Dragon Acquisition Corporation - Exhibit 10.8 - Filed by newsfilecorp.com






Exhibit 10.8 

(English Translation) 

 

Share Purchase Agreement 

Party A: Cheng Defeng ID No.: 370226196809010015 

Party B: Wang Yingchun ID No.: 379014197402167316 

Party C: Qingdao Oumei Real Estate Development Co., Ltd

Legal Representative: Zhang Weiqing 
Domicile: No. 1431, Aolan Road,
Jimo, Qingdao 

Whereas: Weihai Mingwei Industry Co., Ltd. Is a limited
liability company (hereinafter “the company”) invested by Party A and Party B.
Its registered capital is 5.08 million RMB. Cheng Defeng’s contribution to the
registered capital of the company is 4,064,000Yuan, representing a 80% of the
shares. Wang Yingchun’s contribution to the registered capital of the company is
1,016,000 Yuan, representing a 20% of shares. 

After friendly discussion, all parties agreed that Party A and
Party B will assign its own 100% of the shares amount equivalent to 110,000,000
Yuan RMB in foreign exchange to Party C. All Parties sign an agreement as
follows: 

	1. 	
      Proportion and Price of the Purchased
  Shares

	 	 
		
      Party A will sell its own 80% of the shares of Weihai
      Mingwei Industry Co., Ltd. equivalent to 88,000,000 Yuan RMB in foreign
      exchange to Party C.

	 	 
		
      Party B will sell its own 20% of the shares of Weihai
      Mingwei Industry Co., Ltd. equivalent to 22,000,000 Yuan RMB in foreign
      exchange to Party C.

	 	 
	2. 	
      Payment Term

	 	 
		
      In 90 days from the date of this contract has signed,
      Party C shall pay Party A and Party B the full purchase price in a lump
      sum.

	 	 
	3. 	
      Right and Responsibilities of Two
Parties

	 	 
		
      Party C shall pay the total purchase price to Party A and
      Party B in a lump sum as stipulated in this agreement. Should Party C fail
      to pay off the amount, it will be liable for the responsibilities for
      breach of the contract.

	 	 
		
      After the full payment of the purchase price from Party
      C, Party A and Party B shall assist Party C in dealing with all the
      changing registration procedures in AIC, Tax and Foreign Exchange Bureau
      and other administrative departments.








	4. 	
      Breach of contract

	 	 
		
      If Party C fails to pay the purchase price according to
      the term prescribed in the article 3 of this agreement, Party C should pay
      1/10000 of the purchase price as punishment every delay of one month to
      Party A and Party B. Party A and Party B are entitled to terminate the
      agreement and ask for the payment of damage except for the punishment when
      a delay of 6 months occurs.

	 	 
	5. 	
      Dispute Settlement

	 	 
		
      In the event of any dispute relating to this agreement,
      the parties shall attempt in the first instance to resolve such dispute
      through friendly discussion. If the event such dispute is not resolved
      through discussion, the dispute shall be submitted to Qingdao Arbitration
      Committee according to its rules of procedure. The arbitral award is final
      and binding to both parties.

	 	 
	6. 	
      Effective Conditions of the agreement

	 	 
		
      After formal sign and seal by all parties, the agreement
      comes to effect as long as the approval authority approves. The agreement
      has six copies. Each party holds one, the other will be submitted for
      approval.



 

Party A 
Cheng Defeng 

Party B 
Wang Yingchun


Party C 
Qingdao Oumei
Real Estate Development Co., Ltd 
Legal Representative: Zhang Weiqing


19th, Jan, 2008