Document:

Exhibit 10.11

 

 

Special Seal for Personal Loan Business of
Shenzhen Branch 

of China Construction Bank Co., Ltd.

 

Contract of Cloud Express Loan 

 

Contract No.: 2020-0763-158097 (Jiang Yili)

 

Party A (Borrower): See the clause “Contractor
Information” herein (Party A 1, Party A 2 and Party A 3 of Party A under the Contract are joint borrowers, collectively referred
to as “Party A” in the Contract, meaning all/any of Party A 1, Party A 2 and Party A 3. )

 

Party B (Lender): See the clause “Contractor
Information”

 

Party A applies to Party B
for loan, and Party B agrees to provide loan. In accordance with relevant laws, regulations and rules, Party A and Party B conclude the
Contract through negotiation for joint compliance.

 

Article 1 Loan amount

 

The loan amount provided by
Party B to Party A is specified in Article 20 hereof.

 

The loan amount referred to
in the Contract refers to the maximum available loan principal limit determined by Party B according to the credit evaluation on Party
A and the guarantee provided by Party A, and Party A can use it under certain conditions. For the revolving loan amount, Party A may continuously
apply for borrowing within the valid period of the loan amount, but the sum of the loan principal expended by Party A at any time and
the loan release principal not fully repaid by Party A under the Contract shall not exceed the loan amount. For non-revolving loan amount,
Party A may use all the loan amount at one time or apply for for multiple times within the validity period of the loan amount. However,
the sum of the loan principal amount that Party A can use and the accumulated loan principal amount that Party A has used shall not exceed
the loan amount.

 

Article 2 Loan amount
validity period

 

I. See Article 21 herein for
the validity period of the loan amount.

 

II. When the following conditions
occur, the loan amount shall be invalid:

 

(1) The borrower or the operating
entity has bad credit records determined by Party B.

 

(2) Events that affect the
borrower’s repayment ability.

 

(3) The mortgaged property
of mortgage loan is damaged, lost, reduced in value, sealed up and other circumstances affecting the mortgage right, and no guarantee
approved by the borrower can be added.

 

(4) events affecting the guaranty
liability of the guarantor of the guaranty loan.

 

(5) The mortgage loan after
regular re-inspection by Party B deemed as existing changes herein.

 

(6) The borrower fails to use
the loan for the purpose agreed herein.

 

(7) The borrower is dead or
incapacitated for civil conduct or has been declared missing or dead by a people’s court.

 

(8) Other situations where
the agreed amount of loan is invalid.

 

Article 3 The use of loan
amount and available loan amount

 

I. During the valid period
of the limit and the loan limit, Party A may apply for the loan as required, and both parties shall go through the corresponding formalities
with the consent of Party B. The specific loan limit shall be determined according to the available loan limit.

 

II. Available loan amount
refers to the loan amount that Party A can apply for and use as approved by Party B. During the period of validity, the available loan
amount of Party A at a certain time point shall be determined according to the loan amount and the conditions of the used loan. The amount
of available loan for each time shall be subject to the agreement in the Credit Expenditure Sheet for Cloud Express Loan of China Construction
Bank. For the revolving loan amount, the available loan amount = approved loan amount - the total amount of other unrepaid loans herein;
for the non-revolving loan amount, the available loan amount = approved loan amount - the cumulative loan principal amount herein.

 

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III. The term “loan
amount”, “available loan amount” or its calculation method as mentioned in the contract is designed to facilitate Party
A to estimate the feasibility of applying for loan; If the agreed “loan amount” and “available loan amount” are non-commitment,
they do not constitute the inevitable loan issuing obligation of Party B. Party A shall submit application for using “loan amount”
or “available loan amount”. Only after Party B reviews and agrees in writing and other conditions agreed herein are met, the
applied loan amount shall constitutes Party B’s issuing obligation.

 

Article 4 Borrowing 

 

I. Within the term of validity
of the loan amount, the loan may be used in a revolving or non-revolving manner as agreed between Party A and Party B. Revolving use refers
to any amount that can be used by Party A within the available loan amount and the period of validity, and the amount can be used repeatedly
within the period of validity. Non-revolving expenses refer to loans applied for by Party A that can be used one-time or divided within
the period of loan. See Article 22 of the Contract for the agreement on the mode of expenses.

 

II. When applying for the loan
amount, Party A shall submit the Loan Expenditure Sheet of Cloud Express Loan of China Construction Bank, which shall be approved and
confirmed by Party A, and Party B shall issue the loan according to the agreement. The amount, purpose, term, interest rate, payment method
and repayment method of the loan shall be determined according to the stipulations herein and the Loan Expenditure Sheet of Cloud Express
Loan of China Construction Bank.

 

III. When Party B issues a
loan, the loan issued shall be transferred to the account agreed by both parties in the Loan Expenditure Sheet of Cloud Express Loan of
China Construction Bank. For a single loan, Party B shall take the first the issuing date as the interest date. The length of the loan
term shall be calculated accordingly, but in no case shall it exceed the expiry date of the valid period of the loan amount.

 

Article 5 Loan payment

 

I. The loan hereunder shall
be issued by the entrusted payment method of Party B to the transaction object of Party A for the purpose specified herein. If the loan
conforms to the laws and regulations or the provisions of the national banking supervision department and Party B agrees to issue, the
loan may be paid in the independent payment method of Party A to its own account, and Party A may use the amount for intended transactions
for the specified purposes herein).

 

II. Party A shall be obliged
to provide Party B with a collection account meeting the requirements according to the loan payment method applicable to the loan under
the Contract, so that Party B can transfer the loan funds accordingly. If the loan is paid by the entrusted payment method of Party B,
Party A agrees to authorize Party B to pay the loan fund as agreed herein.

 

III. If the loan hereunder
is paid by Party A’s independent payment method, if Party A fails to provide the purpose proof materials before the loan is issued, Party
A shall inform Party B of the payment of the loan fund from the date when the single loan is issued to the account agreed by both parties.
Party B has the right to check through account analysis, voucher inspection or on-site investigation to find out whether the loan fund
payment conforms to the agreed purpose, and Party A shall cooperate with it. Party B is entitled to seek for relief measures listed in
Article 11 (b).

 

Article 6 Preconditions
for issuing loans 

 

For Party A’s application for
payment, Party B shall be obliged to issue the loan only if the following preconditions are met, except that Party B gives up all or part
of the application for payment:

 

1. Party
A has completed the approval, registration, delivery and other legal formalities related to the loan hereunder in accordance with relevant
laws and regulations

 

2. Where
there is a guarantee in the Contract, the guarantee complying with Party B’s requirements shall be effective and continuously valid;

 

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3. Party
A does not have any breach of contract and may endanger Party B’s creditor right;

 

4. The
laws, regulations, rules or competent authorities do not prohibit or restrict Party B from issuing the loan hereunder

 

5. Other
preconditions agreed by both parties for issuing loans.

 

Article 7 Loan interest
rate, default interest rate and interest calculation and interest settlement

 

I. Loan interest rate

 

The interest rate of a single
loan herein can be applied with fixed interest rate, floating interest rate or other interest rate methods, which shall be subject to
the agreement in the Loan Expenditure Sheet of Cloud Express Loan of China Construction Bank.

 

II. Penalty interest rate

 

(I) If Party A fails to use
a single loan for the purpose agreed herein and misappropriates the loan, the penalty interest rate shall subject to the Loan Expenditure
Sheet of Cloud Express Loan of China Construction Bank.

 

(II) In the case of a single
loan overdue under this contract, the overdue interest rate shall subject to the Loan Expenditure Sheet of Cloud Express Loan of China
Construction Bank.

 

III. LPR interest rate

 

(I) The LPR interest rate herein
is determined in accordance with Article 23.

 

(II) When determining the “loan
interest rate of the same grade”, the loan under the revolving expenditure mode shall be determined according to the length of a
single loan; the loan under the non-revolving expenditure mode shall be determined according to the length of the valid period of the
loan amount under the Contract.

 

If new rate policies are
issued by the the People’s Bank of China, the applicable standards for the loan interest rate commercial banks may be determined at the
bank’s own discretion; Party B has the right to select a certain interest rate standard applicable to the single loan under the
Contract within the specified range, and Party A agrees to abide by the standard and perform its obligations accordingly. 

 

IV. Interest calculation and
settlement

 

(I) The loan interest shall
be calculated from the date when a single loan is issued to the account agreed by both parties, and the interest shall be calculated on
a daily basis. At the time of interest calculation, the interest-bearing days of each month shall be calculated according to the actual
days if the borrowing term is within one year (inclusive). Daily interest rate, annual interest rate and monthly interest rate: Daily
interest rate = annual interest rate/360 = monthly interest rate/30, unless otherwise specified by both parties. For a single loan hereunder,
Party B will calculate the principal, interest and penalty interest (if any) payable by Party A in the current period on the day before
the agreed repayment date according to the agreed repayment method and the interest rate payable in the current period. Party A shall
repay the principal and interest of the current period in full before the repayment time limit of each period. If there are still outstanding
principal, interest or overdue interest after the payment is due, Party B will calculate the current principle, interest and interest
overdue of Party A on the day before each agreed repayment date according to the same interest settlement frequency as that before the
loan is due, until all the principal, interest and default interest due to Party A are repaid. However, in the case of on-time payment
of principle and interest of loan, if there is any outstanding principal, interest or penalty interest after the loan expires, Party B
shall calculate the principal, interest and penalty interest payable by Party A in the current period one day before the corresponding
date of the agreed repayment date according to the monthly interest settlement frequency.

 

(II) For
the agreed repayment date of single loan under this contract, the loan shall be used according to the corresponding loan amount of Cloud
Express Loan of China Construction Bank.

 

Article 8 Repayment

 

I. Principles of repayment

 

The repayment of Party A hereunder
shall first be used to repay all expenses which shall be borne by Party A and advanced by Party B hereunder and the expenses for Party
B to realize creditor’s rights, and the remaining amount shall be repaid in accordance with the following principles

 

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(I) For loans with principal
overdue for more than 90 days but not recovered, or loans whose interest is overdue for more than 90 days but not recovered, or the laws
and;

 

(II) In the cases other than
the above (I), the loan shall be repaid on the principle of first repayment of interest and then repayment of principal, and the interest
shall be repaid with the principal.

 

II. Repayment METHOD

 

(I) One
of the following repayment methods may be used for the loan under the Contract:

 

1. Equal
principal repayment method.

 

2. Equal
principal and interest repayment method.

 

3. One-time
repayment of principal and interest. It refers to the single repayment of all loan interest and principal on the maturity date of the
loan by Party A.

 

4. Monthly
interest and principal repayment method. That is, Party A shall repay the loan interest on a monthly basis as agreed in the Contract,
and shall repay the loan principal by installments as agreed in the Contract

 

5. Other
repayment methods agreed by Party B.

 

III. Repayment mode

 

(I) Entrusted deduction method:
Party A shall authorize Party B to directly deduct the repayment from the balance account opened by Party A in Party B’s system. If the
entrusted deduction account is an account under the name of a third party other than Party A, the third party shall issue a letter of
authorization to authorize Party B to deduct Party A’s payment from the account.

 

When applying entrusted deduction,
Party A shall deposit the full amount of the current repayment payable into the designated entrusted deduction account at the latest before
the termination of counter business on the day before the agreed repayment date of each period.

 

If Party A fails to deposit
the full amount of the repayment amount into the designated entrusted deduction account before the termination of counter business on
the day before the agreed repayment date, and thereby resulting in loan default, Party B shall have the right to collect overdue default
interest and compound interest from the agreed repayment date, and shall have the right to directly deduct the repayment amount from any
account opened by Party A in China Construction Bank System on the agreed repayment date and at any time thereafter, however, no obligation
should to undertaken by Party B due to such deduction.

