Exhibit 4.46


 


	Contract No.: 001202021K00272	Liandai Technology (Sales Department)


 


Credit Contract


 


[Unofficial English
Translation]


 


 


 


 


 


 


 


Shenzhen Rural
Commercial Bank


 






    


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 








Column of Parties to the Contract: 


 


Credit Grantor (Lender): Shenzhen Rural Commercial
Bank Longhua Sub-branch 


Legal Representative/Person in Charge: Liu
Yachun 


Address: No. 1003, Minzhi Avenue, Longhua
District, Shenzhen Tel.: 28192182 


Credit Applicant (Borrower): United Time Technology
Co., Ltd. 


 


ID Card No.: 


 


Legal Representative/Person in Charge: Bao
Minfei 


Warrantor (Guarantor): Bao Minfei 


ID Card No.: 510402197304140958 


 


Legal Representative/Person in Charge: 


 


Guarantor (Mortgagor): Bao Minfei


ID Card No.: 510402197304140958 


 


Legal Representative/Person in Charge:


 


(Note: It is unnecessary for natural persons to
fill in the item “Legal Representative/Person in Charge”, and it is unnecessary for legal persons and unincorporated organizations
to fill in the item “ID Card No.”)


 


The Credit Grantor, Credit Applicant and Guarantee
reach this Contract through full negotiation on the basis of equality and voluntariness in accordance with the relevant laws and regulations
of the People’s Republic of China and the provisions of the relevant interest rate documents of the People’s Bank of China for adherence.


 


This Credit Contract is made in four copies,
with the Credit Grantor holding two copies, and the Credit Applicant, the Guarantor and the Mortgage (Pledge) Registration Authority
each holding one copy, with each copy has the same legal effect. The Contract No. is 001202021K00271.


 


Terms of Credit


 


Article 1 Credit Line


 


The Credit Grantor provides the Credit Applicant
with a credit line of RMB (in words) seven million yuan only (in number ¥7,000,000.00), with a credit period of 36
months from MM/DD/YY to MM/DD/YY (the Credit Line).


 


Article 2 The Credit Line under this Contract
can be used for the following first business type (multiple choices are allowed): 1. Loan; 2. Discount of Commercial
Acceptance Bill; 3. Discount of Bank Acceptance Bill; 4. Acceptance of Bank Acceptance Bill; 5. Issuance of Guarantee;
and 6. Other--.


 


Article 3 This Credit Line shall be used
in the following second way: 1. Recyclable; 2. Not recyclable; and 3. Otherwise agreed.


 


Article 4 The guarantee of this Contract
adopts the following second and third methods (multiple choices are allowed): 1. Credit method and the Credit
Applicant does not need to provide a guarantee;


 


2. Bao Minfei shall be the Guarantor
for the arrears owed by the Credit Applicant under this Contract, and shall Bao Minfei shall bear joint and several liabilities for the
maximum amount;


 


3. Bao Minfei shall provide a mortgage
guarantee of the maximum amount for the arrears owed by the Credit Applicant under this Contract with his/her legally owned and disposable
property (see the List of Mortgaged Property, hereinafter referred to as the Property);


 


4. ---- shall provide a pledge guarantee
of the maximum amount for the arrears owed by the Credit Applicant under this Contract with his/her legally owned and disposable ----
property (rights);


 


5. Other guarantee methods----.


 






    1


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 



Article 5 Disputes that cannot be settled through
negotiation between the parties shall be settled by the first of the following methods.


 


1. To bring a lawsuit to the people’s court
at the Credit Grantor’s place; 2. To apply to the ----arbitration commission for arbitration, the commission shall
make a final decision in accordance with the arbitration rules in force at that time, and the final decision shall be binding for each
party.


 


Article 6 Special Agreements between the Parties.
In case of any inconsistency between other clauses of this Contract and this clause, this clause shall prevail.


 


1. A non-recyclable Credit Line of RMB 7 million
yuan only valid for 3 years. The real estate of Bao Minfei (S.F.D.Z. No. 4000573717) shall be mortgaged as the guarantee, and Bao Minfei
shall bear joint and several guarantee liabilities. The Credit Line will be established after the mortgage is properly registered.


 


The credit line has one non-recyclable sub-credit
line shall be established. The sub-credit line is RMB 7 million yuan with a valid period of 3 years, and a fixed annual interest rate
of 4.5%. The Interest shall be paid on a monthly basis. 1% of the principal shall be repaid on a monthly basis since the 13th month. The
balance shall be used as working capital and shall be fully repaid on the due date.


