Exhibit 10.34





Liquid Capital Loan Contract


(Loan Number: HHHT(2013)LDZJ0167)


 


(This Is a Summary Translation for Reference
Only)


 


		Borrower:	Inner Mongolia Yongye Nongfeng Biotech Co., Ltd.



		Address:	Yongye Industrial Park, Jinshan Boulevard,



Jinshan Development Zone, Hohhot


Postal Code:


		Legal Representative:	SUN Xiaofeng



Authorized Agent:


Processing Person:


Telephone:


Fax:


		Account Bank:	China Everbright Bank Holdings. Co., Ltd., Hohhot Branch



		Account Number:	50120188000016391



 


		Lender:	China Everbright Bank Holdings. Co., Ltd., Hohhot Branch



		Address:	78 Xinhua Road East, Saihan District, Hohhot



		Postal	Code:010020



		Legal Representative:	ZHANG Ling



		Authorized Agent:	SHI Jiaxin



		Processing Person:	YUN Jiaqi



		Telephone:	0471-5165021



		Fax:	0471-5165035



 






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Article I Generals


 


Because of the need of business operations,
the Borrower applies to the Lending Bank for a loan, and the Lending Bank, upon review, agrees to issue a loan to the Borrower
on the terms and conditions set forth in this contract.


 


Now, pursuant to the relevant law and the
policies of the regulatory authorities of our country, the two parties, after reaching consensus through consultation, have reached
the agreement on the following provisions, which are to be adhered to by both parties.


 


Article II Purpose of the Loan


 


		1.	The two parties agree that:



 


1.1          The loan amount hereunder is to be used as revolving
liquid capital, for the specific purpose of purchasing raw material.


 


1.2          The Borrower shall not use the loan in the purchase
of fix asset, equity investment or in any production or operation prohibited by the State.


 


1.3          The Borrower shall not change the purpose of the
loan specified herein without prior written consent from the Lending Bank.


 


Article III Currency, Amount, Term
and Disbursement of the Loan


 


2.            The currency of the loan hereunder is Renminbi and
the amount is RMB One Hundred Million (¥100,000,000.00).


 


3.            The term of the loan hereunder is from October 17,
2013 to October 17, 2014.


 


4.            Upon complete satisfaction of the preconditions set
forth in Section 11 below, the Lending Bank must disburse the loan amount in one sum in full and have it deposited into the Borrower's
account established with the Lending Bank on October 17, 2013.


 


Article IV Interest of the Loan and
Calculation Method


 


5.            The Borrower must make interest payments on the loan
amount to the Lending Bank in accordance with the provisions herein. The interest rate of the loan hereunder is fixed annual rate
of 7.2%.


 






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6.            The two parties agree that, in the event that the
People's Bank of China adjusts loan base rate or the calculation method thereof and the said loan base rate is applicable to the
loan hereunder, the Lending Bank has the right to determine the contract's new loan interest rate on the basis of the said adjusted
loan base rate or the calculation method. The Lending Bank shall not be required to obtain prior consent from the Borrower before
making such adjustment and shall have the right to assess interest according to the adjusted loan rate or calculation method.


 


7.            The interest on the loan hereunder is settled quarterly
and the settlement date is the 20th of the last month of each quarter.


 


8.           The loan interest calculation hereunder is based on
360 days a year, starting on the date when the loan is disbursed.


 


9.            If the Borrower fails to repay the loan in accordance
with the provisions herein, the Lending Bank shall have the right to charge past-due penalty rate; the past-due penalty rate is
30% of the loan interest rate specified in Section 5 herein in addition to the said loan interest rate starting from the past-due
date, until the loan principal and interest are repaid in full.


 


If the Borrower uses the loan for any purpose
other than that specified herein, the Lending Bank shall have the right to charge loan misappropriation penalty rate; misappropriation
penalty rate is 50% of the loan interest rate specified in Section 5 herein in addition to the said loan interest rate starting
from the date when the loan is misappropriated, until the loan principal and interest are repaid in full.


