Document:

Stock Purchase Agreement dated July 27, 2011

 Exhibit 4.14 
 SHARE PURCHASE AGREEMENT 

BETWEEN 
 GUSHAN ENVIRONMENTAL ENERGY LIMITED, 
 ENGEN INVESTMENTS LIMITED, 

GOLD HERO HOLDINGS LIMITED, 

SILVER HARVEST HOLDINGS LIMITED, 

GOLD WIDE ENTERPRISES LIMITED 

AND 
 SILVERY BOOM LIMITED 

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	Definitions	  	 	2	  
			
	 2.
	 	Purchase and Sale Agreements	  	 	4	  
			
	 3.
	 	Earn-Out Arrangements	  	 	5	  
			
	 4.
	 	Gold Wide’s and Silvery Boom’s Representations and Warranties Concerning Transaction	  	 	9	  
			
	 5.
	 	Representations and Warranties Concerning Gushan Shares	  	 	10	  
			
	 6.
	 	Representations and Warranties Concerning Engen Shares	  	 	10	  
			
	 7.
	 	Gold Hero’s and Silver Harvest’s and Warranties Concerning Transaction	  	 	11	  
			
	 8.
	 	Pre-Closing Covenants	  	 	12	  
			
	 9.
	 	Post-Closing Covenants	  	 	12	  
			
	 10.
	 	Conditions to Obligation to Close	  	 	14	  
			
	 11.
	 	Termination	  	 	15	  
			
	 12.
	 	Restricted Securities	  	 	16	  
			
	 13.
	 	Miscellaneous	  	 	17	  
		
	 Exhibit A
	  	 	28	  
		
	 Form of sale and purchase agreement
	  			

 SHARE PURCHASE AGREEMENT

 (this “agreement”) 
 27 July 2011 
 PARTIES 

GUSHAN ENVIRONMENTAL ENERGY LIMITED, a business company incorporated with limited liability under the laws of the Cayman Islands, with its registered
office at Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands (“Gushan”), 

ENGEN INVESTMENTS LIMITED, a business company incorporated with limited liability under the laws of the British Virgin Islands, with its registered
office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Engen”), and a wholly-owned subsidiary of Gushan, 
 GOLD HERO HOLDINGS LIMITED (金豪控股有限公司), a business company incorporated with limited liability under the laws of the British Virgin Islands, with its
registered office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Gold Hero”), 

SILVER HARVEST HOLDINGS LIMITED (豐銀控股有限公司), a business company incorporated with limited
liability under the laws of the British Virgin Islands, with its registered office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Silver Harvest”), 

GOLD WIDE ENTERPRISES LIMITED (金博企業有限公司), a business company incorporated with limited liability
under the laws of the British Virgin Islands, with its registered office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Gold Wide”), 

SILVERY BOOM LIMITED (銀昌有限公司), a business company incorporated with limited liability under the laws of the
British Virgin Islands, with its registered office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“Silvery Boom”), 
 collectively, the foregoing companies are referred to as the “Parties” 
 BACKGROUND 
 This agreement contemplates a transaction in which Gushan will
allot, issue and sell to Gold Wide and Silvery Boom, and Gold Wide and Silvery Boom will purchase from Gushan, up to 20,000,000 ordinary shares of Gushan, subject to a three-year earn-out that is tied to the financial performance of Hunan Yin Lian
Xiangbei Copper Company Limited (湖南银联湘北铜业有限公司) (“Xiangbei”), which will become an indirect subsidiary of Gushan following the consummation of the
transactions contemplated in the sale and purchase agreement dated as of the date hereof (the “PRC SPA”), between Xiangbei, True Excel Holdings Limited, 黄伟萍 and 张华义. Concurrently, Engen will
allot, issue and sell to Gold Wide and Silvery Boom, and Gold Wide and Silvery Boom will purchase from Engen, ordinary shares of up to 8.502% and 5.668%, respectively, of Engen’s enlarged share capital after the issuance, subject to a
three-year earn-out that is tied to the financial performance of Xiangbei. 

  

					
		 	Share Purchase Agreement	  	Page  |  1

 The Parties agree as follows. 

 

	1.	Definitions. 

“2011 Statement” has the meaning set forth in §3(d)(i) below. 

“2012 Statement” has the meaning set forth in §3(d)(ii) below. 

“2013 Statement” has the meaning set forth in §3(d)(iii) below. 

“Auditor” means Gushan’s independent auditor as of the relevant date. 

“Cash” means cash and cash equivalents (including marketable securities and short-term investments) calculated in
accordance with U.S. GAAP applied on a consistent basis. 
 “Closing” has the meaning set forth in §2(c)
below. 
 “Closing Date” has the meaning set forth in §2(c) below. 

“Earn-Out Consideration” means any of Y1 Earn-Out (Engen), Y1 Earn-Out (Gushan), Y2 Earn-Out (Engen), Y2 Earn-Out
(Gushan) and Y3 Earn-Out (Engen) and Y3 Earn-Out (Gushan). 
 “Election Notice” means written notice from Gushan
notifying the selling Holder that Gushan intends to exercise its Right of First Refusal as to some or all of the Engen Shares held by such Holder with respect to any Proposed Transfer. 

“Engen Share” means any ordinary share, par value US$1.00 per share, of Engen. 

“Gushan Share” means any ordinary share, par value HK$0.00001 per share, of Gushan. 

“Holder” means, in the context of §9(b), each of Gold Wide and Silvery Boom. 

“Material Adverse Effect” or “Material Adverse Change” means any effect or change that would be
materially adverse to the business of Gushan or Engen, as applicable, taken as a whole, or to the ability of any Party to consummate timely the transactions contemplated by this agreement; provided that none of the following will be deemed to
constitute, and none of the following will be taken into account in determining whether there has been, a Material Adverse Effect or Material Adverse Change: (a) any adverse change, event, development, or effect arising from or relating to
(1) general business or economic conditions, including such conditions related to the business of Gushan or Engen, as applicable, (2) national or international political or social conditions, including the engagement by the Peoples’
Republic of China in hostilities, whether pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack upon any of its territories, possessions, or diplomatic or consular offices or upon any
military installation, equipment or personnel, (3) financial, banking, or securities markets (including any disruption thereof and any decline in the price of any security or any market index), (4) changes in generally accepted accounting
principles, (5) changes in laws, rules, regulations, orders, or other binding directives issued by any governmental entity, or (6) the taking of any action contemplated by this agreement and the other agreements contemplated by this
agreement, (b) any existing event, occurrence, or circumstance with respect to which either or both of Gold Wide and Silvery Boom has knowledge as of this date, and (c) any adverse change in or effect on the business of Gushan or Engen, as
applicable, that is cured before the earlier of (i) the Closing Date and (ii) the date on which this agreement is terminated pursuant to §11 hereof. 

  

					
		 	Share Purchase Agreement	  	Page  |  2

 “Party” or “Parties” has the meaning set forth in the
preface above. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, any other business entity or a governmental entity (or any department, agency, or political subdivision thereof). 

“Proposed Transfer” means any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance, disposition
of or any other like transfer or encumbering of any Engen Shares purchased pursuant to this agreement (or any interest therein) proposed by any of Gold Wide or Silvery Boom. 
 “Prospective Transferee” means any person to whom either Gold Wide or Silvery Boom proposes to make a Proposed Transfer. 

“Right of First Refusal” means the right, but not an obligation, of Gushan, or its permitted transferees or assigns, to
purchase some or all of the Engen Shares purchased by each of Gold Wide and Silvery Boom under this agreement with respect to a Proposed Transfer, on the terms and conditions specified in the Transfer Notice. 

“Transfer Notice” means written notice from a either Gold Wide or Silvery Boom setting forth the terms and conditions of
a Proposed Transfer. 
 “U.S. GAAP” means Generally Accepted Accounting Principles in the United States of
America. 
 “Y1 Actual Net Income” means the net income of Xiangbei as set forth in the 2011 Statement.

 “Y1 Adjusted Net Income” means the lesser of (i) Y1 Actual Net Income and (ii) Y1 Guaranteed Net
Income. 
 “Y1 Earn-Out” means an amount, whether positive or negative, as determined pursuant to the formula
set forth in §3(a)(iii) below. 
 “Y1 Earn-Out (Engen)” means the number of Engen Shares, whether positive
or negative, as determined pursuant to the formula set forth in §3(a)(iii) below. 
 “Y1 Earn-Out (Gushan)”
means the number of Gushan Shares, whether positive or negative, as determined pursuant to the formula set forth in §3(a)(iii) below. 
 “Y1 Guaranteed Net Income” means RMB20,000,000. 
 “Y2
Actual Net Income” means the net income of Xiangbei as set forth in the 2012 Statement. 
 “Y2 Adjusted Net
Income” means the lesser of (i) the sum of Y1 Actual Net Income and Y2 Actual Net Income and (ii) Y2 Guaranteed Net Income. 
 “Y2 Earn-Out” means an amount, whether positive or negative, as determined pursuant to the formula set forth in §3(b)(iii) below. 

“Y2 Earn-Out (Engen)” means the number of Engen Shares, whether positive or negative, as determined pursuant to the
formula set forth in §3(b)(iii) below. 

  

					
		 	Share Purchase Agreement	  	Page  |  3

 “Y2 Earn-Out (Gushan)” means the number of Gushan Shares, whether positive
or negative, as determined pursuant to the formula set forth in §3(b)(iii) below. 
 “Y2 Guaranteed Net
Income” means RMB70,000,000. 
 “Y3 Actual Net Income” means the net income of Xiangbei as set forth in
the 2013 Statement. 
 “Y3 Adjusted Net Income” means the lesser of (i) the sum of Y1 Actual Net Income, Y2
Actual Net Income and Y3 Actual Net Income and (ii) Y3 Guaranteed Net Income. 
 “Y3 Earn-Out” means an
amount, whether positive or negative, as determined pursuant to the formula set forth in §3(c)(iii) below. 
 “Y3
Earn-Out (Engen)” means the number of Engen Shares, whether positive or negative, as determined pursuant to the formula set forth in §3(c)(iii) below. 
 “Y3 Earn-Out (Gushan)” means the number of Gushan Shares, whether positive or negative, as determined pursuant to the formula set forth in §3(c)(iii) below. 

