Document:

Exhibit 10.5

 

Business operation agreement

 

Contract No.: [              ]

 

This business operation
agreement (hereinafter referred to as “this Agreement”) is signed by and between the following parties on March 1, 2019.

 

Party A: Wenzhou golden sun Education Development
Co., Ltd

Legal representative: Weng Xueyuan

Address:

Contact person:

Tel:

 

Party B: Wenzhou Ouhai art school

Legal representative:

Address:

Contact person:

Tel:

 

Party C: Weng Xueyuan

ID number:

Address:

Tel:

 

Party D: ye Xiulan

ID number:

Address:

Tel:

 

Note: Party A, Party B, Party C and Party
D are collectively referred to as “parties”.

 

    1 / 8

      

    

 

Whereas:

 

1. Party A is a wholly
foreign-owned enterprise established in the people’s Republic of China (hereinafter referred to as “China”), with the
ability and resources of educational consultation and service.

 

2. Party B is a private
institution established and effectively existing in accordance with Chinese laws, and carries out compulsory education and art
training according to law.

 

3. Party A and Party
B have established business relationship by signing exclusive education consultation and service agreement.

 

4. According to the
exclusive education consultation and service agreement signed by Party A and Party B, Party B shall pay relevant consulting service
fees to Party A. therefore, Party B’s daily operation will have a substantial impact on its ability to pay the consulting service
fee to Party A.

 

5. Party C is the sponsor
of Party B and holds 80% of the organizer’s share of Party B.

 

6. Party D is the sponsor
of Party B and holds 20% of the organizer’s share of Party B.

 

8. The parties agree
to further clarify matters related to Party B’s business operation in accordance with the terms of this agreement.

 

Accordingly, the parties
reach the following agreement through consensus:

 

Article 1 In order to
ensure the normal development of Party B’s business, Party A agrees to act as the performance guarantee Party of Party B in the
contract, agreement or transaction related to its business operation concluded between Party B and any other third party on the
premise that Party B meets the following relevant provisions of this agreement, and according to its own judgment and decision,
Party A shall provide a comprehensive performance guarantee for Party B to perform such contracts, agreements or transactions.
According to the above performance guarantee arrangement, Party A, as the performance guarantee Party of Party B, will sign a written
guarantee contract with the other party of Party B to undertake the guarantee liability.

 

    2 / 8

      

    

 

Article 2 In view of
the requirements of Article 1 of this agreement, and in order to guarantee the performance of various business agreements between
Party A and Party B and the payment of various fees payable by Party B to Party A, Party B and Party C and Party D, the organizers
of Party B, hereby agree that Party B will not make any action which may substantially affect its assets, obligations and rights
unless Party A or Party A’s affiliated company’s prior written consent is obtained Transactions conducted by or operated by the
school, including but not limited to the following:

 

2.1 to borrow or assume
any debt from any third party;

 

2.2 sell or acquire
any assets or rights, including but not limited to any intellectual property rights, to any third party;

 

2.3 to provide any third
party with a security interest over its assets or intellectual property rights;

 

2.4 transfer the rights
and obligations under this agreement to any third party.

 

Article 3 in order to
ensure the performance of various business agreements between Party A and Party B and the payment of all fees payable by Party
B to Party A, Party B and Party C and Party D, the organizers of Party B, hereby agree to accept the main management policies and
guidelines provided by Party A to them from time to time, such as the employment and dismissal of employees, the daily management
of the school and the financial management system of the school.

 

Article 4 Party B and
Party C and Party D, the organizers of Party B, hereby agree to appoint the person designated by Party A as the director of Party
B, and Party B shall appoint the senior management personnel appointed by Party A as the president, financial director and other
senior managers of the school.

 

Party C and Party D
hereby agree to sign the entrustment agreement at the same time as this agreement is signed. According to the power of attorney,
Party C and Party D will authorize the personnel designated by Party A to exercise all the voting rights enjoyed by Party C and
Party D and their appointed directors at the meeting or board of directors of Party B in accordance with the law and the school
regulations.

