Exhibit 10.2


 


SECURITIES PURCHASE AGREEMENT


 


This Securities Purchase Agreement
(the “Agreement”) made on this 30 day of March, 2021, by and among CX Network Group, Inc., a Nevada corporation (the
“Company”), the parties listed on Exhibit A hereto (the “Sellers”) and the parties listed
on Exhibit B hereto (the “Purchasers”), setting forth the terms and conditions upon which the Sellers will collectively
sell 16,683,334 shares (the “Shares”) of common stock of the Company, par value US $0.0001 per share (the “Common
Stock”), to the Purchasers (the “Securities Purchase”).


 


WITNESSETH:


 


WHEREAS, the Sellers are the
owners of Shares representing approximately 78.04% of the issued and outstanding Common Stock of the Company, which Sellers will sell
and Purchasers will purchase.


 


WHEREAS, the Sellers
desire to sell the Shares to the Purchasers in consideration for the amount set forth in Section 1.01 herein below.


 


NOW THEREFORE, in consideration
of the mutual promises, covenants, agreements and representations and warranties contained herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties herewith agree as follows:


 


ARTICLE I


SALE OF SECURITIES


 


1.01 Sale
and Transfer of the Shares. Subject to the terms and conditions of this Agreement, at the Closing (as defined below), each Sellers
hereby agrees to sell the portion of Shares it owns set forth to each Seller’s name on Exhibit A, and each Purchaser hereby
agrees to purchase such amount of Shares from each Seller, in the amounts (each, the “Purchase Price”) set forth next
to each Purchaser’s name on Exhibit B, for an aggregate purchase price of U.S. Dollars of two hundred and fifty five thousand
($255,000, the “Gross Purchase Price”), paid in accordance with Section 1.03 below. This is a private transaction
between the Sellers and the Purchasers.


 


1.02 Closing.
The closing of the purchase and sale of the Shares (the “Closing”) shall take place remotely by electronic exchange
of signature pages, on the date hereof (the “Closing Date”).


 


1.03 Payment
of Purchase Price. The parties acknowledge that Purchasers have already deposited the Gross Purchase Price with McMurdo Law Group,
LLC (the “Escrow Agent”), to be held in escrow by Escrow Agent pending the Closing. At the Closing, Escrow Agent shall
pay, and Purchasers shall cause Escrow Agent to pay, the Gross Purchase Price as follows:


 


(a) U.S.
Dollars of two hundred and fifty five thousand ($255,000) to the Persons and in the amounts set forth on Part A of Exhibit C
(the “Sellers Designated Payments”), and in accordance with the wire instructions for each Seller Designated Payment
payee (each, a “Designated Payee”) set forth on Exhibit E. Escrow Agent shall deliver to Sellers, the wire transfer
confirmation showing the date, amount and wire transfer tracking number for each Sellers Designated Payment to each Designated Payee.
For purposes of this Agreement, “Person” means an individual, corporation, partnership (including a general partnership, limited
partnership or limited liability partnership), limited liability company, association, trust or other entity or organization, including
a government, domestic or foreign, or political subdivision thereof, or an agency or instrumentality thereof.


 






     


     


    

 


(b) U.S.
Dollars of two hundred and fifty-five thousand ($255,000), be released immediately at the Closing to each Seller as set forth on Part
B of Exhibit C, and in accordance with the wire transfer instructions for each Seller set forth on Exhibit F.


 


1.04 Delivery
of Shares.


 


(a)
The Purchasers acknowledge that the Sellers have already delivered the stock certificates for the Shares (the “Share Certificates”)
and executed stock powers for the Shares (with the dates transferee names left blank) (the “Stock Powers”) to Escrow
Agent, to be held in escrow by Escrow Agent pending the Closing.


 


(b) At
the Closing:


 


(i) Upon receipt of the
Net Purchase Price, the sellers shall send a written notice to Escrow Agent (which notice may be by email) instructing Escrow Agent to
release the Share Certificates and Stock Powers to the Purchasers. Upon receipt of such written notice from the Sellers, Escrow Agent
shall release the Share Certificates and Stock Powers to the appropriate respective Purchasers. The Sellers shall not have any liability
or responsibility related to the release of the Share Certificates or Stock Powers to the correct Purchasers.


 





1.05 Other
Closing Deliveries. At the Closing, the Company shall deliver to each party a duly executed copy of the unanimous written consent
of the Company’s board of directors, authorizing the Company to enter into this Agreement and the transactions contemplated hereby.
Sellers, Purchasers, and Company will deliver such other customary closing documents as may be reasonably requested by the other parties.


 


ARTICLE II 


REPRESENTATIONS AND WARRANTIES OF THE COMPANY


 


Except as set forth in: (i)
any disclosure schedules delivered by or on behalf of the Company to the Purchasers on the date hereof, or (ii) in the forms, reports,
schedules, statements, registrations statements, prospectuses and other documents required to be filed or furnished by the Company with
the U.S. Securities and Exchange Commission, together with any amendments, restatements or supplements thereto (collectively, the “SEC
Reports”), the Company represents and warrants to the Purchasers as follows:


 


2.01 Organization.
The Company is a Nevada corporation duly organized, validly existing, and in good standing under the laws of Nevada, has all necessary
corporate authority and powers, governmental licenses, authorizations, consents and approvals to carry on its business as presently conducted
and to own, hold and operate its properties and assets as now owned, and is duly qualified to do business and is in good standing in the
state of Nevada. The Company is duly qualified, licensed or domesticated as a foreign corporation in good standing in each jurisdiction
wherein the nature of its activities or its properties owned, held or operated makes such qualification, licensing or domestication necessary,
except where the failure to be so duly qualified, licensed or domesticated and in good standing would not have a Material Adverse Effect.
Schedule 2.01 sets forth a true, correct and complete list of the Company’s jurisdiction of organization and each other jurisdiction
in which the Company presently conducts its business or owns, holds and operates its properties and assets. The Company is a reporting
company under the Securities Exchange Act of 1934 (the “Exchange Act”) pursuant to SEC rules and regulations. The shares
of Common Stock of The Company are currently quoted on the OTC Pink market of the OTC Markets Group under the symbol “CXKJ”.
“Material Adverse Effect” means, any change, effect or circumstance which, individually or in the aggregate, would
reasonably be expected to: (a) have a material adverse effect on the business, assets, financial condition or results of operations of
The Company, as the case may be, in each case taken as a whole; (b) materially impair the ability of The Company, as the case may
be, to perform its obligations under this Agreement, excluding any change, effect or circumstance resulting from: (i) the announcement,
pendency or consummation of the transactions contemplated by this Agreement, (ii) changes in the United States securities markets generally,
(iii) changes in general economic, currency exchange rate, political or regulatory conditions in industries in which The Company, as the
case may be, operates, (iv) any changes in applicable laws or accounting rules or principles, including changes in GAAP, (v) acts of war,
sabotage or terrorism, military actions or the escalation thereof; or (c) that would prohibit or otherwise materially interfere with the
ability of any party to this Agreement to perform any of its obligations under this Agreement in any material respect.