“Y3 Guaranteed Net Income” means RMB150,000,000. 

 

	2.	Purchase and Sale Agreements. 

  

	 	(a)	Basic Transaction. On the terms and subject to the conditions of this agreement, (1) each of Gold Wide and Silvery Boom agrees to purchase from Engen, and
Engen agrees to allot, issue and sell to each of Gold Wide and Silvery Boom up to 8.502% and 5.668%, respectively, of the Engen Shares making up Engen’s enlarged share capital after the issuances, and (2) each of Gold Wide and Silvery Boom
agrees to purchase from Gushan and Gushan agrees to allot, issue and sell to Gold Wide and Silvery Boom up to 12,000,000 and 8,000,000 Gushan Shares (when issued, to be credited as fully paid at par), respectively, in each case for the consideration
specified in §2(b) below, according to a three-year earn-out that is tied to the financial performance of Xiangbei as specified in §3 below. 

  

	 	(b)	Purchase Price. (i) Gold Wide agrees to pay Engen at the Closing US$426,485 in consideration for the Engen Shares to be purchased by it, (ii) Silvery
Boom agrees to pay to Engen at the Closing US$284,323 in consideration for the Engen Shares to be purchased by it, (iii) Gold Wide agrees to pay to Gushan HK$120 at the Closing in consideration for up to 12,000,000 Gushan Shares, and
(iv) Silvery Boom agrees to pay to Gushan HK$80 at the Closing in consideration for up to 8,000,000 Gushan Shares, by delivery of Cash payable by wire transfer or delivery of other immediately available funds to an account designated by Engen,
in the case of (i) and (ii) above, and Gushan, in the case of (iii) and (iv) above. 

  

	 	(c)	Closing. The closing of the transactions contemplated by this agreement (the “Closing”) will take place at Room 908, China Merchants
Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong, beginning at 9:00 a.m. local time on the second business day following the satisfaction or waiver of all conditions to the obligations of the Parties to consummate the
transactions contemplated in this agreement (other than conditions with respect to actions the respective Parties will take at the Closing itself) or any other date the Parties mutually determine (the “Closing Date”); except
that the Closing Date will be no later than 31 December 2011. 

  

					
		 	Share Purchase Agreement	  	Page  |  4

	 	(d)	Deliveries at Closing. At the Closing, (i) the Parties shall deliver to each other the various instruments and documents referred to in §10 below,
(ii) Gushan will deliver a copy of the resolutions of the board of directors of Gushan approving the transactions detailed in §2(a), (iii) Engen will deliver a copy of its resolutions of the board of directors of Engen approving the
transactions detailed in §2(a) above, (iv) Gold Wide will deliver a copy of its resolutions of the board of directors of Gold Wide approving the transactions detailed in §2(a) above, (v) Silvery Boom will deliver a copy of its
resolutions of the board of directors of Silvery Boom approving the transactions detailed in §2(a) above, (vi) Gold Wide and Silvery Boom shall deliver to Engen at the Closing US$426,485, and US$284,323, respectively, and (v) Gold
Wide and Silvery Boom shall deliver to Gushan HK$120 and HK$80, respectively. 

  

	 	(e)	Dilution Effect. The Parties agree that the dilution effect on the existing shareholdings in Engen, caused by the new issue of Engen Shares pursuant to §3
below, shall be borne as to 55.88% by Gushan, 24.07% by Gold Hero and 20.05% by Silver Harvest. Any deviation from this proportion will be adjusted by the transfer of Engen Shares among Gushan, Gold Hero and Silver Harvest at nil cost. Assuming
Xiangbei achieves Y1 Guaranteed Net Income, Y2 Guaranteed Net Income and Y3 Guaranteed Net Income, and the full Earn-Out Consideration in Engen Shares is paid following the consummation of this agreement, Engen will be owned as to 67.08%, 10.23%,
8.52%, 8.502% and 5.668% by Gushan, Gold Hero, Silver Harvest, Gold Wide and Silvery Boom, respectively. 

  

	3.	Earn-Out Arrangements. 

The Earn-Out Consideration payable to Gold Wide and Silvery Boom shall be determined as follows: 

 

	 	(a)	2011 Earn-Out Arrangement. 

  

	 	(i)	Upon such date as determined pursuant to the procedures set forth in §3(d) below, Engen will issue to Gold Wide and Silvery Boom a number of Engen Shares equal to
60% and 40% of the Y1 Earn-Out (Engen), respectively; 

  

	 	(ii)	Upon such date as determined pursuant to the procedures set forth in §3(d) below, Gushan will issue to Gold Wide and Silvery Boom a number of Gushan Shares equal
to 60% and 40% of the Y1 Earn-Out (Gushan), respectively; 

  

	 	(iii)	Y1 Earn-Out, Y1 Earn-Out (Engen) and Y1 Earn-Out (Gushan) shall be determined in accordance with the following formulae: 

 

															
	 Y1 Earn-Out =
	 	(	 	 Y1 Adjusted Net Income
	 	)	 	(	 	RMB30,000,000 + RMB49,770,000	 	)	 	– RMB30,000,000
	 	 	Y1 Guaranteed Net Income	 	 	 	 	 

  

							
	Y1 Earn-Out (Engen) =	 		 	 (ES)(x)
	  	
	 		 	(1-x)	  	

  

					
		 	Share Purchase Agreement	  	Page  |  5

 
where 

					
	ES =	 	Number of issued and outstanding Engen Shares as of the date of this agreement which is 10,000, or as this number may be sub-divided in the future, without regard to Engen Shares
issued subsequent to the date of this agreement.	 	

  

							
	x = Y1 Earn-Out (Engen) in term of shareholding %=	 	 Y1 Earn-out
	 	 RMB28,320,000
	 	
	 	RMB600,000,000	 	    RMB49,770,000    	 	

  

															
	Y1 Earn-Out (Gushan) =	 	(	 	
    Y1 Earn-out/RMB6.5    
	 	)	 	(	 	 RMB21,450,000
	 	)	 	
	 	 	0.5	 	 	 	  RMB49,770,000  	 	 

 Provided, however, if the Y1 Earn-Out is a negative number, Gold Wide and Silvery
Boom shall instead pay to Engen an absolute amount in Cash equal to the Y1 Earn-Out. 
  

	 	(b)	2012 Earn-Out Arrangement. 

  

	 	(i)	Upon such date as determined pursuant to the procedures set forth in §3(d) below, Engen will issue to Gold Wide and Silvery Boom a number of Engen Shares equal to
60% and 40% of the Y2 Earn-Out (Engen), respectively; 

  

	 	(ii)	Upon such date as determined pursuant to the procedures set forth in §3(d) below, Gushan will issue to Gold Wide and Silvery Boom a number of Gushan Shares equal
to 60% and 40% of the Y2 Earn-Out (Gushan), respectively; 

  

	 	(iii)	Y2 Earn-Out, Y2 Earn-Out (Engen) and Y2 Earn-Out (Gushan) shall be determined in accordance with the following formulae: 

 

																	
	Y2 Earn-Out =	 	(	 	 Y2 Adjusted Net Income
	 	)	 	 	(	  	 	RMB30,000,000 + RMB99,540,000	 	)	 	– RMB30,000,000 – Y1 Earn-Out
	 	 	Y2 Guaranteed Net Income	 	 	 	 	 

  

							
	Y2 Earn-Out (Engen) =	 		 	 (ES)(x)
	  	– Y1 Earn-Out (Engen)
	 		 	(1-x)	  

 where 

			
	ES =	 	Number of issued and outstanding Engen Shares as of the date of this agreement which is 10,000, or as this number may be sub-divided in the future, without regard to Engen
Shares issued subsequent to the date of this agreement.

  

															
	X = Y2 Earn-Out (Engen)in term of shareholding % =	 	(	 	 (Y2 Earn-out + Y1 Earn-out)
	 	)	 	(	 	   RMB56,640,000  
	 	)	 	
	 	 	RMB600,000,000	 	 	 	RMB99,540,000	 	 

  

															
	Y2 Earn-Out (Gushan) =	 	(	 	 (Y2 Earn-out + Y1 Earn-out)/RMB6.5
	 	)	 	(	 	   RMB42,900,000  
	 	)	 	– Y1 Earn-Out (Gushan)
	 	 	0.5	 	 	 	RMB99,540,000	 	 

 Provided, however, if the Y2 Earn-Out is a negative number, Gold Wide and Silvery
Boom shall instead either (i) pay to Engen an amount in Cash equal to the absolute value of the Y2 Earn-Out, or (ii) return to Gushan that number of Gushan Shares equal to the absolute value of the quotient of the Y2 Earn-Out divided by
RMB3.25, or (iii) return to Engen that number of Engen Shares as determined pursuant to the following formula: 
  

					
	Y1 Earn-Out (Engen) -	 	 (ES)(y-z)
	  	
	 	1-(y-z)	  	

 where 

			
	ES =	 	Number of issued and outstanding Engen Shares as of the date of this agreement which is 10,000, or as this number may be sub-divided in the future, without regard to Engen Shares
issued subsequent to the date of this agreement.

 y = Y1 Earn-Out (Engen) in term of shareholding % and 

 

					
	z =	  	
      Absolute value of Y2 Earn-Out   
   
	  	
	  	RMB600,000,000	  	

  

					
		 	Share Purchase Agreement	  	Page  |  6

	 	(c)	2013 Earn-Out Arrangement. 

