Exhibit 10.4


 


PRIVATE PLACEMENT UNITS SUBSCRIPTION AGREEMENT


 


This PRIVATE PLACEMENT UNITS SUBSCRIPTION AGREEMENT
(this “Agreement”) is made as of August 10, 2022, by and between Hainan Manaslu Acquisition Corp., a Cayman Islands
exempted company (the “Company”), having its principal place of business at B3406, 34F, West Tower, Block B, Guorui
Building, 11 Guoxing Avenue, Haikou, Hainan Province, People’s Republic of China 570203, and Bright Winlong LLC, a Cayman Islands
limited liability company, having its principal place of business at B3406, 34F, West Tower, Block B, Guorui Building, 11 Guoxing Avenue,
Haikou, Hainan Province, People’s Republic of China 570203 (the “Subscriber”).


 


WHEREAS, the Company desires to sell on a private
placement basis (the “Offering”) an aggregate of 310,000 units (or up to 341,500 units if the Over-Allotment Option
(as defined below) is exercised in full) (the “Units”) of the Company, each Unit comprised of one ordinary share of
the Company, par value $0.0001 per share (the “Ordinary Shares”), one warrant to purchase one Ordinary Share (the “Warrants”)
and one right to receive one-tenth of one Ordinary Share (the “Rights”), for a purchase price of $3,100,000 (or $3,415,000
if the Over-Allotment Option is exercised in full), or $10.00 per Unit. The Ordinary Shares underlying the Warrants are hereinafter referred
to as the “Warrant Shares.” The Ordinary Shares underlying the Rights are hereinafter referred to as the “Right
Shares.” The Ordinary Shares underlying the Units (excluding the Warrant Shares and Right Shares) are hereinafter referred to
as the “Placement Shares.” The Warrants underlying the Units are hereinafter referred to as the “Placement
Warrants.” The Rights underlying the Units are hereinafter referred to as the “Placement Rights.” The Units,
Placement Shares, Placement Warrants, Warrant Shares, Placement Rights and Right Shares, collectively, are hereinafter referred to as
the “Securities.”


 


WHEREAS, the initial exercise price for any Warrant
Share shall be $11.50, subject to adjustment as provided in the warrant agreement, dated August 10, 2022, by and between the Company and
Continental (as defined below), as warrant agent (the “Warrant Agreement”). Subject to the foregoing, the Placement
Warrants are exercisable after the consummation of the Company’s initial business combination (the “Business Combination”),
as such term is defined in the registration statement filed in connection with the Company’s initial public offering (the “IPO”),
as amended at the time it becomes effective (the “Registration Statement”), and expiring on the fifth (5th) anniversary
of the consummation of the Business Combination;


 


WHEREAS, each holder of a Placement Right will receive
one-tenth of one Ordinary Share upon consummation of the Company’s initial Business Combination in accordance with the rights agreement,
dated August 10, 2022, by and between the Company and Continental (as defined below), as rights agent (the “Rights Agreement”).
The Company will not issue fractional shares upon conversion of the Placement Rights. Fractional shares will be rounded down to the nearest
whole share; and


 


WHEREAS, the Subscriber wishes to purchase the Units
from the Company and the Company wishes to accept such subscription from the Subscriber.


 


NOW, THEREFORE, in consideration of the premises
and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Subscriber hereby agree as follows:


 


1. Agreement to Subscribe


 


1.1 Purchase and Issuance of the Units.


 


(a) Upon the terms and subject to the conditions
of this Agreement, the Subscriber hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Subscriber,
simultaneously with the closing of the IPO on or before August 15, 2022 (the “Initial Closing Date”), 310,000 Units
for a purchase price of $3,100,000 (the “Purchase Price”).


 


(b) Simultaneously with the consummation of the
closing of the underwriters’ over-allotment option in connection with the IPO (the “Over-Allotment Option”) or
on such earlier time and date as may be mutually agreed by the Subscriber and the Company (each such date, an “Over-allotment
Closing Date,” and each Over-allotment Closing Date (if any) and the Initial Closing Date being sometimes referred to herein
as a “Closing Date”), the Company shall issue and sell to the Subscriber, and the Subscriber shall purchase from the
Company, an aggregate of up to 31,500 Units at a price of $10.00 per Unit for an aggregate purchase price of up to $315,000 (if the Over-
Allotment Option is exercised in full) (the “Over-allotment Purchase Price”) such that the gross proceeds of such purchase
will be no less than the amount of underwriting commissions due in connection with the Over-Allotment Option (excluding any deferred portion).
Purchaser shall pay the Over-allotment Purchase Price by wire transfer of immediately available funds to the Trust Account (as defined
below) maintained by Continental (as defined below) at least one (1) business day prior to the Over-allotment Closing Date.


