Exhibit 10.8


 


Application for Loan (for working capital
loans of SMEs)


(Applicable to the average quoted interest
rate at the base rate of the loan)


Contract No.: 2018 Zhen Zhong
Dong Bu Xiao Jie Zi No. 000112A


 


To: Bank of China
Shenzhen East Branch


 


Due to business
needs, our company hereby applies for working capital loan from you in accordance with the Credit Line Agreement for Small
and Medium-sized Enterprises and “Annex 1: for short-term working capital loan business” signed by our company
and you coded 2018 Zhen Zhong Yin Dong Bu E Xie Zi No. 000112. The rights and obligations arising therefrom shall be
handled in accordance with the aforementioned agreement, attachments and this application form.


 


Article 1 Amount
of loan


 


Loan amount: (in
words) RMB one million eight hundred and seventy-five thousand yuan only; (in figures) ¥1,875,000.00.


 


Article 2 Term
of loan


 


Term of loan: 12
months from the actual date of drawdown; in the case of more than one drawdown, the term shall be counted from the first actual
drawdown date.


 


Our company shall
make withdrawal strictly in accordance with the agreed withdrawal time. If the actual withdrawal date is later than the agreed
withdrawal time, our company shall make repayment in accordance with the agreed repayment time in this application form.


 


Article 3 Purpose
of loan


 


Purpose of loan: Payment
of operating expenses arising from transportation business including salary, fuel expense, highway and bridge expense, transportation
expense, purchase of automobile spare parts and equipment maintenance and so on.


 


Without the written
consent of the lender, our company shall not change the use of the loan, including but not limited to, our company shall not use
the loan for fixed assets, equity and other investments, and shall not use the loan for fields and purposes prohibited by the state
from production and operation.


 


Article 4 Interest
rate of loan and interest settlement


 


1. Interest rate of
loan


 


RMB interest rate


 


The interest rate
of the loan is (2):


 


(1) Fixed interest
rate, annual interest rate  // %. The contract interest rate remains unchanged for the duration of the loan.


 


(2) Floating rate,
with a floating period of 6 months:


 


The interest rate
shall be repriced every 6 months from the actual drawdown date (or the first actual drawdown date if the drawdown is made
more than once). The repricing date is the actual drawdown date (or the first actual drawdown date if the drawdown is made more
than once). If there is no corresponding date in the month of repricing, the last day of the month is the interest rate repricing
date.


 






     


     


    


 


A. The interest
rate within the first floating cycle is the benchmark lending interest rate of         //        term loan issued and implemented by the
People’s Bank of China plus         //         % at actual drawdown date (or the first actual drawdown date if the drawdown is made more
than once); After each floating cycle, the interest rate for the next floating cycle shall be the benchmark lending rate with the
same term issued by the People’s Bank of China plus         //         % on the repricing date.


 


B. The
interest rate in the first floating cycle is the average lending benchmark rate quoted by the National Interbank Lending
Center on the working day before the actual drawdown date (or the first actual drawdown date if the drawdown is made more
than once) ☐ plus / ☐ minus (alternative) 286.75 basis points; After each floating period, the
interest rate for the current floating cycle shall be the average lending benchmark rate quoted by the National Interbank
Lending Center on the working day before the repricing date ☐ plus
/ ☐ minus (alternative) 286.75 basis points.


 


2. Interest calculation


 


The interest is calculated
from our actual drawdown date and based on the actual drawdown amount and the number of days to use the money.


 


Interest calculation
formula: interest = principal × actual days ×
daily interest rate.


 


The base for calculation
of daily interest rate is 360 days per year. The conversion formula is: daily interest rate = annual interest rate /360.


 


3. Interest settlement
method


 


Our company settles
interest in the following method of (2).


 


(1) Quarterly settlement.
Interest shall be settled on the twentieth day and paid on the twenty-first day of the last month of each quarter.


 


(2) Monthly settlement.
Interest shall be settled on the twentieth day and paid on the twenty-first day of every month.