 






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2.02  Subsidiaries.
Except as disclosed in Schedule 2.02, the Company does not own, directly or indirectly, any equity or other ownership interest
in any corporation, partnership, joint venture or other entity or enterprise.


 


2.03  Organizational
Documents. True, correct and complete copies of the Organizational Documents of the Company have been delivered to the Purchasers
prior to the execution of this Agreement, and no action has been taken to amend or repeal such Organizational Documents since such date
of delivery. The Company is not in violation or breach of any of the provisions of its Organizational Documents. “Organizational
Documents” means, the Company’s certificate of incorporation and bylaws.


 


2.04 Capitalization
and Related Matters.


 


(a) The
authorized capital stock of the Company consists of (i) 40,000,000 shares of Common Stock authorized, par value $0.0001 per share, of
which 21,376,918 shares of Common Stock are issued and outstanding; and (ii) 10,000,000 shares
of preferred stock authorized, par value $0.0001 per share (the “Preferred Stock”), of which no shares of Preferred
Stock is issued and outstanding. All issued and outstanding shares immediately prior to the Securities Purchase are duly authorized, validly
issued, fully paid and non-assessable, free of liens, encumbrances, options, restrictions and legal or equitable rights of others not
a party to this Agreement. There are no outstanding options, warrants, purchase agreements, participation agreements, subscription rights,
conversion rights, exchange rights or other securities or contracts that could require The Company to issue, sell or otherwise cause to
become outstanding any of its authorized but unissued shares of capital stock or any securities convertible into, exchangeable for or
carrying a right or option to purchase shares of capital stock or to create, authorize, issue, sell or otherwise cause to become outstanding
any new class of capital stock.


 


(b) No
Redemption Requirements. There are no outstanding contractual obligations (contingent or otherwise) of the Company to retire, repurchase,
redeem or otherwise acquire any outstanding shares of capital stock of, or other ownership interests in the Company or to provide funds
to or make any investment (in the form of a loan, capital contribution or otherwise) in any other Person.


 


2.05  Authorization.
The Company has all requisite authority and power (corporate and other), governmental licenses, authorizations, consents and approvals
to enter into this Agreement to which The Company is a party, to consummate the transactions contemplated by this Agreement to which the
Company is a party and to perform its obligations under this Agreement to which the Company is a party. The execution, delivery and performance
by the Company of this Agreement to which the Company is a party requires no authorization, consent, approval, license, exemption of or
filing or registration with any Governmental Authority or other Person other than such other customary filings with the Commission for
transactions of the type contemplated by this Agreement.


 


2.06  No
Violation. Neither the execution nor the delivery by the Company of this Agreement to which the Company is a party, nor the consummation
or performance by the Company of the transactions contemplated hereby or thereby will, directly or indirectly, (a) contravene, conflict
with, or result in a violation of any provision of the Organizational Documents of the Company; (b) contravene, conflict with, constitute
a default (or an event or condition which, with notice or lapse of time or both, would constitute a default) under, or result in the termination
or acceleration of, or result in the imposition or creation of any lien under, any agreement or instrument to which the Company is a party
or by which the properties or assets of the Company are bound; (c) contravene, conflict with, or result in a violation of, any law
or order of a governmental authority to which the Company, or any of the properties or assets owned or used by the Company, may be subject;
or (d) contravene, conflict with, or result in a violation of, the terms or requirements of, or give any governmental authority the right
to revoke, withdraw, suspend, cancel, terminate or modify, any licenses, permits, authorizations, approvals, franchises or other rights
held by the Company, or that otherwise relate to the business of, or any of the properties or assets owned or used by the Company, except,
in the case of clauses (b), (c), or (d), for any such contraventions, conflicts, violations, or other occurrences as would not have a
Material Adverse Effect.


 






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2.07  Binding
Obligations. Assuming this Agreement has been duly and validly authorized, executed and delivered by the parties hereto other than
the Company, this Agreement to which the Company is a party is duly authorized, executed and delivered by the Company and constitutes
the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, except as such
enforcement is limited by general equitable principles, or by bankruptcy, insolvency and other similar Laws affecting the enforcement
of creditors rights generally.


 


2.08 Financial
Statements. The Company is a reporting company under the Exchange Act and applicable SEC rules and audited financial statements can
be found on EDGAR. The Company’s financial statements contained in its filings on EDGAR (the “Financial Statements”)
have been prepared in accordance with U.S. GAAP applied on a consistent basis throughout the periods indicated and with each other, except
that the unaudited Financial Statements do not contain footnotes required by U.S. GAAP. The Financial Statements fairly present the financial
condition and operating results of the Company as of the dates, and for the periods, indicated therein, subject to normal year-end audit
adjustments. Except as set forth in the Financial Statements, the SEC Reports, and Exhibit D of this Agreement, the Company has
no material liabilities (contingent or otherwise). Except as set forth in the SEC Reports or as listed on Exhibit D, the Company
is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation


 


2.09 Filings
with Government Agencies. The Company files annual and quarterly reports with the SEC and is current in all filings that might be
required and is current in their filings and reporting to the state of Florida. Upon the purchase of the Shares by the Purchasers, Purchasers
will have the full responsibility for filing any and all documents required by the SEC and/or any other government agency that may be
required. The Company will supply the Purchasers with all information that is currently available for the Company.


 


2.10 Liabilities.
Except as set forth on Schedule 2.10, in the SEC Reports, the Company has no debt, obligation or liability of any nature, whether
accrued, absolute, contingent, liquidated or otherwise, whether due or to become due, whether or not known to the Company arising out
of any transaction entered into at or prior to the Closing Date or any act or omission at or prior to the Closing Date, except to the
extent set forth on or reserved against on the Company’s Balance Sheet. The Company has not incurred any liabilities or obligations
under agreements entered into, in the usual and ordinary course of business since [●]. It is understood and agreed that the purchase
of the Shares is predicated on the Company not having any debt at Closing, and the Company will not, as of Closing, have any debt other
than as set forth on Exhibit D, which is to be paid at Closing. The Company is not aware of any pending, threatened or asserted
claims, lawsuits or contingencies involving the Company or its shares. To the Knowledge of the Company, there is no dispute of any kind
between the Company and any third party, and to the Company’s Knowledge, no such dispute will exist at the Closing of this transaction
and at the Closing, the Company will be free from any and all debts.


 


2.11 Tax
Returns and Audits.


 


(a)
Tax Returns. The Company has filed all outstanding federal or state tax returns prior to the Closing. No Governmental Authority
in any jurisdiction has made a claim, assertion or threat to the Company that the Company is or may be subject to taxation by such jurisdiction;
there are no Liens with respect to taxes on the Company’s property or assets other than Permitted Liens; and there are no tax rulings,
requests for rulings, or closing agreements relating to the Company for any period (or portion of a period) that would affect any period
after the date hereof.


 






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(b)
No Adjustments, Changes. Neither the Company nor any other person on behalf of the Company (a) has executed or entered into a closing
agreement pursuant to Section 7121 of the Code or any predecessor provision thereof or any similar provision of state, local or foreign
law; or (b) has agreed to or is required to make any adjustments pursuant to Section 481(a) of the Code or any similar provision of state,
local or foreign law.