 


2. (1) A monthly operating income of the Credit
Applicant or related party not less than RMB 3 million yuan shall be credited in the Credit Applicant or related party’s supervised
bank account, and other payments can only be made after the principal and interest are paid in full amount on a monthly basis; (2) Before
the loan is issued, the Credit Applicant shall pay the loan under the contracts (Contract No. 001202018K00152 and 001202018K00153) between
the Credit Applicant and the credit grantor. Both condition (1) and (2) must be met, otherwise the Credit Grantor has the right to raise
the loan interest rate by 50% from the date of payment or to recover the loan in advance.


 


Article 7 All Debts under this Contract
(collectively, the “Arrears” )


 


All debts under this Contract refer to all amounts
owed by the Credit Applicant to the Credit Grantor, including: Loan principal, interest, penalty interest, compound interest, liquidated
damages, damages; Costs incurred to the Credit Grantor in excising the real rights under this Contract, keeping the guarantee and realizing
the right for security (including but not limited to fees and expenses of legal, arbitration, preservation, travel, execution, evaluation,
auction, audit, inquiry, notarial, delivery, announcement, attorney and etc.); All losses and other expenses payable by the Credit Grantor
due to the Credit Applicant’s breach of contract; All expenses and losses arising from the creditor’s rights; and Related expenses paid
by the Credit Guarantor on behalf of the Credit Applicant.


 


Term of Credit Line


 


Article 8
The Credit Line refers to the maximum limit provided by the Credit Grantor to the Credit Applicant after comprehensive evaluation of
the credit, financial status, operation and management of the Credit Applicant, including local and foreign currency loans, trading finance,
discount, letter of guarantee and other businesses.


 


Article 9
The sum of all credit balances under this Credit Line shall not exceed the Credit Line at any time; the credit balance of a single type
of business shall not exceed the specifically agreed maximum credit line for this type of business; and the sum of the used line of non-recyclable
Credit Line shall not exceed the maximum limit of non-recyclable Credit Line.


 


Article 10
Credit Period refers to the effective period of the Credit Line provided by the Credit Grantor to the Credit Applicant. The Credit Applicant
shall use the credit line provided by the Credit Grantor within the current period. The maturity date of a single credit shall not exceed
the termination date of the credit period. After the expiration of the credit period, the credit line shall be terminated automatically.


 


Article 11
If the Credit Applicant needs to use the Credit Line, it must apply one by one and provide relevant information as requested by the Credit
Grantor. After the approval of the Credit Grantor, a Loan Receipt and Loan Contract shall be signed with the Credit Grantor,
and the Credit Grantor shall go through the procedures of entering an item of expenditure in the accounts.


 


Article 12
The Credit Grantor has the right to charge the Credit Applicant a quota occupation fee. The annual rate of the quota occupation fee of
this Contract is 0.00% and shall be charged by the following third method. (This clause is not applicable to Credit Applicant
who is SMEs):


 


1. It shall be calculated on a daily basis
and be charged monthly (on the repayment date) from the Credit Applicant. The daily quota occupation fee is calculated by multiplying
the unused Credit Line on the current day with the annual rate and divided by 360;


 


2. One-time collection according to the actual
unused Credit Line at the time of collection. Quota occupation fee = unused Credit Line × remaining Credit Period days × annual
rate/360;


 


3. Agreed Separately.


 


Article 13
If the Credit Line is used for non-loan businesses, the specific business contracts and agreements may be signed separately.


 






    2


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 


Term of Maximum
Guarantee


 


Article 14 Agreement
of Guarantee


 


(I) The Credit
Grantor is the creditor and the real right holder, and his/her real right for security includes mortgage, pledge and others. The Guarantor,
Mortgagor, Pledgor and other guarantee providers shall be collectively referred to as the Guarantee, and the mortgaged property, pledge
and other guarantees and rights shall be collectively referred to as the Guarantee. For details of the guarantee, please refer to Article
4 and the List of Guarantees attached to this Contract.


 


(II) Scope of Guarantee: please refer to Article
7 of this Contract for details of all debts under this contract.


 


(III) Guarantee Period: If the guarantor provides
guarantee, the Guarantee Period shall be three years from the effective date of this Contract to the expiration date of the contract performance
period. If the guaranteed debt is installment, the expiration date of the contract performance period shall be the expiration date of
the last debt performance period. If the guarantee is provided by means other than guarantee, mortgage or pledge, the Guarantee Period
shall begin from the effective date of this Contract and end on the repayment date of all debts under this Contract.


 


(V) The maximum amount of creditor’s right
is (1) a principal of RMB (in words) seven million yuan only (in number ¥7,000,000.00) and the interest, penalty interest,
compound interest, liquidated damages, damages; (2) Costs incurred to the Credit Grantor in excising the real rights under this Contract,
keeping the guarantee and realizing the right for the guarantee (including but not limited to fees and expenses of legal, arbitration,
preservation, travel, execution, evaluation, auction, audit, inquiry, notarial, delivery, announcement, attorney and etc.); (3) All losses
and other expenses payable by the Credit Grantor due to the Credit Applicant’s breach of contract; (4) All expenses and losses arising
from the creditor’s rights; and (5) Related expenses paid by the Credit Guarantor on behalf of the Credit Applicant. If there is another
agreement between the Credit Grantor and the Guarantor, such agreement shall prevail.


