Document:

Exhibit 10.10

 

NETSUNION
CLEARING CORPORATION

 

COOPERATION
AGREEMENT

FOR RESERVE FUNDS

 

Party
A: NetsUnion Clearing Corporation

Legal
representative: DONG Junfeng

Address:
Room 101, No.101, Building No.3, No.29 Courtyard, North Third Ring Middle Road,

Xicheng District, Beijing

	Tel:
    01068148957	Fax:

 

Party
B: Qingdao Buytop Payment Service Co., Ltd.

Legal
representative: LU Yongxiang

Address:
Room 2-202, Building No.5, Lanwan Zhigu, No.91 Huoju Road, Hi-Tech Zone, Qingdao,

Shandong Province

	Tel:
    0532-85653578	Fax:

 

Party
A is a clearing institution established upon the approval of the People’s Bank of China and serves as the operator of an
online payment settlement platform for nonbank payment institutions (the “Platform”).

 

Party
B is a nonbank payment institution which have lawfully obtained the Payment Business Permit.

 

For
protection of the safety of customers’ funds and prevention against the risk that may exist in capital settlement, and upon
negotiation and mutual consensus, Party A and Party B hereby enter into this Agreement on the basis of equality and mutual benefit
in accordance with applicable laws, regulations and regulatory requirements.

 

Chapter
I General Provisions

 

	Article
    1	Party
    B selects Party A as

 

	 	þ	the Main Supervisory Organization of Reserve Funds
	 	☐	the Secondary Supervisory Organization of Reserve Funds.

 

	Article
    2 	Party
    A and Party B shall carry out business involving Customer Reserve Funds in accordance with the applicable laws, regulations
    and regulatory requirements relating to the deposit and management of reserve funds as well as the regulations for members
    of the NetsUnion Platform (hereinafter referred to “NetsUnion Member Regulations”). The safety of Customer
    Reserve Funds shall be assured, and customers’ lawful rights and interests shall be protected.
	 	 
	Article
    3	Definitions

 

    1

     

    

 

“Customer
Reserve Funds” means the monetary funds actually received by Party B in advance for the payment business entrusted by
customers and pending for payment.

 

“Reserve-Fund
Regulations” means the laws, regulations, departmental rules, policies, regulatory documents, industry standards and
other provisions promulgated by Chinese competent authorities, competent regulatory departments and self-regulatory organizations
to regulate matters relating to reserve funds, including but not limited to the Administrative Measures for the Payment Services
of Non-financial Institutions (Order of the People’s Bank of China No.2 of 2010), the Measures for Deposit and Management
of Reserve Funds of Payment Institutions’ Clients (Announcement of the People’s Bank of China No.6 of 2013), the
Circular of the People’s Bank of China on Establishing the Mechanism for Checking and Verifying Information about the
Reserve Funds of Payment Institutions’ Clients (YIN FA [2013] No.256), the Circular of the General Office of the
People’s Bank of China on Matters Concerning the Centralized Deposit of the Full Amount of Clients’ Reserve Funds
by Payment Institutions (YIN BAN FA [2018] No.114) and other documents as well as any future amendments thereto.

 

“NetsUnion
Member Regulations” means the regulatory documents regarding business, technology and risks, etc., which are formulated
by Party A in accordance with the regulatory provisions and its business needs, reviewed and approved under its decision-making
mechanism, publicly released to Party B, applicable to Party A’s members, and updated from time to time.

 

“Reserves
Centralized Deposit Account” means the account opened by a payment institution at the People’s Bank of China specifically
for the centralized deposit of Customer Reserve Funds.

 

“Special
Deposit Account for Reserves” means the special current account for deposit of Customer Reserve Funds which is opened
by a payment institution licensed to conduct prepaid-card business at the management bank of the payment institution’s special
deposit account for its business.

 

“Large-value
Payment System” refers to the full-amount real-time clearing system run by the People’s Bank of China.

 

“Main
Supervisory Organization of Reserves” means, in respect of the check and verification of the information related to
reserve funds, the organization which is selected by the payment institution and responsible for collecting and summarizing the
statements submitted by the payment institution, the Secondary Supervisory Organization of Reserves and the management bank of
the Special Deposit Account for Reserves, completing the check and verification, and submitting the verification results to the
regulatory department.

