Exhibit 10.11 


 


Date of Loan Approval:5/18/2017


 


Borrower: Xiamen Pop Culture Co., Ltd.


 


Legal Representative/Person in Charge:
HUANG ZHUO QIN


 


Address:


 


Confirmation Letter of Standard Chartered
Bank Unsecured Loan for Small and Medium-sized Enterprises


 


On account of the borrower’s application
to Standard Chartered Bank (“our Bank”), our Bank hereby confirms that we will provide small loans in Renminbi according
to the following conditions:


 


	principle (RMB) *	 	 	term (month)	 	 	monthly interest rate**	 	 	monthly payment***	 
	 	1,500,000.00	 	 	 	36	 	 	 	1.46	%	 	 	53,8583,10	 




 


	method of payment	 	method of repayment	 	lending method
	avera capital plus interest method	 	payment by borrower****	 	[once/twice]



 


*Approved loans exceeding RMB1,000,000
will be made at twice, of which the second loan cannot be made without borrower’s compliance with the “special term”
rule 1 as set below.


 


**Our bank will provide the borrower with
a preferential monthly interest rate 0.21%~09.25% (the final specific range shall be made by our Bank) lower than the original
monthly rate without preference if the approved loans exceeds RMB1,000,000 and borrower complies with special term rule 1. For
borrowers who have already been approved a preferential interest rate, such adjustment shall be made according to the original
rate without preference, not the applied preferential interest rate. The repayment schedule or notice made of similar related documents
shall prevail when it comes to the final application of preferential interest rate and term of conditions. However, such preferential
interest rate shall have no influence upon our Bank’s rights of raising the loan interests for borrower or others under agreed
conditions.


 


***If the release date of loan is the 26th
or any day after 26 of any calendar month, the first payment shall be greater than the monthly payment recorded hereupon. The specific
date and sum of monthly payment might alter according to the releases of loan where the payment schedule or notice made of similar
related documents shall prevail.


 


****Unless local laws and regulations requires
entrusted payment.


 






     


     


    

 


Penalty rate of Payment Delay: Up
to 150% annual rate applying to borrower on the occasion; multi-stage interest calculating in the case that PBC adjusts Penalty
rate of Payment Delay.


 


Penalty rate of Embezzlement: Up
to 200% annual rate applying to borrower on the occasion; multi-stage interest calculating in the case that PBC adjusts Penalty
rate of Payment Delay.


 


Penalty rate of Default of Payment:
150% annual rate applying to borrower on the occasion if breach of contracts occurs, other than payment delay, embezzlement, etc.
The higher penalty rate shall prevail if multiple defaults occur.


 


Liquidated Damages for Prepayment:
5% of repayment if borrower makes prepayment application within 1 year (including 1 year) since loan release date; 3% of repayment
if borrower makes prepayment application after 1 year (excluding 1 year) since loan release date. Borrower can prepay in full (not
partly) with our Bank’s consent.


 


Special Terms:


 


	1.	Approved loan will be made at twice, if the approved principle (the “Principle” defined
in this Confirmation Letter shall hereinafter prevail) exceeds RMB1,000,000, of which the first release is RMB1,000,000 and the
rest (the difference of approved principle and RMB1,000,000) cannot be made without compliance with all the following rules otherwise
the bank shall have right to cancel the release of the rest loans with written notice:



 


	(1)	Borrower is with a good credit standing and no default or any other events that might influence
his ability to pay has occurred;



  


	(2)	Borrower should have sent to bank (the date of receipt by bank shall prevail) the application for
the first release of loan and other related qualified documents within 10 (included) days since loan approval. (if this clause
is not satisfied, there might be cancellation of the rest of loan because of the delay of the first release.);



 






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	(3)	Borrower should send to bank (the date of receipt by bank shall prevail) application for release
of the rest of the loan and other documents required by the bank during the period from that he having made properly two payments
on schedule to 85 (included) days (the date should be the previous working day if it is non-working day) since loan approval on
condition that Borrower has sent to the bank the application for first loan release and other related qualified documents according
to clause (2) above. ( Borrower can submit application for loan release in advance and not later, and borrower shall guarantee
the veracity and completeness of such documents or else it might lead cancellation of release of the rest of loan) (bank shall
start processing the application for release of the rest of loan only if the calculation of terms has already begun as it sets
above); and



 


	(4)	Borrower shall submit at the same time as he submits loan release application the Statement of
Use of Settlement Account of which the content and form shall comply with bank’s requirement to confirm that he has notified
related clients to make related business payments to the related bank account Borrower opens at the bank.



