Exhibit
10.5


 


August 30, 2021


Fortune Joy Capital Corp.


27E, Phase 1


Zhongzhou Binhai Huafu, Binhai Road Futian
District,


Shenzhen, Guangdong, People’s Republic of China


 


		Re:	Subscription Agreement



 


TO: The Directors
of Fortune Joy International Acquisition Corp (the “Company”).


 


The undersigned
(the “Subscriber”) hereby subscribes for 1,150,000 Class B ordinary shares of par
value US$0.0001 each (the “Shares”) of the Company. The undersigned hereby irrevocably
surrender to the Company for cancellation and for nil consideration one Class B ordinary share of a par value US$0.0001 standing in my
name in the register of members of the Company. The undersigned agrees to take the Shares subject to the memorandum and a1ticles of association
of the Company and the undersigned authorizes you to enter the following name and address in the register of members of the Company:


 


Name: Fortune Joy Capital Corp.


Number of Class B ordinary shares:
1,150,000


Address: 27E, Phase 1, Zhongzhou Binhai
Huafu, Binhai Road, Futian District, Shenzhen, Guangdong, China


 


The terms on which
the Company is willing to sell the Shares to the Subscriber pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the
“Securities Act”), and the Company and the Subscriber’s agreements regarding the
Shares, are as follows


 


 1. Purchase
of Shares. The Company hereby sells and issues to the Subscriber, and the Subscriber hereby purchases from the Company the
Shares, for an aggregate purchase price of$25,000, on the terms and subject to the conditions set forth in this agreement (this “Agreement”).
Concurrently with the Subscriber’s execution of this Agreement, the Company is delivering to the Subscriber certificate(s)
registered in the Subscriber’s name representing the Shares, receipt of which the Subscriber hereby acknowledges.




 


2. Representations, Warranties and Agreements.




 


2.1. Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby represents
and warrants to the Company and agrees with the Company as follows:


 


2.1.1. No
Government Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar agency
of any other country has passed upon or made any recommendation or endorsement of the offering of the Shares.


 


2.1.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the provisions of the organizational documents of the Subscriber,
if any, (ii) any agreement, indenture or instrument to which the Subscriber is a party, or (iii) any law, statute, rule or regulation
to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.


 


2.1.3. Organization
and Authority. Upon execution and delivery by the Subscriber, this Agreement is a legal, valid and binding agreement of the Subscriber,
enforceable against the Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).


 


2.1.4. Experience,
Financial Capability and Suitability. the Subscriber is: (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an
indefinite period of time because the Shares have not been registered under the Securities Act of 1933 and therefore cannot be sold
unless subsequently registered under the Securities Act or an exemption from such registration is available. The Subscriber has
substantial experience in evaluating and investing in transactions of securities in companies similar to the Company so that he or
she is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own
interests. The Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective
registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. The
Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s
investment in the Shares.


 






     


     


    

 


2.1.5. Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask
questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all
information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and
understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished pursuant
to this paragraph. Subscriber understands that no person has been authorized to give any information or to make any representations which
were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making its
investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.


 


2.1.6. Private
Offering. The Subscriber acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption pursuant
to Section 4(a)(2) of the Securities Act.


 


2.1.7. Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the
account or benefit of any other person, and not with a view towards the distribution or dissemination thereof and the Subscriber has no
present arrangement to sell the interest in the Shares to or through any person or entity. The Subscriber did not decide to enter into
this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 under the Securities Act.


 


2.1.8. Restrictions
on Transfer; Shell Company; Affiliate Status. The Subscriber understands the Shares are being offered in a transaction not involving
a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificates representing the Shares
will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer
the Shares, the Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities
Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any interest therein is
proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of
counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. The Subscriber
further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the
Shares until one year following consummation of the initial business combination of the Company, despite technical compliance with the
requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. The Subscriber (a) acknowledges that after
the issuance of the Shares, the Subscriber may be deemed an “affiliate” of the Company under the Securities Act, (b) acknowledges
understanding the additional restrictions under the Securities Act applicable to affiliate of the Company, and


(c) acknowledges
that it had a full and fair opportunity and the means to obtain United States securities counsel and discuss such restrictions prior to
entering into this Agreement.


 


2.1.9. No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate
on the part of Subscriber in connection with the transactions contemplated by this Agreement.


 


2.1.10. Bad
Actor. The Su.bscriber is not subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(l)(i) to (viii)
under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3) under the Securities Act, The Subscriber has exercised reasonable care to determine whether he, she or it is subject to a Disqualification
Event. The purchase of the Shares will not subject the Company to any Disqualification Event. There are no matters that would have triggered
disqualification under Rule 506(d)(l) under the Securities Act but occurred before September 23, 2013.


 


2.1.11. No
Legal Advice from Company. The Subscriber acknowledges that it has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement and the other agreements entered into between the parties hereto with its own legal
counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement and the
other agreements entered into between the parties hereto, the Subscriber is relying solely on such counsel and advisors and not on
any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice with
respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.


 






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2.1.13. Reliance
on Representations and Warranties. The Subscriber understands the Shares are being offered and sold to it in reliance on exemptions
from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and
that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings
of the Subscriber set forth in this Agreement in order to determine the applicability of such provisions.


 


2.1.14. No
General Solicitation or General Advertising; No Directed Selling Efforts. The Subscriber is not aware of any form of general solicitation
or general advertising (within the meaning of Regulation S) in respect of the Shares, including (I) any advertisement, article, notice
or other communication published in any newspaper, magazine, or similar media or broadcast over television, radio, or the internet; and
(2) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.


