Exhibit 10.1


 


SUBSCRIPTION AGREEMENT


 


September 8, 2019


 


Greenland Acquisition Corporation


Suite 906, Tower W1, Oriental Plaza


No. 1 East Chang’an Street, Dongcheng District


Beijing, People’s Republic of China


 


Ladies and Gentlemen:


 


In connection with the
contemplated business combination (the “Transaction”) among Greenland Acquisition Corporation, a British Virgin
Islands company (the “Company”), and Zhongchai Holding (Hong Kong) Limited, a Hong Kong company, a company organized
under the laws of Hong Kong (“Target”), and certain other parties, which Transaction will be consummated in accordance
with a securities exchange agreement entered into among the Company, the Target and certain other parties, dated July 15, 2019
(the “Transaction Agreement”), the Company is seeking commitments to purchase the Company’s ordinary shares,
no par value (the “Shares”), for a purchase price of $10.25 per Share (the “Purchase Price”). Subject to
Section 3, the Company is offering the Shares in a private placement (the “Offering”) in which the Company
expects to issue and sell Shares pursuant to subscription agreements on substantially the same terms hereof. In connection therewith,
the undersigned subscriber (“Subscriber”) and the Company agree in this subscription agreement (this “Subscription
Agreement”) as follows:


 


1. Subscription.
Subject to Section 3, as of the date written above (the “Subscription Date”), the Subscriber hereby irrevocably
subscribes for and agrees to purchase from the Company such number of Shares as is set forth on the signature page of this Subscription
Agreement at the Purchase Price per Share and on the terms provided for herein.


 


2. Closing; Delivery
of Shares.


 


a. The closing of the
sale of Shares contemplated hereby (the “Closing”, and the date that the Closing actually occurs, the “Closing
Date”) is contingent upon the substantially concurrent consummation of the Transaction (the “Transaction Closing”).
The Closing shall occur on the date of, and immediately prior to, the Transaction Closing.


 


b. The Company shall
provide written notice (which may be via email) to the Subscriber (the “Closing Notice”) that the Company reasonably
expects the Transaction Closing to occur on a date specified in the notice (the “Scheduled Closing Date”) that
is not less than five (5) days from the date of the Closing Notice, which Closing Notice shall contain the Company’s wire
instructions for an escrow account (the “Escrow Account”) established by the Company with a third party escrow
agent (the “Escrow Agent”) to be identified in the Closing Notice. Subject to Section 3, at least three
(3) days prior to the Scheduled Closing Date, the Subscriber shall deliver to the Escrow Account the aggregate Purchase Price for
the Shares subscribed by wire transfer of United States dollars in immediately available funds. Upon the Closing, the Company shall
provide instructions to the Escrow Agent to release the funds in the Escrow Account to the Company against delivery to the Subscriber
of the Shares, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities
laws), in book-entry form as set forth in Section 2(c) below. If this Subscription Agreement is terminated prior to the
Closing and any funds have already been sent by the Subscriber to the Escrow Account, then promptly after such termination, the
Company will instruct the Escrow Agent to promptly return such funds to the Subscriber.


 






     


     


    

 


c. Promptly after the
Closing (but in no event more than two (2) business days after Closing), the Company shall deliver (or cause the delivery of) the
Shares in book-entry form with restrictive legends in the amount as set forth on the signature page to the Subscriber as indicated
on the signature page or to a custodian designated by the Subscriber, as applicable, as indicated below.


 


3. Backstop.


 


a. Commencing on the
date hereof and through 5:00 p.m. Eastern Time on the fifth (5th) business day prior to the Special Meeting (as defined
below) (the “Backstop Deadline”), the Subscriber shall (provided it is lawful to do so) have the right to purchase
Shares in one or more open market purchases or in privately negotiated transactions with third parties (any shares so purchased,
“Backstop Shares”). On the calendar day immediately following the Backstop Deadline and promptly at such other
times requested by the Company from time to time, the Subscriber shall (i) notify the Company in writing of the number of Backstop
Shares that it has purchased, and (ii) provide the Company, for all Backstop Shares acquired, all documentary evidence reasonably
requested by the Company and its advisors (including legal counsel) and its transfer agent and proxy solicitor, in form and substance
reasonably acceptable to the Company, to confirm that (A) the Subscriber has purchased all such Backstop Shares, (B) the seller
of such Backstop Shares has provided to the Subscriber (x) such seller’s proxy with respect to all Backstop Shares purchased
from such seller for the matters to be voted upon at the special meeting of the Company’s shareholders to be held by the
Company pursuant to a proxy statement filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”)
in connection with the Special Meeting, as may be supplemented by definitive additional materials filed with the SEC prior to the
Special Meeting (the “Proxy Statement”) to approve, among other matters, the Transaction (including any shareholders
meeting held upon an adjournment prior to the completion thereof, the “Special Meeting”) and (y) an irrevocable
written waiver of such seller’s right to exercise any redemption or conversion rights with respect to all Backstop Shares
purchased from such seller pursuant to the Redemption (as defined below) and (C) the Subscriber has complied with its obligations
under Section 3(b) below.