 

“Secondary
Supervisory Organization of Reserves” means, in respect of the check and verification of the information about reserve
funds, the organization which is selected by the payment institution and responsible for collecting and summarizing the statements
submitted by the payment institution, cross-checking the same with the reserve-fund transactions occurred in the channel, and
delivering the statements to the Main Supervisor Organization of Reserves selected by the payment institution after them pass
the verification.

 

    2

     

    

 

Chapter
II Basic Requirements on Account Management

 

	Article
    4	Party
    B shall open a Reserves Centralized Deposit Account at the People’s Bank of China in accordance with regulatory requirements.
    The settlement of all payment business transferred through Party A shall be completed through the Reserves Centralized Deposit
    Account or a designated clearing account recognized by the regulatory authorities.

 

All
transfers of funds in Party B’s Reserves Centralized Deposit Account can only be made through Party A or other designated
clearing organizations authorized by the regulatory authorities.

 

	Article
    5	If
    Party B needs to conduct issuance and acceptance of prepaid cards, Party B shall, in accordance with the regulatory requirements,
    select a management bank to open a special account for the prepaid card business, and such account shall be used only for
    deposit of customers’ funds that are used to purchase and/or refill prepaid cards by ways of cash, bank transfer and
    check and shall not be used for withdrawal of cash or transfer of any sum to any account other than the Reserves Centralized
    Deposit Account.

 

Party
B shall, in accordance with the regulatory requirements, deposit all the funds in such special account into the Reserves Centralized
Deposit Account before the close of business of the Large-value Payment System on each business day.

 

Each
of Party B’s branches shall deposit the Customer Reserve Funds which it has received into the Special Deposit Account for
Reserves opened in the name of Party B, and shall not open any Special Deposit Account for Reserves in its own name.

 

	Article
    6	If
    Party B conducts cross-border RMB payment business, payment service for sales of funds, or cross-border foreign-exchange payment
    service, Party B shall, pursuant to the regulatory requirements, open a corresponding special account at a bank for those
    funds to be settled, and the total number of the special accounts so opened for funds  to be settled shall not exceed
    the limit prescribed by the regulatory provisions. The funds in such account may only be used for settlement of cross-border
    RMB payment, fund sales and cross-border foreign-exchange payment.

 

If
Party B changes or cancels the Reserves Centralized Deposit Account, special deposit account for prepaid cards and special account
for funds to be settled in cross-border RMB payment, fund-sale payment business or cross-border foreign-exchange payment due to
special reasons, Party B shall, at least 5 days prior to the proposed change or cancellation, sends a written notice to Party
A to notify Party A of the reason for such change, relevant time schedule, the special settlement account for funds to be settled
after such change, the management bank and other information, and ensure that the change or cancellation of the designated account
will be completed in accordance with the notified schedule and specifications.

 

    3

     

    

 

Party
B shall notify Party A in writing on the day when Party B opens the Reserves Centralized Deposit Account, the special account
for prepaid cards and the special account for funds to be settled in cross-border RMB payment, fund-sale payment business or cross-border
foreign-exchange payment, and inform Party A of the account holder, account number, bank name and other information of the special
account for funds to be settled. Such newly opened/changed special account for funds to be settled shall not be used for any business
relating to reserve funds unless and until the foresaid written notification to Party A is completed.

 

	Article
    7	Party
    B shall establish a sound account management system to accurately record the commission income, interest income, funds for
    advanced cash redemption of prepaid cards and other free funds involved in each of those account relating to the reserve funds
    and shall not record the non-self-owned funds as self-owned funds and carry them forward.

 

	Article
    8	Party
    B shall properly keep the  information of  reserves-related accounts and protect  the security
    of customers’ information and relevant transactions.

 

Chapter
III Deposit,
Use, Transfer and Inquiry of Customers’ Reserve Funds

 

	Article
    9	Except
    for the reserve funds which are received for the issuance and acceptance of prepaid cards or the business of cross-border
    RMB payment, fund sales, cross-border foreign-exchange payment and other business approved by the People’s Bank of China
    and to be deposited in the relevant special accounts in accordance with applicable regulatory requirements, Party B shall
    deposit all the Customer Reserve Funds received by it into the Centralized Deposit Accounts for Reserves, and shall not retain
    any Customer Reserve Funds in breach of applicable regulations.

 

The
Customer Reserve Fund received by Party B in non-cash form from customers of its prepaid-card business shall be directly deposited
into the special account for prepaid-card business. In the event that the Customer Reserve Funds of prepaid card business may
be received in the form of cash, bank transfer and check according to provisions of the People’s Bank of China, all funds
in the account shall be fully deposited in the special account for prepaid card business within two business days from the receipt
thereof.

