Document:

Exhibit 10.38

 

Second Supplemental Agreement for Advertising
Space Leasing Agreement

(“Second Supplemental Agreement”)

 

Party A (Lessor): Shenzhen Kezhi
Technology Co., Ltd.(“Kezhi”)

 

Number of Business License: 91440300MA5G10WT71

 

Party B (Lessee): Shenzhen Honghao
Internet Technology Co. Ltd. (“Honghao”)

 

Number of Business License: 91440300MA5GANXX8H

 

All terms in this agreement, unless
otherwise stated, its definition is the same as the definition in the Advertising Space Leasing Agreement executed by both parties on
September 25, 2020.

 

Whereas:

 

		1.	Party A and Party B entered into an Advertising Space Leasing
Agreement (“Original Agreement”) on September 25, 2020, and entered into a Supplemental Agreement for Advertising
Space Leasing Agreement (“First Supplemental Agreement”) on November 20, 2020.

 

		2.	Party A and Party B confirm that the total amount of RMB¥440,000,000
has been paid to Party A’s bank account by bank transfer, and details are as follows:

 

		(1)	Leasing fee: RMB¥430,000,000 as the first installment of 20-year
buyout rents for advertising space management rights and advertising publishing rights;

 

		(2)	Contract bonds: RMB¥10,000,000 as the contract bonds of the
Original Agreement.

 

		3.	Affected by factors such as COVID-19, Party A and Party B intend
to adjust the media business operation strategy under the Original Agreement and First Supplemental Agreement. To ensure Party B’s
business operating results, starting from the execution date of this Second Supplemental Agreement, Party A and Party B no longer involve
the transfer of advertising space management rights and advertising publishing rights, and further decide to transfer the above-mentioned
leasing fees to loans.

 

To this end, Party A and Party
B signed this Second Supplemental Agreement on March 30, 2021, through friendly negotiation.

 

(1) The leasing fee RMB¥440,000,000
paid by Party B pursuant to the Original Contract and the First Supplemental Agreement is hereby transferred to the loan made by Party
B to Party A (the “Loan”). The period of Loan is six years, starting from the effective date of this Second Supplemental
Agreement. Party A can repay the Loan in advance, but Party A shall notify Party B in writing five business days in advance.

 

    

    

    

 

(2) The annual interest rate for the
Loan is five percent (5%). In the event that Party A repays the Loan on the day following the expiration of the loan period, Party A shall
repay the principal and interest in the total amount RMB¥572,000,000. In the event that Party A repays the Loan in advance, the interest
payable by the Party A shall be calculated by the principal of Loan and actual loan period.

 

(3) In the event that Party A fails to
repay the principal and interest of the Loan, starting from the overdue date, the overdue payment interest shall be six percent (6%) per
annum.

 

(4) Party A shall invest the Loan in
three sectors, outdoor media, digital media, and real estate investment. Party A promises and guarantees that through its own business
and resources, Party A will generate profits no less than RMB¥96,000,000 or equivalent assets value per year for Party B during the
period of the Loan, which means that Party A shall generate profits no less than RMB¥572,000,000 or equivalent assets value during
the period of the Loan. The value of equivalent assets shall be evaluated and determined by a legally qualified third-party asset appraisal
company.

 

(5) In order for Party A to repay the
Loan to Party B in accordance with this Second Supplemental Agreement and fulfill its commitment in Article 4, Party A promises that Nanjing
Jinjiahu Culture Media Co., Ltd (“Nanjing Jinjiahu”) will generate no less than RMB¥30,000,000 profits or equivalent
assets value each year for Party B pursuant to Party A’s contract with Nanjing Jinjiahu; Guangzhou Hongtan Commercial Real Estate
Investment Partnership (limited partnership) (“Guangzhou Hongtan”) will generate no less than RMB¥48,000,000 profits
or equivalent assets value each year for Party B through Party A’s contract with Guangzhou Hongtan; Party A will generate no less
than RMB¥18,000,000 profits or equivalent assets value each year for Party B through Party A’s outdoor advertising business
with Shenzhen Lianfake Network Technology Co., Ltd. For the payment batch, please refer to Attachment 4: Honghao payment batch.