 


b. The Subscriber covenants
and agrees that until the earlier of (i) the consummation of the Transaction or (ii) the date on which the Transaction Agreement
is terminated in accordance with its terms, it shall (A) not, directly or indirectly, transfer (whether by sale, redemption, disposition
or monetization in any manner whatsoever, including though redemption election or any derivative transactions) any Backstop Shares
that it owns or otherwise acquires, (B) vote at the Special Meeting all of the Backstop Shares that it owns or acquires, or otherwise
has proxy rights with respect to, in favor of the Transaction, and each of the other proposals of the Company set forth in the
Proxy Statement, and (C) waive and not exercise any rights that it may have to redeem or convert any Backstop Shares that it owns
or acquires in connection with the redemption conducted by the Company in connection with the Transaction in accordance with the
Company’s organizational documents and the Proxy Statement (the “Redemption”).


 


c. Any Backstop Shares
acquired and held by the Subscriber in accordance with this Section 3, and for which the Subscriber otherwise complies with its
obligations under this Section 3, shall reduce the number of Shares required to be purchased by the Subscriber pursuant to Section
1 above.


 






    2


     


    

 


4. Closing Conditions.
In addition to the condition set forth in the first sentence of Section 2(a) above:


 


a. The Closing is also
subject to the satisfaction or valid waiver by each party of the conditions that, on the Closing Date:


 


(i) no suspension of
the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening of any proceedings
for any of such purposes, shall have occurred;


 


(ii) no applicable governmental
authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary,
preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby
illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby, and no governmental authority
shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition; and


 


(iii) all material conditions
precedent to the Transaction Closing set forth in the Transaction Agreement shall have been satisfied or waived (other than those
conditions which, by their nature, are to be satisfied at the Transaction Closing).


 


b. The obligations
of the Company to consummate the Closing are also subject to the satisfaction or valid waiver by the Company of the additional
conditions that, on the Closing Date:





(i) all representations
and warranties of the Subscriber contained in this Subscription Agreement shall be true and correct in all material respects (other
than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which
representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations and warranties
made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties
that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true in all respects)
as of such date), and consummation of the Closing, shall constitute a reaffirmation by the Subscriber of each of the representations,
warranties and agreements of the Subscriber contained in this Subscription Agreement as of the Closing Date; and


 


(ii) the Subscriber shall
have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this
Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing.


 


c. The obligations
of the Subscriber to consummate the Closing are also subject to the satisfaction or valid waiver by the Subscriber of the additional
conditions that, on the Closing Date:


 


(i) all representations
and warranties of the Company contained in this Subscription Agreement shall be true and correct in all material respects (other
than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which
representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations and warranties
made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties
that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true in all respects)
as of such date); and





(ii) the Company shall
have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this
Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing.


 






    3


     


    

 


5. Company Representations
and Warranties. The Company represents and warrants to the Subscriber that:


 


a. As of the date hereof,
the Company is duly organized, validly existing and in good standing under the laws of the British Virgin Islands. The Company
has the corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted
and to enter into, deliver and perform its obligations under this Subscription Agreement.


 


b. The Shares have
been duly authorized and, when issued and delivered to the Subscriber against full payment therefor in accordance with the terms
of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been issued
in violation of or subject to any preemptive or similar rights created under the Company’s Amended and Restated Memorandum
and Articles of Association (as amended) or under the laws of the British Virgin Islands.


 


c. This Subscription
Agreement has been duly authorized, executed and delivered by the Company and is enforceable against the Company in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered
at law or equity.