  

	 	(i)	Upon such date as determined pursuant to the procedures set forth in §3(d) below, Engen will issue to Gold Wide and Silvery Boom a number of Engen Shares equal to
60% and 40% of the Y3 Earn-Out (Engen), respectively; 

  

	 	(ii)	Upon such date as determined pursuant to the procedures set forth in §3(d) below, Gushan will issue to Gold Wide and Silvery Boom a number of Gushan Shares equal
to 60% and 40% of the Y3 Earn-Out (Gushan), respectively; 

  

	 	(iii)	Y3 Earn-Out, Y3 Earn-Out (Engen) and Y3 Earn-Out (Gushan) shall be determined in accordance with the following formulae: 

 

																	
	Y3 Earn-Out =	 	(	 	 Y3 Adjusted Net Income
	 	)	 	(	 	RMB30,000,000 + RMB150,000,000	 	 	)	  	 	– RMB30,000,000 – Y1 Earn-Out – Y2 Earn-Out
	 	 	Y3 Guaranteed Net Income	 	 	 	 	 

  

					
	Y3 Earn-Out (Engen) =	 	 (ES)(x)
	    	– Y1 Earn-Out (Engen) – Y2 Earn-Out (Engen)
	 	(1-x)	    

 where 

			
	ES =	 	Number of issued and outstanding Engen Shares as of the date of this agreement which is 10,000, or as this number may be sub-divided in the future, without regard to Engen
Shares issued subsequent to the date of this agreement.

  

													
	X = Y3 Earn-Out (Engen) in term of shareholding % =	 	 (
	 	 (Y3 Earn-out + Y2 Earn-Out + Y1 Earn-Out)
	 	 )
	 	 (
	 	   RMB85,000,000  
	 	 )

	 	 	RMB600,000,000	 	 	 	RMB150,000,000	 

  

															
	Y3 Earn-Out (Gushan) =	 	(	 	 (Y3 Earn-out + Y2 Earn-Out + Y1 Earn-Out) / RMB6.5
	 	)	 	(	 	   RMB65,000,000  
	 	)	 	– Y1 Earn-Out (Gushan) – Y2 Earn-Out (Gushan)
	 	 	0.5	 	 	 	RMB150,000,000	 	 

 Provided, however, if the Y3 Earn-Out is a negative number, Gold Wide and Silvery
Boom shall instead either (i) pay to Engen an amount in Cash equal to the absolute value of the Y3 Earn-Out, or (ii) return to Gushan that number of Gushan Shares equal to the absolute value of the quotient of the Y3 Earn-Out divided by
RMB3.25, or (iii) return to Engen that number of Engen Shares as determined pursuant to the following formula: 
  

					
	Y2 Earn-Out (Engen) -	  	 (ES)(y-z)
	 	
	  	1-(y-z)	 	

 where 

			
	ES =	 	Number of issued and outstanding Engen Shares as of the date of this agreement which is 10,000, or as this number may be sub-divided in the future, without regard to Engen Shares
issued subsequent to the date of this agreement.

 y = Y2 Earn-Out (Engen) in term of shareholding % and 

 

					
	z =	 	 Absolute value of Y3 Earn-Out
	  	
	 	RMB600,000,000	  	

  

	 	(d)	Earn-Out Statements and Procedures. 

  

	 	(i)	On or before 30 April 2012, Gushan shall provide each of Gold Wide and Silvery Boom with a copy of an audit memorandum of Xiangbei for the twelve months ended
31 December 2011 and a written statement setting forth the computation of the net income for such period, each as prepared by the Auditor in accordance with U.S. GAAP (such statements, collectively, the “2011 Statement”).

  

					
		 	Share Purchase Agreement	  	Page  |  7

	 	(ii)	On or before 30 April 2013, Gushan shall provide each of Gold Wide and Silvery Boom with a copy of an audit memorandum of Xiangbei for the twelve months ended
31 December 2012 and a written statement setting forth the computation of the net income for such period, each as prepared by the Auditor in accordance with U.S. GAAP (such statements, collectively, the “2012 Statement”).

  

	 	(iii)	On or before 30 April 2014, Gushan shall provide each of Gold Wide and Silvery Boom with a copy of an audit memorandum of Xiangbei for the twelve months ended
31 December 2013 and a written statement setting forth the computation of the net income for such period, each as prepared by the Auditor in accordance with U.S. GAAP (such statements, collectively, the “2013 Statement” and
each of the 2011 Statement, the 2012 Statement and the 2013 Statement, an “Earn-Out Statement”). 

  

	 	(iv)	Upon receipt of an Earn-Out Statement, Gold Wide and Silvery Boom will have thirty (30) days in which to examine the relevant Earn-Out Statement and the
information set forth therein (the “Earn-Out Examination Period”). During the Earn-Out Examination Period, Gold Wide’s and Silvery Boom’s experts must have reasonable access to the books, records (including financial
statements), properties and personnel of Xiangbei and each subsidiary during regular business hours for purposes of verifying the accuracy and fairness of the presentation of such Earn-Out Statement and Gushan shall cause Xiangbei to reasonably
cooperate with Gold Wide and Silvery Boom and their experts. The Auditors shall issue a Final Earn-Out Statement (as defined below) at the end of the Earn-Out Examination Period unless Gold Wide and Silvery Boom delivers a notice in writing to
Gushan (an “Objection Notice”) on or before the end of the relevant Earn-Out Examination Period, indicating that they disagree with the Earn-Out Statement (which Objection Notice will set forth in reasonable detail the matters
subject to dispute so that Gushan can determine from the face of the Objection Notice the substance of the objections). Gold Wide, Silvery Boom and Gushan shall then discuss and attempt to resolve through negotiation such disputed items (the
“Disputed Items”) for a period not to exceed ten (10) days following receipt of an Objection Notice. Upon such resolution, if any, the Earn-Out Statement shall be amended accordingly and the Auditor shall issue a Final Earn-Out
Statement. 

  

	 	(v)	If Disputed Items remain at the conclusion of such ten (10) day period, then the Disputed Items must be submitted by the Parties to the Auditor to be reviewed as
promptly as reasonably practicable and, upon completion of such review, the Auditor shall deliver a written notice to Gold Wide, Silvery Boom and Gushan setting forth its resolution of each Disputed Item and the amount of the Earn-Out Consideration
that Gushan and Engen are required to pay to Gold Wide and Silvery Boom and the Auditor shall amend the Earn-Out Statement accordingly and issue a Final Earn-Out Statement. Gold Wide and Silvery Boom, on the one hand, and Gushan, on the other hand,
each shall pay their own fees and expenses incurred in connection with any such review and 50% of the fees and expenses of the Auditor. 

  

					
		 	Share Purchase Agreement	  	Page  |  8

	 	(vi)	The “Final Earn-Out Statement” will be based on the Earn-Out Statement, as amended, in accordance with this section and issued by the Auditor and will
be final, conclusive and binding on the Parties. 

  

	 	(vii)	If payment by Gushan and/or Engen of Earn-Out Consideration pursuant to the Earn-Out Statement for the relevant period is required following the issuance of a Final
Earn-Out Statement, Gushan and/or Engen will, within five (5) business days of the date of such Final Earn-Out Statement, allot and issue such Gushan Shares and/or Engen Shares to Gold Wide and Silvery Boom, as applicable.

  

	4.	Gold Wide’s and Silvery Boom’s Representations and Warranties Concerning Transaction. 

Each of Gold Wide and Silvery Boom jointly and severally represents and warrants to Engen and Gushan that the statements contained in this
§4 are correct and complete as of the date of this agreement and will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were substituted for the date of this agreement throughout this §4.

  

	 	(a)	Organization of Gold Wide and Silvery Boom. Each of Gold Wide and Silvery Boom is a corporation duly organized, validly existing, and in good standing under the
laws of the British Virgin Islands. 

  

	 	(b)	Authorization of Transaction. Each of Gold Wide and Silvery Boom has full power and authority (including full corporate or other entity power and authority) to
execute and deliver this agreement and to perform its respective obligations hereunder. This agreement constitutes the valid and legally binding obligation of each of Gold Wide and Silvery Boom, enforceable in accordance with its terms and
conditions. Neither Gold Wide nor Silvery Boom need give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order to consummate the transactions contemplated by this
agreement. The execution, delivery, and performance of this agreement and all other agreements contemplated by this agreement have been duly authorized by all corporate and other actions of each of Gold Wide and Silvery Boom.

  

	 	(c)	Non-contravention. Neither the execution and delivery of this agreement, nor the consummation of the transactions contemplated by this agreement, will
(A) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which either of Gold Wide or Silvery Boom is subject or any
provision of their respective governing documents or (B) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any
notice under any agreement, contract, lease, license, instrument, or other arrangement to which either of Gold Wide or Silvery Boom is a party or by which either is bound or to which any of their respective assets are subject.

  

	 	(d)	Regulation S. Neither Gold Wide nor Silvery Boom are U.S. persons; Gold Wide and Silvery Boom are each purchasing shares of Gushan and Engen in offshore
transactions, as such terms are defined in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”). None of Gold Wide, Silvery Boom nor any persons acting on their behalf
have engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect any Gushan Shares and/or Engen Shares, and each of Gold Wide and Silvery Boom and their respective affiliates have complied and will comply
with the offering restrictions requirement of Regulation S; 

  

					
		 	Share Purchase Agreement	  	Page  |  9

	5.	Representations and Warranties Concerning Gushan Shares. 

 Gushan represents and warrants to Gold Wide and Silvery Boom that the statements contained in this §5 are correct and complete as of the date of this agreement and will be correct and complete as of
the Closing Date (as though made then and as though the Closing Date were substituted for the date of this agreement throughout this §5). 
  

	 	(a)	Organisation, Qualification, and Corporate Power. Gushan is a corporation duly organized, validly existing, and in good standing under the laws of
the Cayman Islands. Gushan is authorized to conduct business and is in good standing under the laws of each jurisdiction where such qualification is required, except where the lack of such qualification would not have a Material Adverse Effect.
Gushan has full corporate power and authority to carry on the business in which it is engaged and to own and use the properties owned and used by it. 

  

	 	(b)	Capitalization. The entire authorized share capital of Gushan consists of 38,000,000,000 Gushan Shares, of which 192,191,943 Gushan Shares are issued and
outstanding. All issued and outstanding Gushan Shares have been duly authorized, are validly issued, fully paid, and non-assessable. Except as publicly disclosed, there are no outstanding or authorized options, warrants, purchase rights,
subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require Gushan to issue, sell, or otherwise cause to become outstanding any of its authorized but unissued share capital. Except as publicly
disclosed, there are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to Gushan. 