 

The deduction via savings passbook
and debit card shall be reflected by Party A re-registering the passbook at the business counter designated by Party B or printing the
statement, and no reconciliation voucher will be sent separately for each installment.

 

(II) Counter and self-service
repayment method: Party A shall directly go to the business counter designated by Party B or the self-service channel set up by Party
A to handle repayment in cash, cheque, bank card, etc. Under this repayment method, Party A shall go through the repayment procedures
with Party B at the latest one day before the agreed repayment date for each installment of repayment.

 

If Party A fails to repay the
amount due one day before the agreed repayment date, Party B shall have the right to collect overdue penalty interest and compound interest
from the agreed repayment date.

 

If Party A pays the current
repayment amount in full at the business counter designated by Party B or in the self-service channel set up by Party A before one day
before the agreed repayment date, Party B will carry forward the interest paid by Party A due to early repayment of the current amount
to the next installment without paying the deposit interest according to the principle of “daily interest calculation.”

 

The repayment method of the
loan under the Contract shall be subject to the stipulations of the Loan Expenditure Sheet of Cloud Rapid Loan of China Construction Bank.

 

(IV) Early Repayment of Principal

 

Party A may apply for early
repayment of the principal, and Party A shall submit the application to Party B in advance to repay the principal in advance after Party
B agrees. Where Party A repays the principal in advance, Party A shall go through the procedures of repaying the principal at the business
counter designated by Party B.

 

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When Party A repays the principal
in advance, it shall first pay off the principal and interest in arrears (if any). If Party A partially repays the principal in advance,
it must first settle the principal and interest payable for the current installment.

 

If Party A applies for partial
or full prepayment of the loan principal, Party B shall calculate and charge interest according to the loan interest rate applied in this
Contract at the time of prepayment, the amount of prepayment and the actual days of loan for the current installment, and the previously
calculated and charged loan interest will not be adjusted.

 

When Party A applies for early
repayment of the principal, Party A may at the same time apply for shortening the loan period in accordance with the first paragraph of
Article 9 of the Contract.

 

Article 9 Change of loan
term and loan repayment method

 

(I) For the single loan under
this contract, the loan period shall be more than one year, but the application shall be submitted in advance. Upon the consent of Party
B, both parties shall sign the Agreement of Loan Period Change and go through relevant formalities.

 

When the loan period reaches
the new interest rate period level after the change, the loan interest and penalty interest rate shall be determined according to the
new LPR interest rate and the rules agreed in the contract from the date of change (unless otherwise agreed by Party A and B). The accrued
interest will not be adjusted.

 

(II) For single loan under
this contract, Party A may apply for change of repayment method within the loan period, but shall submit application to Party B in advance,
and both parties shall sign relevant agreement on change of repayment method and go through relevant formalities upon Party B’s
agreement.

 

Where Party A applies to change
the loan period or repayment method, Party B may therefore require Party A to pay the loan contract change fee, specific fee standard,
preferential measures and their effective date and termination date, exception clauses and restrictive clauses related to the fee, consulting
network, website and other channels to Party A by announcement. The announcement content provided by Party B constitutes an integral part
of the agreement and shall be effective. Party A shall sign the agreement after fully knowing and understanding the relevant announcement
content.

 

Article 10 Main rights
and obligations of both parties

 

I. Main rights and obligations
of Party A:

 

(I) Party A has the right to
require Party B to issue loan according to the contract.

 

(II) Party A has the right
to require Party B to keep the family assets, financial data, personal data on production and operation and business secrets provided
by Party A confidential, unless otherwise stipulated by laws and regulations and financial regulatory authorities or agreed by both parties.

 

(III) Party
A has the right to refuse Party B and its staff to ask for bribes, and have the right to report the above-mentioned acts or Party B’s
violations of national laws and regulations on credit interest rates and service charges to relevant departments.

 

(IV) Party
A shall provide information about identity, repayment ability, personal credit and enterprise credit as required by Party B. Party A shall
guarantee the authenticity, accuracy, legality, integrity and effectiveness of the relevant materials, documents and information provided
to Party B.

 

(V) Party A shall return the
principal and interest of the loan in full and on time as agreed in the contract and pay all kinds of expenses agreed in the Contract.

 

(VI) Party
A shall utilize the loan for the agreed purpose. Without the written consent of Party B, Party A shall not misappropriate the loan for
other purposes.

 

(VII) Party A shall notify
Party B in writing and obtain the written consent of Party B to provide guarantee for the debts of others.

 

(VIII) Party A shall provide
relevant financial and accounting data, production and operation status and loan materials as required by Party B, including but not limited
to providing Party B with Party A’s balance sheet at the end of the previous quarter and the profit and loss statement as of the end of
the previous quarter ( income and expenditure statement for public institution) within 10 working days of the first month of each quarter,
and timely provide Party A’s current annual cash flow statement at the end of the year, and ensure that the data provided are legal, true,
complete, accurate and effective, without providing false materials or concealing important business financial facts;

 

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(IX) Where
Party A suffers from any major adverse event or other situation endangering Party B’s creditor’s rights, or Party A suffers from any change
in the name, legal representative (person in charge), domicile, business scope, registered capital or articles of association of the company
(enterprise) and other industrial and commercial registered items, Party A shall notify Party B in writing within 3 working days after
the occurrence and attach relevant materials after the change;

 

(X) Party A shall accept that
Party B and the jointly authorized agent inspect the use of the loan in a reasonable manner.

 

(XI) Where
the entrusted deduction is adopted for repayment, Party A shall ensure the effective deduction of Party B according to the following requirements:

 

1. Provide
truthful and legal information about the entrusted deduction account;

 

2. Deposit
the full amount of each installment into the authorized deduction account as agreed;

 

3. If
Party A changes the entrusted deduction account, Party A shall go through the change formalities at the counter designated by Party B
15 working days before the agreed repayment;

 

4. If
Party B is unable to deduct the principal and interest in full due to the freezing, deduction, change and insufficient balance of the
entrusted deduction account, Party A shall provide Party B with a new legal and effective repayment account in time, or make up the account
balance in time and apply for deduction from Party B, or make repayment at the business counter designated by Party B in time.

 

(XII) Party A shall notify
Party B in writing within 10 working days of becoming aware of the occurrence or possible occurrence of the following matters;

 

1. The
mortgaged property is listed in the demolition scope, such as forced requisition, forced scrapping, which may cause the mortgaged property
loss;

 

2. Any
dispute between the mortgagor, the pledgor and the third party over the mortgaged property or the pledged property (pledge right);

 

3. Litigation,
arbitration or administrative measures that have or may have a significant adverse effect on Party A’s performance of the repayment obligations;

 

4. Party
A’s personal and family economic situation changes before the loan is fully repaid, which may adversely affect its debt repayment ability;

 

5. The
merger, division, equity change, capital increase or decrease, joint venture or joint venture of the enterprise of Party A as controlling
shareholder or actual controller;

 

6. Other
events that have or may have significant adverse effects on Party A’s performance of the repayment obligations.

 

(XIII) Party A shall not use
the loan for the following purposes:

 

1. To
produce and engage in products and industries expressly prohibited by the State;

 

2. Engage
in equity investment, using loans as registered capital, registered capital verification or capital increase and share expansion;

 

3. Purchase
of shares, funds, financial products, financial derivatives, lotteries, precious metal transactions, etc.;

 

4. Engaging
in illegal borrowing and fund-raising;

 

5. Other
purposes banned by relevant state laws, regulations and rules.

 

(XIV) If there are more than
two (including two) Borrowers in the Contract, each Borrower shall bear joint and several liability for all contractual obligations under
the Contract, that is, Party B has the right to require any borrower to perform all contractual obligations.

 

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II. Main rights and obligations
of Party B

 

(I) The loan shall be issued
in full amount in time as agreed in the contract, except for delay caused by Party A.

 

(II) The relevant personal
data provided by Party A shall be kept confidential unless otherwise stipulated by laws, regulations and regulatory agencies or agreed
by both parties. Party A agrees and authorizes Party B to provide Party A’s personal information obtained by Party B to a third party
other than Party A and Party B in the following circumstances:

 

1. Party B shall be obliged
to assist the competent authorities specified by laws and regulations and financial regulatory authorities in inquiry, asset freezing,
deduction, investigation and evidence collection and other activities;

 

2. For the purpose of handling
relevant matters hereunder or exercising rights hereunder, Party B shall provide them to third parties for handling matters hereunder;

 

3.Other necessary and reasonable
circumstances where both parties have no objection.

 

Party B shall provide Party
A’s personal information to the third party in accordance with the Contract, including Party A’s identity information, account information,
mailing address, contact information and other personal information.

 

Party B shall provide Party
A’s personal information to the third party according to this contract, including Party A’s identity information, account information,
mailing address, contact information and other personal information.

 

Party B promises to require
relevant third parties to bear corresponding confidentiality obligations for Party A’s personal information.

 

(III) Party B has the right
to know and verify the identity of Party A and its family members, repayment ability, personal credit and family financial status; Have
the right to require Party A to provide information related to the loan application and the use of the loan limit.

 

(IV) Party
B has the right to investigate the legality, authenticity, effectiveness and accuracy of the materials and documents provided by Party
A and the use of the loan.

 

(V) Where
Party A’s credit status changes and may or has adversely affected its solvency, Party B has the right to reduce, suspend or even cancel
Party A’s loan limit.

 

(VI) Party B has the right
to require Party A to repay the principal, interest and expenses of the loan on schedule, execute other rights agreed in this contract
and require Party A to perform other obligations under this contract.

 

(VII) Where Party A fails to
repay any amount payable under the Contract in full on schedule, Party B has the right to transfer the corresponding amount in RMB or
other currencies from any account opened by Party A in China Construction Bank system without prior notice to Party A. if the deducted
amount is in foreign currency, Party B has the right to convert it into RMB to pay off the amount payable by Party A according to the
bank purchase price of the foreign exchange rate published by China Construction Bank at the time of deduction. If Party A still has other
due debts to Party B other than the debts under this contract, Party B has the right to decide to use the above deduction to pay off any
other due debts first.

 

Article 11 The Liability
for Breach of Contract and the Clause of Relief Measures in Case of Threatening Party B’s Creditor’s Rights

 

I. Party A’s breach of
contract and circumstances that may endanger Party B’s creditor’s rights

 

(I) Party A’s breach of contract:

 

1. Party
A fails to repay the loan principal and interest or other payables in full and on time as agreed in the Contract;

 

2. Party
A fails to use the loan for the purpose specified in the Contract;

 

3. Providing
false, invalid or incomplete information, documents or materials to Party B;

 

4. Party
A refuses or hinders Party B from inspecting its income or credit;

 

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5. Party
A fails to submit the loan purpose certificate to Party B within the time limit specified in the Contract;

 

6. In
case Party A pays independently, Party A fails to pay the funds within 30 days after the loan is released to Party A’s account;

 

7. Where
Party A dies or the defendant dies and the lawful heir of his property does not continue to fulfill the Contract;

 

8. Party
A is declared missing, and its property trustee does not continue to fulfill the Contract;

 

9. Party
A loses the capacity for civil conduct and his guardian does not continue to perform the Contract;

 

10. Party
A expressly or by its actions indicates that it will not perform its obligations hereunder;

 

11. Party
A violates other obligations agreed herein.

 

(II) Circumstances
that may damage Party B’s creditor’s rights:

 

		1.	P Party A or its legal successor is subject to administrative or criminal punishment, involved or about
to be involved in major litigation or arbitration procedures and other legal disputes, and Party B believes that it may or has had an
adverse impact on its solvency;
	 	 	 

		2.	Party A transfers property at a low price, transfers or hides property free of charge, reduces or relieves
the debts of a third party, delays in exercising creditor’s rights or other rights, and other behavior Party B believes that it may endanger
the safety of creditor’s rights under this contract;;
	 	 	 

		3.	Party A fails to perform other due debts owed to China Construction Bank, or Party B finds that Party
A has other arrears of debts;