 

    3 / 8

      

    

 

Article 5 Party B and
Party C and Party D, the organizers of Party B, hereby agree and confirm that, in addition to the relevant provisions in Article
1 of this agreement, if any performance guarantee is required in Party B’s business operation, Party B will first seek Party A
to provide guarantee for Party B. In this case, Party A has the right to decide whether to provide appropriate guarantee to Party
B according to its own judgment, but providing such guarantee does not constitute a compulsory obligation of Party A. If Party
A decides not to provide such guarantee, Party A shall promptly notify Party B in writing, and Party B may seek such guarantee
from other third parties.

 

Article 6 if any agreement
between Party A and Party B is terminated or expired, Party A shall have the right to terminate part or all of the agreement between
Party A and Party B, including but not limited to exclusive education consultation and service agreement.

 

Article 7 force majeure

 

7.1 “force majeure
event” refers to any event beyond the reasonable control of a party and still unavoidable under the reasonable attention of
the affected party, including but not limited to government action, natural force, fire, explosion, storm, flood, earthquake, tide,
lightning or war. However, the lack of credit, capital or financing shall not be deemed as a matter beyond the reasonable control
of one party. The party seeking exemption from the performance of obligations under this agreement due to force majeure shall inform
the other party of such exemption as soon as possible and inform it of the steps to be taken to complete the performance of its
obligations under this agreement.

 

seven point two When
the performance of this agreement is delayed or hindered by force majeure as defined above, the party affected by the force majeure
shall not bear any liability under this agreement to the extent of the delay or hindrance. The party affected by the force majeure
shall take appropriate measures to reduce or eliminate the effect of force majeure, and shall strive to recover the delay caused
by force majeure Once the force majeure event is eliminated, the parties agree to use their best efforts to resume the performance
under this agreement.

 

    4 / 8

      

    

 

Article 8 notice

 

All notices given by
the parties to this Agreement for the performance of their rights and obligations under this Agreement shall be made in writing.
If it is delivered by hand, the actual service shall prevail; when telex or fax is delivered, the time of sending shall prevail.
If the date of service is not a business day or after business hours, the next consecutive business day on that day shall be the
date of service. Place of service means the address of each party on the first page of this agreement or such other designated
address as may be notified in writing from time to time. Writing includes fax and telex.

 

Article 9 Application
of law and dispute resolution

 

9.1 this Agreement shall
be governed by and interpreted in accordance with the laws of the people’s Republic of China (excluding Hong Kong Special Administrative
Region, Macao Special Administrative Region and Taiwan region for the purpose of this contract).

 

9.2 any dispute arising
from or in connection with this Agreement shall be settled by both parties through friendly negotiation. If the negotiation fails,
either party has the right to submit the dispute to China International Economic and Trade Arbitration Commission for arbitration
in accordance with its then effective arbitration rules. The place of arbitration is Beijing, and the arbitration language is Chinese.
The arbitration award shall be final and binding on all parties. The arbitration fee (including but not limited to the reasonable
attorney’s fees of the winning party) shall be borne by the losing party, unless otherwise awarded by the arbitration tribunal
on the sharing of the arbitration fee.

 

9.3 during the arbitration,
the parties shall continue to perform their obligations under this Agreement except for the subject matter of arbitration.

 

Article 10 effectiveness
and modification of the agreement

 

10.1 this Agreement
shall be valid for 10 years and shall be signed by the authorized representatives of each party on the date indicated at the beginning
of the document and shall take effect from the date of signing.

 

    5 / 8

      

    

 

10.2 this Agreement
may be terminated earlier in accordance with this agreement or the relevant agreement signed by the parties.

 

10.3 the validity of
this agreement can be extended only after the written confirmation of Party A before the expiration of this agreement. The extension
period shall be determined by the parties to this agreement through consensus and a written confirmation shall be signed.

 

10.4 without the prior
written consent of Party A, Party B, Party C and Party D shall not transfer their rights and obligations under this agreement to
any third party.

 

10.5 the parties shall
amend and supplement this agreement by written agreement. The Amendment Agreement and supplementary agreement related to this agreement
signed by all parties are an integral part of this Agreement and have the same legal effect as this agreement.