 


If the total amount of all debts of the Credit
Applicant under this Contract exceeds the maximum amount of the creditor’s rights, the Guarantor shall still bear joint and separate liability
for the excess.


 


(V) The guarantee under this Contract shall be
valid, irrevocable and unconditional, and the guarantee liabilities of the Guarantor shall not be reduced or exempted due to the following
circumstances.


 


1. Fraud, reorganization, suspension of business,
bankruptcy or change or loss of civil qualifications of the Credit Applicant or other guarantors;


 


2. If the Credit Applicant or other guarantors
violates the Contract, the Credit Grantor shall take sanction measures against them for the breach of the Credit Contract;


 


3. If the Credit Applicant and the Credit Grantor
reach a reforming, reorganization or settlement agreement on the debts under this Contract.


 


(VI) If there are multiple guarantees under
this Contract, each guarantor shall independently bear joint and several guarantee liabilities for all arrears under this Contract. If
the Credit Applicant breaches the Contract, the Credit Grantor shall have the right to directly require each guarantor to immediately
perform the guarantee liabilities individually or jointly. The Credit Grantor shall have the right to waive, change or relieve the guarantee
liabilities of one Guarantor, and the other guarantors shall still perform the guarantee liabilities according to the agreement in this
Contract.


 


(VII) If the registration of mortgage, pledge
or other guarantee and notarization is required by law, the Guarantor shall handle it in time according to the requirements of the Credit
Grantor. On the date of completing registration, the original documents of Property Right Certificate of Mortgaged Property or Certificate
of Use Right, Pledged Property, Certificate of Rights, other title certificates of guarantee and registration certificate shall be possessed
and kept by the Credit Grantor.


 


(VIII) In case of major changes in the Guarantor
or the Guarantee that may affect the guarantor’s ability, the Credit Grantor shall have the right to require the Credit Applicant or Guarantor
to separately provide a full guarantee and cooperate in handling relevant formalities on assessment, registration, etc. If the Guarantee
is damaged, lost or otherwise damaging the Credit Grantor’s rights due to the fault of the Guarantor, the Guarantor shall bear joint and
several liabilities for the losses caused to the Credit Grantor regardless of the cause of the infringement and the infringer.


 






    3


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 


(IX) The Guarantor specifically acknowledged
and agreed that, during the performance of the Contract, it is unnecessary for the Credit Grantor and the Credit Applicant to obtain the
consent of the Guarantor for any change in the Loan Contract except for the renewal of the credit or the increase of the loan principal,
and the Guarantor shall not be exempted from liabilities due to the change in the Credit Contract.


 


(X) The Guarantor confirms that no matter what
method the Credit Applicant and the Credit Grantor adopt to enter an item of expenditure in the accounts, the amount, term and repayment
method of credit funds including loans that do not exceed the Credit Line shall be determined by the Credit Applicant and the Credit Grantor,
and the Guarantor shall know all about this and have no objection.


 


(XI) If the Credit Grantor claims the guaranteed
right because the Credit Applicant failed to pay off the arrears on time, resulting in the guarantees being sealed up or detained by the
people’s court according to law, the Credit Grantor shall have the right to collect the natural income separated from the guarantees and
the legal income collected by the Guarantor on guarantees.


 


(XII) Without the written consent of the Credit
Grantor, the mortgagor shall not dispose of the mortgaged property in any form such as transfer, division, re-mortgage, debt repayment,
etc. or set restrictions that hinder the Credit Grantor from exercising the mortgage right. If the mortgaged property is transferred without
the written consent of the Credit Grantor, the Credit Grantor has the right to demand to pay the debts or exercise the mortgage right
in advance. Without the written consent of the Credit Grantor, it is not allowed to lease the mortgaged property, create the right of
residence or the easement and other rights burdens on it. Otherwise, the Credit Grantor has the right to demand to pay the debts or exercise
the mortgage right in advance and to require the mortgagor to bear joint and several guarantee liabilities for the exercise of all principal
creditor’s rights.


 


(XIII) After all the arrears under this Contract
are repaid, the Real Right Certificate, Pledged Property and Property Insurance Policy kept by the Credit Grantor shall be returned to
the Guarantor, and the Credit Grantor shall assist the Guarantor in handling the formalities for cancellation of guarantee registration.
If the ownership of the same guarantee belongs to two or more persons, the Credit Grantor shall be deemed to have fulfilled the obligation
of return to all parties concerned if it returns the Real Right Certificate, Pledged Property and Property Insurance Policy to one of
the owners.