 

4. Other
major changes in Party A’s personal and credit status or loan repayment ability (including but not limited to nationality change, residence
change, marriage change, deterioration of family financial status, income reduction, unemployment, major diseases, arrears of other debts,
etc.), which Party B believes may or has had an adverse impact on its solvency, and Party A fails to supplement the guarantee recognized
by Party B;

 

5. Party
A conducts other acts that are enough to adversely affect its debt repayment ability;

 

6. During
the guarantee period, if the guarantor has one of the following circumstances, and Party A fails to provide a new guarantee that meets
the requirements of Party B, Party B believes that it may endanger the safety of creditor’s rights under this Contract:

 

(1) Breach
of any agreement in the guarantee contract or any false, error or omission in the matters stated and guaranteed;

 

(2) The
legal person or other organization as the guarantor has contracting, trusteeship (takeover), leasing, joint-stock transformation, reduction
of registered capital investment, joint venture, merger, merger, acquisition and reorganization, division, joint venture, (application)
suspension of business for rectification, application for dissolution, (application for bankruptcy), change of controlling shareholder
/ actual controller or transfer of major assets, transfer of property at a low price or free of charge, reduction and exemption of third-party
debts, delay in exercising creditor’s rights or other rights Suspension of production, suspension of business, imposition of high fines
by the competent authority, cancellation of registration, revocation of business license, inability of the legal representative or the
main person in charge to perform their duties normally, involving major legal disputes, severe difficulties in production and operation
or deterioration of financial situation, which may affect the guarantor’s ability to guarantee housing;

 

(3) The
guarantor refuses Party B to supervise its capital and property;

 

(4) The
Guarantor provides a guarantee to a third party that exceeds the shared affordability;

 

(5) Other
circumstances under which the guarantor loses or may lose the guarantee ability.;

 

7. During the period of mortgage
or pledge, in case of any of the following circumstances, Party A fails to provide a new guarantee that meets the requirements of Party
B, and Party B believes that it may endanger the safety of creditor’s rights under this Contract:

 

(1) Damage, loss and reduction
of value of mortgaged property or pledged property (pledge rights) due to state expropriation, confiscation, requisition, free recovery,
demolition, changes in market conditions or any other reasons by a third party;

 

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(2) The
mortgaged property or pledged property (pledge right) is sealed up, seized, frozen, deducted, retained, auctioned, supervised by administrative
authorities, or the ownership is disputed;

 

(3) The
mortgagor or pledgor violates the mortgage contract or any agreement or statement and guarantee in the pledge contract, and there is any
falsehood, error or omission;

 

(4) Other
circumstances that may imperil the realization of Party B’s mortgage or pledge.

 

8. The guarantee is not tenable,
ineffective, invalid, revoked or cancelled, the guarantor breaches the contract or clearly indicates by its behavior that it will not
perform its guarantee responsibility, or the guarantor loses part or all of its guarantee ability, the value of the collateral decreases
and other circumstances that Party B believes may endanger the safety of the creditor’s rights under the contract, Party A fails to provide
a new guarantee as required by Party B, and Party B believes that it may imperil the safety of the creditor’s rights under the contract;

 

9. Other circumstances that
Party B believes may imperil the safety of creditor’s rights under this contract.

 

II. Relief Measures of Party
B

 

In case of any of the above
breaches or situations that may endanger Party B’s creditor’s rights, Party B has the right to exercise one or more of the following rights:

 

1. Stop
issuing the loan under the contract and the individual loan payment order;

 

2. Lower
and suspend the loan until Party A cancels the loan limit;

 

3. If
all or a single loan is due immediately, Party A is required to cancel the loan principal, interest and related expenses immediately.

 

4. If
Party A fails to use the loan according to the purpose agreed in the contract, the penalty interest and compound interest shall be calculated
and charged according to the penalty interest rate calculated according to the rules agreed in the contract and the interest settlement
method agreed in the contract from the date of failing to use the loan according to the purpose agreed in the contract to the date of
full repayment of principal and interest.

 

Where Party A fails to submit
to Party B, within the time limit specified in the Contract, proof materials for the purpose of borrowing in accordance with Party B’s
requirements, Party B shall have the right to collect liquidated damages from Party A in addition to other remedies agreed in this Article.
It shall be executed in accordance with Article 24 hereof.

 

For the declaration of the
principal and interest of any loan period that Party A fails to pay off on time, the penalty interest and compound interest shall be collected
according to the total penalty interest rate calculated according to the stipulations herein and the interest settlement method agreed
herein from the overdue date to the date when the principal and interest are fully paid off in arrears.

 

If the loan is used beyond
the time limit and for the purposes agreed herein, the heavier one shall be charged with penalty interest and compound interest and shall
not be punished concurrently;

 

5. Transfer
any currency from the account opened by Party A in China Construction Bank system to offset the amount payable by Party A;

 

6. Require
Party A to correct the breach of contract within a time limit and compensate Party B for the corresponding losses;

 

7. Party
A is required to provide a new guarantee in accordance with Party B’s requirements under the Contract;

 

8. Fulfill
guarantee rights

 

9. If
Party A fails to make full repayment on time, Party B has the right to repay all the loans with floating interest rate under the Contract;

 

10. Collect
or recover by entrusting the three parties or through any public media announcement, etc.;

 

11. To
collect or recover the principal and interest of the loan in accordance with the law and the cutting expenses incurred thereby;

 

12. Terminate
the Contract

 

13. Have
Right to take other relief measures.

 

    9

     

    

 

III. Breach of Contract by
Party B and Liability for Breach of Contract

 

		(I)	Where Party B fails to issue the loan as agreed in this contract without justified reasons, Party A may
require Party B to continue to issue the loan as agreed in this contract;
	 	 	 

		(II)	Where Party B violates the prohibitive provisions of national laws and regulations and collects interest
and fees that should not be collected from Party A, Party A has the right to require Party B to return them.

 

Article 12 The same changes,
releases and transfers of rights and obligations

 

After the Contract comes into
force, Party A and Party B shall not unilaterally alter or terminate the Contract.

 

If Party A transfers the rights
and obligations hereunder to a third party, Party A shall obtain the prior written consent of Party B.

 

Article 13 Miscellaneous
agreement

 

I. Bearing of expenses

 

Refer to Article 26 of the
Contract for details of the expenses related to the loan hereunder and the expenses incurred to realize the creditor’s rights.

 

II. Use of Party A’s Information

 

If Party A is a natural person,
Party A agrees Party B to query, print and save Party A’s credit status and other personal information through the basic database of financial
credit information and other credit investigation institutions established according to law, and the information obtained from the query
is used for examining loan application, guarantor qualification examination and post loan management. Party A also agrees that Party B
shall provide Party A’s personal information and credit information (including bad information) to the basic database of financial credit
information and other credit investigation institutions established according to the law.

 

If Party A is a legal person
or other organization, Party A agrees Party B to inquire Party A’s credit status from the credit database or relevant units and departments
approved by the people’s Bank of China and the competent credit investigation department, and agrees Party B to provide Party A’s information
to the credit database approved by the people’s Bank of China and the competent credit investigation department. Party A also agrees that
Party B can reasonably use and disclose Party A’s information for business needs.

 

III. Announcement and Collection

 

Party B shall have the right
to notify the relevant departments or units, and have the right to announce and collect through the news media, if Party A is engaged
in illegal acts, defaults on the loan principal and interest, or other cases of breach of contract or which may endanger the creditor’s
rights of Party B.

 

IV. Validity of evidences recorded
by Party B

 

Unless there is reliable and
definite evidence to the contrary, Party B’s internal accounting records concerning principal, interest, expenses and repayment records,
etc., the documents and vouchers made or retained by Party B and the records and vouchers for Party A to collect loans during the operation
of drawing, repayment and payment of interest, etc., shall all constitute valid confirmation evidence of the creditor’s rights relationship
between Party A and Party B.

 

V. Reservations of rights

 

The rights of Party B under
this Contract shall not affect or exclude any rights enjoyed by Party B under laws, regulations and other contracts. Any indulgence, grace,
preference or delay in exercising any right under the Contract for breach of contract or delay shall not be deemed as a waiver of the
right or interest under the Contract or a license or approval for any breach of the Contract, nor shall it limit, prevent or hinder the
continued exercise of the right or the exercise of any other right, nor cause Party B to assume obligations and liabilities to Party A.

 

VI. See Article 26 of the Contract
for other agreements between the parties.

 

Article 14 Applicable
Law of Contract and Dispute Resolution

 

See Article 28 herein.

 

    10

     

    

 

Article 15 Effectiveness
of the Contract

 

This contract shall come into
force after being signed by Party A or its authorized agent, signed by the person in charge or authorized agent of Party B (or stamped
with personal seal) and stamped with official seal (or special seal for contract).

 

Article 16 Notice

 

The notice issued by either
party hereto to the other party shall be delivered via the mailing address, telephone number or other contact information specified herein.

 

Article 17 Annex of the
Contract

 

Documents or materials used
in the business process under this contract, such as personal limit loan disbursement slip, loan payment voucher, application for early
repayment of this contract and so on, shall be regarded as annexes to this contract and an effective part of this contract.

 

Article 18 Party A’s representations
and warranties

 

I. Party A is clearly aware
of Party B’s business scope and authority.

 

II. Party A has the right to
sign the Contract.

 

III. Party A has read all the
terms of this contract and has paid special attention to the contents in black. Party B has clearly explained the relevant terms at the
request of Party A. Party A has fully understood the meaning of all terms and the corresponding legal consequences. Party A agrees to
abide by all terms and voluntarily bear the relevant risks that may arise.

 

IV. Party A shall sign and
fulfill its obligations under the Contract in accordance with laws, administrative regulations, rules, articles of association or internal
organizational documents of Party A, and has obtained the internal authority of the Company and/or the competent authority of the state.

 

V. Party A 1’s production and
operation are legal and compliant;

 

VI. Party A 1 has the ability
to carry out sustainable operation and has a legal source of repayment;

 

VII. Party A promises that
all the loans under the Contract are based on the actual needs of the specific purpose of the loan and do not exceed the actual needs.

 

VIII. Party A 1 and its controlling
shareholders have good credit status and no major bad records.

 

IX. Party B has the right to
entrust other branches of China Construction Bank to issue loans under the Contract and exercise and perform the rights and obligations
of Party B under the Contract, and Party A has no objection thereto.

 

X. Party A declares that at
the time of signing this contract, it and its important affiliates did not violate any laws, regulations and rules on environmental and
social risk management, and promises to strengthen the environmental and social risk management of itself and its important affiliates,
strictly abide by the laws, regulations and rules on environmental and social risk management, and eliminate the construction, production
Hazards and related risks to the environment and society in business activities (including but not limited to environmental and social
problems related to energy consumption, pollution, land, health, safety, resettlement, ecological protection, energy conservation and
emission reduction, climate change, etc.). Party A acknowledges that Party B has the right to supervise Party A’s environmental and social
risk management, and has the right to require Party A to submit an environmental and social risk report. If the above statement of Party
A is false or the above commitment is not fulfilled, or Party A may cause environmental and social risks, Party B has the right to stop
granting credit to Party A (including but not limited to refusing to grant loans, providing financing, issuing letters of guarantee or
letters of credit or bank acceptance bills, etc.), or declare that the principal and interest of creditor’s rights (including but not
limited to loans, financing, advances that have occurred or may occur, etc.) expire in advance, Or take other relief measures agreed in
this Contract or permitted by the law.

 

    11

     

    

 

Special signing clause

 

Article 19
Contractor Information

 

1. Party A (Borrower) :

 

Party A 1: Shenzhen Yitianxin
Electronic Co., Ltd.