 

(6) If the profits generated by Party
B, Nanjing Jinjiahu and Guangzhou Hongtan can meet the promised standard for two consecutive years, the three companies (Kezhi, Nanjing
Jinjiahu and Guangzhou Hongtan) agree to be acquired by Party B at a price-to-earnings ratio of 10 times, and the valuation of the targets
shall be at least RMB¥960,000,000. The assets value of the acquisition shall be evaluated and determined by a legally qualified third-party
asset appraisal company.

 

(7) Party A shall mortgage its own Huanghua
pear assets worth RMB¥475,630,000 to Party B as a guarantee for repayment of the principal and interest of the Loan. The valuation
report and mortgage agreement are attached hereto.

 

(8) In the event that Party A fails to
enable Party B to receive a profit of more than RMB¥572,000,000 or equivalent asset value or company value before the expiration of
the Loan period, Party A shall make up to Party B the remaining sum of Loan in cash, including principal and interest stipulated in Article
2 of this Second Supplemental Agreement.

 

(9) This Second Supplemental Agreement
will take effect upon Party A and Party B have stamped it, and is binding to both parties. After this supplemental agreement becomes effective,
it will become an integral part of the Original Agreement. In the event that the Original Agreement and the First Supplemental Agreement
conflict with this Second Supplemental Agreement, this Second Supplemental Agreement shall prevail.

 

(10) In the event of a dispute arising
from the execution and performance of this supplemental agreement, both parties shall resolve the dispute according to the dispute resolution
mechanism set forth in the Original Agreement.

 

		4.This	Second Supplemental Agreement is made in two original copies and
held by Party A and Party B.

 

[The Remainder of this page
is intentionally left blank and stamp pages follow]

 

    2

    

    

 

Party A: Shenzhen Kezhi Technology Co., Ltd. (Stamp)

 

Party B: Shenzhen Honghao Internet Technology Co.
Ltd. (Stamp)

 

Date: March 30, 2021

 

 

3Exhibit 10.39

 

Void Confirmation of Second Supplemental Agreement
for Advertising Space Leasing Agreement

 

Party A (Lessor): Shenzhen Kezhi
Technology Co., Ltd.(“Kezhi”)

 

Number of Business License: 91440300MA5G10WT71

 

Party B (Lessee): Shenzhen Honghao
Internet Technology Co. Ltd. (“Honghao”)

 

Number of Business License: 91440300MA5GANXX8H

 

Regarding the Second Supplemental
Agreement for Advertising Space Leasing Agreement attached hereto(“Second Supplemental Agreement”) executed by Party
A and Party B on March 30, 2021, both parties hereby reach an agreement that the Second Supplemental Agreement is void, and it is not
binding on both parties from the beginning of the execution. Neither party may claim any rights to the other party in relation to the
Second Supplemental Agreement.

 

Party A and Party B further confirm
that, once the Second Supplemental Agreement is void, both parties will re-execute a Second Supplemental Agreement for Advertising Space
Leasing Agreement to replace the original Second Supplemental Agreement.

 

This Void Confirmation is made
in two original copies and held by Party A and Party B.

 

Party A: Shenzhen Kezhi Technology Co., Ltd. (Stamp)

 

Party B: Shenzhen Honghao Internet Technology Co.
Ltd. (Stamp)

 

Date: May 12, 2021Exhibit 10.40

 

Second Supplemental Agreement for Advertising
Space Leasing Agreement

(“Second Supplemental Agreement”)

 

Party A (Lessor): Shenzhen Kezhi
Technology Co., Ltd.(“Kezhi”)

 

Number of Business License: 91440300MA5G10WT71

 

Party B (Lessee): Shenzhen Honghao
Internet Technology Co. Ltd. (“Honghao”)

 

Number of Business License: 91440300MA5GANXX8H

 

All terms in this agreement, unless
otherwise stated, its definition is the same as the definition in the Advertising Space Leasing Agreement executed by both parties on
September 25, 2020.