 






     


     


    

 


1.2 Delivery of the Purchase Price. Upon
execution of this Agreement, the Company is bound to fulfill its obligations hereunder and the Subscriber hereby irrevocably commits to
deliver directly into a trust account (the “Trust Account” ) held at J.P. Morgan Chase Bank, N.A. or any other financial
institution chosen by the Company, with Continental Stock Transfer & Trust Company acting as trustee (“Continental”),
the Purchase Price in immediately available funds by wire transfer or such other form of payment as shall be acceptable to Continental,
in its sole and absolute discretion, one (1) business day prior to the Initial Closing Date.


 


1.3 Termination. This Agreement and each
of the obligations of the undersigned shall be null and void and without effect if the Initial Closing Date does not occur prior to December
31, 2022.


 


2. Representations and Warranties of Subscriber


 


The Subscriber represents and warrants to the Company that:


 


2.1 No Government Recommendation or Approval.
Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the Company or the
Offering of the Securities.


 


2.2 Accredited Investor. Subscriber represents
that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933,
as amended (the “Securities Act”), and acknowledges that the sale contemplated hereby is being made in reliance, among
other things, on a private placement exemption to “accredited investors” under the Securities Act and similar exemptions under
state law.


 


2.3 Intent. Subscriber is purchasing the
Securities solely for investment purposes, for such Subscriber’s own account (and/or for the account or benefit of its members or
affiliates, as permitted, pursuant to the terms of an agreement (the “Letter Agreement”) to be entered into with respect
to the Securities between, among others, Subscriber and the Company, as described in the Registration Statement), and not with a view
to the distribution thereof and Subscriber has no present arrangement to sell the Securities to or through any person or entity except
as may be permitted under the Letter Agreement. Subscriber shall not engage in hedging transactions with regard to the Securities unless
in compliance with the Securities Act.


 


2.4 Restrictions on Transfer. Subscriber
acknowledges and understands the Units are being offered in a transaction not involving a public offering in the United States within
the meaning of the Securities Act. The Securities have not been registered under the Securities Act and, if in the future Subscriber decides
to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred
only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant to an exemption from registration
under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant to any other available exemption from the registration
requirements of the Securities Act, and in each case in accordance with any applicable securities laws of any state or any other jurisdiction.
Notwithstanding the foregoing, Subscriber acknowledges and understands the Securities are subject to transfer restrictions as described
in Section 8 hereof. Subscriber agrees that, if any transfer of its Securities or any interest therein is proposed to be made,
as a condition precedent to any such transfer Subscriber may be required to deliver to the Company an opinion of counsel satisfactory
to the Company with respect to such transfer. Absent registration or another available exemption from registration, Subscriber agrees
it will not transfer the Securities (unless otherwise permitted pursuant to the Letter Agreement, as described in the Registration Statement).
Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to Subscriber for the resale
of the Securities until the one year anniversary following consummation of the Business Combination, despite technical compliance with
the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.


 






    2


     


    

 


2.5 Sophisticated Investor.


 


(i) Subscriber’s managers and members are
individually accredited investors and are sophisticated in financial matters and able to evaluate the risks and benefits of the investment
in the Securities.


 


(ii) Subscriber is aware that an investment in
the Securities is highly speculative and subject to substantial risks because, among other things, (a) the Securities are subject to transfer
restrictions and have not been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the
Securities Act or an exemption from such registration is available and (b) Subscriber has waived its redemption rights with respect to
the Securities as set forth in Section 5 hereof, and the Securities held by Subscriber are not entitled to, and have no right,
interest or claim to any monies held in the Trust Account, and accordingly Subscriber may suffer a loss of a portion or all of its investment
in the Securities. Subscriber is able to bear the economic risk of its investment in the Securities for an indefinite period of time.


 


2.6 Independent Investigation. Subscriber,
in making the decision to purchase the Units, has relied upon an independent investigation of the Company and has not relied upon any
information or representations made by any third parties or upon any oral or written representations or assurances from the Company, its
officers, directors or employees or any other representatives or agents of the Company, other than as set forth in this Agreement. Subscriber
is familiar with the business, operations and financial condition of the Company and has had an opportunity to ask questions of, and receive
answers from the Company’s officers and directors concerning the Company and the terms and conditions of the Offering and has had
full access to such other information concerning the Company as Subscriber has requested. Subscriber confirms that all documents that
it has requested have been made available and that Subscriber has been supplied with all of the additional information concerning this
investment which Subscriber has requested.