 

Residence: 7a, Floor 7, R&D
Building, Avionics Engineering, No. 7, Lanshan Road, North District, Science Park, Nanshan District, Shenzhen

 

Legal Representative (Person
in charge) Jiang Yili

 

Mailing address and postcode:
Sunshine Palm Garden, Qianhai Road, Nanshan District, Shenzhen City, Guangdong Province 5-1-10B/518000

 

Telephone and fax: 13902441129

 

Party A: Jiang Yili

 

ID Card Name and Number: [redacted]

 

Residence: 5-1-10B, Sunny Palm
Park, Qianhai Road, Nanshan District, Shenzhen City, Guangdong Province

 

Mailing address and postcode:
Sunshine Palm Garden, Qianhai Road, Nanshan District, Shenzhen City, Guangdong Province 5-1-10B/518000

 

Telephone and fax: 13902141129

 

Additional Information This
column is blank

 

Party A 3: This column is
blank

 

ID card name and number: This
column is blank

 

Address: This column is
blank

 

Mailing address and postal
code: This column is blank

 

Contact telephone and fax:
This column is blank

 

Additional Information: This
field is blank

 

2. Information of Party B (Lender):

 

Loan to Shenzhen Branch

 

Residence: Building A, Rongchao
Business Center, No. 6003 Yitian Road, Futian District, Shenzhen

 

Address and Postal Code: No.
02/518033, 1st Floor, Feida Building, Zhenhua Road, Shenzhen, Guangdong Province

 

Tel: 86-0755- 23823796

 

Other information: this
column is blank

 

    12

     

    

 

Article 20 Agreement on
Article 1

 

Party B shall provide Party
A with circulation of RMB four million two hundred and ninety thousand Yuan only. The loan limit is an uncommitted limit. Party A’s application
for using the loan shall be reviewed and approved by Party B, and Party B has the right to re-determine the loan limit.

 

Article 21 Agreement on
Article 2

 

If the effective period of
the loan amount is August 9, 2020, August 9, 2023, and the date of the first actual loan under the Contract is after the effective period
of the loan amount specified in this Article, the effective period of the loan amount specified in this Article shall be postponed accordingly.
When the loan limit expires, the unused loan limit will automatically become invalid.

 

Article 22 Agreement on
Article 4

 

Upon the agreement of both
Party A and B, the loan shall be expended in the following ways under the Contract:

 

I. Circulating expenditure

 

II. Non circulating sub expenditure

 

III. Non circulating one-time
expenditure

 

Article 23 Agreement on
Article 7

 

The LPR interest rate under
the contract shall be determined according to Item 2 below:

 

I: when the loan is granted
for the first time under this contract, the LPR interest rate refers to the one-year loan market quotation interest rate (1ylpr) of the
national interbank lending center on the working day before the effective date of this contract; Thereafter, when the loan interest rate
is adjusted according to the above agreement, the LPR interest rate refers to the one-year loan market quotation rate of the national
interbank lending center on the working day before the adjustment date.

 

II: when the loan is granted
for the first time under this contract, the LPR interest rate refers to the one-year loan market quotation interest rate (1ylpr) of the
national interbank lending center on the working day before the value date; Thereafter, when the loan interest rate is adjusted according
to the above agreement, the LPR interest rate refers to the one-year loan market quotation rate of the national interbank lending center
on the working day before the adjustment date.

 

III: when the loan is granted
for the first time under this contract, the LPR interest rate refers to the market quotation interest rate (5ylpr) for loans with a term
of more than 5 years of the national interbank lending center on the working day 8 before the effectiveness of this contract; Thereafter,
when the loan interest rate is adjusted according to the above agreement, the LPR interest rate refers to the market quotation interest
rate for loans with a term of more than 5 years of the national interbank lending center on the working day before the adjustment date.

 

IV: when the loan is granted
for the first time under this contract, the LPR interest rate refers to the market quotation interest rate (5ylpr) for loans with a term
of more than 5 years of the national interbank lending center on the working day before the value date; Thereafter, when the loan interest
rate is adjusted according to the above agreement, the LPR interest rate refers to the market quotation interest rate for loans with a
term of more than 5 years of the national interbank lending center on the working day before the adjustment date.

 

    13

     

    

 

Article 24 Agreement on
Article 11

 

Agreement on Party A’s failure
to submit proof materials of loan purpose to Party B within the time limit agreed in the contract. For a single loan without proof of
purpose, liquidated damages shall be paid. The calculation method of liquidated damages is: this column is blank.

 

Article 25 Loan guarantee
method

 

The guarantee method under
this contract is the second of the following:

 

I. Guarantee.

 

II. Maximum mortgage.

 

III. Maximum pledge of rights.

 

IV: Credit.

 

Article 26 Other agreements
between the parties

 

I The agreement between Party
A and Party B on cost bearing is as follows:

 

		1.	All expenses incurred by Party B to realize the creditor’s rights (including but not limited to legal
fees, arbitration fees, property preservation fees, travel expenses, execution fees, evaluation fees, auction fees, notarization fees,
service fees, announcement fees, lawyer fees, etc.) shall be borne by Party A. If Party B has made the advance payment, the advance payment
constitutes Party A’s debt to Party B.
	 	 	 

		2.	Other expenses related to borrowing: this column is blank.

 

II. The price and extra price
expenses under this contract are tax inclusive prices including value-added tax, unless otherwise agreed by the parties. II. The price
and extra-price expenses under the Contract are included in VAT, unless otherwise agreed by both parties.

 

I. Invoice

 

3. 1 Party B shall issue
invoices in accordance with the provisions of (1) below;

 

(1) If
Party A raises the invoicing demand, Party B shall issue the VAT invoice of the current payment amount after receiving the payment from
Party A.

 

(2) Other
agreements: This column is blank.

 

3. 2 Invoicing information
provided by Party A

 

Company name: Shenzhen Yitianxin
Electronics Co., Ltd.

 

Taxpayer Identification Number:
This column is blank

 

Bank account: This column
is blank

 

Deposit Bank: This column
is blank

 

Address: This column is
blank

 

Tel: This column is blank

 

3. 3 If it is necessary
to void the invoice or issue a red ink invoice, Party A shall provide assistance in time according to the requirements of Party B. If
the invoice cannot be cancelled or red ink invoice cannot be issued due to Party A, Party A shall compensate Party B for all losses, including
but not limited to taxes, surcharges, fines and late fees.

 

    14

     

    

 

 IV. If Party A is an overseas
institution of the People’s Republic of China, and the price and extra-price expenses under the Contract are subject to tax preferential
treatment in accordance with laws, regulations, rules or relevant regulations of relevant departments, and tax filing is required, Party
A shall timely provide sufficient and accurate VAT preferential treatment filing materials to Party B according to Party B’s requirements,
so as to assist Party B in completing tax filing and other work.

 

V. Other clauses agreed by
Party A and Party B are:

 

1. If
the Borrower hereunder includes both natural persons and legal persons or other organizations, each Borrower shall undertake all contractual
obligations hereunder jointly ans severally, and Party B shall have the right to provide credit information (including bad information,
the same below) of all Borrower or part of Borrower to basic database of financial credit information and other credit reporting agencies
established according to law at its own discretion. If Party B chooses to provide only personal credit information or enterprise credit
information to credit reporting agencies, Party A shall have no objection.

 

2. Party
A confirms and agrees that:

 

When the debt under this contract
is overdue (including partial overdue and overdue after the loan is declared to be due in advance) for 30 days or more, Party B has the
right to transfer the creditor’s rights and security rights under this contract to third parties (including but not limited to asset management
companies), and has the right to notify the debtor and guarantor of the transfer of creditor’s rights by notarization, letter delivery
or newspaper publicity at or above the provincial level.

 

In case of the transfer of
creditor’s rights and security rights mentioned above (hereinafter referred to as “asset transfer”), the interest rate of any
single loan under this Contract will be changed to a fixed interest rate of 12.66%/year from the actual date of asset transfer. Thereafter,
the penalty interest rate of the loan that the borrower fails to use according to the agreed purpose and the penalty interest rate of
the loan overdue shall be determined according to the loan interest rate level mentioned in the preceding paragraph and the floating ratio
agreed in the corresponding expenditure bill.

 

3. This column is in blank

 

VI. Party A and Party B make
the following agreement on the service address and legal consequences of various notices, agreements and documents related to the Contract

 

1. Delivery
address

 

(1) Party
A confirms that the valid delivery address is:

 

Party A 1: see Article 19 mailing
address.

 

Party A 2: see Article 19 mailing
address.

 

Party A 3: see Article 19 mailing
address.

 

(2) Party
B confirms that the valid address for delivery is the address of correspondence with Article 19.

 

2. Applicable
scope of delivery address

 

    15

     

    

 

The above service address is
applicable to the service of various notices, agreements, agreements and other documents related to the Contract, as well as the service
of relevant documents and legal documents in case of disputes under the Contract, including the service of relevant documents in the first
instance, second instance, retrial and execution procedures after disputes enter into arbitration and civil litigation procedures, and
the service of relevant documents in other procedures.

 

3. Change
of address delivered

 

(1) If
Party A needs to change the service address, Party A shall notify Party B in writing five working days in advance, and the written notice
shall be delivered to Party B at the service address;

 

(2) If
Party B needs to change the delivery address, Party B shall notify Party A by means such as in writing, mail, short message or announcement.

 

(3) Where
a party changes its address in arbitration or civil action, the party shall also notify the arbitration institution and court in writing.

 

(4) After
one party fulfills the obligation of notice of change according to the above agreement, its changed address for service shall be the valid
address for service, otherwise its previously confirmed address for service shall still be the valid address for service.

 

4. Legal
consequences

 

(1) Because
the service address provided or confirmed by either party is inaccurate, the service address is changed and fails to timely perform the
notice obligation in the manner described above, the party or

 

(2) The
address for service may be served directly by post by the arbitration institution or court, even if the parties fail to receive the service
by post by the arbitration institution or court

 

VII. This column is in blank.

 

Article 27 Agreement on
Article 14

 

The Contract shall be governed
by the laws of the People’s Republic of China (for the purpose of signing and performing this Contract, the laws of the Hong Kong Special
Administrative Region and the Macao Special Administrative Region shall not be included.)

 

Any dispute arising out of
or in connection with the Contract may be settled through negotiation. If the dispute cannot be settled through negotiation, there are
two ways:

 

1. Bring a lawsuit to the People’s
Court where Party B resides.

 

2. Submit to the Shenzhen Arbitration
Commission (place of arbitration: Shenzhen) for arbitration in accordance with the prevailing arbitration rules in force. The arbitral
award is final and binding on both parties.

 

During the period of litigation
or arbitration, the terms and conditions of the non-disputed part of the Contract shall still be performed.

 

Article 28 Contract number
agreement

 

The Contract is made in triplicate,
each has the same legal effect.

 

Article 29 Operating bank
and seal of Party B

 

Party A confirms that after
this contract comes into effect, Party B may entrust Shenzhen Branch of China Construction Bank Corporation and/or one or more of its
branches as the handling bank of this contract; and the handling bank shall have the right to execute relevant legal documents in its
own name and enjoy the rights under the Contract, including but not limited to the actual performance, debt collection, litigation/arbitration,
enforcement, etc. of the Contract (in partial or in full). Where Party B’s obligations under the Contract are performed, Party B shall
be deemed to have performed the Contract, and Party A’s obligations and duties shall not be exempted. Party B or the operating bank has
the right to affix the official seal, business seal or contract seal on the relevant business material or certificates.