  

	 	(c)	Non-contravention. To the knowledge of Gushan, neither the execution and delivery of this agreement, nor the consummation of the transactions contemplated
by this agreement, will violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Gushan is subject or any provision of
the charter or bylaws of Gushan, except where the violation would not have a Material Adverse Effect. Except as otherwise disclosed herein, to the knowledge of Gushan and except as provided herein, Gushan does not need to give any notice to, make
any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for the Parties to consummate the transactions contemplated by this agreement, except where the failure to give notice, to file, or
to obtain any authorization, consent, or approval would not have a Material Adverse Effect. 

  

	6.	Representations and Warranties Concerning Engen Shares 

 Engen represents and warrants to Gold Wide and Silvery Boom that the statements contained in this §6 are correct and complete as of the date of this agreement and will be correct and complete as of
the Closing Date (as though made then and as though the Closing Date were substituted for the date of this agreement throughout this §6). 
  

	 	(a)	Organisation, Qualification, and Corporate Power. Engen is a corporation duly organised, validly existing, and in good standing under the laws of the
British Virgin Islands. Engen is authorized to conduct business and is in good standing under the laws of each jurisdiction where such qualification is required, except where the lack of such qualification would not have a Material Adverse Effect.
Engen has full corporate power and authority to carry on the business in which it is engaged and to own and use the properties owned and used by it. 

  

					
		 	Share Purchase Agreement	  	Page  |  10

	 	(b)	Capitalisation. The entire authorized share capital of Engen consists of 50,000 Engen Shares, of which 10,000 Engen Shares are issued and outstanding. All
issued and outstanding Engen Shares have been duly authorized, are validly issued, fully paid, and non-assessable. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or
other contracts or commitments that could require Engen to issue, sell, or otherwise cause to become outstanding any of its authorised but unissued share capital. There are no outstanding or authorized stock appreciation, phantom stock, profit
participation, or similar rights with respect to Engen. 

  

	 	(c)	Non-contravention. To the knowledge of Engen, neither the execution and delivery of this agreement, nor the consummation of the transactions contemplated
by this agreement, will violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Engen is subject or any provision of the
charter or bylaws of Engen, except where the violation would not have a Material Adverse Effect. To the knowledge of Engen, Engen does not need to give any notice to, make any filing with, or obtain any authorisation, consent, or approval of any
government or governmental agency in order for the Parties to consummate the transactions contemplated by this agreement, except where the failure to give notice, to file, or to obtain any authorisation, consent, or approval would not have a
Material Adverse Effect. 

  

	7.	Gold Hero’s and Silver Harvest’s and Warranties Concerning Transaction. 

Each of Gold Hero and Silver Harvest jointly and severally represents and warrants to Engen and Gushan that the statements contained in
this §7 are correct and complete as of the date of this agreement and will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were substituted for the date of this agreement throughout this
§7. 
  

	 	(a)	Organization of Gold Hero and Silver Harvest. Each of Gold Hero and Silver Harvest is a corporation duly organized, validly existing, and in good standing under
the laws of the British Virgin Islands. 

  

	 	(b)	Authorization of Transaction. Each of Gold Hero and Silver Harvest has full power and authority (including full corporate or other entity power and authority) to
execute and deliver this agreement and to perform its respective obligations hereunder. This agreement constitutes the valid and legally binding obligation of each of Gold Hero and Silver Harvest, enforceable in accordance with its terms and
conditions. Neither Gold Hero and Silver Harvest need give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order to consummate the transactions contemplated by this
agreement. The execution, delivery, and performance of this agreement and all other agreements contemplated by this agreement have been duly authorized by all corporate and other actions of each of Gold Hero and Silver Harvest.

  

					
		 	Share Purchase Agreement	  	Page  |  11

	 	(c)	Non-contravention. Neither the execution and delivery of this agreement, nor the consummation of the transactions contemplated by this agreement, will
(A) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which either of Gold Hero and Silver Harvest is subject or
any provision of their respective governing documents or (B) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require
any notice under any agreement, contract, lease, license, instrument, or other arrangement to which either of Gold Hero and Silver Harvest is a party or by which either is bound or to which any of their respective assets are subject.

  

	8.	Pre-Closing Covenants. 

The Parties agree as follows with respect to the period between the execution of this agreement and the Closing. 

 

	 	(a)	General. Each of the Parties will use its reasonable best efforts to take all actions and to do all things necessary to consummate and make effective the
transactions contemplated by this agreement (including satisfaction, but not waiver, of the Closing conditions set forth in §9(b) below). 

  

	 	(b)	Notices and Consents. Each of Gushan and Engen shall give any notices to third parties, and shall use their respective reasonable best efforts to obtain
any third party consents that Gold Hero, Silver Harvest, Gold Wide or Silvery Boom may reasonably request in connection with the matters referred to in §5(c), §6(c) and §7(c) above. Each of the Parties will give any notices to, make
any filings with, and use its reasonable best efforts to obtain any authorizations, consents, and approvals of governments and governmental agencies in connection with the matters referred to in §4(c), §5(c), §6(c) and §7(c)
above. 

  

	 	(c)	PRC Transaction. All conditions precedent to the consummation of the transaction contemplated in the PRC SPA have been satisfied, including, without
limitation, any relevant filings, notices, authorizations, consents, and approvals of governments and governmental agencies. 

  

	9.	Post-Closing Covenants. 

  

	 	(a)	In case at any time after the Closing any further action is necessary or desirable to carry out the purposes of this agreement, each of the Parties will take any
further action (including the execution and delivery of such further instruments and documents) any other Party reasonably may request, all at the sole cost and expense of the requesting Party. 

 

	 	(b)	Right of First Refusal. 

  

	 	(i)	Grant. Subject to the terms of §12 below, each Holder hereby unconditionally and irrevocably grants to Gushan a Right of First Refusal to purchase all or
any portion of the Gushan Shares and the Engen Shares that such Holder may propose to transfer in a Proposed Transfer, at or below the price as offered to the Prospective Transferee and on the same terms and conditions as those offered to the
Prospective Transferee. 

  

					
		 	Share Purchase Agreement	  	Page  |  12

	 	(ii)	Notice. Each Holder proposing to make a Proposed Transfer must deliver a Transfer Notice to Gushan not later than forty-five (45) days prior to the
consummation of such Proposed Transfer. Such Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the Proposed Transfer and the identity of the Prospective Transferee. To exercise its Right
of First Refusal under this §9(b), Gushan must deliver an Election Notice to the selling Holder within fifteen (15) days after delivery of the Transfer Notice. 

 

	 	(iii)	Consideration; Closing. The closing of the purchase of Gushan Shares and/or Engen Shares by Gushan pursuant to this §9(b) shall take place, and all payments
from Gushan shall have been delivered to the selling Holder, by the later of (i) the date specified in the Transfer Notice as the intended date of the Proposed Transfer and (ii) ninety (90) days after delivery of the Transfer Notice.

  

	 	(iv)	Transfer Void; Equitable Relief. Any Proposed Transfer not made in compliance with the requirements of this §9(b) shall be null and void ab initio, shall
not be recorded by the register of members of Gushan and/or Engen and shall not be recognized by Gushan and/or Engen. Each Holder hereto acknowledges and agrees that any breach of this §9(b) would result in substantial harm to Gushan and Engen
for which monetary damages alone could not adequately compensate. Therefore, the Holders hereto unconditionally and irrevocably agree that any non-breaching party hereto shall be entitled to seek protective orders, injunctive relief and other
remedies available at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers of Gushan and/or Engen Shares not made in strict compliance with this agreement).

  

	 	(c)	Gushan Share Price Guarantee 

 If the volume weighted average trading price of Gushan Shares (as represented by Gushan’s American Depository Shares (“ADS”)) over the 30 calendar day period immediately after the
public announcement of Gushan’s 2013 annual financial results (“Guaranteed Period”) is less than US$1.25 per share, Gushan shall compensate Gold Wide and Silvery Boom for the shortfall by issuing additional Gushan Shares
(“Additional Gushan Shares”) to Gold Wide and Silvery Boom. The number of Additional Gushan Shares to be issued to Gold Wide and Silvery Boom shall be calculated by: (i) multiplying the shortfall per share by the total number
of Gushan Shares entitled by Gold Wide and Silvery Boom under the Y1 Earn-Out (Gushan), Y2 Earn-Out (Gushan), and Y3 Earn-Out (Gushan) (expressed in Renminbi based on the average U.S. dollar to Renminbi exchange rate during the Guaranteed Period
(“average exchange rate”), calculated based on daily exchange rates published by The People’s Bank of China) (“Shortfall Amount”); (ii) the Shortfall Amount shall be limited to RMB20,000,000; and
(iii) the Shortfall Amount shall be divided by the average exchange rate, and further divided by the volume weighted average trading price per Gushan Share over the Guaranteed Period. 

  

					
		 	Share Purchase Agreement	  	Page  |  13

	 	(d)	Gushan American Depository Shares 

 If Gushan fails to comply with Section 802.01C under the continued listing standards of the New York Stock Exchange, Inc. in relation to its ADSs by reason of the average closing price of its ADS
falling below US$1.00 over a consecutive 30-trading-day period and as a result, its ADSs are delisted before the expiry of the Guaranteed Period, the Earn-Out Consideration paid and payable to Gold Wide and Silvery Boom in Gushan Shares and the
Additional Gushan Shares payable, if any, shall be replaced with Cash at US$0.50 per Gushan Share. 
  

	 	(e)	Future Additional Capital Requirements 

 If Xiangbei requires additional funding from its shareholders in the form of shareholders’ loans after the Closing, both Gold Wide and Silvery Boom shall not be required to advance any part of the
first RMB120,000,000 of the total of such shareholders’ loans made within the first two (2) years after the Closing. 
  