 


(c) No
Disputes. To the Company’s Knowledge there is no pending audit, examination, investigation, dispute, proceeding or claim with
respect to any taxes of the Company, nor is any such claim or dispute pending or contemplated.


 


(d)
Not a U.S. Real Property Holding Corporation. The Company is not and has not been a United States real property holding corporation
within the meaning of Section 897(c)(2) of the Code at any time during the applicable period specified in Section 897(c)(1)(A)(ii)
of the Code.


 


(e)
No Tax Allocation, Sharing. The Company is not and has not been a party to any tax allocation or sharing agreement.


 


(f) No
Other Arrangements. The Company is not a party to any agreement, contract or arrangement for services that would result, individually
or in the aggregate, in the payment of any amount that would not be deductible by reason of Section 162(m), 280G or 404 of the Code.
The Company is not a “consenting corporation” within the meaning of Section 341(f) of the Code. The Company does not have
any “tax-exempt bond financed property” or “tax-exempt use property” within the meaning of Section 168(g) or (h),
respectively of the Code. The Company does not have any outstanding closing agreement, ruling request, requests for consent to change
a method of accounting, subpoena or request for information to or from a Governmental Authority in connection with any tax matter. During
the last two years, the Company has not engaged in any exchange with a related party (within the meaning of Section 1031(f) of the Code)
under which gain realized was not recognized by reason of Section 1031 of the Code. The Company is not a party to any reportable transaction
within the meaning of Treasury Regulation Section 1.6011-4.


 


2.12  Material
Assets. The financial statements of the Company set forth in the SEC Reports reflect the material properties and assets (real and
personal) owned or leased by the Company.


 


2.13  Litigation;
Orders. There is no proceeding (whether Federal, state, local or foreign) pending or, to the Knowledge of the Company, threatened
against or affecting the Company or any of the Company’s properties, assets, business or employees. To the Knowledge of the Company,
there is no fact that might result in or from the basis for any such proceeding. The Company is not subject to any orders.


 


2.14  No
Brokers or Finders. Except as disclosed in Schedule 2.14, no person has, or as a result of the transactions contemplated herein
will have, any right or valid claim against the Company for any commission, fee or other compensation as a finder or broker, or in any
similar capacity, and after the Closing, the Company will indemnify and hold the Purchasers harmless against any liability or expense
arising out of, or in connection with, any such claim.


 


2.15  Intentionally
Left Blank.


 


2.16 Contracts,
Leases and Assets. The Company has provided to the Purchasers, prior to the date of this Agreement, true, correct and complete copies
of each written contract which Purchasers have requested from it and to which the Company is a party, including each amendment, supplement
and modification thereto. No person holds a power of attorney from the Company.


 






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2.17
No Defaults. The Company is not in material breach or material default of any Material Contract to which it is a party and, to
the Knowledge of the Company, no other party to any Material Contract to which the Company is a party is in material breach or material
default thereof, except as has not had a Material Adverse Effect on the Company. To the Company’s Knowledge, no event has occurred
or circumstance exists that (with or without notice or lapse of time) would (a) contravene, conflict with or result in a violation or
breach of, or become a material default or material event of default under, any provision of any Material Contract to which the Company
is a party, or (b) permit the Company or any other person the right to declare a default or exercise any remedy under, or to accelerate
the maturity or performance of, or to cancel, terminate or modify any Material Contract to which the Company is a party. The Company has
not received notice of the pending or threatened cancellation, revocation or termination of any Material Contract to which it is a party.
There are no renegotiations of, or attempts to renegotiate, or outstanding rights to renegotiate any material terms of any Material Contract
to which the Company is a party. “Material Contract” means any contract to which the Company is a party that: (i) involves
aggregate annual revenue or payments in excess of $25,000 per year; (ii) that is for the purchase, sale or lease of real property; (iii)
that involves the Company’s receipt of goods or services in excess of $25,000 per year, without respect to dollar amounts, or (iv)
is an employment agreement involving annual base salary payments in excess of $80,000.


 


2.18
Employees.


 


(a) Except
as set forth on Schedule 2.18(a), the Company has 3 full-time employees, independent contractors or other Persons providing services
to them. Except as would not have a Material Adverse Effect, the Company is in full compliance with all Laws regarding employment, wages,
hours, benefits, equal opportunity, collective bargaining, the payment of Social Security and other taxes, and occupational safety and
health. The Company is not liable for the payment of any compensation, damages, taxes, fines, penalties or other amounts, however designated,
for failure to comply with any of the foregoing Laws.


 


(b) No
director, officer or employee of the Company is a party to, or is otherwise bound by, any contract (including any confidentiality, non-competition
or proprietary rights agreement) with any other person that in any way adversely affects or will materially affect (a) the performance
of his or her duties as a director, officer or employee of the Company, or (b) the ability of the Company to conduct its business. Except
as set forth on Schedule 2.18(b), each employee of the Company is employed on an at-will basis and the Company does not have any
contract with any of its employees which would interfere with its ability to discharge its employees.


 


2.19 Compliance
with Laws. The business and operations of the Company have been and are being conducted materially in accordance with all applicable
Laws and Orders. the Company has not received notice of any violation (or any Proceeding involving an allegation of any violation) of
any applicable Law or Order by or affecting the Company and, to the Knowledge of the Company, no proceeding involving an allegation of
violation of any applicable Law or Order is threatened or contemplated. To the Knowledge of the Company, it has complied with all federal
and state securities laws in connection with the offer, sale and distribution of its securities. At the time that the Company sold the
Shares to the Sellers, the Company was entitled to use the exemptions provided by the Securities Act of 1933 (the “Securities
Act”) relative to the sale of its shares.


 


2.20  Certain
Proceedings. There is no pending proceeding that has been commenced against the Company and that challenges, or may have the effect
of preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement. To the
Knowledge of the Company, no such proceeding has been threatened.


 


2.21 Litigation.
The Company is not a party to any suit, action, arbitration, or legal, administrative, or other proceeding, or pending governmental investigation.
To the best Knowledge of the Company, there is no basis for any such action or proceeding and no such action or proceeding is threatened
against the Company. The Company is not a party to or in default with respect to any order, writ, injunction, or decree of any federal,
state, local, or foreign court, department, agency, or instrumentality.


 


2.22 Governmental Inquiries.
The Company has provided to the Purchasers a copy of each material written inspection report, questionnaire, inquiry, demand or request
for information received by the Company from any Governmental Authority, and the Company’s response thereto, and each material
written statement, report or other document filed by the Company with any Governmental Authority.


 


2.23  Bank Accounts
and Safe Deposit Boxes. Except as set forth on Schedule 2.23, the Company does not have any bank or other deposit or financial
account, nor does the Company have any lock boxes or safety deposit boxes. 


 






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2.24  Intellectual
Property. The Company does not own, use or license any intellectual property in its business as presently conducted.


 


2.25  Title
to Properties. The Company (with good and marketable title in the case of real property) holds under valid leases the rights to use
all real property, plants, machinery, equipment and other personal property necessary for the conduct of its business as presently conducted,
free and clear of all Liens, except Permitted Liens.