 

Article 11 termination

 

11.1 this Agreement
shall terminate on the expiration date unless renewed in accordance with the relevant provisions of this agreement.

 

11.2 during the term
of this agreement, Party B, Party C and Party D shall not terminate this agreement in advance unless Party A has gross negligence,
fraud, other illegal acts or bankruptcy. Despite the above agreement, Party A has the right to terminate this agreement at any
time by giving 30 days’ written notice to Party B, Party C and party D.

 

Article 12 severability
of agreement

 

If any provision of
this agreement is invalid, illegal or unenforceable due to inconsistency with relevant laws, such provision shall be invalid, illegal
or unenforceable only within the jurisdiction of relevant laws. The validity, legality or enforceability of the other provisions
of this Agreement shall not be affected or impaired in any way.

 

Article 13 others

 

This agreement is written
in Chinese. The official text is in quadruplicate, with Party A, Party B, Party C and Party D holding one.

 

    6 / 8

      

    

 

In witness whereof,
the parties have caused their authorized representatives to sign this Agreement on the date first above written.

 

[no text below this
page]

 

    7 / 8

      

    

 

[there is no text on this page, which is the signature page of business operation agreement with contract No. [       ]

 

Party A: Wenzhou golden sun Education Development
Co., Ltd. (seal)

 

	Legal representative or authorized representative (signature)
	/s/ Weng Xueyuan	 
	 	 
	Party B: Wenzhou Ouhai art school (seal)
	 	 
	Legal representative or authorized representative (signature)
	/s/ Cai Miaomiao	 
	 	 
	Party C: WengXueyuan 	 
	 	 
	sign: /s/ WengXueyuan	 
	 	 
	Party D: ye Xiulan	 
	 	 
	sign: /s/ ye Xiulan	 

 

 

8 / 8Exhibit 10.6

 

Accounts receivable pledge contract

 

Contract No:[SS20190301-3]

 

The accounts receivable pledge contract
(the “contract”) is signed by the following parties:

 

Pledgee / creditor (full name): Wenzhou
golden sun Education Development Co., Ltd

 

Address:

 

Legal representative: Weng Xueyuan

 

Contact person: Weng Xueyuan

 

Tel:

 

Pledgor (full name): Wenzhou Ouhai art
school

 

Legal representative: Weng College

 

Address:

 

Contact person: Cai Miaomiao

 

Tel:

 

In order to ensure the
realization of the creditor’s principal creditor’s rights in Article 1 of this contract, the pledgor is willing to
provide pledge guarantee to the pledgee. In order to clarify the rights and obligations of both parties, according to the contract
law of the people’s Republic of China, the security law of the people’s Republic of China, the property law of the
people’s Republic of China and other relevant laws and regulations, both parties are willing to provide pledge guarantee
to the pledgee On the basis of this contract, both parties shall be bound to abide by the contract.

 

Article 1 principal
creditor’s rights

 

1.1 the principal creditor’s
right guaranteed by the pledgor is the exclusive educational consultation and service agreement No. [ss20190301-3] signed by the
creditor and Wenzhou Ouhai art school (hereinafter referred to as the “debtor”) on March 1, 2019, as well as all the
creditor’s rights to the debtor for any amendment and supplement (hereinafter referred to as the “main contract”).

 

    1

     

    

 

1.2 the calculation
method, payment method and debt performance period of the main creditor’s right shall be determined according to the agreement
of the main contract.

 

Article 2 pledge
accounts receivable

 

2.1. The pledgor shall
provide pledge guarantee to the pledgee with the accounts receivable of accommodation fees and tuition fees collected from students
and other services provided by the school (hereinafter referred to as “pledge accounts receivable”). For the basic
information of pledge accounts receivable, please refer to Annex I “list of pledged accounts receivable” to this contract.

 

2.2 if the information
recorded in the list of pledged accounts receivable is inconsistent with that recorded in the unified registration system for chattel
financing of the credit reference center of the people’s Bank of China (hereinafter referred to as “the Registration
Platform of China real estate financing”), the record of the Registration Platform of China real estate financing shall prevail.

