promptly inform Qunar of any existing or threatened litigation, arbitration, or administrative proceedings relating to the Equity Interest;

  

	 	3.2.6	at the request of Qunar, he will cause the shareholders meeting of Party D to vote in favor of the transfer of the Equity Interest as contemplated hereunder;

  

	 	3.2.7	in order to maintain his ownership of the Equity Interest, he will execute all necessary or appropriate documents, take all necessary or appropriate actions, file all
necessary or appropriate charges, or conduct all necessary or appropriate defenses against all claims; 

  
  

					
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	 	3.2.8	at the request of Qunar, he will appoint the person nominated by Qunar as the director of, or to hold any other position in, Party D, and take all necessary or
appropriate actions to complete all the necessary governmental registrations and filing procedures required accordingly by the applicable laws; 

  

	 	3.2.9	at the request of Qunar, he will immediately transfer the requested Equity Interest to the Designated Person(s); 

 

	 	3.2.10	he will strictly comply with the provisions of this Agreement and any other contracts entered into jointly or separately by the parties hereto, strictly perform the
obligations under such contracts, and will not do anything which will affect the validity and enforceability of such contracts; 

  

	 	3.2.11	he shall not put forward, or vote in favor of, any shareholder resolution to, or otherwise request Party D to, issue any dividends or other distributions with respect
to his equity interest in Party D; provided, however, in the event that he receives any profit, bonus, distribution or dividend from Party D, he shall, as permitted under PRC laws, immediately pay or transfer such profit, bonus, distribution or
dividend to Qunar or to any party designated by Qunar in order to 1) first, to repay in part the Loan payable under the Loan Agreement; and 2) then, if there is any profit, bonus, distribution or dividend amount remaining, to pay in part the service
fee under the Services Agreement on behalf of Party D; and 

  

	 	3.2.12	after mandatory liquidation described in 3.1.12 above, he will remit in full to the Qunar any residual interest he receives in a nonreciprocal transfer or cause it
happen. If such transfer is prohibited by PRC laws, he will remit the proceeds to Qunar or its Designated Person(s) in a manner permitted under PRC laws 

  

	4.	UNDERTAKINGS, REPRESENTATIONS AND WARRANTIES 

  

	 	4.1	Undertakings of Qunar: To ensure that the cash flow requirements of the Party D’s ordinary operations are met and/or to set off any loss accrued during such
operations, Qunar is obligated, only to the extent permissible under PRC laws, to provide financing support for Party D, whether or not Party B and/or Party C actually incur any such operational loss. Qunar’s financing support for Party B and
Party C may take the form of bank entrusted loans or borrowings. Contracts for any such entrusted loans or borrowings shall be executed separately. Qunar will not request repayment if Party B and/or Party C are unable to do so.

  
  

					
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	 	4.2	Representations and Warranties of Party B and Party C. 

 Party B and Party C hereby represent and warrant on their own behalf to Qunar that as of the date of this Agreement respectively: 

 

	 	4.2.1	he has the power and right to sign, deliver, and perform his obligations under this Agreement, and that the said documents shall constitute his legal, valid, and
binding obligations enforceable in accordance with their terms; 

  

	 	4.2.2	the execution and delivery of this Agreement or any other contracts, and the performance of his obligations thereunder, will not violate PRC laws, breach or result in a
default of any contract or instrument to which he is subject, or result in a breach, suspension, or revocation of any grant, license, or approval or result in the imposition of any additional conditions being imposed thereon; and

  

	 	4.2.3	he is the lawful owner of the Equity Interest held by himself and has not created any Security Interest over such Equity Interest other than the Equity Pledge
Agreement. 

  

	 	4.3	Representations and Warranties of Party D. Party D represents and warrants to Qunar that: 

 

	 	4.3.1	it has the power and right to sign, deliver, and perform its obligations under this Agreement, and said documents shall constitute its legal, valid, and binding
obligations enforceable in accordance with their terms; 

  

	 	4.3.2	the execution and delivery, of this Agreement or any other contracts, and the performance of its obligations thereunder, will not violate PRC law, conflict with its
Articles of Association or other constituent documents, breach or result in a default of any contract or instrument to which it is subject, or result in a breach, suspension, or revocation of any grant, license, or approval or result in the
imposition of any additional conditions being imposed thereon; 

  

	 	4.3.3	it is the lawful owner of its assets, and has not created any Security Interest over such assets; 

  
  

					
		 	- 10 -	  	

  
  

	 	4.3.4	it does not have any outstanding debts other than those incurred in the ordinary course of business and which have been disclosed to Qunar; 

 

	 	4.3.5	it will comply with all PRC laws applicable to the acquisition of the Equity Interest; and 

 

	 	4.3.6	there is no existing, pending or threatened litigation, arbitration, or administrative proceedings relating to the Equity Interest, its assets, or itself.