 


d. The issuance and
sale of the Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the consummation
of the transactions herein will be done in accordance with the NASDAQ marketplace rules and will not conflict with or result in
a material breach or material violation of any of the terms or provisions of, or constitute a material default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its
subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, license, lease or any other agreement
or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of the property or assets of the Company is subject, which would have a material adverse effect on the business,
properties, financial condition, shareholders’ equity or results of operations of the Company (a “Material Adverse
Effect”) or materially affect the validity of the Shares or the legal authority of the Company to comply in all material
respects with the terms of this Subscription Agreement; (ii) result in any material violation of the provisions of the organizational
documents of the Company; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court
or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that would have
a Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the Company to comply with
this Subscription Agreement; subject, in the case of the foregoing clauses (i) and (iii) with respect to the consummation of the
transactions therein contemplated.


 


e. The Company is not,
and immediately after receipt of payment for the Shares, will not be, an “investment company” within the meaning of
the Investment Company Act of 1940, as amended.


 


f. Assuming the accuracy
of the Subscriber’s representations and warranties set forth in Section 6, in connection with the offer, sale and
delivery of the Shares in the manner contemplated by this Subscription Agreement, it is not necessary to register the Shares under
the Securities Act of 1933, as amended (the “Securities Act”).


 


g. The Company understands
that the foregoing representations and warranties shall be deemed material to and have been relied upon by the Subscriber.


 






    4


     


    

 


6. Subscriber
Representations, Warranties and Covenants. The Subscriber represents and warrants to the Company that:


 


a. At the time the
Subscriber was offered the Shares, it was, and as of the date hereof, the Subscriber is (i) an “accredited investor”
(within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act as indicated in the questionnaire attached as Exhibit
A hereto, and (ii) is acquiring the Shares only for its own account and (iii) not for the account of others, and not on behalf
of any other account or person or with a view to, or for offer or sale in connection with, any distribution thereof in violation
of the Securities Act. The Subscriber is not an entity formed for the specific purpose of acquiring the Shares or Backstop Shares.


 


b. The Subscriber understands
that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and
that the Shares delivered at the Closing have not been registered under the Securities Act. The Subscriber understands that the
Shares may not be resold, transferred, pledged or otherwise disposed of by the Subscriber absent an effective registration statement
under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales
that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable
exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii) in accordance with any applicable
securities laws of the states and other jurisdictions of the United States, and that any certificates (if any) or any book-entry
shares representing the Shares delivered at the Closing shall contain a legend to such effect. The Subscriber acknowledges that
the Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The Subscriber understands
and agrees that the Shares, until registered under an effective registration statement, will be subject to transfer restrictions
and, as a result of these transfer restrictions, the Subscriber may not be able to readily resell the Shares and may be required
to bear the financial risk of an investment in the Shares for an indefinite period of time. The Subscriber understands that it
has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.


 


c. The Subscriber understands
and agrees that the Subscriber is purchasing the Shares directly from the Company. The Subscriber further acknowledges that there
have been no representations, warranties, covenants and agreements made to the Subscriber by the Company, or any of its officers
or directors, expressly (other than those representations, warranties, covenants and agreements included in this Subscription Agreement)
or by implication.


 


d. [Intentionally omitted].


 


e. The Subscriber acknowledges
and agrees that the Subscriber has received such information as the Subscriber deems necessary in order to make an investment decision
with respect to the Shares and the Backstop Shares. Without limiting the generality of the foregoing, the Subscriber acknowledges
that it has reviewed (i) the Company’s Registration Statement on Form S-1 filed with the SEC, (ii) the Company’s proxy
statement filed with the SEC, as amended, and (iii) the Company’s other filings with the SEC ((i), (ii) and (iii) together,
the “Company SEC Filings”). The Subscriber represents and agrees that the Subscriber and the Subscriber’s
professional advisor(s), if any, have had an opportunity to ask the Company’s management questions, receive such answers
and obtain such information as the Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary
to make an investment decision with respect to the Shares and the Backstop Shares. The Subscriber has conducted its own investigation
of the Company and the Shares and the Subscriber has made its own assessment and have satisfied itself concerning the relevant
tax and other economic considerations relevant to its investment in the Shares. The Subscriber further acknowledges that the information
contained in the Company SEC Filings is subject to change, and that any changes to the information contained in the Company SEC
Filings, including any changes based on updated information or changes in terms of the Transaction, shall in no way affect the
Subscriber’s obligation to purchase the Shares hereunder, except as otherwise provided herein.