 


Article 15 Other
Agreements on Guarantee


 


1. If there is both property guarantee and personal
guarantee under this Contract, the Credit Grantor has the right to either exercise the creditor’s rights on the guarantee, and or directly
require the guarantor to bear the guarantee responsibility without exercising the creditor’s rights on the material guarantee first. If
both the Credit Applicant and a third party provide security for the property, the Credit Grantor has the right to decide to exercise
the creditor’s rights on either of the guarantees first.


 


2. If the Guarantor fails to assume the guarantee
liabilities as agreed in this Contract, the Credit Grantor has the right to deduct the money from the accounts of the Guarantor in all
business agencies of Shenzhen Rural Commercial Bank until all the arrears under this Contract are paid off.


 


Article 16 Other
Agreements on Mortgage


 


1. Before renting, investing the mortgaged property
at a fixed price, or setting the right of residence or setting the easement on it, the Mortgagor shall obtain the written consent of the
Credit Grantor.


 


2. During the Mortgage Period, the mortgaged property
shall be kept by the Mortgagor or its entrusted agent, who shall be responsible for repairing and maintaining the mortgaged property and
ensuring that the mortgaged property is in good condition, and shall be subject to inspection by the Credit Grantor from time to time.


 


Article 17
Other Agreements on Pledge


 


1. During the Contract Period, if any loss occurs
to the pledged property due to force majeure, the Credit Grantor shall not be liable for any compensation.


 


2. If the pledged property is a right, and if
laws and regulations require that the pledge act be recorded in the certificate of right, the pledge act shall be recorded accordingly.


 


Article 18 Exercising of mortgage: If
the Credit Applicant (debtor) fails to perform the due debt and the Credit Applicant or Guarantor breaches the Contract, the Credit
Applicant may agree with the mortgagor to discount the mortgaged property or give priority to compensation with the proceeds from
auction or sale of the mortgaged property. Where no agreement on the means of exercising the mortgage right is achieved between the
Credit Applicant and the mortgagor, the mortgagee may require the people s court to auction or sell off the mortgaged property.


 


Exercising of pledge right: If the credit applicant
(debtor) fails to perform the due debt and the Credit Applicant or Guarantor breaches the Contract, the Credit Grantor may agree with
the pledgor to discount the pledged property or give priority to compensation with the proceeds from auction or sale of the pledged property.


 


Ways of exercising other real rights for security
shall be realized in accordance with the provisions of the law and for the biggest interests of the Credit Grantor.


 






    4


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 


Article 19
When exercising the right of recourse, the mortgagor and the pledgor shall not harm the interests of the Credit Grantor. If the Guarantor
fails to fully perform the guarantee responsibilities and obligations agreed in this Contract, the Guarantor shall not claim compensation
or claim rights against the Credit Applicant, and the Guarantor shall not harm the interests of the Credit Grantor when exercising the
right of recourse.


 


Article 20 
Insurance


 


(I) If required by the Credit Grantor, the Guarantor
shall, before using the Credit Line, buy insurance of the guarantee according to the types, period and amount of the insurance, and qualification
of insurer required by the Credit Grantor, and the original insurance policy shall be handed over to the Credit Grantor for safekeeping.


 


(2) If the Credit Grantor is the beneficiary of
the mortgaged property insurance, subject to any of the following conditions, the insurance expenses shall be jointly borne by the Credit
Grantor and the Guarantor in a ratio of 3:7. Otherwise, the insurance cost shall be borne by the Guarantor.


 


1. The main body of Credit Applicant is a small
or micro-enterprise.


 


2. The main body of Credit Applicant is individual
industrial and commercial households or small and micro-enterprise, and the loan is used for production and operation.


 


(III) The insurance compensation shall be used
to repay the arrears under this Contract, and the Guarantor shall irrevocably authorize the Credit Grantor to receive the insurance compensation
on its behalf and to have priority to receive compensation of the secured creditor’s rights. For the insufficient part, the Credit Grantor
shall have the right to dispose of the guarantee in accordance with the provisions of the Civil Code of the People’s Republic of China
and shall return the excess part to the beneficiary in the next order.


 


(V) The Guarantor shall ensure to pay the insurance
premium on time and shall not withdraw the insurance during the period of guarantee. If the Credit Applicant fails to pay off the arrears
during the Credit Period or at the expiration of the insurance period, and if the insurance is interrupted or not renewed, the Credit
Applicant shall have the right (but no obligation) to buy the insurance on its behalf. All relevant expenses shall
be paid by the Guarantor, and the Credit Applicant shall be jointly and severally liable for repayment. The losses caused by the interruption
of the insurance shall be assumed by the Guarantee.


 


Special Declarations
and Guarantees


 


Article 21
Special Declaration and Guarantee of the Credit Applicant and Guarantor (hereinafter collectively referred to as “Declaration”)


 


1. The Declarant
shall have the complete capacity for civil rights and civil conducts that will not affect the legal effect of this Contract.