 


10.            If the Borrower fails to make interest payment on
time, the Lending Bank shall have the right to assess compound interest at the penalty rate.


 


Article V Release and Use of the Loan


 


11.            The Lending Bank shall have no obligation to provide
the loan hereunder to the Borrower unless the following preconditions are satisfied:


 


11.1           The Borrower has provided all the documents requested
by the Lending Bank;





11.2           The Borrower has filled all the forms and notes
required for the withdrawal of the loan; such forms and notes are the component part of this contract and have the same legal effect;





11.3           The Borrower has obtained all the government permits,
licenses and registrations in accordance with the relevant law and statutes;


 


11.4           If the loan hereunder is guaranteed, the Borrower
has processed all the certification and registration of, and obtained the insurance on, the security properties provided as guarantee
and such certification, registration and insurance remain effective and valid;


 






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11.5           The Borrower has committed no acts of breach specified
herein;


 


Upon satisfaction of the above preconditions,
the Lending Bank will arrange the disbursement of the loan in accordance with Section 4 herein and have the loan amount deposited
into the Borrower's bank account set up with the Lending Bank.


		Account Bank:	China Everbright Bank, Hohhot Branch



		Account Number:	50140188000011519.



 


12.             The loan disbursement methods hereunder are entrusted
disbursement by the Lending Bank and the disbursement by the Borrower at its own discretion.


 


13.             Change of the disbursement method and the conditions
that trigger such change


 


Upon the occurrence of any of the following,
the Lending Bank shall have the right to renegotiate the terms and conditions on the release and disbursement of the loan or change
the loan disbursement method:


 


13.1           The credit worthiness of the Borrower deteriorates;


 


13.2           The profitability of the Borrower’s main business
is weak;


 


13.3           The occurrence of any abnormality in the use of
the loan proceeds;


 


13.4           Other situations that the Lending Bank deems appropriate.


 


14.             Restrictions on the Disbursement of the Loan and
Prohibited Activities


 


Upon execution of this Contract, the Lending
Bank may restrict or suspend the release and disbursement of the loan upon the occurrence of any of the following:


 


14.1           Occurrence of any events set forth in Section 13


 


14.2           The Borrower use the loan for purposes other than
that specified herein or use the loan in violation of the provisions herein;


 


14.3           The Borrower break the withdrawal of the loan into
smaller amounts to circumvent the entrusted disbursement method;


 


14.4           The Borrower violates provisions herein;


 


14.5           Other situations deemed appropriate by the Lending
Bank.


 


15.             The Lending Bank has the right to request that the
Borrower provide records and documentation on the use of the loan funds.


  


Article VI Repayment of the Loan


 


16.             The Borrower must make interest payments in accordance
with the provisions herein and repay the principal in full and in one lump sum on October 17, 2014.


 






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17.             The Borrower must ensure that there is sufficient
amount in the account set up with the Lending Bank on the interest settlement dates or on the loan principal repayment date to
repay interest, loan principal and other fees.


 


18.             The Borrower must repay the loan principal in full
and on time to the Lending Bank. If the Borrower fails to repay the loan principal or to make interest payment on time, the Lending
Bank shall have the right to deduct the corresponding amounts, in the order of fees payable, loan interest and compound interest
and loan principal, from any accounts set up with the Lending Bank or within the banking system of the Lending Bank’s branch
organizations. If the repayment of the loan principal and interest payment are past due for more than 90 days, the order of deduction
for repayment will be determined in accordance with the rules of Ministry of Finance.


 


19.             If the Borrower desires to repay the loan ahead of
the schedule, the Borrower must submit an application to the Lending Bank 30 business days in advance for approval.


 


20.             If the Borrower is unable to repay the loan hereunder
on time and desires to extend the term of the loan, the Borrower must submit an application for extension in writing to the Lending
Bank. Upon the Lending Bank’s approval, the two parties must execute a loan extension contract as a supplement hereto.