 

	Article
    10	Where
    Party B for the first time applies for cooperation with Party A for reserve funds, Party B shall submit the quota management
    application to Party A by email. Party A shall, within one business day from receipt of the application, complete the relevant
    operations in connection with the quota management preparations and give feedback on the operation results by mail.

 

Party
B shall truthfully provide the information required for the application for quota management according to requirements and ensure
the truthfulness, accuracy and validity of the information so provided.

 

    4

     

    

 

	Article
    11	Before
    Party B processes any payment from the Reserves Centralized Deposit Account through Party
    A, Party B shall connect to Party A’s hotspot reserve account front-end system and allocate to Party A the quota for
    Reserves Centralized Deposit Account. Subject to confirmation by Party A, such quota will be set as Party B’s mapped
    quota in Party A’s system to support the normal transaction of the reserve funds. Party A shall make available to Party
    B such functions as quota mapping and quota unmapping, etc. for quota management. Party B may, in its sole discretion, manage
    its mapped quota on basis of business development needs.

 

In
managing the quota, Party A shall simultaneously change the available quota and the mapped quota according to Party B’s
quota mapping instruction after Party A has confirmed the effectiveness of such instruction. Upon occurrence of a transaction,
Party A shall adjust Party B’s available quota either in a real-time or delayed manner based on the transaction result.
If the available quota of Party B is less than the amount of the proposed withdrawal of the reserve funds, Party A will reject
such withdrawal transaction. Party B shall not overdraw the available quota or mapped quota.

 

Party
A shall provide Party B with the function of inquiring the balance of the Reserves Centralized Deposit Account and the available
quota and mapped quota allocated to Party A to enable Party B to manage liquidity and enhance the efficiency of fund use.

 

	Article
    12	Party
    B shall handle the  payment business entrusted by its customer after receipt of the Customer
    Reserve Funds or an irrevocable payment instruction on transfer of Customer Reserve Funds from the customer and shall not
    handle the same in advance.
	 	 
	Article
    13	Party
    B shall send payment instructions on the basis of true transaction information, ensure that the payment instruction is complete,
    consistent, traceable and unable to be tampered, and assure the truthfulness and compliance of the relevant fund transfer.
	 	 
	Article
    14	Party
    A shall have the right to examine the payment instructions given by Party B and, if necessary, may request Party B to submit
    documents and materials to prove the authenticity of the transaction. Party A shall have the right to refuse to implement
    any payment instructions of Party B which is not sent in accordance with the agreed terms.
	 	 
	Article
    15	If
    Party B is engaged in the issuance and acceptance of prepaid cards, Party B shall provide Party A with the information of
    its specially-engaged merchants prior to carrying out the payment business through Party A, including but not limited to the
    registered name, business license number and settlement account information of such merchants. Party B shall conduct settlement,
    redemption and other business only within the scope of its filed special merchants, and Party A shall have the right to reject
    the payment instruction given by Party B for any such business which is beyond the scope of the filed special merchants.

 

    5

     

    

 

	Article
    16	When
    Party B conducts any carryover of interests or service charge, prior cash redemption of prepaid cards or other business, Party
    B shall handle the same through its Main Supervisory Organization of Reserves.

 

If
Party B chooses Party A to act as its Main Supervisory Organization of Reserves, Party B shall submit to Party A the materials
evidencing the authenticity of its self-owned capitals before withdrawing and transferring back any such self-owned capitals,
and such capitals shall not be carried forward to the self-owned capital account until the same have been examined and approved
by Party A.

 

Party
B shall designate a sole self-owned capital account for handling the carryover of self-owned capitals, and shall notify Party
A thereof in writing within two business days from determination of the self-owned capital account. Where Party B intends to change
the self-owned capital account, it shall give prior written notice to Party A to inform Party A of the reason for such change,
the self-owned capital account after such change, time of such change and other relevant matters. Party A shall have the right
to refuse any carry-forward instruction given by Party B in respect of a self-owned capital account which has not been notified
to Party A in writing.

 

Party
B shall not transfer any capital which is not owned by Party B itself to the self-owned capital account.

 

	Article
    17	Any
    costs and expenses, which may arise from the cooperation between Party A and Party B and are payable by Party B, shall be
    paid with Party B’s self-owned capitals.
	 	 
	Article
    18	Party
    A and Party B shall strictly abide by the  Reserve-Fund Regulations and the terms of this Agreement and
    safeguard the safety of the Customer Reserve Funds. If either Party breaches this Agreement or the Reserve-Fund Regulations
    and thus results in any loss of the Customer Reserve Funds, such Party shall be liable for the corresponding indemnification
    thereof.

 

Chapter
IV Check
and Verification of Information of Customer Reserve Funds

 

	Article
    19	Party
    A and Party B shall, in accordance with the requirements of the People’s Bank  of China, establish a mechanism
    for checking and verifying the information of the Customer Reserve Funds to check the deposit, use, transfer and other information
    of the Customers Reserve Funds on daily basis, and maintain records of such check.
	 	 
	Article
    20	Party
    B shall provide Party A with relevant statements, data and other information in connection with the Customer Reserve Funds,
    ensure that the information filled in relevant statements is true, complete and accurate, issue the Letter of Commitment
    of Payment Institutions on the Authenticity of Information of the Customer Reserve Funds at the time of submitting the
    information of Customer Reserve Funds to Party A, and cooperate with Party A in checking and verifying the information of
    Customer Reserve Funds.

 

    6

     

    

 

	Article
    21	Party
    B shall cooperate with Party A in conducting the initialization of the check of reserve-fund information, and, before verifying
    the information of reserve funds, provide Party A with the material jointly issued by Party B and the deposit bank of the
    reserve funds to prove the authenticity and accuracy of the initially submitted information.
	 	 
	Article
    22	Party
    B shall timely upload statements and give reply on the electronic confirmation result.
	 	 
	Article
    23	If,
    in checking and verifying the information of reserve funds, Party A discovers any occupation, embezzlement or other abnormal
    situation of the Customer Reserve Funds, Party A shall have the right to urge Party B to make corrections thereof and immediately
    report the same to the branch of the People’s Bank of China at the place where Party B is located, and Party B shall
    be solely liable for all the losses resulted therefrom.

 

Chapter
V Rights
and Obligations

 

	Article
    24	Rights
    and Obligations of Party A

 

	(1)	Party
                                         A shall be responsible for the construction and maintenance of its own system and ensure
                                         its normal connection with Party B.

 

	(2)	Party
                                         A shall handle fund transfers in accordance with the requirements of the Reserve-Fund
                                         Regulations and the terms of this Agreement and on basis of Party B’s instructions,
                                         and Party A shall have the right to request Party B to provide relevant supporting materials
                                         if necessary. Party A shall have the right to reject any instruction of Party B which
                                         is in breach of the Reserve-Fund Regulations or this Agreement.

 

	(3)	Party
                                         A shall establish and improve the mechanism for monitoring Customer Reserve Funds in
                                         accordance with the requirements of the Reserve-Fund Regulations and the terms of this
                                         Agreement. In the event that Party A finds out that the Customer Reserve Fund is subject
                                         to any abnormal situation, Party A shall have the right to urge Party B to make correction
                                         thereof and report the same to the People’s Bank of China.

 

	(4)	Party
                                         A establish and improve the mechanism for checking and verifying the information of the
                                         Customer Reserve Funds, check the information of reserve funds with Party B on daily
                                         basis, and maintain records of such check.

 

	(5)	Party
                                         A shall perform its obligation on submission of information as required by the People’s
                                         Bank of China, and Party B shall offer cooperation and deliver relevant information to
                                         Party A.

 

    7

     

    

 

	Article
    25	Rights
    and Obligations of Party B

 

	(1)	Party
                                         B shall carry out the payment business in accordance with the requirements of the Administrative
                                         Measures for the Payment Services of Non-financial Institutions and other regulations
                                         and within the business scope approved by the Payment Business Permit.

 

	(2)	Party
                                         B shall give payment instructions in accordance with the requirements of the Reserve-Fund
                                         Regulations and the terms of this Agreement, and warrant that the payment instructions
                                         will comply with laws and regulations and be true, complete, accurate and valid. If an
                                         instruction given by Party B breaches any requirements of the Reserve-Fund Regulation
                                         or terms of this Agreement, Party A shall have the right to reject such instruction.
                                         If Party A suffers any loss, claim or third-party litigation due to Party B’s giving
                                         of such instruction, Party B shall indemnify Party A against all the losses arising therefrom.

 

	(3)	Party
                                         B shall have the right to select Party A to act as the supervisory organization of reserve
                                         funds in accordance with the Reserve-Fund Regulations and the terms of this Agreement.

 

	(4)	Party
                                         B shall, according to the Reserve-Fund Regulations, ensure that the Customer Reserve
                                         Funds can only be used for handling the payment business entrusted by customers and other
                                         purposes permitted by the People’s Bank of China. Party B shall not misappropriate,
                                         occupy, or borrow the Customer Reserve Funds without authorization, nor use the Customer
                                         Reserve Funds to provide security for other persons or entities without authorization.

 

	(5)	Party
                                         B shall, in accordance with the Reserve-Fund Regulations and NetsUnion Member Regulations,
                                         cooperate with Party A in the supervision on the use and transfer of Customer Reserve
                                         Funds, cooperate with Party A in checking, supervising and managing the information of
                                         Customer Reserve Funds, and provide Party A with the relevant true information. Party
                                         B shall ensure that the information of Customer Reserve Funds and relevant business materials
                                         provided by it are true, complete, accurate and free of fabrication, material omission
                                         or misleading information.

 

	(6)	Party
                                         B shall be responsible for the construction, operation and maintanence of its own system,
                                         make safe and stable connection with Party A, and satisfy the requirements of the Reserve-Fund
                                         Regulations and Party A’s requirements regarding system connection.

 

	(7)	Party
                                         B shall make filings and reports with/to the regulatory authorities in accordance with
                                         the Reserve-Fund Regulations, including but not limited to the filing of the cooperation
                                         agreement, self-owned capital account and the Main Supervisory Organization of Reserve
                                         Funds.

 

    8

     

    

 

	(8)	Party
                                         B shall follow the specific guidelines or rules on reserve-fund management formulated,
                                         promulgated or amended by Party A from time to time.

 

	(9)	Party
                                         B shall be responsible for managing the position and liquidity of Customer Reserve Funds,
                                         properly manage the quota, and ensure that the total quota mapped at different clearing
                                         institutions does not exceed the balance in its Reserves Centralized Deposit Account.

 

	(10)	Party
                                         B shall warrant that it will be continuously qualified to offer the payment service specified
                                         in the Administrative Measures for Payment Services of Non-financial Institutions
                                         during the effective term of this Agreement. If Party B needs to terminate the payment
                                         business, Party B shall duly protect the legitimate rights and interests of customers,
                                         properly handle the relevant information, and duly complete other relevant matters. Where
                                         Party B is subject to any circumstance that results in or may result in Party B’s
                                         loss of its payment service qualification, including but not limited to the deregistration
                                         of the Payment Service Permit, and inability to renew such permit upon the expiration
                                         thereof, Party B shall immediately notify Party A thereof in writing.

 

Chapter
VI Liability
for Breach of Agreement

 

	Article
    26	If
    either Party’s failure to fully perform its responsibilities or obligations hereunder causes any loss to the other Party,
    such Party shall indemnify the other Party for the direct losses and the litigation (arbitration) costs, attorneys’
    fee, travel expense and other losses arising therefrom. The Parties further agree that, except for the losses or damages caused
    by a Party’s gross negligence or willful misconduct, the Parties’ indemnification liability shall be limited to
    the direct losses only and neither Party shall be liable for the indirect, incidental or consequential damages (including
    but not limited to anomalous error in the system, etc.) suffered by the other Party.
	 	 
	Article
    27	Party
    B shall be solely liable for the damages to the Customer Reserve Funds or customers’ rights or interests which may arise
    out of any of the following circumstances:

  

	(1)	Party
                                         B’s payment instructions cannot be executed due to Party B’s business discontinuity,
                                         incomplete or incorrect payment instruction, insufficient available quota and other reasons
                                         not attributable to Party A;

 

	(2)	Party
                                         B uses any Customer Reserve Funds without the instruction or authorization of the customer;

 

	(3)	Party
                                         B’s breach of applicable laws, regulations, regulatory requirements or this Agreement
                                         causes any loss to any customer; or

 

	(4)	other
                                         circumstances specified by the Reserve-Fund Regulations or this Agreement.

 

    9

     

    

 

	Article
    28	Where
    any Customer Reserve Fund is transferred or deducted in bad faith due to Trojan virus, phishing site, hacker attack,
    system failure and other reasons, the Parties shall actively take measures to eliminate the influence thereof.
	 	 
	Article
    29	If
    either Party cannot perform or fully perform its obligations hereunder due to fire, flood, typhoon, blizzard, earthquake,
    war and other events which are unforeseeable, unavoidable or insurmountable (each, a “Force Majeure Event”),
    such Party may be wholly or partially exempted from the liability for breach of agreement according to the influence of the
    Force Majeure Event on such Party.

 

The
Party affected by a Force Majeure Event shall, within five days after the occurrence thereof, notify Party A in writing of the
occurrence of the Force Majeure Event and its inability to perform all or part of its obligations hereunder due to the influence
thereof.

 

When
a Force Majeure Event ends or its influence is eliminated, the Party affected by the Force Majeure Event shall notify the other
Party thereof in writing within five days and resume performing all or part of its obligations under this Agreement.

 

Chapter
VII Miscellaneous

 

	Article
    30	Confidentiality

 

Either
Party shall keep any and all information of the other Party which it may know or have access to during cooperation confidential,
use the other Party’s information in strict accordance with laws, regulations, rules and regulatory provisions.

 

The
Parties shall jointly take all necessary measures and take confidential measures for the confidential information which they may
obtain from each other to prevent such confidential information from unauthorized disclosure, use, publicity or access.

 

	Article
    31	Amendment
    or Termination

 

	(1)	Amendment

 

Party
A and Party B may amend this Agreement through consultation according to changes in the relevant laws, regulations, rules and
regulatory provisions as well as their business development. If a Party proposes to amend this Agreement, it shall deliver a written
notice of such amendment to the other Party at least thirty (30) business days prior thereto, and, subject to the other Party’s
written confirmation and consent, the Parties may amend this Agreement in the form of a written supplemental agreement. If a Party
proposes any amendment to the terms of this Agreement due to change in the relevant laws, regulations, rules or regulatory provisions,
the other Party shall not unreasonably withhold its consent to such amendment. During the transition period for any amendment,
the Parties shall duly make relevant arrangement.

 

    10

     

    

 

	(2)	Termination

 

Party
A shall have the right to terminate its cooperation with Party B as well as this Agreement if Party B is subject to any of the
following circumstances:

 

		(i)	according
                                         to relevant provisions of the NetsUnion Member Regulations, if Party B no longer qualifies
                                         to be a member institution of Party A’s Platform (including but not limited to
                                         Party B’s loss of the payment services qualification required in the Administrative
                                         Measures for Payment Services of Non-financial Institutions), this Agreement shall
                                         be terminated upon Party A’s written notice to Party B;

 

		(ii)	any
                                         of the representations or warranties of Party B hereunder is untrue, or Party B breaches
                                         any of its undertakings hereunder, or is subject to other circumstances which are in
                                         material breach of this Agreement;

 

		(iii)	Party
                                         B commits a misappropriation, borrowing, occupation or fraud of the Customer Reserve
                                         Funds;

 

		(iv)	Party
                                         B fails to timely provide with the true, complete and correct information of the Customer
                                         Reserve Funds, which seriously affects the check and verification of the Customer Reserve
                                         Funds or Party B’s performance of its duties required by the regulatory authorities;

 

		(v)	Party
                                         B’s business processing system fails to satisfy the requirements of the Reserve-Fund
                                         Regulations; or

 

		(vi)	Party
                                         B is subject to any other circumstance which materially affects the performance of this
                                         Agreement, or materially breaches the Reserve-Fund Regulations and regulatory requirements.

 

	(3)	Where
                                         either Party intends to amend, rescind or terminate this Agreement, Party A and Party
                                         B shall communicate with each other in a timely manner, and such amendment, rescission
                                         or termination shall not be made until proper arrangements for the transition period
                                         has been made, or the remaining issues have been properly handled.

 

	Article
    32	Governing
    Law and Dispute Resolution

 

This
Agreement shall be governed by and construed in accordance with the laws and regulations of the People’s Republic of China.
Any dispute arising from or in connection with this Agreement shall be settled by the Parties through friendly negotiation. If
no agreement can be reached through such negotiation, the dispute shall be subject to the jurisdiction of the court at the place
where Party A is located.

 

    11

     

    

 

	Article
    33	Effectiveness
    and Term

 

This
Agreement shall become effective on the day when the Parties have affixed their respective official seals hereto and remain valid
for one year. If neither party raises any objection in writing 30 days prior to the expiration of this Agreement, this Agreement
shall be automatically extended for another year and can be renewed for unlimited times.

 

	Article
    34	Other
    Provisions

 

	(1)	If
                                         there is any discrepancy between this Agreement or its supplementary agreement (if any)
                                         and any existing agreement previously reached by the Parties in oral, written or other
                                         correspondence form, this Agreement and the supplementary agreement shall prevail.

 

	(2)	For
                                         any matters which may arise in the performance hereof but not covered by this Agreement,
                                         the Parties shall negotiate such matters in a friendly manner and enter into written
                                         supplementary agreement in respect thereof. Such written supplementary agreement and
                                         this Agreement shall have the same legal effect.

 

	(3)	This
                                         Agreement shall be executed in four counterparts, with either Party holding two counterparts
                                         hereof. All counterparts of this Agreement shall have the same legal effect.

 

(THE
REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK)

 

	Party
    A:	Party
    B:
	NetsUnion
    Clearing Corporation	Qingdao
    Buytop Payment Service Co., Ltd.
	 	 
	(Company
    Seal)	(Company
    Seal)
	 	 
	Legal
    / Authorized Representative:	Legal
    / Authorized Representative:
	(Seal
    of DONG Junfeng)	(Seal
    of LU Yongxiang)
	 	 
	Dated:
    July 12, 2019	Dated:
    July 15, 2019

 

    12Exhibit 10.11

 

ASSET MANAGEMENT CONSULTING SERVICE AGREEMENT

 

Agreement No. DX-QJS-202012

 

Party A: Tianjin Financial Assets Exchange
Co., Ltd.

Business address: Room 204, Yujiapu Financial
District Service Center, No.2-1 Shuixian Road, China (Tianjin) Pilot Free Trade Zone (CBD Area)

Legal representative: LI Xiaojun

 

Party B: [Daxin Zhuohui Financial Information
Service (Shanghai) Co., Ltd.]

Business address: Room D-843, 3/F, No.227
Rushan Road, China (Shanghai) Pilot Free Trade Zone

Legal representative: GUO Zhiyao

 

In accordance with the Contract Law
of the Peoples Republic of China and other applicable laws and regulations, Party A hereby appoints Party B as its consultant
to provide management and consulting service in respect of the transfer of the creditor’s right assets of Party A, and Party
B agrees to act as the asset management consultant of Party A and provide it with corresponding management services, and the specific
asset management service fees shall be additionally agreed by the Parties. Based on principles of equality, freewill, good faith,
mutual-benefit and long-term cooperation, the Parties hereby enter into the following agreements after friendly negotiation:

 

		1.	Scope of Asset Management Service

 

Party B shall provide Party A
and its designated third party with disposition management services in connection with asset management and other matters, including,
without limitation, disposition management, business consultation, transaction structure arrangement, recommendation of disposition
approaches, etc.

 

		2.	Service Method

 

		2.1	Service Method. According to the agreement of the Parties, Party B may render services to
Party A by ways of written materials, training seminars, emails, face-to-face meetings and other methods. Party B is willing to
assign highly-competent professionals to provide asset management consulting services for Party A. The research results submitted
by Party B shall be subject to Party A’s confirmation and signature, and Party A may communicate with Party B if it has any
question.

 

		2.2	Implementation of Service Result. Party A shall evaluate the actual performance of the services
provided to Party B in a timely manner, and promptly give feedback to Party B. With respect to the contents to be improved and
elaborated as proposed by Party A, Party B shall timely communicate with Party A and carefully amend and improve the same. Within
the term of service, Party A will refer assets to Party B for management with an aggregate value not less than RMB 1,000,000,000.

 

		2.3	Term of Service.

 

The term of service will be determined
as per the specific asset. The service contemplated hereunder shall commence on or after July 1, 2020 and end on or before June
30, 2022.

 

     

     

    

 

		3.	Service Fee

 

Party B will act as Party A’s
asset management consultant, and the calculation and payment terms of the service fees thereof shall be additionally agreed as
per the value and details of the foresaid assets.

 

		4.	Confidentiality

 

With respect to the Trade Secrets
that may be involved in the provision of the asset management consulting services hereunder, Party A and Party B shall keep such
trade secrets confidential, and shall not disclose them to any person or organization which is irrelevant to the asset management
consulting service hereunder in any form without the other Party’s prior written consent. Such obligation of confidentiality
shall survive from the termination of this Agreement.

 

The term “Trade Secrets”
as referred in the preceding paragraph means the business information and other materials which are protected by confidential measures
and unknown to the public and have economic value, including but not limited to the business condition, financial data and other
materials in connection with Party A, and the research reports, asset management plans and advices provided by Party B; except
for disclosure of confidential information as required in legal proceedings or other governmental approval and/or registration
procedures.

