Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of April 2025

Commission File Number: 001-40543

Pop Culture Group Co., Ltd

Room 1207-08, No. 2488 Huandao East Road

Huli District, Xiamen City, Fujian Province
The People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Termination of Original Variable Interest Entity Agreements

On April 3, 2025, Heliheng Culture Co., Ltd. (the “Original WFOE”), an indirect wholly owned subsidiary of Pop Culture Group Co., Ltd (the “Company”), with the approval of the audit committee of the board of directors (the “Audit Committee”) of the Company, entered into a series of termination agreements with Xiamen Pop Culture Co., Ltd. (the “VIE”) and its shareholders (the “Termination Agreements”) to terminate that certain series of variable interest agreements among the Original WFOE, the VIE, and its shareholders, which were entered into on February 19, 2021 (the “Original VIE Agreements”). Pursuant to the Termination Agreements, the Original WFOE no longer has the power, rights, and obligations with respect to the VIE as set forth under the Original VIE Agreements, including (a) an Amended and Restated Exclusive Services Agreement, (b) an Amended and Restated Exclusive Option Agreement, (c) an Amended and Restated Share Pledge Agreement, and (d) Powers of Attorney. Furthermore, the Original WFOE releases the VIE shareholders of their equity pledges.

The foregoing description of the Termination Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Termination Agreements, which are filed as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5, and 10.6, and are incorporated herein by reference.

Entry into New Variable Interest Entity Agreements

On April 3, 2025, Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. (the “New WFOE”), an indirect wholly owned subsidiary of the Company, with the approval of the Audit Committee of the Company, entered into a series of variable interest agreements with the VIE and its shareholders (the “New VIE Agreements”), including (a) an Exclusive Services Agreement, (b) an Exclusive Option Agreement, (c) a Share Pledge Agreement, (d) Powers of Attorney, and (e) Spousal Consents. The New VIE Agreements are designed to provide the New WFOE with the power, rights, and obligations with respect to the VIE as set forth under the New VIE Agreements.

Each of the New VIE Agreements is described in detail below.

Exclusive Services Agreement

Pursuant to the Exclusive Services Agreement between the VIE and the New WFOE, the New WFOE provides the VIE with marketing services, management consultation services, technical support, and other services relating to its day-to-day business operations and management, on an exclusive basis, utilizing its advantages in technology, human resources, and information. For services rendered to the VIE by the New WFOE under the Exclusive Services Agreement, the New WFOE is entitled to collect a service fee equal to 100% of the net income of the VIE, which is the VIE’s earnings before tax after deducting relevant costs and reasonable expenses.

The Exclusive Services Agreement became effective on April 3, 2025 and will remain effective unless otherwise terminated as required by laws or regulations, or by relevant governmental or regulatory authorities. Nevertheless, the Exclusive Services Agreement will be terminated after all shares in the VIE held by the VIE shareholders and/or all the assets of the VIE have been legally transferred to the New WFOE and/or its designee in accordance with the Exclusive Option Agreement executed by and among the New WFOE, the VIE, and its shareholders.

The foregoing description of the Exclusive Services Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Exclusive Services Agreement, which is filed as Exhibit 10.7 and is incorporated herein by reference.

Share Pledge Agreement

Under the Share Pledge Agreement among the New WFOE and the VIE shareholders, together holding 100% of the shares in the VIE, the VIE shareholders pledged their shares in the VIE to the New WFOE to guarantee the performance of the VIE’s obligations under the Exclusive Services Agreement. Under the terms of the Share Pledge Agreement, in the event that the VIE or the VIE shareholders breach their respective contractual obligations under the Exclusive Services Agreement, the New WFOE, as pledgee, will be entitled to certain rights, including, but not limited to, the right to dispose of the pledged shares in accordance with applicable the People’s Republic of China (“PRC”) laws and regulations. The VIE shareholders further agreed not to dispose of the pledged shares or take any action that would prejudice the New WFOE’s interest.

The Share Pledge Agreement is effective until the full payment of the service fees under the Exclusive Services Agreement and upon termination of the VIE’s obligations under the Exclusive Services Agreement, or upon the transfer of shares under the Exclusive Option Agreement executed by and among the New WFOE, the VIE, and its shareholders.

The foregoing description of the Share Pledge Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Share Pledge Agreement, which is filed as Exhibit 10.8 and is incorporated herein by reference.

Exclusive Option Agreement

Under the Exclusive Option Agreement, the VIE shareholders, together holding 100% of the shares in the VIE, irrevocably granted the New WFOE (or its designee) an exclusive option to purchase, to the extent permitted under PRC laws and regulations, once or at multiple times, at any time, part or all of their shares in the VIE. The option purchase price is RMB10 or the minimum amount to the extent permitted under PRC laws and regulations, whichever is lower.

The Exclusive Option Agreement remains effective until all the equity of the VIE is legally transferred under the name of the New WFOE and/or other entity or individual designated by it, unless terminated earlier by the New WFOE with a 30-day prior notice.

The foregoing description of the Exclusive Option Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Exclusive Option Agreement, which is filed as Exhibit 10.9 and is incorporated herein by reference.

Shareholders’ Powers of Attorney

Under each of the Powers of Attorney, the VIE shareholders authorized the New WFOE to act on their behalf as their exclusive agent and attorney with respect to all rights as shareholders, including but not limited to: (a) attending shareholders’ meetings, (b) exercising all the shareholder’s rights, including voting, that shareholders are entitled to under PRC laws and regulations and the Articles of Association, including but not limited to the sale or transfer or pledge or disposition of shares in part or in whole, and (c) designating and appointing on behalf of shareholders the legal representative, the executive director, supervisor, the chief executive officer, and other senior management members of the VIE.

The Powers of Attorney are irrevocable and continuously valid from the date of execution of the Powers of Attorney, so long as the VIE shareholders are shareholders of the VIE.

The foregoing description of the Powers of Attorney does not purport to be complete and is qualified in its entirety by reference to the full text of the Powers of Attorney, which are filed as Exhibit 10.10 and are incorporated herein by reference.

Spousal Consents

The spouses of certain of the VIE shareholders agreed, via a spousal consent, to the execution of the transaction documents as part of the New VIE Agreements (the “Transaction Documents”), including: (a) an Exclusive Option Agreement, (b) a Share Pledge Agreement, and (c) Powers of Attorney; and the disposal of the shares of the VIE held by the VIE shareholders and registered in their names.

The spouses of certain of the VIE shareholders undertook not to make any assertions in connection with the shares of the VIE which are held by the VIE shareholders. The spouses of certain of the VIE shareholders confirmed that the VIE shareholders can perform, amend, or terminate the Transaction Documents without their authorization or consent. They undertook to execute all necessary documents and take all necessary actions to ensure appropriate performance of the agreements. The spouses of certain of the VIE shareholders also undertook that if they obtain any share of the VIE which are held by the VIE shareholders for any reasons, they will be bound by the Transaction Documents and comply with the obligations thereunder as shareholders of the VIE. For this purpose, upon the New WFOE’s request, they will sign a series of written documents in substantially the same format and content as the Transaction Documents (as amended from time to time).

The foregoing description of the Spousal Consents does not purport to be complete and is qualified in its entirety by reference to the full text of the Spousal Consents, which are filed as Exhibit 10.11 and are incorporated herein by reference.

EXHIBIT INDEX

Exhibit No.		Description
10.1		Termination Agreement of the Amended and Restated Exclusive Services Agreement, by and between Heliheng Culture Co., Ltd. and Xiamen Pop Culture Co., Ltd.
10.2		Termination Agreement of the Amended and Restated Exclusive Option Agreement, dated April 3, 2025, by and among Heliheng Culture Co., Ltd., Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin, Wuyang Chen, and Xiamen Pop Culture Co., Ltd.
10.3		Termination Agreement of the Amended and Restated Exclusive Option Agreement, dated April 3, 2025, by and among Heliheng Culture Co., Ltd., Junlong He, and Xiamen Pop Culture Co., Ltd.
10.4		Termination Agreement of the Amended and Restated Share Pledge Agreement, dated April 3, 2025, by and among Heliheng Culture Co., Ltd., Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin, Wuyang Chen, and Xiamen Pop Culture Co., Ltd.
10.5		Termination Agreement of the Amended and Restated Share Pledge Agreement, dated April 3, 2025, by and among Heliheng Culture Co., Ltd., Junlong He, and Xiamen Pop Culture Co., Ltd.
10.6		Form of Termination Agreement of the Original Power of Attorney granted by shareholders of Xiamen Pop Culture Co., Ltd., as currently in effect, and a schedule of all executed Termination Agreements of the Original Powers of Attorney adopting the same form
10.7		Exclusive Services Agreement, dated April 3, 2025, by and between Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. and Xiamen Pop Culture Co., Ltd.
10.8		Share Pledge Agreement, dated April 3, 2025, by and among Fujian Hualiu Cultural and Sports Industry Development Co., Ltd., Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin, Junlong He, Wuyang Chen, and Xiamen Pop Culture Co., Ltd.
10.9		Exclusive Option Agreement, dated April 3, 2025, by and among Fujian Hualiu Cultural and Sports Industry Development Co., Ltd., Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin, Junlong He, Wuyang Chen, and Xiamen Pop Culture Co., Ltd.
10.10		Form of Power of Attorney granted by shareholders of Xiamen Pop Culture Co., Ltd., as currently in effect, and a schedule of all executed Powers of Attorney adopting the same form
10.11		Form of Spousal Consent granted by the spouse of each individual shareholder of Xiamen Pop Culture Co., Ltd., as currently in effect, and a schedule of all executed Spousal Consents adopting the same form

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Pop Culture Group Co., Ltd

Date: April 22, 2025	By:	/s/ Zhuoqin Huang
	Name:	Zhuoqin Huang
	Title:	Chief Executive Officer

Exhibit 10.1

终止协议

Termination Agreement

本《终止协议》（下称“本协议”）由以下双方于2025年4月3日在中华人民共和国（下称“中国”）厦门签署：

This Termination Agreement (the “Agreement”) is made and entered into as of April 3, 2025, by and between:

Party A: Heliheng Culture Co (“this Agreement”) is made and entered into by and between the following Parties on April 3, 2025 in Xiamen, the People’s Republic of China (“China” or “PRC”):

甲方：合利恒文化有限公司

Party A: Heliheng Culture Co., Ltd.

地址：中国（福建）自由贸易试验区厦门片区象屿路93号厦门国际航运中心C栋4层431单元B之五

Address: Room 5, 431B, Building C, Xiamen International Shipping Center, No.93 Xiangyu Road, China (Fujian) Pilot Free Trade Zone, Xiamen

乙方：厦门普普文化股份有限公司

Party B: Xiamen Pop Culture Co., Ltd.

地址: 厦门市湖里区穆厝路5号836单元

Address: Unit 836, No.5 Mucuo Road, Huli District, Xiamen

甲方和乙方以下各称为“一方”，统称为“双方”。

Each of Party A and Party B shall be hereinafter referred to as a “Party” respectively, and as the “Parties” collectively.

鉴于：

Whereas,

双方于2021年2月19日签署了《独家服务协议》（以下简称“原协议”）。双方经友好协商，同意解除原协议。双方同意如下：

Party A and Party B entered into the “Exclusive Services Agreement” (hereinafter referred to as the “Original Agreement”) on February 19, 2021.

终止原协议：自本协议签署之日起，原协议即告终止，双方不再承担原协议项下的任何权利和义务。

Termination of the Original Agreement: The Original Agreement shall be terminated as of the date of this Agreement, and both Parties shall no longer bear any rights and obligations under the Original Agreement.

服务费用结算：甲乙双方一致确认，原协议项下的服务费用已经全部完成结算。

Service Fees Settlement: The Parties hereto agree that the service fees under the Original Agreement have been fully settled.

保密条款：双方应继续遵守原协议项下的保密条款，直至保密信息成为公开信息或法律允许的披露。

Confidentiality: Both Parties shall continue to comply with the confidentiality provisions of the Original Agreement until the confidential information becomes public information or is allowed to be disclosed by law.

争议解决：本协议的解释、效力及争议解决适用中华人民共和国法律，双方应友好协商解决争议，协商不成，任何一方可向厦门仲裁委员会申请仲裁。

Dispute Resolution: The interpretation, validity, and dispute resolution of this Agreement shall be governed by the laws of the People’s Republic of China. Both Parties shall resolve disputes through friendly consultations, and if consultations fail, either Party may apply for arbitration to the Xiamen Arbitration Commission.

本协议以中文和英文书就，一式贰份，甲乙双方各持一份，具有同等效力；中英文版本如有冲突，应以中文版为准。本协议自各方签署之日起生效。

This Agreement is written in both Chinese and English language in two copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. This Agreement shall become effective upon the signatures of all Parties.

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

有鉴于此，双方已自行或使得其各自授权代表于文首所载日期签署本《终止协议》。

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Termination Agreement as of the date first above written.

甲方：合利恒文化有限公司（盖章）

Party A：Heliheng Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

乙方：	厦门普普文化股份有限公司（盖章）
Party B: Xiamen Pop Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

Exhibit 10.2

终止协议

Termination Agreement

本终止协议（下称“本协议”）由以下各方于2025年4月3日在中华人民共和国（下称“中国”）厦门签订：

This Termination Agreement (“this Agreement”) is executed by and among the Parties below as of April 3, 2025, in Xiamen, the People’s Republic of China (“China” or “PRC”):

	（1）	合利恒文化有限公司，一家依据中国法律设立并存续的外商独资企业，注册地址为中国（福建）自由贸易试验区厦门片区象屿路93号厦门国际航运中心C栋4层431单元B之五（“股份购买权人”）。
		Heliheng Culture Co., Ltd., a wholly foreign-owned enterprise organized and existing under the laws of the PRC, with its legal address at Room 5, 431B, Building C, Xiamen International Shipping Center, No.93 Xiangyu Road, China (Fujian) Pilot Free Trade Zone, Xiamen (“Optionee”);

	（2）	黄卓勤，一位中国公民，其身份证号码：[*]；
		Zhuoqin Huang, a PRC citizen with Identification No.: [*];

	（3）	林伟毅，一位中国公民，其身份证号码：[*]；
		Weiyi Lin, a PRC citizen with Identification No.: [*];

	（4）	张荣娣，一位中国公民，其身份证号码：[*]；
		Rongdi Zhang, a PRC citizen with Identification No.: [*];

	（5）	崔夏宇，一位中国公民，其身份证号码：[*]；
		Xiayu Cui, a PRC citizen with Identification No.: [*];

	（6）	崔春晓，一位中国公民，其身份证号码：[*]；
		Chunxiao Cui, a PRC citizen with Identification No.: [*];

	（7）	林阿真，一位中国公民，其身份证号码：[*]；
		Azhen Lin, a PRC citizen with Identification No.: [*];

（8）	陈武杨，一位中国公民，其身份证号码：[*]（黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、林阿真、陈武杨合称为“股东”）；
	Wuyang Chen, a PRC citizen with Identification No.: [*] (Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin together with Wuyang Chen, the “Shareholders”);

	（9）	厦门普普文化股份有限公司，一家依据中国法律设立并存续的公司，注册地址为厦门市湖里区穆厝路5号836单元（“目标公司”）。
		Xiamen Pop Culture Co., Ltd., a company organized and existing under the laws of the PRC, with its legal address at Unit 836, No.5 Mucuo Road, Huli District, Xiamen (“Target Company”).

在本协议中，股份购买权人、股东和目标公司各称为“一方”，合称为“各方”。

In this Agreement, the Optionee, the Shareholders and the Target Company are herein referred to individually as a “Party” and collectively as the “Parties”.

鉴于：

Whereas,

各方于2021年2月19日签署了《独家购买权协议》（以下简称“原协议”）。各方经友好协商，同意解除原协议。双方同意如下：

All Parties entered into the “Exclusive Option Agreement” (hereinafter referred to as the “Original Agreement”) on February 19, 2021.

终止原协议：自本协议签署之日起，原协议即告终止，各方不再承担原协议项下的任何权利和义务。合利恒文化有限公司不再享有原协议项下的任何权利。

Termination of the Original Agreement: The Original Agreement shall be terminated as of the date of this Agreement, and all Parties shall no longer bear any rights and obligations under the Original Agreement. Heliheng Culture Co., Ltd. shall no longer have any rights under the Original Agreement.

保密条款：各方应继续遵守原协议项下的保密条款，直至保密信息成为公开信息或法律允许的披露。

Confidentiality: All Parties shall continue to comply with the confidentiality provisions of the Original Agreement until the confidential information becomes public information or is allowed to be disclosed by law.

争议解决：本协议的解释、效力及争议解决适用中华人民共和国法律，双方应友好协商解决争议，协商不成，任何一方可向厦门仲裁委员会申请仲裁。

本协议以中文和英文书就，一式九份，各方各持一份，具有同等效力；中英文版本如有冲突，应以中文版为准。本协议自各方签署之日起生效。

This Agreement is written in both Chinese and English language in nine copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. This Agreement shall become effective upon the signatures of all Parties.

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

有鉴于此，双方已自行或使得其各自授权代表于文首所载日期签署本《终止协议》。

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Termination Agreement as of the date first above written.