 


Where the repayment
date for the last installment of the loan principal does not coincide with the interest payment date, such repayment date shall
be the interest payment date on which the borrower shall pay up all interests payable.


 


4. Penalty interest


 


(1) Where the loan
is overdue or is not used for purposes as agreed herein, penalty interest will be imposed on the part of loan overdue or used for
other purposes at the penalty interest rate as agreed herein from the date on which the loan becomes overdue or is misappropriated,
till both the principal and interests are paid up.


 


Where the loan is
overdue and misappropriated at the same time, penalty interest will be imposed at a higher penalty interest rate.


 


(2) Where the Borrower
fails to pay the interest and penalty interest on time, the interest settlement method as agreed in paragraph 3 herein shall apply,
and compound interest will be calculated and collected at the penalty interest rate as agreed herein.


 


(3) Penalty interest
rate


 


☐ Penalty
interest rate for fixed rate loans


 


A. Floating
interest rate, with A floating period of        //      
months        //        years (note: for a loan
with a fixed interest rate within one year (inclusive), the floating period is the original term of the loan; for fixed
interest loans of more than one year, the floating period is one year.) The penalty interest rate repricing day shall be the
corresponding day of the day on which the loan becomes overdue or is misappropriated in the repricing month. Where there is
no corresponding day, the last day of the month shall be the penalty interest rate repricing day.


 






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B. The penalty
interest rate for overdue loans shall be an additional 50% above the base interest rate determined in item C of this section.
The penalty rate of misappropriation loan is 100% plus the base rate;


 


C. Within the first
floating period, the base rate is the borrowing rate agreed in clause 1 of this article.


 


After each floating
cycle, the base rate for the next floating cycle is determined as follows:


 


☐ the
benchmark lending rate with the same term issued by the People’s Bank of China plus       //       % on the repricing
date.


 


☐ the
average lending benchmark rate quoted by the National Interbank Lending Center on the working day before the
actual withdrawal date (or the first actual drawdown date if the drawdown is made more than once) ☐ plus /
☐ minus (alternative)        //       
basis points.


 


■
Penalty interest rate for floating rate loans


 


The penalty interest
rate of a floating rate loan shall continue to fluctuate in accordance with the floating period and manner agreed in clause 1 of
this article. The penalty interest rate of overdue loans is 50% plus the floating interest rate, and the penalty interest
rate of misappropriation loans is 100% plus the floating interest rate. 


 


Article 5 Conditions
for drawdown


 


In addition to the
contents stipulated in the agreement and the annexes, the drawdown shall meet the following conditions:


 


1. Submit the written
drawdown application and relevant documents of loan’s purpose to your bank and complete the relevant drawdown procedures
5 banking working days before the drawdown;


 


Article 6 Time
and method of drawdown


 


1. Our company shall
make drawdown according to the method (2) below:


 


(1) Make fully
drawdown on         / /        year         /
/        month         /
/         day.


 


(2) Make fully drawdown
within 30 days from March 13, 2019.


 


(3) The drawdown shall
be made in various times as follows:


 


	Drawdown date	 	Drawdown amount
	 	 	 
	 	 	 
	 	 	 


 


2. You reserves the
right to reject the drawdown application of our company for the unused part beyond the above time.


 


If you agree to make
the loan, you are entitled to charge a commitment fee for the delayed withdrawal at the standard of  / /; for the part you
refuse to lend, you are entitled to charge a commitment fee according to the standard of  / /.


 






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Article 7 Payment
of loan funds


 


1. Loan disbursement
account


 


Our company opens
the following account in your bank as the loan disbursement account, the loan disbursement and payment should be handled through
this account.


 


☐ This
account is a special account, which can only be used for the remittance and payment of loan, and cannot be used for the
collection and payment of other funds. (This sentence is optional and should be deleted if not applicable.)


 


Account name: Shenzhen
Yangang Mingzhu Freight Industry Co., Ltd.