  

	5.	FURTHER WARRANTIES 

 The
parties to this Agreement agree to promptly execute documents reasonably requisite to the performance of the provisions and the aim of this Agreement or documents beneficial to it, and to take actions reasonably requisite to the performance of the
provisions and the aim of this Agreement or actions beneficial to it. 
  

	6.	TERM 

 This Agreement
shall take retroactive effect as of 31 March, 2012 and shall remain in full force and effect until the earlier of (1) the date on which all of the Equity Interests have been acquired by Qunar directly and/or through its Designated
Person(s); or (2) the unilateral termination by Qunar (at its sole and absolute discretion), by giving 30 days prior written notice to the Party B and/ or Party C of its intention to terminate this Agreement. 

 

	7.	APPLICABLE LAW AND DISPUTE RESOLUTION 

  

	 	7.1	Governing Law. This Agreement shall be governed by and construed in accordance with PRC law. 

 

	 	7.2	Consultation and Mediation. If any dispute arises in connection with this Agreement, the parties shall attempt in the first instance to resolve such dispute
through friendly consultation or mediation. 

  

	 	7.3	Arbitration. Any dispute, controversy or claim arising out of or in connection with this Agreement shall be submitted to the China International Economic and
Trade Arbitration Commission (CIETAC) for arbitration, which shall be conducted in accordance with the CIETAC’s rules in effect at the time of applying for arbitration. The place of arbitration shall be Beijing. The language of the
arbitration shall be English. The tribunal shall consist of 3 arbitrators. The arbitral award is final and binding upon the parties. The cost of arbitration shall be allocated as determined by the arbitrators. 

  
  

					
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	8.	CONFIDENTIALITY 

  

	 	8.1	Confidentiality Obligations. The parties shall protect and maintain the confidentiality of all Confidential Information. Without the prior written consent of the
other parties, no party shall disclose any Confidential Information to any third party unless the disclosure is required by law or by enforceable orders of the court or related government departments. Under such circumstances, the party required to
disclose the Confidential Information shall notify the other parties immediately, take all possible measures to minimize the disclosure, and notify the persons to whom information is being disclosed of the confidentiality obligation.

  

	 	8.2	Obligations upon Termination. Upon termination of this Agreement, each party shall, at the request of the other parties, return any document, material, database,
equipment, or software containing the Confidential Information to the other parties. If, for any reason, such document, material, database, equipment, or software cannot be returned, the parties shall destroy all the Confidential Information and
delete the Confidential Information from any memory devices. No party shall be permitted to continue using the Confidential Information in any way after the termination of this Agreement. 

 

	 	8.3	No Time Limit. There is no time limit to the confidentiality obligations stipulated in this Article, which obligations will survive after the termination of this
Agreement unless the Confidential Information is disclosed to the public for reasons not due to the breach of this Agreement by any party. 

  

	9.	MISCELLANEOUS 

  

	 	9.1	Notices. All notices or other communications sent by each party shall be written in English or Chinese, and delivered in person, by mail, or telecopy, to the
other party at the following addresses. The date at which the communication shall be deemed to be duly given or made shall be confirmed as follows: (a) for notices delivered in person, the date of delivery shall be deemed as having been duly
given or made; (b) for notices delivered by mail, the 10th day of the delivery date of air certified mail with postage prepaid (as shown on stamp) or the 4th day of the delivery date to an internationally certified delivery institution shall be
deemed as having been duly given or made; and (c) for notices by telecopy, the receipt date showed on the delivery confirming paper of the relevant document shall be deemed as having been duly given or made. 

 

					
	Qunar Cayman and Party A	  	:	  	Beijing Qunar Software Technology Co., Ltd.
			
	Address	  	:	  	 Room 1701-1707, 1710-1720, 17th Floor,
 Viva Plaza, Building 18, Yard 29, Suzhou
 Street, Haidian District
Beijing,China

	Tel	  	:	  	010-5760 3000

  
  

					
		 	- 12 -	  	

  
  

					
	Party B	  	:	  	ZHANG Dongchen
	Address	  	:	  	 No.2 of Middle Door of East Tower, No.98
 of Xicaoshi East Avenue, Chongwen
 District, Beijing, China

	Tel	  	:	  	010-59928824
			
	Party C	  	:	  	ZHUANG Chenchao
	Address	  	:	  	 Room 204, No. 5 of 285 Nong, Xincun
 Road, Putuo District, Shanghai, China