	10.	Conditions to Obligation to Close. 

  

	 	(a)	 Conditions to Gold Wide’s and Silvery Boom’s Obligation. Gold Wide’s and Silvery Boom’s obligation to
consummate the transactions to be performed respectively by them in connection with the Closing is subject to satisfaction of the following conditions: 

 

	 	(i)	The representations and warranties set forth in §5 and §6 above must be true and correct in all material respects at and as of the Closing Date, except to the
extent that such representations and warranties are qualified by the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case such representations and warranties
(as so written, including the term “material” or “Material”) must be true and correct in all respects at and as of the Closing Date; 

  

	 	(ii)	Each of Gushan and Engen must have performed and complied with all their respective covenants hereunder in all material respects through the Closing, except to the
extent that such covenants are qualified by the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case the responsible Party must have performed and complied with
all of such covenants (as so written, including the term “material” or “Material”) in all respects through the Closing; and 

  

	 	(iii)	The relevant Parties must have entered into the PRC SPA in form and substance as set forth in Exhibit A attached hereto and the same must be in full force and effect.

 Each of Gold Wide or Silvery Boom may waive any condition specified in this §10(a) if it executes a
writing so stating at or before the Closing. 
  

	 	(b)	Conditions to Gushan’s and Engen’s Obligation. Each of Gushan’s and Engen’s obligation to consummate the transactions to be performed
by them, respectively, in connection with the Closing is subject to satisfaction of the following conditions: 

  

	 	(i)	The representations and warranties set forth in §4 and §7 above must be true and correct in all material respects at and as of the Closing Date, except to the
extent that such representations and warranties are qualified by the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case such representations and warranties
(as so written, including the term “material” or “Material”) must be true and correct in all respects at and as of the Closing Date; 

  

					
		 	Share Purchase Agreement	  	Page  |  14

	 	(ii)	Each of Gold Wide and Silvery Boom must have performed and complied with all their respective covenants hereunder in all material respects through the Closing, except
to the extent that such covenants are qualified by the term “material,” or contain the terms such as “Material Adverse Effect,” or “Material Adverse Change,” in which case each of Gold Wide and Silvery Boom must have
performed and complied with all of such covenants (as so written, including the term “material” or “Material”) in all respects through the Closing; 

 

	 	(iii)	There may not be any injunction, judgment, order, decree, ruling, or charge in effect preventing consummation of any of the transactions contemplated by this agreement;

  

	 	(iv)	All actions to be taken by each of Gold Wide and Silvery Boom in connection with consummation of the transactions contemplated by this agreement and all certificates,
opinions, instruments, and other documents required to effect the transactions contemplated by this agreement will be reasonably satisfactory in form and substance to Gushan and Engen; 

 

	 	(v)	The relevant Parties must have entered into the PRC SPA in form and substance as set forth in Exhibit A attached hereto and the same must be in full force and effect;
and 

  

	 	(vi)	A Capital Verification Report (验资报告) must have been issued by a registered accounting firm in the PRC in respect of the acquisition of 100%
of the equity of Xiangbei by True Excel Holdings Limited from Huang Weiping (黄伟萍) and Zhang Huayi (张华义). 

 Each of Gushan or Engen may waive any condition specified in this §10(b) if it executes a writing so stating at or before the Closing. 

 

	11.	Termination. 

  

	 	(a)	 Termination of Agreement. The Parties may terminate this agreement as provided
below: 

  

	 	(i)	The Parties may terminate this agreement by mutual written consent any time before the Closing; 

 

	 	(ii)	Any Party may terminate this agreement by giving written notice to any other Party any time before the Closing (A) if a Party has breached any representation,
warranty, or covenant contained in this agreement (other than the representations and warranties in §5 above) in any material respect, the terminating Party has notified the breaching Party of the breach, and the breach has continued without
cure for a period of 30 days after the notice of breach or (B) if the Closing has not occurred on or before 31 December 2011, by reason of the failure of any condition precedent under §10(b) hereof (unless the failure results
primarily from Gold Wide, Silvery Boom or Engen itself breaching any representation, warranty, or covenant contained in this agreement). 

  

					
		 	Share Purchase Agreement	  	Page  |  15

	 	(b)	 Effect of
Termination. If any Party terminates this agreement pursuant to §11(a) above, all rights and obligations of the Parties hereunder will terminate without any liability of any Party to any other Party (except for
any liability of any Party then in breach). 

  

	12.	Restricted Securities. 

  

	 	(a)	Each of Gold Wide and Silvery Boom understands that the Gushan Shares to be allotted and issued to it pursuant to this agreement have not been, and will not be,
registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the
representations of each of Gold Wide and Silvery Boom as expressed herein. Each of Gold Wide and Silvery Boom understands that such Gushan Shares purchased pursuant to this agreement are “restricted securities” under applicable United
States federal and state securities laws and that, pursuant to these laws, each of Gold Wide and Silvery Boom must hold such Gushan Shares indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from
such registration and qualification requirements is available. Each of Gold Wide and Silvery Boom acknowledges that Gushan has no obligation to register or qualify such Gushan Shares for resale. Each of Gold Wide and Silvery Boom further
acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for such Gushan Shares, and on
requirements relating to Gushan which are outside of Gushan’s control, and which Gushan is under no obligation and may not be able to satisfy. 

  

	 	(b)	Each of Gold Wide and Silvery Boom understands that the Engen Shares purchased pursuant to this agreement have not been, and will not be, registered under the
Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the representations of each of Gold
Wide and Silvery Boom as expressed herein. Each of Gold Wide and Silvery Boom understands that such Engen Shares are “restricted securities” under applicable United States federal and state securities laws and that, pursuant to these laws,
each of Gold Wide and Silvery Boom must hold such Engen Shares indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Each of
Gold Wide and Silvery Boom acknowledges that Engen has no obligation to register or qualify such Engen Shares for resale. Each of Gold Wide and Silvery Boom further acknowledges that if an exemption from registration or qualification is
available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for such Engen Shares, and on requirements relating to Engen which are outside of Engen’s control, and which
Engen is under no obligation and may not be able to satisfy. 

  

	 	(c)	Each of Gold Wide and Silvery Boom understands that the Gushan Shares purchased pursuant to this agreement will bear the following legend: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT AND, TO THE EXTENT REQUIRED, ANY APPLICABLE STATE SECURITIES LAWS OR (B) UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE ISSUER THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS IS AVAILABLE.” 

  

					
		 	Share Purchase Agreement	  	Page  |  16

	 	(d)	Each of Gold Wide and Silvery Boom understands that the Engen Shares purchased pursuant to this agreement will bear the following legend: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT AND, TO THE EXTENT REQUIRED, ANY APPLICABLE STATE SECURITIES LAWS OR (B) UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE ISSUER THAN AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS IS AVAILABLE.” 
  

	13.	Miscellaneous. 

  

	 	(a)	Press Releases and Public Announcements. Except as provided herein, no Party may issue any press release or make any public announcement relating to the
subject matter of this agreement before the Closing without the prior written approval of the other Parties; except that any Party may make any public disclosure it believes in good faith is required by applicable law, rules, regulations,
rules of any self-regulating organisation or any listing or trading agreement concerning its publicly traded securities (in which case the disclosing Party will use its reasonable best efforts to advise the other Party before making the disclosure).
Gushan will issue a press release announcing the execution and delivery of this agreement and the PRC SPA, summarizing the transactions contemplated thereby and file a Current Report on Form 6-K attaching such press release. As soon as practicable
after either the termination of this agreement or the Closing, as applicable, Gushan shall issue a press release announcing such termination or Closing. 

  

	 	(b)	No Third-Party Beneficiaries. This agreement does not confer any rights or remedies upon any Person other than the Parties and their respective successors
and permitted assigns. 

  

	 	(c)	Entire Agreement. This agreement (including the documents referred to in this agreement) constitutes the entire agreement between the Parties and
supersedes any prior understandings, agreements, or representations by or between the Parties, written or oral, to the extent they relate in any way to the subject matter hereof. 

 

	 	(d)	Succession and Assignment. This agreement binds and inures to the benefit of the Parties named in this agreement and their respective successors and
permitted assigns. No Party may assign either this agreement or any of his, her, or its rights, interests, or obligations hereunder without the prior written approval of the other Parties. 

 

	 	(e)	Counterparts. This agreement may be executed in one or more counterparts (including by means of facsimile), each of which is deemed an original but all of
which together constitute the same instrument. 

  

					
		 	Share Purchase Agreement	  	Page  |  17

	 	(f)	Headings. The section headings contained in this agreement are inserted for convenience only and do not affect in any way the meaning or interpretation of
this agreement. 

  

	 	(g)	 Notices. All notices, requests, demands, claims, and other communications hereunder must be in writing. Any notice, request, demand,
claim, or other communication hereunder will be deemed duly given (i) when delivered personally to the recipient, (ii) one (1) business day after being sent to the recipient by reputable overnight courier service (charges prepaid),
(iii) one (1) business day after being sent to the recipient by facsimile transmission or electronic mail, or (iv) four (4) business days after being mailed to the recipient by certified or registered mail, return receipt
requested and postage prepaid, and addressed to the intended recipient as set forth below: 

  

							
	If to Gushan:	 	 Chief Financial Officer
 Gushan
Environmental Energy
 Limited
 Room
908, China Merchants Tower,
 168-200 Connaught Road Central,
 Sheung Wan, Hong Kong
	  	 Copy to:
	  	 Matthew Sheridan
 Sidley
Austin
 39/F, Two International

Finance Centre,
 8 Finance Street,

Central, Hong Kong

				
	 If to Gold Wide:
	 	 Gold Wide Enterprises Limited

c/o: ZHANG Xiongan (张雄安)

P.O. Box 957,
 Offshore Incorporations
Centre,
 Road Town, Tortola,
 British
Virgin Islands
	  		  	
				
	 If to Silvery Boom:
	 	 Silvery Boom Limited
 c/o: XU
Meijuan (徐梅娟)
 P.O. Box 957,
 Offshore Incorporations Centre,
 Road Town, Tortola,

British Virgin Islands
	  		  	
				
	 If to Gold Hero:
	 	 Gold Hero Holdings Limited

c/o: Deng Yuping (邓玉萍)
 P.O.
Box 957,
 Offshore Incorporation Centre,

Tortola,
 British Virgin Islands
	  		  	
				
	 If to Silver Harvest:
	 	 Silver Harvest Holdings Limited

c/o: Liu Jin (刘金)
 P.O. Box
957,
 Offshore Incorporation Centre,

Tortola,
 British Virgin Islands
	  		  	

  

					
		 	Share Purchase Agreement	  	Page  |  18

 Any Party may change the address to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving the other Party notice in the manner herein set forth. 
  

