Document:

Exhibit 10.19

 

Equity Acquisition Framework Agreement

(English Translation, for reference only)

 

This Equity Acquisition
Framework Agreement (this “Agreement”) is entered into by and among the following Parties on August 10, 2020 (the “Execution
Date”)in Beijing:

 

Purchaser:

Scienjoy Holding Corporation(“SHC”),
a limited liability company established in the British Virgin Islands and has been listed on NASDAQ (shares trading code: SJ).

 

Target Companies:

Sciscape International Limited
(遠景蔚來國際有限公司) (“Sciscape”) is a limited
liability company established in Hong Kong, China.

Tianjin Guangju Dingfei Technology
Co., Ltd. (天津光聚鼎沸科技有限公司) (“Guangju
Dingfei”), a limited liability company established in China, which is an affiliate of Sciscape.

 

Shareholders of Target Companies:

Cosmic Soar Limited (宇翔有限公司)
(“Cosmic”), a limited liability company established in the British Virgin Islands, which is the sole shareholder
of Sciscape.

Tianjin Guangju Dingsheng Technology
Co., Ltd.(天津光聚鼎晟科技有限公司) (“Guangju
Dingsheng”), a limited liability company established in China, which is the sole shareholder of Guangju Dingfei.

 

WHEREAS:

 

		1.	Target Companies are mainly engaged in the business of internet live video service (“Main
Business”);

 

		2.	The Purchaser intends to acquire all the shares of the Target Companies from the Shareholders of
Target Companies.

 

NOW, THEREFORE, all
Parties have signed this Agreement through friendly negotiation and make agreements with respect to the following terms and conditions
on the matters of the transaction.

 

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Article
1 Definitions

 

The terms have the following
meanings unless otherwise expressed in this Agreement:

 

	The Purchaser	 	means	 	SHC (including its affiliate, as applicable).
	 	 	 	 	 
	Target Companies	 	means	 	Sciscape and/or Guangju Dingfe. 
	 	 	 	 	 
	The Shareholders of Target Companies	 	means	 	the shareholders holding all the shares and equity interest of the Target Companies as of the Execution Date, including Cosmic and Guangju Dingsheng.
	 	 	 	 	 
	Group Companies	 	means	 	The Target Companies and their subsidiaries, branches or other enterprises actually controlled by the Target Companies as of the Closing Date, including Guangju Dingfei’s wholly-owned subsidiary Changxiang Infinite Technology (Beijing) Co., Ltd.(畅享无限科技(北京)有限公司).
	 	 	 	 	 
	Transaction	 	means	 	The Purchaser’s acquirement of all the shares and equity interest of the Target Companies from the Shareholders of Target Companies in accordance with this Agreement and any other matters contemplated thereto.
	 	 	 	 	 
	Consideration	 	means	 	In relation to the Transaction, all the considerations to be paid or delivered by the Purchaser to the Shareholders of Target Companies, including the Cash Consideration and Share Consideration.
	 	 	 	 	 
	Cash Consideration	 	means	 	The funds in an amount of up to RMB[50] million to be paid by the Purchaser (or its designated affiliate) to Guangju Dingsheng, viz. Guangju Dingfei’s sole shareholder according to this Agreement, as part of the Consideration.

 

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	Shares Consideration	 	means	 	
        certain number of ordinary shares to be
        issued by SHC to Cosmic (the sole shareholder of Sciscape) according to this Agreement, as part of the Consideration, which is
        equivalent to RMB250 million, up to such share number calculated as below:

        RMB250 million divided by the average stock
        price of SHC during the fifteen (15) trading days precedent to the Closing Date.

        The exchange rate will be the RMB rate
        released by the Federal Reserve on the Closing Date.

	 	 	 	 	 
	Target Shares	 	means	 	all of the shares and equity interest of the Target Companies to be acquired by Purchaser from the Shareholders of Target Companies.
	 	 	 	 	 
	Parties	 	means	 	the Purchaser, the Target Companies and the Shareholders of Target Companies.
	 	 	 	 	 
	Closing Date	 	means	 	such date when the Shareholders of Target Companies have transferred all of the Target Shares to Purchaser in accordance with this Agreement and complete all relevant registration and filing procedures, as well as the Purchaser’s completion of the payment and delivery of the Consideration in accordance with this Agreement.
	 	 	 	 	 
	Transaction Documents	 	means	 	all agreements and documents in connection with the Transaction, including this Agreement.
	 	 	 	 	 