股份购买权人：合利恒文化有限公司（盖章）
Optionee: Heliheng Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

股东：	黄卓勤
Shareholder:	Zhuoqin Huang

签署：
By：	/s/ Zhuoqin Huang

股东：	林伟毅
Shareholder:	Weiyi Lin

签署：
By：	/s/ Weiyi Lin

股东：张荣娣
Shareholder:	Rongdi Zhang

签署：
By：	/s/ Rongdi Zhang

股东：崔夏宇
Shareholder:	Xiayu Cui

签署：
By：	/s/ Xiayu Cui

股东：崔春晓
Shareholder:	Chunxiao Cui

签署：
By：	/s/ Chunxiao Cui

股东：林阿真
Shareholder:	Azhen Lin

签署：
By：	/s/ Azhen Lin

股东：陈武杨
Shareholder:	Wuyang Chen

签署：
By：	/s/ Wuyang Chen

目标公司：厦门普普文化股份有限公司（盖章）
Target Company: Xiamen Pop Culture Co., Ltd. (Seal)

签署：
By：
职位：法定代表人
Title: Legal Representative

Exhibit 10.3

终止协议

Termination Agreement

本终止协议（下称“本协议”）由以下各方于2025年4月3日在中华人民共和国（下称“中国”）厦门签订：

This Termination Agreement (“this Agreement”) is executed by and among the Parties below as of April 3, 2025, in Xiamen, the People’s Republic of China (“China” or “PRC”):

	（1）	合利恒文化有限公司，一家依据中国法律设立并存续的外商独资企业，注册地址为中国（福建）自由贸易试验区厦门片区象屿路93号厦门国际航运中心C栋4层431单元B之五（“股份购买权人”）。
		Heliheng Culture Co., Ltd., a wholly foreign-owned enterprise organized and existing under the laws of the PRC, with its legal address at Room 5, 431B, Building C, Xiamen International Shipping Center, No.93 Xiangyu Road, China (Fujian) Pilot Free Trade Zone, Xiamen (“Optionee”);

	（2）	何俊龙，一位中国公民，其身份证号码：[*]；
		Junlong He, a PRC citizen with Identification No.: [*];

	（3）	厦门普普文化股份有限公司，一家依据中国法律设立并存续的公司，注册地址为厦门市湖里区穆厝路5号836单元（“目标公司”）。
		Xiamen Pop Culture Co., Ltd., a company organized and existing under the laws of the PRC, with its legal address at Unit 836, No.5 Mucuo Road, Huli District, Xiamen (“Target Company”).

在本协议中，股份购买权人、股东和目标公司各称为“一方”，合称为“各方”。

In this Agreement, the Optionee, the Shareholders and the Target Company are herein referred to individually as a “Party” and collectively as the “Parties”.

鉴于：

Whereas,

各方于2021年2月19日签署了《独家购买权协议》（以下简称“原协议”）。各方经友好协商，同意解除原协议。双方同意如下：

All Parties entered into the “Exclusive Option Agreement” (hereinafter referred to as the “Original Agreement”) on February 19, 2021.

保密条款：各方应继续遵守原协议项下的保密条款，直至保密信息成为公开信息或法律允许的披露。

争议解决：本协议的解释、效力及争议解决适用中华人民共和国法律，双方应友好协商解决争议，协商不成，任何一方可向厦门仲裁委员会申请仲裁。

本协议以中文和英文书就，一式三份，各方各持一份，具有同等效力；中英文版本如有冲突，应以中文版为准。本协议自各方签署之日起生效。

This Agreement is written in both Chinese and English language in three copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. This Agreement shall become effective upon the signatures of all Parties.

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

有鉴于此，双方已自行或使得其各自授权代表于文首所载日期签署本《终止协议》。

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Termination Agreement as of the date first above written.

股份购买权人：合利恒文化有限公司（盖章）
Optionee: Heliheng Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

股东：	何俊龙
Shareholder:	Junlong He

签署：
By：	/s/ Junlong He

目标公司：厦门普普文化股份有限公司（盖章）
Target Company: Xiamen Pop Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

Exhibit 10.4

终止协议

Termination Agreement

本终止协议(下称“本协议”)由以下各方于2025年4月3日在中华人民共和国(下称“中国”)厦门签订：

This Termination Agreement (“this Agreement”) is executed by and among the Parties below as of April 3, 2025, in Xiamen, the People’s Republic of China (“China” or “PRC”):

(1)	合利恒文化有限公司，一家依据中国法律设立并存续的外商独资企业，注册地址为中国(福建)自由贸易试验区厦门片区象屿路93号厦门国际航运中心C栋4层431单元B之五 (“质权人”)。
	Heliheng Culture Co., Ltd., a wholly foreign-owned enterprise organized and existing under the laws of the PRC, with its legal address at Room 5, 431B, Building C, Xiamen International Shipping Center, No.93 Xiangyu Road, China (Fujian) Pilot Free Trade Zone, Xiamen (“Pledgee”);

(2)	黄卓勤，一位中国公民，其身份证号码：[*]；
	Zhuoqin Huang, a PRC citizen with Identification No.: [*];

(3)	林伟毅，一位中国公民，其身份证号码：[*]；
	Weiyi Lin, a PRC citizen with Identification No.: [*];

(4)	张荣娣，一位中国公民，其身份证号码：[*]；
	Rongdi Zhang, a PRC citizen with Identification No.: [*];

(5)	崔夏宇，一位中国公民，其身份证号码：[*]；
	Xiayu Cui, a PRC citizen with Identification No.: [*];

(6)	崔春晓，一位中国公民，其身份证号码：[*]；
	Chunxiao Cui, a PRC citizen with Identification No.: [*];

(7)	林阿真，一位中国公民，其身份证号码：[*]；
	Azhen Lin, a PRC citizen with Identification No.: [*];

(8)	陈武杨，一位中国公民，其身份证号码：[*]
	Wuyang Chen, a PRC citizen with Identification No.: [*]

	黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、林阿真、陈武杨合称为“出质人”；
	Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin together with Wuyang Chen, the “Pledgor”;

(9)	厦门普普文化股份有限公司，一家依据中国法律设立并存续的公司，注册地址为厦门市湖里区穆厝路5号836单元(“目标公司”)。

Xiamen Pop Culture Co., Ltd., a company organized and existing under the laws of the PRC, with its legal address at Unit 836, No.5 Mucuo Road, Huli District, Xiamen (“Target Company”).

在本协议中，质权人、出质人和目标公司以下各称“一方”，合称“各方”。

In this Agreement, each of Pledgee, Pledgors and Target Company shall be referred to as a “Party” respectively, and they shall be collectively referred to as the “Parties”.

鉴于：

Whereas,

各方于2021年2月19日签署了《股份质押协议》(以下简称“原协议”)。各方经友好协商，同意解除原协议。双方同意如下：

All Parties entered into the “Exclusive Option Agreement” (hereinafter referred to as the “Share Pledge Agreement”) on February 19, 2021.

	1.	终止原协议：自本协议签署之日起，原协议即告终止，各方不再承担原协议项下的任何权利和义务。合利恒文化有限公司不再享有原协议项下的任何权利。
		Termination of the Original Agreement: The Original Agreement shall be terminated as of the date of this Agreement, and all Parties shall no longer bear any rights and obligations under the Original Agreement. Heliheng Culture Co., Ltd. shall no longer have any rights under the Original Agreement.

	2.	保密条款：各方应继续遵守原协议项下的保密条款，直至保密信息成为公开信息或法律允许的披露。
		Confidentiality: All Parties shall continue to comply with the confidentiality provisions of the Original Agreement until the confidential information becomes public information or is allowed to be disclosed by law.

	3.	相关手续办理：各方一致承诺应于本协议生效之日起15日内办理与解除股份质押相关的手续，在此期间内，合利恒文化有限公司承诺不行使质权。
		The Parties unanimously agree to complete all formalities related to the release of the share pledge within 15 days after the effectiveness of this Agreement. During this period, Heliheng Culture Co., Ltd. commits not to exercise the pledge right.

	4.	争议解决：本协议的解释、效力及争议解决适用中华人民共和国法律，双方应友好协商解决争议，协商不成，任何一方可向厦门仲裁委员会申请仲裁。
		Dispute Resolution: The interpretation, validity, and dispute resolution of this Agreement shall be governed by the laws of the People’s Republic of China. Both Parties shall resolve disputes through friendly consultations, and if consultations fail, either Party may apply for arbitration to the Xiamen Arbitration Commission.

	5.	本协议以中文和英文书就，一式九份，各方各持一份，具有同等效力；中英文版本如有冲突，应以中文版为准。本协议自各方签署之日起生效。
		This Agreement is written in both Chinese and English language in nine copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. This Agreement shall become effective upon the signatures of all Parties.

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

有鉴于此，双方已自行或使得其各自授权代表于文首所载日期签署本《终止协议》。

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Termination Agreement as of the date first above written.

股份购买权人：合利恒文化有限公司(盖章)
Optionee: Heliheng Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

股东：黄卓勤
Shareholder: Zhuoqin Huang

签署：
By：	/s/ Zhuoqin Huang

股东：林伟毅
Shareholder: Weiyi Lin

签署：
By：	/s/ Weiyi Lin

股东：张荣娣
Shareholder: Rongdi Zhang

签署：
By：	/s/ Rongdi Zhang

股东：崔夏宇
Shareholder: Xiayu Cui

签署：
By：	/s/ Xiayu Cui

股东：崔春晓
Shareholder: Chunxiao Cui

签署：
By：	/s/ Chunxiao Cui

股东：林阿真
Shareholder: Azhen Lin

签署：
By：	/s/ Azhen Lin

股东：陈武杨
Shareholder: Wuyang Chen

签署：
By：	/s/ Wuyang Chen

目标公司：厦门普普文化股份有限公司(盖章)
Target Company: Xiamen Pop Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

Exhibit 10.5

终止协议

Termination Agreement

本终止协议(下称“本协议”)由以下各方于2025年4月3日在中华人民共和国(下称“中国”)厦门签订：

This Termination Agreement (“this Agreement”) is executed by and among the Parties below as of April 3, 2025, in Xiamen, the People’s Republic of China (“China” or “PRC”):

(1)	合利恒文化有限公司，一家依据中国法律设立并存续的外商独资企业，注册地址为中国(福建)自由贸易试验区厦门片区象屿路93号厦门国际航运中心C栋4层431单元B之五 (“质权人”)。
	Heliheng Culture Co., Ltd., a wholly foreign-owned enterprise organized and existing under the laws of the PRC, with its legal address at Room 5, 431B, Building C, Xiamen International Shipping Center, No.93 Xiangyu Road, China (Fujian) Pilot Free Trade Zone, Xiamen (“Pledgee”);

(2)	何俊龙，一位中国公民，其身份证号码：[*]；
	Junlong He, a PRC citizen with Identification No.: [*];

(3)	厦门普普文化股份有限公司，一家依据中国法律设立并存续的公司，注册地址为厦门市湖里区穆厝路5号836单元(“目标公司”)。

Xiamen Pop Culture Co., Ltd., a company organized and existing under the laws of the PRC, with its legal address at Unit 836, No.5 Mucuo Road, Huli District, Xiamen (“Target Company”).

在本协议中，质权人、出质人和目标公司以下各称“一方”，合称“各方”。

In this Agreement, each of Pledgee, Pledgors and Target Company shall be referred to as a “Party” respectively, and they shall be collectively referred to as the “Parties”.

鉴于：

Whereas,

各方于2021年2月19日签署了《股份质押协议》(以下简称“原协议”)。各方经友好协商，同意解除原协议。双方同意如下：

All Parties entered into the “Exclusive Option Agreement” (hereinafter referred to as the “Share Pledge Agreement”) on February 19, 2021.

	1.	终止原协议：自本协议签署之日起，原协议即告终止，各方不再承担原协议项下的任何权利和义务。合利恒文化有限公司不再享有原协议项下的任何权利。
		Termination of the Original Agreement: The Original Agreement shall be terminated as of the date of this Agreement, and all Parties shall no longer bear any rights and obligations under the Original Agreement. Heliheng Culture Co., Ltd. shall no longer have any rights under the Original Agreement.

	2.	保密条款：各方应继续遵守原协议项下的保密条款，直至保密信息成为公开信息或法律允许的披露。
		Confidentiality: All Parties shall continue to comply with the confidentiality provisions of the Original Agreement until the confidential information becomes public information or is allowed to be disclosed by law.

	3.	相关手续办理：各方一致承诺应于本协议生效之日起15日内办理与解除股份质押相关的手续，在此期间内，合利恒文化有限公司承诺不行使质权。
		The Parties unanimously agree to complete all formalities related to the release of the share pledge within 15 days after the effectiveness of this Agreement. During this period, Heliheng Culture Co., Ltd. commits not to exercise the pledge right.

	4.	争议解决：本协议的解释、效力及争议解决适用中华人民共和国法律，双方应友好协商解决争议，协商不成，任何一方可向厦门仲裁委员会申请仲裁。
		Dispute Resolution: The interpretation, validity, and dispute resolution of this Agreement shall be governed by the laws of the People’s Republic of China. Both Parties shall resolve disputes through friendly consultations, and if consultations fail, either Party may apply for arbitration to the Xiamen Arbitration Commission.

	5.	本协议以中文和英文书就，一式三份，各方各持一份，具有同等效力；中英文版本如有冲突，应以中文版为准。本协议自各方签署之日起生效。
		This Agreement is written in both Chinese and English language in three copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. This Agreement shall become effective upon the signatures of all Parties.

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

有鉴于此，双方已自行或使得其各自授权代表于文首所载日期签署本《终止协议》。

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Termination Agreement as of the date first above written.

股份购买权人：合利恒文化有限公司(盖章)
Optionee: Heliheng Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

股东：何俊龙
Shareholder: Junlong He

签署：
By：	/s/ Junlong He

目标公司：厦门普普文化股份有限公司(盖章)
Target Company: Xiamen Pop Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

Exhibit 10.6

终止协议

Termination Agreement

本《终止协议》（下称“本协议”）由以下双方于2025年4月3日在中华人民共和国（下称“中国”）厦门签署：

This Termination Agreement (the “Agreement”) is made and entered into as of April 3, 2025, by and between:

甲方：合利恒文化有限公司

Party A: Heliheng Culture Co., Ltd.

地址：中国（福建）自由贸易试验区厦门片区象屿路93号厦门国际航运中心C栋4层431单元B之五

Address: Room 5, 431B, Building C, Xiamen International Shipping Center, No.93 Xiangyu Road, China (Fujian) Pilot Free Trade Zone, Xiamen

乙方：[Name]，一位中国公民，其身份证号码：[ID Card No.]

Party B: [Name], a PRC citizen with Identification No.:[ID Card No.]

甲方和乙方以下各称为“一方”，统称为“双方”。

Each of Party A and Party B shall be hereinafter referred to as a “Party” respectively, and as the “Parties” collectively.

鉴于：

Whereas,

乙方于2021年2月19日签署了一份授权委托书（“原授权委托书”），授权甲方代表乙方行使厦门普普文化股份有限公司（“公司”）[Percentage]%股份（“股份”）相关的权利。双方经友好协商，同意终止原授权委托书并解除授权委托关系。双方同意如下：

Party B executed a Power of Attorney (the “Original Power of Attorney”) on February 19, 2021, authorizing Party A to act on his/her behalf with respect to his/her [Percentage]% shareholding (the “Shareholding”) in Xiamen Pop Culture Co., Ltd. (the “Company”). Through friendly consultation, both Parties agree to terminate the Original Power of Attorney and release the power of attorney relationship. The Parties agree as follows:

终止授权委托关系：自本协议签署之日起，原授权委托书即告终止，双方之间的授权委托关系立即解除，甲方不得再代乙方行使任何权利。

Termination of Power of Attorney Relationship: The Original Power of Attorney shall be terminated as of the date of this Agreement, and the power of attorney relationship between the Parties shall be immediately dissolved. Party A shall no longer act on behalf of Party B to exercise any rights.

争议解决：本协议的解释、效力及争议解决适用中华人民共和国法律，双方应友好协商解决争议，协商不成，任何一方可向厦门仲裁委员会申请仲裁。

本协议以中文和英文书就，一式贰份，甲乙双方各持一份，具有同等效力；中英文版本如有冲突，应以中文版为准。本协议自各方签署之日起生效。

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

有鉴于此，双方已自行或使得其各自授权代表于文首所载日期签署本《终止协议》。

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Termination Agreement as of the date first above written.

甲方：合利恒文化有限公司（盖章）

Party A：Heliheng Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

乙方：	[Name]
Party B:	[Name]

签署：
By：	/s/ [Name]

Schedule of Material Differences

One or more person signed a termination agreement of power of attorney under 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	ID Card No.	Percentage%
1.	Zhuoqin Huang	[*]		64.0060
2.	Weiyi Lin	[*]		10.0198
3.	Rongdi Zhang	[*]		9.0995
4.	Chunxiao Cui	[*]		6.1049
5.	Xiayu Cui	[*]		6.1049
6.	Junlong He	[*]		4.4225
7.	Azhen Lin	[*]		0.1212
8.	Wuyang Chen	[*]		0.1212

Exhibit 10.7

独家服务协议

Exclusive Services Agreement

本独家服务协议下称“本协议”）由以下双方于2025年4月3日在中华人民共和国（下称“中国”）厦门签署：

This Exclusive Services Agreement (“this Agreement”) is made and entered into by and between the following Parties on April 3, 2025 in Xiamen, the People’s Republic of China (“China” or “PRC”):

甲方：福建华流文体产业发展有限公司

Party A: Fujian Hualiu Cultural and Sports Industry Development Co., Ltd.

地址：厦门市集美区西滨路52号712室之八

Address: Room 712 (No. 8), 52 Xibin Road, Jimei District, Xiamen

乙方：厦门普普文化股份有限公司

Party B: Xiamen Pop Culture Co., Ltd.

地址: 厦门市湖里区穆厝路5号836单元

Address: Unit 836, No.5 Mucuo Road, Huli District, Xiamen

甲方和乙方以下各称为“一方”，统称为“双方”。

Each of Party A and Party B shall be hereinafter referred to as a “Party” respectively, and as the “Parties” collectively.

鉴于：

Whereas,

甲方是一家依据中国法律设立和存续的外商独资企业，其经营范围为组织文化艺术交流活动；组织体育表演活动；其他文化艺术经纪代理；广告设计、代理；广告制作；广告发布；电子出版物出租；图书出租；会议及展览服务；商务秘书服务；市场营销策划；包装服务；软件开发；企业管理咨询；专业设计服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：出版物批发；出版物零售；出版物互联网销售；网络文化经营（仅限音乐）。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）；

Party A is a wholly foreign owned enterprise organized and existing under the laws of the PRC, of which business scope includes Organize cultural and artistic exchange activities; organize sports performance activities; other cultural and artistic brokerage services; advertising design and agency; advertising production; advertising distribution; electronic publication rental; book rental; conference and exhibition services; business secretarial services; marketing planning; packaging services; software development; enterprise management consulting; professional design services. (Except for business activities that are legally required to be approved, the company shall operate independently in accordance with the business license.) Licensed projects: publication wholesale; publication retail; online sale of publications; internet culture operation (limited to music). (The business activities that require legal approval shall be conducted after approval by the relevant departments, and the specific business items shall be subject to the approved documents or permits.);

甲方拥有提供本协议项下活动策划、营销、咨询和其他管理服务的必要许可及资源；

Party A has the necessary permits and resources to provide event planning, marketing, and other management services as set forth hereunder;

乙方是一家依据中国法律设立和存续的公司，根据中国法律法规规定从事广告、营销、公关以及经营性演出及经纪业务（“主营业务”）；

Party B is a company organized and existing under the laws of the PRC, and is permitted to engage in advertising, marketing, public relations, and commercial performance and brokerage (“Principal Business”);

甲方同意利用其人力、技术和信息优势，在本协议期间向乙方（包括其子公司）提供主营业务的独家全面业务支持服务，乙方（包括其子公司）同意接受甲方或其指定方按本协议条款的规定提供咨询和服务。

Party A agrees to provide Party B (including its subsidiaries) with exclusive technical, consulting and other services in relation to the Principal Business during the term of this Agreement, utilizing its own advantages in human resources, technology and information, and Party B (including its subsidiaries) agrees to accept such services provided by Party A or Party A’s designee(s), each on the terms set forth herein.