 

(Signature page below, no text)

 

    16

     

    

 

(This page is the signature page, without text)

 

Party A 1 (official seal)

 

Shenzhen Yitianxin Electronics Co., Ltd.(Chapter)

 

Party A 2 or its authorized agent (signature): /s/Yili
Jiang

 

August 21, 2020

 

Party A 3 or its authorized agent (signature):

 

Party B (official seal or special seal for contract):
/s/ Xiong Yin

 

Responsible person or authorized agent (signature
or personal name)

 

August 21, 2020

 

China Merchants Bank Co., Ltd., Shenzhen Branch (sealed)

 

Shenzhen SME Financing Guarantee Co., Ltd. (sealed)

 

Statement of the Borrower’s spouse

 

As the Borrower’s spouse, I am fully aware of
the Cloud Express Loan Contract signed by the Borrower and Shenzhen Branch of China Construction Bank Stock Price Co., Ltd. I acknowledge
that: We, as husband and wife, having agreed to our own respective property separately after marriage, and the debts borne by the borrower
under this contract shall be deemed as the joint debts of us, and I am willing to bear joint and several liabilities with the borrower
for the debts.

 

Signature:/s/ Yi Nong

 

ID No.: 452624198107083324

 

Attention

 

In order to safeguard your
interests, please read the following precautions carefully before signing this contract:

 

1. You have read all the terms
of this contract and comprehend the meaning;

 

2. You have acknowledged that
the relevant documents and information submitted are true, legal and valid;

 

3. You have acknowledged that
you have the right to sign this contract and are aware of the rights and obligations hereunder;

 

4. You have acknowledged that
any fraud or breach of contract is subject to corresponding legal liability;

 

5. You will sign and follow
the contract on the principle of honesty and credibility;

 

6. Please use a pen, brush
or signature pen to fill in the contents necessary;

 

If you still have any questions
about this contract, you may consult all branches of China Construction Bank Co., Ltd.

 

 

17Exhibit 10.12

 

 

Contract No.: / 

 

No.: 0400000272-2021 (NQ) ZI No. 00111 

 

Net Loan Revolving Loan Contract 

 

(Applicable to Enterprise Net Loan (Including
e Credit Express Loan)) 

 

(Printed Version) (2021 Version) 

 

Special tips: This contract is concluded on
the basis of equality and voluntariness by lending and borrowing parties in accordance with the negotiation, all articles in this contract
are faithful representations of both parties. In order to safeguard the legitimate rights and interests of the Borrower, the Lender hereby
requires the Borrower to pay full attention to the terms of the rights and obligations of the parties hereto, especially the bold part.

 

    	Contract No.:
 2210423040000272881833,
 No.1 of 3	Page 1 of 17	The contents of the contract can be verified through the “Scan QR Code” function of client software ICBC’s mobile banking and financial e-link
	 

     

    

 

Lender: Industrial and Commercial Bank of China Co., Ltd. Shenzhen
High-tech Park South District Sub-branch 

 

Domicile (address): Second floor, comprehensive service building,
high tech Zone, Keyuan South Road, Nanshan District, Shenzhen 

 

Borrower: Shenzhen Tbit Technology Co., Ltd. 

 

Legal representative: Ge Wentao 

 

Address for service: Unit 1501-1508, Building B, SDG Information
Building, No. 2 Kefeng Road, Science and Technology Park, Minghai Street, Nanshan District, Shenzhen 

 

Postal code: 518000      Fax:      /      E-mail: /

 

Tel.: 13922870013     Contact: Ge Wentao_      Tel.: 13922870013

 

[The borrower must write the above information accurately and
completely to ensure the timely delivery of subsequent relevant notices and legal documents] 

 

This Contract is concluded and signed by and between the Borrower and
the Lender through equal negotiation in terms of the Lender issuing loans to the Borrower.

 

Part I  Basic Agreement 

 

Article 1  Purpose of the Loan 

 

The loan is used for daily operation under
the contract. Without the written permission of the lender, the borrower cannot use the borrowing for other purposes, and the lender
has the right to supervise the use of the borrowing.

 

Article 2  Revolving loan limit and service
life 

 

2.1  The
revolving loan amount under this Contract is RMB 9,000,000.00 (in words: RMB nine million) (In case of case inconsistency,
capital shall prevail). The revolving loan amount is determined according to many factors such as the amount applied by the borrower
and the value of collateral, which may be lower than the amount applied by the borrower. 

 

2.2  The
service life of the revolving loan under the contract is from the effective date of the contract to April 26, 2027. Within
the term, the borrower may reuse the above loan limit, but the withdrawal amount at each time shall not be less than RMB 100,000;
and within the term, the loan balance at each time point shall not be larger than the revolving loan limit. After negotiation and agreement
between the borrower and the lender, the service life of the revolving loan limit can be extended, and both parties shall separately sign
the Agreement on the Change of Elements of the Online Loan Revolving Loan Contract.

 

2.3  The
loan term of the borrower’s each withdrawal is from the actual withdrawal day to the agreed repayment day, which is subject to the receipt
of the loan; but the loan term of each withdrawal shall not be less than 7 days at the least and more than 1 year at the longest at each
time. 

 

2.4  The
withdrawal within the service life of the revolving loan line under this contract is the withdrawal of (2) (1 / 2) below

 

(1)  Committed
withdrawal, namely, under the precondition of complying with the contract, the borrower may withdraw and repay at any time within the
revolving loan limit service life and limit. (Excluding conditions caused by national policy adjustment and other factors)

 

    	Contract No.:
 2210423040000272881833,
 No.1 of 3	Page 2 of 17	The contents of the contract can be verified through the “Scan QR Code” function of client software ICBC’s mobile banking and financial e-link
	 

     

    

 

(2)  Conditional
withdrawal, namely, under the precondition of complying with the contract, the borrower may apply for withdrawal within the revolving
loan limit service life and limit, but the lender shall decide whether to release the loan and the release time based on the credit capital
permission conditions.

 

Article 3 Interest rate and interest 

 

3.1  [Confirmation
method of loan interest rate] 

 

The loan interest rate is determined as follows:

 

The interest rate of each loan is determined by
the pricing benchmark plus floating points, in which the pricing benchmark is the one-year loan market quoted rate (LPR) published by
the National Interbank Funding Center one working day before the withdrawal date (withdrawal date/contract approval date), and
the floating points are plus (plus/minus) 0 basis points (one basis point is 0.01%, the same below). In case the national interbank
lending center doesn’t issue the loan benchmark interest rate of the corresponding period on the working day before the interest rate
conformation date, the borrowing benchmark interest rate issued by national interbank lending center on the last working date shall prevail.
The rest can be done in the same manner. The aforesaid interest rate is hereinafter referred to as the agreed execution interest rate.

 

This contract is not applicable to (applicable
/ not applicable) preferential interest rate arrangement. Preferential interest rate arrangement means that both parties agree that the
interest generated by each loan withdrawn within this period shall be calculated at the preferential interest rate from/_year/_month/_day
to/_year/_month/_day. Preferential interest rate is determined by pricing benchmark plus floating points, in which the pricing benchmark
is the agreed implementation rate and the floating points are minus/_basis points. The Lender has the right to unilaterally adjust or
cancel the arrangement of preferential interest rate according to Article 1.6 of Part II of the Contract. 

 

The approval date of the contract refers to
the date when the contract is automatically approved by Party A’s system or manually approved by Party A’s staff according to Party A’s
internal system and system arrangement, that is/_year/_month/_day. 

 

After the loan is released, the interest rate
is adjusted in the following A(A/B) ways:

 

A.  Take
12(1/3/6/12) months as one period, with one adjustment for each period, and interest will be calculated by stages. The date for
determining the interest rate of the second and subsequent periods is the corresponding date after each loan is withdrawn for one period.
On that date, the lender adjusts the loan interest rate (referring to the agreed execution interest rate and preferential interest rate
applicable at that time) according to the quoted loan market interest rate and floating points of the aforementioned period announced
by the National Interbank Funding Center on the previous working day. In case the corresponding withdrawal date doesn’t exist in the adjustment
month, the last day of the month shall be the corresponding date.

 

B.  No
adjustment during the whole loan period.

 

3.2  The
interest rate of the loan this Contract shall be calculated from the actual withdrawal date and the interest settlement shall be conducted
monthly (monthly/quarterly/semi-annually). The principal and interest shall be paid off upon expiration of the borrowing. Daily
interest rate = annual interest rate /360.

 

3.3  3.4
Overdue default interest rate under the contract shall be determined by an additional 50% on the basis of original borrowing interest
rate, and the default interest rate due to misappropriation shall be determined by an additional 50% on the basis of original borrowing
interest rate.

 

Article 4  Expense 

 

4.1  Lenders
can charge the borrower a commitment fee, in which small and micro enterprises are exempted from the commitment fee. The commitment fee
shall be charged to the borrower at one time or in several times according to the difference between the revolving loan amount under this
contract and the amount already paid by the borrower (the average daily balance in the billing cycle), and the rate shall be determined
at the annual rate of/_

 

    	Contract No.:
 2210423040000272881833,
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4.2  During
the term of the revolving loan contract, the borrower shall pay the next year’s commitment fee to the lender at the expiration of one
year, and the lender shall only guarantee the commitment obligations within the payment period of the commitment fee. For customers who
meet the commitment fee reduction policy, the corresponding commitment fee will be reduced or exempted. No matter whether the commitment
fee is charged or not, at the end of each payment year, the lender can unconditionally terminate the commitment terms in the loan contract
at any time and stop collecting the commitment fee.

 

4.3  As
required by the Lender, all Parties shall conduct compulsory notarization for the Contract. After mutual agreement between the two parties,
the compulsory notarization fee shall be borne in the following proportions: /__. If the borrower is a small and micro enterprise,
the cost of compulsory notarization shall be borne by the lender, but the cost incurred when the lender applies for the notary office
to issue the execution certificate due to the borrower’s default shall be borne by the borrower.

 

4.4  When
the borrower applies for a loan from the lender, if the date of collateral appraisal, the date of completing the field survey of the appraised
object and the date of collateral appraisal report are earlier than the date of loan application by the borrower, the expenses incurred
by collateral appraisal shall be borne by the borrower. 

 

4.5  As
for relevant consultation (complaint), please contact 95588 or lender sales network.

 

Article 5  Withdrawal 

 

The borrower may withdraw the loan under the contract
in the following method:

 

(1)  Directly
withdraw the loan from the designated sales network of the lender.

 

(2)  Withdraw
the loan independently from the online bank of Industrial and Commercial Bank of China.

 

Article 6  Repayment 

 

6.1  The
borrower shall either repay the loan under the contract at one time on the expiration date, or prepay through the lender’s sales network
or online bank of Industrial and Commercial Bank of China in accordance with the contract. Except the final repayment, the prepayment
amount shall not be less than RMB 100,000.

 

6.2  If
the borrower applies for withdrawing the mortgage in advance within three years (inclusive) from the effective date of this contract (which
refers to the cancellation of the mortgage guarantee under this contract, the same below), he should repay the loan in advance and pay
the liquidated damages for early repayment to the lender, which shall be calculated according to the following standards: Revolving loan
quota X remaining revolving loan quota usage period (months) X/__‰,
if the remaining revolving loan quota usage period is less than one month, it will be calculated as one month; If an application for withdrawal
of the mortgage is made in advance three years after the effective date of this contract, the borrower shall repay the loan in advance,
and the lender shall waive the penalty for early repayment of the borrower. If the borrower is a small and micro enterprise, the penalty
for early repayment will be waived. 

 

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Article 7  Account 

 

The borrower shall open or designate the following
account in the lender as the special account for withdrawal and repayment:

 

Article 8  Guarantees 

 

If the loan guarantee under this contract is the
maximum guarantee, the corresponding maximum guarantee contract is (1, 2)(1/2/3, multiple choices are allowed).

 

1.  Maximum
Guarantee Contract (No.:040000272-2021 NQ (B) ZI 0029/040000272-2021 NQ (B) ZI 0030)

 

Guarantor: Rong He/Ge Wentao 

 

2.  Maximum Amount Mortgage Contract
 (No.:0400000272-2021 NF (D) ZI No.0027)

 

Mortgagor: He Rong 

 

3.  Maximum Amount Pledge Contract  No.:

 

Pledgor: /__ 

 

Article 9  Dispute resolution and jurisdiction

 

During the performance of the contract, all disputes
and disputes arising from or related to the performance of the contract can be settled through consultation between the parties. If no
agreement can be reached through negotiation, either party may settle the dispute in the following way

 

A.  Any
dispute incurred due to the contract or related to the contract shall be submitted to Shenzhen Arbitration Committee for arbitration according
to the arbitration rule. The arbitration verdict shall be final and binding upon all parties.