 

2.3 the pledgor shall
maintain the validity and value of the pledged accounts receivable with utmost care. The value of the pledged accounts receivable
increases, and the increased part is still used as the pledge guarantee of the principal creditor’s rights. If the value
of the pledged accounts receivable has been or may be reduced, which will affect the realization of the principal creditor’s
rights of the pledgee, the pledgor shall provide a new guarantee according to the requirements of the pledgee.

 

Article 3 scope of
pledge guarantee

 

3.1 the scope of pledge
guarantee under this contract includes: the principal, interest, compound interest, penalty interest, liquidated damages, damage
compensation, storage expenses of the pledge, the expenses for realizing the creditor’s rights and all other expenses payable
by the pledgee, including but not limited to litigation fees, arbitration fees, property preservation fees, evaluation fees, auction
fees, execution fees, transfer fees, agency fees, etc.

 

    2

     

    

 

3.2 the pledgor agrees
that, even if the debts under the main contract are partially extinguished due to the partial discharge of the debtor or any other
reasons, the pledgor shall still be liable for the debts that have not been extinguished within the scope of guarantee as agreed
in this contract.

 

Article 4 establishment
of pledge right

 

4.1 both parties shall
sign the contract of registration of pledge of accounts receivable at the same time of signing this contract.

 

4.2 the pledgee shall
have the right to handle the registration of pledge of accounts receivable and other relevant approval and filing procedures (if
necessary) on the China real estate financing registration platform after both parties have signed this contract and the registration
contract of pledge of accounts receivable, and the pledgor shall cooperate.

 

4.3 in order to meet
the requirements for the registration of accounts receivable pledge on China real estate financing registration platform, both
parties agree that the registration period of accounts receivable pledge under this contract is 10 years. The pledgor confirms
that the pledgee may apply for renewal of accounts receivable pledge registration for several times during the existence of the
pledge, and the specific extension times and time limit shall be determined by the pledgee, and the pledgor has no objection.

 

4.4 all expenses incurred
in handling pledge registration (including establishment, extension, change or cancellation) and other related procedures shall
be borne by the pledgor.

 

Article 5 restrictions
on pledge accounts receivable

 

5.1 during the existence
of the pledge, without the written consent of the pledgee, the pledgor shall not:

 

(1) Directly or indirectly
cause or permit the creation of any security interest (other than the security interest established in accordance with the provisions
of this contract) or transfer or dispose of all or part of the pledged accounts receivable in any other way;

 

    3

     

    

 

(2) Permit or agree
to rescind, rescind or terminate the civil legal relationship corresponding to the accounts receivable, or make any amendment to
the collection of accounts receivable that may adversely affect the interests of the pledgee;

 

(3) Relinquishes any
right it has under the accounts receivable that has a material impact on the interests of the pledgee;

 

(4) Do or permit others
to do any act that may degrade the value of the pledged accounts receivable.

 

5.2 during the existence
of the pledge, if any act of the pledgor is sufficient to reduce the value of the pledged accounts receivable, the pledgor shall,
within 3 days from the date of the occurrence of such acts, notify the pledgee in writing of the loss, and the pledgee shall have
the right to require the pledgor to stop his act and restore the value of the pledged accounts receivable or provide new guarantee
as required by the pledgee.

 

5.3 during the existence
of the pledge, the pledgor shall disclose the situations that have or may have adverse effects on the pledged accounts receivable
(including but not limited to the change of shares, reorganization, merger, division, shareholding system transformation, joint
venture, cooperation, joint venture, contract, lease, change of business scope and registered capital, and major economic rectification
involved) that the pledgor or should know In case of being declared bankrupt, closed down, dissolved, revoked, cancelled, cancelled,
etc.), the pledgee shall be informed in writing in time, and all guarantee liabilities under this contract shall be properly implemented.

 

Article 6 third party
obstruction

 

6.1 if the state or
other third parties seal up, freeze, deduct or otherwise dispose of the pledged accounts receivable, the pledgor shall immediately
notify the pledgee, take timely measures to stop, eliminate or remedy the loss, and provide new guarantee as required by the pledgee.