 






    5


     


    

 


f. The Subscriber became
aware of this Offering solely by means of direct contact between the Subscriber and the Company or a representative of the Company
or the Target, and the Shares were offered to the Subscriber solely by direct contact between the Subscriber and the Company or
the Target or a representative of the Company or the Target. The Subscriber acknowledges that the Company represents and warrants
that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered
in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws. The Subscriber has a substantive pre-existing relationship with the Company, Target or their respective affiliates for this
Offering. Neither the Subscriber, nor any of its directors, officers, employees, agents, shareholders or partners has either directly
or indirectly, including through a broker or finder (i) to its knowledge, engaged in any general solicitation, or (ii) published
any advertisement in connection with the Offering.


 


g. The Subscriber acknowledges
that it is aware that there are substantial risks incident to the purchase and ownership of the Shares and the Backstop Shares,
including those set forth in the Company SEC Filings. The Subscriber is able to fend for itself in the transactions contemplated
herein and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in the Shares and the Backstop Shares, and the Subscriber has sought such accounting, legal and tax advice as
the Subscriber has considered necessary to make an informed investment decision.


 


h. Alone, or together
with any professional advisor(s), the Subscriber has adequately analyzed and fully considered the risks of an investment in the
Shares and determined that the Shares are a suitable investment for the Subscriber and that the Subscriber is able at this time
and in the foreseeable future to bear the economic risk of a total loss of the Subscriber’s investment in the Company. The
Subscriber acknowledges specifically that a possibility of total loss exists.


 


i. In making its decision
to purchase the Shares, the Subscriber has relied solely upon independent investigation made by the Subscriber and the representations
and warranties of the Company set forth herein.


 


j. The Subscriber understands
and agrees that no federal or state agency has passed upon or endorsed the merits of this Offering or made any findings or determination
as to the fairness of this investment or the accuracy or adequacy of the Company SEC Filings.


 


k. The Subscriber has
been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or
formation.


 


l. The execution, delivery
and performance by the Subscriber of this Subscription Agreement are within the powers of the Subscriber, have been duly authorized
and will not constitute or result in a breach or default under or conflict with any federal or state statute, rule or regulation
applicable to the Subscriber, any order, ruling or regulation of any court or other tribunal or of any governmental commission
or agency, or any agreement or other undertaking, to which the Subscriber is a party or by which the Subscriber is bound, and,
if the Subscriber is not an individual, will not violate any provisions of the Subscriber’s charter documents, including
its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable.
The signature on this Subscription Agreement is genuine, and the signatory, if the Subscriber is an individual, has legal competence
and capacity to execute the same or, if the Subscriber is not an individual the signatory has been duly authorized to execute the
same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the Subscriber, enforceable against
the Subscriber in accordance with its terms.


 






    6


     


    

 


m. Neither the due
diligence investigation conducted by the Subscriber in connection with making its decision to acquire the Shares or the Backstop
Shares nor any representations and warranties made by the Subscriber herein shall modify, amend or affect the Subscriber’s
right to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.


 


n. The Subscriber is
not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President
of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions
program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S.
shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”).
The Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided
that the Subscriber is permitted to do so under applicable law. If the Subscriber is a financial institution subject to the Bank
Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT
Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the Subscriber maintains
policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required,
it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs,
including the OFAC List. To the extent required, it maintains policies and procedures reasonably designed to ensure that the funds
held by the Subscriber and used to purchase the Shares and the Backstop Shares were legally derived.


 


o. The Subscriber acknowledges
its obligations under applicable securities laws with respect to the treatment of non-public information relating to the Company.


 






    7


     


    

 