 


2.26  SEC
Reports; Financial Statements. Except as set forth on Schedule 2.26, the Company has filed all SEC Reports for the three (3)
years preceding the date hereof (or such shorter period as the Company was required by law to file such material). As of their respective
dates, the SEC Reports and any registration statements filed under the Securities Act (the “Registration Statements”)
complied in all material respects with the requirements of the Exchange Act and the Securities Act, as applicable, and the rules and regulations
of the Commission promulgated thereunder, and none of the SEC Reports or Registration Statements, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. All Material Contracts to which the Company is a party or to
which the property or assets of the Company are subject have been appropriately filed as exhibits to the SEC Reports and the Registration
Statements as and to the extent required under the Exchange Act and the Securities Act, as applicable. The financial statements of the
Company included in the Registration Statement and the SEC Reports comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in effect at the time of filing, were prepared in accordance with
GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto, or, in the case of unaudited
statements as permitted by Form 10-K of the Commission), and fairly present in all material respects (subject in the case of unaudited
statements, to normal, recurring audit adjustments) the financial position of the Company as at the dates thereof and the results of its
operations and cash flows for the periods then ended. The disclosure set forth in the SEC Reports and Registration Statements regarding
the Company’s business is current and complete and accurately reflects operations of the Company, as it exists as of the date hereof,
except as has not had and would not reasonably be expected to have a Material Adverse Effect on the Company.


 


2.27
Stock Option Plans; Employee Benefits.


 


(a)
the Company has no stock option plans providing for the grant by the Company of stock options to directors, officers or employees.


 


(b)
the Company has no employee benefit plans or arrangements covering their present and former employees or providing benefits to such persons
in respect of services provided the Company.


 







(c) Neither
the consummation of the transactions contemplated hereby alone, nor in combination with another event, with respect to each director,
officer, employee and consultant of the Company, will result in (a) any payment (including, without limitation, severance, unemployment
compensation or bonus payments) becoming due from the Company (except as otherwise contemplated by this Agreement), (b) any increase in
the amount of compensation or benefits payable to any such individual, or (c) any acceleration of the vesting or timing of payment
of compensation payable to any such individual. No agreement, arrangement or other contract of the Company provides benefits or payments
contingent upon, triggered by, or increased as a result of a change in the ownership or effective control of the Company.


 


2.28 Intentionally
Left Blank.


 


2.29  Money
Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping
and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of
all U.S. and non-U.S. jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any Governmental Authority (collectively, the “Money Laundering Laws”) and no Proceeding
involving the Company with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened.


 


2.30  Bad
Actor Representation. None of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other
officer of the Company participating in the this transaction, any beneficial owner of 20% or more of the Company’s outstanding voting
equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities
Act) connected with the Company in any capacity at the time of sale (each, an "Issuer Covered Person" and, together, "Issuer
Covered Persons") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under
the Securities Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The
Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.


 




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ARTICLE III 


REPRESENTATIONS AND WARRANTIES OF THE SELLERS


 


 Except as set forth in:
(i) any disclosure schedules delivered by or on behalf of the Sellers to the Purchasers on the date hereof, or (ii) the SEC Reports, each
Seller represents and warrants severally, as to itself only and not as to or jointly with the Company, as follows:


 


3.01  Authorization.
Each Seller, as to itself, has all requisite authority and power (corporate and other), governmental licenses, authorizations, consents
and approvals required of it, to enter into this Agreement, to consummate the transactions contemplated by this Agreement and to perform
its obligations under this Agreement. The execution, delivery and performance of this Agreement by each Seller does not require such Seller
to obtain any authorization, consent, approval, license, exemption of or filing or registration with any Governmental Authority or other
person other than such other customary filings with the Commission for transactions of the type contemplated by this Agreement.


 


3.02  No
Violation. Neither the execution nor the delivery by each Seller of this Agreement to which such Seller is a party, nor the consummation
or performance by such Seller of the transactions contemplated hereby or thereby will, directly or indirectly, (a) contravene, conflict
with, constitute a material default (or an event or condition which, with notice or lapse of time or both, would constitute a material
default) under, or result in the termination or acceleration of, or result in the imposition or creation of any lien under, any agreement
or instrument to which such Seller is a party or by which the Seller’s Shares are bound; or (b) contravene, conflict with,
or result in a violation of, any Law or Order to which such Seller, or the Shares, may be subject.


 


3.03 Ownership
of Securities. Each Seller, as to the Shares it is selling hereunder, owns, on record and beneficially, and has good, valid and indefeasible
title to and the right to transfer to the Purchasers pursuant to this Agreement, such Shares free and clear of any and all liens. Except
as set forth on Schedule 3.03, there are no options, rights, voting trusts, stockholder agreements or any other contracts or understandings
to which such Seller is a party or by which such Seller or the Shares are bound with respect to the issuance, sale, transfer, voting or
registration of the Shares. At the Closing date, the Purchasers will acquire good, valid and marketable title to such Shares free and
clear of any and all liens.


 


3.04 Litigation.
Each Seller represents that there is no pending proceeding against it that involves the Shares or that challenges, or may have the effect
of preventing, delaying or making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement, and,
to the Knowledge of such Seller, no such proceeding has been threatened.


 


3.05 Intentionally
Left Blank.


 


3.06  Binding
Obligations. Assuming this Agreement has been duly and validly authorized, executed and delivered by the parties hereto other than
each Seller, this Agreement to which such Seller is a party is duly authorized, executed and delivered by such Seller and constitutes
the legal, valid and binding obligation of such Seller, enforceable against such Seller in accordance with its terms, except as such enforcement
is limited by general equitable principles, or by bankruptcy, insolvency and other similar Laws affecting the enforcement of creditors
rights generally.


 


3.07 Ability
to Carry Out Obligations. Each Seller, as to itself, has the power, and authority to enter into, and perform its obligations under
this Agreement. The execution and delivery of this Agreement by each Seller and the performance by such Seller of its obligations hereunder
will not cause, constitute, or conflict with or result in (a) any breach or violation of any of the provisions of or constitute a default
under any agreement to which the Seller is a party, or by which the Seller is bound, or (b) an event that would result in the creation
or imposition of any lien, charge, or encumbrance upon the Shares being sold by such Seller pursuant to this Agreement.


 






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3.08. Application
of Purchase Price. Each Seller acknowledges and agrees that it will not own, directly or indirectly, any shares, equity interest or
securities of the Company after the consummation of the transactions contemplated by the Spin-Off Agreement (the “Spin-Off Agreement”)
dated the date hereof, by and among the Company and Chuangxiang Holding Inc., a Cayman Islands corporation (the “Spin-Off Sub”).


