Exhibit 10.16












 


	Qingdao Buytop Payment Service Co., Ltd.		Power
                                            of Attorney



 


POWER OF ATTORNEY


 


Qingdao Youyou Town Electronic Technology Co.,
Ltd. (China Unified Social Credit No.: 913702126678933964, the “Company”) owns 100% of the entire equities of Qingdao
Buytop Payment Service Co., Ltd. (the “Target Company” or “Buytop”) as of the date of this Power
of Attorney. The Company hereby irrevocably authorize Shanghai Santeng Technology Co., Ltd. (the “WFOE”) to exercise
the following rights relating to its equity interests in Buytop (the “Equity Interests”) during the term of this Power
of Attorney:


 


The WFOE or its designated person(s) (including
but not limited to directors of the WFOE’s parent company and their successors as well as any liquidator who is in place of such
parent company’s directors, but excluding any person who is non-independent or may lead to a conflict of interest) (the “Proxy”)
is hereby authorized to act on behalf of the Company as the Company’s sole exclusive agent with full power in respect of all matters
concerning the Equity Interests, including without limitation: (1) to attend shareholders’ meetings of Buytop and sign the minutes
thereof; (2) to file all necessary documents with relevant company registry; (3) to exercise all the shareholder’s rights and shareholder’s
voting rights the Company is entitled to under the laws of China and the articles of association of Buytop, including but not limited
to the sale, transfer, pledge or disposition of all or any part of the Equity Interests; and (4) in the capacity of the Company's authorized
representative, to designate and appoint the legal representative, director, supervisor, general manager and other senior officers of
Buytop.


 


The Company hereby confirm that, without the prior
written consent of the WFOE, the Company will not, directly or indirectly, participate, engage or be involved in, or have, or use any
information received from the WFOE to participate, engage or be involved in, or have, any business competing with the principal business
of the WFOE or its affiliates, nor will the Company hold or receive any interest in/from any business competing with the principal business
of the WFOE or its affiliates. For avoidance of doubt, this Power of Attorney shall not be deemed to have authorized the Company or any
other person who is non-independent or may lead to a conflict of interest to exercise any rights covered by this Power of Attorney.


 


If I become a person without civil capacity or
only with limited civil capacity for any reason, all its agents or successors shall continue to perform their duties and have their rights,
provided that they shall covenant to continue to comply with the terms of this Power of Attorney.


 


The Proxy shall have the right to execute, on
the Company’s behalf, the Exclusive Purchase Option Agreement and the Equity Pledge Agreement to be signed by and among the WFOE,
Buytop and the Company respectively on March 9, 2020 and March 9, 2020 (including any amendment, revision or restatement of such documents,
and hereinafter collectively referred to as the “Transaction Documents”) as well as all the documents to be signed
by the Company as agreed in the Transaction Documents, and to perform the Transaction Documents on schedule. The exercise of such right
shall not form any restriction or limit on the authority granted hereunder.


 


All action of the Proxy in respect of the Company’s
authorization shall be deemed as the Company’s own actions, and all documents that may be executed by the Proxy in respect of the
Company’s authorization shall be deemed to have been executed by the Company itself. The Company will acknowledge such actions and
execution of documents.


 






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	Qingdao Buytop Payment Service Co., Ltd.		Power
                                            of Attorney



 


The Proxy shall have the right to re-authorize
and may, at its own discretion, delegate its rights hereunder to other person or entity in respect of the aforesaid matters without giving
prior notice to the Company or obtaining the Company’s consent. The Proxy shall designate a Chinese citizen to exercise such right
if so required by Chinese laws. Unless otherwise specified herein, the Proxy shall have the right to transfer, use or otherwise dispose
of the cash dividends and other non-cash proceeds generated from the Equity Interest in accordance with the Company’s oral or written
instructions.


 


On the precondition that the Company is or its
successor is a shareholder of the Target Company, this Power of Attorney shall be effective as of the date hereof and shall be irrevocable
and continuously valid, unless otherwise instructed by the WFOE in writing. Once the WFOE notifies the Company to terminate all or any
part of the authorities granted hereunder or to change the Proxy, the Company shall immediately withdraw the entrustment and authorization
granted to the WFOE hereunder, and, upon the WFOE’s written instructions, immediately execute a document in the same form as that
of this Power of Attorney and grant powers of attorney and authorization to such other person or entity as may be nominated by the WFOE
on the same terms as those of this Power of Attorney.


 


For avoidance of doubt, the Company hereby acknowledge
that the Company have been acting in accordance with the relevant terms of this Power of Attorney from January 1, 2018, and that there
is no breach of the terms hereof.


 


In the event of any dispute arising from the implementation
hereof or in connection with this Power of Attorney, either the Company or the Proxy shall have the right to submit the dispute to Shanghai
International Economic and Trade Arbitration Commission for arbitration in Shanghai in accordance with its arbitration procedures and
rules then in effect. The arbitration tribunal shall consist of three arbitrators who shall be appointed in accordance with the arbitration
rules. The claimant and the respondent shall respectively appoint one arbitrator, and the third arbitrator shall be appointed by the first
two arbitrators through negotiations. The arbitration proceedings shall be conducted in Chinese in a confidential manner. The arbitration
award shall be final and binding upon the parties thereto. In appropriate circumstances, the arbitration tribunal or arbitrators may award
remedial measures in respect of the Equity Interests or assets in accordance with applicable Chinese laws, including restriction on conduct
of business, and restriction or prohibition of transfer or sale of equities or assets. In addition, in the course of forming the tribunal,
either the Company or the Proxy shall have the right to file an application to any court with competent jurisdiction (including courts
in the PRC, Hong Kong and Cayman Islands) for grant of temporary reliefs. During the arbitration proceeding, this Power of Attorney shall
continue to be valid except for the part which is disputed by the Proxy or the Company and subject to arbitration.


 


During the term of this Power of Attorney, the
Company hereby waive all the rights related to the Equity Interests, which have been authorized to the WFOE through this Power of Attorney,
and shall not exercise such rights by the Company itself.


 


(THE REMAINDER OF THIS
PAGE IS INTENTIONALLY LEFT BLANK)


 






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	Qingdao Buytop Payment Service Co., Ltd.		Power
                                            of Attorney



 


(Signature
Page of the Power of Attorney)





 


Principal:


 





Qingdao Youyou Town Electronic Technology Co.,
Ltd. (official seal)





 


Signature: LU Qiaoling


 


Its Legal or Authorized Representative


 


Signed on this 9th day of March, 2020


 




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	Qingdao Buytop Payment Service Co., Ltd.		Power
                                            of Attorney



 


(Signature
Page of the Power of Attorney)





 


Proxy:


 





Shanghai Santeng Technology Co., Ltd. (official
seal)





 


Signature: LU Qiaoling


 


Its Legal or Authorized Representative


 


Signed on this 9th day of March, 2020


 




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	Qingdao Buytop Payment Service Co., Ltd.		Power
                                            of Attorney



 


(Signature
Page of the Power of Attorney)


 





Target Company:


 





Qingdao Buytop Payment Service Co., Ltd.
(official seal)





 


Signature: LU Qiaoling


 


Its Legal or Authorized Representative


 


Signed on this 9th day of March, 2020


 


 


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