Exhibit 4.19


 


Working
Capital Loan Contract


 


No.:
X.Y.X.D.Y.L.D.Z No. 2019322


 


 


 


 


Lender:
Xiamen Sub-branch, Industrial Bank Co., Ltd.


 


Domicile:
Industrial Bank Building No. 78, North Hubin Road, Xiamen


 


Legal
representative/ person in charge: Hong Pipa 


 


 


 


 


Borrower:
Fujian Blue Hat Interactive Entertainment Technology Co., Ltd.


 


Domicile:
Room 402, 4F, Industry Design Center, Cross-Strait, Longshan Cultural & Creative Industrial Park, No. 84, South Longshan
Road, Siming District, Xiamen City


 


Legal
representative/ person in charge: Chen Xiaodong 


 


 


 


 


 


  


Contract
signing place: Siming District/ County, Xiamen City


 


 


 


 






    


     


    

 


Important
Instruction for Contract Signing


 


To
safeguard your interests and rights, please carefully read, check and confirm the following issues before signing this contract:


 


	1.	You
    shall be entitled to sign this contract, and if the consent of others is needed, you have been duly authorized;


 


	2.	You
    have carefully read and fully understand clauses of the contract. You have paid special attention to contents concerning the
    bearing of responsibilities, the exemption or restriction of responsibilities of Industrial Bank and contents in bold;


 



	3.	Your
    company and you have sufficiently understand meaning of contract clauses and corresponding legal consequences, and are willing
    to accept the agreement of such clauses;


 


	4.	The
    contract text provided by Industrial Bank is the sample text only. Blank space is reserved after related clauses, and additionally,
    the “supplementary provisions” are also set up at the end of the contact for the parties to make any modification,
    supplementation or deletion to the contract;


 


	5.	If
    you have any question about the contract, please consult Industrial Bank at any time.


 


Upon
the application of the borrower, the lender, upon examination, agrees to grant working capital loan to the borrower. This contract
is hereby entered into by and between the borrower and the lender for joint observation in accordance with related laws and regulations
of the People’s Republic of China through equal consultation in order to specify rights and obligations of the two parties and
to keep premises.


 


The
borrower and the lender confirm that the loan under this contract belongs to the situation specified in item 2 below:


 


	1.	This
    contract is a sub-contract of the ____________ with the contract number of _____ signed by the borrower and the lender on
    ___________ (i.e., the master contract). The amount of loan under this contract will be counted in the credit quota under
    ________. The amount of loan granted in a foreign currency will be converted into RMB based on the middle price announced
    by the lender on the contract signing date before being counted into the credit quota. 


 


	2.	This
    contract is an independent legal text signed by the borrower and the lender. 


 






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Article
1 Definitions and interpretations 


 


Unless
otherwise agreed in writing by the two parties, terms under this contract shall be defined and interpreted as below:


 


	1.	“Working
    capital loan” refers to the loan in local or foreign currency granted by the lender upon the application of the borrower
    which will be used as working capital to support routine production and operation of the borrower. 


 


	2.	“Creditor’s
                                         right”, or the main creditor’s right refers to the creditor’s right
                                         formed by the lender’s provision of financing services for the borrower upon the
                                         application of the borrower (the debtor) to the lender (creditor) and upon the examination
                                         and approval of the lender (including the principal, interest, penalty interest, compound
                                         interest, liquidated damage, damage compensation, costs for the creditor to realize the
                                         creditor’s rights, etc.). The creditor’s right possessed by the creditor
                                         against the debtor hereunder shall be consistent with the contents of debt owed by the
                                         debtor to the creditor hereunder.

         

        Costs
        for the creditor to realize the creditor’s right” refer to the litigation (arbitration) fee, attorney fee,
        travel expenses, execution fee, preservation fee and other costs for the realization of the creditor’s rights paid
        by the creditor when it makes efforts to realize the creditor’s rights by means of litigation, arbitration, applying
        for the execution order from the notary institution.

	 	 
	3.	The
                                         terms below specified in Article 5 of the contract shall be defined and interpreted as
                                         below:

         

        “Fixed
        interest rate” refers to the interest rate remained fixed in the term of the loan.

         

        “Floating
        interest rate” refers to the interest rate which may change in the term of the loan based on the cycle and range
        agreed by the borrower and the lender.

         

        “Floating
        cycle” refers to the frequency for the change of the loan interest rate agreed by the borrower and the lender. The
        loan interest rate in a floating cycle will be calculated based on the benchmark interest rate and the pricing mode agreed
        in the contract; the interest rate of the loan will be remained fixed in a floating cycle. When entering the next floating
        cycle after the expiry of one floating cycle, the interest rate of the loan will be calculated based on the benchmark
        interest rate given for the new floating cycle and the pricing mode agreed in the contract; the interest rate of the loan
        will be remained fixed in a floating cycle.

         

        “RMB
        loan benchmark interest rate of the Central Bank” refers to the RMB loan benchmark interest rate of the current
        day published by the People’s Bank of China.

         

        “RMB
deposit benchmark interest rate of the Central Bank” refers to the RMB deposit benchmark interest rate of the current day
published by the People’s Bank of China.




 






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        “LPR” refers to the current day benchmark interest
        rate of the loan calculated and published by the National Inter-Bank Funding Center based on the prime rate quoted by the quoting
        bank independently.

         

        “SHIBOR” refers to the current day Shanghai Interbank
        Offered Rate calculated and published by the National Inter-Bank Funding Center.

         

        “LIBOR” refers to interbank offered rate at London
        market on day T-2; currencies include USD, EURO, YEN, etc.; where, “T” refers to the actual loan offering date; “T-2”
        refers to two working days before the actual loan offering date, the same below.

         

        “HIBOR” refers to interbank HKD offered rate at
        Hong Kong financial market on day T-2.

         

        The specific values of “LIBOR” and “HIBOR”
        shall be subject to the results of query in the core system of Industrial Bank.

	 	 







	4.	The
    “major transaction” specified in Article 13 of the contract refers to (including but not limited to) any transaction
    which may or is confirmed to seriously affect the basic structure of the borrower’s company, the change of shareholders
    of the company, contingent liability, cash flow, profitability, core business secrets of the company, core competitiveness
    of the company, important assets of the company, major creditor’s rights and debts of the company, ability to repay
    liabilities and ability to perform this contract, or other transaction which is believed by the lender and/or the borrower
    to constitute a major transaction. 


 


	5.	The
    “major event” specified in Article 13 of the contract refers to (including but not limited to) any event which
    may or is confirmed to seriously affect the work performance ability of the senior management in the company of the borrower,
    the employment and dismissal of employees engaged in core business of the company, core business secrets of the company, core
    competitiveness of the company, basic structure of the company, change of the company’s shareholders, contingent liability,
    the survival of the company, the legality of the company’s business, the stability and development of the company, profitability
    and liability repayment ability of the company, the ability to perform this contract, and other event which is believed by
    the lender and/or the borrower to constitute a major event.


 


	6.	For
    the purpose of this contract, the “working day” shall refer to the business day of the borrower’s bank.
    In the contract performance process, if a withdrawal date or a repayment date is a non-business day, it shall be postponed
    to the next business day. 


 


Article
2 Loan amount 


 


The lender agrees to offer the loan amounting
to (currency) RMB (amount in words) THREE MILLION yuan only to the borrower. 


 






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Article
3 Purpose of the loan


 


The
loan will be used to pay price for goods. Without the written consent of the lender, the borrower shall not use the loan
for other purpose.


 


Article
4 Term of the loan


 


	1.	The
    term of the loan is twelve months which will be from December 19, 2019 to December 18, 2020. 


 


	2.	For
    one-time loan release, the loan release date shall be subject to the actual loan release date recorded in the loan note or
    loan certificate. If the actual loan release date is later than the loan release date recorded in the previous paragraph,
    the expiry date of the loan shall be postponed accordingly. 


 


	3.	Plan
                                         for the use of the loan in batches:

         

        Date:
          / , amount: RMB   / yuan; Date:   / , amount: RMB   / yuan;

         

        Date:
          / , amount: RMB   / yuan; Date:   / , amount: RMB   / yuan;

         

        Date:
          / , amount: RMB   / yuan; Date:   / , amount: RMB   / yuan;

         

        Date:
          / , amount: RMB   / yuan; Date:   / , amount: RMB   / yuan;

         

        Date:
          / , amount: RMB   / yuan; Date:   / , amount: RMB   / yuan;

         

        The
        borrower shall apply to the lender to handle loan withdrawal formalities three working days before each loan withdrawal
        date or the time otherwise required by the lender.

         

        If
        the borrower fails to withdraw the loan based on the term for the use of the loan in batches, the lender shall have the
        right to ask the borrower to pay __ ‰ of the loan to be withdrawn in the current period as the liquidated damage.