 


ARTICLE IV


REPRESENTATIONS, WARRANTIES
AND COVENANTS OF THE PURCHASERS


 


The Purchasers represent,
warrant, agree and covenant, severally and not jointly, to the Company and to each Seller, as follows:


 


4.01. Purchaser is Not
a US Person. Each Purchaser represents and warrants that: (A) such Purchaser is not a US person as defined in Rule 902 of Regulation
S under the Securities Act (each, “US person”); (B) all offers to acquire the Shares were made to the Purchaser while
the Purchaser was outside the United States; (C) the Purchaser’s request to acquire the Shares originated while the Purchaser was
outside of the United States, (D) neither the Shares nor any interest therein will be transferred within the United States, its territories
or possessions or to any US person and (E) the Shares have not been acquired for the benefit of any US person.


 


4.02. Residency.
Each Purchaser is a resident of the jurisdiction set forth immediately next to such Purchaser’s name on Exhibit A hereto.


 


4.03. Limits
on Transfer or Re-sale.  Each Purchaser acknowledges and agrees that: (i) the sale of the Shares pursuant to this
Agreement has not been and is not being registered under the Securities Act or any applicable state securities laws, and the Shares may
not be may not be resold, pledged, assigned, hypothecated or otherwise transferred, with or without consideration (“Transfer”)
by any Purchaser unless: (a) the Shares are resold or otherwise Transferred in a subsequent transaction pursuant to an effective registration
statement under the Securities Act, (b) the Purchaser shall have obtained, at its cost, an opinion of counsel that shall be in form, substance
and scope customary for opinions of counsel in comparable transactions, to the effect that the Shares to be resold or Transferred may
be resold or Transferred pursuant to an exemption from such registration, (c) the Shares are resold or Transferred to an “affiliate”
(as defined in Rule 144 promulgated under the Securities Act (or a successor rule) (“Rule 144”)) of the Purchaser who agrees
to sell or otherwise Transfer the Securities only in accordance with this Section 4.03 who is a non US Person (d) the Shares are
resold pursuant to Rule 144, or (e) the Shares are resold pursuant to Regulation S under the Securities Act (or a successor rule) (“Regulation
S”); (ii) any resale or Transfer of such Shares made in reliance on Rule 144 may be made only in accordance with the terms of
said Rule and further, if said Rule is not applicable, any re-sale or transfer of such Shares under circumstances in which the seller
(or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require
compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder; (iii) neither the Company,
nor any Seller, nor any other person is under any obligation to register such Shares under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder (in each case); and (iv) in the absence of an effective registration
statement under the Securities Act and any applicable state securities laws applicable to the Shares or an exemption from such registration,
the Purchasers may have to hold the Shares indefinitely and may be unable to liquidate them in case of an emergency.


 


4.04.  Reliance
on Exemptions.  Each Purchaser understands that the Shares are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company and each Seller is relying
upon the truth and accuracy of, and each Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of
the Purchaser to acquire the Shares.


 






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4.05. Restrictions
on Transferability. Each Purchaser is aware of the restrictions of transferability of the Shares and further understands the certificates
shall bear the following legend(s).


 


(a) THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE
FEDERAL AND STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.


 


THE SHARES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN SOLD PURSUANT TO AN EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH REGULATION “S” (17
C.F.R. 230.901 through 230.905 and its preliminary notes) UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT
BE OFFERED, SOLD OR TRANSFERRED TO A U.S. PERSON, OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, OR INTO THE UNITED STATES EXCEPT PURSUANT
TO A REGISTRATION STATEMENT, OR A VALID EXEMPTION FROM REGISTRATION BASED ON AN OPINION OF COUNSEL APPROVED BY THE ISSUER. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED, DIRECTLY OR INDIRECTLY, UNLESS IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED.


 


(b) Any
legend required to be placed thereon by any appropriate securities commission or commissioner.


 


4.06. Governmental Review. Each
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed upon or
made any recommendation or endorsement of the Shares.


 


4.07. Investment Intent.
Each Purchaser is acquiring the Shares for their own account for investment, and not with a view toward distribution thereof. Each Purchaser
further represents that he/she/it does not presently have any contract, undertaking, agreement or arrangement with any person to sell,
transfer or grant participations to such person or to any third person, with respect to any of the Shares.  If the Purchaser
is an entity, the Purchaser represents that it has not been formed for the specific purpose of acquiring the Shares.  Purchaser
acknowledges that an investment in the Securities is a high-risk, speculative investment.


 


4.08. No
Advertisement. The Purchasers acknowledge that the Shares have been offered to them in direct communication between them and each
Seller, and not through any advertisement or general solicitation of any kind.


 


4.09. Knowledge
and Experience. The Purchasers acknowledge that they have been encouraged to seek their own legal and financial counsel to assist
them in evaluating this purchase. The Purchasers acknowledge that the Company has given them and Purchasers’ Counsel access to all
information relating to the Company’s business that they or any one of them have requested. The Purchasers acknowledge that they
have sufficient business and financial experience, and Knowledge concerning the affairs and conditions of the Company so that they can
make a reasoned decision as to this purchase of the Shares and are capable of evaluating the merits and risks of this purchase.


 






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4.10. Authorization; Enforcement. This
Agreement has been duly executed and delivered on behalf of each Purchaser, and this Agreement constitutes the valid and binding agreement
of each Purchaser and is enforceable against each Purchaser in accordance with its terms, except
as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and except as may be limited by the exercise of judicial discretion in applying principles of equity.


 


4.11.
Non-Contravention. Neither the execution, delivery or performance of this Agreement by any Purchaser, nor the consummation by any
Purchaser of the transactions contemplated hereby, nor compliance by any Purchaser with any of the provisions of this Agreement shall
(a) if such Purchaser is an entity, violate any provision of its governing documents, (b) conflict with, result in a breach of, constitute
a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require
any notice or consent or approval under, any note, bond, mortgage, indenture, deed of trust or other agreement, contract or instrument
to which Purchaser is bound or by which Purchaser or any of its properties or assets may be bound or affected, or (c) result in the imposition
of any Lien upon any of the properties or assets of Purchaser, except in the case of clause (b) and (c), as would not have a material
adverse effect on Purchaser. 


 


4.12.
Litigation. There are no court, administrative, arbitration, mediation or other proceedings (including disciplinary proceedings),
claims, lawsuits, reviews, formal or informal complaints or investigations, actions, or inquiries of any nature by any governmental authority
or any other Person (collectively, “Proceedings”) pending or, to the actual Knowledge of any Purchaser, threatened
against Purchaser which seek to restrain or enjoin the consummation of the transactions contemplated by this Agreement. 


 


4.13. Intentionally
Left Blank.


 


4.14. Ability to Carry
Out Obligations. Each Purchaser, as to itself, has the power, and authority to enter into, and perform its obligations under this
Agreement. The execution and delivery of this Agreement by such Purchaser and the performance by such Purchaser of its obligations hereunder
will not cause, constitute, or conflict with or result in any breach or violation of any of the provisions of or constitute a default
under any agreement to which such Purchaser is a party, or by which such Purchaser is bound.


 


ARTICLE V


COVENANTS


 


5.01  SEC
Report.


 


(a) From
and after the Closing Date until the filing of the Immediate Report with the SEC, the Sellers shall timely collect and deliver necessary
information of the Company’s business or operation prior to and as of the Closing Date for the purpose of preparing the Immediate
Report and shall use its best efforts to cooperate with the Company and the Company’s auditor in connection with the auditor’s
review on the Immediate Report.