 


Account number: *********


 


2. Payment method
of loan


 


(1) Payment method
of loan should be in accordance with the laws and regulations, the provisions of the regulations and this application; individual
drawdown of loan should be confirmed in the drawdown application; if the payment method of loan in drawdown application is considered
as being inconformity with the requirements, you are entitled to change the method or stop the disbursement and payment.


 


(2) Entrusted payment,
that is, according to our drawdown application and payment entrustment, your will remit the loan to our trading counterparty that
meets the purpose agreed in this application. We agree with you to remit the loan by your bank’s entrusted payment method in accordance
with the relevant regulations of China Banking Regulatory Commission and your internal management regulations, subject to one of
the following conditions:


 


A. Our company
has never conducted credit business in your bank, and our latest credit rating in your bank is below level BB (excluding level
BB);


 


B. When examining
the drawdown, the payee is explicit (with definite account and account name) and the single payment amount exceeds RMB 10 million
yuan (excluding);


 


C. Other circumstances
stipulated by you: including but not limited to the circumstances that the specific rules for products stipulates that the loan
fund should be enclosed transfer and the counterparty should be paid by your bank directly.


 


(3) Discretionary
payment, that is, after you remit the loan to our company’s account according to our company’s drawdown application, our company
will pay to the trading counterparty meeting the purpose agreed in this application. In addition to the case that the above paragraph
should be paid by the entrusted payment method of your bank, the payment method of other borrowing funds shall be paid by the discretionary
method.


 


(4) Change of payment
method. After the submission of the drawdown application, if the conditions of payment to externalities and credit rating of our
company change, the method of payment of the loan funds shall be changed if the conditions stipulated in clause 2 paragraph (2)
of this article are met. If the payment method is changed or the payment amount, payee and purpose of loan are changed under the
method of entrusted payment, we shall provide the written application for change to you, and re-submit the drawdown application
and relevant transaction data proving the use of funds.


 


3. Specific requirements
for entrusted payment of the loan


 


(1) Payment entrustment.
In accordance with the your requirement of entrusted payment, we should have a clear payment entrustment in the drawdown application
to authorize and entrust you to pay the loan to the designated account of the counterparty for the purpose agreed in this application,
and should provide the name of the counterparties, counterparty’s bank account and other necessary information for making
the payment.


 


(2) Providing transaction
information. If your entrusted payment conditions are met, we shall provide you with the loan account, information of counterparty’s
bank account and materials proving that the drawdown meets the agreed purpose at such drawdown. We assure you that all information
provided to you is true, complete and valid. If the entrusted payment obligation of you fails to be completed in time due to the
untrue, inaccurate and incomplete transaction information provided by our company, you shall not assume any liability, and the
repayment obligation already incurred by our company under this application form shall not be affected.


 






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(3) Performance of
your entrusted payment obligation


 


A. Under entrusted
payment method, we will submit the authorization and relevant transaction information for your approval of remitting the loan to
our trading counterparty through our company’s account.


 


B. Any materials and
other related materials are found through your review that do not conform to the conventions of this application or have other
defects, you shall have the right to demand us to supplement, replace, or submit relevant materials. Before we submit any qualified
materials, you reserve the right to refuse the remittance and payment.


 


C. If the loan is
returned by the bank of counterparty resulting your failure to timely remit the loan to our counterparty in accordance with our
payment entrustment, you shall not assume any responsibility, and our repayment obligation under this application will not be affected.
We hereby authorize the lender to freeze the amount returned by the counterparty bank. In this case, our company shall re-submit
the relevant transaction materials such as payment entrustment and proof of use.


 


(4) We promise not
to avoid the entrusted payment method by dividing the whole into parts.


 


4. After the issuance
of the loan, we will provide the records of use and materials of the loan according to your requirements in a timely manner, including
but not limited to          //         .