	 	 
	4.	Under
    the precondition agreed in Article 6 of the contract, the lender will pay the loan capital according to Article 7 of the contract.


 


	5.	The
    lender may adjust the plan for the use of the loan in batches based on whether the loan complies with related laws, regulations
    and policies as well as preconditions specific in the contract, the loan capital payment conditions, the signing of the guarantee
    contract corresponding to the contract and the time to handling related guarantee formalities as well as other factors the
    lender believes necessary. 


 






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	6.	If
    the loan is used in batches, the same expiry date will be applied. Namely, the expiry date recorded on the loan note or loan
    certificate issued for the first time loan release shall be used as the expiry date of loans released by various periods.
    


 


	7.	If
    the lender required repayment of the loan in advance according to provisions of this contract, it shall be regarded that the
    loan expiry date is advanced accordingly. 


 


Article
5 Interest rate of the loan and the collection of interest


 


	1.	Interest
    rate of the loan 


 


	(1)	The
    benchmark interest rate for pricing shall be implemented according to item c below:


 


	 	a.	 
    / period grade of RMB loan benchmark interest rate published by the Central Bank. 


 


	 	b.	 
    / period grade of RMB deposit benchmark interest rate published by the Central Bank.


 


	 	c.	LPR
    ONE YEAR grade. 


 


	 	d.	SHIBOR
      / period grade. 


 


	 	e.	LIBOR
      / period grade.


 


	 	f.	HIBOR
      / period grade.


 


	(2)	The
    loan interest rate pricing formula shall be subject to item a below: 


 


	 	a.	Loan
    interest rate = pricing benchmark interest rate + 1.73%.


 


	 	b.	Loan
    interest rate = pricing benchmark interest rate * _____.


 






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	(3)	The
    loan interest rate (the annual interest rate, the same below) shall be implemented according to item b below:


 


	 	a.	Fixed
    interest rate. The loan interest rate will be determined based on the pricing benchmark interest rate on the actual loan release
    date and the pricing formula, and will be maintained fixed during the term of the loan. 


 


	 	b.	Floating
                                         interest rate. The loan interest rate will be determined based on the pricing benchmark
                                         interest rate and the pricing formula on the actual loan release date and the interest
                                         rate adjustment date. The interest rate adjustment date will be implemented according
                                         to item (a) below:

         

        (a)  
        . The floating cycle is quarterly (monthly, quarterly/ half-an-year/ annual/ other cycle); as of the actual loan
        release date, the corresponding date for the expiry of each cycle shall be the contract interest rate adjustment date.
        If there is no such a day on the current month, the last day of the month shall be regarded as the corresponding date;

         

        

        (b)  
  / .

           

        (c) 
        During the term of the loan, the borrow will not be otherwise informed if the benchmark interest rate is adjusted.



 


	 	c.	Other
    ways of interest rate:   / .


 


	(4)	The
    pricing benchmark interest rate for the loan used in batches under the contract shall be subject to the benchmark interest
    rate on each actual release date of the loan (or the interest rate adjustment date, if any). 


 





	(5)	For
    the loan released under the contract, if the country cancels the benchmark interest rate of if the benchmark interest rate
    is no longer published on the market, the lender shall have the right to determine the new interest rate of the loan based
    on the national interest rate policy in the current stage in principle of fairness and good faith with reference to industrial
    practice, interest rate situation and other related factors and inform the borrower. If the borrower has any objection, it
    shall negotiate with the lender. If the two parties cannot an agreement within five working days as of the date when the notice
    is sent by the lender, the lender shall have the right to withdraw the loan in advance, and the borrower shall immediately
    repay the residual principal and interest of the loan.


 






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	2.	Way
    of repayment of the loan principal and interest


 


	(1)	The
    calculation of the loan interest: Interest shall be accrued for the principal of loan in local or foreign currency as of the
    date when the principal is transferred by the lender to the bank account of the borrower. The daily interest of the loan=
    balance of the loan on the current day* daily interest rate. The conversion between the daily interest rate and the annual
    interest rate shall be implemented according to provisions of the People’s Bank of China and the international practice.
    


 


	(2)	The
    interest of the loan shall be repaid in the way as specified in item a below: 


 


	 	a.	For
    the loan under this contract, it is agreed that the interest payment date shall be the 21st day every month
    (month/ the last month of each quarter/ the last month of each half a year/ the last month of each year/ other period);
    the borrower shall pay the loan interest of the current period to the lender on the interest payment date; the residual loan
    principal and interest will be settled completely upon the expiry of the lease term. 


 


	 	b.	As
    of the actual loan release date, the interest payment date for various periods shall be corresponding date at the expiry of
    each     /    (month/ quarter, half-a-year/ year/ other period) (if the corresponding date does not exist on the current
    month, the last date of the month shall be the corresponding date). The borrower shall pay the loan interest of the current
    period to the lender on the interest payment date; the residual loan principal and interest will be settled completely upon
    the expiry of the lease term.


 


	 	c.	The
    first time interest payment date is ; as of the first time interest payment date, the interest payment date for various periods
    shall be corresponding date at the expiry of each      /     (month/ quarter, half-a-year/ year/ other period) (if the corresponding
    date does not exist on the current month, the last date of the month shall be the corresponding date). The borrower shall
    pay the loan interest of the current period to the lender on the interest payment date; the residual loan principal and interest
    will be settled completely upon the expiry of the lease term.


 


	 	d.	Other
    payment way: ___________________________________.


 






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	3.	Penalty
    interest and compound interest


 


	(1)	If
    the borrower fails to use the loan based on the purpose agreed in the contract, since the date of embezzlement, the lender
    shall have the right to collect penalty interest for the loan being embezzled, and the penalty interest rate shall be 150%
    of the loan interest rate; if the borrower fails to repay the loan as scheduled and fails to reach an agreement with the lender
    on the loan renewal, namely, if the loan becomes overdue, since the date of overdue, the lender shall have the right to collect
    penalty interest for the overdue loan, and the penalty interest rate shall be 130% of the loan interest rate. For the
    interest not repaid as scheduled (including interest before and after the expiry of the loan, penalty interest for loan embezzlement
    and penalty interest for overdue loan), the lender shall have the right to collect compound interest based on the loan overdue
    penalty interest rate agreed herein. If the loan not only becomes overdue, but is also embezzled, the penalty interest will
    be collected in the way whichever is higher. 


 


	(2)	If
    the fixed loan interest rate is adopted, the penalty interest will also be fixed; if the loan interest rate is floating, the
    penalty interest will also be floating; the floating cycle will be consistent with the floating cycle of the loan interest
    rate.


 


	(3)	The
    way to collect the penalty interest and the compound interest shall be implemented based on the loan interest repayment way
    agreed herein. 


 


Article
6 Preconditions for loan withdrawal


 


	I.	The
    borrower shall meet various preconditions required by the lender for loan withdrawal before applying for a loan under the
    contract from the lender:


 


	(I)	The
    borrower has sent the following documents to the lender. Related situations specified in the documents are not changed and
    are continuously effective, or the bower has made interpretations and instructions to the satisfaction of the lender on the
    change; 


 


	1.	Loan
    application, mainly including but not limited to the name of the loan project, amount, purpose, term, repayment plan, repayment
    source, etc.;


 


	2.	The
    legal and valid business license of the borrower, articles of association of the company, loan card and password/ credit code,
    the list of the legal representative and members of the board of directors, main persons in charge and the financial director
    registered at the administrative authority for industry and commerce for recording, samples of signatures, effective identity
    certificate documents of the legal representative or the authorized representative, and other documents of the company believed
    necessary by the lender;


 






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	3.	The
    resolution of the board meeting or the shareholders’ meeting convened by the borrower according to the legal procedure
    which is adopted by the quorum of directors or shareholders by voting; the resolution shall be true, legitimate and effective
    and shall be about the agreement on applying for the loan under the contract from the lender, specify the purpose of the loan
    and accept various loan conditions proposed by the lender; or other document believed necessary by the lender. 


 


	4.	The
    annual reports of the latest three years (attached with the auditor’s report and notes to the auditor’s report),
    financial statement of the latest period and the same period of the previous year; if the borrower has been established not
    more than three years, annual reports since the establishment shall be submitted. 


 


	5.	Information
    about affiliated enterprises; 


 


	6.	If
    temporary working capital loan is applied, the purchase contract, order contract, debt certificate and related contract, certificates
    or materials shall also be provided. 


 


	7.	If
    pledge/ mortgage is to be adopted for guarantee, the certificate materials on the ownership of the pledge/ mortgage and the
    value appraisal reports shall be submitted. Besides, pledge/ mortgage registration formalities that shall be handled according
    to requirements of related laws and regulations shall have been properly handled. The original of related ownership certificate
    documents, registration certificate documents and others have been sent to the lender for preservation; if third-party guarantee
    is to be adopted, related guarantee materials based on requirements specified in item (2)~ (4) shall be provide and the guarantee
    contract has already taken effect; the aforesaid guarantee shall be continuously effective. 