 


	2.	Within any six consecutive calendar months of the loan duration, if borrower’s current accounts
at the bank (all of his current accounts count) have met the line of 3 (included) foreign exchange remittance inward or outward
in a monthly range or Borrower has met the line of 1 delivery of import and export documents under letter of credit or collection
in a monthly range, borrower may make application and bank has the right to approve an annual rate 1% lower than the original rate
based on the conditions above. Terms of application of such preferential rate and the sum of payment after such adjustment should
be subject to bank’s notices of such matters.



 


This Confirmation Letter comes into effect
upon the receipt by borrower.


 


The Loan of this Confirmation Letter
shall be effective within 30 days since the date written at the top left of this Letter. If the loan is not drawn during a proper
period of time, the loan can no long been drawn and borrower shall reimburse the loss of our Bank for such matter unless our Bank
gives other consent or the application and the clause and rule others agrees. With dependent consent of our Bank, matters of
the loan can continue as agreed in this Confirmation Letter.


 


Note: The annual interest rate should be
product of corresponding monthly interest rate and 12. Our Bank makes calculation of the actual daily interest rate by dividing
the annual rate by 360. Interest accumulates on a daily basis and our Bank calculates the number of monthly payment, including
the interest and principle to be repaid at that month, in the equal principal and interest method. The monthly payment number of
this Confirmation Letter is a rough estimation by our Bank based on the rate of such product published by our Bank under the condition
when this Confirmation Letter is made and it may alter if conditions change in the process of actual performance.


 






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This Confirmation Letter is subject to
Standard Chartered Bank Unsecured Loan for Small and Medium-sized Enterprises Form and Terms and Conditions (“Application
Form and Terms and Conditions”) and makes part of the Loan Contract of the loan.


 


This Confirmation Letter shall prevail
if there is any difference between Standard Chartered Bank Unsecured Loan for Small and Medium-sized Enterprises Form and Terms
and Conditions and this Confirmation Letter.


 


Except as otherwise stipulated in the application
form and the terms and conditions, the release of the loan must also be subject to the following conditions: Borrower has successfully
opened an account at the branch in China of Standard Chartered Bank as required; and the industrial and commercial information
of Borrower shall reflect the latest status of borrower in a timely manner and shall continue to comply with the approval requirements
of our Bank.


  


The address of Borrower specified in this
Confirmation Letter will be used as the address for the relevant judicial documents. The relevant judicial documents (including
subpoenas, award documents, enforcement documents, etc.) are served by the court when they are sent to the such address unless
laws or administrative regulations provide otherwise. Borrower shall bear the legal liabilities that may arise due to the inaccurate
address or failure to inform the changed address in a timely manner.


 


Borrower’s failure to submit a report
on the payment of loan in accordance with our Bank's requirements within 3 months after the withdrawal and invoice, business contract,
payment voucher, or other supporting materials approved by our Bank related to such payment to our Bank’s satisfaction will
be considered as one of the major breaches, and our Bank reserves the right to take immediately any measure including but not limited
to cancelling remaining loan, adjusting loan interest rate, adjusting loan risk classification or announcing loan expiry immediately.


 


Standard Chartered Bank (China) Limited Xiamen
Branch Office


 


This computer printed confirmation does not
need to be signed by the person in charge of our Bank


 


	 	Notice: Please do not sign any blank documents
	 	 
	(SEAL)	Business license No.:	 
	 	 	 
	 	Organization Code:	 
	 	 	 
	 	The borrower agrees to accept this Confirmation Letter and confirms that a copy of this letter has been received.
	 	 
	 	 


 


Legal Representative (Person
in Charge) or Authorized Agent/Official Seal/Date


 


 


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