 


2.7 Organization and Authority. Subscriber
is duly organized, validly existing and in good standing under the laws of the Cayman Islands and it possesses all requisite power and
authority necessary to carry out the transactions contemplated by this Agreement.


 


2.8 Authority. This Agreement has been validly
authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar
laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general
application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles
of public policy.


 


2.9 No Conflicts. The execution, delivery
and performance of this Agreement and the consummation by Subscriber of the transactions contemplated hereby do not violate, conflict
with or constitute a default under (i) Subscriber’s charter documents, (ii) any agreement or instrument to which Subscriber is a
party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any agreement, order, judgment or decree to which
Subscriber is subject.


 


2.10 No Legal Advice from Company. Subscriber
acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement and the other agreements
entered into between the parties hereto with Subscriber’s own legal counsel and investment and tax advisors. Except for any statements
or representations of the Company made in this Agreement and the other agreements entered into between the parties hereto, Subscriber
is relying solely on such review, counsel and advisors and not on any statements or representations of the Company or any of its representatives
or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the
securities laws of any jurisdiction.


 


2.11 Reliance on Representations and Warranties.
Subscriber understands the Units are being offered and sold to Subscriber in reliance on exemptions from the registration requirements
under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is relying upon
the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of Subscriber set forth in this
Agreement in order to determine the applicability of such provisions.


 






    3


     


    

 


2.12 No General Solicitation. Subscriber
is not subscribing for the Units as a result of or subsequent to any general solicitation or general advertising, including but not limited
to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over
television or radio, or presented at any seminar or meeting or in a registration statement with respect to the IPO filed with the Securities
and Exchange Commission (“SEC”).


 


2.13 Legend. Subscriber acknowledges and
agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”), in form and
substance substantially as set forth in Section 4 hereof.


 


3. Representations, Warranties and Covenants of the Company


 


The Company represents and warrants to, and agrees with, Subscriber
that:


 


3.1 Valid Issuance of Capital Stock. The
total number of shares of all ordinary and preference shares which the Company has authority to issue is 55,000,000 Ordinary Shares, and
500,000 preference shares, par value US$0.0001 per share (“Preferred Shares”). As of the date hereof, the Company has
issued and outstanding 1,725,000 Ordinary Shares (of which up to 225,000 shares are subject to forfeiture) and no Preferred Shares. All
of the issued and outstanding Ordinary Shares of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.


 


3.2 Title to Securities. Upon issuance in
accordance with, and payment pursuant to, the terms hereof, the Warrant Agreement, and the Rights Agreement, as the case may be, each
of the Units, Placement Shares, Placement Warrants, Warrant Shares, Placement Rights and Right Shares will be duly and validly issued,
fully paid and non-assessable. On the date of issuance of the Units, the Warrant Shares and Right Shares shall have been reserved for
issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Warrant Agreement and the Rights Agreement,
as the case may be, the Subscriber will have or receive good title to the Units, Placement Shares, Placement Warrants and Placement Rights,
free and clear of all liens, claims and encumbrances of any kind resulting from actions of, or any failure to act by, the Company, other
than (i) transfer restrictions hereunder and pursuant to the Letter Agreement and (ii) transfer restrictions under federal and state securities
laws.


 


3.3 Organization and Qualification. The Company
has been duly incorporated and is validly existing as an exempted company in good standing under the laws of the Cayman Islands with full
corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as now being
conducted.


 


3.4 Authorization; Enforcement. (i) The Company
has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and to issue the Securities
in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the Company and the consummation
by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action, and no further consent or authorization
of the Company or its Board of Directors or shareholders is required, and (iii) this Agreement constitutes a valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement
of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity
and contribution may be limited by federal and state securities laws or principles of public policy.


 


3.5 No Conflicts. The execution, delivery
and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not (i) result in a violation
of the Company’s memorandum and articles of association or by-laws, (ii) conflict with, or constitute a default under any agreement
or instrument to which the Company is a party or by which it is bound or (iii) violate any law statute, rule or regulation to which the
Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC or state securities
filings which may be required to be made by the Company subsequent to the Closing, and any registration statement which may be filed pursuant
thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order
of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform any
of its obligations under this Agreement or issue the Units, Placement Shares, Placement Warrants, Warrant Shares, Placement Rights or
Right Shares in accordance with the terms hereof.


 






    4


     


    

 


4. Legends


 


4.1 Legend. The Company will issue the Units,
Placement Shares, Placement Warrants and Placement Rights, and, when issued, the Warrant Shares and Right Shares, purchased by Subscriber
in the name of Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:


 


“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER
THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS
WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”


 


“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO A LETTER AGREEMENT AMONG HAINAN MANASLU ACQUISITION CORP. AND THE OTHER PARTIES THERETO
AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF DURING THE TERM THEREOF PURSUANT TO THE TERMS SET FORTH IN
THE LETTER AGREEMENT.”