	Employment Agreement	 	means	 	the employment agreements signed by the key management personnel of the Group Companies as required by the Purchaser, as well as the customary confidentiality, non-competition and intellectual property transfer agreements.
	 	 	 	 	 
	Transition Period	 	means	 	the term commencing from the Execution Date to the Closing Date.

 

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	China	 	means	 	People’s Republic of China (PRC).
	 	 	 	 	 
	Hong Kong	 	means	 	Hong Kong Special Administrative Region of the People’s Republic of China.

 

Article
2 Transaction

 

		2.1	The Purchaser will acquire all of the Target Shares from respective Shareholders of Target Companies
under the terms and conditions of this Agreement, such that the Purchaser will actual control the Target Companies, as follows.

 

		2.1.1	Scienjoy Inc. (“Scienjoy”), a limited liability
company established in the Cayman Islands, which is a subsidiary of SHC, as designated by SHC to enter into a Share Transfer
Agreement (including Instrument of Transfer ) with Cosmic, pursuant
to which Scienjoy will purchase all of the shares held by Cosmic in Sciscape and Sciscape will update its register of members accordingly;

 

		2.1.2	Zhihui Qiyuan (Beijing) Technology Co., Ltd. (智汇启源(北京)科技有限公司)
(“Zhihui Qiyuan”), a limited liability company established in China, which is an affiliate actually controlled
by SHC, as designated by SHC to enter into an Equity Interest Transfer Agreement with Guangju Dingsheng, pursuant to which Zhihui
Qiyuan will purchase all of the equity interest held by Guangju Dingsheng in Guangju Dingfei at a purchase price equal to the Cash
Consideration, subject to any applicable provisions of this Agreement (including Article 10.4.2).

 

		2.2	The Parties acknowledge and agree that, after the signing of this Agreement and the above-mentioned
documents relating to the transfer of the Target Shares, all the Target Shares shall have been assigned to the Purchaser (or such
subsidiaries and affiliates as designated by Purchaser) and the Purchaser, as the actual shareholder of the Target Companies, shall
has the right to maintain or adjust the management of the Group Companies as necessary, so that the Purchaser will actually control
the Target Companies in all respects.

 

		2.3	From the Execution Date until the date that all Target Shares have been registered under name of
Purchaser (or such subsidiaries and affiliates as designated by Purchaser), the Shareholders of Target Company shall not, directly
or indirectly, transfer, pledge or otherwise dispose of the Target Shares to any other parties, or in any way dispose of the significant
assets of the Target Companies without the written consent of the Purchaser.

 

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		2.4	In order to motivate the management team of the Target Companies to promote continuous value to
the Target Company after the Closing Date, the Parties agree that the Share Consideration shall be allotted and issued in installments
as follows:

 

		2.4.1	[70%] of the Share Consideration shall be issued at the Closing Date in accordance with article
4.1.1; and

 

		2.4.2	thereafter, subject to any applicable provisions of the Agreement, so long as the core members
of Group Company’s management have complied with the Employment Agreement (including but not limited to the undertaking under
Article 3.9 of this Agreement with respect to at least a 3-year service period), without significant changes (including that the
CEO of the Target Companies does not terminate service), and after the Target Companies have achieved the following performance
regarding the revenues (“Target Revenues”) each year (“Performance Year”), SHC will issue
10% of Share Consideration to Cosmic for such Performance Year:

 

		(1)	Target Companies’ total annual revenue is no less than RMB336.6 million in Year 2020;

 

		(2)	Target Companies’ total annual revenue is no less than RMB460.6
million in Year 2021;

 

		(3)	Target Companies’ total annual revenue is no less than RMB580.9
million in Year 2022.

 

SHC will issue such Share Consideration
to Cosmic within ten (10) business days following the Purchaser’s final confirmation with the revenues of Target Companies,
provided however that, if the total annual revenue of a Performance Year does not reach the Target Revenue in such year,
but is more than 80% (including 80%), then SHC will adjust the number of Shares Consideration issuable for such Performance Year
based on the revenue actually achieved by the Target Companies, as follows:

 

the number of shares issuable
= (the actual total annual revenue in the Performance Year / the Target Revenue of such Performance Year ) × (10% of the
total Shares Consideration)

 

For
the avoidance of doubt, if the Target Companies fail to achieve 80% of the Target Revenue in a Performance Year, SHC will not be
obligated to issue any Share Consideration to Cosmic in such Performance Year.