 

B.  It
shall be solved with the local court of the Lender through lawsuit.

 

Article10  Others 

 

This Contract is made in triplicate, with
the borrower, the lender and Shenzhen Real Estate Registration Center holding one copy each, which have the same legal effect.

 

Article 11  Other Matters Agreed by the Parties 

 

/__ 

 

Part II  Detailed term 

 

Article 1  Interest rate and interest 

 

1.1  If the interest rate
of the loan under this Contract is floating rate, the interest rate adjustment rules shall be implemented in the original way after the
loan expires.

 

1.2  If the loan is settled
monthly, the interest settlement date is the 20th day of each month; If the loan is settled monthly, the interest settlement date is the
20th day of each month; If the interest is settled half a year, the interest settlement date is June 20th and December 20th of each year.

 

1.3  The first interest period
is from the date actual withdrawal by the borrower to the first expiry date for interest; The last interest period is from the next date
at the end of the previous interest period to the final repayment date; The remaining interest periods are from the next date at the end
of the previous interest period to the next expiry date for interest.

 

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1.4  Interest = loan principal
x daily interest rate x actual use days. If the equal principal and interest repayment method is adopted, the calculation formula of principal
and interest repayment is as follows:

 

	Total principal

                                                                            and interest per

                                                                            period =
	 	Loan principal x Period interest x(1+

 Period interest) Repayment period
	 	(1+  Period interest) Repayment period -1 

 

1.5  Where
the People’s Bank of China adjusts the determination method of loan interest rate, it shall be handled according to the relevant provisions
of the People’s Bank of China, and the Borrower will not further be informed by the Lender. 

 

1.6  When
the contract is signed, it is agreed that the loan interest rate of the loan funds withdrawn within a certain period of time is calculated
at a preferential interest rate, or the loan interest rate is determined according to the quoted loan market interest rate (LPR) published
by the National Interbank Funding Center by a certain basis point. The lender has the right to reassess the interest rate concessions
given to the borrower, and decide to cancel all or part of the interest rate concessions given to the borrower at its own discretion according
to the national policies, the borrower’s credit status and the change of loan guarantee, etc., and notify the borrower in time. 

 

1.7  The
loan interest rate of each withdrawal by the borrower shall be subject to the record of the iou. Within the validity period of this contract,
the lender has the right to adjust the withdrawal amount of the borrower according to the borrower’s basic operating conditions, sales
return, tax payment, financing and credit information, the borrower’s performance of obligations under this contract, the value of collateral
under this contract and the guarantor’s guarantee ability, etc., so as to increase or decrease the loan interest rate of new withdrawals
under this contract. 

 

Article 2  Loan withdrawal and payment 

 

2.1  The
following preconditions must be met when the borrower withdraws the borrowing, otherwise the lender is not obliged to grant any money
to the borrower, unless the lender agrees to release the loan in advance: 

 

(1)  The
borrower’s statement and guarantee under the contract are still true, accurate and intact upon each withdrawal, and the default circumstances
under the contract or other contracts signed by the borrower and lender don’t happen;

 

(2)  Except
the credit loan, the borrower has provided the corresponding guarantee in accordance with the requirement of the lender; the relevant
guarantee procedures have been completed. The guarantee is without alterations going against the lender with enough guarantee limits.

 

(3)  If
the borrower withdraws the loan through the online bank of Industrial and Commercial Bank of China, the Industrial and Commercial Bank
of China Electronic Banking Enterprise Customer Service Agreement signed between it and the lender shall be always valid.

 

(4)  For
conditional revolving withdrawals, the lender has sufficient configurable credit resources. For commitment revolving withdrawals, the
lender has sufficient configurable credit resources at the last day of a month. The configurable credit capital means the credit scale
that the lender may invest in a specific field formulated based on the relevant national credit policies within a certain period. 

 

2.2  If
the borrower withdraws the loan through the lender’s designated sales network, it shall fill in and submit the corresponding receipt of
loan 5 bank workdays in advance at least. Once the receipt is submitted, it shall not be cancelled without the written agreement of the
lender. 

 

2.3  If
the borrower withdraws the loan through the online bank of Industrial and Commercial Bank of China, the borrower shall sign the Industrial
and Commercial Bank of China Electronic Banking Enterprise Customer Service Agreement with the lender, commit to abide by Industrial
and Commercial Bank of China Electronic Banking Articles of Association and the relevant transaction rules and operate in accordance
with the relevant transaction rules. The withdrawal order submitted through the Industrial and Commercial Bank of China online bank by
the borrower and confirmed by the lender shall be deemed as the receipt. 

 

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2.4  After
the borrower meets the withdrawal precondition, the lender shall transfer the loan into the borrower’s designated account; it shall be
deemed that the lender has released the loan to the borrower in accordance with the contract.

 

2.5  According
to the relevant regulatory regulations and the lender’s management requirements, entrusted payment shall be adopted for those who do
not meet the conditions of independent payment or the accumulated independent payment amount exceeds 10 million yuan within fifteen
natural days before the withdrawal date (inclusive), and the lender shall pay the loan funds to the payment objects that meet the purpose
agreed in this contract according to the borrower’s withdrawal application and payment entrustment.

 

2.6  After
completing the trust payment, the borrower shall provide the account information of its payment object and supporting materials certifying
that the withdrawal complies with the agreed purpose for the lender timely when withdrawing. The Borrower shall ensure that all information
provided to the Lender is true, complete and effective.

 

2.7  In
handling entrusted payment, the Lender is only responsible for formal examination of information of payment object and related documents
certifying purpose of the borrowing submitted by the Borrower, and will not take any responsibility for failing entrusted payment owing
to untruthful, inaccurate and incomplete documents provided by the Borrower. 

 

2.8  In
the case that inconformity or other defects are found in related documents such as documents certifying purpose of use submitted by the
Borrower, the Lender has right to request the Borrower to supplement, replace, explain or resubmit related documents, and can choose not
to release and pay concerning payments unless getting satisfying documents from Borrower.

 

2.9  Based
on the different borrowing purposes of the Borrower, the Lender is entitled to require the Borrower, independent agent and other related
parties to issue the contract verification bill and other supporting materials; the Lender shall release and pay the financing fund with
such supporting materials.

 

2.10  If
the Lender deems that the materials provided by the Lender are consistent with the borrowing purpose and the withdrawal complies with
the contract after approval, it shall transfer the borrowing into the designated account of the Borrower and transfer the corresponding
fund into the account of the Borrower’s payment object based on the demand and the relevant business vouchers submitted by the Borrower.

 

2.11
In case of one of the following circumstances, the Lender is entitled to confirm the loan grant and payment condition again, or stop the
grant and payment of the loan funds: 

 

(1)  The
borrower provides false or invalid materials for the lender to acquire the loan;

 

(2)  The
borrower’s production and operation have significant adverse alterations, decrease of credit conditions or violating circumstances under
the contract;

 

(3)  The
borrower does not withdraw and pay the loan in accordance with the contract and the application of the loan has abnormity;

 

(4)  The
borrower violates the contract or the relevant supervision regulations to avoid the entrusted payment in the method of breaking up the
whole into parts;

 

(5)  The
loan account designated by the borrower or payment object’s account is frozen by the competent authority or stopped for payment

 

2.12  If
the Lender fails to complete the entrusted payment in time as per entrustment of the Borrower caused by the loan account designated by
the Borrower or the account of the payment object being frozen by the competent authority or stopped for payment, it will never bear any
liabilities and will not infringe the Borrower’s repayment obligation incurred under the contract.

 

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2.13  The
borrower commits to accept and actively cooperate with the lender in checking and supervising the use of financing funds, including its
purpose through account analysis, inspection of voucher, site investigation, etc. in case of independent payment for the loan under the
contract, and provides a periodic summary report on the use of loans to the lender.

 

2.14  If
the Lender suffers from losses due to untrue, incomplete or invalid materials provided by the Borrower for the Lender, the Borrower shall
make the compensation.

 

2.15  If
the lender fails to timely release and pay the loan in accordance with the contract, it shall bear the corresponding responsibility for
breach of contract, except otherwise stipulated in the contract.

 

2.16  If
the lender fails to pay the corresponding fund on time due to war, natural disaster and other unforeseeable, inescapable and insurmountable
force majeure, or the lender’s system fault, communication failure and other accidents, the lender shall notice the borrower timely through
telephone or in written form without undertaking any responsibility.

 

Article 3  Repayment 

 

3.1  The
Borrower shall repay the loan principal and interest and other payables in full and on time as agreed in this Contract. The borrower
shall deposit the current payable interest, principal and other payables in the repayment account opened or designated at the office of
lender in full on the previous bank working day of repayment date and each expiry date for interest. The lender shall be entitled to proactively
transfer such payment on the repayment date and expiry date for interest, or require the borrower to provide cooperation to transact relevant
transfer procedures. 

 

The Borrower should go through the alteration
formalities at the Lender’s counter if there is any report of loss, freezing, stopping payment, cancellation of the repayment account,
or the Borrower needs to alter the repayment account. If the full amount of money cannot be deducted from the original repayment account
prior to the alteration formalities come into effect, the Borrower shall go to the Lender’s place for a counter repayment. If the Borrower
does not pay back full amount of the principal and interest of the loan or other expenses on time because the Borrower does not transact
alternation formalities for the repayment account in time or does not go to the Lender’s counter for repayment, the Borrower shall be
responsible for such breach of the contract. 

 

3.2  If
the borrower applies for repaying all or part of the loan in advance, it shall submit a written application to the lender, or submit a
prepayment order to the lender through Industrial and Commercial Bank of China online bank.

 

3.3  Where
the Lender agrees to the prepayment, the Borrower shall pay off the due and payable loan principal and interest and other payables as
agreed in this Contract up to the prepayment date on the prepayment date.

 

3.4  Where
the prepayment by the Borrower or early withdrawal of the loan by the Lender as agreed in this Contract shorten the actual loan period,
the corresponding interest rate level shall not be adjusted, and be subject to in the original loan interest rate. 

 

Article 4  Guarantees 

 

4.1  Except
for the credit loan, the borrower shall provide legal and valid guarantee for the fulfillment of obligation under the contract, which
shall be recognized by the lender. The guarantee contract shall be separately signed.

 

4.2  In
case of damage, depreciation, property right dispute, seizure or detention occur on the guaranty under this Contract, or the mortgager
disposing the collateral without authorization, or adverse changes in the financial conditions of the guarantor providing the guarantee
or other changes not conducive to the creditor’s rights of Lender, the Borrower shall promptly notify the Lender, and separately provide
other guarantees recognized by the Lender.

 

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4.3  The
lender has the right to reassess the value of the collateral and the guarantor’s guarantee ability periodically or irregularly. If it
is considered that the value of the collateral has decreased or the guarantor’s guarantee ability has decreased, the lender has the right
to adjust the revolving loan amount, and the borrower should provide additional guarantees equivalent to the reduced value or guarantee
ability, or provide other guarantees recognized by the lender separately. 

 

4.4  In
case that the lender agrees the loan under the contract has the accounts receivable as the pledge guarantee, and one of the following
circumstances happens during the validity period of the contract, the lender shall be entitled to declare the early maturity of loan immediately
to require the borrower to repay part or all of the loan principal and interest immediately, or to seek the legitimate, effective and
full-amount additional guarantee recognized by the lender: 

 

(1)  The
bad debt rate of the pledger of the accounts receivable relative to the accounts receivable of the payer rises for two consecutive months;

 

(2)  The
expired and un-reclaimed accounts receivable of the pledgor for the payer takes up more than 5% of the accounts receivable balance of
the payer;

 

(3)  The
accounts receivable may not be paid on time due to the trade dispute (including but not limited to the dispute about quality, technology
and service) or dispute over obligation between the accounts receivable Pledgor and the payer or other third party.