 


4.2 Subscriber’s Compliance. Nothing
in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply with all applicable securities
laws upon resale of the Securities.


 


4.3 Company’s Refusal to Register Transfer
of the Securities. The Company shall refuse to register any transfer of the Securities if, in the sole judgment of the Company, such
purported transfer would not be made (i) pursuant to an effective registration statement filed under the Securities Act, or (ii) pursuant
to an available exemption from the registration requirements of the Securities Act and applicable state securities laws and (iii) in compliance
herewith and with the Letter Agreement.


 


4.4 Registration Rights. The Subscriber will
be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration Rights Agreement”)
to be entered into between, among others, Subscriber and the Company, on or prior to the effective date of the Registration Statement.


 


5. Waiver of Liquidation Distributions


 


In connection with the Securities purchased pursuant
to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions with
respect to the Securities in connection with (i) the exercise of redemption rights in connection with the Company’s consummation
of the Business Combination, , (ii) a shareholder vote to approve an amendment to the Company’s amended and restated memorandum
and articles of association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the
Company’s Ordinary Shares the right to have their shares redeemed in connection with the Business Combination or to redeem 100%
of the Public Shares (as defined below) if the Company does not complete a Business Combination within nine (9) months from the completion
of the IPO (or within up to eighteen (18) months if the Company extends the period of time to consummate the initial Business Combination
up to nine (9) times for one (1) month each in accordance with the terms described in its amended and restated memorandum and articles
of association) or (B) with respect to any other provision relating to the rights of holders of the Company’s Ordinary Shares or
(iii) upon the Company’s redemption of Ordinary Shares upon the Company’s failure to consummate the Business Combination within
nine (9) months (or within up to eighteen (18) months if the Company extends the period of time to consummate the initial Business Combination
up to nine (9) times for one (1) month each) from the completion of the IPO or the liquidation of the Company prior to the expiration
of such nine (9) month period (or up to eighteen (18) month period if the Company extends the period of time to consummate the initial
Business Combination up to nine (9) times for one (1) month each). In the event any Subscriber purchases Ordinary Shares in the IPO or
in the aftermarket (“Public Shares”), Subscriber hereby waives any and all right, title, interest or claim of any kind
in or to any distributions with respect to any Public Shares in connection with the exercise of redemption rights in connection with the
Company’s consummation of the Business Combination. For the avoidance of doubt, Subscriber shall be eligible to redeem any Public
Shares upon the same terms offered to all other purchasers of Ordinary Shares in the IPO in the event the Company fails to consummate
the Business Combination, or liquidates, within nine (9) months (or within up to eighteen (18) months if the Company extends the period
of time to consummate the initial Business Combination up to nine (9) times for one (1) month each) from the completion of the IPO.


 






    5


     


    

 


6. Termination of Placement Warrants and Placement Rights



 


6.1 Failure to Consummate Business Combination.
The Placement Warrants and Placement Rights shall be terminated upon the dissolution of the Company or in the event that the Company does
not consummate the Business Combination within nine (9) months (or within up to eighteen (18) months if the Company extends the period
of time to consummate the initial Business Combination up to nine (9) times for one (1) month each) from the completion of the IPO.


 


6.2 Termination of Rights as Holder. If the
Placement Warrants and Placement Rights are terminated in accordance with Section 6.1, then after such time, Subscriber (or its
successor in interest) shall no longer have any rights as a holder of such Placement Warrants and Placement Rights and the Company shall
take such action as is appropriate to cancel such Placement Warrants and Placement Rights. The Subscriber hereby irrevocably grants the
Company a limited power of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested
by the Company necessary to effect the foregoing.


 


7. Rescission Right Waiver and Indemnification


 


7.1 The Subscriber understands and acknowledges
an exemption from the registration requirements of the Securities Act requires there be no general solicitation of purchasers of the Units.
In this regard, if the IPO were deemed to be a general solicitation with respect to the Units, the offer and sale of such Units may not
be exempt from registration and, if not, the Subscriber may have a right to rescind its purchases of the Units. In order to facilitate
the completion of the Offering and in order to protect the Company, its shareholders and the amounts in the Trust Account from claims
that may adversely affect the Company or the interests of its shareholders, Subscriber hereby agrees to waive, to the maximum extent permitted
by applicable law, any claims, right to sue or rights in law or arbitration, as the case may be, to seek rescission of its purchase of
the Units. The Subscriber acknowledges and agrees this waiver is being made in order to induce the Company to sell the Units to Subscriber.
The Subscriber agrees the foregoing waiver of rescission rights shall apply to any and all known or unknown actions, causes of action,
suits, claims or proceedings (collectively, “Claims”) and related losses, costs, penalties, fees, liabilities and damages,
whether compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert
witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending against any Claims,
whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase of the Units
hereunder or relating to the purchase of the Units and the transactions contemplated hereby.