7. Registration
Rights. The Company agrees that, within thirty (30) calendar days after the Transaction Closing, the Company will file
with the SEC (at the Company’s sole cost and expense) a registration statement registering the resale of the Shares (the
“Registration Statement”), and the Company shall use its commercially reasonable efforts to have the Registration
Statement declared effective as soon as practicable after the filing thereof. The Company agrees that the Company will cause such
Registration Statement or another registration statement (which may be a “shelf” registration statement) to remain
effective until the earlier of (i) two years from the issuance of the Shares, (ii) the date on which the Subscriber ceases to hold
the Shares covered by such Registration Statement, or (iii) on the first date on which the Subscriber can sell all of its Shares
(or shares received in exchange therefor) under Rule 144 of the Securities Act without limitation as to the manner of sale or the
amount of such securities that may be sold. The Subscriber agrees to disclose its beneficial ownership, as determined in accordance
with Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of the Shares to the
Company upon request to assist the Company in making the determination described above. The Company’s obligations to include
the Shares in the Registration Statement are contingent upon the Subscriber furnishing in writing to the Company such information
regarding the Subscriber, the securities of the Company held by the Subscriber and the intended method of disposition of the Shares
as shall be reasonably requested by the Company to effect the registration of the Shares, and shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling shareholder in similar situations.
The Company may delay filing or suspend the use of any such registration statement if it determines that in order for the registration
statement to not contain a material misstatement or omission, an amendment thereto would be needed, or if such filing or use could
materially affect a bona fide business or financing transaction of the Company or would require premature disclosure of information
that could materially adversely affect the Company (each such circumstance, a “Suspension Event”); provided,
that the Company shall use commercially reasonable efforts to make such registration statement available for the sale by the Subscriber
of such securities as soon as practicable thereafter. Upon receipt of any written notice from the Company of the happening of any
Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration
Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the
case of the prospectus) not misleading, the Subscriber agrees that it will (i) immediately discontinue offers and sales of the
Shares under the Registration Statement until the Subscriber receives (A) (x) copies of a supplemental or amended prospectus that
corrects the misstatement(s) or omission(s) referred to above and (y) notice that any post-effective amendment has become effective
or (B) notice from the Company that it may resume such offers and sales, and (ii) maintain the confidentiality of any information
included in such written notice delivered by the Company unless otherwise required by applicable law. If so directed by the Company,
the Subscriber will deliver to the Company or destroy all copies of the prospectus covering the Shares in the Subscriber’s
possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall
not apply to (i) the extent the Subscriber is required to retain a copy of such prospectus (A) in order to comply with applicable
legal, regulatory, self-regulatory or professional requirements or (B) in accordance with a bona fide pre-existing document retention
policy or (ii) copies stored electronically on archival servers as a result of automatic data back-up.


  


8. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the
parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to
occur of: (a) the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement; (b) the Company
notifying the Subscriber that the Company has abandoned its plans to move forward with the Transaction; (c) such date and time
as the Transaction Agreement is terminated in accordance with its terms; or (d) written notice by either party to the other party
to terminate this Subscription Agreement if the transactions contemplated by this Subscription Agreement are not consummated on
or prior to December 31, 2019; provided that nothing herein will relieve any party from liability for any willful breach
hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses,
liabilities or damages arising from such breach. The Company shall notify the Subscriber of the termination of the Transaction
Agreement promptly after the termination of such agreement.


 






    8


     


    

 


9. Trust Account
Waiver. Reference is made to the final prospectus of the Company filed with the SEC (File No. 333-226001), dated as of
July 24, 2018 (the “Prospectus”). The Subscriber hereby represents and warrants that it has read the Prospectus
and understands that the Company has established a trust account (the “Trust Account”) containing the proceeds
of its initial public offering (the “IPO”) and the overallotment shares acquired by its underwriters and from
certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the
benefit of the Company’s public shareholders (including overallotment shares acquired by the Company’s underwriters,
the “Public Shareholders”), and that, except as otherwise described in the Prospectus, the Company may disburse
monies from the Trust Account only: (a) to the Public Shareholders in the event they elect to redeem their Company shares in connection
with the consummation of the Company’s initial business combination (as such term is used in the Prospectus) (the “Business
Combination”) or in connection with an extension of its deadline to consummate a Business Combination, (b) to the Public
Shareholders if the Company fails to consummate a Business Combination within twelve (12) months (or, if extended, up to twenty-one
(21) months) after the closing of the IPO, (c) with respect to any interest earned on the amounts held in the Trust Account, amounts
necessary to pay for any taxes or (d) to the Company after or concurrently with the consummation of a Business Combination. For
and in consideration of the Company entering into this Subscription Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Subscriber hereby agrees on behalf of itself and its affiliates that,
notwithstanding anything to the contrary in this Subscription Agreement, neither the Subscriber nor any of its affiliates do now
or shall at any time hereafter have any right, title, interest or claim of any kind in or to any monies in the Trust Account or
distributions therefrom, or make any claim against the Trust Account (including any distributions therefrom), regardless of whether
such claim arises as a result of, in connection with or relating in any way to, this Subscription Agreement or any proposed or
actual business relationship between the Company or its Representatives, on the one hand, and the Subscriber or its Representatives,
on the other hand, or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other
theory of legal liability (collectively, the “Released Claims”). The Subscriber on behalf of itself and its
affiliates hereby irrevocably waives any Released Claims that the Subscriber or any of its affiliates may have against the Trust
Account (including any distributions therefrom) now or in the future as a result of, or arising out of, any negotiations, contracts
or agreements with the Company or its Representatives and will not seek recourse against the Trust Account (including any distributions
therefrom) for any reason whatsoever (including for an alleged breach of this Subscription Agreement or any other agreement with
the Company or its affiliates). The Subscriber agrees and acknowledges that such irrevocable waiver is material to this Subscription
Agreement and specifically relied upon by the Company and its affiliates to induce the Company to enter in this Subscription Agreement,
and the Subscriber further intends and understands such waiver to be valid, binding and enforceable against the Subscriber and
each of its affiliates under applicable law. To the extent the Subscriber or any of its affiliates commences any action or proceeding
based upon, in connection with, relating to or arising out of any matter relating to the Company or its Representatives, which
proceeding seeks, in whole or in part, monetary relief against the Company or its Representatives, the Subscriber hereby acknowledges
and agrees that the Subscriber’s and its affiliates’ sole remedy shall be against funds held outside of the Trust Account
and that such claim shall not permit the Subscriber or its affiliates (or any person claiming on any of their behalves or in lieu
of any of them) to have any claim against the Trust Account (including any distributions therefrom) or any amounts contained therein.
In the event the Subscriber or any of its affiliates commences any action or proceeding based upon, in connection with, relating
to or arising out of any matter relating to the Company or its Representatives, which proceeding seeks, in whole or in part, relief
against the Trust Account (including any distributions therefrom) or the Public Shareholders, whether in the form of money damages
or injunctive relief, the Company and its Representatives, as applicable, shall be entitled to recover from the Subscriber and
its affiliates the associated legal fees and costs in connection with any such action in the event the Company or its Representatives,
as applicable, prevails in such action or proceeding. For purposes of this Subscription Agreement, “Representatives”
with respect to any person shall mean such person’s affiliates and its and its affiliate’s respective directors, officers,
employees, consultants, advisors, agents and other representatives. Notwithstanding anything to the contrary contained in this
Subscription Agreement, the provisions of this Section 9 shall survive the Closing or any termination of this Subscription
Agreement and last indefinitely.