 


	8.	If
    the lender required to covering insurance for the pledge/ mortgage, insurance formalities with the lender as the primary beneficiary
    shall have been handled and the original of the insurance policy has been submitted to the lender for preservation; the insurance
    shall be continuously effective. If the pledge/ mortgage is provided by the borrower, the borrower herein transfers the insurance
    claim right upon the occurrence of insured event to the lender. 


 






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	9.	Enterprises
    in special industries shall provide the production and operation license for the special industry or the enterprise qualification
    level certificate issued by the authoritative authority. 


 


	10.	If
    any party hereunder requires handle notary formalities, related notary formalities have been well handled. 


 


	11.	The
    borrower has opened an account at the lender’s bank as required by the lender,and is willing to accept the lender’s
    credit supervision and payment and settlement supervision.


 


	12.	If
    the borrower applies for foreign exchange project loan, it must provide the effective foreign exchange loan purpose certificate
    and the approvals of related authorities, and shall comply with related foreign exchange management policies. 


 


	13.	VAT,
    business license and income tax payment and declaration form required by the lender. 


 


	14.	Other
    documents, reports, certificate and other materials required by the lender. 


 


	(II)	The
    borrower is established according to the law; its production and operation complies with laws and regulations; it is cable
    for continuing operation and has legitimate source of repayment. 


 


	(III)	The
    purpose of the loan is specific and compliant.


 


	(IV)	The
    statement and undertaking made by the borrower in Article 11 are true and effective; no violating event or potential violating
    event has occurred on and before the applied loan release date;


 






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	(V)	The
    borrower has properly complete all loan notes and certificates related to loan release. Such notes and certificates shall
    be a part of the contract and shall have equal legal effect as the contract. In case of any inconsistency between loan amount,
    loan term, loan interest hereunder and the contents of the loan note or certificate, the contents of the loan note or certificate
    shall prevail. 


 


	(VI)	The
    borrower has good credit situation and is free of major negative records; if the borrower is a newly established legal person,
    the controlling shareholder shall have good credit standing and shall be free of major negative records.


 


	(VII)	Other
    preconditions for loan withdrawal required by the lender.


 


	II.	The
    lender will perform its obligations under the contract under the premise that preconditions for loan withdrawal agreed herein
    are met. The lender shall have the right to unilaterally determine to degrade or give up part of preconditions for loan withdrawal,
    and the borrower shall not take such conditions as the cause to plead against the lender.


 


	III.	The
    lender shall have the right to appropriately adjust the release of the loan based on whether the financing project meets related
    laws, regulations and policies, preconditions required by the lender, the signing of the guarantee contract corresponding
    to this contract, the time to handle guarantee formalities and other factors.


 


	IV.	The
    borrower herein agrees that after the signing of this contract, if the borrower fails to meet preconditions for loan withdrawal
    or the loan capital payment conditions for any time of loan withdrawal, the lender shall have the right to stop release the
    loan, stop paying loan capital or terminate the loan contract. Responsibilities or losses caused thereby shall be borne by
    the borrower. If the lender determines to terminate the contract, the lender shall inform the borrower and the period for
    the borrower to propose objection, if any, shall be five working days as of the date when the contract termination notice
    is delivered to the borrower in the way agreed herein. If the borrower does not propose any objection, the contract will automatically
    terminate upon the expiry of the objection proposing period. If the borrower has objection but the two parties fail to reach
    an agreement within five working days after the expiry of the objection proposing period, the lender shall have the right
    to withdraw the loan ahead of schedule according to eth contract.


 






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	V.	Upon
    the examination of the lender, the if borrower meets preconditions for loan withdrawal, the lender will pay the loan capital
    pursuant to Article 7 of the contract. 


 


Article
7 Account monitoring and loan capital payment 


 


	I.	Account
                                         monitoring

         

        


In accordance with related laws and regulations
and requirements of the regulatory system, the borrower warrants that it has meet preconditions for loan withdrawal agreed herein
before applying for loan release and agrees to accept supervision of the lender on the use of the loan according to the purpose
specified herein. The lender shall have the right to monitor the basic deposit account, ordinary deposit account and special deposit
account opened by the borrower, and to supervise and control the release and payment of the loan capital and repayment capital
in the way agreed in the contract.


 

The borrower designates the following account
as the special capital collection account, and will promptly provide the capital inflow and outflow situation of this account:


 

Account name: Fujian Blue Hat Interactive
Entertainment Technology Co., Ltd.


 

Account number: 129500100100268671                                                           


 

Bank of account: Dongqu Sub-branch,
Xiamen Branch, Industrial Bank            


 

The lender may otherwise sign an account
management agreement with the borrower based on the borrower’s credit situation and financial situation, etc., specifying
the management of capital inflow and outflow of the designated account. The lender shall have the right to withdraw the loan ahead
of schedule based on the borrower’s capital collection situation.

	 	 
	II.	Payment
    of the loan capital


 


	(I)	The
    lender shall have the right to manage and control the payment of the loan capital by means of entrusted payment by the lender
    or independently payment by the borrower. 


 


	1.	
        The entrusted payment by the lender means
        that the borrower authorizes the lender to pay the loan capital to the trading counterparty of the borrower in line with the loan
        purpose agreed herein.

         

        If entrusted payment by the lender is adopted,
        the borrower shall provide related

         

        trading materials in line with the loan
        purposed agreed herein before loan capital release. Upon examination and approval by the lender, the loan capital will be promptly
        paid to the trading counterparty of the borrower from the account of the borrower.

         

        In the mode of entrusted payment by the
        lender, after the loan capital is paid to the trading counterparty of the borrower, if the basic trading contract is revoked, terminated
        or becomes invalid and the loan capital is returned, the lender shall have the right to withdraw the loan ahead of schedule according
        to Article 12 of the contract.




 






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	2.	
        Independent payment by the borrower means
        that after the lender pays the loan capital to the account of the borrower, the borrower independently makes payment to the trading
        counterparty of the borrower in line with the loan purpose agreed herein.

         

        In the mode of independent payment by the
        borrower, the borrower shall regularly summarize and report the loan capital payment situation to the lender. The lender shall
        have the right to check whether the use of the loan complies with the requirements of the contract through account analysis, certificate
        verification, site survey and other means.

	 	 
	(II)	
        Entrusted payment

         

        Under one of the following circumstances,
        the loan capital shall be paid in the mode of entrusted payment by the lender:




 


	 	1.	The credit business relationship between the borrower and the lender has been newly established, and the internal credit rating of the borrower in the bank of the lender is B3 or below. “New credit business relationship” means that it is the first time for the borrower and the lender to enter into the credit business relationship or it is the first time for the credit business relationship to have credit business relationship in 2 years; 




 


	 	2.	Working
    capital loan for replacement;


 


	 	3.	The
    payment object is clear or the single time payment amount is more than RMB TEN MILLION yuan only (for the loan in foreign
    currency, convert based on the middle price published by the lender on the payment date); 


 


	 	4.	Others:
      / .


 


	(III)	During
    loan release and payment, if the borrower falls into one of the following situations, the borrower shall make up loan release
    and payment conditions according to requirements of the lender; the lender shall have the right to propose stricter loan release
    and payment conditions, and shall have the right to stop the loan release and payment. The lender may take appropriate measures
    according to clause II of Article 14:


 


	 	1.	Degradation
    of the credit situation; 


 






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	 	2.	Poor
    profitability of the main business; 


 


	 	3.	Abnormality
    for the use of the loan; 


 


	 	4.	Other
    situation believed by the lender. 


 


Article
8 Repayment of the principal and interest of the loan 


 


	I.	The
    principal of the loan under this contract shall be repaid according to item 2 specified below:


 


	 	1.	The
                                         loan principal will be repaid by installments; the principal repayment amount and date
                                         are as below:

         

        Repay
        RMB __________ on _________; Repay RMB __________ on _________;

         

        Repay
        RMB __________ on _________; Repay RMB __________ on _________;

         

        Repay
        RMB __________ on _________; Repay RMB __________ on _________;

         

        Repay
        RMB __________ on _________; Repay RMB __________ on _________;

         

        ________________________________________________________________

         

        If
        the lender adjusts the plan for the use of the loan in batches, the loan repayment date and amount agreed herein will
        not be changed, and the borrower shall repay loan principal as scheduled.

	 	 	 
	 	2.	The
    loan principal will be repaid by one time upon the expiry of the term of loan. 


 


	 	3.	
        Other way to repay loan principal: __________________________________

         

        ______________________________________________________________.






 


	II.	The borrower shall repay the loan principal and interest hereunder to the lender on the loan repayment date and interest payment date agreed herein. 