 


7.2 The Subscriber agrees not to seek recourse
against the Trust Account for any reason whatsoever in connection with its purchase of the Units or any Claim that may arise now or in
the future.


 


7.3 The Subscriber acknowledges and agrees
that the shareholders of the Company are and shall be third- party beneficiaries of this Section 7.


 


7.4 The Subscriber agrees that, to the extent
any waiver of rights under this Section 7 is ineffective as a matter of law, Subscriber has offered such waiver for the benefit
of the Company as an equitable right that shall survive any statutory disqualification or bar that applies to a legal right. The Subscriber
acknowledges the receipt and sufficiency of consideration received from the Company hereunder in this regard.


 


8. Terms of the Units, Placement Warrants and Placement
Rights 


 


The Units and their component parts are substantially
identical to the units to be offered in the IPO except that: (i) the Units and their component parts will be subject to transfer restrictions,
except in the circumstances described in the Letter Agreement, the Warrant Agreement or the Rights Agreement, as applicable, until thirty
(30) days following the consummation of the Business Combination and (ii) the Units and their component parts are being purchased pursuant
to an exemption from the registration requirements of the Securities Act and will become freely tradable only after they are registered
or an exemption from registration is available, and the restrictions described above in clause (i) have expired.


 


9. Governing Law; Jurisdiction;
Waiver of Jury Trial


 


This Agreement shall be governed by and construed
in accordance with the laws of the State of New York for agreements made and to be wholly performed within such state. The parties hereto
hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated
hereby.


 






    6


     


    

 


10. Assignment; Entire Agreement; Amendment


 


10.1 Assignment. Neither this Agreement nor
any rights hereunder may be assigned by any party to any other person other than by a Subscriber to a person agreeing to be bound by the
terms hereof, including the waiver contained in Section 7 hereof.


 


10.2 Entire Agreement. This Agreement sets
forth the entire agreement and understanding between the parties as to the subject matter hereof and merges and supersedes all prior discussions,
agreements and understandings of any and every nature among them.


 


10.3 Amendment. Except as expressly provided
in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written
instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.


 


10.4 Binding upon Successors. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors
and permitted assigns.


 


11. Notices


 


11.1 Notices. Unless otherwise provided herein,
any notice or other communication to a party hereunder shall be sufficiently given if in writing and personally delivered or sent by facsimile
or other electronic transmission with copy sent in another manner herein provided or sent by courier (which for all purposes of this Agreement
shall include Federal Express or other recognized overnight courier) or mailed to said party by certified mail, return receipt requested,
at its address provided for herein or such other address as either may designate for itself in such notice to the other. Communications
shall be deemed to have been received when delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier
service, or if sent by facsimile upon receipt of confirmation of transmittal or, if sent by mail, then three (3) days after deposit in
the mail. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by electronic mail, when directed to
an electronic mail address at which the shareholder has consented to receive notice; (b) if by a posting on an electronic network together
with separate notice to the stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate
notice; and (c) if by any other form of electronic transmission, when directed to the shareholder.


 


12. Counterparts


 


This Agreement may be executed in two (2) or more
counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts
have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.
In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf” format data file,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.


 


13. Survival; Severability


 


13.1 Survival. The representations, warranties,
covenants and agreements of the parties hereto shall survive each Closing Date.


 


13.2 Severability. In the event that any
provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement
shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially
changes the economic benefit of this Agreement to any party.


 


14. Headings.


 


The titles and subtitles used in this Agreement
are used for convenience only and are not to be considered in construing or interpreting this Agreement.


 


[remainder of page intentionally left blank]


 




    7


     


    

 


Accepted and agreed on the
date set forth above.


 


	 	HAINAN MANASLU ACQUISITION CORP.
	 	 	 
	 	By:	/s/
Zhifan Zhou
	 	 	Name: 	Zhifan Zhou
	 	 	Title:	Chief Executive Officer


 


Accepted and agreed on the
date set forth above.


 


	 	SUBSCRIBER:
	 	 
	 	BRIGHT WINLONG LLC
	 	 
	 	By:	/s/
Zhifan Zhou
	 	 	Name: 	Zhifan Zhou
	 	 	Title:	Manager


 


[Signature Page to Private Placement Units Subscription
Agreement]