 

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Article
3 Closing Precedence to Transaction

 

The completion of Transaction shall be
conditioned upon the followings:

 

		3.1	Purchaser has obtained all of its internal consent and approval with respect to the Transaction,
including but not limited to the approval from Purchaser’s board of directors, and has completed all formalities in relevant
governmental authorities and agencies, including but not limited to filings, announcements, notices and any other procedures to
be made in the U.S. Securities and Exchange Commission (“SEC”) and NASDAQ.

 

		3.2	Target Companies has obtained all of their internal consent and approval with respect to the Transaction,
including but not limited to the approval from the Target Companies board of directors and shareholders, and has completed all
procedures and formalities in relation to the transfer of the Target Shares. There is no other requisite approval or precedent
procedures from any third parties, including but not limited to governmental authorities and agencies.

 

		3.3	The Purchaser has completed its due diligence on the Group Companies, of which results are satisfactory
to the Purchaser.

 

		3.4	All Parties have signed this Agreement and other Transaction Documents, including but not limited
to such documents relating to the transfer of the Target Shares as set forth in Article 2.1.

 

		3.5	The representations, warranties and undertakings made by the Target Companies and the Shareholders
of Target Companies under This Agreement are true, correct and complete, and shall be in full force and effect as of the Closing
Date.

 

		3.6	Each of the Group Companies is duly incorporated and in good standing under, and by virtue of,
the laws of the place of its incorporation or establishment, and there is no material adverse effect against its business operations
or effectiveness of its qualifications and permits, and there is no material adverse effect which will cause failure to this Transaction.

 

		3.7	During the Transition Period, there is no material adverse changes against Group Companies’
business or financial status. The Group Companies do not establish or create any encumbrance on any of their assets or properties,
nor directly or indirectly dispose of its substantial assets by any means. There is no material indebtedness or labilities incurred
by the Group Companies.

 

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		3.8	During the Transition Period, the Shareholders of Target Companies shall not transfer the Target
Shares to a third party other than the Purchaser, or impose a pledge (or mortgage) on them.

 

		3.9	As required by the Purchaser, the management team of the Target Companies shall keep stable. The
members of senior management of the Target Companies shall have entered into an employment contract in the form and substance to
the satisfaction of the Purchaser, with a term no less than three (3) years, as well as other customary confidentiality, non-competition
and non-solicitation and intellectual property transfer agreements.

 

		3.10	Other closing conditions and deliveries relating to the Transactions as reasonably required by
the Purchaser, including but not limited to:

 

		3.10.1	certified true copy of updated register of members of Sciscape, evidencing
that Scienjoy Inc. has become the sole shareholder of Sciscape ;

 

		3.10.2	The documents evidencing that Guangju Dingfei has completed all the formalities in the local market
supervision and management department with respect to transfer of equity interest from Guangju Dingsheng to Zhihui Qiyuan, including
Guangju Dingfei’s updated business license and its articles of association.

 

		3.11	The Shareholders of Target Companies and the Target Companies shall have handed over all of the
bank accounts of the Group Companies to Purchaser and completed related procedures as required by the Purchaser, including but
not limited to, change of the account authorized person, or delivery of the payment tools (including tokens or similar electronic
device) and password or code, and any other items as applicable.

 

The Purchaser shall have its
sole discretion to waive or prolong the execution of the conditions precedent in writing.

 

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Article
4 Payment and Delivery of Consideration

 

		4.1	The Consideration to be paid or delivered by the Purchaser under this Agreement equals to RMB300
million, including Cash Consideration and Share Consideration (SHC’s equivalent shares), as follows:

 

		4.1.1	Within fifteen (15) business days following the completion of all the conditions precedent as provided
in Article 3, SHC shall issue 70% of Share Consideration to Cosmic. The remaining Share Consideration shall be issued and allotted
in accordance with Article 2.4 above.

 

		4.1.2	Within fifteen (15) business days following completion of all the conditions precedent as provided
in Article 3 and subject to other applicable provisions of this Agreement (including Article 10.4.2), Zhihui Qiyuan shall pay all
of the corresponding Cash Consideration to Guangju Dingsheng.

 

		4.2	Without prior consent from the Purchaser, Cosmic shall not directly or indirectly transfer, sell,
pledge or otherwise dispose of the Share Consideration to any other party within twelve (12) months following the issuance date
of such part of Share Consideration, and for purpose of this provision, Cosmic and SHC shall enter into a separate agreement (such
as a lock-up agreement) on the issuance date of the Share Consideration.