2 / 16

独家服务协议

Exclusive Services Agreement

据此，甲方和乙方经协商一致，达成如下协议：

Now, therefore, through mutual discussion, the Parties have reached the following agreements:

服务提供

Services Provided

1.1	按照本协议条款和条件并在中国现行法律允许的范围内，乙方在此委任甲方在本协议期间作为乙方的独家服务提供者向乙方提供全面的管理支持服务、技术服务、咨询服务，具体内容包括所有在乙方营业范围内由甲方不时决定的服务，包括但不限于以下内容：营销服务、管理咨询服务、技术服务和其他服务等（合称“营销及咨询服务”）。

Party B hereby appoints Party A as Party B’s exclusive services provider to provide Party B with complete business support and technical and consulting services during the term of this Agreement, in accordance with the terms and conditions of this Agreement and to the extent permitted by the currently effective laws of China, which may include all services within the business scope of Party B as may be determined from time to time by Party A, such as but not limited to marketing services, management consultation services, technical support and other services, (together, “Marketing and Consulting Services”).

1.2

乙方接受甲方的营销及咨询服务。乙方进一步同意，除非经甲方或普普文化集团有限公司（“甲方母公司”）事先书面同意，在本协议期间，就本协议约定事宜，乙方不得接受任何第三方提供的任何类似营销及咨询服务，不得与任何第三方建立任何类似合作。甲方可不时调整其为乙方提供的营销及咨询服务的范围，并且乙方无条件同意该等调整。在甲方提供的服务范围及类型以外，乙方根据其实际经营需要，可接受第三方提供的服务或支持，或与第三方建立合作关系。双方同意，甲方可以指定其他方（该被指定方可以与乙方签署本协议第1.3 和1.4条描述的某些协议）为乙方提供本协议约定营销及咨询服务。

Party B agrees to accept all the Marketing and Consulting Services provided by Party A. Party B further agrees that, except with prior written consent of Party A or Pop Culture Group Co., Ltd (“Party’s Parent Company”), during the term of this Agreement, Party B shall not accept any similar Marketing and Consulting Services provided by any third party and shall not establish similar business relationship with any third party regarding the matters contemplated by this Agreement. Party A may, from time to time, adjust the scope of the services provided, and, Party B shall accept such adjustments unconditionally. Party B may, based on its operational needs, accept services and/or supports provided by any third party, or establish business relationship with any third party, presuming such services and/or supports, or business relationships will not be provided by Party A. Party A may appoint other parties, who may enter into certain agreements described in Sections 1.3 and 1.4 with Party B, to provide Party B with the Marketing and Consulting Services under this Agreement.

3 / 16

独家服务协议

Exclusive Services Agreement

1.3

甲、乙双方同意在本协议有效期内，乙方可以与甲方或甲方指定的其他方进一步签订营销及咨询服务协议，对各项咨询服务的具体内容、方式、人员、收费等进行约定。

Party A and Party B agree that during the term of this Agreement, Party B may enter into agreements with Party A or any other party designated by Party A further specifying the Marketing and Consulting Services provided, which shall provide the specific contents, manner, personnel, and fees.

1.4

为更好地履行本协议，甲乙双方同意，乙方在本协议有效期内将与甲方或甲方指定的其他方根据业务进展需要随时签署设备、资产的销售、租用协议，由甲方将有关的设备、资产提供或转让给乙方。

To further fulfill the rights and obligations under this Agreement, Party A and Party B agree that during the term of this Agreement, Party B may enter into equipment or property sale agreements or leases with Party A or any other party designated by Party A which shall permit Party B to use, or transfer, Party A’s relevant equipment or property based on the needs of the business of Party B.

1.5

为更好地履行本协议，维持甲乙双方的长期合作关系，甲乙双方同意，如任何一方的行为会对本协议或其项下权利及义务的履行产生任何影响，该等行为的进行应当事先经过甲方母公司董事会的决议通过；同时，甲乙双方董事会也应就该等行为通过与甲方母公司董事会决议内容一致的决议。

To further fulfill the rights and obligations under this Agreement and to maintain the long-term business relationship of the Parties, Party A and Party B agreed that if there is any action by either Party may affect, in any way, this Agreement or the rights and obligations under this Agreement, such action shall only be taken with prior approval of the Board of Directors of Party A’s Parent Company. Further, such action shall also be resolved by the Board of Directors of Party A and Party B in line with the resolution of the Board of Directors of Party A’s Parent Company.

服务费用和支付方式

Service Fees and Payment

2.1

双方同意，在本协议有效期内，就本协议项下甲方向乙方提供的营销及咨询服务，乙方应每月将相当于其净收入100 %的款项（即扣除当月成本、费用和相应税费（企业所得税除外）后的收入款项）支付给甲方作为服务费（“服务费”），但经双方协商并经甲方或甲方母公司事先同意，服务费的金额可以根据甲方当月的服务内容和乙方的经营需要进行调整。

Both Parties agree that, during the terms of this Agreement, in consideration of the Marketing and Consulting Services provided by Party A, Party B shall pay to Party A the fees (the “Service Fees”) equal to 100 % of the net income of Party B, which is Party B’s earnings before corporate income tax, being the monthly revenues after deduction of operating costs, expenses and other taxes; provided that upon mutual discussion between the Parties and the prior consent by Party A or Party A’s Parent Company, the rate of Service Fees may be adjusted based on the services rendered by Party A in that month and the operation needs of Party B.

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独家服务协议

Exclusive Services Agreement

2.2

服务费应当按月支付；乙方应于每月最后一天的30日内，(a) 向甲方提供乙方当月的管理报表和经营数据，包括乙方在当月的净收入额（“每月净收入”）；(b) 将每月净收入的100 %或甲方同意的其他金额支付给甲方（“月付款”）。如乙方当月取得的收入在扣除当月成本、费用和相应税费（企业所得税除外）后为零或负数，则乙方无需支付服务费；若乙方持续亏损，则所有的亏损可递延至以后月份的服务费中扣除。乙方应于每个财政年度末的90日内，(a) 向甲方提供乙方在本财政年度的经审计的财务报表，该财务报表应当经由甲方批准的独立注册会计师审计并认证；(b) 如果按照经审计的财务报表显示，本财政年度内乙方向甲方支付的月付款的总额有任何不足，乙方应向甲方支付差额。

The Service Fees shall be due and payable on a monthly basis; within 30 days after the end of each month, Party B shall (a) deliver to Party A the management accounts and operating statistics of Party B for such month, including the net income of Party B during such month (the “Monthly Net Income”), and (b) pay 100 % of such Monthly Net Income, or other amount agreed by Party A, to Party A (each such payment, a “Monthly Payment”). If such earnings after deduction of operating costs, expenses and other legal taxes are zero or negative, Party B is not required to pay the Service Fees; if Party B sustains losses, all such losses will be carried over to the following month(s) and deducted from the following month(s)’ Service Fees. Within ninety (90) days after the end of each fiscal year, Party B shall (a) deliver to Party A audited financial statements of Party B for such fiscal year, which shall be audited and certified by an independent certified public accountant approved by Party A, and (b) pay an amount to Party A equal to the shortfall, if any, of the net income of Party B for such fiscal year, as shown in such audited financial statements, as compared to the aggregate amount of the Monthly Payments paid by Party B to Party A in such fiscal year.

2.3

甲方同意承担乙方的全部经营风险。如果乙方经营发生亏损的，由甲方负责提供经济支持；乙方现金不足以支付债务的，由甲方负责偿还债务；亏损导致净资产低于注册资本的，由甲方负责补足。如果乙方遭遇重大经营困难，甲方有权要求乙方停止经营，乙方应无条件遵循甲方的要求。

Party A agrees that, during the term of this Agreement, Party A shall bear all risk arising from or in connection with Party B’s Principle Business, including providing financial support to Party B in the event that Party B is having operating losses, paying off its debts if Party B has no sufficient funds to repay, and funding the deficit if Party B’s net assets are lower than its registered capital. In the event that Party B encounters severe difficulties in operation, Party A shall have the right to request Party B to cease operation and Party B shall comply with Party A’s request unconditionally.

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Exclusive Services Agreement

2.4

乙方基于本协议而支付甲方服务费的义务，应由乙方股东用其持有的全部乙方股份以质押形式做担保。甲方应与乙方及乙方股东就此签订《股份质押协议》（附件1）。

The obligation of Party B to pay to Party A the Service Fees under this Agreement shall be secured by the shares provided by the shareholders of Party B over the shares held by them. Party A shall enter into Share Pledge Agreement (Attachment 1) with Party B and shareholders of Party B.

知识产权和保密条款

Intellectual Property Rights and Confidentiality Clauses

3.1

甲方对履行本协议而产生或创造的任何权利、所有权、权益和所有知识产权包括但不限于著作权、专利权、专利申请权、软件、技术秘密、商业机密及其他均享有独占的和排他的权利和利益。

Party A shall have exclusive and proprietary rights and interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of this Agreement, including but not limited to copyrights, patents, patent applications, software, technical secrets, trade secrets and others.

3.2

双方承认及确定有关本协议、本协议内容，以及彼此就准备或履行本协议而交换的任何口头或书面资料均被视为保密信息。双方应当对所有该等保密信息予以保密，而在未得到另一方书面同意前，不得向任何第三方披露任何保密信息，但下列信息除外：(a) 公众人士知悉或将会知悉的任何信息（并非由接受保密信息之一方擅自向公众披露）；(b)根据适用法律法规、股票交易规则、或政府部门或法院的命令而所需披露之任何信息；或(c)由任何一方就本协议所述交易而需向其股东、投资者、法律或财务顾问披露之信息，而该股东、法律或财务顾问亦需遵守与本条款相类似之保密责任。如任何一方工作人员或聘请机构的泄密均视为该方的泄密，需依本协议承担违约责任。无论本协议以任何理由终止，本条款仍然生效。

The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.

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Exclusive Services Agreement

3.3

双方同意，不论本协议是否变更、解除或终止，本条款将持续有效。

The Parties agree that this Section shall survive changes to, and rescission or termination of, this Agreement.

陈述和保证

Representations and Warranties

4.1

甲方陈述和保证如下：

Party A hereby represents and warrants as follows:

4.1.1

甲方是按照中国法律合法注册并有效存续的一家外商独资企业。

Party A is a wholly foreign owned enterprise legally registered and validly existing in accordance with the laws of China.

4.1.2

甲方签署并履行本协议在其公司权力和营业范围中；已采取必要的公司行为和适当授权并取得第三方和政府部门的同意及批准（如需）；并不违反对其有约束力或影响的法律和其他的限制。

Party A’s execution and performance of this Agreement is within its corporate capacity and the scope of its business operations; Party A has taken necessary corporate actions and given appropriate authorization and has obtained the consent and approval from third parties and government agencies, and will not violate any restrictions in law or otherwise binding or having an impact on Party A.

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Exclusive Services Agreement

4.1.3

本协议构成对其合法、有效、有约束力并依本协议之条款对其强制执行的义务。

This Agreement constitutes Party A’s legal, valid and binding obligations, enforceable in accordance with its terms.

4.2

乙方陈述和保证如下：

Party B hereby represents and warrants as follows:

4.2.1

乙方是按照中国法律合法注册且有效存续的公司。

Party B is a company legally registered and validly existing in accordance with the laws of China.

4.2.2

乙方签署并履行本协议在其公司权力和营业范围中；已采取必要的公司行为和适当授权并取得第三方或政府的同意和批准；并不违反对有约束力影响的法律和其他的限制。

Party B’s execution and performance of this Agreement is within its corporate capacity and the scope of its business operations; Party B has taken necessary corporate actions and given appropriate authorization and has obtained the consent and approval from third parties and government agencies, and will not violate any restrictions in law or otherwise binding or having an impact on Party B.

4.2.3

本协议构成对其合法、有效、有约束力并依本协议之条款对其强制执行的义务。

This Agreement constitutes Party B’s legal, valid and binding obligations, and shall be enforceable against it.

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Exclusive Services Agreement

生效和有效期

Effectiveness and Term

本协议于文首标明的协议日期签署并同时生效。本协议永久有效，在协议履行过程中，根据本协议适用的法律针对可变利益实体(“VIE”)要求的变化，甲方有权每6个月对本协议的内容做一次审查，以决定是否需要根据当时VIE对实际控制的要求对本协议作出相应修改和补充。

This Agreement is executed on the date first above written and shall take effect as of such date. The term of this Agreement shall be permanent. During the performance of this Agreement, due to any change of requirement for variable interest entity (“VIE”) in accordance with governing law of this Agreement, Party A is entitled to review this Agreement every six (6) months to determine whether to amend or supplement the provisions in this Agreement based on the actual control as required by the VIE at that time.

终止

Termination

6.1

本协议有效期内，除非适用的法律法规或相关政府监管部门要求，乙方在任何情况下都无权终止本协议。尽管如此，本协议应在乙方股东所拥有的全部乙方股份和／或乙方的所有资产均已根据甲方与乙方及乙方股东签订的《独家购买权协议》（附件2）合法转让至甲方或其指定人之时终止。乙方股份和／或乙方资产的转让应当事先得到甲方母公司董事会的决议通过。

During the term of this Agreement, Party B shall not have any right to terminate this Agreement in any event unless otherwise required by laws or regulations, or by relevant governmental or regulatory authorities. Nevertheless, this Agreement shall be terminated after all the shares in Party B held by its shareholders and/or all the assets of Party B have been legally transferred to Party A and/or its designee in accordance with the Exclusive Option Agreement (Attachment 2) executed by Party A, Party B and its shareholders; provided, the transfer of the shares in Party B and/or the assets of Party B shall be approved by the Board of Directors of Party A’s Parent Company.

6.2

在本协议终止之后，双方在第3、7 和8 条项下的权利和义务将继续有效。

The rights and obligations of the Parties under Sections 3, 7 and 8 shall survive the termination of this Agreement.

适用法律和争议解决

Governing Law and Resolution of Disputes

7.1

本协议的订立、效力、解释、履行、修改和终止以及争议的解决适用中国的法律。

The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

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Exclusive Services Agreement

7.2

因解释和履行本协议而发生的任何争议，本协议双方应首先通过友好协商的方式加以解决。如果在一方向另一方发出要求协商解决的书面通知后30 天之内争议仍然得不到解决，则任何一方均可将有关争议提交给位于【厦门】的【厦门仲裁委员会】，由该仲裁委员会按照其届时有效的仲裁规则仲裁解决。仲裁应在【厦门】进行，使用之语言为中文。仲裁裁决是终局性的，对双方均有约束力。

In the event of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties shall negotiate in good faith to resolve the dispute. In the event the Parties fail to reach an agreement on the resolution of such a dispute within 30 days after any Party’s request for resolution of the dispute through negotiations, any Party may submit the relevant dispute to the [Xiamen Arbitration Commission] for arbitration, in accordance with its then-effective arbitration rules. The arbitration shall be conducted in [Xiamen], China, and the language used during arbitration shall be Chinese. The arbitration ruling shall be final and binding on both Parties.

7.3

因解释和履行本协议而发生任何争议或任何争议正在进行仲裁时，除争议的事项外，本协议双方仍应继续行使各自在本协议项下的其他权利并履行各自在本协议项下的其他义务。

Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

违约与赔偿

Breach of Agreement and Indemnification

8.1

如乙方实施任何实质性违反本协议的任何条款的行为，甲方有权终止本协议和/或要求乙方赔偿所有损失。本条款不影响甲方于本协议项下的享有其他权利。

If Party B conducts any material breach of any term of this Agreement, Party A shall have right to terminate this Agreement and/or require Party B to indemnify all damages; this Section 8.1 shall not prejudice any rights of Party A herein.

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Exclusive Services Agreement

8.2

就甲方根据本协议向乙方提供的咨询和服务内容所产生或引起的针对甲方的诉讼、请求或其他要求而招致的任何损失、损害、责任或费用都应由乙方赔偿给甲方，以使甲方不受损害，除非该损失、损害、责任或费用是因甲方的重大过失或故意而产生的。

Party B shall indemnify and hold harmless Party A from any losses, injuries, obligations or expenses caused by any lawsuit, claims or other demands against Party A arising from or caused by the consultations and services provided by Party A to Party B pursuant this Agreement, except where such losses, injuries, obligations or expenses arise from the gross negligence or willful misconduct of Party A.

通知

Notices

9.1

本协议项下要求或发出的所有通知和其他通信应通过专人递送、挂号邮寄、邮资预付或商业快递服务或传真的方式发到该方下列地址。每一通知还应再以电子邮件送达。该等通知视为有效送达的日期按如下方式确定：

All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

9.1.1

通知如果是以专人递送发出的，则以在下列地址被接收，或留置于下列地址之日，为有效送达日；

Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of delivery or refusal at the address specified for notices.

9.1.2

通知如果是以快递服务、挂号邮寄、或邮资预付发出的，则以在下列地址被接收、拒收或因任何原因被退件之日，为有效送达日；

Notices given by courier service, registered mail or prepaid postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;

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Exclusive Services Agreement

9.1.3

通知如果是以传真发出的，则以成功传送之日为有效送达日（应以自动生成的传送确认信息为证）。

Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

9.2

为通知的目的，双方地址如下：

For the purpose of notices, the addresses of the Parties are as follows:

甲方：福建华流文体产业发展有限公司

地址：厦门市集美区西滨路52号712室之八

联系人：黄卓勤

电话：[*]

Party A: Fujian Hualiu Cultural and Sports Industry Development Co., Ltd.