 


(b) From
and after the Closing Date, in the event the SEC notifies the Company of its intent to review any SEC Report filed prior to the Closing
Date or the Company receives any oral or written comments from the SEC with respect to any SEC Report filed prior to the Closing Date
or any disclosure regarding the Company business or operations, as in existence through the date hereof in any SEC Report or registration
statement filed after the Closing Date, the Purchasers shall promptly notify the Sellers and the Sellers shall make commercially reasonable
efforts to cooperate with the Purchasers in connection with such review and response.


 






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5.02  Spin-Off
Agreement. The Company, the Sellers, and each Purchaser, hereby acknowledges, consents, authorizes and agrees that simultaneously
with the closing on this Agreement, the Company has entered into the Spin-Off Agreement, in which the Company has agreed to sell all of
the capital stock of the Spin-off Sub, the Company’s operating subsidiary and only material asset, to the Sellers. Each Purchaser
acknowledges and agrees that it will not own, directly or indirectly, any shares, equity interest or securities of the Spin-off Sub.


 


5.03 Assistance
with Post-Closing Record Requests. It is understood that certain corporate records that were generated during the normal course of
business of the Company have not been delivered to the Purchasers before the Closing Date and each Seller agrees to use its best efforts
to obtain such records upon the reasonable request of the Purchaser after the Closing Date. In the event that such records are not timely
delivered to the Purchasers upon their request, the Sellers shall indemnify and hold the Purchasers harmless against any loss, liability
or expense arising out of, or in connection with the failure of such delivery.


 


5.04  Public
Announcements. Purchasers shall cause the Company to file with the Commission a Current Report on Form 8-K describing the material
terms of the transactions contemplated hereby as soon as practicable following the Closing Date but in no event more than four (4) business
days following the Closing Date. Prior to the Closing Date, the Purchasers and the Company shall consult with each other in issuing the
Form 8-K and any other press releases or otherwise making public statements or filings and other communications with the Commission or
any regulatory agency or stock market or trading facility with respect to the transactions contemplated hereby and none of the parties
shall issue any such press release or otherwise make any such public statement, filings or other communications without the prior written
consent of the other parties, which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required
if such disclosure is required by Law, or the rules of any securities exchange or self-regulatory organization, in which case the disclosing
party shall provide the other parties with prior notice of no less than three (3) calendar days, of such public statement, filing or other
communication and shall incorporate into such public statement, filing or other communication the reasonable comments of the other parties.


 


5.05 Assistance
with Post-Closing SEC Reports and Inquiries. Upon the reasonable request of the Purchasers, after the Closing Date, the Seller shall
use reasonable best efforts to provide such information available to them, including information, filings, reports, financial statements
or other circumstances of the Company occurring, reported or filed prior to the Closing, as may be necessary or required by the Company
for the preparation of the post-Closing Date reports that the Company is required to file with the Commission to remain in compliance
and current with its reporting requirements under the Exchange Act, or filings required to address and resolve matters as may relate to
the period prior to the Closing and any Commission comments relating thereto or any Commission inquiry thereof.


 


5.06 Representations
& Covenants. All representations shall be true as of the Closing and all such representations shall survive the Closing for a
period of six months except as otherwise set forth in Article VI (Remedies). All covenants shall survive indefinitely.


 


ARTICLE VI


REMEDIES


 


6.01 Governing Law; Indemnification
is Exclusive Remedy. This Agreement will be governed by the laws of the State of New York without regard to conflicts of laws principles.
Any controversy or claim arising out of, or relating to, this Agreement, or the making, performance, or interpretation thereof, shall
be adjudicated by the Courts of California and may only be brought by a party if it is permitted pursuant to and is brought in accordance
with the provisions of this Article VI. No party may bring any claim for breach, loss or damage arising out of, or relating to,
this Agreement, or the making, performance, or interpretation thereof, unless the party bringing such claim is entitled to indemnification
for such breach, loss or damage pursuant to Article VI of this Agreement.


 






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6.02 Indemnification.


 


(a) Indemnification
by Sellers. From and after the Closing, each Seller agrees, severally and not jointly, to indemnify the Purchasers against all actual
losses, damages and expenses (collectively, “Losses”) actually incurred by such Purchasers, caused by (i) any breach
of any representation or warranty made by each Seller in Article III of this Agreement; and (ii) any breach of any covenant or
obligation of each Seller in this Agreement or any documents required to be performed by each Seller after the Closing Date. The representations
and warranties of each Seller contained in this Agreement (including all schedules and exhibits hereto) shall survive the Closing for
a period of one (1) year. Notwithstanding any other provision of this Agreement each Seller’s aggregate liability in respect of
all claims that the Company and/or any and all Purchasers may have against it pursuant to this Agreement will not exceed that applicable
amount of the Gross Purchase Price applied to such Seller.


 


(b) Indemnification
by Purchasers. From and after the Closing, each Purchaser agrees, severally and not jointly, to indemnify the Company and the Sellers
and each of their affiliates and each of their managers, directors, officers, employees, agents and advisors (including financial advisors,
attorneys and accountants) against all actual Losses actually incurred by the Sellers, caused by (i) any breach of any representation
or warranty made by such Purchaser in this Agreement or in any document or certificate delivered by the Sellers pursuant to this Agreement;
and (ii) any breach of any covenant or obligation of such Purchaser this Agreement or any documents required to be performed by any Purchaser
on or prior to the Closing Date or after the Closing Date.


 


6.03.  Indemnification
Procedures.


 


(a)
Except to the extent set forth in this Section 6.03, a Party will not have any liability under the indemnity provisions of this
Agreement with respect to a particular matter unless a written notice (a “Claim Notice”) setting forth in reasonable
detail: (i) the breach or other matter giving rise to such indemnification claim which is asserted, (ii) the estimated amount, if reasonably
practicable, of the Losses that have been incurred by the Indemnified Party in connection therewith, and (iii) copies of any notices,
claims or complaints sent or filed by the claimant, has been given to the Indemnifying Party promptly, but in any event within thirty
(30) days, after the Indemnified Party becomes aware of such claim (including the assertion or commencement of any third-party claim).
Notwithstanding the preceding sentence, failure of the Indemnified Party to give timely notice hereunder shall not release the Indemnifying
Party from its obligations under this Section 6.03, except to the extent the Indemnifying Party is actually prejudiced by such
failure to give notice. With respect to Losses described in Section 6.02(a), the Seller whose breach caused the Loss shall be the
“Indemnifying Party” and the applicable Purchaser who incurred such Loss, shall be the “Indemnified Party”.
With respect to Losses described in Section 6.02(b), the Purchaser whose breach caused the Loss shall be the “Indemnifying
Party” and each Seller or its affiliate or Representative who incurred such Loss, as applicable, shall be the “Indemnified
Party”.