 






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	III.	If
    the repayment date is not a business day of the lender, it will be postponed to the next business day of the lender for repayment,
    and this non-business day will be calculated into the total loan occupation period. When repaying the last period of loan
    principal, the borrower shall pay off the interest together with the principal, which will not be restricted by the interest
    payment date specified in Article 5 hereof. 


 


	IV.	If
    the borrower fails to repay the loan under the contract as scheduled and needs to delay the repayment of the loan, it shall
    submit a written loan extending application to the lender ten working days prior to the expiry date of this period
    of loan. If the extension is agreed by the lender upon examination, the two parties will otherwise sign a Loan Extending
    Contract which will be used as a supplementary agreement of this contract. 


  


	V.	Advanced
                                         repayment

         

        The
        borrower shall repay the principal and interest of the loan as scheduled in the contract.

         

        If
        the borrower requires to repay the loan principal and interest ahead of schedule in full or in part, it shall inform the
        lender in writing ten working days in advance and obtain the lender’s written consent. Upon the consent of the lender,
        the borrower shall discuss with the lender and determine the repayment after advance repayment of part of loan principal
        and interest. Interest for the part of loan repaid in advance will be calculated based on the actual use period and the
        interest agreed herein. Loan interest already collected prior to advanced repayment will not be adjusted.

         

        If
        the borrower requires advanced repayment, the lender shall have the right to ask the borrower to pay liquidated damage
        amounting to 0.05% of the amount for advanced repayment.

	 	 
	VI.	If
    the borrower fails to perform its obligations according to the contract, the borrower herein irrevocably authorizes the lender
    to directly collect related payment from any account of the borrower opened at the bank of the lender or any other branch
    or subsidiary of Industrial Bank without going through any judicial procedure, including but not limited to the principal
    and interest of the loan (including the principal, interest, penalty interest and compound interest), liquidated damage, damage
    compensation, expenses for the lender to realize its creditor’s rights, etc. The borrower agrees that the lender shall
    have the right to determine specific payment collection procedure. If the currency of the capital in the account is different
    from the loan currency, the lender shall have the right to convert related amount into the loan currency based on the middle
    price published by the lender on the day of payment collection. If any account agreed hereunder involved financial management
    products or structural deposit or other related products, the borrower herein irrevocably authorizes the lender to directly
    initiate the redemption application or take other necessary measures for such related products in order to ensure smooth collection
    of such payment, and the borrower promises to provide all necessary cooperation. 


 






    15


     


    

 


Article
9 Guarantee


 


	I.	The
    guarantee contracts of this contract include without limitation the followings: 


 


	 	(I)	The
    Maximum Amount Guarantee Contract (contract name) with the number of X.Y.X.D.Y.B.Z No. 2019309A; mode
    of guarantee: warranty, guarantor: Chen Xiaodong.; 


 


	 	(II)	The
    Maximum Amount Guarantee Contract (contract name) with the number of X.Y.X.D.Y.E.B.Z No. 2019309B; mode
    of guarantee: warranty, guarantor: Cai Juanjuan; 


 


	 	(III)	The
    CMBC Sme Loan Guarantee Insurance Contract (contract name) with the number of L.No.35021900012316 ; mode
    of guarantee: insurance, guarantor: PICC Property and Casualty Company Limited Xiamen Branch ;


  


	 	(IV)	The
         /     (contract name) with the number of     /    ; mode of guarantee:      /     , guarantor:
         /     ;


 


	 	(V)	The
        /    (contract name) with the number of      /    ; mode of guarantee:      /    , guarantor:
         /    ;


 


	 	(VI)	The
         /    (contract name) with the number of      /    ; mode of guarantee:      /    , guarantor:
         /    ;


 


	II.	In
    addition to aforesaid guarantee contracts which have been signed, in case of exchange rate fluctuation or any other event
    which as believed by the lender may affect the contract performance ability of the borrower or the guarantor, the lender shall
    have the right to ask the borrower to submit the cash deposit or provide new guarantee, and sign related guarantee contract.
    the borrower shall cooperate to meet the lender’s requirements. 


 


	III.	The
    lender shall have the right to not perform its obligations hereunder, including loan release, before the completion of signing
    of guarantee contracts hereunder and the completion of guarantee formalities. 


 






    16


     


    

 


Article
10 Rights and obligations of the parties


 


	I.	Rights
    and obligations of the lender


 


	(I)	Rights
    of the lender: 


 


	1.	Be
    entitled to ask the borrower to repay the principal and interest of the loan as scheduled; 


 


	2.	Be
    entitled to ask the borrower to provide all materials related to the loan; 


 


	3.	Be
    entitled to get to know the borrower’s production, operation and financial situation; 


 


	4.	Be
    entitled to supervise the borrower to use the loan for the purpose agreed herein; 


 


	5.	Be
    entitled to supervise the loan use situation and propose requirements; 


 


	6.	Be
    entitled to directly collect related payment from any account of the borrower opened at the bank of the lender or any other
    branch or subsidiary of Industrial Bank without going through any judicial procedure, including but not limited to the principal
    and interest of the loan (including the principal, interest, penalty interest and compound interest), liquidated damage, damage
    compensation, expenses for the lender to realize its creditor’s rights, etc. The borrower agrees that the lender shall
    have the right to determine specific payment collection procedure. If the currency of the capital in the account is different
    from the loan currency, the lender shall have the right to convert related amount into the loan currency based on the middle
    price published by the lender on the day of payment collection. If any account agreed hereunder involved financial management
    products or structural deposit or other related products, the borrower herein irrevocably authorizes the lender to directly
    initiate the redemption application or take other necessary measures for such related products in order to ensure smooth collection
    of such payment;


 






    17


     


    

 


	7.	The
    lender shall have the right to transfer creditor’s rights and guarantee interest hereunder to a third party in full
    or in part at any time and it’s unnecessary to obtain the borrower’s consent. If the lender transfers the loan
    and guarantee interest hereunder, the borrower shall still undertake all of its obligations under this contract; 


 


	8.	If
    the borrower fails to repay the loan principal and interest according to the contract or fails to implement loan principal
    and interest repayment affairs, the lender shall have the right to disclose in the credit reporting center of the credit investigation
    system established or approved by the People’s Bank of China, banking supervision institution or other governmental
    departments or the news media, and take legal measures, including collection, litigation, arbitration or applying for the
    execution order from a notary institution; 


 


	9.	The
    lender shall have the right to unilaterally determine to withdraw the loan ahead of schedule based on the capital return situation
    of the borrower; 


 


	10.	In
    case of exchange rate fluctuation or other situation the creditor believes that it may affect the safety of the creditor’s
    right, the debtor shall be obliged to submit cash deposit and other pledge guarantee according to the creditor’s requirements,
    or take risk migrating measures approved by the creditor; 


 


	11.	The
    lender shall have the right to enjoy other rights stipulated by laws, regulations and rules or other rights agreed in this
    contract. 


 


	(II)	Obligations
    of the lender:


 


	1.	Release
    and pay the loan capital as agreed in this contract; 


 


	2.	Keep
    confidential the borrower’s debt, finance production and operation situation except for the following situations:


 


	 	(1)	Provisions
    of the laws and regulations; 


 


	 	(2)	Provisions
    or requirements of the regulators; 


 


	 	(3)	Disclosure
    to the lender’s partners, etc.


 






    18


     


    

 


	II.	Rights
    and obligations of the borrower:


 


	(I)	The
    borrower shall enjoy the following rights: 


 


	1.	Be
    entitled to withdraw and use all the loan according to the contract; 


 


	2.	Be
    entitled to ask the lender to keep confidential materials provided by the borrower pursuant to this contract. 


 


	(II)	Obligations
    of the borrower:


 


	1.	The
    borrower shall provide document materials required by the lender according to the truth, and the information about all banks
    of accounts, account numbers and balance of deposit and loan, and cooperate with the lender’s investigation, review
    and inspection;


 


	2.	The
    borrower shall accept the lender’s supervision or inspection over its use of the loan and related production, operation
    and financial activities, and promptly take reasonable measures with regard to the lender’s suggestions or requirements;
    


 


	3.	The
    borrower shall use the loan according to the purpose agreed herein and shall not embezzle the loan. The borrower shall warrant
    that the loan will not be used for investment in fixed assets, the production and operation prohibited by the state, equity
    investment, trading of negotiable securities, futures, real estate, etc., and that the loan will not be used to mutual loan
    activities among enterprises and other illegal activities prohibited by the state; the borrower shall warrant that the loan
    will not be occupied or embezzled in any other way; 


 






    19


     


    

 


	4.	The
    borrower shall accept the lender’s monitoring of the borrower’s account and the management of the payment of the
    loan capital according to Article 7 of this contract; 


 


	5.	The
    borrower shall repay the principal and interest of the loan in full as scheduled in the contract;


 


	6.	Without
    the written consent of the lender, the borrower shall not transfer the debt hereunder to any third person in full or in part;
    