Address: Room 712 (No. 8), 52 Xibin Road, Jimei District, Xiamen

Attn: Zhuoqin Huang

Phone: [*]

乙方：厦门普普文化股份有限公司

地址: 厦门市湖里区穆厝路5号836单元

联系人：黄卓勤

电话：[*]

Party B: Xiamen Pop Culture Co., Ltd.

Address: Unit 836, No.5 Mucuo Road, Huli District, Xiamen

Attn: Zhuoqin Huang

Phone: [*]

9.3

任何一方可按本条规定随时给另一方发出通知来改变其接收通知的地址。

Any Party may at any time change its address for notices by a notice delivered to the other Party in accordance with the terms hereof.

10.

协议的转让

Assignment

10.1

乙方不得将其在本协议项下的权利与义务转让给第三方，除非事先征得甲方或甲方母公司的书面同意。

Without prior written consent of Party A or Party A’s Parent Company, Party B shall not assign its rights and obligations under this Agreement to any third party.

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Exclusive Services Agreement

10.2

乙方在此同意，甲方可以在其需要时向其他第三方转让其在本协议项下的权利和义务，并在该等转让发生时甲方仅需向乙方发出书面通知，并且无需再就该等转让征得乙方的同意。

Party B agrees that Party A may assign its obligations and rights under this Agreement to any third party upon a prior written notice to Party B but without the consent of Party B.

11.

税费

Taxes and Fees

双方应自行支付因执行和履行本协议而产生的所有税费。

All taxes and fees incurred by each Party as a result of the execution and performance of this Agreement shall be borne by each Party respectively.

12.

协议的分割性

Severability

如果本协议有任何一条或多条规定根据任何法律或法规在任何方面被裁定为无效、不合法或不可执行，本协议其余规定的有效性、合法性或可执行性不应因此在任何方面受到影响或损害。双方应通过诚意磋商，争取以法律许可以及双方期望的最大限度内有效的规定取代那些无效、不合法或不可执行的规定，而该等有效的规定所产生的经济效果应尽可能与那些无效、不合法或不能强制执行的规定所产生的经济效果相似。

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any aspect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

13.

协议的修改、补充

Amendments and Supplements

双方可以书面协议方式对本协议做出修改和补充。经过双方签署的有关本协议的修改协议和补充协议是本协议组成部分，具有与本协议同等的法律效力。

Any amendments and supplements to this Agreement shall be in writing. The amendment agreements and supplementary agreements that have been signed by the Parties and that relate to this Agreement shall be an integral part of this Agreement and shall have the same legal validity as this Agreement.

14.

语言和副本

Language and Counterparts

本协议以中文和英文书就，一式贰份，甲乙双方各持一份，具有同等效力；中英文版本如有冲突，应以中文版为准。

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

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独家服务协议

Exclusive Services Agreement

有鉴于此，双方已自行或使得其各自授权代表于文首所载日期签署本《独家服务协议》

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Exclusive Services Agreement as of the date first above written.

甲方：福建华流文体产业发展有限公司（盖章）

Party A：Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

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独家服务协议

Exclusive Services Agreement

乙方：厦门普普文化股份有限公司（盖章）

Party B: Xiamen Pop Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

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独家服务协议

Exclusive Services Agreement

附件

Attachments

	1.	福建华流文体产业发展有限公司、黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、何俊龙、林阿真、陈武杨与厦门普普文化股份有限公司于2025年4月3日签署的《股份质押协议》
		The Share Pledge Agreement entered into among Fujian Hualiu Cultural and Sports Industry Development Co., Ltd., Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Junlong He, Azhen Lin, Wuyang Chen and Xiamen Pop Culture Co., Ltd. on April 3, 2025

	2.	福建华流文体产业发展有限公司、黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、何俊龙、林阿真、陈武杨与厦门普普文化股份有限公司于2025年4月3日签署的《独家购买权协议》
		The Exclusive Option Agreement entered into among Fujian Hualiu Cultural and Sports Industry Development Co., Ltd., Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Junlong He, Azhen Lin, Wuyang Chen and Xiamen Pop Culture Co., Ltd. on April 3, 2025

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Exhibit 10.8

股份质押协议

Share Pledge Agreement

本股份质押协议(下称“本协议”)由以下各方于2025年4月3日在中华人民共和国(下称“中国”)厦门签订：

This Share Pledge Agreement (“this Agreement”) is executed by and among the Parties below as of April 3, 2025, in Xiamen, the People’s Republic of China (“China” or “PRC”):

(1)	福建华流文体产业发展有限公司，一家依据中国法律设立并存续的外商独资企业，注册地址为厦门市集美区西滨路52号712室之八(“质权人”)。
	Fujian Hualiu Cultural and Sports Industry Development Co., Ltd., a wholly foreign-owned enterprise organized and existing under the laws of the PRC, with its legal address at Room 712 (No. 8), 52 Xibin Road, Jimei District, Xiamen (“Pledgee”);

(2)	黄卓勤，一位中国公民，其身份证号码：[*],为目标公司的股东，持有目标公司64.0060%的股份；
	Zhuoqin Huang, a PRC citizen with Identification No.: [*], shareholder of Target Company, holding 64.0060% of shares in Target Company;

(3)	林伟毅，一位中国公民，其身份证号码：[*],为目标公司的股东，持有目标公司10.0198%的股份；
	Weiyi Lin, a PRC citizen with Identification No.: [*], shareholder of Target Company, holding 10.0198 % of shares in Target Company;

(4)	张荣娣，一位中国公民，其身份证号码：[*],为目标公司的股东，持有目标公司9.0995 %的股份；
	Rongdi Zhang, a PRC citizen with Identification No.: [*]; shareholder of Target Company, holding 9.0995 % of shares in Target Company;

(5)	崔夏宇，一位中国公民，其身份证号码：[*],为目标公司的股东，持有目标公司6.1049 %的股份；
	Xiayu Cui, a PRC citizen with Identification No.: [*]; shareholder of Target Company, holding 6.1049 % of shares in Target Company;

股份质押协议

Share Pledge Agreement

(6)	崔春晓，一位中国公民，其身份证号码：[*],为目标公司的股东，持有目标公司6.1049 %的股份；
	Chunxiao Cui, a PRC citizen with Identification No.: *[],** shareholder of Target Company, holding 6.1049 % of shares in Target Company;

(7)	林阿真，一位中国公民，其身份证号码：[*],为目标公司的股东，持有目标公司0.1212 %的股份；
	Azhen Lin, a PRC citizen with Identification No.: [*], shareholder of Target Company, holding 0.1212 % of shares in Target Company;

(8)	何俊龙，一位中国公民，其身份证号码：[*]，为目标公司的股东，持有目标公司4.4225%的股份；
	Junlong He, a PRC citizen with Identification No.: [*], shareholder of Target Company, holding 4.4225% of shares in Target Company;

(9)	陈武杨，一位中国公民，其身份证号码：[*],为目标公司的股东，持有目标公司0.1212 %的股份；
	Wuyang Chen, a PRC citizen with Identification No.: [*], shareholder of Target Company, holding 0.1212 % of shares in Target Company;

	黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、林阿真、何俊龙、陈武杨合称或各称为“出质人”；
	Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin, Junlong He and Wuyang Chen, together, as “Pledgors,” or individually, as a “Pledgor”;

(10)	厦门普普文化股份有限公司，一家依据中国法律设立并存续的公司，注册地址为厦门市湖里区穆厝路5号836单元(“目标公司”)。
	Xiamen Pop Culture Co., Ltd., a company organized and existing under the laws of the PRC, with its legal address at Unit 836, No.5 Mucuo Road, Huli District, Xiamen (“Target Company”).

在本协议中，质权人、出质人和目标公司以下各称“一方”，合称“各方”。

In this Agreement, each of Pledgee, Pledgors and Target Company shall be referred to as a “Party” respectively, and they shall be collectively referred to as the “Parties”.

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股份质押协议

Share Pledge Agreement

鉴于：

Whereas,

1.	质权人是一家在中国注册的外商独资企业。质权人与目标公司签订了一份《独家服务协议》(附件1)；
	Pledgee is a wholly foreign owned enterprise registered in China. Pledgee and Target Company have executed an Exclusive Services Agreement (Attachment 1);

2.	出质人为中国公民，合计拥有目标公司100%的股份。
	Pledgors are citizens of China, and together, hold 100% of the shares in Target Company.

3.	目标公司是一家依据中国法律注册并存续的公司。目标公司在此确认出质人和质权人在本协议下的权利和义务，并提供必要的协助向有关政府部门和/或其他股权登记托管机关登记该质权；
	Target Company is a company organized and existing under the laws of the PRC. Target Company acknowledges the respective rights and obligations of Pledgors and Pledgee under this Agreement, and intends to provide any necessary assistance in registering the Pledge with the competent governmental authorities and any other equity registration and custody center;

为了保证目标公司履行《独家服务协议》项下的义务，按照约定向质权人支付咨询和服务费等到期款项，出质人以其现在和将来在目标公司中拥有的全部股份(无论将来股份比例是否发生变化)向质权人就《独家服务协议》协议项下目标公司的付款义务做出质押担保。

To ensure that Target Company fully performs its obligations under the Exclusive Services Agreement and pay the service fees thereunder to Pledgee when the same becomes due, Pledgors hereby pledge to the Pledgee all of the shares they now and in the future hold in Target Company (whether the percentage of the shares is changed or not in the future) as security for payment of the service fees by Target Company under the Exclusive Services Agreement.

	为了履行《独家服务协议》的条款，各方商定按照以下条款签订本协议。
	To perform the provisions of the Exclusive Services Agreement, the Parties have mutually agreed to execute this Agreement upon the following terms.

1.	定义
	Definitions

	除非本协议另有规定，下列词语含义为：
	Unless otherwise provided herein, the terms below shall have the following meanings:

1.1	质权：指出质人根据本协议第2条给予质权人的担保物权，即指质权人所享有的，以出质人质押给质权人的股份折价或拍卖、变卖该股份的价款优先受偿的权利。
	Pledge shall refer to the shares granted by Pledgors to Pledgee pursuant to Section 2 of this Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales price of the Shares.

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Share Pledge Agreement

1.2	股份：指出质人现在和将来合法持有的其在目标公司的全部股份权益(无论将来每位股东的股份比例是否发生变化)。
	Shares shall refer to all of the shares lawfully now held and hereafter acquired by Pledgors in Target Company (whether the percentage of the shares of each Pledgor is changed or not in the future).

1.3	质押期限：指本协议第3条规定的期间。
	Term of Pledge shall refer to the term set forth in Section 3 of this Agreement.

1.4	独家服务协议：指目标公司与质权人于2025年4月3日签订的《独家服务协议》。
	The Exclusive Services Agreement shall refer to the Exclusive Services Agreement executed by and between Target Company and Pledgee on April 3, 2025.

1.5	违约事件：指本协议第7条所列任何情况。
	Event of Default shall refer to any of the circumstances set forth in Section 7 of this Agreement.

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股份质押协议

Share Pledge Agreement

1.6	违约通知：指质权人根据本协议发出的宣布违约事件的通知。
	Notice of Default shall refer to the notice issued by Pledgee in accordance with this Agreement declaring an Event of Default.

2.	质权
	The Pledge

2.1

作为目标公司按时和全额支付服务协议项下质权人应得的任何或全部的款项的抵押担保，包括但不限于服务协议中规定的服务费的担保(无论该等费用的到期应付是由于到期日的到来、提前收款的要求或其它原因)，出质人特此将其现有或将拥有的目标公司的全部股份权益质押给质权人。

As collateral security for the timely and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of any or all of the payments due by Target Company, including and without limitation, the services fees payable to the Pledgee under the Services Agreement, Pledgors hereby pledge to Pledgee a first security interest in all of Pledgors’ right, title and interest, whether now owned or hereafter acquired by Pledgors, in the Shares of Target Company.

2.2

在质押期间，除非适用法律法规禁止，质权人有权收取质押股权所产生的红利或股利。未经质权人事先书面同意，出质人不得获得质押股权上分得的股利或分红。出质人因质押股权而分得的股利或分红在扣除出质人缴纳的个人所得税后应根据质权人的要求(1)存入质权人的指定帐户内，受质权人监管，并用于担保合同义务和首先清偿担保债务；或者(2)在中国法律不禁止的范围内，以中国法律允许的方式将此等红利、股利无条件地赠送给质权人或质权人指定的人。

During the term of the Pledge, unless prohibited by the applicable laws and regulations, the Pledgee is entitled to receive dividends distributed on the Equity Interest. Without the prior written consent of the Pledgee, the Pledgor shall not receive dividends distributed on the Equity Interest. Dividends received by the Pledgor on Equity Interest after the deduction of individual income tax paid by the Pledgor shall be, as required by the Pledgee, (1) deposited into an account designated and supervised by the Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior and in preference to making any other payment; or (2) to the extent not prohibited by the applicable PRC laws, unconditionally donated to the Pledgee or any other person designated by the Pledgee in the manner permitted by the PRC laws.

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股份质押协议

Share Pledge Agreement

2.3

在质权人事先书面同意的情况下，出质人方可对目标公司增资。出质人因对目标公司增资而在公司注册资本中增加的出资额亦属于质押股权，各方应为此签订进一步的质押协议，并为增加的出资额办理质押登记。

The Pledgor may subscribe for a capital increase in Target Company only with prior written consent of the Pledgee. Any additional equity interest obtained by the Pledgor as a result of the Pledgor’s subscription of the increased registered capital of the Target Company shall also be deemed as Equity Interest, and the Parties shall enter into further equity pledge agreement for this purpose and complete registration of the pledge of such additional equity interest.

2.4

如目标公司根据中国法律的强制性规定需予以解散或清算，在目标公司依法完成解散或清算程序后，出质人从目标公司依法分配的任何利益，应根据质权人的要求(1)存入质权人的指定帐户内，受质权人监管，并用于担保合同义务和首先清偿担保债务；或者(2)在中国法律不禁止的范围内，以中国法律允许的方式无条件地赠予质权人或质权人指定的人。

In the event that Target Company is required by PRC law to be liquidated or dissolved, any interest distributed to the Pledgor upon Target Company’s dissolution or liquidation shall, upon the request of the Pledgee, be (1) deposited into an account designated and supervised by the Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior and in preference to make any other payment; or (2) to the extent not prohibited by PRC laws, unconditionally donated to the Pledgee or any other person designated by the Pledgee in the manner permitted by the applicable PRC laws.

质押期限

Term of Pledge

3.1

本质权自本协议项下的股份出质在相应的市场监督管理机关登记之日起生效，质权有效期持续到独家服务协议下目标公司欠付质权人的所有款项结清为止。出质人和目标公司应(一)自本协议签署之日起3个工作日内，请求股权登记托管机构将本协议的质权登记在目标公司股东名册上，并(二)自本协议签署之日起10个工作日内向相应的市场监督管理机关申请登记本协议项下的质权。各方共同确认，为办理股份质押工商登记手续(包括任何一位股东持有的目标公司股份比例变更时，办理质押变更登记)，各方应将本协议按照目标公司所在地市场监督管理部门要求的形式签署、真实反映本协议项下质权信息的股份质押合同(以下简称“登记质押合同”)提交给市场监督管理机关，登记质押合同中未约定事项，仍以本协议约定为准。出质人和目标公司应当按照中国法律法规和有关市场监督管理机关的各项要求，提交所有必要的文件并办理所有必要手续，保证质权在递交申请后尽快获得登记。

The Pledge shall become effective on such date when the pledge of the Shares contemplated herein has been registered with relevant administration for market regulation (“AMR”). The Pledge shall be continuously valid until all payments due under the Exclusive Services Agreement have been fulfilled by Target Company. Pledgors and Target Company shall (1) request equity registration and custody center to register the Pledge in the shareholders’ register of Target Company within 3 business days following the execution of this Agreement, and (2) submit an application to the AMR for the registration of the Pledge of the Shares contemplated herein within ten (10) business days following the execution of this Agreement. The Parties covenant that for the purpose of registration of the Pledge (including re-registration of the Pledge when the percentage of Shares a Pledgor holds in Target Company changes), the Parties hereto shall submit to the AMR the share pledge contract as in the form required by the AMR at the location of Target Company which shall truly reflect the information of the Pledge hereunder (the “AMR Pledge Contract”). For matters not specified in the AMR Pledge Contract, the Parties shall be bound by the provisions of this Agreement. Pledgors and Target Company shall submit all necessary documents and complete all necessary procedures, as required by the PRC laws and regulations and the relevant AMR, to ensure that the Pledge of the Shares shall be registered with the AMR as soon as possible after filing.

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股份质押协议

Share Pledge Agreement

3.2

质押期限内，如目标公司未按独家服务协议交付服务费等费用，质权人有权但无义务按本协议的规定处分质权。

During the Term of Pledge, in the event Target Company fails to pay the exclusive service fees in accordance with the Exclusive Services Agreement, Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance with the provisions of this Agreement.

质权凭证的保管

Custody of Records for Shares subject to Pledge

4.1

在本协议规定的质押期限内，出质人应将其在目标公司的股份出资证明书及记载质权的股东名册原件交付质权人或质权人指定的股权登记托管中心保管(包括股份变更时提供新的证明书和名册)。出质人应在本协议签订之日起或股份变更登记完成之日起(将来股份变更的情况下)5个工作日内将上述股份出资证明书及股东名册原件交付给质权人。质权人或其指定的股权登记托管机构将在本协议规定的全部质押期间一直保管这些文件。

During the Term of Pledge set forth in this Agreement, Pledgors shall deliver the original capital contribution certificate for the Shares and the original shareholders’ register containing the Pledge to Pledgee or the equity registration and custody center designated by Pledgee within five (5) working days from the execution of this Agreement or from completion of the re-registration of shareholding when percentage of shares changed (in that case, Pledgors shall deliver to Pledgee’s custody the updated original capital contribution certificate for the Shares and the updated original shareholders’ register containing the Pledge). Pledgee or the equity registration and custody center designated by Pledgee shall have custody of such original documents during the entire Term of Pledge set forth in this Agreement.