 


Article VII Guarantee


 


21.             The guarantee method for the loan hereunder is maximum
natural person guarantee. The guarantee is provided by WU Zishen and YI Ping, and the guarantee is several liability guarantee.
Guarantee Contracts Numbers are:


HHHT(2013)ZGZRRBZ0218 and HHHT(2013)ZGZRRBZ0219.


 


22.             The Lending Bank and the guarantor must enter into
a guarantee contract and process necessary certification and registration of and insurance on the security property.


 


23.             If the term of the loan is extended, the Borrower
and the guarantor must continue to bear responsibility to provide guarantee for the loan during the extended term.


 


Article VIII Assumption of Fees and
Reimbursement


 


24.             The Borrower must bear all the fees paid by the Lending
Bank in connection with this contract and the corresponding guarantee contract, including but not limited to fees for legal service,
accounting service, audits, insurance, certification, appraisal and evaluation and registration.


 






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25.             Upon request by the Lending Bank, the Borrower must
immediately reimburse the Lending Bank in full for all the fees incurred by the Lending Bank in exercising its rights hereunder,
including but not limited to litigation expenses, attorney fees, travel and lodging expenses and other fees.


 


Article IX The Borrower’s Representations,
Warranties and Promises


 


26.             The Borrower is a valid and existing legal person
entity incorporated in accordance with the PRC law, has the ability to conduct independent civil activities and has the full power,
authorization and assets to bear civil responsibilities and conduct business activities.


 


27.             The Borrower has the full power and authorization
to execute this contract and conduct the transactions hereunder and has taken all actions necessary for the execution and performance
of this contract.


 


28.             The Borrower has obtained all the government approval
and third party consent required for the execution of this contract and the execution and performance of this contract will not
violate any of the Borrower’s incorporation documents or any other contracts to which the Borrower is a party.


 


29.             All the documents, material and certificates provided
by the Borrower in connection with the execution of this contract and the transaction hereunder are authentic, complete, accurate
and valid and the financial reports provided by the Borrower truthfully reflect the financial situation of the Borrower as of the
time of the issuance of such reports.


 


30.             This contract is legally effective and is legally
binding to the Borrower.


 


31.             The Borrower must set up an account with the Lending
Bank according to the Lending Bank’s requirements to be used as the settlement account for the loan hereunder.


 


32.             The Borrower has completed or will complete all the
required registration, filing and certification procedures to ensure the validity, effectiveness and enforceability of this contract.


 


33.             The Borrower has no pending litigation, arbitration
or administrative proceedings that will have a substantively adverse effect on the Borrower’s ability to perform its obligations
hereunder.


 


34.             The Borrower’s representations, warranties
and promises must remain true and accurate before the full repayment of the loan principal and interest and the Borrower will provide
any relevant documents at the Lending Bank’s request.


 






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35.             The Borrower has committed no act of breach.


 


36.             The Borrower has carefully read, and fully understands
and accepts, the contents herein and the execution and performance of this contract is voluntary; the Borrower acknowledges that
the intents expressed herein are the Borrower’s true intents.


 


37.             The Borrower has provided truthful, complete and
effective documents at the Lending Bank’s request.


 


38.             The Borrower promises to cooperate with the Lending
Bank in the management of the loan disbursement, and in the management thereafter and the relevant examination.


 


39.             The Borrower must accept, and actively cooperate
with, the Lending Bank’s investigation of, enquiries about and supervision on its production, operation and financial situation
and has the obligation to provide, on the monthly basis, the balance sheet and profit/loss statement for the latest month or other
documents that reflect the Borrower’s credit situation.


 


40.             During the effective period of the contract, the
Borrower must notify the Lending Bank in writing 30 days in advance in the event of any changes in the name of the Borrower, its
legal representative or its address.