 


2. The Declarant
promises to abide by the principle of good faith. All information provided by the Declarant to the Credit Grantor before and after the
granting of credit shall be true, accurate, complete, legal and effective, and shall not contain any major errors or omissions that are
inconsistent with the facts.


 


3. The Declarant has been fully authorized or
approved by the superior department or the unit’s competent decision-making body to sign this Contract, and this Contract shall have legal
and effective binding force on the Declarant from the date of signing.


 


4. The signing of this Contract is the true intention
of the Declarant, and there is no fraud or coercion.


 


5. During the effective period of this Contract,
if any major event that affects the performance of its obligations under this Contract or may adversely affect the Declarant and its main
property is occurred or planned to be carried out on the Declarant, the Declarant shall immediately notify the Credit Grantor in writing
within ten days since the occurrence of such event and provide relevant explanatory materials, meanwhile. It shall also actively implement
the measures for timely repayment of the arrears under this Contract according to the requirements of the Credit Grantor. Major events
that may have adverse effects include:


 


a. The change or modification of the equity structure,
industrial and commercial registration, business scope and articles of association of the company, or the contracting, leasing, shareholding
system reform, joint operation, merger (consolidation), division, equity restructuring, and other forms of alteration of property right
or adjustment of the business model such as joint investment and cooperating with foreign investors;


 


b. The Declarant or its main management personnel
(such as legal representatives, directors, financial officers, etc.) are involved in party (government) discipline investigation, major
economic disputes, litigation, arbitration or criminal, administrative punishment, seizure, detention or other disputes;


 


c. Its business license is revoked, the company
is dissolved, closed down, suspended, declared bankrupt, or itself is unemployed, dead (including declared dead) or missing (including
declared missing);


 






    5


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 


d. The Declarant or its controlling shareholders
or actual controllers have suffered heavy losses or deficits;


 


e. Related party transactions accounting for more
than 10% of the net assets of the Credit Applicant occur. The contents of the report include the relationship between the parties to the
transaction, the transaction items, nature and amount, or corresponding proportion and pricing policy of the transaction (including transactions
with no amount or only symbolic amount);


 


f. The ownership disputes occur over secured properties,
other major properties and settlement accounts, or the preservation measures are taken;


 


g. Other major matters that may affect its solvency
or guarantee ability, or circumstances that endanger the safety of the creditor’s rights of Credit Grantor.


 


6. The signing of this Contract or the performance
of its obligations under this Contract by the Declarant does not violate any other contracts entered into by the Declarant, nor does it
cause any conflicts in laws and commercial interests with other contracts entered into by the Declarant.


 


7. The purpose of credit granting shall comply
with laws, regulations and national policies. The Credit Applicant shall not change the purpose of the loan or use the loan for other
purposes without authorization, and shall not use the loan for purposes prohibited by laws and regulations such as investment in securities
and equity.


 


8. The laws and regulations of the state shall
be strictly abode by to carry out production and business, and the formalities for the annual inspection and annual review shall be handled
on time.


 


9. Any creditor’s rights that have expired
or not have expired shall not be given up, and the existing main property and creditor’s rights shall not be disposed free of charge or
in other inappropriate ways.


 


10. The Guarantor shall have legal, complete and
undisputed ownership or disposition of the secured properties, which shall not be used to provide guarantee for any third party before
this Contract. The Guarantor has not entered into a mortgage contract, a pledge contract or any other contract bearing the function of
security with any third party.


 


11. The Declarant shall not transfer any rights
and obligations under this Contract without the written consent of the Credit Grantor.


 


12. During the
credit granting period, the post loan inspection conducted by the Credit Grantor to the Declarant or secured properties shall be unconditionally
accepted, and all necessary materials including but not limited to financial statements, bank account settlement statements, and tax
payment vouchers shall be provided as required by the Credit Grantor.


 


Term of Rights
and Obligations


 


Article 22
The Credit Applicant shall enjoy the following rights


 


1. Have the right
to require the Credit Grantor to provide loans or other credits under the credit line according to the conditions agreed in this Contract;


 


2. Have the right
to use loans or other credits under the credit line as agreed in this Contract;


 


3. Have the right
to require the Credit Grantor to keep confidential the production, operation, property, account and other information provided by the
Credit Applicant, except as otherwise agreed by laws, regulations and this Contract.