4.2

在质押期限内，质权人有权收取股份所产生的红利。

Pledgee shall have the right to collect dividends generated by the Shares during the Term of Pledge.

出质人的声明和保证

Representations and Warranties of Pledgors

5.1

出质人是股份唯一的合法所有人。

Pledgors are the sole legal and beneficial owners of the Shares.

5.2

出质人有权以本协议规定的方式处分并转让股份。

Pledgors have the right to dispose of and transfer the Shares in accordance with the provisions set forth in this Agreement.

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股份质押协议

Share Pledge Agreement

5.3

本合同一经签署即构成对出质人合法有效并具约束力的义务。

Upon execution, this Agreement constitutes the Pledgors’ legal, valid and binding obligations in accordance with the provisions herein.

5.4

除本质权之外，出质人未在股份上设置任何其他质押权利或其他担保权益。

Except for the Pledge, Pledgors have not placed any security interest or other encumbrance on the Shares.

5.5

不存在与股份相关的未决的争议或诉讼。

There is no pending disputation or litigation proceeding related to the Shares.

5.6

本协议的签署、交付和履行均不会：(i)导致违反任何有关的中国法律；(ii)与目标公司章程或其他组织文件相抵触；(iii)导致违反其是一方或对其有约束力的任何合同或文件，或构成其是一方或对其有约束力的任何合同或文件项下的违约；(iv)导致违反向任何一方颁发的任何许可或批准的授予和(或)继续有效的任何条件；或(v)导致向任何一方颁发的任何许可或批准中止或被撤销或附加条件。

The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC laws; (ii) conflict with Target Company’s articles of association or other constitutional documents; (iii) result in any breach of or constitute any default under any contract or document to which it is a party or by which it is otherwise bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit or approval granted to any Party; or (v) cause any permit or approval granted to any Party to be suspended, cancelled or attached with additional conditions.

出质人和目标公司的承诺

Covenants of the Pledgor and Target Company

6.1

在本协议存续期间，出质人和目标公司共同和分别向质权人承诺：

During the term of this Agreement, the Pledgor and Target Company hereby jointly and severally covenant to the Pledgee:

6.1.1.

除履行交易文件外，未经质权人事先书面同意，出质人不得转让质押股权或其任何部分，不得在质押股权上设立或允许存在任何担保或其他债务负担；目标公司不得同意或协助前述行为；

The Pledgor shall not transfer the Equity Interest, place or permit the existence of any security interest or other encumbrance on the Equity Interest or any portion thereof, without the prior written consent of the Pledgee, except for the performance of the Transaction Documents; Target Company shall not assent to or assist in the aforesaid behaviors;

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Share Pledge Agreement

6.1.2.

出质人和目标公司应遵守和执行有关质押的所有适用法律法规的规定，如果收到有关主管机关就质权发出或制定的任何通知、指令或建议时，于五(5)日内向质权人出示上述通知、指令或建议，同时遵守上述通知、指令或建议，或按照质权人的合理要求或经质权人同意就上述事宜提出反对意见和陈述；

The Pledgor and Target Company shall comply with and carry out all requirements under applicable laws and regulations relating to pledge, and within five (5) days of receipt of any notice, order or recommendation issued or made by the competent authorities regarding the Pledge (if any), shall present the aforementioned notice, order or recommendation to the Pledgee, and shall comply with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon the Pledgee’s reasonable request or upon consent of the Pledgee;

6.1.3.

出质人和目标公司应将任何可能影响质押股权(或其任何部分)的事件或收到的通知，以及可能对出质人在本协议中的任何保证、义务或对出质人履行其在本协议下义务可能产生影响的任何事件或收到的通知及时通知质权人；

Each of the Pledgor and Target Company shall promptly notify the Pledgee of any event or notice received by it that may have an impact on the Equity Interest (or any portion thereof,) as well as any event or notice received by it that may have an impact on any guarantees and obligations of the Pledgor under this Agreement or the performance of obligations of the Pledgor under this Agreement;

6.1.4.

目标公司应在其经营期限届满前三(3)个月内办理完成延长经营期限的登记手续，以使本协议的效力得以持续。

Target Company shall complete the registration procedures for the extension of the operation term within three (3) months prior to the expiration of such term to maintain the validity of this Agreement.

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Share Pledge Agreement

6.2

出质人同意，质权人按本协议条款取得的对质权享有的权利，不应受到出质人或出质人的继承人或出质人之委托人或任何其他人通过法律程序的中断或妨害。

Pledgors agree that the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted or harmed by Pledgors or any heirs or representatives of Pledgors or any other persons through any legal proceedings.

6.3

出质人向质权人保证，为保护或完善本协议对偿付独家服务协议项下咨询服务费等费用的担保，出质人将诚实签署、并促使其他与质权有利害关系的当事人签署质权人所要求的所有的权利证书、契约和/或履行并促使其他有利害关系的当事人履行质权人所要求的行为，并为本协议赋予质权人之权利、授权的行使提供便利，与质权人或其指定的人(自然人/法人)签署所有的有关股份所有权的文件，并在合理期间内向质权人提供其认为需要的所有的有关质权的通知、命令及决定。

To protect or perfect the security interest granted by this Agreement for payment of the service fees under the Exclusive Services Agreement, Pledgors hereby undertake to execute in good faith and to cause others who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgors also undertake to perform and to cause others who have an interest in the Pledge to perform actions required by Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all relevant documents regarding ownership of Shares with Pledgee or designee(s) of Pledgee (natural persons/legal persons). Pledgors undertake to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are required by Pledgee.

6.4

出质人向质权人保证，出质人将遵守、履行本协议项下所有的保证、承诺、协议、陈述及条件。如出质人不履行或不完全履行其保证、承诺、协议、陈述及条件，出质人应赔偿质权人由此遭受的一切损失。

Pledgors hereby undertake to comply with and perform all guarantees, promises, agreements, representations and conditions under this Agreement. In the event of failure or partial performance of its guarantees, promises, agreements, representations and conditions, Pledgors shall indemnify Pledgee for all losses resulting therefrom.

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违约事件

Event of Breach

7.1

下列事项均被视为违约事件：

The following circumstances shall be deemed Event of Default:

7.1.1.

目标公司未能按期、完整履行任何独家服务协议项下责任，包括但不限于目标公司未能按期足额支付服务协议项下的应付的咨询服务费等费用或有违反该协议其他义务的行为；

Target Company fails to fully and timely fulfill any liabilities under the Services Agreement, including without limitation failure to pay in full any of the service fees payable under the Exclusive Services Agreement or breaches any other obligations of Target Company thereunder;

7.1.2.

出质人或目标公司实质违反本协议的任何条款；

Pledgors or Target Company have committed a material breach of any provisions of this Agreement;

7.1.3.

出质人和目标公司没有按第3.1条将本质权登记在目标公司股东名册上或未办理质押登记手续；

Pledgors and Target Company fail to register the Pledge in the shareholders’ register of Target Company, or fail to complete the Registration of Pledge stipulated in Section 3.1;

7.1.4.

除本协议第6.1.1条的约定外，出质人舍弃出质的股份或未获得质权人书面同意而擅自转让或意图转让出质的股份；和

Except as expressly stipulated in Section 6.1.1, Pledgors transfer or purport to transfer or abandons the Shares pledged, or assign the Shares pledged without the written consent of Pledgee; and

7.1.5.

目标公司的继承人或代管人只能履行部分或拒绝履行独家服务协议项下的支付责任。

The successor or custodian of Target Company is capable of only partially perform or refuses to perform the payment obligations under the Exclusive Services Agreement.

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7.2

如知道或发现本第7.1条所述的任何事项或可能导致上述事项的事件已经发生，出质人应立即以书面形式通知质权人。

Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned circumstances described in Section 7.1, Pledgors shall immediately notify Pledgee in writing accordingly.

7.3

除非第 7.1部分下的违约事件在质权人向出质人发出要求其修补此违约行为通知后的20个工作日之内已经按质权人要求获得救济，质权人在其后的任何时间，可向出质人发出书面违约通知，要求依据第 8 部分履行其处理股份的权利。

Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s satisfaction within twenty (20) working days after the Pledgee delivers a notice to Pledgors requesting ratification of such Event of Default, Pledgee may issue a Notice of Default to Pledgors in writing at any time thereafter, demanding Pledgors to immediately dispose of the Pledge in accordance with the provisions of Article 8 of this Agreement.

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质权的行使

Exercise of Pledge

8.1

在独家服务协议所述的服务费等费用未全部偿还前，未经质权人或质权人的海外母公司普普文化集团有限公司(“质权人母公司”)的书面同意，出质人不得转让本质权和其拥有的目标公司股份，除非该等转让为根据出资人与质权人及目标公司签订的《独家购买权协议》(附件2)而产生的转让。

Prior to the full payment of the service fees described in the Exclusive Services Agreement, without the written consent of Pledgee or Pledgee’s offshore parent company Pop Culture Group Co., Ltd (“Pledgee’s Parent Company” ), Pledgors shall not transfer the Pledge or the Shares in Target Company, unless such transfer arises from the rights and obligations under the Exclusive Option Agreement (Attachment 2) entered into by Pledgors, Pledgee, and Target Company.

8.2

在质权人行使其质押权利时，质权人应当向出质人发出书面违约通知。

Pledgee shall issue a Notice of Default to Pledgors when exercising the Pledge.

8.3

受限于第7.3条的规定，质权人可在按第8.2条发出违约通知的同时或在发出违约通知之后的任何时间里对质权行使处分的权利。质权人决定行使处分质权的权利时，出质人即不再拥有任何与股份有关的权利和利益。

Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 8.2. Once Pledgee elects to enforce the Pledge, Pledgors shall cease to be entitled to any rights or interests associated with the Shares.

8.4

在违约时，根据中国有关法律的规定，质权人有权按照法定程序处置质押股份。仅在中国法律允许的范围内，对于处置的所得，质权人无需给付出质人；出质人特此放弃其可能有的能向质权人要求任何质押股份处置所得的权利；同样，出质人对质权人在该质押股份处置后的亏空也不承担任何义务。

In the event of default, Pledgee is entitled to dispose of the Shares pledged in accordance with applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of the Shares, and Pledgors hereby waive any rights it may have to demand any such accounting from Pledgee; Likewise, in such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Shares pledged.

8.5

质权人依照本协议处分质权时，出质人和目标公司应予以必要的协助，以使质权人实现其质权。

When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgors and Target Company shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement.

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转让

Assignment

9.1

除非经质权人事先书面同意，出质人无权赠予或转让其在本协议项下的权利义务。

Without Pledgee’s prior written consent, Pledgors shall not have the right to assign or delegate their rights and obligations under this Agreement.

9.2

本协议对出质人及其继任人和经许可的受让人均有约束力，并且对质权人及每一继任人和受让人有效。

This Agreement shall be binding on Pledgors and their successors and permitted assigns, and shall be valid with respect to Pledgee and each of its successors and assigns.

9.3

质权人可以在任何时候将其在服务协议项下的所有或任何权利和义务转让给其指定的人(自然人/法人)，在这种情况下，受让人应享有和承担本协议项下质权人享有和承担的权利和义务，如同其作为原协议方应享有和承担的一样。质权人转让服务协议项下的权利和义务时，应质权人要求，出质人应就此转让签署有关协议和/或文件。

At any time, Pledgee may assign any and all of its rights and obligations under the Services Agreement to its designee(s) (natural/legal persons), in which case the assigns shall have the rights and obligations of Pledgee under this Agreement, as if it were the original party to this Agreement. When the Pledgee assigns the rights and obligations under the Services Agreement, upon Pledgee’s request, Pledgors shall execute relevant agreements or other documents relating to such assignment.

9.4

因转让所导致的质权人变更后，应质权人要求，出质人应与新的质权人签订一份内容与本协议一致的新质押协议，并在相应的市场监督管理机关办理变更登记。

In the event of a change in Pledgee due to an assignment, Pledgors shall, at the request of Pledgee, execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and register for change of the same with the competent AMR.

9.5

出质人应严格遵守本协议和各方单独或共同签署的其他有关协议的规定，包括《独家购买权协议》(附件2)和对质权人的《授权委托书》(附件3至附件10)，履行各协议项下的义务，并不进行任何足以影响协议的有效性和可强制执行性的作为/不作为。除非根据质权人的书面指示，出质人不得行使其对质押股份还留存的权利。

Pledgors shall strictly abide by the provisions of this Agreement and other agreements jointly or separately executed by the Parties hereto or any of them, including the Exclusive Option Agreement (Attachment 2) and the Power of Attorney of each Pledgor (Attachment 3 to Attachment 10) granted to Pledgee, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any remaining rights of Pledgors with respect to the Shares pledged hereunder shall not be exercised by Pledgors except in accordance with the written instructions of Pledgee.

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9.6

如任何一方的行为会对本协议的履行或其项下的权利及义务产生任何影响，该等行为的进行应当事先经过质权人母公司董事会的决议通过；在质权人母公司董事会通过该等决议后，质权人及目标公司董事会也应就通过与质权人母公司董事会决议内容一致的决议。

If there is any action by either Party may affect, in any way, the performance of this Agreement or the rights and obligations under this Agreement, such action shall only be taken with prior approval of the Board of Directors of Pledgee’s Parent Company. Upon the resolution of the Board of Directors of Pledgee’s Parent Company, such action shall be also approved by the Board of Directors of Pledgee and Target Company in line with the resolution of the Board of Directors of Pledgee’s Company.

10.

终止

Termination

在独家服务协议项下的服务费等费用偿还完毕且目标公司不再承担服务协议项下的任何义务之后，或本协议各方根据其签署的《独家购买权协议》(附件2)进行股份转让时，本协议自动终止，并且在尽早合理可行的时间内，质权人应取消或解除本协议项下的股份质押。

Upon the full payment of the service fees under the Exclusive Services Agreement and upon termination of Target Company’s obligations under the Exclusive Services Agreement, or upon the transfer of shares under the Exclusive Option Agreement (Attachment 2), this Agreement shall be terminated automatically and Pledgee shall then cancel or terminate the shares pledge pursuant to this Agreement as soon as reasonably practicable.

11.

手续费及其他费用

Handling Fees and Other Expenses

一切与本协议有关的费用及实际开支，其中包括但不限于法律费用、工本费、印花税以及任何其他税收、费用等全部由目标公司承担。

All fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees, shall be borne by Target Company.

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12.

保密责任

Confidentiality

各方承认及确定有关本协议、本协议内容，以及彼此就准备或履行本协议而交换的任何口头或书面资料均被视为保密信息。各方应当对所有该等保密信息予以保密，而在未得到另一方书面同意前，不得向任何第三者披露任何保密信息，惟下列信息除外：(a)公众人士知悉或将会知悉的任何信息(惟并非由接受保密信息之一方擅自向公众披露)；(b)根据适用法律法规、股票交易规则、或政府部门或法院的命令而所需披露之任何信息；或(c)由任何一方就本协议所述交易而需向其股东、投资者、法律或财务顾问披露之信息，而该股东、法律或财务顾问亦需遵守与本条款相类似之保密责任。如任何一方工作人员或聘请机构的泄密均视为该方的泄密，需依本协议承担违约责任。无论本协议以任何理由终止，本条款仍然生效。

13.

适用法律和争议的解决

Governing Law and Resolution of Disputes

13.1

本协议的订立、效力、解释、履行、修改和终止以及争议的解决均适用中国法律。

The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

13.2

因解释和履行本协议而发生的任何争议，本协议各方应首先通过友好协商的方式加以解决。如果在一方向其他方发出要求协商解决的书面通知后30天之内争议仍然得不到解决，则任何一方均可将有关争议提交给位于【厦门】的【厦门仲裁委员会】，由该仲裁委员会按照其仲裁规则仲裁解决。仲裁应在【厦门】进行，使用之语言为中文。仲裁裁决是终局性的，对各方均有约束力。

In the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant dispute to the [Xiamen Arbitration Commission] for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in [Xiamen], China, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

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13.3

因解释和履行本协议而发生任何争议或任何争议正在进行仲裁时，除争议的事项外，本协议各方仍应继续行使各自在本协议项下的其他权利并履行各自在本协议项下的其他义务。

14.

通知

Notices

14.1

All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall also be sent by E-mail. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

14.2

通知如果是以快递服务、挂号邮寄、或邮资预付发出的，则以在下列地址被接收、拒收或因任何原因被退件之日，为有效送达日；

Notices given by courier service, registered mail or prepaid postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;

14.3

通知如果是以专人递送发出的，则以在下列地址被接收，或留置于下列地址之日，为有效送达日；

Notices given by personal delivery shall be deemed effectively given on the date of receipt at the address set forth below, or the date on which such notices are placed at the address set forth below.

14.4

通知如果是以传真发出的，则以成功传送之日为有效送达日(应以自动生成的传送确认信息为证)。

Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

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14.5

为通知的目的，各方地址如下：

15.

质权人：

福建华流文体产业发展有限公司


	地址：	厦门市集美区西滨路52号712室之八
	联系人：	黄卓勤
	电话：	[*]
	Pledgee：	Fujian Hualiu Cultural and Sports Industry Development Co., Ltd.
	Address:	Room 712 (No. 8), 52 Xibin Road, Jimei District, Xiamen
	Attn:	Zhuoqin Huang
	Phone:	[*]

	出质人：	黄卓勤
	地址：	[*]
	电话：	[*]
	Pledgor：	Zhuoqin Huang
	Address:	[*]
	Phone:	[*]

	出质人：	林伟毅
	地址：	[*]
	电话：	[*]
	Pledgor：	Weiyi Lin
	Address:	[*]
	Phone:	[*]

	出质人：	张荣娣
	地址：	[*]
	电话：	[*]
	Pledgor：	Rongdi Zhang
	Address:	[*]
	Phone:	[*]

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	出质人：	崔夏宇
	地址：	[*]
	电话：	[*]
	Pledgor：	Xiayu Cui
	Address:	[*]
	Phone:	[*]

	出质人：	崔春晓
	地址：	[*]
	电话：	[*]
	Pledgor：	Chunxiao Cui
	Address:	[*]
	Phone:	[*]

	出质人：	林阿真
	地址：	[*]
	电话：	[*]
	Pledgor：	Azhen Lin
	Address:	[*]
	Phone:	[*]

	股东：	何俊龙
	地址：	[*]
	电话：	[*]
	Shareholder：	Junlong He
	Address:	[*]
	Phone:	[*]

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	出质人：	陈武杨
	地址：	[*]
	电话：	[*]
	Pledgor：	Wuyang Chen
	Address:	[*]
	Phone:	[*]

	目标公司：	厦门普普文化股份有限公司
	地址：	厦门市湖里区穆厝路5号836单元
	联系人：	黄卓勤
	电话：	[*]
	Target Company：	Xiamen Pop Culture Co., Ltd.
	Address:	Unit 836, No.5 Mucuo Road, Huli District, Xiamen
	Attn:	Zhuoqin Huang
	Phone:	[*]

15.1

任何一方可按本条规定随时给其他各方发出通知来改变其接收通知的地址。

Any Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms hereof.