 

Whereas:

 

1. Party A and Party B entered into an Advertising
Space Leasing Agreement (“Original Agreement”) on September 25, 2020, and entered into a Supplemental Agreement for
Advertising Space Leasing Agreement (“First Supplemental Agreement”) on November 20, 2020.

 

2. Party A and
Party B confirm that the total amount of RMB¥444,320,000 has been paid to Party A’s bank account by bank transfer, and details
are as follows:

 

(1) Leasing fee:
RMB¥434,320,000 as the first installment of 20-year buyout rents for advertising space management rights and advertising publishing
rights;

 

(2) Contract
bonds: RMB¥10,000,000 as the contract bonds of the Original Agreement.

 

3. Affected by factors such as COVID-19, Party A
and Party B intend to adjust the media business operation strategy under the Original Agreement and First Supplemental Agreement. To ensure
Party B’s business operating results, starting from the execution date of this Second Supplemental Agreement, Party A and Party
B no longer involve the transfer of advertising space management rights and advertising publishing rights, and further decide to transfer
the above-mentioned paid leasing fees as the working capital of Party A.

 

To this end, Party A and Party
B signed this Second Supplemental Agreement on May 12, 2021, through friendly negotiation.

 

(1) The leasing fee RMB¥440,320,000 paid by
Party B pursuant to the Original Contract and the First Supplemental Agreement is hereby transferred to the working capital of Party A
(the “Dedicated Fund”). The use period of the Dedicated Fund is six years, starting from the effective date of this
Second Supplemental Agreement. During the use period of the Dedicated Fund, Party A shall use the Dedicated Fund for the purposes and
usages as stipulated in the Article 5 of this Second Supplemental Agreement to ensure that Party B can receive equivalent assets value.

 

(2) Party B may repay the Dedicated Fund
in advance, but Party A shall notify Party B in writing five business days in advance and shall not affect the promise and guarantee made
by Party A under the Article 6 of this Second Supplemental Agreement. In the event that Party A violates the provision of this Second
Supplemental Agreement, Party B shall have the right to request Party A to return the principal and occupation fees of such working capital
by notifying Party B in writing with five business days in advance.

 

     

    

    

 

(3) Party A agrees and confirms that,
during the period of the Dedicated Funds, Party A shall pay Party B the occupation fees of non-operating funds occupied by Party A. The
occupation fees of such non-operating funds occupied by Party A shall be calculated at five percent (5%) of the principal of the Dedicated
Funds. In the event that Party A returns the Dedicated Funds on the day following the expiration date of the use period of the Dedicated
Funds, Party A shall return the principal and the occupation fees of non-operating funds occupied by Party A in the total amount RMB¥577,616,000.
If Party A returns all or part of the Dedicated Funds in advance, the occupation fee shall be calculated based on the principal of Dedicated
Funds and actual occupied period.

 

(4) If Party A fails to return the principal
of Dedicated Funds and pay the occupation fees, starting from the date of overdue, the interest on the overdue payment will be calculated
at six percent (6%) per annum.

 

5. Party A shall invest the Dedicated
Funds in three sectors, outdoor media, digital media, and real estate investment. Party A promises and guarantees that through its own
business and resources, Party A will generate no less than RMB¥96,000,000 equivalent assets value per year for Party B during the
use period of the Dedicated Funds, which means that Party A shall generate no less than RMB¥577,600,000 equivalent assets value during
the use period of the Dedicated Funds. The value of equivalent assets shall be evaluated and determined by a legally qualified third-party
asset appraisal company.

 

(6) In order for Party A to return the
Dedicated Funds to Party B in accordance with this Second Supplemental Agreement and fulfill its commitment in Article 6, Party A promises
that Nanjing Jinjiahu Culture Media Co., Ltd (“Nanjing Jinjiahu”) will generate no less than RMB¥30,000,000 equivalent
assets value each year for Party B through Party A’s business cooperation with Nanjing Jinjiahu; Guangzhou Hongtan Commercial Real
Estate Investment Partnership (limited partnership) (“Guangzhou Hongtan”) will generate no less than RMB¥48,000,000
equivalent assets value each year for Party B through Party A’s business cooperation with Guangzhou Hongtan; and Party A will generate
no less than RMB¥18,000,000 equivalent assets value each year for Party B through Party A’s outdoor advertising business. For
the payment batch, please refer to Attachment 1: Honghao return batch.