 

    4

     

    

 

6.2 during the duration
of the pledge right, if the value of the pledged accounts receivable decreases, or the case mentioned in the preceding paragraph
occurs in the pledged accounts receivable, the remaining part of the pledged accounts receivable shall still be used as the pledge
guarantee of the principal creditor’s rights. The compensation and compensation obtained by the pledgor for the above reasons
shall be deposited into the account designated by the pledgee. The pledgee has the right to choose any of the following methods
to deal with the aforesaid funds, and the pledgor shall assist in handling the relevant procedures:

 

(1) Pay off the due
payment under the main contract;

 

(2) Deposit it into
the account designated by the pledgee as security deposit to provide pledge guarantee for the principal creditor’s rights.

 

After the pledgor provides
a new guarantee that meets the requirements of the pledgee, the pledgor shall dispose of it freely.

 

Article 7 change
of main contract

 

7.1 the guarantee liability
of the pledgor shall not be reduced or remitted due to any of the following circumstances:

 

(1) The pledgee’s
reform, merger, merger, division, increase or decrease of capital, joint venture, joint venture, change of name, etc;

 

(2) The pledgee entrusts
a third party to perform its obligations under the main contract.

 

7.2 if the pledgee transfers
the creditor’s rights under the main contract to a third party, the pledgor shall continue to bear the guarantee liability
within the scope of the original pledge guarantee, and the pledgor shall assist the pledgee and the third party to handle the registration
of changes in pledge of accounts receivable and other necessary procedures in accordance with the law.

 

7.3 if the transfer
of the creditor’s right or debt under the main contract is not effective, invalid, revoked or terminated, the pledgor shall
still be liable for guarantee to the pledgee in accordance with this contract.

 

Article 8 realization
of pledge right

 

8.1 in case of any of
the following circumstances, the pledgee shall have the right to exercise the pledge right immediately:

 

(1) The debtor fails
to perform the due debts under the main contract or fails to perform the debts that are declared to be due ahead of schedule or
violates other provisions of the main contract;

 

    5

     

    

 

(2) The pledgor violates
any agreement under this contract;

 

(3) The decrease of
the value of the pledged accounts receivable may endanger the rights and interests of the pledgee, and the pledgor fails to provide
a new guarantee satisfactory to the pledgee;

 

(4) Any other event
that endangers, damages or may endanger or damage the rights and interests of the pledgee occurs.

 

8.2 in case of any of
the circumstances mentioned in the preceding paragraph, the pledgee shall have the right to exercise all the rights it has as the
pledgee at such time and in such manner as it considers appropriate, and shall have the right to dispose of the pledged accounts
receivable under this contract in accordance with the law, and shall have the priority to be paid with the proceeds. The disposition
method shall be decided by the pledgee at its own discretion, and the pledgor shall provide all necessary assistance.

 

8.3 when the pledgee
disposes of the pledged accounts receivable in accordance with this contract, the pledgor shall not set up any obstacles (including
the intervention from any third party), or take any action that may hinder or delay the disposition of the pledged accounts receivable
by the pledgee in accordance with this contract. The pledgor undertakes to provide active assistance as required by the pledgee
so as to enable the pledgee to realize his pledge right as soon as possible.

 

8.4 unless otherwise
designated by the pledgee, the funds obtained by the pledgee to realize the pledge right under this contract shall be paid off
in the following order (in the same order, according to the proportion of various amounts)

 

(1) All expenses incurred
by the Pledgee for the realization of the pledge right and the principal creditor’s right;

 

(2) Interest, liquidated
damages and damages arising from the debtor’s breach of the main contract or the pledgor’s breach of this contract;

 

(3) Principal claim.

 

8.5 since the pledgor
and the debtor are the same person, the pledgee can apply for enforcement of the property other than the pledged receivables of
the pledgor, and the premise is not to give up the pledge right or dispose the pledged accounts receivable first.