16.

分割性

Severability

如果本协议有任何一条或多条规定根据任何法律或法规在任何方面被裁定为无效、不合法或不可执行，本协议其余规定的有效性、合法性或可执行性不应因此在任何方面受到影响或损害。各方应通过诚意磋商，争取以法律许可以及各方期望的最大限度内有效的规定取代那些无效、不合法或不可执行的规定，而该等有效的规定所产生的经济效果应尽可能与那些无效、不合法或不能强制执行的规定所产生的经济效果相似。

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

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17.

其他

Miscellaneous

17.1

本协议的任何修改、补充或变更，均须采用书面形式，经各方签字或盖章并按规定办理政府登记(如需)后生效。

Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective upon completion of the governmental filing procedures (if applicable) after the affixation of the signatures or seals of the Parties.

17.2

本协议以中文和英文书就，一式拾(10)份，质权人、每位出质人和目标公司各持壹(1)份，具有同等效力；中英文版本如有冲突，应以中文版为准。

This Agreement is written in Chinese and English in ten (10) copies. Each of Pledgors, Pledgee and Target Company shall hold one (1) copy respectively. Each copy of this Agreement shall have equal validity. In case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

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有鉴于此，各方已自行或使得其各自授权代表于文首所载日期签署本《股份质押协议》。

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Share Pledge Agreement as of the date first above written.

质权人：福建华流文体产业发展有限公司(盖章)

Pledgee: Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

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股份质押协议

Share Pledge Agreement

出质人：黄卓勤

Pledgor: Zhuoqin Huang

签署：
By：	/s/ Zhuoqin Huang

23  / 32

股份质押协议

Share Pledge Agreement

出质人：林伟毅

Pledgor: Weiyi Lin

签署：
By：	/s/ Weiyi Lin

24  / 32

股份质押协议

Share Pledge Agreement

出质人：张荣娣

Pledgor: Rongdi Zhang

签署：
By：	/s/ Rongdi Zhang

25  / 32

股份质押协议

Share Pledge Agreement

出质人：崔夏宇

Pledgor: Xiayu Cui

签署：
By：	/s/ Xiayu Cui

26  / 32

股份质押协议

Share Pledge Agreement

出质人：崔春晓

Pledgor: Chunxiao Cui

签署：
By：	/s/ Chunxiao Cui

27  / 32

股份质押协议

Share Pledge Agreement

出质人：林阿真
Pledgor:	Azhen Lin

签署：
By：	/s/ Azhen Lin

28  / 32

股份质押协议

Share Pledge Agreement

股东：何俊龙
Shareholder: Junlong He

签署：
By：	/s/ Junlong He

29  / 32

股份质押协议

Share Pledge Agreement

出质人：	陈武杨
Pledgor: Wuyang Chen

签署：
By：	/s/ Wuyang Chen

30  / 32

股份质押协议

Share Pledge Agreement

目标公司：厦门普普文化股份有限公司(盖章)
Target Company: Xiamen Pop Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

31  / 32

股份质押协议

Share Pledge Agreement

附件

Attachments

福建华流文体产业发展有限公司与厦门普普文化股份有限公司于2025年4月3日签署的《独家服务协议》

The Exclusive Services Agreement entered into between Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. and Xiamen Pop Culture Co., Ltd. on April 3, 2025

福建华流文体产业发展有限公司、黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、何俊龙、林阿真、陈武杨与厦门普普文化股份有限公司于2025年4月3日签署的《独家购买权协议》

The Exclusive Option Agreement entered into among Fujian Hualiu Cultural and Sports Industry Development Co., Ltd., Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Junlong He, Azhen Lin, Wuyang Chen and Xiamen Pop Culture Co., Ltd. on April 3, 2025

于2025年4月3日由黄卓勤签署的《授权委托书》

The Power of Attorney executed by Zhuoqin Huang on April 3, 2025

于2025年4月3日由林伟毅签署的《授权委托书》

The Power of Attorney executed by Weiyi Lin on April 3, 2025

于2025年4月3日由张荣娣签署的《授权委托书》

The Power of Attorney executed by Rongdi Zhang on April 3, 2025

于2025年4月3日由崔夏宇签署的《授权委托书》

The Power of Attorney executed by Xiayu Cui on April 3, 2025

于2025年4月3日由崔春晓签署的《授权委托书》

The Power of Attorney executed by Chunxiao Cui on April 3, 2025

于2025年4月3日由林阿真签署的《授权委托书》

The Power of Attorney executed by Azhen Lin on April 3, 2025

于2025年4月3日由何俊龙签署的《授权委托书》

The Power of Attorney executed by Junlong He on April 3, 2025

10.

于2025年4月3日由陈武杨签署的《授权委托书》

The Power of Attorney executed by Wuyang Chen on April 3, 2025

32 / 32

Exhibit 10.9

独家购买权协议

Exclusive Option Agreement

本独家购买权协议(下称“本协议”)由以下各方于2025年4月3日在中华人民共和国(下称“中国”)厦门签订：

This Exclusive Option Agreement (“this Agreement”) is executed by and among the Parties below as of April 3, 2025, in Xiamen, the People’s Republic of China (“China” or “PRC”):

	(1)	福建华流文体产业发展有限公司，一家依据中国法律设立并存续的外商独资企业，注册地址为厦门市集美区西滨路52号712室之八 (“股份购买权人”)。
		Fujian Hualiu Cultural and Sports Industry Development Co., Ltd., a wholly foreign-owned enterprise organized and existing under the laws of the PRC, with its legal address at Room 712 (No. 8), 52 Xibin Road, Jimei District, Xiamen (“Optionee”);

	(2)	黄卓勤，一位中国公民，其身份证号码：[*]；
		Zhuoqin Huang, a PRC citizen with Identification No.: [*];

	(3)	林伟毅，一位中国公民，其身份证号码：[*]；
		Weiyi Lin, a PRC citizen with Identification No.: [*];

	(4)	张荣娣，一位中国公民，其身份证号码：[*]；
		Rongdi Zhang, a PRC citizen with Identification No.: [*];

	(5)	崔夏宇，一位中国公民，其身份证号码：[*]；
		Xiayu Cui, a PRC citizen with Identification No. [*];

	(6)	崔春晓，一位中国公民，其身份证号码：[*]；
		Chunxiao Cui, a PRC citizen with Identification No.: [*];

	(7)	林阿真，一位中国公民，其身份证号码：[*]；
		Azhen Lin, a PRC citizen with Identification No.: [*] ;

独家购买权协议

Exclusive Option Agreement

	(8)	何俊龙，一位中国公民，其身份证号码：[*]
		Junlong He, a PRC citizen with Identification No.: [*]

	(9)	陈武杨，一位中国公民，其身份证号码：[*](黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、林阿真、何俊龙、陈武杨合称为“股东”)；
		Wuyang Chen, a PRC citizen with Identification No.: 350623198409234851 (Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin, Junlong He, together with Wuyang Chen, the “Shareholders”);

	(10)	厦门普普文化股份有限公司，一家依据中国法律设立并存续的公司，注册地址为厦门市湖里区穆厝路5号836单元(“目标公司”)。
		Xiamen Pop Culture Co., Ltd., a company organized and existing under the laws of the PRC, with its legal address at Unit 836, No.5 Mucuo Road, Huli District, Xiamen (“Target Company”).

在本协议中，股份购买权人、股东和目标公司各称为“一方”，合称为“各方”。

In this Agreement, the Optionee, the Shareholders and the Target Company are herein referred to individually as a “Party” and collectively as the “Parties”.

鉴于：

Whereas:

	1.	黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、林阿真、何俊龙、陈武杨系目标公司股东，分别持有目标公司的【64.0060%、10.0198%、9.0995 %、6.1049 %、6.1049 %、0.1212 %、4.4225%和0.1212 %】的股份,八人合计持有目标公司100%的股份(“股份”)；
		Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Azhen Lin, Junlong He, together with Wuyang Chen are the Shareholders of Target Company and hold [64.0060%, 10.0198%, 9.0995 %, 6.1049 %, 6.1049 %, 2.4233%, 0.1212 %, and 0.1212 % ]of the shares in Target Company respectively; the Shareholders hold 100% of the shares in Target Company (the “Shares”);

	2.	股东同意通过本协议不可撤销地授予股份购买权人一项独家购买权，股份购买权人同意接受该独家购买权用以购买股东在目标公司所持有的全部或部分股份。
		The Shareholders agree to irrevocably grant the Optionee an exclusive option right through this Agreement, and the Optionee agrees to accept such exclusive option right to purchase all or any Shares held by a Shareholder in Target Company.

2 / 36

独家购买权协议

Exclusive Option Agreement

现各方协商一致，达成如下协议：

Now therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement:

	1.	股份买卖
		Sale and Purchase of Shares

	1.1	授予权利
		Option Granted

	1.1.1	股东同意在此不可撤销且无条件地授予股份购买权人一项不可撤销的专有购买权，股份购买权人以该等购买权在中国法律允许的前提下，按照股份购买权人自行决定的行使步骤，并按照本协议第1.2 条所述的价格，随时一次或多次从股东购买,或指定一人或多人(“被指定人”)从股东处购买其现在和将来所持有的目标公司的全部和/或部分股份(无论股东持有的股份数额或持股比例将来是否发生变化)(“股份购买权”)。
		The Shareholders hereby irrevocably and unconditionally grant the Optionee an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”) to purchase their Shares in Target Company now or then held by the Shareholders (regardless whether the Shareholders’ number of shares held and/or percentage of shareholding is changed or not in the future) once or at multiple times at any time in part or in whole at the Optionee 's sole and absolute discretion to the extent permitted by PRC laws and regulations, and at the price described in Section 1.2 herein (such right being the “Option”).

	1.1.2	除股份购买权人和被指定人外，任何第三人均不得享有股份购买权或其他与股东股权有关的权利。目标公司特此同意股东向股份购买权人授予股份购买权。本款及本协议所规定的“人”指个人、公司、合营企业、合伙、企业、信托或任何其他经济组织。
		Except for the Optionee and the Designee(s), no other person shall be entitled to the Option or other rights with respect to the Shares of the Shareholders. Target Company hereby agrees to the grant by the Shareholders of the Option to the Optionee. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or any other type of economic entity.

3 / 36

独家购买权协议

Exclusive Option Agreement

	1.2	行使股份购买权
		Exercise of Option

	1.2.1	股份购买权人行使其股份购买权以符合中国法律和法规的规定为前提。股份购买权人行使股份购买权时，应向股东发出书面通知(“股份购买通知”)，股份购买通知应载明以下事项：(a) 股份购买权人关于行使股份购买权的决定；(b) 股份购买权人拟从股东购买的股份份额(“被购买的股份” )；和(c)被购买的股份的买入日期。
		Subject to the provisions of the PRC laws and regulations, the Optionee may exercise the Option by issuing a written notice to a Shareholder (the “Option Notice”), specifying: (a) the Optionee’s decision to exercise the Option; (b) the portion of the shares to be purchased from a Shareholder (the “Optioned Shares”); and (c) the date for purchasing the Optioned Shares.

	1.2.2	被购买股份的买价(“基准买价”)应为人民币 10 元或中国法律下允许的最低价格，如该最低价格高于人民币10元。如果股份购买权人在行权时中国法律要求评估股份，各方通过诚信原则另行商定，并在评估基础上对该股份买价进行必要调整，以符合当时适用之任何中国法律之要求(统称“股份买价”)。
		The purchase price of the Optioned Shares (the “Base Price”) shall be RMB10, or the minimum price then permitted by the PRC laws and regulations if such lowest price is higher than RMB10. If appraisal is required by the PRC laws and regulations at the time when the Optionee exercises the Option, the Parties shall negotiate in good faith and based on the appraisal result make necessary adjustment to the Shares Purchase Price so that it complies with any and all then applicable PRC laws and regulations (collectively, the “Shares Purchase Price” ).

	1.2.3	股东同意，在收到股份购买权人支付的股份买价后，将该等股份买价还给股份购买权人的海外母公司普普文化集团有限公司(“股份购买权人母公司”)。
		Shareholders agree, upon receiving the Shares Purchase Price, to return the Shares Purchase Price to the Optionee’s offshore parent company Pop Culture Group Co., Ltd (“the Optionee’s Parent Company”).

4 / 36

独家购买权协议

Exclusive Option Agreement

	1.3	转让被购买股份
		Transfer of Optioned Shares

		股份购买权人每次行使股份购买权时：
		For each exercise of the Option:

1.3.1

股东应责成目标公司及时召开股东会会议，在该会议上，应通过批准股东向股份购买权人和/或被指定人转让被购买的股份的决议；

A Shareholder shall cause Target Company to promptly convene a shareholders meeting, at which a resolution shall be adopted approving the Shareholder’s transfer of the Optioned Shares to the Optionee and/or the Designee(s);

1.3.2

股东应就其向股份购买权人和/或被指定人转让被购买的股份取得目标公司其他股东同意该转让并放弃优先购买权的书面声明(如适用);

A Shareholder shall obtain written statements from the other shareholder of Target Company giving consent to the transfer of the Shares to the Optionee and/or the Designee(s) and waiving any right of first refusal related thereto (as appropriate);

1.3.3

股东应与股份购买权人和/或(在适用的情况下)被指定人按照本协议及股份购买通知的规定，为每次转让签订股份转让合同；

A Shareholder shall execute a share transfer contract with respect to each transfer with the Optionee and/or each Designee (whichever is applicable), in accordance with the provisions of this Agreement and the Option Notice regarding the Optioned Shares;

1.3.4

有关方应签署所有其他所需合同、协议或文件，取得全部所需的政府批准和同意，并采取所有所需行动，在不附带任何担保权益的情况下，将被购买的股份的有效所有权转移给股份购买权人和/或被指定人并使股份购买权人和/或被指定人成为被购买的股份的登记在册所有人;

The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government licenses and permits and take all necessary actions to transfer valid ownership of the Optioned Shares to the Optionee and/or the Designee(s), unencumbered by any security interests, and cause the Optionee and/or the Designee(s) to become the registered owner(s) of the Optioned Shares;

5 / 36

独家购买权协议

Exclusive Option Agreement

1.3.5

为本款及本协议的目的，“担保权益”包括担保、抵押、第三方权利或权益，任何购股权、收购权、优先购买权、抵销权、所有权扣留或其他担保安排等；但为了明确起见，不包括在本协议、股东的股份质押协议项下产生的任何担保权益。本款及本协议所规定的“股东股份质押协议”指股份购买权人、股东和目标公司于本协议签署之日签订的《股份质押协议》(附件1)。根据《股份质押协议》，股东为担保目标公司能履行目标公司与股份购买权人签订的《独家服务协议》(附件2)项下的义务，而向股份购买权人质押其在目标公司的全部股东股份。

For the purpose of this Section and this Agreement, “security interests” shall include securities, mortgages, third party's rights or interests, any stock options, acquisition right, right of first refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created by this Agreement and a Shareholders’ Share Pledge Agreement. “Shareholders’ Share Pledge Agreement” as used in this Section and this Agreement shall refer to the Share Pledge Agreement (Attachment 1) executed by and among the Optionee, Shareholders, and Target Company on the date of this Agreement, whereby the Shareholders pledge all of their shares in Target Company to the Optionee, in order to guarantee Target Company's performance of its obligations under the Exclusive Services Agreement executed by and between Target Company and the Optionee (Attachment 2).