 






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(b) Upon
receipt of notice of any claim, suit, action or legal proceeding by a third party for which indemnification might be claimed by an Indemnified
Party (a “Third-Party Claim”), the Indemnifying Party shall be entitled to defend, contest or otherwise protect against
the Third-Party Claim at its own cost and expense, by providing written notice to the Indemnified Party of such election within thirty
(30) days after the Indemnified Party receives a Claim Notice with respect to such Third-Party Claim, and the Indemnified Party must cooperate
in any such defense or other action; provided, that the Indemnifying Party may not control the defense of any Third-Party Claim that is
criminal in nature or that seeks non-monetary equitable relief that would reasonably be expected to be material to the Indemnified Party
if adversely determined. The Indemnified Party shall have the right, but not the obligation, to participate at its own expense in defense
thereof by counsel of its own choosing, but the Indemnifying Party shall be entitled to control the defense unless the Indemnifying Party
does not elect to assume defense of the Third-Party Claim, is not entitled under this Section 6.03 to control the defense of the
Third-Party Claim or fails to competently conduct the defense of such Third-Party Claim. If the Indemnifying Party undertakes the defense
of a Third-Party Claim, the Indemnified Party shall not, so long as the Indemnifying Party competently conducts the defense thereof, be
entitled to recover from the Indemnifying Party any legal or other expenses subsequently incurred by the Indemnified Party in connection
with the defense thereof, except (i) where separate representation is necessary, in the reasonable opinion of counsel to the Indemnified
Party, to avoid a conflict of interest that cannot be waived such that representation of both parties by the same counsel would violate
processional standards of conduct for attorneys in the jurisdiction where the Indemnifying Party’s counsel is practicing on behalf
of the Indemnifying Party, or (ii) reasonable costs of investigation undertaken by the Indemnified Party with the prior written consent
of the Indemnifying Party. If the Indemnifying Party assumes the defense of a Third-Party Claim, no compromise or settlement of the Third-Party
Claim may be effected by the Indemnifying Party without the Indemnified Party’s consent (which consent shall not be unreasonably
withheld, conditioned or delayed). In the event the Indemnifying Party does not elect to assume control of the Third-Party Claim or otherwise
is not entitled to control such Third-Party Claim in accordance with this Section 6.03, the Indemnified Party shall have the right,
but not the obligation, thereafter to defend, contest or otherwise protect against the same and make any compromise or settlement thereof
and recover the entire cost thereof from the Indemnifying Party including, without limitation, reasonable attorneys’ fees, disbursements
and all amounts paid as a result of such Third-Party Claim or the compromise or settlement thereof. Notwithstanding the foregoing, the
Indemnified Party may not compromise or settle any Third-Party Claim without the prior written consent of the Indemnifying Party (such
consent not to be unreasonably withheld, delayed or conditioned).


 


ARTICLE VII


GENERAL PROVISIONS


 


7.01  Expenses.
Except as otherwise expressly provided in this Agreement, each party to this Agreement will bear its respective expenses incurred in connection
with the preparation, execution, and performance of this Agreement and the transactions contemplated by this Agreement, including all
fees and expenses of agents, representatives, counsel, and accountants. In the event of termination of this Agreement, the obligation
of each party to pay its own expenses will be subject to any rights of such party arising from a breach of this Agreement by another party.


 


7.02 Confidentiality.
The Company, the Sellers and the Purchasers will maintain in confidence, and will cause their respective directors, officers, employees,
agents, and advisors to maintain in confidence, any written, oral, or other information obtained in confidence from another party in connection
with this Agreement or the transactions contemplated by this Agreement, unless (a) such information is already known to such party or
to others not bound by a duty of confidentiality or such information becomes publicly available through no fault of such party, (b) the
use of such information is necessary or appropriate in making any required filing with the Commission, or obtaining any consent or approval
required for the consummation of the transactions contemplated by this Agreement, or (c) the furnishing or use of such information is
required by or necessary or appropriate in connection with legal proceedings or applicable Law.


 


(a) In
the event that any party is required to disclose any information of another party pursuant to this Agreement, the party requested or required
to make the disclosure (the “Disclosing Party”) shall provide the party that provided such information (the “Providing
Party”) with prompt notice of any such requirement so that the Providing Party may seek a protective order or other appropriate
remedy and/or waive compliance with the provisions of this Section 7.02. If, in the absence of a protective order or other remedy or the
receipt of a waiver by the Providing Party, the Disclosing Party is nonetheless, in the opinion of counsel, legally compelled to disclose
the information of the Providing Party, the Disclosing Party may, without liability hereunder, disclose only that portion of the Providing
Party’s information which such counsel advises is legally required to be disclosed, provided that the Disclosing Party exercises
its reasonable efforts to preserve the confidentiality of the Providing Party’s information, including, without limitation, by cooperating
with the Providing Party to obtain an appropriate protective order or other relief assurance that confidential treatment will be accorded
the Providing Party’s information.


 






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(b) If
the transactions contemplated by this Agreement are not consummated, each party will return or destroy all of such written information
each party has regarding the other party.


 


7.03 Notices.
All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted under or by reason
of the provisions of this Agreement or in connection with the transactions contemplated hereby shall be in writing and shall be deemed
to be delivered and received by the intended recipient as follows: (i) if personally delivered, on the business day of such delivery (as
evidenced by the receipt of the personal delivery service), (ii) if mailed certified or registered mail return receipt requested, two
(2) business days after being mailed, (iii) if delivered by overnight courier (with all charges having been prepaid), on the business
day of such delivery (as evidenced by the receipt of the overnight courier service of recognized standing), or (iv) if delivered by facsimile
or email transmission, on the business day of such delivery if sent by 6:00 p.m. in the time zone of the recipient, or if sent after that
time, on the next succeeding business day, in each case with affirmative confirmation of receipt. If any notice, demand, consent, request,
instruction or other communication cannot be delivered because of a changed address of which no notice was given (in accordance with this
Section 7.03), or the refusal to accept same, the notice, demand, consent, request, instruction or other communication shall be deemed
received on the second business day the notice is sent (as evidenced by a sworn affidavit of the sender). All such notices, demands, consents,
requests, instructions and other communications will be sent to the following addresses or facsimile numbers as applicable.


 


If to the Company: 


 


CX Network Group, Inc.


Room 1205, 1A Building, Shenzhen Software Industry
Base


Xuefu Rd, Nanshan District, Shenzhen


Guangdong Province, China,
518005


Attn: Huibin Su, CEO


 


If to the Sellers: 


At the Address set forth on
Exhibit A hereto.


 


If to the Purchasers:


 


At the Address set forth on
Exhibit B hereto.


 


7.04  Further
Assurances. The parties agree (a) to furnish upon request to each other such further information, (b) to execute and deliver to each
other such other documents, and (c) to do such other acts and things, all as the other parties may reasonably request for the purpose
of carrying out the intent of this Agreement and the documents referred to in this Agreement.


 


7.05  Waiver.
The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any
party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will operate as
a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any
other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent
permitted by applicable law, (a) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be
discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other
parties; (b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (c)
no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving
such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this
Agreement.