 

    6

     

    

 

Article 9 elimination
of pledge right

 

9.1 the pledge right
under this contract shall be extinguished in any of the following circumstances:

 

(1) The principal creditor’s
rights have been paid off in full and on schedule;

 

(2) The pledgee has
realized the pledge right in accordance with the contract;

 

(3) The pledgee waives
the principal creditor’s right or the pledge right under this contract in writing.

 

9.2 after the cancellation
of the pledge, the pledgee shall go through the cancellation registration and other related procedures as soon as possible.

 

Article 10 representations
and guarantees of the pledgor

 

10.1 The pledgor has
the legal qualification of the guarantor, and the guarantee behavior of the pledgor under this contract conforms to the provisions
of laws, administrative regulations and rules. Pledgor has obtained internal authorization or any other necessary authorization,
approval or consent for signing and performing this contract. All responsibilities arising from the pledgor’s right to sign
this contract shall be borne by the pledgor.

 

10.2 the pledgor has
the ability to perform the obligations under this contract, and there is no litigation or arbitration, enforcement, bankruptcy
or other legal proceedings or any other event or situation that may have a significant adverse impact on the pledgor’s ability
to perform the obligations under the contract.

 

10.3 the pledgor signs
and performs this Contract:

 

(1) Do not violate the
provisions of laws and regulations;

 

(2) Does not violate
any commitment, agreement or contract binding on the pledgor;

 

(3) Does not violate
any judgment, award, ruling or decision of any other governmental agency binding on pledgor.

 

The information provided
to the pledgor is complete, accurate and applicable on the date of signing the contract.

 

    7

     

    

 

10.5 there is no situation
that forbids the pledgor to transfer or pledge the accounts receivable to a third party. The pledgor has full, effective and legal
ownership and other rights over the pledged accounts receivable, and there is no ownership dispute of the pledged accounts receivable.

 

10.6 there is no other
co owner of the pledged accounts receivable, or although there are other co owners, the pledge guarantee behavior has obtained
the written consent of other co owners.

 

10.7 the pledgor guarantees
that it will strictly perform all its obligations under the accounts receivable, exercise all its corresponding rights in a timely
manner, and notify the pledgee immediately when any breach of contract has an adverse impact on the interests of the pledgee or
when the paying student raises any claim.

 

10.8 no matter whether
the pledgee has any other guarantee for the principal creditor’s rights, whether the above-mentioned other guarantees are
established or not, whether the pledgee claims against other guarantors, and whether any third party agrees to undertake all or
part of the debts under the main contract, the pledgor’s guarantee liability under this contract shall not be reduced or
remitted, and the pledgee may directly ask the pledgor to comply with the provisions of the contract According to the agreement
of this contract, it shall bear the guarantee liability within the scope of guarantee.

 

Article 11 effectiveness
of contract

 

11.1 this contract shall
come into force as of the date when the legal representatives or authorized representatives of both parties sign and affix their
official seals.

 

11.2 this contract can
be changed or modified in written form by consensus of both parties. Any change or modification shall be an integral part of this
contract.

 

11.3 unless otherwise
stipulated by laws and regulations or agreed by both parties, the contract shall not be terminated before the rights and obligations
under it are fully performed.

 

11.4 unless otherwise
stipulated by laws and regulations or agreed by both parties, if part of the contract or part of its contents becomes invalid now
or in the future, the invalid clause or invalid part shall not affect the validity of this contract and other terms of the contract
or other contents of the clause.

 

    8

     

    

 

Article 12 notice

 

All notices issued by
the parties to this contract for the performance of their rights and obligations under this contract shall be made in writing.
If it is delivered by hand, the actual service shall prevail; when telex or fax is delivered, the time of sending shall prevail.
If the date of service is not a business day or after business hours, the next consecutive business day on that day shall be the
date of service. The place of service refers to the address of each party on the first page of this contract or any other designated
address notified in writing from time to time. Writing includes fax and telex.

 

Article 13 application
of law and dispute resolution

 

13.1 the conclusion,
effectiveness, performance, interpretation and dispute settlement of this contract shall be governed by the laws of the people’s
Republic of China (excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan region for
the purpose of this contract).