 


Article 23
The Credit Applicant shall undertake the following obligations


 


1. Repay the arrears in full and on time as agreed
in this Contract and the Loan Receipt. If the repayment date is “T”, the Credit Applicant shall deposit sufficient
funds to pay the arrears (as at “T”) into the account agreed in the Contract before the end of the counter business of the Credit
Grantor on date “T-1”, and irrevocably authorize the Credit Grantor to directly deduct the arrears from the account; If
the funds in the account are not sufficient to pay the arrears, the Credit Grantor has the right to deduct the arrears from any other
accounts opened by the Credit Applicant in all business agencies of Shenzhen Rural Commercial Bank Co., Ltd., and has the right to control
the funds in the relevant accounts. The controlled amount shall be limited to the total amount of arrears; If the currency of the deducted
amount is inconsistent with the currency of this Contract, the deducted amount shall be calculated according to the applicable exchange
rate of the corresponding currency announced by the Credit Grantor on the deduction date;


 


2. Provide the documents and materials required
by the Credit Grantor, as well as all the deposit banks, account numbers and balances of deposits and loans, to ensure the normal status
of the loan issuing and repayment accounts (including not being sealed up and frozen) and cooperate with the investigation, review and
inspection of the Credit Grantor;


 






    6


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 


3. Use the credit line according to the purpose
agreed in this Contract;


 


4. Accept the Credit Grantor’s inspection and
supervision on the use of its credit line and related production, operation and financial activities, and provide post loan management
information in time as required by the Credit Grantor. The information includes but is not limited to the usage records of loan
funds, transaction contracts, financial statements, etc.;


 


5. The Credit Applicant shall notify the Credit
Grantor in writing and obtain the consent of the Credit Grantor before implementing the following acts:


 


a. Apply for credit or loans from financial institutions
other than the Credit Grantor.


 


b. Provide any form of guarantee for third parties.


 


c. Conduct the acts listed in Item a, Paragraph
5, Article 21 of the Contract.


 


Article 24 The
Credit Grantor shall enjoy the following rights


 


1. If the information provided by the Credit Applicant
does not meet the requirements of the Credit Grantor or the credit granting item lags behind the progress of the use of credit funds,
the Credit Grantor shall have the right to refuse the application for the use of credit line and the payment entrustment of the Credit
Applicant;


 


2. The Credit Grantor shall have the right to
require the Credit Applicant to repay the arrears on schedule, and decide the deduction sequence of various arrears;


 


3. The Credit Grantor shall have the right to
require and supervise the Credit Applicant to use the credit line according to this Contract or each specific Contract;


 


4. The Credit Grantor shall have the right to
carry out post loan inspection on the Credit Applicant, Guarantor and secured properties, and require the Credit Applicant and Guarantor
to eliminate any adverse effects on the performance of the obligations under this Contract;


 


5. The Credit Grantor may recover the loan and
other credits in advance according to the withdrawal of funds from the Credit Applicant.


 


6. If the Credit Applicant and the Guarantee fail
to perform the stipulations and obligations of this Contract, the Credit Grantor shall have the right to take the sanctions for breach
of Contract agreed in this Contract.


 


7. Before the creditor’s rights of the Credit
Grantor are due, if the limitation of action for the creditor’s rights or the subordinate rights related to the creditor’s rights of the
Credit Applicant are about to expire or the bankruptcy creditor’s rights are not declared in time, which affects the realization of the
creditor’s rights of the Credit Grantor, the Credit Grantor may subrogate to request the relative person of the Credit Applicant to perform
the obligations for the Credit Grantor, to declare to the bankruptcy administrator or to conduct other necessary acts.


 


Article 25 The
Credit Grantor shall undertake the following obligations


 


1. Provide credit to the Credit Applicant within
the credit line according to the stipulations of this Contract, each specific Contract and the receipt for a loan;


 


2. Have to keep confidential the assets, production,
operation and finance of the Credit Applicant and the Guarantee, except for the use of the Credit Grantor due to relevant business needs
and otherwise provided by laws and regulations.


 


Article 26
The Guarantor shall enjoy the following rights


 


1. Know the arrears under this Contract and the
repayment of the Credit Applicant from the Credit Grantor.


 


2. Have the right
to require the Credit Grantor to keep confidential the production, operation, property, account and other information provided by the
Guarantee, except as otherwise agreed by laws, regulations and this Contract.


 


Term of Default


 


Article 27 If
the Credit Applicant or Guarantor fails to perform any agreement in this Contract, or if the “special statements and warranties”
made by the Credit Applicant or Guarantor are false or faulty or are not performed, it shall be deemed as a breach of Contract and the
Credit Applicant or Guarantor shall bear the liability for the breach of Contract according to law.


 


Article 28 Without
the written consent of the Credit Grantor, the Credit Applicant and the Guarantee shall not terminate this Contract for any reason including
but not limited to the breach of Contract by either party to the Contract.