 


5. Under any of the
following circumstances, the bank shall have the right to re-determine the conditions for the remittance and payment of the loan
or to stop the remittance and payment of the loan:


 


(1) We violate the
provisions of this contract and evades the entrusted payment by breaking up the loan into parts;


 


(2) The credit status
of our company declines or the profitability of our main business is not strong;


 


(3) Abnormal use of
loan;


 


(4) We fail to provide
the use records and materials of loan in time as required by you;


 


(5) We pay the loan
in violation of this article.


 


Article 8 Repayment


 


1. We designates the
following account as the collection account, and the relevant funds will be entered into this account. We would like to timely
provide the inflow and outflow of this account. You have the right to require us to explain the large amount and abnormal amount
of inflow and outflow of such account and supervise the account.


 


Account name: Shenzhen
Yangang Mingzhu Freight Industry Co., Ltd.


 


Account number: *************


 


2. Unless otherwise
agreed by the parties, we shall repay the loan hereunder according to the repayment plan in item (3) below:


 


(1) Fully repay the
loan in one lump sum upon its maturity under this application


 


(2) Repay the loan
under this application according to the following repayment plan:


 


	Repayment date	 	Repayment amount
	 	 	 
	 	 	 
	 	 	 


 






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(3) Other repayment
plans: 1/24 of the drawdown amount shall be repaid every month, and the remaining principal shall be repaid once when due.


 


If we need to change
the above repayment plan, we shall submit a written application to you 15 banking days before the maturity of the corresponding
loan. The change of the repayment plan shall be confirmed in writing by both parties.


 


3. Unless otherwise
agreed by the parties, in the event that we both default on the principal and interest of the loan, you shall have the right to
determine the order of repayment of the principal or interest; In the case of installment repayment, if there are multiple loans
due or overdue under this application, you has the right to determine the repayment order of a certain repayment of our company;
If there are several loan applications due between our company and you, you has the right to determine the order in which our company
performs each repayment.


 


4. Unless otherwise
agreed by both parties, our company may make repayment in advance, provided that we inform your bank in writing at least 15 working
day in advance. The prepayment amount is used to pay off the loan that comes due first, in reverse order.


 


You reserve the right
to charge 1% of the early repayment for the early repayment.


 


5. We shall make repayment
according to the following (1) method.


 


(1) No later than
5 banking days prior to the maturity of each principal and interest, the bank shall deposit the full amount of funds for repayment
in the following account.


 


Account name: Shenzhen
Yangang Mingzhu Freight Industry Co., Ltd.


 


Account number: **********


 


(2) Other repayment
methods agreed by both parties: //.


 


Article 9 Security


 


1. The security method
of the debt under this application is:


 


This contract is
the main contract under the Pledge Contract for Maximum Amount of Small and Medium-sized Enterprise Business coded 2018
Zhen Zhong Yin Dong Bu Xiao Zhi Zi No. 000112 signed by the guarantor Shenzhen Yangang Mingzhu Freight Industry Co.,
Ltd. and the lender. The guarantor here provides guarantee for this application.


 


This contract is the
main contract under the Guarantee Contract for Maximum Amount of Small and Medium-sized Enterprise Business coded 2018 Zhen
Zhong Yin Dong Bu Xiao Bao Zi No. 000112B signed by guarantor Jinlong Yang and the lender. The guarantor here provides
guarantee for this application.


 


This contract is the
main contract under the Guarantee Contract of Maximum Amount of Small and Medium-sized Enterprise Business coded 2018 Zhen Zhong
Yin Dong Bu Xiao Bao Zi No. 000112A signed by the guarantor Shenzhen Yangang Mingzhu Logistics Co., Ltd. and the lender.
The guarantor here provides guarantee for this application.


 


This contract is
the main contract under the Mortgage Contract for Maximum Amount of Small and Medium-sized Enterprise Business coded 2018
Zhen Zhong Yin Dong Bu Xiao Di Zi No. 000112 signed by guarantor Guizhi Yang and the lender. The guarantor here
provides guarantee for this application.