 


	7.	The
    borrower shall not reduce the registered capital in any form; without the lender’s written consent, the borrower shall
    not extend the registered capital subscription period; 


 


	8.	In
    case of merger, division, equity transfer, foreign investment, substantial increase of debt financing or other major events,
    the borrower shall inform the lender at least thirty working days in advance and obtain the lender’s written consent.
    The borrower shall actively take measures to guarantee full repayment of the loan principal and interest as scheduled. Aforesaid
    major events shall include without limitation:


 


	 	(1)	Apply
    for loan or liabilities from a third party, including the bank, or provide loan to a third party, provide guarantee for the
    liabilities of a third party or other substantial increase of liability financing, which will affect or is likely to affect
    the repayment of the loan principal and interest; 


 


	 	(2)	Major
    equity change and business adjustment (including but not limited to sign a joint venture or cooperation contract with a foreign
    investor or an investor from Hong Kong, Macao or Taiwan; company revoking, closure, production stop, production transfer;
    splitting merger, acquisition or being acquired; restructuring, establishing or restructuring into a corporate enterprise;
    foreign investment; invest in a corporate company or investment company with real estate, machinery equipment, or other fixed
    assets or trademark, patents, proprietary technology, land use right and other intangible assets; trading on property rights
    or business rights by means of leasing, contracting, joint operation, trusteeship, etc.); 


 


	 	(3)	Change
    of the equity up to / % (including but not limited to equity transfer,trusteeship, agent custody, pledge, etc.).


 






    20


     


    

 


	9.	The
    borrower shall inform the lender in writing within 7 working days as of the date when the following situation occurs or likely
    to occur, and actively take measures to guarantee the take measures to guarantee full repayment of the loan principal and
    interest as scheduled according to the lender’s requirements:


 


	 	(1)	Major
    financial loss, asset loss or other financial crisis; 


 


	 	(2)	Business
    stop, the business license being revoked or de-registered; applying for or being applied for bankruptcy, dissolution, or other
    situation; 


 


	 	(3)	The
    controlling shareholder and other affiliated company have major crisis for operation or finance, which has affected its normal
    operation; 


 


	 	(4)	Personnel
    change of the borrower’s legal representative, directors or senior management, which has affected its normal operation;


 


	 	(5)	Equity
    change of the guarantor up to /% (including but not limited to equity transfer, trusteeship, agent custody, pledge,
    etc.).


 


	 	(6)	Major
    connected transaction between the borrower and its controlling shareholder or other affiliated company, which has affected
    its normal operation; 


 


	 	(7)	Any
    litigation, arbitration or criminal or administrative penalty with major negative impact on its operation and financial situation;
    


 


	 	(8)	Any
    other major event likely to affect its debt repayment ability. 


 






    21


     


    

 


	10.	Upon
    the request of the lender (the lender shall inform the borrower in a reasonable way in advance except that advanced notice
    cannot be made due to the occurrence of breach of contract or potential breach of contract or the reason of the special environment),
    the borrower shall allow the representative of the lender to perform the following activities during normal working hours:
    


 


	 	(1)	Visit
    the site of the borrower for business activities; 


 


	 	(2)	Check
    the site, facilities, plant and equipment of the borrower; 


 


	 	(3)	Check
    the account records and all other records of the borrower; 


 


	 	(4)	Inquire
    the borrower’s employees, agents, contractors and subcontractors familiar with or likely to be familiar with information
    required by the lender. 


 


	11.	The
    borrower shall warrant to maintain the current assets, net asset value, asset-debt proportion, asset liquidity proportion
    and other financial situation in the following range required by the lender within the term of the loan: ________________.
    


 


	12.	The
    borrower must sign for receiving of the payment collection letter or payment collection document sent or delivered by other
    means by the lender and send the receipt to the lender. 


 


Article
11 Statement and undertaking of the borrower


 


The
bidder voluntarily makes the following statement and undertaking, and is willing to bear legal liability for the authenticity
of such contents:


 


	I.	The
    borrower is a legal organization established and surviving according to the laws of the People’s Republic of China and has
    complete civil behavior ability. The borrower warrants that it will provide related certificates, license, evidences and other
    documents required by the lender. 


 


	II.	The
    borrower has adequate ability to perform all of its obligations and responsibilities under the contract, and will not mitigate
    or exempt its repayment responsibilities due to any directive, change of financial situation or any agreement signed with
    any organization. 


 






    22


     


    

 


	III.	The
    borrower has adequate authorization and legal right to sign this contract, and has obtained and implemented all internal approvals
    and authorizations or other related formalities required for the signing and performance of the contract, and has obtained
    and implemented all approval, registration, authorization, permission, license or other related formalities from any governmental
    departments or other competent authority required for the signing and performance of the contract. Moreover, all approvals,
    registrations, consent, permission and authorization as well as other formalities necessary for the signing of the contract
    are adequately legitimate and effective. 


 


	IV.	The
    borrower’s signing of this contract is completely in line with the borrower’s related articles of association,
    internal decisions and resolutions of the board meetings and shareholder’s meetings. The borrower warrants that such
    internal decisions and the resolutions of the board meetings and shareholder’s meetings completely comply with provisions
    of state laws, regulations and the company’s articles of association, and none of them are invalid fault or revocable.
    This contract does not conflict with the borrowers’ articles of association, internal decisions, resolutions of the
    board meetings and shareholder’s meetings or the borrower’s policies. 


 


	V.	The
    signing and performance of this contract is based on the borrower’s real intent. The debt financing meets requirements
    of laws and regulations. The signing and performance of this contract does not violate any law, regulation, rules or the agreement
    of the contract binding to the borrower. The contract is legal, effective and enforceable. If the contract becomes invalid
    due to defects of the rights of the borrower upon contract signing and performance, the borrower will immediately and unconditionally
    compensate all losses of the lender. 


 


	VI.	All
    documents, financial statements and other materials submitted by the borrower to the lender hereunder are true, complete,
    accurate and effective, and all financial indexes required by the lender will be continuously maintained. 


 


	VII.	The
    borrower agrees that the loan business hereunder shall be restricted by the lender’s provisions, practices and the actual
    situation. The lender may withdraw the loan ahead of schedule based on the capital return situation of the borrower. 


 






    23


     


    

 


	VIII.	If
    the bidder fails to perform its obligations according to the contract, the borrower herein authorizes the lender to directly
    collect related payment from any account of the borrower opened at the bank of the lender or any other branch or subsidiary
    of Industrial Bank without going through any judicial procedure, including but not limited to the principal and interest of
    the loan (including the principal, interest, penalty interest and compound interest), liquidated damage, damage compensation,
    expenses for the lender to realize its creditor’s rights, etc. The borrower agrees that the lender shall have the right
    to determine specific payment collection procedure. If the currency of the capital in the account is different from the loan
    currency, the lender shall have the right to convert related amount into the loan currency based on the middle price published
    by the lender on the day of payment collection. If any account agreed hereunder involved financial management products or
    structural deposit or other related products, the borrower herein irrevocably authorizes the lender to directly initiate the
    redemption application or take other necessary measures for such related products in order to ensure smooth collection of
    such payment; the borrower shall provide all necessary cooperation.


 


	IX.	If
    the borrower submits specific transaction documents to the lender for review no matter before or after the signing of the
    contract, the borrower shall warrant the authenticity of all documents. The lender will only make decision on the surficial
    authenticity of the transaction documents. The lender does not participate in and is not aware of specific substantial transaction
    of the borrower and will not assume any responsibilities.


 


	X.	The
    borrower confirms that, except for situations already disclosed to the lender in writing, the borrower has not hidden any
    of the following events that has occurred or is to be occur which may cause the lender to disagree with the release of the
    loan hereunder: 


 


	 	(I)	Debts
    and contingent debts borne by the borrower, including but not limited to any pledge, mortgage, lien or other debt burden set
    on the borrower’s assets or earning that has no be disclosed to the lender; 


 


	 	(II)	Major
    discipline violation, law violation or claim for compensation events involving the borrower or major management staff of the
    borrower; 


 


	 	(III)	Breach
    of contract by the borrower under any credit-debt contract concluded between the borrower and any other creditor; 


 


	 	(IV)	The
    borrower is not subject to, or to the knowledge of the borrower, there is no litigation, arbitration or administrative penalty
    against the borrower or its property which is still pending or likely to occur. There are no procedures proposed for liquidation,
    business stop or others against the borrower no matter actively proposed or proposed by a third party. 


 


	 	(V)	Any
    other situation likely to affect the borrower’s financial situation or repayment ability. 