 






    7


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 


Article 29
Under the following circumstances, the Credit Grantor shall have the right to suspend or terminate the Contract,
announce the early maturity of all loans already issued, and stop issuing the loans not yet issued. The Credit Applicant shall immediately
repay the loans already issued, other credits and other arrears as required by the Credit Grantor, and the Guarantor shall immediately
perform the guarantee liabilities as required by the Credit Grantor:


 


1. The credit status of the Credit Applicant declines
or the credit record deteriorates;


 


2. The Credit Applicant or Guarantor fails to
perform the special terms agreed in the Article 6 of this Contract;


 


3. The Credit Applicant transfers the credit funds
or purchases other financial products for arbitrage;


 


4. Part of the Contract is invalid or violates
laws and regulations for whatever reason;


 


5. The credit granting under this Contract does
not conform to the provisions of the new laws and regulations due to changes in the original applicable laws and regulations;


 


6. Changes in national laws and regulations or
local government policies (including the financial management policies of the People’s Bank of China, China Banking and Insurance Regulatory
Commission and other regulatory agencies) occur, leading to changes in the credit policy of the Credit Grantor or violations of relevant
policies and regulations in this Contract.


 


Article 30
If the Credit Applicant and the Guarantor breach the Contract, the Credit Grantor has the right to take
the following sanctions for the breach of Contract respectively or simultaneously. The Credit Applicant and the Guarantor have no objection
to this:


 


1. Require the Credit Applicant and the Guarantor
to correct the acts breaching the Contract or increase the measures to guarantee the repayment of arrears under this Contract;


 


2. Reject any application for the use of the
credit line by the Credit Applicant;


 


3. Require the Credit Applicant to repay or
repay in advance the loans issued, arrears and other credits;


 


4. Directly deduct the deposits in accounts
opened by the Credit Applicant or Guarantor in any business institutions of Shenzhen Rural Commercial Bank Co., Ltd. to pay off the arrears
of the Credit Applicant, which shall not constitute an obligation;


 


5. Have the right to require the Guarantor
to perform the guarantee liabilities and pay off or pay off in advance all the arrears under this Contract on behalf of the Credit Applicant;


 


6. Have the right to charge liquidated damages
not exceeding 10% of the amount of the loan that the Credit Applicant fails to pay and use as agreed;


 


7. Suspend/terminate the execution of the Contract
or unilaterally terminate the Contract;


 


8. Have the right to implement credit sanctions
in accordance with relevant regulations of the People’s Bank of China;


 


9. Collect by carrying out legal procedures
in accordance with the law.


 


Article 31 In
any of the following circumstances, the Credit Grantor shall have the right to immediately bring a lawsuit or arbitration to collect
the loan and other arrears:


 


1. The Credit Applicant fails to repay the principal
and interest of the loan in full and on time as agreed in this Contract;


 


2. The Credit Applicant or Guarantor provides
false loan application information or post loan inspection information to the Credit Grantor;


 


3. The Credit Applicant fails to use the loan
for the purpose agreed in this Contract or fails to make payment according to the agreed payment method;


 


4. The Credit Applicant or Guarantor breaches
the Contract and fails to correct, repay or assume the guarantee liabilities as required by the Credit Grantor;


 


5. The Credit Applicant or Guarantee breaches
the Contract and the Credit Grantor believes that it damages its legitimate rights and interests.


 


Article 32
During the performance of this Contract, the Credit Grantor’s consent to bear, extend a time limit or postpone
the performance for any breach of Contract by the Credit Applicant or Guarantor, or the postponing of the execution of the rights and
interests that the Credit Grantor shall enjoy under this Contract shall not affect, damage or restrict the rights and interests that the
Credit Grantor shall enjoy in accordance with the law or under this Contract, nor shall it be regarded as the permission or recognition
of the Credit Grantor for any breach of Contract, or the Credit Grantor’s waiver of the right to take actions against the existing or
future breach of Contract.


 






    8


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 


Other Provisions


 


Article 33 Requirements
of the Credit Grantor, Credit Applicant and Guarantor on the Notice Related to this Contract.


 


1. The Credit Grantor’s
notice or request to the Credit Applicant and Guarantor may be delivered by hand, letter, media (including the Credit Grantor’s
website, the same below), e-mail, short message, telephone, instant messaging, fax, etc. If the letter is sent by registered mail or
express delivery, it shall be deemed to have been delivered three days after it is sent; if delivered by hand, it shall be deemed as
delivered if it is accepted by the recipient, and if the recipient refuses to accept it, it shall be deemed to have been served on the
date of rejection.


 


2. The notice or
request of the Credit Applicant and each guarantor to the Credit Grantor shall be made in writing and shall not be deemed to have been
delivered until the Credit Grantor actually signs for it.


 


3. The address
of the Credit Grantor shall be subject to the stipulations in this Contract, and any change shall be announced in the media. The address
of the Credit Applicant and Guarantor shall be subject to the Confirmation of Service Address. In case of any change, the Credit
Grantor shall be notified in writing.


 


Article 34 The
following documents or annexes (if any) shall be an integral part of this Contract and shall have the same legal effect.