	Tel	  	:	  	010-5760 3000
			
	Party D	  	:	  	Beijing Qu Na Information Technology Co., Ltd.
	Address	  	:	  	 Room 1709 17th Floor, Viva Plaza,
 Building 18, Yard 29, Suzhou Street,
 Haidian District Beijing,China

	Tel	  	:	  	010-5760 3000

  

	 	9.2	Entire Agreement. This Agreement, the Services Agreement, the Loan Agreement, the Equity Pledge Agreement, and the Power of Attorney from Party B and Party C in
favor of Party A shall constitute the entire agreement among the parties in respect of the subject matter hereof and shall supersede any previous discussions, negotiations and agreements related thereto (including without limitation, the Original
Agreement). 

  

	 	9.3	Amendment. Without the prior written consent of Qunar, neither of Party B, Party C or Party D shall be entitled to amend this Agreement. If required by law, the
parties shall obtain all requisite approvals from the relevant authorities to give effect to the amendment. 

  

	 	9.4	No Waiver. Unless otherwise agreed upon by the parties in writing, any failure or delay on the part of any party to exercise any right, authority or privilege
under this Agreement, or under any other agreement relating hereto, shall not operate as a waiver thereof; nor shall any single or partial exercise of any right, authority or privilege preclude any other future exercise thereof.

  

	 	9.5	Severability. The provisions of this agreement are severable from each other. The invalidity of any provision of this agreement shall not affect the validity or
enforceability of any other provision of this agreement. 

  

	 	9.6	Successors. This Agreement shall be valid and binding on the parties, their successors and permitted assigns. 

  
  

					
		 	- 13 -	  	

  
  

	 	9.7	Assignment. Qunar may transfer or assign any or all of its rights and obligations under this Agreement to any of its designated parties (natural person or legal
entity) at any time. In such circumstances, the transferee or assignee shall enjoy and undertake the same rights and obligations herein of Qunar as if the transferee or assignee is Qunar hereunder. When Qunar transfers or assigns the rights and
obligations under this Agreement, at the request of Qunar, Party B and Party C shall execute the relevant agreements and/or documents with respect to such transfer or assignment. Party B, Party C and Party D shall assign any of its rights or
obligations hereunder without the prior written consent of Qunar. 

  

	 	9.8	Language and Counterparts. This Agreement is prepared in 4 sets of originals in the English language. Each party shall hold 1 set. 

[The space below is intentionally left blank.] 

  
  

					
		 	- 14 -	  	

  
  

 IN WITNESS WHEREOF the parties hereof have caused this Agreement to be executed by their duly
authorized representatives as of the date first written above. 
  

			
	QUNAR CAYMAN ISLANDS LIMITED
		
	By:	 	 /s/ Zhuang Chenchao

	Name:	 	Zhuang Chenchao
	Title:	 	
	
	Party A:
	
	Beijing Qunar Software Technology Co., Ltd.
	(Company Seal)
		
	By:	 	 /s/ Tang Hesong

	Name:	 	Tang Hesong
	Title:	 	Legal Representative
	
	Party B:
	
	 /s/ Zhang Dongchen

	Zhang Dongchen
	
	Party C:
	
	 /s/ Zhuang Chenchao

	Zhuang Chenchao
	
	Party D:
	Beijing Qu Na Information Technology Co., Ltd.
	(Company Seal)
		
	By:	 	 /s/ Zhang Dongchen

	Name:	 	Zhang Dongchen
	Title:	 	Legal RepresentativeEX-10.7

 Exhibit 10.7 
 English Translation 
  

 
 EQUITY INTEREST PLEDGE AGREEMENT

  
  
 among 
 Beijing Qunar Software Technology Co., Ltd. 

and 

ZHUANG Chenchao 
 and 
 ZHANG Dongchen 

October 10, 2012 

  
  

 This Equity Interest Pledge Agreement (this “Agreement”) is entered in
Beijing, the People’s Republic of China (“PRC”, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan, for the purposes of this Agreement) and dated October 10, 2012 by
and among the following parties: 
 Pledgee: 
 Beijing Qunar Software Technology Co., Ltd. 
 Registered Address: Room 1701-1707,
1710-1720,17th Floor, Viva Plaza, Building 18, Yard 29, Suzhou Street, Haidian District Beijing, China. 
 Legal Representative: Tang Hesong

 Pledgors: 
 Zhuang
Chenchao, a PRC citizen, ID card number 310107197603264035 of Room 204, No. 5 of 285 Nong, Xincun Road, Putuo District, Shanghai, China (“Pledgor I”); and 
 Zhang Dongchen, a PRC citizen, ID card number 110103197708030953 of No. 2 of Middle Door of East Tower, No.98 of Xicaoshi East Avenue, Chongwen District, Beijing, China (Pledgor II).