 

Article 5  Statements and guarantees 

 

The Borrower shall make the following statement
and guarantee to the Lender that shall be always effective in the term of this Contract: 

 

5.1  Have
the borrower’s subject qualification according to law, and have the qualification and ability to sign and perform this contract.

 

5.2  All
necessary authorizations or approval are obtained upon the signing of this Contract. Signing and performance of the contract shall not
violate the provisions of the company’s rules, Shareholders’ capital contribution agreement, associate agreement, partnership agreement
and relevant laws and regulations, also not contradicted to other obligations under this Contract.

 

5.3  Other
debts payable have been repaid as scheduled without malicious default of bank loan principal and interest.

 

5.4  Major
regulations and principles violation doesn’t happen in the production and operation process in the recent one year; current senior executives
don’t have any major bad record.

 

5.5  All
the documents and information provided for the lender are true, accurate, complete and effective, without false records, material omissions
or misleading statement.

 

5.6  The
litigation, arbitration or claim events involved do not be concealed to the lender.

 

5.7  Have
known and completely understood the various transaction rules of Industrial and Commercial Bank of China online bank and other electronic
banking systems related to the contract.

 

Article 6  Borrower’s commitment 

 

6.1  Withdraw
and use the loan according to the term and purpose agreed in this contract, and the borrowed money will not flow into the securities market,
futures market, equity investment and real estate project development in any form, and will not be used for purchasing wealth management
products, investment account trading products or bonds, or for borrowing or other purposes prohibited or restricted by relevant laws and
regulations. 

 

6.2  The
borrowing principal and interest and other payables shall be repaid in accordance with this Contract.

 

6.3  Accept
and actively cooperate with the Lender in checking and supervising the use of loan funds, including its purpose through account analysis,
inspection of voucher, site investigation, etc., and provide a periodic summary report on the use of loan funds to the Lender. 

 

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6.4  Receive
the credit check of lender, promptly provide true, accurate and intact financial information and other data reflecting the solvency of
borrower according to the requirements of lender, including all opening banks, bank accounts and deposit balances, proactively assist
and cooperate the lender to survey, know and supervise the production operation and financial conditions.

 

6.5
When conducting the merger, separation, capital decrease, equity change, admission, withdrawal, transfer of major assets and creditor’s
rights, major foreign investment, increase of substantial debt financing and other actions which may cause adverse effect to the rights
and interests of lender, obtain the written consent of lender in advance. 

 

6.6  When
the one of the following circumstances occurs, it shall timely give notice to the lender: 

 

(1)  Change
of name, official seal, Articles of Association, domicile, legal representative or principal, communication address and other matters;

 

(2)  Discontinuation
of business, dissolution, liquidation, business suspension for rectification, business license being revoked and cancellation or bankruptcy
application (applied);

 

(3)  Major
economic disputes, lawsuit and arbitration are involved or may be involved, or the assets are sealed, detained or forcibly implemented,
or the component authorities such as judiciary authority, tax, industry and commerce, etc. legal register for survey or adopt the punitive
measures;

 

(4)  The
shareholders, directors, current senior executives or partners and contributors involve in the major cases or economic disputes.

 

(5)  Collateral
is rented out for more than one year.

 

6.7 Disclose to the lender the relationships of
the related parties and related transactions in a timely, comprehensive and accurate manner.

 

6.8  Sign
in timely for all the notices sent by the lender or served in other ways. 

 

6.9
Do not dispose its own assets by reducing the solvency; Guarantee for not damaging the rights and interests of lender to the third party.

 

6.10  The
liquidation order of borrower’s debts under the contract shall precede over the one of the debts of the borrower to its shareholder, legal
representative or principal, partner, main contributor or key management personnel, which shall be in the same position with the similar
debts of other creditors of the borrower.

 

6.11  Have
known and completely understood the various transaction rules of industrial and Commercial Bank of China online bank and other electronic
banking systems related to the contract; properly keep the customer certificate and password. All behaviors of operating with the borrower’s
customer No. (card No.), password or customer certificate shall be deemed as the operations of the borrower; the electronic information
records generated herefrom shall be as the evidence and voucher of disposing the debtor-creditor relationship under the contract. 

 

6.12  If
the loan under the contract is released in the method of credit, the borrower commits to report the external guarantee conditions to the
lender completely, truthfully and accurately in a regular fashion. The external guarantee may affect the performance of its obligations
under this contract, which must obtain the lender’s written consent. 

 

6.13  If
the repayment funds of the borrower (including but not limited to the money obtained by the lender through deduction and disposal of collateral,
etc.) are insufficient to pay off all the debts of the borrower to the lender under this contract and other contracts, the lender has
the right to decide the order of payment. 

 

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6.14  Strengthen
the management of environmental and social risk, and accept the supervision and inspection of the lender thereon. Submit the report
on environmental and social risk to the lender as required. Abide by relevant laws and regulations on environmental protection. During
the establishment of the loan relationship and the duration of the loan relationship, the borrower’s operating entity does not have any
unfinished environmental punishment. 

 

6.15  During
the existence of the loan relationship, the lender is authorized to monitor the borrower’s corporate account and the flow information
of its operating and sales funds. 

 

Article 7  Lender’s Commitment 

 

7.1  Loan
to the borrower according to the contract.

 

7.2  The
non-public information and information privacy related to the finance and production operation provided by the borrower, except for aspects
which are otherwise stipulated in laws and regulations and agreed in the contract.

 

Article 8  Breach of contract 

 

8.1  When
one of the following circumstances occurs, it will constitute the breach of contract of the borrower: 

 

(1)  The
borrower fails to repay the loan principal, interest and other payables under the contract according to the agreement or perform any other
obligations under this contract or violates the statement, guarantee or commitment under this contract;

 

(2)  The
guarantee under this contract changes to the detriment of the creditor’s rights of the lender, or the guarantor violates the guarantee
contract, and the borrower fails to provide other guarantees recognized by the lender separately:

 

(3)  Any
other debt of the Borrower fails to pay off after maturity (including being declared to be due immediately), or fails to perform or violates
its obligations under other agreements, which has or may affect the performance of its obligations under this contract;

 

(4)  The
borrower violates the promise in Article 6.1 of Part II of this contract, flows the loan into the securities market and futures market,
or uses it for equity investment, real estate project development, purchases wealth management products, investment account trading products,
bonds, loans, or other projects that are clearly prohibited by national laws and regulations;

 

(5)  The
financial indexes such as profitability, debt paying ability, operation ability and cash flow of the Borrower break through the agreed
standard or have deteriorated that have influenced or may influence the performance of obligations under this Contract;

 

(6)  Material
adverse change of the borrower’s production and management, foreign investment, etc., which have affected or may affect the performance
of its obligations under the contract;

 

(7)  In
case borrower or its shareholders, legal representatives or principal, partner, main investment personnel or key management personnel
involve or may involve major economic dispute, lawsuit and arbitration, or their assets are sealed, detained or forcibly implemented,
or legally registered for survey by the judiciary authorities or administrative body or legally punished, or exposed by the media due
to the violation of relevant state regulations or policy, and the above circumstances have influenced or may influence the obligation
performance under the contract;

 

(8)  In
case the stock rights of borrower changes or the holding relation, partner relation and associated relation change, the partners, main
investor and key management personnel have abnormal change, lose, or legally surveyed by the judiciary authorities or their personal freedom
is restricted, and the above circumstances have influenced or may influence the obligation performance under the contract;

 

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(9)  The
borrower takes advantage of the false contracts with the related parties, takes advantage of the transactions without actual trading background
for arbitrage of cash or credit from the lender, or takes advantage of the related transactions to intentionally escape from the creditor’s
rights of the lender;

 

(10)  The
borrower has suffered from or may suffer from the discontinuation of business, dissolution, liquidation, business suspension for rectification,
business license being revoked and cancellation or bankruptcy application (applied);

 

(11)  In
case the borrower causes the responsibility accidents and the events of major environment and social risk due to violating the food safety,
safety production, the relevant laws and regulations, regulatory regulations or industry standard of environmental protection and other
environment and social risk management, the above circumstances have influenced or may influence the obligation performance under the
contract;

 

(12)  The
borrower’s legal representative or principal, partner, main investor or key management personnel involve in the gangdom activity, drug
usage, gambling, smuggling and other illegal behaviors;

 

(13)  The
borrower owes taxes and dues or frequently defaults the staff salary;

 

(14)  The
default conditions of personal loan and credit card of the borrower’s legal representative or principal, partner, main investor or key
management personnel occur;

 

(15)  There
are other circumstances that may cause the lender’s realization of the creditor’s rights under this contract to be adversely affected.

 

8.2  In
the case of the breach of Contract by the Borrower, the Lender shall have the right to take one or more of the following measures:

 

(1)  Require
the Borrower to correct its default behavior within the limit time;

 

(2)  Stop
issuing loans and other financing payments to the Borrower in accordance with this Contract and other contracts between the Lender and
the Borrower, and cancel part or all of the loan and other financing payments not withdrawn by the Borrower;

 

(3)  Announce
that the loans and other financing funds that have not been repaid under the Contract and other contracts signed by the Lender and the
Borrower shall be due immediately and require the Lender to immediately pay off the fund that has not been repaid and incurred interest,
default interest and other expense;

 

(4)  Any
measures to safeguard the legitimate rights of the lender, such as requiring the disposal of collateral, requiring the guarantor to assume
the guarantee responsibility, bringing a lawsuit or arbitration, and applying for enforcement;

 

(5)  Require
the Borrower to compensate the losses caused to the Lender due to its breach of contract, including but not limited to the expenses such
as attorney fees and auction fees incurred by the Lender to realize the creditor’s rights under this agreement;

 

(6)  Other
measures required by laws and regulations, this contract or the lender’s opinion.

 

8.3  Where
the Borrower fails to repay the borrowing as stipulated in the agreement when it is due (including it is declared to be due immediately),
the Lender shall have the right to collect default interest from the date it is overdue as per the default interest rate agreed in this
Contract. For the interest (including default interest) that the borrower fails to pay on time, compound interest is calculated according
to the overdue default interest rate. The interest settlement rules of default interest/compound interest shall apply to the interest
settlement rules agreed in this contract. 

 

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8.4  In
the event that the Borrower fails to use the borrowing for the purposes agreed in this Contract, the Lender shall be entitled to collect
default interests for the part of borrowing misappropriated according to the interest penalty agreed in this Contract. And for interests
not paid on time during misappropriation period, compound interests shall be calculated and collected according to the penalty interest
rate for peculated borrowing. The interest settlement rules of default interest/compound interest shall apply to the interest settlement
rules agreed in this contract. 

 

8.5  In
case that the borrower has the above circumstances in Article 8.3 and 8.4 at the same time, the larger default interest rate shall be
selected, which shall not be concurrently punished.

 

8.6  If
the borrower fails to repay the principal and the interest (including default interest and compound interest) of the loan or other payables
on schedule, the lender shall be entitled to announce for the urged collection through the media. 

 

8.7  If
the controlled or controlled relationship between the borrower’s related party and the borrower changes, or the related party of the borrower
has other situations except items (1), (2) and (4) mentioned in Article 8.1 above, which have or may affect the performance of the borrower’s
obligations under this contract, the lender has the right to take various measures agreed in this contract.

 

Article 9  Automatic cancellation of loan
commitment 

 

9.1  If
the borrower’s credit status deteriorates, the lender can automatically cancel its commitment to all undrawn loans of the borrower without
prior notice. 