 

13.2 any dispute arising
from this contract or in connection with this Agreement shall be settled by both parties through friendly negotiation. If the negotiation
fails, either party has the right to submit the dispute to China International Economic and Trade Arbitration Commission for arbitration
in accordance with its then effective arbitration rules. The place of arbitration is Beijing, and the arbitration language is Chinese.
The arbitration award shall be final and binding on all parties. The arbitration fee (including but not limited to the reasonable
attorney’s fees of the winning party) shall be borne by the losing party, unless otherwise awarded by the arbitration tribunal
on the sharing of the arbitration fee.

 

13.3 during the arbitration,
the parties shall continue to perform their obligations under the contract except for the subject matter of arbitration.

 

Article 14 others

 

This contract is written in Chinese. The
formal text is made in triplicate, one for Party A and one for Party B. the rest is used for pledge registration.

 

(no text below)

 

    9

     

    

 

(there is no text on this page, which is the signature page of “accounts receivable pledge contract”)

 

 

 

Pledgor (official seal)

 

Legal representative (main responsible
person) or authorized agent:

 

 

 

Pledgee (official seal)

 

Legal representative (main responsible
person) or authorized agent:

 

    10

     

    

 

Annex I:

 

Pledge list of accounts receivable

 

1. From March 1, 2019 to February 28, 2028,
Ouhai District Art School of Wenzhou City charges income, including tuition and miscellaneous fees, accommodation fees and other
income.

 

Unit: estimated 20
million yuan per year

 

    11

     

    

 

Annex 2:

 

Accounts receivable
pledge registration contract

 

This registration contract of pledge
of accounts receivable (the “contract”) is signed by the following parties on August 15, 2020:

 

Pledgee: Wenzhou golden sun Education Development
Co., Ltd

 

Address:

 

Tel:

 

Pledgor: Wenzhou Ouhai art school

 

Address:

 

Tel:

 

		1.	(in this contract, the pledgee and the pledgor are separately referred to as “party”
and collectively referred to as “both parties”).

 

		2.	With regard to the registration of accounts receivable pledge under the “accounts receivable
pledge contract” signed by both parties on March 1, 2019, both parties have reached an agreement as follows:

 

		3.	Both parties agree that the pledgee shall register the pledge of accounts receivable through the
unified registration system of movable property financing of the credit reference center of the people’s Bank of China, and
the pledgor shall actively cooperate with it.

 

		4.	The pledgee has the right to apply for extension registration one or more times before the extinction
of the pledge right as stipulated in the accounts receivable pledge contract.

 

    12

     

    

 

		5.	In case of errors or omissions in the registration contents or changes in the registration contents,
the pledgee shall handle the change registration.

 

		6.	If the pledgor disagrees with the contents of the registration or change registration of the pledgee,
he / she shall first negotiate to ask the pledgee to change or cancel the registration; if the two parties fail to reach an agreement,
the pledgor can register the objection through the unified registration system of chattel financing of the credit reference center
of the people’s Bank of China.

 

		7.	If the registration information of the pledgor changes, it shall inform the pledgee in time and
cooperate with the pledgee to handle the change registration. If the pledgor provides false materials or information, which causes
losses to the pledgee or other third parties, or the pledgor fails to timely inform the Pledgee of the fact that the relevant information
has changed, the pledgor shall compensate for all the losses and bear corresponding legal liabilities.

 

		8.	Other matters not covered herein shall be handled in accordance with the relevant provisions of
the measures for registration of pledge of accounts receivable and the operating rules of unified registration platform for chattel
financing in the credit reference center of the people’s Bank of China.

 

		9.	This contract shall come into force as of the date when the legal representatives or authorized
representatives of both parties sign and affix their official seals.

 

Pledgor: Wenzhou Ouhai art school (official
seal)

Legal representative or authorized representative
(signature)

Date of signing:

 

Pledgee: Wenzhou golden sun Education Development
Co., Ltd. (official seal)

Legal representative or authorized representative
(signature)

Date of signing:

 

 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]