 (Pledgor I and Pledgor II are each hereinafter individually referred to as Pledgor I or II, and collectively the “Pledgors”;
the parties hereto are each hereinafter individually referred to as a “Party”, and collectively the “Parties”.) 

WHEREAS: 
  

	A.	Pledgor I and Pledgor II are both PRC citizens who respectively hold 40% and 60% of the equity interest in Beijing Qu Na Information Technology Co., Ltd.
(“Beijing Qu Na”). 

  

	B.	Beijing Qu Na is a limited liability company registered in Beijing which operates the website www.qunar.com and engages in Internet information services.

  

	C.	A Restated Loan Agreement was entered into among Pledgor I, Pledgor II and the Pledgee (Loan Agreement), pursuant to which Pledgor I took loans in the amount of
RMB 4,400,000 and Pledgor II took loans in the amount of RMB 6,600,000 from the Pledgee (collectively “Loan”). 

  

	D.	A Restated Equity Option Agreement was entered into among Pledgor I, Pledgor II, the Pledgee and other relevant parties (“Equity Option Agreement”),
pursuant to which the Pledgee and its affiliates have the option to acquire the equity interest in Beijing Qu Na held by Pledgor I and Pledgor II. 

  

	E.	The Pledgee, a wholly foreign-owned company registered in Beijing, PRC, has been licensed by the relevant PRC government authority to carry on the business of
communication technology research and development, webpage making, technology transfer, technical training, consulting and services, sales of self-developed products, etc. The Pledgee and Beijing Qu Na entered into a Restated Exclusive Technical
Consulting and Services Agreement (the “Services Agreement”), pursuant to which Beijing Qu Na is required to pay service fees to the Pledgee in consideration of the corresponding services to be provided by the Pledgee (the
“Service Fees”). 

  

  
  

  
  

	F.	In order to ensure that (i) Pledgor I and Pledgor II both repay the Loan under the Loan Agreement; (ii) the Pledgee collects Service Fees under the Services
Agreement from Beijing Qu Na, (iii) the Pledgors’ obligations under the Equity Option Agreement are fulfilled, and (iv) all other debts, monetary liabilities or other payment obligations owed to the Pledgee by Pledgor I, Pledgor II
and/or Beijing Qu Na, arising under or in relation to the Services Agreement or the Loan Agreement, including, but not limited to, any obligation to pay damages for a breach of any obligation of Pledgor I, Pledgor II and/or Beijing Qu Na under the
Loan Agreement, the Equity Option Agreement or the Services Agreement (as applicable), are paid, Pledgor I and Pledgor II are both willing to pledge all the Equity Interest they respectively hold in Beijing Qu Na (i.e. 40% of the equity interest in
Beijing Qu Na held by Pledgor I and 60% of the equity interest in Beijing Qu Na held by Pledgor II, which corresponds to a capital contribution of RMB 4,400,000 and RMB 6,600,000 respectively) to the Pledgee as security for the performance of the
above-mentioned obligations by Pledgor I and Pledgor II to Pledgee (collectively, the “Secured Obligations”). The Pledgee, Pledgor I and Pledgor II mutually agree to enter into this Agreement. 

In order to clarify the Parties’ rights and obligations, the Pledgee and the Pledgors through mutual negotiations hereby enter into this Agreement
based upon the following terms: 
  

	1.	Definitions 

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

	 	1.1	“Pledge” means the full content of Section 2 hereunder. 

 

	 	1.2	“Equity Interest” means all the equity interests in Beijing Qu Na respectively held by Pledgor I and Pledgor II (including all present and
future rights and benefits based on such equity interests), and any additional equity interests in Beijing Qu Na acquired by such Pledgors subsequent to the date hereof. For the avoidance of any doubt, on the date hereof, Pledgor I and Pledgor II
respectively hold 40% and 60% of the equity interest in Beijing Qu Na (i.e. a capital contribution of RMB 4,400,000 and RMB 6,600,000, respectively). 

  

	 	1.3	“Event of Default” means any event set forth in Section 6 hereunder. 

 

	 	1.4	“Notice of Default” means the notice of default issued by the Pledgee in accordance with this Agreement. 

 

	 	1.5	“Effective Date”: This Agreement shall be effective upon it being signed by the Parties hereunder and as of the date the Pledgors
hereunder being registered in the register of shareholders of Beijing Qu Na. Notwithstanding the foregoing, the Pledge (as defined in Section 2.1) shall only come into effect in accordance with Section 3 of this Agreement.