 


2.2. Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents and warrants
to the Subscriber and agrees with the Subscriber as follows:


 


2.2.1. Organization
and Corporate Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of State
of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have
a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite
corporate power and authority necessary to carry out the transactions contemplated by this Agreement.


 


2.2.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (I) the certificate of incorporation of the Company, (2) any agreement,
indenture or instrument to which the Company is a party, or (3) any law, statute, rule or regulation to which the Company is subject,
or any agreement, order, judgment or decree to which the Company is subject. Other than any registration statement which may be filed
pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform
any of its obligations under this Agreement or issue the Shares in accordance with the terms hereof.


 


2.2.3. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly issued,
fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber will have or
receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (i)
transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state
securities laws, and (iii) liens, claims or encumbrances imposed due to the action of the Subscriber.


 


2.2.4. Enforcement.
This Agreement constitutes, and upon the execution and delivery thereof, valid and binding obligations of the Company enforceable against
the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and
remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited
by federal and state securities laws or principles of public policy.


 


2.2.5. No
Registration. Assuming the accuracy of the representations and warranties of the Subscriber contained in this Agreement, the
issuance and sale of the Shares pursuant to this Agreement is exempt from registration requirements of the Securities Act, and
neither the Company nor, to the knowledge of the Company, any authorized representative acting on its behalf, has taken or will take
any action hereafter that would cause the loss of such exemption.


 


2.2.6. No Integration. Neither the Company nor any of its
affiliates have, directly or indirectly through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated
in respect of, any “security” (as defined in the Securities Act) that is or will be integrated with the sale of the Shares
in a manner that would require registration under the Securities Act.


 


2.2.7. No
General Solicitation or General Advertising. Neither the Company nor any person acting on behalf of the Company has offered or
sold any of the Shares by any form of general solicitation or general advertising (within the meaning of Regulation S promulgated
under the Securities Act) including (I) any advertisement article, notice or other communication published in any newspaper,
magazine, or similar media or broadcast over television, radio, or the internet; and (2) any seminar or meeting whose attendees have
been invited by any general solicitation or general advertising; nor has it seen or been aware of any activity that, to its
knowledge, constitutes general solicitation or general advertising.


 






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3. Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement and, subject to
the below, any other Company securities purchased on a private placement basis, the Subscriber hereby waives any and all right, title,
interest or claim of any kind in or to any distributions by the Company from the Trust Account (as such term is defined in the Investment
Management Trust Agreement to be entered by and between the Company and the trustee thereunder), in the event of a liquidation of the
Company upon the Company’s failure to timely complete a business combination.


 


 4. Restrictions on Transfer.




 


4.1. Securities
Law Restrictions. The Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the
Shares unless, prior thereto (i) a registration statement on the appropriate form under the Securities Act and applicable state securities
laws with respect to the Shares proposed to be transferred shall then be effective, or (ii) that an exemption from registration is available
under the Securities Act and the rules promulgated by the Commission thereunder and is in compliance with all applicable state securities
laws.


 


4.2. Restrictive
Legends. Unless counsel otherwise advises, all certificates representing the Shares shall have endorsed thereon legends substantially
as follows:


 


“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER,
IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OR OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION
EXEMPT FROM REGISTRATION, THE SECURITIES MAY ONLY BE TRANSFERRED IF THE COMPANY AND TRANSFER AGENT FOR SUCH SECURITIES HAS RECEIVED DOCUMENTATION
SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT.”


 


4.3. Additional
Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of an extraordinary dividend
payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding capital stock without receipt of consideration, any new, substituted or additional securities or other
property which are by reason of such transaction distributed with respect to any Shares subject to this Section 4 or into which the Shares
thereby become convertible shall immediately be subject to this Section 4. Appropriate adjustments to reflect the distribution of such
securities or property shall be made to the number and/or class of Shares subject to this Section 4.


 


 5. Other Agreements.




 


5.1. Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary
to carry out the intent of this Agreement.


 


5.2. No
Obligation as to Employment. The Company is not by reason of this Agreement obligated to employ, or continue to employ, the Subscriber
in any capacity.


 


5.3. Notices. All
notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth on the first page of this Agreement or to such other address as a party may designate by notice hereunder, and
shall be either (1) delivered by hand, (2) sent by overnight courier, (3) sent via facsimile, or (4) sent by certified mail, return
receipt requested, postage prepaid. All notices, requests, consents and other communications hereunder shall be deemed to have been
given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth
above, (ii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier
service, (iii) if sent via facsimile, when receipt is acknowledged, or (iv) if sent by certified mail, on the (5th) business
day following the day such mailing is made.





 






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5.4. Entire
Agreement. This Agreement embodies the entire agreement and understanding between the Subscriber and the Company with respect to the
subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No
statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used
to interpret, change or restrict, the express terms and provisions of this Agreement.


 


5.5. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties
hereto.


 


5.6. Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written
document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or
shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such
waiver or consent shall be effective only in the specific instance and for the purpose for which it was given and shall not constitute
a continuing waiver or consent.


 


For and on behalf of


 


	FORTUNE JOY CAPITAL CORP
	         	                
	Signed:	/s/ Long Chen	 
	Name:	Long Chen	 
	Title:  	Director 	 
	 	 	 
	Dated: 08/30/2021	 
	 	 	 
	Accepted:	 	 
	 	 	 
	For and on behalf of 	 
	 	 	 
	FORTUNE JOY INTERNATIONAL ACQUISTION CORP
	  
	Signed: 	/s/ Long Chen	 
	Name:	Long Chen	 
	Title:	CEO & Director 	 
	 	 	 
	Dated: 08/30/2021	 



 


 


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