	 	(h)	Governing Law. This agreement is governed by and construed in accordance with the laws of the British Virgin Islands without giving effect to any choice or
conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the British Virgin Islands. 

  

	 	(i)	Amendments and Waivers. No amendment of any provision of this agreement will be valid unless in writing and signed by all Parties. No waiver by any Party
of any provision of this agreement or any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, will be valid unless in writing and signed by the Party making such waiver, nor will any such waiver be
deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any such prior or subsequent occurrence. 

 

	 	(j)	Severability. Any term or provision of this agreement that is invalid or unenforceable in any situation in any jurisdiction does not affect the validity
or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

 

	 	(k)	Survival. Those covenants and agreements set forth in this agreement that, by their terms, are to have effect after the Closing shall survive for the period
contemplated by such covenants and agreements. 

  

	 	(l)	Expenses. Each Party will bear each of its own costs and expenses (including legal fees and expenses) incurred in connection with this agreement and the
transactions contemplated by this agreement. Without limiting the generality of the foregoing, all transfer, documentary, sales, use, stamp, registration and other such taxes, and all conveyance fees, recording charges and other fees and charges
(including any penalties and interest) incurred in connection with the consummation of the transactions contemplated by this agreement must be paid by Gold Wide and Silvery Boom when due, and each of Gold Wide and Silvery Boom shall, at its own
expense, file all necessary tax returns and other documentation with respect to all such taxes, fees and charges, and, if required by applicable law, the Parties will, and will cause their Affiliates to, join in the execution of any such tax returns
and other documentation. 

  

	 	(m)	Construction. The Parties have participated jointly in negotiating and drafting this agreement. If an ambiguity or question of intent or interpretation arises,
this agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this agreement. Any reference to any
federal, state, local, or foreign statute or law will be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The word “including” means including without limitation.

  

	 	(n)	Incorporation of Exhibits. The Exhibits identified in this agreement are incorporated in this agreement by reference and made a part hereof.

  

	 	(o)	Governing Language. This agreement has been negotiated and executed by the Parties in English. If any translation of this agreement is prepared for convenience
or any other purpose, the provisions of the English version prevail. 

  

					
		 	Share Purchase Agreement	  	Page  |  19

	 	(p)	Dispute Resolution. 

  

	 	(i)	The Parties shall resolve their disputes informally to the maximum extent possible. The parties shall negotiate all matters of joint concern in good faith, with the
intention of resolving issues between them in a mutually satisfactory manner. Only disputes within the scope of this agreement are subject to this §13(p)(i). However, nothing in this §13(p)(i) precludes the parties from exercising their
arbitration rights pursuant to §13(p)(iii) following the period specified in §13(p)(ii). Each Party will bear its own attorney’s fees and costs in connection with the internal dispute resolution process; except, to the extent the
parties otherwise agree in writing to incur certain costs to support the internal dispute resolution process, such costs will be shared equally by the parties. No statements made in connection with internal dispute resolution efforts will be
considered admissions or statements against interest by either party. The parties will not attempt to introduce such statements at any later trial, arbitration, or mediation between the parties. 

 

	 	(ii)	If a dispute, controversy, or claim arises out of or in relation to this agreement, then within seven (7) business days after a written request by either party,
duly authorized representatives will promptly confer to resolve the dispute. If these representatives cannot resolve the dispute or either of them determines they are not making progress toward the resolution of the dispute within thirty
(30) business days after their initial conference, then the dispute will be settled by arbitration in accordance with the UNCITRAL Arbitration Rules in force at the date of commencement of the arbitration. 

 

	 	(iii)	In any arbitration pursuant to this §13(p)(iii): 

  

	 	(A)	the place of arbitration will be Hong Kong; 

  

	 	(B)	the languages to be used in the arbitral proceedings will be English and Putonghua; 

 

	 	(C)	the appointing authority will be the Hong Kong International Arbitration Centre; 

 

	 	(D)	three arbitrators will be appointed, one each by the claimant and the respondent, and one (the “presiding arbitrator”) by the appointing
authority; where there are multiple parties (whether as claimant and/or as respondent), the multiple claimants (jointly) shall appoint one arbitrator and/or the multiple respondents (jointly), shall appoint one arbitrator. 

 

	 	(iv)	When three arbitrators have been appointed in any arbitration, the award will be given by a majority decision. If there is no majority, the award will be made by the
presiding arbitrator of the arbitral tribunal alone. 

  

	 	(v)	Any award given by an arbitral tribunal will be final and binding. By agreeing to arbitration, the parties waive irrevocably their right to any form of appeal, review
or recourse to any state court or other judicial authority, insofar as such waiver may validly be made and insofar as any award in such arbitration may not be refused enforcement under the provisions of the 1958 New York Convention on the
Recognition and Enforcement of Foreign Arbitral Awards. 

  

					
		 	Share Purchase Agreement	  	Page  |  20

	 	(vi)	The parties hereby agree that their choice of the UNCITRAL Arbitration Rules is made pursuant to Article 19 of the UNCITRAL Model Law on International Commercial
Arbitration. In addition to the UNCITRAL Arbitration Rules, the parties agree that the arbitration will be conducted according to the International Bar Association Rules of Evidence. 

***** 

  

					
		 	Share Purchase Agreement	  	Page  |  21

 IN WITNESS WHEREOF, the Parties are executing this Share Purchase Agreement in multiple counterparts as of
the date first above written. 
  

			
	GUSHAN ENVIRONMENTAL ENERGY LIMITED
		
	By:	 	 /s/ Kwong Wai Sun Wilson

	Name: Kwong Wai Sun Wilson
	Title: President

  
 Share
Purchase Agreement 

			
	ENGEN INVESTMENTS LIMITED
		
	By:	 	 /s/ Kwong Wai Sun Wilson

	Name: Kwong Wai Sun Wilson
	Title: Director

  
 Share
Purchase Agreement 

			
	GOLD HERO HOLDINGS LIMITED
		
	By:	 	 /s/ XU KE

	Name: XU KE (许可)
	Title: Director

  
 Share
Purchase Agreement 

			
	SILVER HARVEST HOLDINGS LIMITED
		
	By:	 	 /s/ LIU Jin

	Name: LIU Jin (刘金)
	Title: Director

  
 Share
Purchase Agreement 

			
	GOLD WIDE ENTERPRISES LIMITED
		
	By:	 	 /s/ ZHANG Xiongan

	Name: ZHANG Xiongan (张雄安)
	Title: Director

  
 Share
Purchase Agreement 

			
	SILVERY BOOM LIMITED
		
	By:	 	 /s/ XU Meijuan

	Name: XU Meijuan (徐梅娟)
	Title: Director

  
 Share
Purchase Agreement 

 Exhibit A 
 Form of 
 sale and purchase agreement to be entered into between True
Excel Holdings Limited as the purchaser and Huang Weiping (黄伟萍) and Zhang Huayi (张华义) as the vendors for the purchase of 100% interest in the share capital of Hunan Yin Lian Xiangbei Copper Company Limited
(湖南银联湘北铜业有限公司) 

  
 Share
Purchase AgreementAgreement on Share Transfer dated July 27, 2011

 Exhibit 4.15 
 Agreement on Share Transfer of 
 Hunan Yin Lian Xiangbei Copper Company
Limited 
 This Agreement (hereinafter referred to as the “Agreement”) is made on the 27th day of July 2011 in
Miluo City of the People’s Republic of China (hereinafter referred to as the “PRC”) between: 
 Huang Weiping
(黄伟萍), a citizen of the PRC whose identity card number is 350102196007300395 and address is Room204, Block 1, No.26 Neng Bu Tian Road, Gu Lou District, Fuzhou City, Fujian Province
(中国福建省福州市鼓楼区能补天巷26号1座204) (Postal Code: 350014). 
 Zhang Huayi (张华义), a citizen of the PRC whose identity card number is 350127197502202110 and address is No.15 Tian Zhong, Xi Chi Village, Cheng Tou Town, Fu Qing
City, Fujian Province (中国福建省福清市城头镇西池村田中15号) (Postal Code: 350314). 
 True Excel Holdings Limited, a limited company incorporated and subsisting under the laws of the Hong Kong Special Administrative Region of the PRC, with an address at Room 908, China Merchants
Tower, 168-200 Connaught Road Central, Sheung Wan, Hong Kong, whose authorized representative is Kwong Wai Sun (邝伟信), a resident of Hong Kong of the PRC (Position: Director). 

Hunan Yin Lian Xiangbei Copper Company Limited, a limited company established and subsisting under the laws of the PRC, with an address at
Industrial Park , Miluo City (the west side of New City Bridge, No.107 State Road )( 汨罗市工业园区(107国道新市大桥西侧)), whose authorized
representative is Huang Weiping. 
 The above parties shall hereinafter be referred to as the “Parties” and individually a
“Party”. 
  
  
 Definition 
 Unless the context otherwise requires, the following words have the following
meanings: 
  

			
	Hunan Xiangbei	 	means Hunan Yin Lian Xiangbei Copper Company Limited
		
	True Excel Holdings	 	means True Excel Holdings Limited, a limited company established under the laws of the Hong Kong Special Administrative Region of the PRC
		
	Transferors	 	mean Huang Weiping and Zhang Huayi
		
	Transferee	 	means True Excel Holdings
		
	Existing Shareholders	 	Mean Huang Weiping and Zhang Huayi
		
	Senior Management	 	means, as at the date of signing the Agreement, the general manager and 3 deputy general managers of Hunan Xiangbei
		
	PRC	 	means the People’s Republic of China, which for the purposes of this Agreement excludes Hong Kong Special Administrative Region, Macau Special Administrative Region and
Taiwan Region
		
	PRC Laws	 	mean the regulatory documents currently in force, including the laws, administrative regulations and statutes of the People’s Republic of China
		
	Share Transfer	 	means the transfer of share interests held by Huang Weiping and Zhang Huayi, respectively, in Hunan Xiangbei to True Excel Holdings in accordance with Clause 1 of the
Agreement
		
	Transfer Price	 	means the consideration received by Huang Weiping and Zhang Huayi in relation to the transfer of their share interests in Hunan Xiangbei to True Excel Holdings in accordance with
Clause 3.1 of the Agreement

  

			
		
	Transitional Period	 	means the period from the Valuation Base Date (31 May 2011) to the date upon which the procedures for changing the registrations with the competent industry and commerce
authority in relation to Share Transfer are completed in accordance with relevant regulations
		
	RMB	 	means Renminbi

 Whereas 
  

	1.	Hunan Xiangbei is established and legally subsists as a company with limited liabilities under the PRC Laws. Its registered capital is RMB30 million for which Huang
Weiping has contributed RMB18 million, representing 60% thereof, and Zhang Huayi has contributed RMB12 million, representing 40%. 