	2.	承诺
		Covenants

	2.1	有关目标公司的承诺
		Covenants regarding Target Company

		目标公司在此承诺：
		Target Company hereby covenant as follows:

2.1.1

未经股份购买权人或股份购买权人母公司的事先书面同意，不以任何形式补充、更改或修改目标公司章程文件，增加或减少其注册资本，或以其他方式改变其注册资本结构；

Without the prior written consent of the Optionee or the Optionee’ s Parent Company, it shall not in any manner supplement, change or amend the articles of association and bylaws of Target Company, increase or decrease its registered capital, or change its structure of registered capital in other manners;

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独家购买权协议

Exclusive Option Agreement

2.1.2

按照良好的财务和商业标准及惯例，保持其公司的存续，审慎地及有效地经营其业务和处理事务；

It shall maintain Target Company's corporate existence in accordance with good financial and business standards and practices by prudently and effectively operating its business and handling its affairs;

2.1.3

未经股份购买权人或股份购买权人母公司的事先书面同意，不在本协议签署之日起的任何时间出售、转让、抵押或以其他方式处置目标公司的任何资产、业务或收入的合法或受益权益，或允许在其上设置任何其他担保权益；

Without the prior written consent of the Optionee or the Optionee’s Parent Company, it shall not at any time following the date hereof, sell, transfer, mortgage or dispose of in any manner any assets of Target Company or legal or beneficial interest in the business or revenues of Target Company, or allow the encumbrance thereon of any security interest;

2.1.4

未经股份购买权人或股份购买权人母公司的事先书面同意，不发生、继承、保证或容许存在任何债务，但(i)正常或日常业务过程中产生而不是通过借款方式产生的债务；和(ii)已向股份购买权人披露和得到股份购买权人书面同意的债务除外；

Without the prior written consent of the Optionee or the Optionee’s Parent Company, it shall not incur, inherit, guarantee or suffer the existence of any debt, except for (i) debts incurred in the ordinary course of business other than through loans; and (ii) debts disclosed to the Optionee for which the Optionee’s written consent has been obtained;

2.1.5

一直在正常业务过程中经营所有业务，以保持目标公司的资产价值，不进行任何足以影响其经营状况和资产价值的作为/不作为；

It shall always operate all of Target Company’s businesses during the ordinary course of business to maintain the asset value of Target Company and refrain from any action/omission that may affect Target Company's operating status and asset value;

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独家购买权协议

Exclusive Option Agreement

2.1.6

未经股份购买权人或股份购买权人母公司的事先书面同意，不得让目标公司签订任何重大合同，但在正常业务过程中签订的合同除外(就本段而言，如果一份合同的价值超过人民币【5000万】元，即被视为重大合同)；

Without the prior written consent of the Optionee or the Optionee’s Parent Company, it shall not cause Target Company to execute any major contract, except the contracts in the ordinary course of business (for purpose of this subsection, a contract with a value exceeding RMB[Fifty million] shall be deemed a major contract);

2.1.7

未经股份购买权人或股份购买权人母公司的事先书面同意，目标公司不得向任何人提供贷款或信贷；

Without the prior written consent of the Optionee or the Optionee’s Parent Company, it shall not cause Target Company to provide any person with any loan or credit;

2.1.8

应股份购买权人要求，向其提供所有关于目标公司的营运和财务状况的资料；

It shall provide the Optionee with information on Target Company's business operations and financial condition at the Optionee’s request;

2.1.9

如股份购买权人提出要求，目标公司应从股份购买权人接受的保险公司处购买和持有的有关其资产和业务的保险，该保险的金额和险种应与经营类似业务的公司一致；

If requested by the Optionee, it shall procure and maintain insurance in respect of Target Company's assets and business from an insurance carrier acceptable to the Optionee, at an amount and type of coverage typical for companies that operate similar businesses;

2.1.10

未经股份购买权人或股份购买权人母公司的事先书面同意，目标公司不得与任何人合并或联合，或对任何人进行收购或投资；

Without the prior written consent of the Optionee or the Optionee’s Parent Company, it shall not cause or permit Target Company to merge, consolidate with, acquire or invest in any person;

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独家购买权协议

Exclusive Option Agreement

2.1.11

将发生的或可能发生的与目标公司资产、业务或收入有关的诉讼、仲裁或行政程序立即通知股份购买权人；

It shall immediately notify the Optionee of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Target Company's assets, business or revenue;

2.1.12

为保持目标公司对其全部资产的所有权，签署所有必要或适当的文件，采取所有必要或适当的行动和提出所有必要或适当的控告或对所有索偿进行必要和适当的抗辩；

To maintain the ownership by Target Company of all of its assets, it shall execute all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims;

2.1.13

未经股份购买权人或股份购买权人母公司的事先书面同意，不得以任何形式派发股息予各股东，但一经股份购买权人要求，目标公司应立即将其所有可分配利润全部立即分配给其各股东；

Without the prior written consent of the Optionee or the Optionee’s Parent Company, it shall ensure that Target Company shall not in any manner distribute dividends to its shareholders, provided that upon the Optionee’s written request, Target Company shall immediately distribute all distributable profits to its Shareholders;

2.1.14

根据股份购买权人的要求，委任由其指定的任何人士出任目标公司的董事和/或执行董事；及

At the request of the Optionee, it shall appoint any persons designated by the Optionee as the director and/or executive director of Target Company; and

2.1.15

未经股份购买权人书面同意，不得从事任何与股份购买权人或股份购买权人的关联公司相竞争的业务；

Without Optionee’s prior written consent, they shall not engage in any business in competition with Optionee or its affiliates; and

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2.1.16

一旦中国法律允许外商可以在中国控股和/或独资投资股东所从事的主要业务，并且中国相关主管部门开始审批此项业务，经股份购买权人行使股权购买权，股东应当立即将其持有目标公司的股权转让给股份购买权人或被指定人;

Once PRC laws permits foreign investors to invest in the principal business of Party C in China, with a controlling stake and/or in the form of wholly foreign-owned enterprises, and the competent government authorities of China begin to approve such investments, upon Party’s exercise of the Equity Interest Purchase Option, Shareholders shall immediately transfer to Optionee or the Designee(s) the equity interest in Company held by Shareholders.

2.1.17

除中国法律另有规定，未经股份购买权人书面同意，目标公司不得进行解散或清算。

Unless otherwise required by PRC law, Target Company shall not be dissolved or liquated without prior written consent by the Optionee.

	2.2	股东的承诺
		Covenants of the Shareholders

		股东承诺：
		Shareholders hereby covenant as follows:

2.2.1

未经股份购买权人或股份购买权人母公司的事先书面同意，不出售、转让、抵押或以其他方式处置其拥有的目标公司的股份的合法或受益权益，或允许在其上设置任何其他担保权益，但根据股东的《股份质押协议》(附件1)在该股份上设置的质押则除外；

Without the prior written consent of the Optionee or the Optionee’s Parent Company, they shall not sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the shares in Target Company held by the Shareholders, or allow the encumbrance thereon of any security interest, except for the pledge placed on these shares in accordance with the Shareholders’ Share Pledge Agreement (Attachment 1);

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2.2.2

促使目标公司股东会和/或董事会和/或执行董事不批准在未经股份购买权人的事先书面同意的情况下，出售、转让、抵押或以其他方式处置任何股东持有之目标公司的股份的合法权益或受益权，或允许在其上设置任何其他担保权益，但批准根据股东与股份购买权人及目标公司签署的《股份质押协议》(附件1)在股东股份上设置的质押则除外；

The Shareholders shall cause the shareholders' meeting and/or the board of directors and/or executive director of Target Company not to approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the shares in Target Company held by a Shareholder, or allow the encumbrance thereon of any security interest, without the prior written consent of the Optionee, except for the pledge placed on these shares in accordance with the Shareholders’ Share Pledge Agreement (Attachment 1) entered into with the Optionee and Target Company;

2.2.3

未经股份购买权人或股份购买权人母公司的事先书面同意的情况下，对于目标公司与任何人合并或联合，或对任何人进行收购或投资，股东将促成目标公司股东会和/或董事会和/或执行董事不予批准；

The Shareholders shall cause the shareholders' meeting or the board of directors and/or executive director of Target Company not to approve the merger or consolidation with any person, or the acquisition of or investment in any person, without the prior written consent of the Optionee or the Optionee’s Parent Company;

2.2.4

将发生的或可能发生的任何关于其所拥有的股份的诉讼、仲裁或行政程序立即通知股份购买权人；

The Shareholders shall immediately notify the Optionee of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to the shares in Target Company held by a Shareholder;

2.2.5

促使目标公司股东大会和/或董事会和/或执行董事表决赞成本协议规定的被购买的股份的转让并应股份购买权人之要求采取其他任何行动；

They shall cause the shareholders' meeting or the board of directors and/or executive director of Target Company to vote their approval of the transfer of the Optioned Shares as set forth in this Agreement and to take any and all other actions that may be requested by the Optionee;

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2.2.6

为保持其对股份的所有权，签署所有必要或适当的文件，采取所有必要或适当的行动和提出所有必要或适当的控告或对所有索偿进行必要和适当的抗辩；

To the extent necessary to maintain the Shareholders’ ownership in Target Company, they shall execute all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims;

2.2.7

应股份购买权人的要求，委任由其指定的任何人士出任目标公司的董事和/或执行董事；

They shall appoint any designee of the Optionee as the director and/or executive director of Target Company, at the request of the Optionee;

2.2.8

经股份购买权人随时要求，应向其指定的代表在任何时间无条件地根据本协议的股份购买权立即转让其股份，并放弃其对另一现有股东进行上述股份转让所享有的优先购买权(如有)；

At the request of the Optionee at any time, a Shareholder shall promptly and unconditionally transfer its shares in Target Company to the Optionee’s Designee(s) in accordance with the Option under this Agreement, and the Shareholder hereby waives its right of first refusal (if any) to the share transfer by the other existing shareholder of Target Company (if any);

2.2.9

股东向股份购买权人转让其持有目标公司所有股份后，当目标公司由股份有限公司变更为有限责任公司时，股东应协助目标公司完成上述变更法律法规要求的全部文件(以相关政府部门要求的文件清单为准)及相关流程办理。就前述变更事宜，股东均应提供必要的协助，并且不得阻挠或消极对待上述事宜的办理及完成。

Upon transfer of the Shares held by the Shareholders to the Optionee, in case of Target Company changing from company limited by shares to limited liability company, Shareholders shall assist Target Company to prepare all application documents as required by laws and regulations in connection with the aforementioned change (subject to the application documents list required by relevant government authorities) and relevant procedures. In respect of the matters in connection with the aforesaid changes, Shareholders shall render the necessary assistance and shall not hinder or treat negatively the processing and completion of the abovementioned matters.

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2.2.10

在适用的中国法律所允许的范围内，股东应及时将其获得的利润、权益、股息或清算所得捐赠给股份购买权人或股份购买权人指定的其他方; 和

Shareholders shall promptly donate any profits, interests, dividends, or proceeds of liquidation to the Optionee or any other person designated by the Optionee to the extent permitted under the applicable PRC laws; and

2.2.11

严格遵守本协议及股东、目标公司与股份购买权人共同或分别签订的其他合同的各项规定，切实履行该等合同项下的各项义务，并不进行任何足以影响该等合同的有效性和可执行性的作为/不作为。如果股东对于本合同项下或股东的《股份质押协议》(附件1)下或对股份购买权人的《授权委托书》(附件3至附件10)中的股份，还留存有任何权利，除非股份购买权人书面指示，否则股东仍不得行使该权利。

The Shareholders shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by and among the Shareholders, Target Company and the Optionee, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. To the extent that a Shareholder has any remaining rights with respect to the shares subject to this Agreement hereunder or under the Shareholders’ Share Pledge Agreement (Attachment 1) or under the Power of Attorney granted in favor of Optionee (Attachment 3 to Attachment 10), the Shareholder shall not exercise such rights except in accordance with the written instructions of the Optionee.

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	3.	陈述与保证
		Representations and Warranties

		股东和目标公司特此在本协议签署之日和每一个转让日向股份购买权人共同及分别陈述和保证如下：
		The Shareholders and Target Company hereby represent and warrant to the Optionee, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Shares, that:

3.1

其具有签订和交付本协议和其为一方的、根据本协议为每一次转让被购买的股份而签订的任何股份转让合同(各称为“转让合同”)，并履行其在本协议和任何转让合同项下的义务的权力和能力。股东和目标公司同意在股份购买权人行使购买权时，他们将签署与本协议条款一致的转让合同。本协议和股东和目标公司是一方的各转让合同一旦签署后，构成或将对股东和目标公司构成合法、有效及具有约束力的义务并可按照其条款对股东和/或目标公司强制执行；

They have the power, capacity, and authority to execute and deliver this Agreement and any share transfer contracts to which they are a Party concerning the Optioned Shares to be transferred thereunder (each, a “Transfer Agreement”), and to perform their obligations under this Agreement and any Transfer Agreement. The Shareholders and Target Company agree to enter into Transfer Agreement consistent with the terms of this Agreement upon the Optionee’s exercise of the Option. This Agreement and the Transfer Agreement to which a Shareholder and Target Company are the parties constitute or will constitute their legal, valid and binding obligations and shall be enforceable against them in accordance with the provisions thereof;

3.2

股东和目标公司已经取得第三方和政府部门的同意及批准(若需)以签署，交付和履行本协议；

Shareholders and Target Company have obtained any and all approvals and consents from the competent government authorities and third parties (if required) for the execution, delivery and performance of this Agreement.

3.3

无论是本协议或任何转让合同的签署和交付还是其在本协议或任何转让合同项下的义务的履行均不会：(i)导致违反任何有关的中国法律； (ii)与目标公司章程或其他组织文件相抵触；(iii)导致违反其是一方或对其有约束力的任何合同或文件，或构成其是一方或对其有约束力的任何合同或文件项下的违约；(iv)导致违反有关向任何一方颁发的任何许可或批准的授予和(或)继续有效的任何条件；或(v)导致向任何一方颁发的任何许可或批准中止或被撤销或附加条件；

The execution and delivery of this Agreement or any Transfer Agreement and the obligations under this Agreement or any Transfer Agreement shall not: (i) cause any violation of any applicable laws of China; (ii) be inconsistent with the articles of association, bylaws or other organizational documents of Target Company; (iii) cause the violation of any contracts or instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of additional conditions to any licenses or permits issued to either of them;

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3.4

股东对其在目标公司拥有的股份拥有良好和可出售的所有权，除股东与股份购买权人及目标公司签署的《股份质押协议》(附件1)外，股东在上述股份上没有设置任何担保权益；

A Shareholder has a good and merchantable title to the shares in Target Company he or she holds. Except for the Shareholders’ Share Pledge Agreement (Attachment 1) entered into with the Optionee and Target Company, the Shareholder has not placed any security interest on such shares;

3.5

目标公司对所有资产拥有良好和可出售的所有权，目标公司在上述资产上没有设置任何担保权益；

Target Company has a good and merchantable title to all of its assets, and has not placed any security interest on the aforementioned assets;

3.6

目标公司没有任何未偿还债务，除(i)在其正常的业务过程中发生的债务，及(ii)已向股份购买权人披露及经股份购买权人书面同意债务除外；

Target Company does not have any outstanding debts, except for (i) debt incurred in the ordinary course of business; and (ii) debts disclosed to the Optionee for which the Optionee’s written consent has been obtained;

3.7

目标公司遵守适用于资产的收购的所有法律和法规；和

Target Company has complied with all the PRC laws and regulations applicable to asset acquisitions; and

3.8

目前没有悬而未决的或构成威胁的与股份、目标公司资产有关的或与目标公司有关的诉讼、仲裁或行政程序。

There is no pending or threatened litigation, arbitration or administrative proceedings relating to the shares in Target Company, assets of Target Company or Target Company.

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协议生效及终止

Effectiveness and Termination of This Agreement

4.1

本协议于各方或其法定代表人签署本协议之日生效。

This Agreement shall become effective upon the date hereof, after being executed or sealed by the Parties or executed by their legal representatives.

4.2

本协议应在股东所拥有的全部目标公司股份和／或目标公司的所有资产均已根据本协议合法转让至股份购买权人或其指定人之时终止。尽管如此，在任何情况下，股份购买权人有权提前三十(30)天向股东及目标公司书面通知终止本协议，而股份购买权人不应就其单方面终止本协议而负违约责任。

This Agreement shall be terminated after all the shares in Target Company held by the Shareholders and/or all the assets of Target Company have been legally transferred to the Optionee and/or its designee in accordance with this Agreement. Notwithstanding the above provision, the Optionee shall in any event be entitled to terminate this Agreement by prior written notice to the Shareholders and Target Company thirty (30) days in advance, and the Optionee shall not be held liable for default in respect of the unilateral termination of this Agreement.

适用法律及争议解决

Governing Law and Resolution of Disputes

5.1

适用法律

Governing law

本协议的订立、效力、解释、履行、修改和终止以及争议解决均适用中国正式公布并可公开得到的法律。对中国正式公布并可公开得到的法律没有规定的事项，将适用国际法律原则和惯例。

The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the formally published and publicly available laws of China. Matters not covered by formally published and publicly available laws of China shall be governed by international legal principles and practices.

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5.2

争议的解决方法

Dispute Resolution

因解释和履行本协议而发生的任何争议，本协议各方应首先通过友好协商的方式加以解决。如果在一方向其他方发出要求协商解决的书面通知后30天之内争议仍然得不到解决，则任何一方均可将有关争议提交给位于【厦门】的【厦门仲裁委员会】，由该仲裁委员会按照其届时有效的仲裁规则仲裁解决。仲裁应在中国【厦门】进行，使用之语言为中文。仲裁裁决是终局性的，对各方均有约束力。

In the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party's request to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant dispute to the [Xiamen Arbitration Commission] for arbitration, in accordance with its then effective arbitration rules. The arbitration shall be conducted in [Xiamen], China, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

税费

Taxes and Fees

每一方应承担根据中国法律因准备和签署本协议和各转让合同以及完成本协议和各转让合同拟定的交易而由该方发生的或对其征收的任何和全部的转让和注册的税、花费和费用。

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

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通知

Notice

7.1

7.1.1

通知如果是以专人递送发出的，则以在下列地址被接收，或留置于下列地址之日，为有效送达日；

7.1.2

通知如果是以快递服务、挂号邮寄、或邮资预付发出的，则以在下列地址被接收、拒收或因任何原因被退件之日，为有效送达日；

Notices given by courier service, registered mail or prepaid postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;

7.1.3

通知如果是以传真发出的，则以成功传送之日为有效送达日(应以自动生成的传送确认信息为证)。

Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

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7.2

为通知的目的，各方地址如下：

For the purpose of notices, the addresses of the Parties are as follows:

股份购买权人：

福建华流文体产业发展有限公司

	地址：	厦门市集美区西滨路52号712室之八
	联系人：	黄卓勤
	电话：	[*]
	Optionee：	Fujian Hualiu Cultural and Sports Industry Development Co., Ltd.
	Address:	Room 712 (No. 8), 52 Xibin Road, Jimei District, Xiamen
	Attn:	Zhuoqin Huang
	Phone:	[*]

	股东：	黄卓勤
	地址：	[*]
	电话：	[*]
	Shareholder：	Zhuoqin Huang
	Address:	[*]
	Phone:	[*]

	股东：	林伟毅
	地址：	[*]
	电话：	[*]
	Shareholder：	Weiyi Lin
	Address:	[*]
	Phone:	[*]

	股东：	张荣娣
	地址：	[*]
	电话：	[*]
	Shareholder：	Rongdi Zhang
	Address:	[*]
	Phone:	[*]

	股东：	崔夏宇
	地址：	[*]
	电话：	[*]
	Shareholder：	Xiayu Cui
	Address:	[*]
	Phone:	[*]

	股东：	崔春晓
	地址：	[*]
	电话：	[*]
	Shareholder：	Chunxiao Cui
	Address:	[*]
	Phone:	[*]

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	股东：	林阿真
	地址：	[*]
	电话：	[*]
	Shareholder：	Azhen Lin
	Address:	[*]
	Phone:	[*]

	股东：	何俊龙
	地址：	[*]
	电话：	[*]
	Shareholder：	Junlong He
	Address:	[*]
	Phone:	[*]

	股东：	陈武杨
	地址：	[*]
	电话：	[*]
	Shareholder：	Wuyang Chen
	Address:	[*]
	Phone:	[*]

	目标公司：	厦门普普文化股份有限公司
	地址：	厦门市湖里区穆厝路5号836单元
	联系人：	黄卓勤
	电话：	[*]
	Target Company：	Xiamen Pop Culture Co., Ltd.
	Address:	Unit 836, No.5 Mucuo Road, Huli District, Xiamen
	Attn:	Zhuoqin Huang
	Phone:	[*]

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8.1

任何一方可按本条规定随时给其他方发出通知来改变其接收通知的地址。

Any Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms hereof.