 

9.2  One
of the situations mentioned in Articles 8.1 and 8.7 of Part II of this contract occurs to the borrower, which constitutes the deterioration
of the borrower’s credit status. 

 

Article 10  Deduction 

 

10.1  The
lender is entitled to deduct corresponding funds from all local or foreign currency accounts opened by the borrower in the lender or other
branches of ICBC for settlement till that the borrower pays off all debts under the contract in the borrower fails to repay the due debts
(including declared to become due immediately) as agreed in the contract. 

 

10.2  If
the currency type of funds deducted is different from that agreed in this contract, it shall be converted as per the applicable exchange
rate available to the lender on the deduction date. The interests and other expenses from deducting date and liquidation date (the day
when the Lender converts deducting fund to Contractual currency based on management policies of state foreign exchange and actually liquidate
debts under this Contract) and the difference incurred due to exchange rate fluctuation in the period shall be borne by the Borrower.

 

Article 11 Transfer of right and obligation

 

11.1  The
lender has the right to transfer part or all of its rights under the contract to a third party, including but not limited to transferring
the creditor’s rights under the contract or the income right corresponding to the creditor’s rights to a specific carrier and used by
the asset securitization trustee to issue securities, or transferring the assets formed by non-performing loans to the asset management
company, etc. The lender’s transfer behavior does not need the consent of the borrower and the guarantor. In the event that the mortgage
or pledge registration shall be altered due to the transfer of the rights of the Lender, the Mortgagor or the Pledger shall give corresponding
cooperation. Without the written consent from the Lender, the Borrower cannot transfer the rights and obligations under this Contract.

 

11.2  Lender
or the Industrial and Commercial Bank of China Ltd. (ICBC) can authorize or delegate other branches of IICBC to perform the rights and
obligations of the contract or transfer the loan to the other branches of ICBC to undertake and manage according to the need of operating
management with the permission of the borrower, the lender does not need to get any agreement from the borrower. Other branches of Industrial
and Commercial Bank of China, undertaking the rights and obligations of the Lender, shall be entitled to exercise all rights under this
Contract, make lawsuit, arbitration or an application for compulsory execution to the court for the dispute under this Contract in the
name of the relevant institution.

 

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Article 12  Effectiveness, modification
and termination 

 

12.1  This
contract shall come into force as of the date when both parties affix their official seals or special seals for the contract, and shall
be terminated as of the date when all the obligations of the borrower under this contract have been fulfilled.

 

12.2  Any
change to this contract shall be made in written form (including electronic data) by all parties through consultation. The terms or agreements
constitute a part of this contract and have the same legal effect as this contract. Besides the part altered, other parts of this Contract
remain effective, and original articles are still effective before effectiveness of altered part.

 

12.3  Any
change or termination of the contract shall not affect the contracting parties’ rights to claim for damages. The cancellation of the contract
will not affect the effectiveness of articles related to dispute resolution.

 

Article 13  Dispute resolution and jurisdiction

 

During the performance of the contract, all disputes
and disputes arising from or related to the performance of the contract can be settled through consultation between the parties. If no
settlement can be reached through negotiation, either party can settle it according to the following method A.

 

A.  Any
dispute incurred due to the contract or related to the contract shall be submitted to Shenzhen Arbitration Committee for arbitration according
to the arbitration rule. The arbitration verdict shall be final and binding upon all parties.

 

B.  It
shall be solved with the local court of the Lender through lawsuit.

 

Article 14  Confirmation of service address
of litigation/arbitration documents 

 

14.1  The
Borrower confirms that the address recorded on the front page of the text of this contract is the effective service address for the Borrower
to receive all kinds of notices, letters, legal documents of people’s courts or arbitration institutions (including but not limited to
subpoenas, court hearings, judgments, rulings, conciliation statements, notice of deadline performance, etc.). 

 

14.2  The
above-mentioned delivery agreement applies to all stages of the first, second, retrial and enforcement of arbitration and litigation procedures.
For the above-mentioned service address, the court and arbitration institution can deliver legal documents directly by mail. Even if you
fail to receive the legal documents sent by the court or arbitration institution by mail, it shall be deemed as delivery because of the
agreement in the contract. 

 

14.3  The
Borrower agrees that the court or arbitration institution can use the fax and e-mail recorded on the front page of the text of this contract
to serve legal documents, except for judgments, rulings, conciliation statements and awards. 

 

14.4  The
borrower guarantees that the above-mentioned service address and other information are accurate and effective. If the above-mentioned
service address and other information change, it shall promptly notify the lender in writing, otherwise, the service at the address specified
in this contract is still valid, and the borrower shall bear the legal consequences arising therefrom. 

 

14.5  If
the legal documents are not actually received by the borrower due to inaccurate information such as the borrower’s service address, failure
to notify the lender in writing of the address change, failure to sign, refusal of the borrower or the designated agent to sign, etc.,
if the documents are delivered by post, the date of return of the documents shall be regarded as the date of delivery (if the date of
return of mail at different addresses is different, the later shall prevail); Direct service shall be deemed as the date of service on
the spot when the server writes down the information on the service receipt: Where the obligation of notice of change of service address
is fulfilled, the changed service address shall be the effective service address. 

 

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14.6  After
the dispute enters the litigation or arbitration procedure, if the borrower directly submits a confirmation letter of the service address
to the court or arbitration institution, and the confirmation letter is inconsistent with the service address specified in this contract,
the service address submitted for confirmation to the court or arbitration institution shall prevail, but before that, the service delivered
by the lender at the address specified in this contract is still valid. 

 

Article 15  Entire contract 

 

The first part of the Basic Agreement and
the second part of the Specific Terms of this contract together form a complete revolving loan contract for online loan,
and the same words in the two parts have the same meaning. The loan of the borrower shall be subject to both aforesaid parts.

 

Article 16  Notice 

 

16.1  All
notices under the contract shall be sent in written form (including electronic data form). Unless otherwise stipulated, the addresses
specified by both parties in this Contract shall be used for communication and contact. Any change of either party’s communication address
or other Contract ways shall promptly inform the other party in written forms.

 

16.2  If
any party of this Contract refuse to receive or there are other delivery failure situations, the notifying party can adopt notarization
or announcement for delivery.

 

Article 17  VAT special agreement 

 

17.1  The
interest and expenses paid by the borrower to the lender under this contract are all tax-inclusive prices.

 

17.2  If
the borrower asks the lender to issue a VAT invoice, it should first register the information with the lender, and the registered information
includes the borrower’s full name, taxpayer identification number or social credit code, address, telephone number, bank and account number.
The borrower shall ensure that the relevant information provided to the lender is true, accurate and complete, and provide relevant certification
materials as required by the lender, and the specific requirements shall be published by the lender through network notices or website
announcements, etc.

 

17.3  If
the borrower obtains VAT invoice by itself, it shall provide the lender with a power of attorney with the seal affixed, designate the
receiver, specify the id number and other information of the receiver, and the designated receiver shall obtain VAT invoice by presenting
the original ID card. Where the designated recipient is changed, the borrower shall issue a power of attorney with seal to the lender
again. If the borrower chooses to receive VAT invoice by mail, it shall also provide accurate and deliverable mailing information: In
case of any change in mailing information, the lender shall be promptly notified in writing.

 

17.4  If
the Lender fails to issue VAT invoices in time due to force majeure such as natural disasters, government acts, social anomalies or tax
authorities, the Lender shall have the right to delay issuing VAT invoices without assuming any responsibility.

 

17.5  If
the invoice is lost, damaged or overdue after the VAT invoice is collected by the borrower or delivered by the lender to a third party
for reasons other than the lender’s, which leads to the borrower’s failure to receive the corresponding VAT invoice or the overdue deduction,
the lender will not be responsible for compensating the relevant economic losses of the borrower. 

 

17.6  In
case of sales return, suspension of taxable services, incorrect invoicing, no authentication of deduction and invoice, etc., where special
VAT invoice in scarlet letter is required, and according to relevant laws, regulations and policy documents, the borrower shall submit
the Information Form for Special VAT Invoice in scarlet letter to the tax authorities, and the lender shall issue special VAT
invoice in scarlet letter after the tax authorities review and notify the lender.

 

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17.7  During
the performance of the contract, in case of adjustment of national tax rate, the lender has the right to adjust the price agreed in the
contract according to the change of national tax rate.

 

Article 18  Others 

 

18.1  The
lender’s failure to exercise or partially exercise or delay in exercising any right under this contract does not constitute a waiver or
change of this right or other rights, nor does it affect its further exercise of this right or other rights.

 

18.2  The
invalidity or unenforceability of any clause of this contract will not affect the validity and enforceability of other clauses, nor the
effectiveness of the whole contract.

 

18.3  The
“related parties”, “Relations of related parties”, “Transactions of related parties”, “Main individual
investors”, “Key managers” and other terms mentioned in this Contract have the same meaning with those in Accounting
Standards for Business Enterprises -- Disclosure of Associated Parties No. 36 (CK [2006] No. 3) published by the Finance Department
and its amendments from time to time.

 

18.4  The
environmental and social risks mentioned in this contract refer to the hazards and related risks that the borrower and its important related
parties may bring to the environment and society in the construction, production and business activities, including environmental and
social problems related to energy consumption, pollution, land, health and safety, resettlement, ecological protection, climate change,
etc.

 

18.5  The
lender will formulate and keep all documents and vouchers of the loan under the contract in line with business rules to constitute effective
evidence certifying debtor-creditor relationship of both parties which is binding to the borrower. 

 

18.6  The
Borrower has already known and fully understood all the trading rules of e-banking systems such as online banking of Industrial and Commercial
Bank of China related to this contract; Properly keep the customer certificate and password. All behaviors of operating with the borrower’s
customer No. (card No.), password or customer certificate shall be deemed as the operations of the borrower; the electronic information
records generated herefrom shall be as the evidence and voucher of disposing the financing relationship under the contract.

 

18.7  In
this contract, (1) all references to this contract shall include amendments or supplements to this contract: (2) The title of clause is
only for reference, and shall not constitute any interpretation for this contract and has no any limit to the contents and its scope under
such title.

 

(No text below)

 

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This page is the signing page of the Revolving Loan Contract
for Online Loan (applicable to enterprise online loan (including e-loan for fast loans) (printed version) (2021 edition) (No.:040000272-2021
(NS) ZI No.00111) signed by the lender Shenzhen High-tech Park South Branch and the borrower Shenzhen Tbit Technology Co.,
Ltd. 

 

Both parties shall confirm: The debtor and creditor have made full
negotiation for all the articles of this contract. The lender has asked the borrower to specially pay attention to all articles concerning
rights and obligations of both parties and understand them comprehensively and accurately, and interpreted and explained related articles
upon request of the borrower. The Borrower has seriously read and fully understood all Contract clauses (including Basic Agreement
in Part I and Specific Terms in Part II), the Borrower and the Lender have the completely unanimous understanding to each clause
under this Contract without objection to the Contract contents. 

 

Lender (Seal): Industrial and Commercial Bank of China Co.,
Ltd. Shenzhen High-tech Park South District Sub-branch

 

Special Seal for Business Contract of Shenzhen High-tech Park South
Branch of Industrial and Commercial Bank of China Limited (sealed)

 

Signing date: April 26, 2021 

 

Borrower (Seal): Shenzhen Tbit Technology Co., Ltd. 

 

Shenzhen Tbit Technology Co., Ltd. (sealed) 

 

As the legal representative/authorized representative of the borrower,
I hereby confirm that the borrower borrows money from the lender as agreed in this contract, and the seal on this contract is true and
valid, and I have completed all procedures required for borrowing money. 

 

Legal representative/authorized representative (signature): /s/Wentao
Ge

 

Signed date: April 26, 2021 

 

	Contract No.: 2210423040000272881833,

No.1 of 3	Page 17 of 17	The contents of the contract can be verified through the “Scan
QR Code” function of client software ICBC’s mobile banking and financial e-link

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