 


41.             If, before the full repayment of the all the debt
hereunder, the Borrower desires to engage in external investment or financing that will substantially increase its debts, or to
undertake merger, spin-off, reduction of capital, transfer of equity, transfer of assets, filing for suspension of business for
rectification, filing for dissolution or bankruptcy or any other actions sufficient to cause any changes to the creditor/debtor
relationship hereunder or to affect the rights of the Lending Bank, the Borrower must notify the Lending Bank in writing 30 business
days and obtain the Lending Bank’s written approval. Otherwise, none of the transactions mentioned above can be conducted.


 


42.             The Borrower promises that, with the Lending Bank’s
written approval, the Borrower will not assume, for any other enterprise legal person or individual, debt obligations, provide
guarantee or establish pledges or liens on its assets that will affect the Borrower’s ability to repay the loan hereunder.


 


43.             If the Borrower experiences any other events, other
than those mentioned above, that will adversely affect the Borrower’s ability to fulfill its repayment obligations, the Borrower
must immediately notify the Lending Bank in writing.


 


44.             The Lending Bank has the right to demand that the
Borrower set up a special account with the Lending Bank as the account for the return of the funds, and the Borrower must set up
such special account at, and enter into an account management agreement with, the Lending Bank. The account information is as follows:


 


		Account Bank:	China Everbright Bank, Hohhot Branch



		Account Number:	50140188000011519.



 






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Article X Events of Breach


 


45.             Any of the following events constitutes an event
of breach:


 


45.1           The Borrower fails to make interest payments or
repay the loan principal in accordance with the provisions herein;


 


45.2           The Borrower fails to use the loan for the purpose
specified herein;


 


45.3           The Borrower fails to pay loan funds according to
the method specified;


 


45.4           The Borrower fails to adhere to its covenants;


 


45.5           The Borrower fails to reach the financial targets
specified;


 


45.6           The Borrower commits any act of cross-breach;


 


45.7           The Borrower provides false balance sheet, profit/loss
statements or other financial reports or withholds material facts therein, or refuses to accept the Lending Bank’s supervision
over and examination of the Borrower’s use of the loan and its production operation and financial activities;


 


45.8           The representations, warranties or promises made
herein by the Borrower or the guarantor, or those made by the guarantor made in the relevant guarantee contract, prove to be false
or misleading;


 


45.9           The Borrower or the guarantor violates other contract
to which the Borrower or the guarantor is a party;


 


45.10          The Borrower’s or the guarantor’s operation
or financial situation materially deteriorates;


 


45.11          The value of the pledged or mortgaged property
in connection with the loan hereunder decreases or such property is damaged or lost;


 


45.12          The Borrower or the guarantor fails to make arrangement
to repay its debts to the satisfaction of the Lending Bank at the time of its merger, spin-off or reorganization of share structure.


 


45.13          The Borrower or the guarantor files bankruptcy,
is dissolved or shut down, or its business permit is revoked, cancelled or voided;


 


45.14          The Borrower fails to notify the Lending Bank promptly
of any major revision of its charter, any changes in its operation activities, major revision of its accounting principles, or
any material changes in the financial, economic or other situation of the Borrower or of its subsidiaries or parent;


 


45.15          The Borrower is involved in any litigation, arbitration
or administrative proceeding that will adversely affect its ability to fulfill its obligations hereunder;


 


45.16          The Borrower’s assets is frozen, seized,
withheld or put into receivership in accordance with the law and such that the Borrower’s performance of its obligations
hereunder has been or will be materially affected;


 


45.16          The Borrower has violated any other provision herein
and fails to take any remedial actions to the satisfaction of the Lending Bank;


 


45.17          The Borrower uses forged contracts with its affiliates
and provided unsubstantiated notes receivable and accounts receivable to obtain credit or loan;


 






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45.18          The Borrower violates other provisions herein and
fails to provide remedies satisfactory to the Lending Bank;


 


45.19          Any other event or situation that will have a substantive
adverse effect on the rights of the Lending Bank hereunder.