 






    9


     


    

 


10. Miscellaneous.


 


a. Neither this Subscription
Agreement nor any rights that may accrue to the Subscriber hereunder (other than the Shares acquired hereunder, if any) may be
transferred or assigned by the Subscriber without the prior written consent of the Company, and any purported transfer or assignment
without such consent shall be null and void ab initio.


 


b. The Company may
request from the Subscriber such additional information as the Company may deem necessary to evaluate the eligibility of the Subscriber
to acquire the Shares, and the Subscriber shall provide such information to the Company upon such request, it being understood
by the Subscriber that the Company may without any liability hereunder reject the Subscriber’s subscription prior to the
Closing Date in the event the Subscriber fails to provide such additional information requested by the Company to evaluate the
Subscriber’s eligibility or the Company determines that the Subscriber is not eligible.


 


c. The Subscriber acknowledges
that the Company and others will rely on the acknowledgments, understandings, agreements, representations and warranties of the
Subscriber contained in this Subscription Agreement. Prior to the Closing, the Subscriber agrees to promptly notify the Company
if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate.
The Subscriber agrees that the purchase by the Subscriber of Shares from the Company will constitute a reaffirmation of the acknowledgments,
understandings, agreements, representations and warranties herein (as modified by any such notice) by the Subscriber as of the
time of such purchase.


 






    10


     


    

 


d. The Company is entitled
to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy hereof
to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.
The Subscriber shall consult with the Company in issuing any press release or making any other similar public statement with respect
to the transactions contemplated hereby, and the Subscriber shall not issue any such press release or make any such public statement
without the prior consent (such consent not to be unreasonably withheld or delayed) of the Company, provided that the consent of
the Company shall not be required to the extent that such disclosure is required by law, in which case the Subscriber shall promptly
provide the Company with prior notice of such disclosure.


 


e. All the agreements,
representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.


 


f. This Subscription
Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against whom enforcement
of such modification, waiver, or termination is sought.


 


g. This Subscription
Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties,
both written and oral, among the parties, with respect to the subject matter hereof (other than the Confidentiality Agreement entered
into by the Company and the Subscriber, if applicable). This Subscription Agreement shall not confer any rights or remedies upon
any person other than the parties hereto, and their respective successor and assigns.


 


h. This Subscription
Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors,
legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained
herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives
and permitted assigns.


 


i. If any provision
of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining
provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force
and effect.