 






    24


     


    

 


	XI.	The
    borrower promises to use the loan according to the purpose specified in the contract and that the loan will not be embezzled
    or used for other purpose violating the agreement herein. The borrower will accept and cooperate with the borrower for loan
    payment management, post-loan management and related inspection at any time, and will cooperate with the lender on the supervision,
    inspection, counting and all other necessary or appropriate actions on the use of the loan by the borrower, the borrower’s
    production, operation and financial activities, inventory of materials, assets and liabilities, bank deposit, cash and others.
    


 


	XII.	The
    borrower shall provide the adequate and effective guarantee accepted by the lender or other guarantee believed suitable and
    acceptable by the lender. In case of real estate pledge involved hereunder, the borrower shall promptly perform the notification
    obligation to the lender when the borrower gets to know that the real estate is to be demolished. If the real estate for pledge
    is demolished, if property transfer compensation is adopted, the lender shall have the right to ask the borrower to repay
    debt ahead of schedule, or set up new pledge and sign a new pledge agreement. After the loss of the original pledged real
    estate and before the handling of new pledge registration, the borrower shall ask the pledger to continue provide guarantee
    or the main creditor’s rights with the real estate demolishing compensation through opening a special account for deposit
    or the deposit note. 


 


	XIII.	The
    borrower shall not reduce registered capital in any form. Without the prior written consent of the lender, the borrower shall
    not transfer the debts hereunder to any third party in full or in part. Before full repayment of debts hereunder, the bidder
    shall not repay the borrower’s debt to another creditor ahead of schedule without the prior written consent of the lender
    (except for other branches of Industrial Bank).


 


	XIV.	In
    case of any major event negative to the borrower’s repayment ability, the borrower shall inform the lender in time.
    In case of company merge, division, equity transfer, foreign investment, substantial of debt financing or other major events,
    the written consent of the lender shall be obtained.


 






    25


     


    

 


	XV.	In
    case of any dispute between the lender and the borrower or any third party related to the borrower due to the performance
    of the lender’s obligations hereunder, due to which the lender is involved in any dispute between the borrower and a
    third party, the borrower shall bear all the litigation or arbitration fee, attorney fee and other expenses incurred to the
    lender therefore. 


 


	XVI.	All
    settlement business under this contract shall be handled by the borrower through an account opened in the lender’s bank.
    The borrower shall accept the lender’s closed regulation on operation property income and expenditures.


 


	XVII.	The
    borrower warrants that information published in the national enterprise credit information publicity system is true, complete,
    legal and effective. The borrower warrants that it continuously agrees that the lender may query information of the company
    in the system no matter such information is public or not. If capital verification is required by the lender, the borrower
    agrees to perform capital verification according to the lender’s requirements and provide the capital verification report
    issued by a professional organization.


 


	XVIII.	The
    borrower herein declares and authorizes that the lender shall have the right to make necessary investigation of the borrower’s
    credit situation in accordance with the Credit Management Regulations and other related laws and regulations of the
    state, and that the lender may disclose and report information about this contract and other related information to the financial
    credit information basic database according to requirements of the governmental departments, bank regulators and the People’s
    Bank of China on the development of enterprise and individual credit work, as well as to the credit investigation system established
    or approved by the aforesaid organizations and institutions. The borrower herein allows that the related information can be
    legally queried. 


 


	XIX.	If
    the borrower violates this article of this contract, or falls into any situation likely to endanger the lender’s realization
    of the creditor’s rights, the lender shall have the right to ask the borrower’s shareholders to speed up their
    subscription and contribution obligation. The borrower warrants that its shareholders will promptly subscribe related capital
    according to the lender’s requirements. The lender shall have the right to require no dividend allocation to the borrower
    and its shareholders.


 






    26


     


    

 


	XX.	The
    borrower warrants that the transaction background of this loan business is real and legitimate and is not used or any illegal
    purpose, such money laundering


 


	XXI.	Other
    statement and undertaking of the borrower: __________________________.


 


Article
12 Loan withdrawal ahead of schedule


 


	I.	During
    the lease term, if the borrower or the guarantor (including guarantor, pledger or mortgager, the same below) falls in one
    of the following circumstances, the lender shall have the right to unilaterally determine to terminate paying the loan not
    used by the borrower yet and withdraw the loan principal and interest in full in part, and the loan for repayment by batches.
    If the lender withdraws the loan for any period ahead of schedule according to this contract, other undue debts will be deemed
    to become due ahead of schedule:


 


	(I)	Provide
    false materials or hide important operation and financial facts; any certificates or documents submitted to the lender and
    any item in the borrower’s statements and undertaking made in Article 11 are proven untrue, inaccurate, incomplete or
    deliberately leading misunderstanding; 


 


	(II)	Privately
    change the loan purpose without the consent of the lender; embezzle the loan or use the loan for illegal or violating transaction;
    


 


	(III)	Make
    discount or pledge to the lender based on false contract with the affiliated party or any creditor’s rights such as
    receivable notes or receivables without actual trading background for the purpose of getting the lender’s capital or
    credit granting; 


 


	(IV)	Refuse
    accepting the lender’s supervision and inspection on its credit loan use situation and related operation and financial
    activities;


 


	(V)	Have
    major events which are believed by the lender likely to affect the loan safety, such as merger, division, acquisition, restructuring,
    equity transfer, foreign investment, substantial increase of debt financing, etc.; 


 






    27


     


    

 


	(VI)	Purposely
    escaping or invalidating the lender’s creditor’s rights through affiliated transaction; 


 


	(VII)	Deterioration
    of the credit situation, obviously weakening of the repayment ability (including contingent liability);


 


	(VIII)	The
    borrower or the borrower’s affiliated company and guarantor or the guarantor’s affiliated company has cross violation
    of the contract as specified in Article 15 of the contract; 


 


	(IX)	The
    borrower fails to repay loan principal and interest under the contract. 


 


	(X)	The
    borrower stops its repayment or cannot or expresses its incapability to repay the debt due; 


 


	(XI)	Business
    stop, closedown, being declared bankruptcy, dissolution, business license being revoked, the company being cancelled, financial
    status deterioration, etc.


 


	(XII)	The
    borrower fails to perform its obligations under Article 10 and Article 13 and other of its obligations agreed in the contract,
    or the guarantor fails to perform its obligations under the guarantee contract;


 


	(XIII)	The
    value of the mortgage or pledge for guarantee has reduced obviously, or the right of pledge must be realized before the expiry
    of the loan; 


 


	(XIV)	Abnormal
    change, loss or being investigated or having personal freedom being restricted by juridical organ of the legal representative,
    main investors, directors, supervisors and senior management of the borrower or the guarantor, which has affected or may affect
    the performance of the borrower’s obligations hereunder; 


 






    28


     


    

 


	(XV)	The borrower/
    guarantor or the controlling shareholders, actual controllers or affiliated personnel of the borrower/ guarantor is involved
    in major litigation, arbitration or other dispute, of their major assets being sealed, frozen, detained, disposed by
    mandatory execution, being taken with other measures with similar effect, which is likely to damage the lender’s
    equity.


 


	(XVI)	Any
    event otherwise agreed in the contract, any situation based on the borrower’s capital return situation, or other events
    affecting or damaging or likely to affect, damage the interest of the lender. 


 


	II.	If
    the aforesaid situation for loan withdrawal ahead of schedule occurs, the lender may determine whether to offer certain grace
    period to the borrower based on the borrower’s production, operation and financial situation and capital return situation.
    If the grace period is offered and the borrower still fails to take remedial measures within the grace period or if the remedial
    measures taken fail to meet the lender’s requirements, the lender shall have the right to unilaterally determine to
    withdraw the loan ahead of schedule. The lender may also not offer the grace period and directly determine to withdraw the
    loan ahead of schedule.


 


	III.	In
    case of loan withdrawal ahead of schedule, the lender shall have the right to take appropriate measures according to item
    II of Article 14. 


 


Article
13 Obligation of the borrower to disclose major transactions and major events


 


	I.	The
    borrower shall promptly report major transactions and major events of the borrower to the lender in writing. 


 


	II.	If
    the borrower is a group company, the borrower shall promptly report connected transaction amounting to more than 10% of the
    borrower’s net assets to the lender according to related provisions, including but not limited to:


 


	(I)	Affiliations
    among various transaction parties; 


 


	(II)	Transaction
    projects and nature; 


 






    29


     


    

 


	(III)	Transaction
    amount or corresponding proportions; 


 


	(IV)	Pricing
    policy (including transactions without price or only with symbolic amount).


 


Article
14 Liability for breach of contract 


 


	I.	After
    the contract takes effect, both the borrower and the lender shall perform their obligations under the contract. Any party
    failing to perform or completely perform its obligations under the contract shall bear corresponding liability for breach
    of contract. 