  

  
  

  
  

	2.	Pledge 

  

	 	2.1	The Pledgors hereby pledge to the Pledgee all the Equity Interest they hold in Beijing Qu Na, as security for the obligations up to a Maximum Amount (as defined below)
(the “Pledge”), and grant a first priority security interest in all rights, titles and interests that they have or may at any time hereafter acquire in and to the Equity Interest, together with all equity or other ownership
interests representing a dividend on the Equity Interest, a distribution or return of capital upon or in respect of such Equity Interest, any subscription, first refusal, pre-emptive or other purchase rights with respect to or arising from such
Equity Interest, any voting rights with respect to such Equity Interest or any other interest in Beijing Qu Na which, by reason of notice or lapse of time or the occurrence of other events, may be converted into a direct equity interest in Beijing
Qu Na, and all proceeds of the foregoing (collectively, the “Pledged Collateral”). 

  

	 	2.1.1	The Parties understand and agree that the monetary valuation arising from, relating to or in connection with the Secured Obligations shall be a variable and floating
valuation until the Settlement Date (as defined below). Therefore, based on the reasonable assessment and evaluation by the Pledgors and the Pledgee of the Secured Obligations and the Pledged Collateral, the Pledgors and the Pledgee mutually
acknowledge and agree that as a security for all obligations under the Loan Agreement, the Exclusive Technical Consulting and Services Agreement and the Equity Option Agreement, the Pledge shall aggregately secure the Secured Obligations for a
maximum amount of RMB 40,000,000, which is equivalent to the total of the amount of the loan provided by the Pledgee to Pledgor I (RMB 4,400,000), the amount of the loan provided by the Pledgee to Pledgor II (RMB 6,600,000) and the amount of the
Service Fees to be paid to the Pledgee. 

 Pledgor I, Pledgor II and the Pledgee may, taking into account the
fluctuation in the monetary value of the Secured Obligations and the Pledged Collateral, adjust the Maximum Amount based on mutual agreement by amending and supplementing this Agreement, from time to time, prior to the Settlement Date. 

 

	 	2.1.2	Upon the occurrence of any of the events below (each an “Event of Settlement”), the Secured Obligations shall be fixed at a value of the sum of all Secured
Obligations that are due, outstanding and payable to the Pledgee on or immediately prior to the date of such occurrence (the “Fixed Obligations”): 

 

	 	(a)	Any or all of the Loan Agreement, the Services Agreement or the Equity Option Agreement expires or is terminated pursuant to the terms thereunder;

  

  
  

  
  

	 	(b)	the occurrence of an Event of Default as set forth in Section 6 that is not resolved, which results in the Pledgee serving a Notice of Default to the relevant
Pledgor(s) pursuant to Section 6.3; 

  

	 	(c)	the Pledgee reasonably determines (having made due enquiries) that the Pledgor(s) and/or Beijing Qu Na is insolvent or could potentially be made insolvent; or

  

	 	(d)	any other event that requires the fixation of the Secured Obligations in accordance with relevant laws of the PRC. 

 

	 	2.2	For the avoidance of doubt, the day of the occurrence of an Event of Settlement shall be the settlement date (the “Settlement Date”). On or after the
Settlement Date, the Pledgee shall be entitled, at its election, to enforce the Pledge in accordance with Section 7. 

  

	 	2.3	The Pledgee is entitled to collect dividends or all other distributions, if any, arising from the Equity Interest during the Term of the Pledge (as defined below).
During the effective term of the Loan Agreement, the Pledgors shall not claim any dividends or distributions with respect to the Equity Interest they hold in Beijing Qu Na, and when they receive any profits, bonuses, distributions or dividends from
Beijing Qu Na, they shall, as permitted by the PRC law, pay or transfer the same to the Pledgee or any person designated by the Pledgee. 

  

	3.	Effectiveness of Pledge, Scope and Term 

  

	 	3.1	The Pledgors shall, promptly after the execution of this Agreement, register this Agreement and the Pledge hereunder with the State Administration for Industry and
Commerce of the PRC or its competent local counterpart (the “AIC”). The Pledgor shall deliver to the Pledgee a copy of the registration or filing certificate from the AIC within 7 days after the date of submission of the application
for registration of this Agreement and Pledge with the AIC. 

  

	 	3.2	The Pledge shall be effective upon its registration with the AIC in accordance with Section 3.1 above. The term of the Pledge shall commence on the date when the
Pledge is registered with the AIC and shall expire on the date on which the rights and obligations of the Parties are satisfied in full (the “Term of the Pledge”). 