 


j. This Subscription
Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by different parties
in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed
and delivered shall be construed together and shall constitute one and the same agreement.


 


k. The parties hereto
agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled
to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically the terms and provisions
of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in
contract, in tort or otherwise.


 






    11


     


    

 


l. THIS SUBSCRIPTION
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. EACH PARTY HERETO HEREBY WAIVES
ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY.


 


m. All notices and
other communications hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered in person, (ii)
when delivered by facsimile or email, with affirmative confirmation of receipt, (iii) one business day after being sent, if sent
by reputable, internationally recognized overnight courier service or (iv) three (3) business days after being mailed, if sent
by registered or certified mail, in each case to the applicable party at the following addresses (or at such other address for
a party as shall be specified by like notice):


 


	
        If to the Company, to:

         

        Greenland Acquisition Corporation

        Suite 906, Tower W1, Oriental Plaza

        No. 1 East Chang’an Street, Dongcheng District

        Beijing, People’s Republic of China

        Attn.: Yanming Liu

        Email: liuym@msn.com

         
	
        with a copy (which shall not constitute
        notice) to:

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas

        New York, NY 10105

        Attn: Bill Huo, Esq.

        Ari Edelman, Esq.

        Email: bhuo@egsllp.com

        aedelman@egsllp.com

        Telephone No.: (212) 370-1300

        Facsimile No.: (212) 370-7889

         

	Notice to the Subscriber shall be given to the address underneath the Subscriber’s name on the signature page hereto.


 


n. The headings set
forth in this Subscription Agreement are for convenience of reference only and shall not be used in interpreting this Subscription
Agreement. In this Subscription Agreement, unless the context otherwise requires: (i) whenever required by the context, any pronoun
used in this Subscription Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form
of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning
“include”) means including without limiting the generality of any description preceding or succeeding such term and
shall be deemed in each case to be followed by the words “without limitation”; and (iii) the words “herein”,
“hereto” and “hereby” and other words of similar import in this Subscription Agreement shall be deemed
in each case to refer to this Subscription Agreement as a whole and not to any particular portion of this Subscription Agreement.
As used in this Subscription Agreement, the term: (x) “business day” shall mean any day other than a Saturday, Sunday
or a legal holiday on which commercial banking institutions in New York, New York are authorized to close for business; (y) “person”
shall refer to any individual, corporation, partnership, trust, limited liability company or other entity or association, including
any governmental or regulatory body, whether acting in an individual, fiduciary or any other capacity; and (z) “affiliate”
shall mean, with respect to any specified person, any other person or group of persons acting together that, directly or indirectly,
through one or more intermediaries controls, is controlled by or is under common control with such specified person (where the
term “control” (and any correlative terms) means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of such person, whether through the ownership of voting securities, by contract or
otherwise). For the avoidance of doubt, any reference in this Subscription Agreement to an affiliate of the Company will include
the Company’s sponsor, Greenland Asset Management Corporation.


 






    12


     


    

 


o. At Closing, the
parties hereto shall execute and deliver such additional documents and take such additional actions as the parties may reasonably
deem practical and necessary in order to consummate the Offering as contemplated by this Subscription Agreement.


 


11. Non-Reliance
and Exculpation. The Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person other than the statements, representations and warranties contained in this Subscription Agreement
in making its investment or decision to invest in the Company. The Subscriber agrees that no other purchaser pursuant to other
subscription agreements entered into in connection with the Offering (including the controlling persons, members, officers, directors,
partners, agents, or employees of any such other purchaser) shall be liable to the Subscriber pursuant to this Subscription Agreement
for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares.


 


12. Cutback.
Notwithstanding anything contrary herein, the Company, in its sole discretion, shall have the right to reduce the number of Shares
to be issued to the Subscriber pursuant to this Subscription Agreement, as long as the Company is reducing the number of shares
to be issued and sold to all investors pursuant to the other subscription agreements, on a pro rata basis. The Company shall notify
the Subscriber in writing at least two (2) days in advance of Closing if it elects to reduce the number of Shares to be issued
and sold to the Subscriber pursuant to this Section 12.


 


{SIGNATURE PAGES FOLLOW}


 






    13


     


    

 



IN WITNESS WHEREOF,
the parties hereto have caused this Subscription Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.


  


	 	GREENLAND
ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 		Name:

Title:


 






     


     


    

 



{SUBSCRIBER SIGNATURE PAGE TO THE SUBSCRIPTION
AGREEMENT}


 


IN WITNESS WHEREOF,
the undersigned has caused this Subscription Agreement to be duly executed by its authorized signatory as of the date first indicated
above.