 


1. The specific
Business Contract, Loan Receipt, List of Secured Properties, Letter of Declaration, Letter of Undertaking, Letter of Confirmation, etc.
under this Contract;


 


2. Written Supplementary
Contract/Agreement reached by the parties on the matters not covered or changed in this Contract;


 


3. All kinds of
applications and power of attorney submitted by the Credit Applicant and the Guarantee to the Credit Grantor and confirmed and approved
by the Credit Grantor.


 


Article 35
The signing, interpretation and matters not covered in this Contract shall be governed by the laws of the People’s Republic of
China. Any dispute in the performance of the Contract shall be settled by the parties through negotiation. If the parties fail to reach
an agreement through negotiation, the dispute shall be settled in the manner agreed in Article 5 of this Contract. During the period
that the dispute fails to be unresolved, the parties shall continue to perform other clauses stipulated in the Contract, except for matters
in dispute.


 


Article 36 Supplementary
Provisions


 


(I) Effectiveness
and Invalidity of the Contract This Contract shall come into force after the personnel of each party with the right of signing have signed
it (if the party concerned is a legal person or an unincorporated organization, its official seal or special seal for Contract
shall be affixed) and the guarantee procedures agreed in Article 4 of this Contract have been handled, and it shall be automatically
invalid until the arrears under this Contract are paid off.


 


(II) Change of Contract


 


1. If either party (Credit Grantor or Credit Applicant)
needs to change the terms of this Contract, it must obtain the written consent of the other party unless otherwise agreed in this Contract.


 


2. The Credit Grantor may transfer its rights
under this Contract to other parties without obtaining the consent of the Credit Applicant or each Guarantor. The Credit Grantor shall
notify the Credit Applicant and each guarantor of the transfer of rights, and the notice may be made in writing, in the form of a public
announcement in the media, or in other forms. If the Credit Grantor needs to change the guarantee registration for the transfer of rights,
the Guarantee shall cooperate.


 


3. If the Credit Applicant intends to transfer
the debts under this Contract to a third party, it shall obtain the written consent of the Credit Grantor and each Guarantor, and this
Contract shall continue to be valid until the Transferee and the Credit Grantor re-sign the Contract.


 


4. The Credit Grantor and the Guarantor agree
that if the Credit Grantor allows the Credit Applicant to transfer all or part of the debts, the guarantee liability of the Guarantor
shall not be relieved even without the written consent of the Guarantor, which means that the Guarantor shall still bear the guarantee
liability for all the debts.


 


(III) The Credit Applicant and the Guarantor irrevocably
authorize the Credit Grantor to provide their identity information, loan information and other credit information to the People’s Bank
of China and other credit rating agencies approved by the government. All consequences arising from the use of the above-mentioned information
by the above-mentioned institutions for any use or purpose or from the provision of the above-mentioned information to the outside persons
shall be handled by the above-mentioned institutions through their own negotiation and have nothing to do with the Credit Grantor.


 


(IV) If there is no definite evidence to the contrary,
both the Credit Applicant and the Guarantor shall recognize the arrears, repayment records or vouchers provided by the Credit Grantor,
and shall not raise any objection for the above records and vouchers unilaterally produced by the Credit Grantor.


 






    9


    
		Shenzhen Rural Commercial Bank	Innovating Finance, and Serving Community

 


    

 


Important Information:


 


All terms of
this Contract have been fully negotiated by the parties. The Credit Grantor (hereinafter referred to as “the Bank”) has requested
the other parties concerned to read all the terms and conditions and paid special attention to the terms and conditions regarding the
exemption or limitation of the Bank’s responsibilities, the certain rights unilaterally possessed by the Bank, the increase of
the responsibilities of the other parties concerned or the limitation over the rights of the other parties concerned, and has made a
full and accurate understanding of them. The Bank has made corresponding explanations on the terms of this Contract at the request of
other parties concerned, and the parties to the Contract have the same understanding of the terms of this Contract.


 


The Column for
the Signature and Seal of the Parties Concerned:


 


	Credit Grantor (Lender):	Shenzhen Rural
    Commercial Bank, Longhua branch (Seal)
	Legal representative/person in charge:	/s/
    Yachun Liu
	 	 
	Credit Applicant (Borrower):	United Time Technology
    Co., Ltd  (Seal)
	Legal representative/person in charge:	/s/ Minfei Bao
	 	 
	Guarantor (Guarantor):	 
	Legal representative/person in charge:	/s/ Minfei Bao (Fingerprint
    affixed)
	 	 
	Guarantor (Mortgagor):	 
	Legal representative/person in charge:	/s/ Minfei Bao (Fingerprint
    affixed)



 


June 29, 2021


 


	Contract Version: Credit Granting Contract, 2nd Edition, 2021	Commissioning Date: January 2021	Registrant: Qiu Yufeng


 


 


10