Exhibit 10.71


 


AMENDMENT TO


ESCROW DEPOSIT AGREEMENT


 


THIS AMENDMENT TO ESCROW
DEPOSIT AGREEMENT is made effective as of June 30, 2016 (the “Amendment”), by and among SHINECO, INC.,
a Delaware corporation (the “Company”), having an address at 2nd Floor, Wanyuan Business Center, 10 N Hongda
Road, Daxing District, Beijing 100022, People’s Republic of China, BONWICK CAPITAL PARTNERS LLC, a FINRA member firm
as underwriter (the “Underwriter”), as representative of the underwriters, including itself and Network 1 Financial
Securities, Inc., having an address at 40 West 57th Street, 28th Floor, New York, NY 10019, and SIGNATURE
BANK (the “Escrow Agent”), a New York State chartered bank, having an office at 565 Fifth Avenue, 12th Floor,
New York, New York 10017.


 


WITNESSETH


 


WHEREAS, the Company,
Placement Agent, and Escrow Agent have entered into that certain Escrow Deposit Agreement dated as of February 10, 2016 by and
among Company, Placement Agent, and Escrow Agent (the “Agreement”); and


 


WHEREAS, pursuant to
Section 10(d) of the Agreement, the amendments contemplated by the parties hereto must be contained in a written agreement signed
by an authorized representative of such party; and


 


WHEREAS, the Company
and Placement Agent desire to make certain changes to the Offering, including to revise the Offering Minimum Amount to be $6,000,003
and the Offering Maximum Amount to be $8,000,001, revise the price of each share sold at this offering from $5.00 to $4.50, extend
the Offering Period to August 30, 2016, change the notices delivery address for the Company to be 2nd Floor, Wanyuan
Business Center, 10 N Hongda Road, Daxing District, Beijing 100176, People’s Republic of China, and have created an Amendment
to Registration Statement on Form S-1 of the Company, as initially publicly filed March 16, 2015 (Registration No. 333-202803)
(the “Registration Statement”) to amend the Offering accordingly and provide to Subscribers in the Offering
in order to disclose the changes to the Offering and certain other matters; and


 


WHEREAS, the Company
and Placement Agent will provide all Subscribers to the Offering with the Supplement along with the PPM and require those Subscribers
who have invested in the Offering without first receiving the Supplement to reconfirm his, her or its participation in the Offering
or withdraw from the Offering; and


 


WHEREAS, the Company
and Placement Agent desire to amend the Agreement to revise the Offering Minimum Amount to be $6,000,003 and the Offering Maximum
Amount to be $8,000,001;


 


Amendment to Escrow Deposit Agreement


 




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WHEREAS, the Company
and Placement Agent desire to amend the Agreement to revise the price of each share sold at this offering from $5.00 to $4.50;


 


WHEREAS, the Company
and Placement Agent desire to amend the Agreement to extend the Final Termination Date of the Offering; and


 


WHEREAS, the Company
and Placement Agent desire to amend the Agreement to change the notices delivery address for the Company to be 2nd Floor,
Wanyuan Business Center, 10 N Hongda Road, Daxing District, Beijing 100176, People’s Republic of China.


 


NOW, THEREFORE, the
parties hereto, in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, hereby agree to amend the Agreement as follows:


 


1.           Definitions.
Unless otherwise specified herein, each term used herein that is defined in the Agreement shall have the meaning assigned to such
term in the Agreement.


 


2.           Amendments.


 


a.           The
first WHEREAS of the Agreement is revised to the following:


 


WHEREAS,
pursuant to the terms of the Registration Statement the Company desires to sell (the “Offering”)
a minimum of $6,000,003 (the “Minimum Amount”) and a maximum of $8,000,001 (the “Maximum Amount”)
of its shares (the “Shares”). Each Share is being sold at a price of $4.50 per Share, (share prices and number
of Shares are subject to change pending final effective Registration Statement);


 


b.           The
second WHEREAS of the Agreement is revised to the following:


 


WHEREAS,
unless the Minimum Amount is sold by August 30, 2016 (the “Termination Date”), the Offering shall terminate
and all funds shall be returned to the subscribers in the Offering, and if the Minimum Amount is met, the Offering may continue
until the Termination Date; and


 


c.           “9.
Notices.”- “If to the Company:” of the Agreement is revised to the following:


 


2nd
Floor, Wanyuan Business Center


10 N Hongda Road


Daxing District,
Beijing 100176


People’s
Republic of China


Attention: Yuying
Zhang, CEO


Fax:+1 (888)
360-9092


 


Amendment to Escrow Deposit Agreement


 




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With a copy
to:


 


Kaufman &
Canoles, P.C.


Two James Center,
14th Floor


1021 E. Cary
St.


Richmond, VA
23219


Attention: Anthony
W. Basch


Fax:+1 (888)
360-9092


 


3.          Date
of Effectiveness. This Amendment will become effective as of the date first written above when the Escrow Agent shall have
received counterparts of this Amendment duly executed and delivered by the parties hereto (the “Effective Date”).


 


4.          Effect
of Amendment. Except as expressly amended by this Amendment, all of the terms and provisions of the Agreement are and shall
remain in full force and effect and are hereby ratified and confirmed by the parties hereto. Without limiting the generality of
the forgoing, the amendments contained herein will not be construed as an amendment to or waiver of any other provision of the
Agreement or as a waiver of or consent to any further or future action on the part of any party hereto that would require the waiver
or consent of any other party hereto. On and after the Effective Date, each reference in the Agreement to “this Agreement”,
“the Agreement”, “hereunder”, “hereof”, “herein” or words of like import will mean
and be a reference to the Agreement as amended by this Amendment.


 


5.          Governing
Law. This Amendment is governed by and construed in accordance with, the laws of the state of New York.


 


6.          Counterparts.
This Amendment may be executed in several counterparts or by separate instruments and all of such counterparts and instruments
shall constitute one agreement, binding on all of the parties hereto.


 


[Remainder of Page Intentionally Left Blank]


 


Amendment to Escrow Deposit Agreement


 




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IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed on the date first above written.


 


SHINECO, INC.


 


	By:	/s/ Yuying Zhang	 
	 	Name:	Yuying Zhang
	 	Title:	 Chief Executive Officer	
	 	 	 
	BONWICK CAPITAL PARTNERS LLC	 
	 	 	 
	By:	/s/ Devin Wicker	 
	 	Name:	Devin Wicker	
	 	Title:	Chief Executive Officer	
	 	 	 
	SIGNATURE BANK	 
	 	 	 
	By:	/s/ Marisol Figueroa	 
	 	Name: Marisol Figueroa	 
	 	Title: Associate Group Director,VP	 
	 	 	 
	By:	/s/ Stephen Fay	 
	 	Name: Stephen Fay	 
	 	Title: Senior Client Associate Officer	 


 


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