  


Name(s) of Subscriber: ____________________________________________________________________________


 


Signature of Authorized Signatory of
Subscriber: ______________________________________________________________


 


Name of Authorized Signatory:
____________________________________________________________________________


 


Title of Authorized Signatory:  ____________________________________________________________________________


 


Address for Notice to Subscriber:


 


 ____________________________________________________________________________


 ____________________________________________________________________________


 ____________________________________________________________________________


 


Attention: _______________________________________________________________________


Email:  __________________________________________________________________________


Facsimile No.:  ____________________________________________________________________


Telephone No.:  ___________________________________________________________________


 


Address for Delivery of Shares to Subscriber (if not same as
address for notice):


  


Subscription Amount: $ ___________________


 


Number of Shares: ________________________


 


EIN Number: ______________________________


 






     


     


    

 


Exhibit A


Accredited Investor Questionnaire


 


Capitalized terms used and not
defined in this Exhibit A shall have the meanings given in the Subscription Agreement to which this Exhibit A is
attached.


 


The undersigned represents and
warrants that the undersigned is an “accredited investor” (an “Accredited Investor”) as such term
is defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities Act”),
for one or more of the reasons specified below (please check all boxes that apply):


 


For Natural Persons


 


	☐	The undersigned is a natural person and (please check all boxes that apply):


 


	 	☐	has an individual net worth (determined by subtracting total liabilities from total assets), or joint net worth with the Subscriber’s spouse, in excess of $1,000,000; (excluding undersigned’s primary residence and indebtedness thereon up to the gross value of such residence, except that if the amount of such indebtedness outstanding at the time of undersigned’s execution of the Subscription Agreement exceeds the amount of such indebtedness outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability in the determination of Subscriber’s net worth); and/or


 


	 	☐	had an individual income in excess of $200,000 (or a joint income together with the Subscriber’s spouse in excess of $300,000) in each of the two most recently completed calendar years, and reasonably expects to have an individual income in excess of $200,000 (or a joint income together with the Subscriber’s spouse in excess of $300,000) in the current calendar year.


 


For Entities


 


	☐	The undersigned is an entity and (please check all boxes that apply):


 


	 	☐	is a corporation, partnership, limited liability company, Massachusetts or similar business trust or organization described in Section 501(c)(3) of the U.S. Internal Revenue Code of 1986, as amended, not formed for the specific purpose of acquiring securities in the Company that has total assets in excess of $5,000,000;


 


	 	☐	is a bank as defined in Section 3(a)(2) of the Securities Act, a savings and loan association, or other institution defined in Section 3(a)(5)(A) of the Securities Act acting in either its individual or fiduciary capacity (this includes a trust for which a bank acts as trustee and exercises investment discretion with respect to the trust’s decision to invest in the Company);


 


	 	☐	is a broker dealer registered pursuant to Section 15 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”);


 


	 	☐	is an insurance company as defined in Section 2(a)(13) of the Securities Act;


 






     


     


    

 


	 	☐	is an investment company registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), or a business development company as defined in Section 2(a)(48) of the Investment Company Act;


 


	 	☐	is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the U.S. Small Business Investment Act of 1958, as amended;


 


	 	☐	is a plan established and maintained by a state, its political subdivisions, or an agency or instrumentality of a state or its political subdivisions, for the benefit of employees, having total assets in excess of $5,000,000;


 


	 	☐	is an employee benefit plan within the meaning of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (a) for which the investment decision to acquire securities in the Company is being made by a plan fiduciary, as defined in Section 3(21) of ERISA, that is either a bank, savings and loan association, insurance company, or registered investment adviser, (b) which has total assets in excess of $5,000,000, or (c) which is self-directed, with the investment decisions made solely by persons who are Accredited Investors;


 


	 	☐	is a private business development company as defined in Section 202(a)(22) of the U.S. Investment Advisers Act of 1940, as amended;


 


	 	☐	is a trust not formed for the specific purpose of acquiring securities in the Company with total assets in excess of $5,000,000 and directed by a person who has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of investing in the Company;


 


	 	☐	is a revocable trust (including a revocable trust formed for the specific purpose of acquiring securities in the Company) and the grantor or settlor of such trust is an Accredited Investor; and/or


 


	 	☐	is an entity in which each equity owner is an Accredited Investor.


  


	 	_________________________________
	 	 
	 	By:______________________________
	 	Name:
	 	Title: