Document:

Exhibit 10.31

 

Working Capital Loan Contract

 

No: fj1122021173

 

Borrower: Shengfeng Logistics Group
Co., Ltd

 

Unified social credit Code: ***************

 

Legal representative / person in charge:
Liu Yongxu

 

Address: No.478, Fuxin East Road, Jin’an
District, Fuzhou City

 

Zip Code: 350011

 

Financial Institution and Account Number:
Bank of China Limited Fuzhou Jin’an Sub-branch Business department ************

 

Tel: ********** 

 

Fax: **********

 

Lender: Bank of China Limited Fuzhou Jin’an
Sub-branch

 

Legal Representative / Person in Charge:
Lin Jie

 

Address: Fusheng Qianlong international
annex building, 1F No.3, Midlle Changle Road, Wangzhuang street, Jin’an District, Fuzhou City

 

Zip code: 350011

 

Tel: **********

 

Fax: **********

 

This contract is signed by both of the borrower
and the lender through equal consultation serves as a single agreement under the Credit Line Agreement (No.fj1122021141) signed
between Shengfeng Logistics Group Co., Ltd and Bank of China Limited Fuzhou Jin’an Sub-branch.

 

Article 1 Loan Amount

 

Currency: RMB;

 

Amount: ¥20,000,000.00.

 

Article 2 Life of Loan

 

Life of the loan is 12 months from the
date when the money is actually withdrawn; If it is drawn by installments, then life of the loan is 12 months from the first actual drawing
date.

 

     

     

    

 

The borrower should make the withdrawal in strict
accordance with the agreed time. If the actual withdrawal date is later than the agreed date, the borrower should still make the repayment
on the agreed date in this contract.

 

Article 3 Purpose of loan

 

Purpose of this loan is to pay for combined
transport fee.

 

Without the written consent of the lender, the
borrower shall not change the purpose of the loan, including but not limited to that the borrower shall not use the loan for fixed assets,
equity and other investments, shall not use the loan for any fields and purposes prohibited by laws, regulations, and regulatory provisions,
shall not use it for refinancing or purchasing other financial products for arbitrage, and other uses for which bank loans are prohibited
to be used.

 

Article 4 Loan Interest Rate and its Calculation

 

The lender shall make clear to the borrower the
annualized interest rate of the loan under this contract through the attachment “Notification Letter of Annualized Interest Rate
of Loan”. If the annualized interest rate of the loan under this contract is only calculated according to the loan interest rate
expressed in paragraph 1 of this article, the aforementioned notification letter of annualized interest rate of loan shall not apply.

 

1. Loan Interest Rate:

 

The loan interest rate (annualized, simple interest
rate) in this contract is (2) as the following:

 

(1) Fixed interest rate with annual interest rate
of ///%. The contract interest rate remains unchanged during the whole life of the loan.

 

(2) Floating rate, with the actual drawing date
(or the first actual drawing date in case of separate drawings) as the starting date. The rate is adjusted (or repriced) once every 12
months, which is considered a full cycle and the repricing date is the first day of the next floating cycle. If there is no such date
in the current month, the starting date shall be the last day of the current month.

 

For each withdrawal:

 

Floating rate of RMB loans

 

A.
The interest rate of the first period (from the actual withdrawing date to the expiration date of the floating cycle) is the average
interest rate of the quoted þ1-year/☐5-year
(choose one) LPR published by NIFC on the working day before the actual withdrawal date þ plus/☐minus (choose one) 15
basis points;

 

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B.
On the repricing date, the interest rate will be recalculated as the average of the þ1-year/☐5-year
(choose one) LPR published by NIFC on the previous working day þ plus/☐minus
(choose one) 15 basis points, and will start to serve as the interest rate of the new floating cycle.

 

2. Interest Calculation

 

The interest shall be calculated from the actual
drawing date, concerning the actual amount withdrawn and the number of days the money is used.

 

The calculation formula is as below:

 

Interest = principal × actual days ×
daily interest rate.

 

Daily Interest Rate = annual interest rate / 360.

 

3. Interest Settlement

 

The borrower in this contract shall settle the
interest in way (1):

 

(1) The interest is settled quarterly. The 20th
day of the last month of each quarter is the interest settlement day, and the 21st day is the interest payment day.

 

(2) The interest is settled by month. The 20th
day of each month is the interest settlement day, and the 21st day is the interest payment day.

 

The borrower should pay off all the interest on
the last repayment day regardless of whether that day is an interest payment day.

 

4. Penalty Interest

 

(1) If the loan is overdue or not used for the
purpose specified in the contract, from the date of overdue or misappropriation, the penalty interest shall be calculated and collected
according to the penalty interest rate specified in this paragraph for the overdue or misappropriated part until the principal and interest
are paid off.

 

For overdue and misappropriated loans, the penalty
interest shall be calculated and charged at higher penalty interest rate.

 

(2) For the interest and penalty interest that
cannot be paid on time by the borrower, compound interest shall be calculated and collected by the interest settlement method described
in paragraph 3 of this article.

 

(3) Penalty interest rate

 

Penalty Interest Rate of the Floating Rate Loan

 

A. The interest rate shall float according to
the floating period specified in this article from the date of overdue or misappropriation.

 

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B. The penalty interest rate of overdue loan is
50% higher than the penalty interest base rate determined in item C of this article, and the penalty interest rate of misappropriated
loan is 100% higher than the penalty interest base rate.

 

C. In the first floating cycle of the loan, the
penalty prime rate is the actual current interest rate in the cycle when overdue or misappropriation occurs. At the end of each cycle,
the penalty interest prime rate of the next floating cycle will be adjusted on the repricing date by using the method specified in paragraph
1 of this article.

 

Article 5 Conditions for Withdrawing

 

The borrower’s withdrawal shall meet the following
conditions:

 

1. This contract and its attachments have come
into force;

 

2. The borrower has provided guarantee as required
by the lender, and the guarantee contract has become effective through completed legal approval, registration and filing procedures;

 

3. The borrower has reserved its documents, seals,
personnel list and signature samples necessary for the signing and performance of the contract to the lender, and has completed all relevant
documents;

 

4. The borrower has opened the account required
for the contract as required by the lender;

 

5. The borrower has submitted written application
and relevant loan purpose documents to the lender 3 working days before the withdrawal;

 

6. Other conditions of withdrawal as stipulated
by law and agreed by both parties.

 

If the conditions above are not met, the lender
has the right to refuse the borrower’s application for the withdrawal, except when the lender approves the withdrawal.

 

Article 6 Time and Method of Withdrawal

 

1. The borrower shall withdrawal the money in
way (2) :

 

(1) Make an one-time withdrawal on mm /
dd / yyyy.

 

(2) Withdraw within 10 working days from
July 16, 2021.

 

(3) Make separate withdrawals as follows:

 

	Time of withdrawal	 	Amount of withdrawal
	/ / /	 	/ / /

 

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2. The lender has the right to refuse the withdrawal
application if the money is not withdrawn in time by the borrower.

 

3. Commitment fee

 

The lender shall provide commitment service for
the loan that can be drawn but not drawn by the borrower in the current period within the commitment service period (from the effective
date of this loan contract to the withdrawal date agreed in this contract). Through negotiation between the borrower and the lender, the
commitment fee is agreed as follows:

 

In accordance with the principle of “fee
reduction and profit transfer”, the lender exempts the commitment fee for the above commitment services, and the assessed amount
of exemption is RMB 500 yuan.

 

Article 7 Payment of Loan

 

1. The Loan Issuing Account

 

The borrower shall open the following loan account
with the lender through which the loan issuance and payment shall be handled.

 

Account Name: Shengfeng Logistics Group Co.,
Ltd

 

Account Number: ***********

 

2. Payment Method

 

(1) The payment method of loan funds shall be
implemented in accordance with laws and regulations, regulatory provisions and with the contract. The payment method with a single withdrawal
shall be confirmed in the withdrawal application. If the lender considers that the payment method selected in the withdrawal application
does not meet the requirements, the lender has the right to change the payment method or stop the issuance and payment of the loan funds.

 

(2) Entrusted Payments, which is, the lender to
directly pay the loan funds to the borrower’s designated counterparts for the use specified in this agreement in accordance with the borrower’s
applications for loan withdrawal and entrustment. According to CBRC’s and the lender’s internal management regulations, the
payment of the loan funds meeting one of the following conditions shall be made by the lender through an entrusted payment method:

 

A. A new credit business relationship is established
between the lender and the borrower, and the credit rating of the borrower fails to meet the internal requirements of the lender;

 

B. When a single amount of withdrawal exceeds
10 million yuan (exclusive). Foreign currency shall be converted at the exchange rate on the actual withdrawing day);

 

C. Other circumstances stipulated by the lender
or agreed with the borrower.

 

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(3) Independent Payments. After the lender has
released the loan funds to the borrower’s account, the borrower shall make independent payment to the its counter parties for the purpose
agreed in the contract. All payments of the loan funds shall be independent except for the situations in which entrusted payment method
should be adopted as stipulated in the preceding paragraph..

 

(4) Change of Payment Method. For independent
payments, if the conditions of borrower’s external payment or credit rating changes after the withdrawal application is submitted,
the payment method of the loan fund shall be changed if the payment meets the conditions specified in Item (2) of paragraph 2 in this
article. The borrower is required to provide the lender with a written application for any changes in the payment method, to submit a
new withdrawal application with relevant documents.

 

3. Specific Requirements for Entrusted Payment
of the Loan Funds

 

(1) Payment Entrustment. The borrower shall clearly
specify the payment entrustment in the withdrawal application, that is, to authorize and entrust the lender to directly pay the loan funds
to the borrower’s designated counterpart after transferring the loan funds into the borrower’s account. The borrower shall also provide
the name of the recipient, the counter party’s account, payment amount and other necessary payment information.

 

(2) Providing Transaction Information. The borrower
shall provide the lender with the information of its loan account and the counter party’s account together with supporting materials
proving that the withdrawal is in line with the purpose agreed in the loan contract. The borrower shall guarantee that all information
provided to the lender is true, complete and valid. If the entrusted payment obligations of the lender are not completed in time due to
the untrue, inaccurate or incomplete transaction information provided by the borrower, the lender shall not bear any responsibility, and
the repayment obligations of the borrower under this contract shall not be affected.

 

(3) The Performance of the Lender’s Entrusted
Payment Obligation

 

A. After the borrower provides the payment entrustment
and other relevant information, the lender will pay the loan funds to the borrower’s counter party through the borrower’s account with
the borrower’s approval.

 

B. If the lender finds that the relevant transaction
materials provided by the borrower do not conform to the contract or have other defects, it has the right to require the borrower to supplement,
replace, explain or to re-submit relevant materials. Before the borrower completely submits the materials required by the lender, the
lender has the right to refuse the release and payment of the funds.

 

C. In case of a refund from the counter party’s
bank, which causes the lender’s failure to make the payment in time, the lender shall not bear any responsibilities, and the repayment
obligations of the borrower under this contract shall not be affected. The borrower hereby authorizes the lender to freeze the amount
refunded by the counter party’s bank. In this case, the borrower shall re-submit relevant transaction materials to the lender.

 

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(4) The borrower shall not avoid the entrusted
payment by breaking the whole payment into parts.

 

4. After the loan fund is released, the borrower
shall timely provide the lender with the loan fund use records and other information including but not limited to payment vouchers,
etc.

 

5. In case of any of the following circumstances,
the lender shall have the right to re-determine the conditions for loan issuance and payment or to stop the issuance and payment of loan
funds:

 

(1) The borrower violates the contract and avoids
the entrusted payment of the lender by breaking the whole payment into parts;

 

(2) The borrower’s credit status declines or the
profitability of its main business is not strong;

 

(3) There is abnormal use of the loan funds;

 

(4) The borrower fails to provide the loan fund
use records and information in a timely manner as required by the lender;

 

(5) The borrower uses the loan fund in any way
that violates the agreement reached in this article.

 

Article 8 Repayment

 

1. The account below is designated as the repayment
account. The borrower shall timely provide information about the fund activities in this account to the lender. The lender has the right
to require the borrower to explain the inflow or outflow of large or abnormal funds in this account and supervise the account.

 

Account Name: Shengfeng Logistics Group Co.,
Ltd

 

Account No.: ***********

 

2. Unless otherwise agreed by both parties, the
borrower shall repay the loan in this contract with repayment plan (1):

 

(1) Pay off all loans in this contract on the
expiration date of the loan term.

 

(2) Repay the loan according to the following
schedule:

 

	Time of Repayment	 	Repayment Amount
	///	 	///
	///	 	///

 

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(3) Other plans of repayment.

 

The borrower shall submit a written application
to the lender 3 banking days before the maturity of the corresponding loan. The change of repayment plan shall be confirmed by
both parties in writing.

 

3. Unless otherwise agreed by both parties, if
the borrower defaults on the principal and interest of the loan at the same time, the lender has the right to decide the order of repayment
of the principal and interest; In the case of repayment by installment, if there are multiple due loans or overdue loans under this contract,
the lender has the right to determine the order of a certain repayment; If there are more than on loan contracts due, the lender has the
right to determine the order of the contract to be performed with the borrower’s each repayment.

 

4. Unless otherwise agreed by both parties, the
borrower may prepay the loan, but shall notify the lender in writing 15 banking days in advance. The amount of prepayment is first
used to repay the last due loan.

 

5. The borrower shall make the repayment in way
(1) as below.

 

(1) The borrower shall deposit sufficient funds
in the repayment account below no later than 3 banking days before the maturity of each principal and interest, and the lender
has the right to withdraw the money from this account on the maturity date.

 

Repayment Account: Shengfeng Logistics Group
Co., Ltd.

 

Account number: ***********.

 

(2) Other repayment methods agreed by both parties.

 

Article 9 Guarantee

 

1. The guarantee method of the liabilities in
the contract is as follows:

 

This contract belongs to the main contract under
the Maximum Guarantee Contract (No. fj1122021143) signed by the guarantor Liu Yongxu and the lender. Liu yongxu is going
to provide the maximum guarantee.

 

This contract belongs to the main contract under
the Maximum Mortgage Contract (No. fj1122021142) signed by the mortgagor Suzhou Shengfeng Logistics Co., Ltd. and the lender.
Suzhou Shengfeng Logistics Co., Ltd. is going to provide the maximum guarantee.

 

2. If the borrower or the guarantor has an event
that the lender considers may affect its performance ability, the guarantee contract becomes invalid, cancelled or terminated, the financial
situation of the borrower or the guarantor deteriorates, the borrower or the guarantor is involved in major litigation or arbitration
cases, the guarantor defaults under the guarantee contract or other contracts with the lender, or the collateral is devalued, damaged,
lost or sealed up, resulting in the weakening or loss of the guaranteed value, the lender has the right to require the borrower to provide
new guarantee, replace the guarantor, etc. as the borrower’s obligation.

 

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Article 10 Declaration and Commitment

 

1. The borrower hereby declares that:

 

(1) The borrower is registered and exists legally,
and has full capacity and civil rights to conduct the signing and performing of this contract;

 

(2) The signing and performance of this contract
is based on the true intention of the borrower. The borrower has obtained legal and effective authorization, and will not violate any
agreement, contract or other legal documents binding on the borrower; The borrower has obtained or will obtain all relevant approval,
permission, records and registration required for signing and performing this contract;

 

(3) All documents, financial statements, vouchers
and other information provided by the borrower to the lender for this contract are true, complete, accurate and effective;

 

(4) The transaction background provided by the
borrower is true and legal, and no money laundering, funding terrorism or weapons for mass destruction, tax evasion, fraud, or other illegal
activities is involved, nor can the borrower violate any sanctions imposed by the United Nations, sovereigns like China, or international
organizations;

 

(5) The borrower does not conceal from the lender
any event that may affect the financial status and performance ability of the borrower and the guarantor;

 

(6) The borrower and the loan projects meet the
national environmental protection standards, and there is no risk of energy over-consumption or pollution identified by the national departments;

 

(7) Other matters declared by the borrower.

 

2. The borrower promises:

 

(1) To provide its financial statements (including
but not limited to annual report, quarterly report and monthly report) and other relevant information to the lender on a regular or timely
basis; The borrower shall remain to meet the following financial index requirements: in the latest financial statement, the borrower
and its group’s current ratio is no less than 1, and the balance of the borrower’s financing exposure shall not exceed 400 million
yuan and 25% of the annual income of the group’s consolidated statements;

 

(2) If the borrower has entered into or will enter
into a counter guarantee agreement or similar agreement with the guarantor as this contract, the agreement will not damage any rights
of the lender;

 

(3) To accept the credit inspection and supervision
of the lender with assistance and cooperation; If the borrower adopts the independent payment method, it shall regularly summarize and
report to the lender; The summary report shall be a monthly report;

 

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(4) In case of merger, division, capital reduction,
equity transfer, foreign investment, substantial increase in debt financing, transfer of major assets and creditor’s rights and other
matters that may adversely affect the borrower’s solvency, the borrower shall obtain the written consent of the lender in advance;

 

In case of the following circumstances, the borrower
shall timely notify the lender:

 

A. There are changes in the borrower or guarantor’s
articles of association, business scope, registered capital and legal representative;

 

B. There are any forms of joint venture, cooperation,
contracted operation, restructuring, IPO plans and other changes in the operation mode;

 

C. The borrower or the guarantor is involved in
major litigation or arbitration cases, property or collateral is sealed up, detained or supervised, or new security is set on collateral;

 

D. The borrower is to close down, dissolve, liquidate,
have its business license revoked, or apply for bankruptcy, etc;

 

E. Shareholders, directors and current senior
managers are suspected of major cases or economic disputes;

 

F. The borrower violates other contracts;

 

G. Business difficulties and deterioration of
financial situation occur;

 

(5) The repayment order of the borrower’s debt
to the lender is prior to that of the borrower’s shareholders, and is no less than that of other creditors;

 

(6) Before the repayment of the loan principal,
interests and related expenses in this contract is completed, the borrower shall not distribute any dividend or bonus to its shareholders
in any form;

 

(7) The borrower shall not dispose of its own
assets in a way that reduces its solvency. The borrower promises that the total amount of external guarantee shall not be more than twice
of its own net assets, and that the total amount of external guarantee and the amount of single guarantee shall not exceed the limit specified
in its articles of association;

 

(8) The borrower shall not transfer the loan fund
to the account with the same account name or to the account of the related parties except for the purpose specified in this contract or
with the consent of the lender.

 

To conduct transfers as mentioned in item (8)
above, the borrower must provide the lender with sufficient supporting materials;

 

(9) The loan conditions such as the loan interest
rate, guarantee, and repayment order stated in this contract shall not be lower than those given by the borrower to any other financial
institution now or in the future;

 

(10) The lender has the right to call in the loan
in advance based on the borrower’s fund repayment status;

 

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(11) The borrower shall provide its environmental
and social risk report to the lender. The borrower undertakes to strengthen the management of environmental and social risks with the
lender’s supervision. The borrower’s breach of the agreements described above is deemed as an event of default, and the lender may
take remedies for breach of contract;

 

(13) The borrower shall cooperate with the lender
to carry out due diligence, provide and update the information of customers and their beneficial owners, and provide background information
about the transaction;

 

(14) Other items promised by the borrower.

 

Article 11 Disclosure of Related Party Transactions

 

Both parties agree that the following clause 1
shall apply:

 

1. The borrower is not a group customer determined
by the lender according to the Guidelines for Commercial Banks on Risk Management of Credit Business with Group Customers.

 

2. The borrower is a group customer determined
by the lender according to the Guidelines for Commercial Banks on Risk Management of Credit Business with Group Customers. The borrower
shall timely report to the lender about its related party transactions of more than 10% of its net assets, including the related party
relationship, transaction items and nature, transaction amount, and pricing policy (including transactions with no amount or with only
symbolic amount).

 

If any one of the following circumstances, the
lender has the right to unilaterally decide to stop offering the unused loan and call in part or all of the loan principal and interest
in advance: the borrower takes advantage of false contract with related parties to obtain bank funds or credit; The borrower is involved
in cases of major merger, acquisition and reorganization where the lender thinks that it may affect the security of the loan; and other
circumstances specified in Article 18 of the Guidelines for Commercial Banks on Risk Management of Credit Business with Group Customers.

 

Article 12 Breach of Contract

 

Any of the following events shall constitute or
be deemed as an event of default:

 

1. The borrower fails to perform its obligations
of payment and settlement as agreed in this contract;

 

2. The borrower fails to use the loan funds in
the way or for the purpose agreed in this contract or the borrower uses the loan funds for refinancing or purchasing other financial products
for arbitrage;

 

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3. The statement made by the borrower in this
contract is untrue or violates its commitment in this contract;

 

4. In case of any circumstance specified in Article
10.2.(4) where the lender thinks that it may affect the financial status and performance ability of the borrower or the guarantor, and
the borrower fails to provide new guarantee or replace the guarantor;

 

5. The credit status of the borrower declines,
the profitability, solvency, operating capacity, cash flow and other financial indicators of the borrower deteriorate, or the borrower’s
financial indicators break through the constraints as stipulated in this contract;

 

6. The borrower breaches any other contract with
the lender or other institutions of Bank of China Limited;

 

7. The guarantor violates the provisions of the
guarantee contract, or defaults under other contracts with the lender or other institutions of Bank of China Limited;

 

8. Termination of business, dissolution, cancellation
or bankruptcy happens to the borrower;

 

9. The borrower is involved in or may be involved
in major economic disputes, litigation, arbitration, its assets are sealed up, distrained or enforced, it is being investigated or punished
by national legal department;

 

10. The borrower’s major investors and key management
personnel change abnormally, or become missing, subject to judicial investigation or restriction of personal freedom;

 

11. The lender finds that there are circumstances
that may affect the financial status and performance ability of the borrower or the guarantor at the annual review;

 

12. There is a large amount of abnormal capital
inflow and outflow in the designated repayment account, and the borrower can not provide supporting materials approved by the lender;

 

13. The construction of energy-saving projects
is seriously lagged, the energy-saving technology and equipment have serious defects, stopped or reduced production of the main facilities
or equipment results in the actual energy saving significantly lower than the forecast thereafter the energy-saving income can not return
to the designated account in time, the borrower participates in private high interest loans, the borrower offers other external guarantee
or borrow new debts without the consent of the lender, and the borrower’s key financial indicators are seriously deteriorated;

 

14. The borrower refuses to cooperate with the
lender to carry out due diligence, the lender finds that the borrower’s transaction is in violation of laws and regulations, or the lender
has reasonable facts to suspect that the borrower or its related transaction / counterpart is subject to money laundering, terrorism or
terrorist financing, or the borrower’s transaction involves violation of relevant sanctions;

 

15. The borrower violates other provisions on
the rights and obligations of the parties in this contract.

 

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In case of any event of default specified in the
preceding paragraph, the lender shall have the right to take the following actions regarding the specific circumstances:

 

1. Require the borrower and the guarantor to correct
their breach of contract within a time limit;

 

2. Reduce, suspend, cancel or terminate the credit
line to the borrower in whole or in part;

 

3. Suspend or terminate in whole or in part the
acceptance of the borrower’s withdrawal and other business applications; Suspend or cancel all or part of the loans that have not been
granted and the trade financing that have not been handled;

 

4. Declare all or part of the principal and interest
of the outstanding loan / trade financing funds and other accounts payable between the borrower and the lender due immediately;

 

5. Terminate or rescind this contract and other
contracts between the borrower and the lender in whole or in part;

 

6. Require the borrower to compensate the losses
caused to the lender due to its breach of contract, including but not limited to the litigation costs, lawyers’ fees, notarization fees,
execution fees and other related expenses caused by the realization of the creditor’s rights;

 

7. Deduct the money balance of the account opened
by the borrower with the lender and other institutions of Bank of China Limited to pay off all or part of the borrower’s debts to
the lender. The undue amount in the account shall become due at the time. If the account currency is different from the lender’s business
valuation currency, it shall be converted at the foreign exchange rate at the time of the deduction;

 

8. Exercise the security interest;

 

9. Require the guarantor to undertake the guarantee
responsibility;

 

10. Other measures that the lender considers necessary
and possible.

 

Article 13 Rights Reserved

 

If one party fails to exercise part or all of
its rights under this contract, or fails to require the other party to perform or assume part or all of its obligations and liabilities,
it shall not constitute a waiver of such rights or an exemption from such obligations and liabilities.

 

Any tolerance, extension or delay offered from
one party to the other in exercising its rights under this contract shall not affect any rights the first party owns under this contract,
laws and regulations, nor shall it be deemed as a waiver of such rights.

 

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Article 14 Change, Modification and Termination
of the Contract

 

This contract can be changed or modified in written
form by both parties through negotiation. Any change or modification shall constitute an integral part of this contract.

 

Unless otherwise stipulated by laws and regulations,
or agreed by both parties, this contract shall not be terminated until all the rights and obligations under it have been fulfilled.

 

Unless otherwise stipulated by laws and regulations
or agreed by both parties, the invalidity of any provision of this contract shall not affect the legal effect of other provisions.

 

Article 15 Applications of Law and Settlement
of Disputes

 

This Agreement shall be governed by the laws of
the People’s Republic of China.

 

When this Agreement takes effect, all disputes
arising from the conclusion and performance of this Agreement may be settled by both parties through negotiation. If the negotiation fails,
either party may adopt way 2 as follows:

 

1. Submit an application to the following departments
for arbitration:

 

☐ China International Economic and
Trade Arbitration Commission

 

☐ Beijing Arbitration Commission
(Beijing International Arbitration Center)

 

 ☐ Other arbitration commissions

 

The arbitration shall be conducted in accordance
with the arbitration rules in force at the time of applying for arbitration. Final result of the arbitration shall be binding on all parties.

 

2. Litigation.

 

☐ Bring a lawsuit to the People’s
Court of the place where Party B or other institutions of Bank of China limited exercise their rights and obligations.

 

 ☐ Bring a lawsuit to the
International Commercial Court of the Supreme People’s Court (for international commercial disputes with an amount of more than 300
million yuan).

 

R
Bring a law suit to the people’s court with jurisdiction according to law.

 

During the dispute settlement period, if the dispute
does not affect the performance of other provisions of this Agreement and the single agreement, the other provisions shall continue to
be performed.

 

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Article 16 Appendixes

 

The following attachment and other attachments
and individual agreements confirmed by both parties constitute an integral part of this Agreement and have the same legal effect as this
Agreement.

 

Attachment: 1. Application Form for Withdrawals;
2. Notification Letter of Annualized Interest Rate of Loan.

 

Article 17 Other Agreements

 

1. Without the written consent of the lender,
the borrower shall not transfer any rights or obligations in this contract to a third party.

 

2. The borrower is going to agree if the lender
has to entrust other institutions of Bank of China Limited to perform the rights and obligations in this contract due to business needs,
or to transfer the loan business in this contract to other institutions of Bank of China Limited to undertake and manage. Other institutions
of Bank of China Limited authorized by the lender, or other institutions of Bank of China Limited undertaking the loan business in this
contract, shall have the right to exercise all the rights in this contract, and have the right to file a lawsuit in the name of such institution,
submit to an arbitration institution for adjudication or apply for enforcement according to this contract.

 

3. Without affecting other provisions of this
contract, this contract shall be legally binding on both parties and their respective successors and transferees.

 

4. Unless otherwise agreed, both parties shall
recognize the place of residence specified in this Agreement as the effective contact address. The address will serve for all kinds of
notices, agreements and other documents when both parties perform the contract, relevant documents and legal documents in case of dispute
over this agreement, as well as the first instance, second instance, retrial and execution procedures after the dispute enters into arbitration
and civil proceedings.

 

In case of any changes in the address, the changing
party shall inform the other party of the changed address in writing 5 working days in advance. During arbitration or civil procedures,
when any party changes its address, the changing party shall timely inform the arbitration institution and the Court. If a party fails
to perform the obligation of notice in the above manner, its address confirmed in this Agreement shall still be regarded as the effective
address.

 

If the legal document is not received by one party
due to the inaccuracy of the service address, the failure to inform the other party and the Court in time after the change of the service
address, or the refusal of the receiver’s signature, the date of return of the document shall be regarded as the date of reception;
if documents are sent directly in person, the date on which the receiver signs on the receipt is considered the date of reception.

 

5. The transactions arising from this contract
are based on each party’s own interests independently. According to law, the fairness of the transaction shall not be affected by
any of the lender’s related parties or persons by taking advantage of the relationship.

 

    15

     

    

 

6. The title and business name in this contract
are only used for the convenience of reference, and shall not be used for the interpretation of the terms and the rights and obligations
of the parties.

 

7. The lender shall have the right to provide
the information related to this contract and the borrower to the credit reference system of the People’s Bank of China and other credit
information databases established according to law for inquiry and use by institutions or individuals with appropriate qualifications.
The lender also has the right to inquire the relevant information of the borrower through the credit information system of the People’s
Bank of China and other legally established credit information databases for the purpose of signing and performing this contract.

 

8. In case of legal holidays, the withdrawal date
and repayment date shall be postponed to the first working day after the holidays.

 

9. If the lender fails to perform the agreement
due to changes in laws and regulations, the lender has the right to terminate or change the performance of this agreement. If the agreement
is terminated or changed due to such reasons, the lender shall be exempted from liability.

 

10. The borrower may consult and complain about
this contract and the business and charges under this contract through the lender’s contact number listed in this contract.

 

Article 18 Effectiveness of the Contract

 

This contract shall come into force on the date
when it is signed with official seals by the legal representatives, responsible persons or authorized signers of both parties.

 

This contract is made in duplicate with
the same legal effect, one for each party.

 

Borrower: Shengfeng Logistics Group Co.,
Ltd.

 

Authorized signature: /s/ Liu Yongxu

 

July 16, 2021

 

Lender: Bank of China Limited Fuzhou Jin’an
Sub-branch

 

Authorized signature: /s/ Weng Yu

 

July 16, 2021

 

 

16Exhibit 10.32

 

Maximum Mortgage Contract

 

No.: fj1122021142

 

Mortgagor: Suzhou Shengfeng Logistics
Co., Ltd.

 

Unified Social Credit Code: ********************

 

Legal Representative / Person in Charge:
Kang Zhenghao

 

Address: 55 Huaxing Road, Xingeng village,
Wangting Town, Xiangcheng District, Suzhou City

 

Zip Code: 201500

 

Financial Institution and Account Number:
Industrial and Commercial Bank of China Limited Suzhou Xiangcheng sub branch, *********

 

Tel: *********** 

 

Fax: ***********

 

Mortgagee: Bank of China Limited Fuzhou
Jin’an Sub-branch

 

Legal Representative / Person in Charge:
Chen Yan

 

Address: Fusheng Qianlong international
annex building 1F-03, No.3 middle Changle Road, Wangzhuang Street, Jin’an District, Fuzhou City 

 

Zip Code: 350011

 

Tel: *********** 

 

Fax: ***********

 

In order to guarantee the performance of the liabilities
under the main contract mentioned in Article 1 of this contract, the mortgagor voluntarily mortgages the right of legal property disposal
to the mortgagee as listed in the attached “list of collateral”. Both parties enter into this contract through equal consultation.
Unless otherwise agreed in this contract, the interpretation of words in this contract shall be determined according to the main contract.

 

Article 1 Main Contract

 

The main contract is:

 

The Credit Line Agreement (No.fj1122021141)
signed between the creditor and the debtor Shengfeng Logistics Group Co., Ltd. and the single agreements that have been and will
be signed according to the credit line agreement, as well as its amendments or supplements.

 

     

     

    

 

Article 2 Principal Creditor’s Rights and the
Period of Occurrence

 

Unless otherwise determined or agreed in accordance
with the law, the creditor’s rights actually occur under the main contract within the following periods, as well as the creditor’s rights
already occurred between the debtor and the creditor before the contract takes effect, constitute the main creditor’s rights of the contract:

 

From the effective date of the credit line agreement
mentioned in Article 1 of this contract to the expiration date of the service life of the credit line specified in the agreement and its
amendments or supplements.

 

Article 3 Maximum Amount of Secured Claims

 

1. The maximum creditor’s rights guaranteed by
this contract is:

 

Currency: RMB.

 

Amount: ¥80,000,000.00.

 

2. On the expiration date defined in Article 2
of this contract, the interest (including legal interest, agreed interest, compound interest and penalty interest), liquidated damages,
damages, expenses for realizing the creditor’s right (including but not limited to litigation expenses, lawyer’s fees, notarization fees,
etc.) incurred on the principal of the principal creditor’s right shall be calculated. The specific amount of the secured claim is determined
when it is paid off.

 

The sum of the amount of creditor’s rights determined
according to the above two terms is the maximum amount of creditor’s rights guaranteed by this contract.

 

Article 4 Collateral

 

See the “list of collateral” in the
appendix for the relevant information of collateral.

 

During the period of the mortgage, if the mortgaged
property is damaged, lost or expropriated, the mortgagee may have the priority to be compensated for the obtained insurance and compensation
money. This money may also be drawn if the performance period of the secured creditor’s right has not expired.

 

If the mortgaged property is a house, the mortgagor
shall timely inform the mortgagee upon knowing the information that the house is to be demolished. During the mortgage period, if the
mortgaged house is demolished and the compensation form of property right exchange is adopted for the demolished house, the mortgagor
shall negotiate with the debtor and the mortgagee to pay off the main liabilities, or reset the mortgage after the property right exchange
and sign a new agreement according to the mortgagee’s requirements. After the demolishing of the original mortgaged real estate
and before the new mortgage registration is handled, the mortgagor should provide a guarantee to the mortgagee by the guarantor; If the
house to be demolished is compensated in the form of compensation money, the mortgagee has the right to receive the compensation in priority,
or require the mortgagor to continue using the demolition compensation as security property by opening a special deposit account or a
deposit receipt, and signing the corresponding agreement.

 

    2

     

    

 

Article 5 Mortgage Registration

 

If mortgage registration is required according
to law, the two parties shall go through the procedures with the registration department within 10 days after signing this contract.

 

In case of any changes in the registered items
of mortgage, the two parties shall register the change within 3 days from the change date.

 

The mortgage registration fee shall be borne by
the mortgagee.

 

Article 6 Possession and Keep of the Mortgaged
Property

 

The mortgaged property under this contract shall
be possessed and kept by the mortgagor, but all certificates of the property shall be kept by the mortgagee. The mortgagor agrees to accept
and effectively cooperate with the mortgagee’s inspection of the property at any time.

 

The mortgagor shall properly keep and maintain
the mortgaged property and take effective measures to ensure the safety and integrity of the property; If the mortgaged property needs
to be repaired, the mortgagor shall do so in time and bear the corresponding expenses.

 

Without the written consent of the mortgagee,
the mortgagor shall not transfer, lease, lend, transform, reconstruct or dispose of the mortgaged property in whole or in part in any
other way; With the written consent of the mortgagee, the proceeds from the disposal of the mortgaged property shall be deposited into
the account designated by the mortgagee, and the mortgagee has the right to choose the following ways to deal with the matter: (1) require
the debt to be paid off in advance;(2) turn the price into a security deposit pledge(3) require the mortgagor to provide
new guarantee; If the mortgagor transfers the mortgaged property without the written consent of the mortgagee, resulting in the transfer
price to be significantly lower than the reasonable market value, the mortgagor shall be liable within the scope of his fault.

 

Article 7 Decrease in the Value of the Mortgaged
Property

 

The value of the mortgaged property can be determined
by the mortgagee and the mortgagor through negotiation. If a third-party company is entrusted to evaluate the mortgaged property, and
if the borrower is a small or micro enterprise, then the mortgagee is the principal and shall bear the evaluation fee; if the borrower
is not a small or micro enterprise, then the debtor is the principal and shall bear the assessment fee.

 

    3

     

    

 

The value of the collateral determined through
negotiation or the value from the evaluation report of the evaluation company after the mortgagee’s review shall be recorded in the corresponding
column of the “List of Collateral” in this contract.

 

If the mortgagor’s conducts activities that is
going to reduce the value of the mortgaged property before the main creditor’s right of this contract is fully paid off, the mortgagee
has the right stop the mortgagor’s such behavior. If the value of the mortgaged property decreases, the mortgagee has the right
to require the mortgagor to restore the value of the property or to provide other guarantees equivalent to the reduced value. If the mortgagor
neither restores the value of the property nor provides a guarantee, the mortgagee has the right to require the debtor to pay off the
liability in advance. If the debtor fails to pay off, the mortgagee has the right to exercise the mortgage.

 

If the mortgaged property is lost or its value
is reduced due to natural disasters, accidents, torts and other reasons, the mortgagor shall immediately take measures to prevent further
expansion of the loss and immediately notify the mortgagee in writing.

 

Article 8 Fructus

 

If the debtor fails to pay off the due liabilities
or under other circumstances the mortgage right is seized by the People’s Court according to law, the mortgagee has the right to collect
the natural or legal fructus of the mortgaged property from the date of seizure, unless the mortgagee fails to notify the obligator who
shall pay off the legal fructus.

 

The fructus mentioned in the preceding paragraph
shall first be used to cover the expenses for collecting the fructus.

 

Article 9 Insurance of Mortgaged Property
(select: 1. applicable; 2. not applicable)

 

The mortgagor shall consult with the mortgagee
to determine the insurance company, the insurance type and insurance period and the insurance amount. If the assessed value of the mortgaged
property is not less than the corresponding amount of the principal creditor’s right guaranteed by this contract, the mortgagor shall
insure with the amount not less than the corresponding principal creditor’s right; i the assessed value of the mortgaged property
is less than the corresponding amount of the principal creditor’s right guaranteed by this contract, The insurance shall be insured according
to the assessed value of the collateral. The contents of the insurance policy shall meet the requirements of the mortgagee and shall not
be attached with restrictive conditions detrimental to the rights and interests of the mortgagee. The insurance premium shall be 100%
borne by the mortgagor. If the borrower is a small and micro enterprise, the insurance premium shall be borne by the mortgagee.

 

    4

     

    

 

Before the main creditor’s rights of this contract
are fully paid off, the mortgagor shall not interrupt, terminate, modify or change the insurance policy for any reason, and shall take
all reasonable and necessary measures to ensure that the insurance agreed in this article remains valid. If the mortgagor fails to insure
or violates the agreement mentioned above, the mortgagee has the right to decide to continue to insure the mortgaged property. The insurance
expenses shall be 100% paid by the mortgagor. The losses caused to the mortgagee due to the mortgagor’s failure to bear the corresponding
insurance premium as agreed shall be recorded in the balance of creditor’s rights. If the borrower is a small and micro enterprise, the
insurance premium shall be borne by the mortgagee.

 

Within 3 days after the signing of this
contract, the mortgagor shall provide the mortgagee with the original insurance document of the mortgaged property to transfer the claim
right of insurance benefits to the mortgagee. Before the main claims of this contract are fully paid off, the original insurance document
shall be kept by the mortgagee.

 

Article 10 Guarantee Liabilities

 

If the debtor fails to make payment to the mortgagee
on any normal repayment date or prepayment date under the main contract, the mortgagee has the right to exercise the mortgage in accordance
with the law and the contract, and has the priority in compensation for the mortgaged property within the maximum amount specified in
Article 3 of the contract.

 

The normal repayment date referred to in the preceding
paragraph is the principal repayment date, interest payment date or the date when the debtor shall pay any money to the mortgagee according
to the contract. The prepayment date mentioned in the preceding paragraph refers to the date proposed by the debtor with the consent of
the mortgagee, and the date when the mortgagee requests the debtor to recover the principal and interest of the creditor’s right and /
or any other money in advance according to the contract.

 

Article 11 Types and Period of Exercising the
Mortgage Right

 

After the occurrence of the guarantee liability,
the mortgagee has the right to exercise all or part of the mortgage that has reached the liquidation period according to law.

 

The mortgagee should exercise the right within
the limitation of action; If the creditor’s right is paid off by installments, the mortgagee shall exercise the mortgage right before
the reach of the last term’s limitation period of action.

 

Article 12 Realization of the Mortgage

 

After the occurrence of the guarantee liability,
the mortgagee has the right to negotiate with the mortgagor to convert the mortgaged property into repayment of the principle creditor’s
right through auction or sale. If the negotiation fails, the mortgagee has the right to request the People’s Court for an auction or sale
of the mortgaged property according to law.

 

    5

     

    

 

The proceeds from the disposal of the mortgaged
property should be used to pay for the disposal expenses in priority and then to pay off the principal creditor’s right.

 

If the principle liability is guaranteed by other
things besides this contract, it will not affect any right of the mortgagee under this contract. The mortgagee has the right to determine
the exercise order of each guarantee right. The mortgagor shall undertake the guarantee liability in accordance with this contract, and
there shall be no other defenses regarding other guarantee and the exercise order.

 

Article 13 Relationship Between this Contract
and the Main Contract

 

If the main contract includes the credit line
agreement / general agreement on credit business, written consent of the mortgagor is required to extend the credit line service term
/ business cooperation term. Without the mortgagor’s consent or refusal, the mortgagor shall only use the collateral under this
contract to guarantee the principal creditor’s rights occurring during the service life of the original credit line / business cooperation
period within the maximum amount of the secured creditor’s rights specified in Article 3 of this contract.

 

For changes of other contents or matters in the
credit line agreement / general agreement on credit business, the single agreements, and single main contract, it is not necessary to
obtain the consent of the mortgagor. The mortgagor still undertakes the guarantee responsibility for the changed main contract with the
mortgaged property within the maximum amount of secured creditor’s rights specified in Article 3 of this contract.

 

The maximum amount of secured creditor’s rights
specified in Article 3 of this contract may be changed in writing with the agreement of the mortgagor and the mortgagee.

 

If the mortgaged property under this contract
has other mortgagees, the changes above shall not have adverse effects on them without their written approval.

 

Article 14 Declaration and Commitment

 

The mortgagor hereby declares that:

 

1. The mortgagor is legally registered, exists,
and has the full capacity of civil rights required for signing and performing this contract and the legal ownership or disposal right
of the mortgaged property;

 

2. The mortgagor guarantees that there are no
other co-owners of the mortgaged property, or that although there are co-owners, the mortgagor has obtained the written approval of all
co-owners. The mortgagor undertakes to deliver the written approval to the mortgagee before signing this contract;

 

3. The mortgagor fully understands the contents
of the main contract. The signing and performance of this contract is based on the mortgagor’s true intention, and the mortgagor
has obtained legal and effective authorization.

 

    6

     

    

 

If the mortgagor is a third party and is a company,
the guarantee provided by the mortgagor has been approved by the board of directors or through the shareholders’ meeting, and does not
exceed the specified limit stipulated by the company.

 

Signing and performing this contract will not
violate any contract, agreement or other legal documents binding on the mortgagor. The mortgagor has obtained or will obtain all relevant
approval, permission, filing and registration required for this mortgage;

 

4. All documents and materials provided by the
mortgagor to the mortgagee are accurate, true, complete and effective;

 

5. The mortgagor has not concealed any existing
security interests of the mortgaged property from the mortgagee as of the date of signing this contract;

 

6. If a new security interest is set for the mortgaged
property, the mortgaged property is closed down, or the mortgagor is involved in a major lawsuit or arbitration case, the mortgagor should
notify the mortgagee in time;

 

7. If the mortgaged property is a project under
construction, the mortgagor promises that there is no priority right of a third party in the mortgaged property; If there is a third party’s
right of priority, the mortgagor promises to request the third party to issue a written statement of abandoning the right of priority
and then hand it over to the mortgagee.

 

8. If the mortgaged property is a house, the mortgagor
promises that there is no third party’s right of residence on the mortgaged property, except that the mortgagor has disclosed it to the
mortgagee before the signing of this contract; During the period of mortgage, without the written consent of the mortgagee, the right
of abode shall not be established in any part or all of the mortgaged property.

 

9. If the mortgaged property is movable property,
the mortgagor undertakes that there is no unsettled loan and financing fund for purchasing the mortgaged property that has not been informed
to the mortgagee, and there is no established security interest with the mortgaged price as the main creditor’s right.

 

Article 15 Breach of the Contract 

 

Any of the following circumstances shall constitute
or be deemed as the mortgagor’s breach of the contract:

 

1. The mortgagor, in violation of this contract,
transfers, rents, lends, transforms, rebuilds or disposes of the mortgaged property in whole or in part in any other way without authorization;

 

2. The mortgagor does not conduct the mortgage
registration in time as agreed in this contract;

 

3. The mortgagor prevents the mortgagee from disposing
of the mortgaged property in accordance with the law and / or the relevant provisions of this contract in any way;

 

    7

     

    

 

4. When the value of the mortgaged property decreases
as described in Article 7 in this contract, the mortgagor refuses to restore the value as required and does not provide additional guarantee;

 

5. The statement made by the mortgagor in this
contract is not true or violates the commitment made in this contract;

 

6. The mortgagor violates other provisions on
the rights and obligations of the parties in this contract;

 

7. Termination, dissolution, revocation or bankruptcy
occurs to the mortgagor’s company;

 

8. The mortgagor breaches the contract with the
mortgagee or other institutions of Bank of China Limited.

 

In the event of breach of contract as mentioned
in the preceding paragraph, the mortgagee has the right to take the following measures respectively or at the same time regarding the
specific circumstances:

 

1. Require the mortgagor to correct the breach
of contract within a time limit;

 

2. Require the mortgagor to use the proceeds from
the disposal of the mortgaged property to pay off debts in advance or to deposit with a third party designated by the mortgagee;

 

3. Reduce, suspend or terminate the whole or part
of the credit line to the mortgagor;

 

4. Partially or fully suspend or terminate business
applications from the mortgagor with other contracts; All or part of the loans and trade financing that have not yet been granted or handled
shall be suspended or terminated;

 

5. Declare all or part of the mortgagor’s
principal and interest of the loan / trade financing funds and other outstanding accounts payable to be immediately due;

 

6. Terminate or rescind this and other contracts
between the mortgagor and the mortgagee;

 

7. Require the mortgagor to compensate for the
loss caused by the breach of contract;

 

8. Exercise the mortgage;

 

9. Other measures deemed necessary by the mortgagee.

 

Article 16 Rights Reserved

 

If one party fails to exercise part or all of
its rights under this contract, or fails to require the other party to perform or assume part or all of its obligations and liabilities,
it shall not constitute a waiver of such rights or an exemption from such obligations and liabilities.

 

Any tolerance, extension or delay offered from
one party to the other in exercising its rights under this contract shall not affect any rights the first party owns under this contract,
laws and regulations, nor shall it be deemed as a waiver of such rights.

 

    8

     

    

 

Article 17 Change, Modification and Termination
of the Contract

 

This contract can be changed or modified in written
form by both parties through negotiation. Any change or modification shall constitute an integral part of this contract.

 

Unless otherwise stipulated by laws and regulations,
or agreed by both parties, this contract shall not be terminated until all the rights and obligations under it have been fulfilled.

 

Unless otherwise stipulated by laws and regulations
or agreed by both parties, the invalidity of any provision of this contract shall not affect the legal effect of other provisions.

 

Article 18 Application of Law and Dispute Settlement

 

This contract shall be governed by the laws of
the people’s Republic of China.

 

All disputes arising from the performance of this
contract can be settled by both parties through negotiation. If the negotiation fails, both parties agree to adopt the same dispute settlement
method as agreed in the main contract.

 

During the dispute settlement period, if the dispute
does not affect the performance of other terms of the contract, the other terms shall continue to be performed.

 

Article 19 Appendix

 

The following attachments and other attachments
confirmed by both parties constitute an integral part of this contract and have the same legal effect as this contract.

 

1. List of Collateral.

 

Article 20 Other Agreements

 

1. The guarantor shall not transfer any rights
and obligations under this contract to a third party without the creditor’s written consent.

 

2. If the creditor has to entrust other institutions
of Bank of China Limited to perform the rights and obligations under this contract due to business needs, the guarantor shall recognize
it. Other institutions of Bank of China Limited authorized by the creditor have the right to exercise all rights under this contract,
and have the right to bring a lawsuit to the court or submit to the arbitration institution for adjudication on the disputes under this
contract.

 

3. Without affecting other provisions of this
contract, this contract shall be legally binding on both parties and their respective successors and transferees.

 

    9

     

    

 

4. Unless otherwise agreed, both parties shall
recognize the place of residence specified in this Agreement as the effective contact address. The address will serve for all kinds of
notices, agreements and other documents when both parties perform the contract, relevant documents and legal documents in case of dispute
over this agreement, as well as the first instance, second instance, retrial and execution procedures after the dispute enters into arbitration
and civil proceedings.

 

In case of any changes in the address, the changing
party shall inform the other party of the changed address in writing 5 working days in advance. During arbitration or civil procedures,
when any party changes its address, the changing party shall timely inform the arbitration institution and the Court. If a party fails
to perform the obligation of notice in the above manner, its address confirmed in this Agreement shall still be regarded as the effective
address.

 

If the legal document is not received by one party
due to the inaccuracy of the service address, the failure to inform the other party and the Court in time after the change of the service
address, or the refusal of the receiver’s signature, the date of return of the document shall be regarded as the date of reception;
if documents are sent directly in person, the date on which the receiver signs on the receipt is considered the date of reception.

 

5. The title and business name in this contract
are only used for the convenience of reference, and shall not be used for the interpretation of the terms and the rights and obligations
of the parties.

 

6. The mortgagor may consult and complain about
this contract and the business and charges under this contract through the mortgagee’s contact number listed in this contract.

 

Article 21 Effectiveness of Contract and Issue
of the Mortgage

 

This contract shall come into force from the date
when signed by the legal representatives, responsible persons or authorized signers of both parties with official seals. However, if mortgage
registration is required according to law, the contract shall come into force from the date when the registration procedures are completed.

 

The mortgage is issued when the contract comes
into effect.

 

This contract is made in quadruplicate
with the same legal effect, one for each party and the debtors.

 

Mortgagor: Suzhou Shengfeng Logistics Co.,
Ltd.

 

Authorized Signature: /s/ Kang Zhenghao

 

July 5, 2021

 

Mortgagee: Bank of China Limited Fuzhou
Jin’an Sub-branch

 

Authorized Signature: /s/ Lin Jie

 

July 5, 2021

 

 

10

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