 

(7) If Party A, Nanjing Jinjiahu and
Guangzhou Hongtan can meet the promised standard as above for two consecutive years, Party B shall have priority right to acquire the
above three companies based on the price-to-earnings ratio evaluated and determined by a legally qualified third-party asset appraisal
company. The valuation of the target companies shall be evaluated and determined by a legally qualified third-party asset appraisal company.

 

(8) Party A shall mortgage its own Huanghua
pear assets worth RMB¥475,630,000 to Party B as a guarantee for return of the principal and occupation fees of the Dedicated Funds.
The valuation report and mortgage agreement are attached hereto.

 

In the event that Party A fails to enable
Party B to obtain RMB¥57,760,000 or more equivalent asset value or company value before the expiration of use period of the Dedicated
Funds, Party A shall make up to Party B the remaining sum of Dedicated Funds, including principal and occupation fees of Dedicated Funds
as stipulated in Article 1 of this Second Supplemental Agreement, by cash.

 

(10). This Second Supplemental Agreement
will take effect upon Party A and Party B stamp it, and is binding to both parties. After this Second Supplemental Agreement becomes effective,
it will become an integral part of the Original Agreement. In the event that the Original Agreement and the First Supplemental Agreement
conflict with this Second Supplemental Agreement, this Second Supplemental Agreement shall prevail.

 

(11). In the event of a dispute arising
from the execution and performance of this Second Supplemental Agreement, both parties shall resolve the dispute according to the dispute
resolution mechanism set forth in the Original Agreement.

 

4.This Second Supplemental Agreement is made in two
original copies and held by Party A and Party B.

 

[The Remainder of this page
is intentionally left blank and stamp pages follow]

 

    2

    

    

 

Party A: Shenzhen Kezhi Technology Co., Ltd. (Stamp)

 

Party B: Shenzhen Honghao Internet Technology Co.
Ltd. (Stamp)

 

Date: May 12, 2021

 

    3

    

    

 

Attachment 1: Honghao return batch

 

Return Payment (RMB¥million)

 

	Project	 	2021Q3	 	2021Q4	 	2022Q1	 	2022Q2	 	2022Q3	 	2022Q4	 	2023Q1	 	2023Q2
	Nanjing Jinjiahu	 	 	 	10	 	5	 	5	 	10	 	10	 	5	 	5
	Guangzhou Hongtan	 	2	 	14	 	10	 	10	 	14	 	14	 	10	 	10
	Party A outdoor advertising business	 	 	 	4.41	 	4.41	 	4.41	 	4.41	 	4.54	 	4.54	 	4.54

 

	Project	 	2023Q3	 	2023Q4	 	2024Q1	 	2024Q2	 	2024Q3	 	2024Q4	 	2025Q1	 	2025Q2	 	2025Q3
	Nanjing Jinjiahu	 	10	 	10	 	5	 	5	 	10	 	10	 	5	 	5	 	10
	Guangzhou Hongtan	 	14	 	14	 	10	 	10	 	14	 	14	 	10	 	10	 	14
	Party A outdoor advertising business	 	4.54	 	4.65	 	4.65	 	4.65	 	4.65	 	4.69	 	4.69	 	4.69	 	4.69

 

	Project	 	2025Q4	 	2026Q1	 	2026Q2	 	2026Q3	 	2026Q4	 	2027Q1	 	2027Q2	 	2027Q3	 	Total
	Nanjing Jinjiahu	 	10	 	5	 	5	 	10	 	10	 	10	 	10	 	5.60	 	185.6
	Guangzhou Hongtan	 	14	 	14	 	14	 	14	 	14	 	13	 	11	 	 	 	288
	Party A outdoor advertising business	 	4.63	 	2.19	 	4	 	4	 	4	 	4	 	4	 	4	 	104

 

RMB 577.6 million

 

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]