 

		5.	Obligations of the Parties

 

		5.1	Responsibilities and Obligations of Party B

 

		(1)	Party B warrants that it shall perform its obligations in a full and timely manner in accordance
with the Agreement.

 

		(2)	Party B undertakes that it shall not accept any hostile entrustment against Party A and will use
its best efforts to protect Party A’s interests.

 

		(3)	Party B shall assume confidentiality obligations. Without Party A’s consent, Party B shall
not provide or disclose to a third party any materials or documents which Party A delivers to Party B for use.

 

    2 

     

    

 

		5.2	Responsibilities and Obligations of Party A

 

		(1)	Party A shall cooperate with Party B in respect of Party B’s works and provide Party B with
necessary conveniences.

 

		(2)	Party A shall provide Party B with the basic materials and relevant information necessary for the
provision of asset management service, and ensure the truthfulness, accuracy and completeness of such materials and information.

 

		(3)	Party A shall assume confidentiality obligations. Without Party B’s consent, Party A shall
not provide or disclose to a third party any materials or documents delivered by Party B delivers to Party A.

 

		6.	Anti-Commercial Bribery Clauses

 

These Anti-Commercial Bribery
Clauses are a necessary appendix to this Agreement and shall have the same legal effect as other clauses of this Agreement. Party
B, as a signing party to this Agreement, shall carefully read these Clauses and agree to sign and abide by the following anti-commercial
bribery provisions:

 

		(1)	Both Party A and Party B know and are willing to strictly comply with the laws of the People’s
Republic of China on anti-commercial bribery. Both Parties know that any form "of bribery or corruption will constitute a
violation of laws and result in severe punishment.

 

		(2)	Neither Party A nor Party B shall request, receive, offer or give any interests (other than those
agreed in the applicable agreement) from/to the other Party or its handling person or other relevant persons, including but not
limited to rebate, hidden kickback, cash, gift card, material object, negotiable securities, travel or other intangible interests;
provided that, if any of such interests is requested, received, offered or given according to trade practices or customary practices,
it must be expressly specified in the applicable agreement.

 

		(3)	Party B strictly prohibits its handling persons from committing any commercial bribery. If a handling
person of Party B conducts any act set forth in Clause 6(2) above, it shall constitute a breach of Party B’s policies and
be subject to punishment under the company policies of Party B as well as Chinese laws.

 

		(4)	Please be noted that Party B objects to any act, as set forth in Clause 6(2) above, by and between
Party A or its handling person and any third party (other than the Parties hereto), and that any such act is a violation of the
Chinese laws and will be subject to punishment under the laws.

 

		(5)	If a breach of the above Clauses 6(2), 6(3) or 6(4) by a Party or its handling person causes any
loss to the other Party, such Party shall be liable for such loss.

 

		(6)	The term “other relevant persons” as referred in this Clause shall mean, other than
the handling persons of Party A and Party B, the persons who have direct or indirect interest relationship with the Agreement,
including but not limited to relatives and friends of the handling person.

 

    3 

     

    

 

		7.	Effectiveness of the Agreement and Liability for Breach of Agreement

 

		7.1	After this Agreement takes effect, except as agreed by the Parties or due to force majeure, neither
Party shall unilaterally terminate this Agreement.

 

		7.2	If either Party fails to perform its obligations hereunder, it shall be liable for breach of the
Agreement in accordance with laws.

 

		7.3	This Agreement is executed in duplicate, with each Party holding one counterpart hereof. Anything
not covered by this Agreement may be additionally agreed by the Parties in a supplemental agreement after consultation, and the
supplemental agreement shall have the same legal effect.

 

		7.4	Dispute Resolution. Any and all dispute arising out of or in connection
with this Agreement shall be settled through friendly consultations based on the principle of seeking truth from facts.
If no agreement can be reached through such consultation, either Party may bring a lawsuit before
the people’s court located at Party A’s place.

 

		7.5	This Agreement shall become effective upon affixation of signature and official seal by the authorized
signatories of both Parties.

 

		7.6	This Agreement shall remain valid until the expiration of Party B’s term of service.

 

Party A: Tianjin Financial Assets Exchange
Co., Ltd. (official seal)

 

 

________________________________________

 

Party B: [Daxin Zhuohui Financial Information
Service (Shanghai) Co., Ltd.] (official seal)

 

 

________________________________________

 

Signed on June 12, 2020

 

 

4

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