 


This contract is the
main contract under the Mortgage Contract for Maximum Amount of Small and Medium-sized Enterprise Business coded 2018 Zhen Zhong
Yin Dong Bu Xiao Di Zi No. 000112A signed by guarantor Jinhua Yang and the lender. The guarantor here provides guarantee
for this application.


 






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2. If any events occurred
may affect our performance ability, or guarantee contract becomes invalid, revoked or cancelled; or the financial position of our
company and the guarantor deteriorate; or our company and the guarantor are involved in significant litigation or arbitration cases;
or other reasons that may affect our company’s performance ability; or guaranty contract or other contract between you and
guarantor is default; or collaterals are depreciated, damaged, lost, seizure, or any other events cause the value of collaterals
declined or lost, you have the right to demand, and we have an obligation to provide a new guarantee, such as replacement of the
collaterals to guarantee the debt under this contract.


 


Article 10 Commitment


 


In addition to the
contents agreed in the agreement and the annexes, our company makes the following supplementary commitments for the business under
this application:


 


1. We ensure that
the following financial indicators are continuously met:        //        ;


 


2. Accept your credit
inspection and supervision, and provide adequate assistance and cooperation; if the entrusted payment method is taken, we shall
regularly summarize and report the payment and use of loan as required by you. The specific reporting time is:        //        ;


 


3. We shall not distribute
dividends and bonuses to shareholders in any form from the effective date of this application until the fully settlement of loan
principal and interest and related expenses under this application.


 


4. We will not dispose
of our own assets by reducing our solvency. And promise that the total amount of external guarantee shall not be more than 2 times
of our company’s own net assets, and the total amount of external guarantee and individual guarantee shall not exceed the limit
stipulated in our company’s articles of association;


 


5. With respect to
the loan under this application, the guarantee conditions, pricing of the loan interest rate, repayment order and other loan conditions
provided by us to you shall be no less than those granted to any other financial institution now or in the future. (This is an
optional clause.)


 


6. Other commitments
of our company:        //        .


 


Article 11 Insurance
(This is an optional clause, choose the item 2 below: 1. applicable 2. not applicable)


 


We shall take insurance
from the insurance institutions as recognized by you to cover the risks of trade-related equipment, engineering construction, cargo
transportation and other risks during the period of project. The insurance types shall meet the requirements of your bank and the
insurance amount shall not be less than the loan principal.


 


We shall deliver the
original insurance policy to you within // days after this application becomes effective. Before the principal, interest and expense
of the loan under this application are paid off, we shall not suspend the insurance for any reason. If we interrupt the insurance,
you shall have the right to renew the insurance or take the insurance on your behalf, and the expense shall be borne by us. We
take full responsibility for all losses incurred by you due to the interruption of insurance.


 


We shall notify you
in writing within 3 days from the date of knowing or should have known the occurrence of the insured accident, and timely claim
against the insurer according to the relevant provisions of the insurance policy; we shall be liable for the losses caused to you
by failing to timely notify or claim for compensation or failing to fulfil the obligations under the insurance policy.


 


Unless otherwise agreed,
the insurance indemnity shall first be used to repay the principal and interest of the loan and other expenses payable.


 






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Article 12 Appendix


 


The appendix below
and other appendix agreed by both parties form an integral part of this application, share the same legal effect.


 


1. Drawdown
application


 


Applicant: Shenzhen Yangang Mingzhu
Freight Industry Co., Ltd.


 


Shenzhen Yangang Mingzhu Freight Industry
Co., Ltd. [Corporate Seal Affixed Here]


 


Authorized representative:


 


	/s/ Jinlong Yang	 



March 8, 2019


 


Opinion of bank: Agree


 


Bank of China Shenzhen East Branch [Corporate
Seal Affixed Here]


 


Authorized representative:


 


	/s/ Huan Meng [Personal Seal Affixed Here]	 



March 8, 2019


 


 


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