 

	4.	Representations and Warranties of the Pledgor 

 Each of the Pledgors hereby makes the following representations and warranties to the Pledgee and confirms that the Pledgee executes this Agreement in reliance on such representations and warranties:

  

	 	4.1	Each of the Pledgors is the legal owner of the Equity Interest that has been registered in his/her name, and is entitled to create a pledge on such Equity Interest.

  

  
  

  
  

	 	4.2	Neither the Pledged Collateral nor the Pledge will be interfered with by any other pledgee at any time once the Pledgee exercises its rights under the Pledge in
accordance with this Agreement. 

  

	 	4.3	The Pledgee shall be entitled to dispose or assign its rights in the Pledge in accordance with this Agreement and the relevant laws. 

 

	 	4.4	All necessary authorizations have been obtained for the execution and performance of this Agreement by each of the Pledgors and the execution and performance of this
Agreement by each of the Pledgors does not violate any applicable laws or regulations or any agreements to which such Pledgor is a party. The representatives who execute this Agreement on behalf of each of the Pledgors have been legally authorized
to do so. 

  

	 	4.5	Each of the Pledgors warrants that there is no on-going civil, administrative or criminal litigation or administrative punishment or arbitration related to the Equity
Interest and is not aware of any such action pending or likely to be pending in the future as of the date of this Agreement. 

  

	 	4.6	There are no outstanding taxes or fees or undecided legal procedures related to the Equity Interest as of the date of this Agreement. 

 

	 	4.7	Each stipulation hereunder is the expression of each Party’s true intention and shall be binding upon each of the Parties. 

 

	5.	Covenants of the Pledgors 

  

	 	5.1	Each of the Pledgors covenants to the Pledgee that he/she shall: 

  

	 	5.1.1	neither transfer or assign the Equity Interest, nor create or permit to be created any pledge, lien, charge, mortgage, encumbrance, option, security or other interest
in or over the Equity Interest that has been registered in his/her name, other than the Pledge created hereunder and the option granted under the Equity Option Agreement, without the prior written consent from the Pledgee; 

 

	 	5.1.2	comply with and implement all laws and regulations with respect to the pledge, present to the Pledgee the notices, orders or suggestions with respect to the Pledge
issued or made by the competent authority within 5 days upon receiving such notices, orders or suggestions and take actions in accordance with the reasonable instructions of the Pledgee; and 

  

  
  

  
  

	 	5.1.3	timely notify the Pledgee of any events or any received notices (i) which may affect the Equity Interest or any part of the Pledgee’s rights, (ii) which
may change the Pledgors’ covenants or obligations under this Agreement or (iii) which may affect the Pledgors’ performance of their obligations under this Agreement, and take actions in accordance with the reasonable instructions of
the Pledgee. 

  

	 	5.2	The Pledgors covenant that the Pledgee’s right of exercising the rights under this Agreement shall not be suspended or hampered by the Pledgors or successors of
the Pledgors or any person authorized by the Pledgors. 

  

	 	5.3	The Pledgors jointly and severally covenant that in order to protect or perfect the security over the Secured Obligations, the Pledgors shall (i) execute in good
faith and cause other parties who have interests in the Pledge to execute all the forms, instruments, agreements (including those required for the registration and de-registration of the Pledge with the AIC), and/or (ii) take actions and cause
other parties who have interests in the Pledge to take actions as required by the Pledgee, and (iii) allow the Pledgee to exercise the rights and authorization vested in the Pledgee under this Agreement. 

 

	 	5.4	The Pledgors agree to promptly make or cause to be made any permits, filings or registrations, give or cause to be given any notices and take or cause to be taken any
other actions as may be necessary under the laws of the PRC, to perfect the Pledge of the Pledged Collateral, including the AIC registration set forth in Section 3.1. 

 

	 	5.5	Each Pledgor covenants to the Pledgee that he/she will comply with and perform all the guarantees, covenants, agreements, representations and conditions for the
benefits of the Pledgee. The Pledgors shall compensate for all the losses suffered by the Pledgee for their failure to perform or fully perform such guarantees, covenants, agreements, representations or conditions. 