 


46.              The Lending Bank shall make determination as to whether
any event of breach mentioned above has occurred and notify the Borrower. Upon the occurrence of any of the events of breach, the
Lending Bank shall have the right to take one or more of the measures below:


 


46.1            Suspend the disbursement of the loan amount hereunder;


 


46.2            Declare that the loan already released immediately
due and demand that the Borrower repay the loan principal, interest and other fees immediately;


 


46.3            Demand that the Borrower provide additional pledge
or lien or replace the guarantor;


 


46.4            Deduct directly any outstanding amount payable hereunder
from the account established with the Lending Bank or any of the Lending Bank’s branches;


 


46.5            Declare the exercise of its rights under the guarantee
contract for the loan;


 


46.6            Other measured deemed appropriate by the Lending
Bank.


 


Article XI Others


 


 


47.             During the effective period of this contract, the
Lending Bank shall have the right to examine the Borrower’s use of the loan and the Borrower must provide explanation and
documents to the Lending Bank at the Lending Bank’s request.


 


48.             Both parties hereto must maintain confidentiality
on the debts, financial, production and operation situation and other information obtained for the purpose of executing and performing
this contract from the other party; however, the situation of any inquiry on the Borrower’s situation in accordance with
the law is excepted.


 


49.             Without prior consent from the Lending Bank, the
Borrower shall not transfer or dispose of all or part of its obligations hereunder.


 


50.             The Lending Bank may transfer the creditor’s
right hereunder to any third party without the need to obtain prior consent from the Borrower, provided, however, that the Borrower
is notified in writing at the time of such transfer.


 


51.             The Borrower must pay all the amount due hereunder
in full and shall not make offsets, deductions or withholdings of any nature or use any debt owed by the Lending Bank to the Borrower
to offset any debt obligations.


 


52.             Any grace period, favorable treatment or extension
granted by the Lending Bank to the Borrower shall not affect, damage or restrict any other rights to which the Lending Bank is
entitled in accordance with the provisions herein and with the law and statutes, nor shall they be considered a waiver by the Lending
Bank of its rights and interests hereunder or affect the Lending Bank's responsibilities and obligations hereunder.


 






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53.             If, at any time, any of the provisions herein becomes
illegal, invalid or unenforceable in any aspect, the legality, validity or enforceability of other provisions herein shall not
be affected or diminished.


 


54.             Any revisions of or supplement to this contract must
be in writing and be signed by both parties.


 


55.             The titles and headings herein are inserted for reference
only.


 


56.             All notices or requests regarding this contract must
be sent in writing to the addresses or fax numbers listed on the first page of this contract. One party must notify the other party
promptly of any changes of addresses or fax numbers.


 


57.             The documents sent by one party to the other shall
be considered delivered if sent by courier, three days after its being sent if by registered mail, and immediately if by fax.


 


Article XII Governing Law and Resolution
of Dispute


 


58.             This contract is governed by the Chinese law and
must be interpreted accordingly. Any dispute in connection with this contract must be settled through consultation; if consultation
fails, the dispute should be submitted to legal proceedings at the local court where the Lending Bank resides.


 


Article XIII Effectuation, Revision
and Dissolution of the Contract


 


59.             This contract must be signed by the representatives
of both parties before it can become effective.


 


60.             No party can revise or dissolve this contract without
authorization, unless otherwise stipulated or by law. Any revision or dissolution must be agreed to by both parties in a signed
written agreement.


Article XIV Attachments


 


61.             Other matters not covered herein may be provided
in a written agreement to be attached hereto.


 


Article XV Supplemental Provisions


 


62.             This contract has to three counterparts, with one
to the Borrower and two to the Lending Bank, and all have the same legal effect.


 


63.             This contract is executed on October 17, 2013 in
Hohhot.


 


64.             The parties hereto agree that this contract must
be certified (optional provision; not applicable to this contract.)


 


		Borrower:	/seal/ Inner Mongolia Yongye Nongfeng Biotech Co., Ltd.



		Legal Representative:	/s/ SUN Xiaofeng



 


		Lender:	/seal/ China Everbright Bank Holdings. Co., Ltd., Hohhot
Branch



		Authorized Agent:	/s/ SHI Jiaxin





 






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