  

	2.	True Excel Holdings intends to accept all share interests of the Existing Shareholders to be transferred to it so as to invest in Hunan Xiangbei. Upon completion of the
investment, Hunan Xiangbei will be transformed into a wholly foreign-owned enterprise. 

  

 
 Under the aforesaid, and pursuant to relevant
laws, administrative regulations and regulatory documents such as the Contract Law of the People’s Republic of China and the Regulations on Foreign Investors’ Acquisition of Domestic Enterprises by way of Merger, all Parties reach an
agreement on such matters as True Excel Holdings’ acceptance of transfer of share interests in Hunan Xiangbei held by Huang Weiping and Zhang Huayi of through amicable negotiation on the principles of voluntariness, fairness and integrity, and
thus enter into this Agreement with details as follows: 
 1. Share Transfer 

 

	1.1	This Share Transfer means: Huang Weiping will transfer 60% of share interests (representing a capital contribution of RMB18 million) held by him in Hunan Xiangbei to
True Excel Holdings, and Zhang Huayi will transfer 40% of share interests (representing a capital contribution of RMB12 million) held by her in Hunan Xiangbei to True Excel Holdings. The shares transferred accounts for 100% of the current registered
capital of Hunan Xiangbei. Upon completion of Share Transfer, Hunan Xiangbei will be transformed into a wholly foreign-owned enterprise. 

  

	1.2	Huang Weiping has fully paid the capital contribution in respect of his share interests to be transferred, and Zhang Huayi has fully paid the capital contribution in
respect of her share interests to be transferred. 

  

	1.3	The share interests for proposed transfer are not under any security of whatsoever nature, including but not limited to any pledge created thereon or any restriction or
obligation affecting the Share Transfer or the exercise of shareholders’ rights of such share interests. No compulsory measures (including seizure and freezing) have been imposed by any competent authority upon the share interests for proposed
transfer. 

 2. Hunan Xiangbei 
  

	2.1	Hunan Xiangbei is a PRC enterprise legally subsisting and qualified as an independent legal person. 

 

	2.2	Hunan Xiangbei owns most of the legal approvals or permits for conducting its existing operations and businesses, and such approvals or permits are all within the terms
of validity. For any legal approvals or permits not yet obtained, there is no legal obstacle for Hunan Xiangbei to apply therefor. 

  

 
 3. Transfer Price and Payment 

 

	3.1	Transfer Price 

 All Parties
agree that the Transfer Price of share interests hereunder shall be RMB34,600,000 by reference to the net asset value of Hunan Xiangbei of RMB34,569,576.18 stated in the asset valuation report published after the valuation on all assets of Hunan
Xiangbei conducted by Hunan Jing Feng Assets Appraisal Co., Ltd (湖南精锋资产评估事务所) on 31 May 2011 (being the Valuation Base Date). Of which, the price for Huang Weiping to
transfer his share interests shall be RMB 20,760,000 and the price for Zhang Huayi to transfer her share interests shall be RMB13,840,000. 

	3.2	Currency of Denomination 

 The
aforementioned Transfer Price shall be denominated in RMB. If the Transfer Price is paid in the United States dollar, the exchange rate shall be the rate of Renminbi against United States dollar as announced by the People’s Bank of China on the
date upon which True Excel Holdings has settled the Transfer Price, and the equivalent amounts in the United States dollar payable by True Excel Holdings to Huang Weiping and Zhang Huayi shall be so determined. 

 

	3.3	Payment Method of Transfer Price 

True Excel Holdings adopts a one-off payment method that it will remit the Transfer Price to the bank account designated by the
Transferors within 3 months from the date upon which the conditions set out in Clause 3.4 hereof have been fully satisfied and Hunan Xiangbei has obtained the business license of a wholly foreign-owned enterprise. 

 

	3.4	In addition to other conditions provided in the Agreement, True Excel Holdings’ obligation of payment for Transfer Price of the share interests stipulated in
Clause 3.3 hereof is conditional upon the occurrence of the following or the following waived by True Excel Holdings as at the payment date: 

  

	3.4.1	the Share Transfer made hereunder, the Agreement signed by the Parties, the articles of association of the wholly foreign-owned enterprise, and other relevant legal
documents have received the approvals from the relevant commerce departments, and obtained the replies of approval and approval certificates; 

  

	3.4.2	pursuant to the replies of approval and approval certificates, Hunan Xiangbei shall be transformed into a wholly foreign-owned enterprise of True Excel Holdings upon
the Share Transfer, and its scope of business shall remain the same as the scope of main business currently being conducted by Hunan Xiangbei, except the business forbidden to be operated by a wholly foreign-owned enterprise under the laws and
regulations of the State; 

  
  

 

	3.4.3	the accounting firm engaged by the Transferee has completed the financial investigation into the company, and confirmed that there is no material problem with and risk
in the company’s assets, taxes and liabilities, and the results are accepted by the Transferee; 

  

	3.4.4	the law firm engaged by the Transferee has completed the legal investigation into the company and published a legal investigation report, the results are accepted by
the Transferee; 

  

	3.4.5	the financial position and operating condition of Hunan Xiangbei do not have any material adverse changes; 

 

	3.4.6	Hunan Xiangbei does not have any substantive liabilities and contingent liabilities (including but not limited to any securities, guarantees, liens, pledges or third
party interests), and does not encounter any litigations or administrative penalties, which have not been disclosed to True Excel Holdings in writing; 

  

	3.4.7	Hunan Xiangbei does not have any default in tax payment not yet disclosed to True Excel Holdings in writing; and in case any default in tax payment for special reason,
Hunan Xiangbei has made feasible arrangements with the competent tax authority for settlement, and such arrangements have been accepted by True Excel Holdings; 

 

	3.4.8	Hunan Xiangbei has re-entered into the employment contracts and non-disclosure agreements (including non-competition clause) with its Senior Management for a term of 3
years according to the laws, which are accepted by True Excel Holdings; 

  

	3.4.9	the Transferors does not violate their representations, warranties and undertakings made herein. 

 
  
 4. Settlement of Share Transfer 
  

	4.1	Each Party shall make use of their own advantages to perform or assist in performing the obligations in respect of making applications to any approval authorities, and
shall use their best endeavors to cooperate and deal with the demands and inquiries reasonably raised by any approval authorities, so as to obtain the approval from such approval authorities in connection with the Agreement and the transaction of
Share Transfer hereunder. 

  

	4.2	Within ten working days after all Parties have obtained approval documents and approval certificates issued by the approval authorities in respect of the transaction of
Share Transfer hereunder, the Transferors shall procure Hunan Xiangbei to process the registration procedures for change of shareholdings in the registration authority, and True Excel Holdings shall provide any necessary assistance and support. The
date upon which the registration authority has completed the registration procedures for change of shareholdings of Hunan Xiangbei and issued a new business license to the enterprise shall be treated as the completion date for the settlement of
transferred share interests. 

  
  

 5. Representations and Warranties of Transferors 

The Transferors severally and jointly make the following representations, undertakings and warranties to True Excel Holdings: 

 

	5.1	The Transferors have fully paid the capital contribution for the registered capital of Hunan Xiangbei, have undergone the capital verification and have received the
capital verification report, and there exist no false capital contribution or surreptitious withdrawal of the contributed capital; 

  

	5.2	As at the date upon which True Excel Holdings pays the amount for the Share Transfer, the Transferors shall have the legitimate, valid and complete right to dispose of
the transferred share interests hereunder. The share interests held by the Transferors in Hunan Xiangbei are free from any pledge or guarantee or third party interest in whatever form; 

 

	5.3	As at the date upon which True Excel Holdings pays the amounts for the Share Transfer, Hunan Xiangbei is established and validly subsists as an enterprise legal person
under the PRC Laws, lawfully obtains and effectively owns all the authorizations, approvals and permits required for its business operation (including production and sale), and is entitled to signing and performing all types of contracts relating to
its business operation. The Share Transfer hereunder shall not result in the occurrence of such events as the invalidation or cancellation of any contract/agreement entered into between Hunan Xiangbei and any third party, nor will it result in Hunan
Xiangbei’s violation of any contract/agreement entered into with a third party or its liability for any relevant default or compensation; 

  

	5.4	As at the date upon which True Excel Holdings pays the amounts for the Share Transfer, all the liabilities and contingent liabilities of Hunan Xiangbei (including but
not limited to any security, guarantee, lien, pledge or third party interest) have been truthfully and fully disclosed to True Excel Holdings. If there exist any liability and contingent liability that have not been disclosed to True Excel Holdings
in writing, the Transferors shall assume the joint repayment liability. If, after the Share Transfer, Hunan Xiangbei makes such repayment for its predecessor first, the Transferors shall ensure that the then Hunan Xiangbei after the Share Transfer
or True Excel Holdings will be indemnified immediately; 

  

 
  

	5.5	As at the date of signing the Agreement, Hunan Xiangbei is not involved in any litigation, arbitration or dispute that has not been disclosed to True Excel Holdings in
writing. Besides, Hunan Xiangbei or its Senior Management is not subject to any criminal liability or involved in other potential significant dispute which has not been disclosed to True Excel Holdings in writing; 

 

	5.6	As at the date of signing the Agreement, there exist no official notice given or penalty imposed by the relevant administrative authority to or on Hunan Xiangbei due to
Hunan Xiangbei’s failure to make written disclosure to True Excel Holdings about the violation of the laws and regulations in relation to taxation, industry and commerce, customs, foreign exchange, environmental protection, labour protection,
copper products production, processing and sales, non-ferrous metal recycling and processing and, if the violation of such laws and regulations has not been disclosed so that Hunan Xiangbei after the Share Transfer pays any overdue fine, indemnity
or penalty or suffers from any economic loss therefor, the Transferors shall ensure that Hunan Xiangbei or True Excel Holdings is indemnified immediately, unless otherwise stipulated in the Agreement. 