 


	II.	If
    the borrower fails to use the loan for the purpose agreed in the contract, and fails to make payment of the loan capital in
    the way agreed herein, fails to observe its statements and undertaking, if the loan application documents are untrue, if the
    borrower fails to realize agreed financial indexes, if there is major cross contract breaking or if the borrower fails to
    perform any agreement in the contract, the lender shall have the right to take one or more of the following measures: 


 


	(I)	Require
    correction of default within a given time period; 


 


	(II)	Stop
    release the loan not released yet under the contract, and stop paying loan capital not paid yet under the contract; 


 


	(III)	Ask
    the borrower to meet conditions for loan release or payment in line with the lender’s requirements, or cancel the qualification
    for the borrower to use the loan in independent payment way; 


 


	(IV)	Unilaterally
    determine the advanced maturity of the loan in full or in part; 


 


	(V)	Unilaterally
    terminate or release the contract and ask the borrower to repay loan principal and interest no matter they are due or not,
    and pay or compensate for related losses; 


 






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	(VI)	In
    case of overdue loan, ask the borrower to pay overdue loan penalty interest; if the borrower embezzle the loan, ask the borrower
    to pay the penalty interest for loan embezzlement; ask the borrower to pay compound interest of pending interest (including
    interest before and after the expiry of the loan, penalty interest for loan embezzlement and overdue loan penalty interest);
    


 


	(VII)	Ask
    the borrower to add or replace the guarantor, mortgage, pledge/ pledge right;


 


	(VIII)	Implement
    or realize any right under the loan guarantee; 


 


	(IX)	The
    lender may directly collect related payment from any account of the borrower opened at the bank of the lender or any other
    branch or subsidiary of Industrial Bank without going through any judicial procedure, including but not limited to the principal
    and interest of the loan (including the principal, interest, penalty interest and compound interest), liquidated damage, damage
    compensation, expenses for the lender to realize its creditor’s rights, etc. The borrower agrees that the lender shall
    have the right to determine specific payment collection procedure. If the currency of the capital in the account is different
    from the loan currency, the lender shall have the right to convert related amount into the loan currency based on the middle
    price published by the lender on the day of payment collection. If any account agreed hereunder involved financial management
    products or structural deposit or other related products, the borrower herein irrevocably authorizes the lender to directly
    initiate the redemption application or take other necessary measures for such related products in order to ensure smooth collection
    of such payment. 


 


	(X)	File
    a lawsuit, arbitration or apply for an execution order from a notary organ; ask the borrower to repay loan principal and interest;
    expenses for the creditor to realize the creditor’s right shall be borne by the borrower; 


 


	(XI)	The
    lender shall have the right to detain, hold or taken other appropriate measures against any movable or real estate properties,
    tangible property or intangible property controlled or occupied by the borrower. 


 


	(XII)	Any
    other measure stipulated by laws and regulations, agreed in this contract, or believed appropriate by the lender.


 






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	III.	Under
    the premise of meeting preconditions for loan release and for loan capital payment agreed in the contract, if the lender fails
    to provide the loan according to the date and amount agreed herein, which results in the loss of the borrower, the lender
    shall compensate the borrower for direct economic losses caused therefore. Nevertheless, the lender will not compensate for
    any foreseeable or unforeseeable indirect losses suffered by the borrower therefore. 


 


	IV.	During
    the performance of the contract, in case of wrong commissioned payment, untimely payment caused by untrue, inaccurate, incomplete
    or other defective materials provided by the borrower, independent payment by the borrower in violation of the contract or
    any other losses formed thereby, the lender will not assume any liability.


 


	V.	If
    the loan receiving account or the account of the payment object is frozen under the contract or in case of loan release and
    payment dispute or other losses caused by other reason, the lender will not assume any liability. 


 


	VI.	If
    the guarantor (i.e., the guarantor, pledger or the mortgager) under the contract falls into one of the following circumstances,
    the lender shall have the right to take measures according to item II of this article: 


 


	(I)	The
    guarantor fails to perform agreement of the guarantee contract, the credit situation deteriorates, or the guarantee ability
    weakens; 


 


	(II)	The
    mortgager fails to perform agreement of the mortgage contract, deliberately damage the mortgage, or the value of the mortgage
    may decrease or have already decreased; or other events with prejudice to the lender’s mortgage rights occur; 


 


	(III)	The
    pledger fails to perform agreement of the pledge contract, deliberately damage the pledge, or the value of the pledge may
    decrease or have already decreased; or other events with prejudice to the lender’s pledge rights occur;


 






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Article
15 Cross contract breaking 


 


When
the borrower or the borrower’s affiliated enterprise or guarantor, or the guarantor’s affiliated enterprises fall
into any of the following situations, it shall be deemed that the borrower has broken this contract. The lender shall have the
right to withdraw the loan ahead of schedule according to Article 12 of the contract, and ask the borrower to bear liability for
breach of the contract according to Article 14 hereof:


 


	(I)	Any
    loan, financing or debt has or may have breach of contract, or is declared mature ahead of schedule; 


 


	(II)	Any
    guarantee or similar obligation is not performed, or may not be performed; 


 


	(III)	Fail
    to perform or violate legal documents or contract on liability guarantee and other similar obligations, or there is possibility
    of performance failure or violation; 


 


	(IV)	Incapability
    to repay debt due or loan/ financing due appears or likely to appear; 


 


	(V)	Be
    declared or to be declared bankruptcy by legal procedure; 


 


	(VI)	The
    assets or properties are transferred to other creditors; 


 


	(VII)	Other
    situation endangering the safety of loan principal and interest under this contract.


 


Article
16 Continuity of obligations


 


All
of the borrower’s obligations under the contract shall be continuous and shall have complete and equal binding force over
its successor, agent, receiver, assignee, and the entity after its merger, restructuring or name changing.


 


Article
17 Accelerated maturity of loan principal and interest


 


The
borrower agrees that once the borrower fails to perform its statements and undertaking in Article 11 hereunder, or the
borrower fails to perform any of its obligations hereunder, the lender shall have the right to determine that any other
obligation of the borrower to the lender, including the mature or immature principal and interest (including penalty interest
and compound interest) of the loan hereunder, may become mature immediately.


 






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Article
18 Priority of Subrogation


 


The
Borrower hereby represents that where the Borrower violates the Contract or fails to pay off the due debts (including the principal,
interest and expense) and the Borrower itself doesn’t has sufficient property to repay the debt, the Lender shall have the
priority to exercise the subrogation right for any creditor’s rights, account receivables and other property rights and
interests possessed by the Borrower against any third party.


 


Article
19 Governing Law and Settlement of Dispute


 


	I.	The
    conclusion, effectiveness, performance, cancellation, interpretation of the Contract and the settlement of dispute shall be
    governed by the laws of the People’s Republic of China (for the purpose of the Contract, the laws of Hong Kong Special
    Administrative Region, Macao Special Administrative Region and Taiwan Region are excluded).


 


	II.	All
    disputes arising from or in connection with the performance hereof shall be settled by the Lender and the Borrower through
    friendly consultation; where no agreement can be reached, both parties agree to settle the dispute based on following method
    (2):


 


	(1)	File
    a lawsuit in the people’s court in the place of the Lender.


 


	(2)	Apply
    to Xiamen Arbitration Committee for arbitration and settle the dispute according to the then valid arbitration rules
    at the time of arbitration by the Arbitration Committee. To the extent permitted by the arbitration rules, both parties agree
    to apply the summary procedure to complete the adjudication of case. The arbitration award is final and binding upon both
    parties. The place of court session of the arbitral tribunal is in Xiamen.


 


	(3)	Other
    methods: .


 


	III.	During
    the dispute period, the terms hereof that are not in dispute shall be performed continuously.


 






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Article
20 Correspondence, Communication and Notification


 


	I.	The
    Borrower agrees and acknowledges that the following address is the address for service of the notification matters specified
    hereunder and legal instruments for relevant litigation (arbitration) and notarization at the time of dispute (including but
    not limited to the notifications and documents of the contracting parties; pleadings (or application for arbitration) and
    evidence, court summons, notice of respondence to action, notice of proof, notice of court session, payment command, written
    judgment (award), written verdict, mediation document, enforcement notice, notice of performance within time limit and other
    legal instruments for litigation or arbitration hearing, realization of security interest procedure and execution stage; various
    notifications and legal instructions served by the notary authority) served by the court or the arbitral tribunal:


 


	(I)	Address
    of the Borrower:


 


	 	1.	
        Name of the Borrower: Fujian Blue Hat
        Interactive Entertainment Technology Co., Ltd.

         

        Address of the Borrower: Room 402, 4F,
        Industrial Design Center, Longshan Cultural and Creative Industrial Park across the Strait, No. 84, Longshan South Road, Siming
        District, Xiamen;

         

        Zip code: 361000; Contact number:
        13202207600;

         

        Contact person: He Caifan.

	 	 	 
	 	2.	
        Name of designated recipient (if any):
        ;

         

        Address of recipient: ;

         

        Zip code: ; Contact number: .