 






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7.06  Entire
Agreement and Modification. This Agreement supersedes all prior agreements by and among the parties with respect to its subject matter
and constitutes (along with the documents referred to in this Agreement) a complete and exclusive statement of the terms of the agreement
by and among the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed
by the party against whom the enforcement of such amendment is sought.


 


7.07  Assignments,
Successors, and No Third-Party Rights. No party may assign any of its rights or obligations under this Agreement without the prior
written consent of the other parties. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon,
and inure to the benefit of and be enforceable by the respective successors, heirs, executors and permitted assigns of the parties. Nothing
expressed or referred to in this Agreement will be construed to give any person other than the parties to this Agreement any legal or
equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of
its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and assigns.


 


7.08  Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or unenforceable.


 


7.09  Section
Headings, Construction. The headings of sections in this Agreement are provided for convenience only and will not affect its construction
or interpretation. All references to “Section” or “Sections” refer to the corresponding Section or Sections of
this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless
otherwise expressly provided, the word “including” does not limit the preceding words or terms. The parties hereto agree to
waive the application of any law of construction providing that ambiguities in an agreement or other document will be construed against
the party drafting such agreement or document.


 


7.10 Effect
of Closing. All representations and warranties of the parties shall be true and correct as of the Closing and shall survive for one
(1) year after Closing except as may otherwise be set forth in Article VI (Remedies). All covenants shall survive as set forth in Section
5.06.


 


7.11 Certain
Definitions. For purposes of this Agreement, the following capitalized terms have the following meanings. Other capitalized terms
are defined elsewhere in this Agreement.


 


		(a)	“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution,
treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Authority.



 


		(b)	“Governmental Authority” means any federal, state, local or foreign government or political
subdivision or union thereof (including the European Union), or any department, agency or instrumentality or fully-owned or partially-owned
enterprise of such government or political subdivision or union, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have
the force of law), or any arbitrator, court or tribunal of competent jurisdiction.



 


		(c)	the terms “Knowledge” and “Known” and words of similar import mean:



 


		(i)	with respect to a Seller, shall mean the actual present knowledge of a particular matter by such Seller,
without independent inquiry;



 






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		(ii)	with respect to the Company, shall mean the actual present knowledge of a particular matter by the Company
or of Huibin Su, CEO of the Company, in each case without independent inquiry.



 


		(iii)	with respect to Purchaser, shall mean the actual present knowledge of such Purchaser, provided it shall
be assumed that such Purchaser, shall have made reasonable and customary inquiry of the matters in question.



 


		(d)	“Lien” means any mortgage, pledge, security interest, attachment, right of first refusal,
option, proxy, voting trust, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement
or lease in the nature thereof), restriction (whether on voting, sale, transfer, disposition or otherwise), any subordination arrangement
in favor of another Person, any filing or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar
Law.



 


		(e)	“Order” means any award, decision, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made,
or rendered by any court, administrative agency, or other Governmental Authority.



 


		(f)	“Permitted Liens” means (a) Liens for taxes or assessments and similar governmental
charges or levies, which either are (i) not delinquent or (ii) being contested in good faith and by appropriate proceedings, and adequate
reserves have been established with respect thereto, (b) other Liens imposed by operation of Law arising in the ordinary course of business
for amounts which are not due and payable and as would not in the aggregate materially adversely affect the value of, or materially adversely
interfere with the use of, the property subject thereto, (c) Liens incurred or deposits made in the ordinary course of business in connection
with social security, (d) Liens on goods in transit incurred pursuant to documentary letters of credit, in each case arising in the ordinary
course of business, or (v) Liens arising under this Agreement or any agreement attached hereto or made a part hereof.



 


7.12 Mutual
Cooperation. The parties hereto shall cooperate with each other to achieve the purpose of this Agreement, and shall execute such other
and further documents and take such other and further actions as may be necessary or convenient to effect the transaction described herein.


 


7.13 Waiver
of Jury Trial. ALL PARTIES HEREBY WAIVE THEIR RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS AGREEMENT OR
ANY DOCUMENT OR INSTRUMENT DELIVERED HEREUNDER.


 


7.14  Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and
all of which, when taken together, will be deemed to constitute one and the same agreement. In the event that any signature is delivered
by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile
or “.pdf” signature page were an original thereof.


 


7.15 Escrow
Agent’s Role. The Sellers, the Purchasers and the Company understand and agree that the Escrow Agent is not a principal, participant
or beneficiary of the underlying transactions which necessitate this Agreement. The Escrow Agent shall be obligated only for the performance
of such duties as are specifically set forth herein and may rely and shall be protected in acting or refraining from acting on any instrument
believed by it to be genuine and to have been signed or presented by the proper party or parties, their officers, representatives or agents.
So long as the Escrow Agent has acted in good faith or on the advice of counsel or has not been guilty of willful misconduct or gross
negligence, the Escrow Agent shall have no liability under, or duty to inquire beyond the terms and provisions of this Agreement, and
it is agreed that its duties are purely ministerial in nature. The Sellers shall have full responsibility to assure that all documents
required by the Agreement are so delivered to the Escrow Agent, and Purchasers shall have the full responsibility to review all documents
for completeness and accuracy. The Escrow Agent has acted as legal counsel for the Purchasers and the Company. The Sellers, the Purchasers
and the Company consent to the Escrow Agent in such capacity as legal counsel for the Purchasers and waive any claim that such representation
represents a conflict of interest on the part of the Escrow Agent.


 


[SIGNATURE PAGE OF PURCHASERS TO FOLLOW]


 




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In witness whereof, this
Securities Purchase Agreement has been duly executed by the undersigned as of the date first above written.


 


	 	PURCHASER:
	 	 
	 	By:	/s/
    Wenhai Xia
	 	Name:	 Wenhai Xia



 


[Signature Page to Securities Purchase Agreement]


 




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In witness whereof, this Securities Purchase Agreement has been duly
executed by the undersigned as of the date first above written.


 


	CX NEtwork group, Inc.:	 
	 	 	 
	By:	/s/ Huibin Su	 
	Name:	Huibin Su	 
	Title:	CEO	 
	 	 	 
	Acknowledged and agreed as to	 
	SECTIONs 3.08 & 5.02 ONLY:	 
	 	 	 
	CHUANGXIANG HOLDINGS INC.:	 
	 	 	 
	By:	/s/ Huibin Su	 
	Name:	Huibin Su	 
	Title:	CEO	 


 


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[SIGNATURE PAGE OF SELLERS TO FOLLOW]


 


[Signature Page to Securities Purchase Agreement]


 




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In witness whereof, this Securities
Purchase Agreement has been duly executed by the undersigned as of the date first above written.





 


	SELLERS:	 	 
	 	 	 	 
	Continent Investment Management Limited 	 	Jiyin Li
	 	 	 	 
	By:	/s/ Jiyin Li	 	/s/ Jiyin Li
	Name:  	Jiyin Li	 	 
	Title:	Sole Member	 	 
	 	 	 	 
	Golden Fish Capital Investment Limited 	 	Huibin Su
	 	 	 	 
	By:	/s/ Huibin Su	 	/s/ Huibin Su
	Name:	Huibin Su	 	 
	Title:	Sole Member	 	 


 


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