Exhibit 10.24


 


Equity
Transfer Agreement 


 


Below
parties enter into this equity transfer agreement in Haiding District of Beijing on December 29, 2018.


 


Party
A: Beijing Hongyuan Recycling Energy Investment Center (LLP)


 


Executive
Partner: Hongyuan Recycling Energy Investment Management (Beijing) Co., Ltd.


 


Executive
Partner: Zhong Zhang


 


Party
B: Shanghai TCH Energy Technology Co., Ltd.


 


Legal
Representative: Geyun Wang


 


Whereas,
after amicably negotiation, based on mutual benefits, both parties enter into this agreement to transfer the equity of Xi’an
Zhonghong New Energy Technology Co., Ltd. as follows.


 


Item
one, Subject of equity transfer


 


Party
A agrees to transfer to Party B its owned 10% equity ownership of Xi’an Zhonghong New Energy Technology Co., Ltd. which
is worth RMB 3 million and Party B agrees to be transferred.


 


Item
two, Equity transfer price and payment


 


Party
A and Party B agree that the price of the equity transfer is RMB 3 million in total, and Party B shall pay the equity transfer
fee of RMB 3 million to Party A within three years after the signing of this agreement.


 






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Item
three, Representation and warranties


 


1.
Party A makes the following representations and warranties regarding the equity transfer:


 


(1)
Party A is the sole owner of the equity transfer subject set forth in Item 1 hereof;


 


(2)
the subject of the equity transfer set forth in Item 1 hereof is free from any limitation of rights, including but not limited
to pledge, equity entrustment, etc.


 


2.
Party B warrants that it shall pay the equity transfer fee as agreed in Item 2 hereof and shall handle the registration change
at industrial and commercial bureau related to the equity transfer within 3 business days upon the signing of the agreement.


 


Item
four, Modification and termination of the agreement


 


Under
any of the following circumstances, either party may change or terminate this agreement by mutual agreement upon written notice
to the other party:


 


(1)
This agreement cannot be performed due to force majeure or external causes that cannot be prevented despite no fault of either
party;


 


(2)
Due to the default of one party, the economic interests of the other party are seriously affected and the performance of this
agreement becomes unnecessary.


 


Item
five, Liability for Breach of Contract


 


Any
party that terminates or fails to perform its obligations under this agreement shall be deemed as breach of contract.


 


In
the event of such breach, the breaching party shall be liable to the non-breaching party for continuing performance, taking remedial
measures or compensating for losses; If both parties breach the agreement, both parties shall be responsible according to the
its respective degree of negligence.


 






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Item
six, Applicable law and disputes resolution


 


Party
A and Party B shall endeavor to settle amicably any and all disputes, disputes and differences (“disputes”) arising
out of or in connection with the performance or non-performance of this agreement and its obligations hereunder (including any
issues concerning the existence, validity or termination of this agreement).Within thirty business days after one party sends
a written notice to the other party regarding the dispute, if the parties fail to settle such dispute or claim (if any) amicably,
either party shall have the right to file a lawsuit to the people’s court with jurisdiction in Xicheng District, Beijing, where
this agreement is signed.


 


Item
seven, others


 


1.
This agreement shall come into force upon being signed and sealed by both parties.


 


2.
This agreement is made in four originals, one held by Party A and one held by Party B, and two kept for company and business change
registration. Each original shall have the same legal effect.


 


Party
A: Beijing Hongyuan Recycling Energy Investment Center (LLP)


 


Legal
Respresentative or Authorized Representative: 


 


Party
B: Shanghai TCH Energy Technlogy Co., Ltd.


 


Legal
Respresentative or Authorized Representative: 


 


 





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