 


	(II)	The Borrower agrees and confirms that the following electronic mailing address is the valid address of service:




 


	1.	Fax
    number: ;


 


	2.	Email
    address: plutus@bluehatgroup.net;


 


	3.	SMS
    number: 13925123166;


 


	4.	Wechat
    number: ;


 


	5.	QQ
    number: .


 






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	II.	The
    application period for the address of service agreed in paragraph 1 of this article includes all stages such as non-judicial
    stage, first instance, second instance, retrial, execution and procedure of realization of security rights, supervisory proceedings
    and enforcement of notarization after judicial proceedings. In case of any change in the above address of service, the Borrower
    shall inform the Lender in writing in advance (during the litigation or arbitration period, a prior written notice shall be
    sent to the arbitral tribunal or court; where the enforcement of notarization has been handled, a written notice shall be
    sent to the original notary authority) to re-confirm the address of service and obtain the receipt. Where it fails to send
    a prior notice, such change shall be deemed to be invalid and corresponding legal consequence shall be borne by the Borrower.
    The address of service specified in first paragraph of this article shall remain unchanged as the valid address of service.


 


	III.	All
    documents, communications, notifications and legal instruments shall be deemed to have been served on the following date when
    they are sent to any of the address specified in first paragraph of this article (where the documents are delivered to the
    designated recipient, it shall be deemed to have been served to the concerned party):


 


	(I)	If
    delivered by mail (including the express mail service, ordinary mail and registered mail), it shall be deemed to have been
    served on the fifth working day after mailing date;


 


	(II)	If
    delivered by fax, email, SMS, Wechat, QQ or other electronic communication mode, it shall be deemed to have been served on
    the sending date;


 


	(III)	If
    delivered by personal service, it shall be deemed to have been served on the signing and receiving date of the recipient.
    Where the recipient refuses to receive the document, the server can record the process by taking photos and videos and keep
    the instrument properly. Upon completion of above procedure, it shall be deemed to have been served.


 


	IV.	The
    Borrower shall bear corresponding legal consequences if the service address provided or confirmed by the Borrower is inaccurate
    or untrue or the service address after change cannot be informed to the counterparty and the arbitration authority, people’s
    court and notary authority in time which results in failure in service and shall be deemed to have been validly served;


 





	(I)	If
    delivered by mail, the return date of the instrument shall be deemed to be the date of service;


 






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	(II)	If
    delivered by personal service, the date on which the server indicates the specific condition
on the receipt on site shall be deemed to be the date of service;


 


	(III)	If
    delivered by electronic way, the sending date shall be deemed to be the date of service.


 


	V.	The
    Lender treats the domicile listed in the Contract as the address of service. Where the Lender sends the notification by sending
    an announcement in the website, E-bank, telephone bank or sales network, the release date of the announcement shall be deemed
    to be the date of service. The Lender shall not bear any liability for the error, omission or delay in the transmission incurred
    by the mailing, fax, telephone or other communication system in any circumstance.


 


	VI.	The
    parties agree that the unit seal of the parties, office seal, special seal for finance, special seal for contractual use,
    receiving and sending seal and the special seal for the Lender’s credit business shall be the effective seals for the
    notifications or contacts, service of legal instruments and correspondence of the parties. All staff of the Lender shall be
    the authorized recipient for the correspondence, communication and notification.


 


	VII.	This
    provision shall be the independent provision in the Contract and shall not be affected by the validity of the Contract and
    other provisions hereof.


 


Article
21 Validity of Contract and Miscellaneous 


 


	I.	The
    Contract shall come into force after being signed or sealed by the contracting parties.


 


	II.	Within
    the term of the Contract, any tolerance, grace or delay in exercise of the rights or benefits specified hereunder granted
    by the Lender to the Borrower and the Guarantor shall not damage, affect or restrict the Lender’s rights and benefits
    under the laws and regulations and the Contract and shall neither be deemed to be a waiver of the Lender for its rights and
    benefits under the Contract nor affect any obligation of the Borrower under the Contract.


 






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	III.	In
    case of any change in the national laws, regulations or supervisory policies, which results in the nonconformance of the Lender’s
    performance of loan-making obligation specified hereunder with the laws and regulations or supervisory requirements, the Lender
    is entitled to arbitrarily terminate the Contract and declares the acceleration of maturity of all issued loans and the Borrower
    shall immediately repay the loans upon request of the Lender. Where the Lender fails to perform the Contract due to such reason,
    the Lender shall not bear any legal responsibility.


 


	IV.	Where
    the loans cannot be made or paid on time due to force majeure, communication or network failure and the Lender’s system
    failure, the Lender shall not bear any liability and shall inform the Borrower in time.


 


	V.	The
    Lender is entitled to authorize or entrust other branches of Industrial Bank to perform the rights and obligations under the
    Contract based on the operation and management demands (including but not limited to authorizing or entrusting other branches
    of Industrial Bank to enter into relevant contracts), or assign the loans under the Contract to other branches of Industrial
    Bank for management. The Borrower hereby acknowledges above provision and the above behaviors of the Lender require no separate
    consent of the Borrower.


 


	VI.	The
Borrower agrees that the Lender is entitled to adjust, reduce or cancel the loan amount unused under the Contract based on the
Borrower’s production and operation condition, repayment condition and the credit of other financial institutions. Where
the Lender decides to adjust, reduce or cancel the loan amount, it shall send a notice to the Borrower five working days in advance,
without the separate consent of the Borrower.


 





	VII.	Where
    any provision of the Contract is or becomes invalid or unenforceable at any time, the validity, effectiveness or enforceability
    of other provisions under the Contract shall not be affected or impaired.


 


	VIII.	The
    subheadings of the Contract are for convenience only and shall not be used in construing or interpreting the Contract or for
    other purposes.


 


	IX.	The
    appendixes to the Contract shall constitute an integral part of the Contract and shall have the same legal effect with the
    text of the Contract.


 


	X.	The
    Contract is made in triplicate, with the Lender holding two , the Borrower holding one and holding respectively.
    All copies shall have the same legal effect.


 






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Article
22 Notarization and Voluntary Acceptance of Enforcement


 


	I.	Where
    either party of the Contract puts forward the notarization request, the other party agrees to carry out notarization in the
    notary authority specified by the country upon request of the other party.


 


	II.	The
    contract with enforcement of notarization shall have compulsory execution effect. Where the Borrower fails to perform or improperly
    performs the obligations or the Lender’s realization of the creditor’s rights under the laws, regulations and
    the Contract occurs, the Borrower agrees that the Lender is entitled to apply to the notary authority to issue the execution
    certificate with compulsory execution effect and the Borrower is willing to accept the compulsory execution measures directly
    applied by the Lender with the certificate to the competent people’s court and knows the corresponding legal consequences
    and the Borrower undertakes that it will not raise any objection or make any defense.


 


	III.	All
    parties hereto agree that: before the notary authority issues the certificate of execution, it shall be entitled to verify
    the relevant facts of breach by the Borrower such as objection to satisfy or improper satisfaction of the debts in any one
    or several ways such as mail, telephone, fax, E-mail, short message, We-chat, QQ, personal delivery and interview based on
    the clause of “Document Correspondence, Communication and Notice” as agreed herein. If the verification is made
    through telephone or interview, the documents will be deemed as already served upon the end of the interview or call; if the
    verification is made through mail, fax, E-mail, short massage, We-chat, QQ and personal delivery, then the documents shall
    be deemed as served as agreed in the clause of “Document Correspondence, Communication and Notice”.


 


	IV.	If
    the Borrower has any objection towards the above verified fact of breach, it shall, within five working days after the date
    of service, provide written proof and adequate evidences to the notary authority. If the proof has not been provided on time
    or if the notary authority believes that the evidences are not adequate to support the claim, then it will be deemed that
    the Borrower has confirmed relevant facts of breach such as objection to satisfy or improper satisfaction of the debts and
    has agreed that the notary authority may issue the certificate of execution based on the application submitted by the Lender.
    If the notary authority has otherwise stipulate the way of verification and the period for providing the proof, such stipulations
    shall prevail.


 






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Article
23 Supplementary Clauses:


 


This
is the signing page of the Working Capital Borrowing Contract (X.Y.X.D.Y.L.D.Z No. 2019322).


  


	The
                                         Lender (corporate seal): Person in charge or authorized person (signature):

         

        /s/
Xiamen Branch of Industrial Bank Co., Ltd.

         

        Specific Seal for Credit Contract for Xiamen Branch of Industrial Bank Co., Ltd. (seal) 

         

        Hong
        Pipa (signature)

         

        December
        18, 2019

	The
                                         Borrower (corporate seal): Person in charge or authorized person (signature):

         

        /s/
Fujian Blue Hat Interactive Entertainment Technology Co., Ltd. 

         

        Fujian
Blue Hat Interactive Entertainment Technology Co., Ltd. (seal)

         

         

        December
        18, 2019



 






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