 

	5.7	As at the date upon which True Excel Holdings pays the amounts for the Share Transfer, no outstanding or unsettled tax payable has not been disclosed by Hunan Xiangbei
to True Excel Holdings in writing. If Hunan Xiangbei has any outstanding or unsettled tax payable which results in any penalty, the liability for such penalty shall be borne by the Transferors. 

 

	5.8	As at the date upon which True Excel Holdings pays the amounts for the Share Transfer, all of Hunan Xiangbei’s documents and materials provided to True Excel
Holdings, including but not limited to the documents relating to Hunan Xiangbei’s business license, business qualification, business status, Senior Management and employees, financial position and asset status are truly valid. All the
representations are true and contain no omission and all duplicate copies are the same as the originals; 

	5.9	As at the date upon which True Excel Holdings pays the amounts for the Share Transfer, all the intellectual property rights enjoyed by Hunan Xiangbei are not subject to
any restriction on or risk to the rights, such as pledge and transfer, which are not disclosed to True Excel Holdings in writing; 

  

 
  

	5.10	During the period from the signing of this Agreement to the completion date of the Share Transfer, Hunan Xiangbei will not engage in the following activities without
the written consent of True Excel Holdings: 

  

	5.10.1	sign any contract for repayment of any single borrowing and loan amounting to RMB500,000 or any accumulative borrowings and loans amounting to more than RMB500,000 in
total; 

  

	5.10.2	make any single or, during the Transitional Period, accumulative asset acquisition(s) (excluding the procurement of requisite production equipment) or foreign
investment(s) amounting to more than RMB500,000; 

  

	5.10.3	carry out any activity which may result in any material adverse change in its financial position; 

 

	5.10.4	alter any provision of its articles of association or any constitutional documents; 

 

	5.10.5	sell or transfer any important part of its assets (including intellectual property); 

 

	5.10.6	declare and pay in any way any dividend to any shareholders and to any persons other than the shareholders. 

 

	5.11	As at the date upon which True Excel Holdings pays the amounts for the Share Transfer, Hunan Xiangbei shall legally have the ownership of assets contained in the
balance sheet and list of fixed assets, equipment list or other lists prepared based on the audit and valuation conducted on the Base Date, and obtain and validly hold all ownership certificates relating to such assets; 

 

	5.12	During the period from the execution of the Agreement to the completion date of settlement of Share Transfer, Hunan Xiangbei shall be duly operated in accordance with
the generally commercial practices and principles; 

  
  

 

	5.13	Apart from Hunan Xiangbei, the Transferors do not involve in the investment in any entity which has the same or similar business as Hunan Xiangbei. Also, within 5 years
from the execution of the Agreement, the Transferors and close relatives shall not participate, whether directly or indirectly, in the investment in any other entity which has the same or similar business as Hunan Xiangbei 

 

	5.14	Upon signing of this Agreement, if penalty is imposed by the relevant administrative authority to or on Hunan Xiangbei due to Hunan Xiangbei’s failure to pay for
employees’ social security insurance and pension scheme contribution for the period up to the date of completion of Share Transfer, the Transferors shall assume all the liabilities, and settle these liabilities before 1 October, 2011. If
Hunan Xiangbei has any such liabilities or unsettled payable which results in any loss in True Excel Holdings or the investors, the Transferors shall bear the compensation liability. 

 

	5.15	During the period from the signing of this Agreement to the completion date of the Share Transfer, the Transferors shall procure Hunan Xiangbei for completing
application and approval procedures for projects including but not limited to Expansion Project for Recycled Copper Comprehensive Utilization, or the intended construction projects, for recognition as City Mineral Demonstration Base projects of
Miluo Industrial Park in Hunan, and to obtain the appropriate local government support funds. 

 6. Representations and
Warranties of True Excel Holdings 
  

	6.1	All the supporting documents and information provided to the Transferors for the purpose of entering into the Agreement are true and complete. 

 

	6.2	All the approval procedures required for entering into the Agreement (including but not limited to authorizations, approval and internal decision-making of the company)
have been legally and validly completed. 

 7. Liabilities for Tax and Professional Fees 

 

	7.1	Each Party agrees that each of the related parties shall be liable for its own tax obligation incurred in the course of Share Transfer hereunder.

  

	7.2	Each Party agrees that the investors shall be liable for the professional fees (mainly attorney fee and financial due diligence fee) incurred in the course of the Share
Transfer hereunder. However, if this transaction cannot be completed due to the Transferors or Hunan Xiangbei (including but not limited to unilaterally termination or cancellation of this transaction by the company), the Transferors or Hunan
Xiangbei shall compensate the Transferee the professional fees paid for this transaction (mainly attorney fee and financial due diligence fee). 

 8. Liability for Default 
  

	8.1	Upon signing the Agreement, should there be any termination of agreement without reason by any Party, the Party shall pay a default penalty (equal to 15% of Transfer
Price contained herein), on a one-off basis, to the non-defaulting Parties. Where the Party causes any loss to the non-defaulting party, it shall bear the compensation liability. 

 

	8.2	Any Party violating the Agreement shall be liable for all compensation liabilities in connection with the losses arising from the Party’s default of the Agreement.

  
  

 

	8.3	The liability for default to be borne by any Party due to the Party’s violation of the provisions of the Agreement shall not be discharged by virtue of the
withdrawal of the Agreement. 

  

	8.4	If the conditions for payment for Share Transfer (which are set out in Clause 3.4) cannot be fulfilled, True Excel Holdings’ non-payment therefor shall not
constitute a default. 

 9. Amendment, Withdrawal and Termination of the Agreement 

 

	9.1	Where all Parties unanimously consent, they may amend or withdraw the Agreement. 

 

	9.2	Any Party may withdraw the Agreement in any of the following events: 

  

	9.2.1	where the objectives of the Agreement cannot be realized due to force majeure or by any reason for which all Parties should not be claimed, any Party may withdraw the
Agreement; 

  

	9.2.2	where any Party loses its actual ability to perform the Agreement, the other Party may withdraw the Agreement; 

 

	9.2.3	where any material default made by any Party causes the objectives of the Agreement unachievable, the other Party may withdraw the Agreement; 

 

	9.2.4	where any Party materially breaches the Party’s representations and warranties contained in Clause 5 and Clause 6 hereof, the other Party may withdraw the
Agreement. 

  

	9.3	Where the Transferors seriously breach any of the representations and warranties stated in Clause 5 hereof, and such breach cannot be corrected within 10 days of True
Excel Holdings’ issuance of reminder, True Excel Holdings shall have the right to terminate the Agreement, and shall not be liable for any compensation for any loss (if any) on Hunan Xiangbei or the Transferors due to the termination of the
Agreement. 

  
  

 

	10.	Applicable Laws and Settlement of Disputes 

  

	10.1	The execution, validity, interpretation and performance of the Agreement and the settlement of dispute shall be governed by the PRC Laws. 

 

	10.2	All disputes arising out of the performance of the Agreement or relating to the Agreement shall be settled by all Parties through negotiation. If no solution can be
reached, any of the Parties may submit the dispute to the China International Economic and Trade Arbitration Commission pursuant to the provisions hereof for arbitration, which shall be conducted in Beijing City of the PRC according to the then
prevailing arbitration procedures and rules of the Commission. The award of the arbitrators shall be final and legally binding on all Parties. 

  

	10.3	During the arbitration, in addition to the dispute submitted for arbitration, all Parties shall continue to perform other obligations stipulated herein.

 11. Validity of the Agreement 

The Agreement shall be made upon signing by the Parties hereto on the day and year first above written, and shall be effective upon
obtaining the approval from competent commerce department. 
 12. Miscellaneous 

 

	12.1	Any amendment or supplement to the contents of the Agreement by the Parties shall be made in writing, which shall be treated as an appendix to the Agreement. Any
appendix to the Agreement and the Agreement shall have the same legal effect. 

  

	12.2	Pursuant to the PRC Laws, any provision hereof being judged by an arbitration institution to be invalid shall not affect the validity of other provisions of this
Agreement. 

  

	12.3	The profit and loss of Hunan Xiangbei in the Transitional Period shall be attributable to Hunan Xiangbei after the change of shareholdings. 

 

	12.4	Any Party’s failure or delay in exercising and/or enjoying the right and/or benefit under the Agreement shall not been deemed as a waiver thereof, nor shall any
partial exercise of such right and/or benefit preclude the exercise of the same in future. 

  

 
  

	12.5	The rights or remedies conferred to the Parties by the Agreement are cumulative, and are neither exclusive of other rights and remedies entitled by the Parties under
the PRC Laws, nor exclusive of any other rights and remedies conferred by the PRC Laws or other documents with legal effect to be promulgated after the effective date of the Agreement. 

 

	12.6	This Agreement is executed in octuplicate. Each Party shall keep one and the remainders will be used for filing purpose. 

(The remainder of this page is intentionally left blank) 
  

 
 [This page has no text and is a signature page
of the Agreement on Share Transfer of Hunan Yin Lian Xiangbei Copper Company Limited] 
  

			
	Signed by:
		
	 Huang Weiping: /s/ Huang Weiping
	 	Zhang Huayi: /s/ Zhang Huayi
		
	True Excel Holdings Limited (Chop)	 	
	
	Authorized Representative (Signature): /s/ Kwong Wai Sun Wilson
		
	Hunan Yin Lian Xiangbei Copper Company Limited (Chop)	 	
	
	Statutory Representative or Authorized Representative (Signature): /s/ Huang Weiping

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