 

	6.	Events of Default 

  

	 	6.1	Each of the following shall constitute an Event of Default: 

  

	 	6.1.1	Beijing Qu Na or either Pledgor fails to make full and timely payment of any amounts due under the Secured Obligations as required under the Services Agreement, Loan
Agreement or Equity Option Agreement, or an event of default (as defined and stipulated in those agreements) has occurred and is continuing to occur; 

  

  
  

  
  

	 	6.1.2	either Pledgor makes or has made any misleading or untrue representations or warranties under Section 4, or is in violation or breach of any of the representations
and warranties under Section 4 hereof; 

  

	 	6.1.3	the Pledgors breach any of the covenants under Section 5 hereof; 

  

	 	6.1.4	the Pledgors breach any other covenants, undertakings or obligations of the Pledgors as set forth herein; 

 

	 	6.1.5	either Pledgor is unable to perform its obligations under this Agreement due to the separation or merger of Beijing Qu Na with other third parties or for any other
reason; 

  

	 	6.1.6	either Pledgor relinquishes all or any part of the Pledged Collateral or transfers or assigns all or any part of the Pledged Collateral without the prior written
consent of the Pledgee (except the transfers or assigns permitted under the Equity Option Agreement); 

  

	 	6.1.7	any indebtedness, guarantee or other obligation of the Pledgors, whether pursuant to an agreement or otherwise, (i) is accelerated as a result of a default
thereunder and is required to be repaid or performed prior to the due date; or (ii) has become due and is not repaid or performed when due which, in the Pledgee’s reasonable view, has materially adversely affected the Pledgors’
ability to perform their obligations under this Agreement; 

  

	 	6.1.8	this Agreement is deemed illegal or the Pledgors are restricted from continuing to perform their obligations under this Agreement in accordance with any applicable
laws; 

  

	 	6.1.9	any approval, permit, license, authorization, registration or filing procedure from any applicable governmental entity required for Beijing Qu Na to provide Internet
information services and/or value-added telecommunications services in the PRC is withdrawn, suspended, invalidated or materially amended; 

  

	 	6.1.10	any approval, permit, license or authorization, registration or filing procedure from any applicable government entity required to perform this Agreement or make this
Agreement enforceable, legal and valid is withdrawn, suspended, invalidated or materially amended; or 

  

	 	6.1.11	any property owned by the Pledgors is altered or damaged which, in the Pledgee’s reasonable view, has materially adversely affected the Pledgors’ ability to
perform their obligations under this Agreement. 

  

  
  

  
  

	 	6.2	If either Pledgor is aware of, or finds, any event set forth in Section 6.1 or evidence that such events have occurred or are occurring, such Pledgor shall
immediately give a written notice to the Pledgee, 

  

	 	6.3	Unless an Event of Default set forth in Section 6.1 has been rectified to the Pledgee’s satisfaction, the Pledgee may, at any time the Event of Default
occurring or thereafter, give a written Notice of Default to the Pledgor(s), and require, at the sole discretion of the Pledgee, such Pledgor(s) to immediately perform within the extent as permitted by the PRC laws all obligations under the Loan
Agreements, Services Agreement and/or Equity Option Agreements, including without limitation to make full payment of the outstanding amounts payable and other payables thereunder, or to dispose of the Pledge in accordance with Section 7 herein.

  

	7.	Exercise of the Rights of the Pledge 

  

	 	7.1	The Pledgors shall not transfer or assign the Pledged Collateral without prior written approval from the Pledgee prior to the full settlement and fulfillment of the
Secured Obligations. 

  

	 	7.2	The Pledgee shall give a Notice of Default to the Pledgors when exercising its rights of pledge. 

 

	 	7.3	Subject to Section 6.3 hereof, the Pledgee may exercise the right to dispose of the Pledge at any time when the Pledgee gives a Notice of Default in accordance
with Section 6.3 or thereafter. 

  

	 	7.4	The Pledgee is entitled to have priority in receiving payment by the evaluation or proceeds from the auction or sale of whole or part of the Pledged Collateral in
accordance with legal procedures until the outstanding Secured Obligation or other monetary obligations payable by the Pledgors and/or Beijing Qu Na is fully paid, repaid or otherwise settled. 

 

	 	7.5	The Pledgors may not hinder the Pledgee from disposing the Pledge in accordance with this Agreement and shall give necessary assistance for the Pledgee to realize its
Pledge. 

  

  
  

  
  

	8.	Transfer or Assignment 

  

	 	8.1	The Pledgors may not donate or transfer their rights and obligations hereunder to any third party without prior written consent from the Pledgee.

  

	 	8.2	This Agreement shall be binding upon the Pledgors and each of their successors and be effective to the Pledgee and its successor and assignee. 

 

	 	8.3	The Pledgee may transfer or assign all Secured Obligations and its right to the Pledge to any third party at any time. In this case, the assignee shall enjoy and
undertake the same rights and obligations hereunder of the Pledgee as if the assignee is a party hereto. When the Pledgee transfers or assigns the Secured Obligations and its rights to the Pledge, at the request of the Pledgee, the Pledgors shall
execute the relevant agreements and/or documents with respect to such transfer or assignment. 