保密责任

Confidentiality

各方承认及确定彼此就有关本协议而交换的任何口头或书面资料均属机密资料。各方应当对所有该等资料予以保密，而在未得其他方书面同意前，不得向任何第三者披露任何有关资料，惟下列情况除外：(a)公众人士知悉或将会知悉该等资料(并非由接受资料之一方擅自向公众披露)；(b)适用法律法规或股票交易的规则或规例所需披露之资料；或(c)由任何一方就本协议所述交易而需向其法律或财务顾问披露之资料而该法律或财务顾问亦需遵守与本条款相类似之保密责任。如任何一方工作人员或聘请机构的泄密均视为该方的泄密，需依本协议承担违约责任。无论本协议以任何理由终止，本条款仍然生效。

The Parties acknowledge that any oral or written information exchanged among them with respect to this Agreement is confidential information. Each Party shall maintain the confidentiality of all such information, and without obtaining the written consent of other Parties, it shall not disclose any relevant information to any third parties, except in the following circumstances: (a) such information is or will be in the public domain (provided that this is not the result of a public disclosure by the receiving party); (b) information disclosed as required by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal counsel or financial advisor regarding the transaction contemplated hereunder, and such legal counsel or financial advisor are also bound by confidentiality duties similar to the duties in this section. Disclosure of any confidential information by the staff members or agency hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.

21 / 36

独家购买权协议

Exclusive Option Agreement

10.

进一步保证

Further Warranties

各方同意迅速签署为执行本协议的各项规定和目的而合理需要的或对其有利的文件，以及为执行本协议的各项规定和目的而采取合理需要的或对其有利的进一步行动。

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

11.

违约

Breach of Agreement

11.1

如股东和目标公司实施了实质性违反本协议任一条款的行为，股份购买权人有权终止本协议和/或要求股东或目标公司赔偿所有的损失；本条的规定不影响股份购买权人根据本协议享有的其他权利。

If a Shareholders or Target Company conducts any material breach of any term of this Agreement, the Optionee shall have right to terminate this Agreement and/or require Shareholders or Target Company to compensate all damages; this Section 10 shall not prejudice any other rights of the Optionee herein;

11.2

除适用的法律另有规定，股东或目标公司在任何情况下都无权终止本协议。

Shareholders or Target Company shall not have any right to terminate this Agreement in any event unless otherwise required by the applicable laws.

12.

其他

Miscellaneous

12.1

修订、修改与补充

Amendment, change and supplement

对本协议作出修订、修改与补充，必须经每一方签署书面协议。

Any amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties.

22 / 36

独家购买权协议

Exclusive Option Agreement

12.2

完整合同

Entire agreement

除了在本协议签署后所作出的书面修订、补充或修改以外，本协议构成本协议各方达成的完整合同，取代在此之前就本协议标的物所达成的所有口头或书面的协商、陈述和合同。

Except for the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.

12.3

标题

Headings

本协议的标题仅为方便阅读而设，不应被用来解释、说明或在其他方面影响本协议各项规定的含义。

The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement.

12.4

语言

Language

本协议以中文和英文书就，一式拾份，各方各持壹份，具有同等效力；中英文版本如有冲突，应以中文版为准。

This Agreement is written in both Chinese and English language in ten (10) copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

23 / 36

独家购买权协议

Exclusive Option Agreement

12.5

可分割性

Severability

In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

12.6

继任者

Successors

本协议对各方各自的继任者和各方所允许的受让方应具有约束力并对其有利。

This Agreement shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such Parties.

12.7

继续有效

Survival

12.7.1

合同期满或提前终止前因本协议而发生的或到期的任何义务在本协议期满或提前终止后继续有效。

Any obligations that occur or that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration or early termination thereof.

12.7.2

本协议第 5、8、10 条和本第 11.7 条的规定在本协议终止后继续有效。

The provisions of Sections 5, 8, 10 and this Section 11.7 shall survive the termination of this Agreement.

24 / 36

独家购买权协议

Exclusive Option Agreement

12.8

弃权

Waivers

任何一方可以对本协议的条款和条件作出弃权，但必须经书面作出并经各方签字。一方在某种情况下就其他方的违约所作的弃权不应被视为该方在其他情况下就类似的违约已经对其他方作出弃权。

Any Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances.

[以下无正文]

[THIS SPACE IS INTENTIONALLY LEFT BLANK]

25 / 36

独家购买权协议

Exclusive Option Agreement

有鉴于此，各方已自行或使得其各自授权代表于文首所载日期签署本《独家购买权协议》。

IN WITNESS WHEREOF, the Parties have executed, or caused their respectively duly authorized representatives to execute, this Exclusive Option Agreement as of the date first above written.

股份购买权人：福建华流文体产业发展有限公司(盖章)
Optionee: Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

26 / 36

独家购买权协议

Exclusive Option Agreement

股东：黄卓勤
Shareholder: Zhuoqin Huang

签署：
By：	/s/ Zhuoqin Huang

27 / 36

独家购买权协议

Exclusive Option Agreement

股东：林伟毅
Shareholder: Weiyi Lin

签署：
By：	/s/ Weiyi Lin

28 / 36

独家购买权协议

Exclusive Option Agreement

股东：张荣娣
Shareholder: Rongdi Zhang

签署：
By：	/s/ Rongdi Zhang

29 / 36

独家购买权协议

Exclusive Option Agreement

股东：崔夏宇
Shareholder: Xiayu Cui

签署：
By：	/s/ Xiayu Cui

30 / 36

独家购买权协议

Exclusive Option Agreement

股东：崔春晓
Shareholder: Chunxiao Cui

签署：
By：	/s/ Chunxiao Cui

31 / 36

独家购买权协议

Exclusive Option Agreement

股东：林阿真
Shareholder: Azhen Lin

签署：
By：	/s/ Azhen Lin

32 / 36

独家购买权协议

Exclusive Option Agreement

股东：何俊龙
Shareholder: Junlong He

签署：
By：	/s/ Junlong He

33 / 36

独家购买权协议

Exclusive Option Agreement

股东：陈武杨
Shareholder: Wuyang Chen

签署：
By：	/s/ Wuyang Chen

34 / 36

独家购买权协议

Exclusive Option Agreement

目标公司：厦门普普文化股份有限公司(盖章)
Target Company: Xiamen Pop Culture Co., Ltd. (Seal)

签署：
By：
职位：	法定代表人
Title:	Legal Representative

35 / 36

独家购买权协议

Exclusive Option Agreement

附件

Attachments

福建华流文体产业发展有限公司、黄卓勤、林伟毅、张荣娣、崔夏宇、崔春晓、何俊龙、林阿真、陈武杨与厦门普普文化股份有限公司于2025年4月3日签署的《股份质押协议》

The Share Pledge Agreement entered into among Fujian Hualiu Cultural and Sports Industry Development Co., Ltd., Zhuoqin Huang, Weiyi Lin, Rongdi Zhang, Xiayu Cui, Chunxiao Cui, Junlong He, Azhen Lin, Wuyang Chen and Xiamen Pop Culture Co., Ltd. on April 3, 2025

2.	福建华流文体产业发展有限公司与厦门普普文化股份有限公司于2025年4月3日签署的《独家服务协议》

The Exclusive Services Agreement entered into between Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. and Xiamen Pop Culture Co., Ltd. on April 3, 2025

于2025年4月3日由黄卓勤签署的《授权委托书》

The Power of Attorney executed by Zhuoqin Huang on April 3, 2025

于2025年4月3日由林伟毅签署的《授权委托书》

The Power of Attorney executed by Weiyi Lin on April 3, 2025

于2025年4月3日由张荣娣签署的《授权委托书》

The Power of Attorney executed by Rongdi Zhang on April 3, 2025

于2025年4月3日由崔夏宇签署的《授权委托书》

The Power of Attorney executed by Xiayu Cui on April 3, 2025

于2025年4月3日由崔春晓签署的《授权委托书》

The Power of Attorney executed by Chunxiao Cui on April 3, 2025

于2025年4月3日由林阿真签署的《授权委托书》

The Power of Attorney executed by Azhen Lin on April 3, 2025

于2025年4月3日由何俊龙签署的《授权委托书》

The Power of Attorney executed by Junlong He on April 3, 2025

10.

于2025年4月3日由陈武杨签署的《授权委托书》

The Power of Attorney executed by Wuyang Chen on April 3, 2025

36 / 36

Exhibit 10.10

授权委托书

Power of Attorney

本人，[Name]，中国公民，身份证号码为[ID Card No.]，为持有厦门普普文化股份有限公司（“公司”） [Percentage]%的股份（“股份”）的股东（“股东”），特此不可撤销地授权福建华流文体产业发展有限公司（“WFOE”）在本授权委托书的有效期内行使如下权利：

The undersigned, [Name], a Chinese citizen with Chinese Identification Card No.: [ ID Card No.], which is the registered shareholder (the “Shareholder”) of [Percentage] % shares (the “Shareholding)” in Xiamen Pop Culture Co., Ltd., (the “Company”), hereby irrevocably authorize Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. (the “WFOE”) to exercise the following rights relating to the Shareholding during the term of this Power of Attorney:

授权WFOE 作为股东唯一的排他的代理人就有关股权的事宜全权代表股东行使包括但不限于如下的权利：（1）参加公司股东会；（2）行使按照法律和公司章程规定的股东所享有的全部股东权利和股东表决权，包括但不限于出售或转让或质押或处置股份的全部或任何一部分；以及（3）代表股东指定和任命公司的法定代表人、董事长、执行董事和/或董事、监事、总经理以及其他高级管理人员等。

WFOE is hereby authorized to act on behalf of the Shareholder as its exclusive agent and attorney with respect to all matters concerning the Shareholding, including without limitation to: (1) attend shareholders’ meetings of the Company; (2) exercise all the shareholder’s rights and shareholder’s voting rights the Shareholder is entitled to under the laws of the People’s Republic of China and the Company’s Articles of Association, including but not limited to the sale, transfer, pledge or disposition of the Shareholding in part or in whole; and (3) designate and appoint, on behalf of the Shareholder, the legal representative, the chairman, the executive director(s) and/or director(s), the supervisor(s), the general manger and other senior management members of the Company.

授权委托书

Power of Attorney

在不限制WFOE根据本授权委托书享有的权力的一般性的前提下，WFOE有权代表股东签署公司、WFOE与股东于2025年4月3日签署的独家购买权协议（包括其修订、补充或转让协议，合称“独家购买权协议”）中约定的股权转让协议，并履行WFOE与股东于2025年4月3日签署的独家购买权协议和质押协议中的条款。

Without limiting the generality of the powers granted to WFOE hereunder, WFOE shall have the power and authority hereunder, on behalf of the Shareholder, to execute the Transfer Contracts stipulated in Exclusive Option Agreement dated April 3, 2025 among the Company, WFOE and the Shareholder (as amended, supplemented and assigned, the “Exclusive Option Agreement”), and effect the terms of the Exclusive Option Agreement and Share Pledge Agreement dated April 3, 2025 between WFOE and the Shareholder.

WFOE 就股东股份的一切行为均视为股东的行为，签署的一切文件均视为股东签署，股东特此予以承认。

All the actions in connection with the Shareholding conducted by WFOE shall be deemed as the actions of the Shareholder, and all the documents related to the Shareholding executed by WFOE shall be deemed to be executed by the Shareholder. The Shareholder hereby acknowledges and ratifies those actions and/or documents executed by WFOE.

WFOE有转委托权，可以就上述事项的办理自行再委托其他人或单位而不必事先通知股东或获得股东的同意。

WFOE is entitled to re-authorize or assign its rights related to the aforesaid matters to any other person or entity at its own discretion and without giving prior notice to， or obtaining the consent from, the Shareholder.

在股东作为公司股东期间，本授权委托书不可撤销并持续有效，自授权委托书签署之日起算。

This Power of Attorney shall be irrevocable and continuously valid from the date of execution of this Power of Attorney through the period during which the Shareholder remains a shareholder of the Company.

本授权委托书期间，股东特此放弃与股权有关的所有权利，并说明和确认该等权利已通过本授权委托书授予WFOE，股东不再行使该等权利。

During the term of this Power of Attorney, the Shareholder hereby waives all the rights associated with the Shareholding, and acknowledges and confirms that such rights have been authorized to WFOE through this Power of Attorney and shall not be exercised by the Shareholder.

本授权委托书以中文和英文书就，中英文版本如有冲突，应以中文版为准。

This Power of Attorney is executed in Chinese and English; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

[Signature Page Follows/以下为签字页]

2  / 4

授权委托书

Power of Attorney

本页为授权委托书的签字页。

This Page is the signature page to Power of Attorney.

签署人：	/s/ [Name]

Signatory:



日期：2025年4月3日
Date: April 3, 2025

3  / 4

授权委托书

Power of Attorney

Schedule of Material Differences

One or more person signed a power of attorney under 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	ID Card No.	Percentage%
1.	Zhuoqin Huang	[*]		64.0060
2.	Weiyi Lin	[*]		10.0198
3.	Rongdi Zhang	[*]		9.0995
4.	Chunxiao Cui	[*]		6.1049
5.	Xiayu Cui	[*]		6.1049
6.	Junlong He	[*]		4.4225
7.	Azhen Lin	[*]		0.1212
8.	Wuyang Chen	[*]		0.1212

4 / 4

Exhibit 10.11

配偶同意函

Spousal Consent

本人，[Name of Spouse]（身份证件号码：[ID Card No. of Spouse]），系[Name of Shareholder]（身份证件号码：[ ID Card No. of Shareholder]）（“本人配偶”）的合法配偶。本人在此无条件且不可撤销地同意本人配偶于2025年4月3日签署下列交易文件（“交易文件”），并同意其根据交易文件的相关条款，处置登记于本人配偶名下并为其所拥有的厦门普普文化股份有限公司（“公司”）的股份：

The undersigned, [Name of Spouse] (Identification No. of Spouse), is the legal spouse of [Name of Shareholder] (Identification No. of Spouse) (“My Spouse”). I hereby unconditionally and irrevocably agree My Spouse to sign the following documents (the “Transaction Documents”) on April 3, 2025, and agree to dispose of the shares in Xiamen Pop Culture Co., Ltd. (the “Company”) held by and registered under the name of My Spouse in accordance with the provisions of the following documents:

(1)

由本人配偶与福建华流文体产业发展有限公司（“WFOE”）、公司及其他合同相对方签订的《股份质押协议》；

The Share Pledge Agreement entered into by My Spouse, Fujian Hualiu Cultural and Sports Industry Development Co., Ltd. (“WFOE”), the Company, and other parties;

(2)

由本人配偶与WFOE、公司及其他合同相对方签订的《独家购买权协议》；以及

The Exclusive Option Agreement entered into by My Spouse, WFOE, the Company, and other parties; and

(3)

由本人配偶签署的《授权委托书》，以授权WFOE享有及行使就其于公司所持有的股份而产生的权利与义务。

The Power of Attorney executed by My Spouse authorizing WFOE to enjoy and exercise his rights and obligations raising from the shares in the Company.

本人在此确认，本人无权享有与公司股份的有关的任何权利，并承诺不会就公司股份提出任何要求。本人进一步确认，本人配偶履行交易文件的权利和义务以及在将来修订或终止交易文件的行为，无需取得本人的授权或同意。

I hereby confirm that I am not entitled to any right with respect to the shares in the Company, and undertake not to raise any claim on the shares in the Company. I further confirm that My Spouse’s performance of the Transaction Documents and further modification or termination of the Transaction Documents will not require my separate authorization or consent.

配偶同意函

Spousal Consent

本人在此承诺签署任何必要文件并采取任何必要行动，以保证交易文件（可不时修订）的适当履行。

I hereby undertake to execute all necessary documents, and take all necessary actions, to ensure the Transaction Documents (as amended from time to time) to be properly performed.

本人在此同意并承诺，如本人基于任何原因而取得公司股份，本人将受到交易文件（可不时修订）的约束，并将遵循交易文件（可不时修订）项下的公司股东义务；为此，如WFOE或其指定的第三方要求，本人将签署与交易文件（可不时修订）形式内容相同的一系列书面文件。

I hereby agree and undertake that if I obtain any shares in the Company for any reason, I shall be bound by the Transaction Documents (as amended from time to time) and abide by the obligations of the shareholders of the Company under the Transaction Documents (as amended from time to time). For this purpose, upon WFOE’s or its designate third party request, I shall execute a series of written documents with substantially the same form and content as the Transaction Documents (as amended from time to time).

签署人（正楷）：	/s/ [Name of Spouse]
Signatory (PRINT):



日期：2025年4月3日
Date: April 3, 2025

2  / 3

配偶同意函

Spousal Consent

Schedule of Material Differences

One or more person signed a spousal consent under 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 Spouse	ID Card No. of Spouse	Name of Shareholder	ID Card No. of Shareholder
1.	Liya Wei	[*]	Zhuoqin Huang	[*]
2.	Yuefang Chen	[*]	Weiyi Lin	[*]
3.	Kaihua Qiu	[*]	Rongdi Zhang	[*]
4.	Gong Zhang	[*]	Chunxiao Cui	[*]
5.	Yan Yan	[*]	Xiayu Cui	[*]
6.	Xiaoying Wen	[*]	Junlong He	[*]
7.	Jianping Xie	[*]	Azhen Lin	[*]
8.	Chunlan Chen	[*]	Wuyang Chen	[*]

3 / 3

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