  

	 	8.4	After a change to the Pledgee resulting from a transfer or assignment, the new parties to the pledge shall re-execute an equity interest pledge agreement.

  

	9.	Force Majeure 

  

	 	9.1	If this Agreement is delayed in or prevented from performing in the Event of Force Majeure (“Event of Force Majeure”), only within the limitation of
such delay or prevention, the affected Party is absolved from any liability under this Agreement. Force Majeure, which includes acts of governments, acts of nature, fire, explosion, geographic change, flood, earthquake, tide, lightning, war, means
any unforeseen events beyond the prevented Party’s reasonable control and cannot be prevented with reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s reasonable control.
The Party affected by Force Majeure who claims for exemption from performing any obligations under this Agreement or this Section shall notify the other parties of such exemption promptly and advice the other parties of the steps to be taken for
completion of the performance. 

  

	 	9.2	The Party affected by Force Majeure shall not assume any liability under this Agreement. However, subject to the Party affected by Force Majeure having taken its
reasonable and practicable efforts to perform this Agreement, the Party claiming for exemption of the liabilities may only be exempted from performing such liability as within limitation of the part performance delayed or prevented by Force Majeure.
Once causes for such exemption of liabilities are rectified and remedied, each Party agrees to resume performance of this Agreement with best efforts. 

  

  
  

  
  

	10.	Applicable Law and Dispute Resolution 

  

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

  

	 	10.2	The Parties shall strive to settle any dispute arising from the interpretation or performance hereof through friendly consultation. In case no settlement can be reached
through consultation, each Party may submit such matter to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the then current rules of CIETAC, and the arbitration
proceedings shall be conducted in Chinese and shall take place in Beijing. The arbitration award shall be final and binding upon the Parties. This section shall not be affected by the termination or elimination of this Agreement.

  

	 	10.3	In case of any disputes arising out of the interpretation and performance of this Agreement or any pending arbitration of such dispute, the Parties shall continue to
perform its obligations under this Agreement, except for the matters in dispute. 

  

	11.	Notice 

 Any notice or
correspondence, which is given by the Party as stipulated hereunder, shall be in Chinese writing and delivered in person or by prepaid registered mail or recognized express service, or be transmitted by telex or facsimile to the following addresses:

 Pledgee: Beijing Qunar Software Technology Co., Ltd. 

Address: Room 1701-1707, 1710-1720,17th Floor, Viva Plaza, Building 18, Yard 29, Suzhou Street, Haidian District
Beijing, China 
 Fax: 010-57603001 
 Pledgor: ZHUANG Chenchao 
 Address: Room 204, No. 5
of 285 Nong, Xincun Road, Putuo District, Shanghai, China 
 Pledgor: ZHANG Dongchen 

Address: No.2 of Middle Door of East Tower, No.98 of Xicaoshi East Avenue, Chongwen District, Beijing, China 

  

  
  

  
  

	12.	Appendices 

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

	13.	Waiver 

 The
Pledgee’s non-exercise or delay in exercise of any rights, remedies, authorization or privileges hereunder shall not be deemed as the waiver of such rights, remedies, authorization or privileges. Any single or partial exercise of the rights,
remedies, authorization and privileges shall not exclude the Pledgee from exercising any other rights, remedies, authorization and privileges. The rights, remedies, authorization and privileges hereunder are accumulative and may not exclude the
application of any other rights, remedies, authorization and privileges stipulated by laws. 
  

	14.	Miscellaneous 

  

	 	14.1	Any amendments, modifications or supplements to this Agreement shall be in writing and come into effect upon being executed and sealed by the Parties hereto.

  

	 	14.2	In case any terms and stipulations in this Agreement are regarded as illegal or cannot be performed in accordance with the applicable law, such terms and stipulations
shall be deemed to be ineffective and not enforceable within the scope governed by such applicable law, and the remaining stipulations will remain effective. The invalidity of this Agreement shall not affect the validity and enforceability of the
original agreement(s). 

  

  
  

  
  

	
	 Pledgee: Beijing Qunar Software Technology Co., Ltd.
  

	(Company Seal)

			
		
	Signature:	 	 /s/ Tang Hesong

	Name:	 	Tang Hesong
	Title:	 	Legal Representative

 Pledgors: 
  

	
	 /s/ Zhuang Chenchao

	Zhuang Chenchao
	
	 /s/ Zhang Dongchen

	Zhang Dongchen

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