 

		4.3	Each Party shall bear its own taxes and fees in relation to the Transaction, and the Purchaser
shall have the right to withhold the corresponding taxes and fees on the Consideration paid or delivered to by the Shareholders
of Target Companies under this Agreement in accordance with applicable law or as required by the relevant tax authorities. The
Shareholders of Target Companies shall indemnify and hold harmless for the Purchaser against any damage or loses arising from tax
liability of the Shareholders of Target Companies, and the Purchase shall have the right to claim against the Shareholders of Target
Companies under such circumstance.

 

Article
5 Arrangements after Execution Date

 

		5.1	Unless for purpose of completion of the Transaction under this Agreement, the Shareholders of Target
Companies shall (and shall cause their respective directors, representatives and other senior managers to) comply with the following
undertakings:

 

		5.1.1	manage the Group Companies in due course and fulfill the obligation of integrity and diligence,
and shall not take any actions to harm the interests of the Group Companies or derogate the value of the Group Companies;

 

		5.1.2	shall not directly transfer or donate the assets of the Group Companies to any third party by any
means, and guarantee that the Purchaser (or the person designated by Purchaser) can take over the daily business operation and
management of the Group Companies during the Transition Period;

 

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		5.1.3	shall not waive any creditor’s rights entitled by Group Companies, or create any liability
on the assets of the Group Companies, or provide any guarantee for benefit of third party by Group Companies’ properties.

 

		5.2	During the Transition Period, the Group Companies shall operate business in the ordinary course
and maintain financial books and records in a customary and lawful manner in accordance consistent with past practice, and in compliance
with laws and regulations as applicable to its property, assets or business, and shall notify the Purchaser of any event, facts,
conditions, changes or other circumstances that would cause or may cause material adverse changes to the status of Group Companies
or have material adverse effects on the Transaction.

 

		5.3	The Shareholders of Target Companies and the Target Companies shall take all necessary actions
to cooperate with the Purchaser for completion of the Transaction, including but not limited execution of relevant documents.

 

		5.4	The Group Companies shall complete the adjustment of the management structure as required by Purchaser
and comply with the Purchaser’s internal rules, including but not limited to, the approval of the annual budget and business
plan, large expenditures and disposal of substantial assets, borrowings and guarantees, and related-parties transactions.

 

Article
6 Effectiveness

 

This Agreement shall become effective upon
all parties’ execution by its authorized representative or with chop (if applicable).

 

Article
7 Representations and Warranties

 

		7.1	As of the Closing Date, each of the Target Companies and the Shareholders of Target Companies hereby
severally and jointly represents and warrants to the Purchaser that:

 

		7.1.1	It is a legally established and existing entity with capacity and abilities to conclude and perform
all obligations and responsibilities under this Agreement. Each Target Company has completed its internal process and approval
procedures (including but not limited to adoption of the resolution of the shareholders and/or the Board of Directors, if applicable)
in connection with the execution and performance of this Agreement. This Agreement shall be legally and effectively binding upon
its entry into force.

 

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		7.1.2	its execution of this Agreement will not conflict with its charter documents and any agreements
binding to it.

 

		7.1.3	In respect of the registered capital of Guangju Dingfei, RMB8.5 million has been fully paid, and
as for such paid-up registered capital, there is no false capital contribution or capital withdrawal by its shareholder. The Shareholders
of Target Companies legally own the equity of the Target Companies, and there is no mortgages, pledges, proxy holdings, share trusts
or any other rights that affect the disposal of the equity interest held by the Shareholders of Target Companies in the Target
Companies.

 

		7.1.4	There is no litigation, dispute, administrative investigation or judicial proceedings against it,
resulting in the potential risks and adverse effect to the Shareholders of Target Companies and Target Companies, such as the freezing
and compulsory transfer against the Target Shares, and there is no current or potential events which has caused or will cause frozen
or compulsory transfer of the assets or property of the Group Companies.

 

		7.1.5	Each Group Company holds or owns all assets (including intellectual property), property (including
intangible assets), facilities, services, and related contractual rights and third-party authorizations required and necessary
for its business operations, and has legal and full ownership of assets in its name and such assets or any rights and interests
relating to them are not subject to any collateral, pledge or third party’s claim to assets under the company’s name
or have obtained the consent of such rights holders to such assets.

 

		7.1.6	Each Group Company operates its business in compliance with any applicable laws, including payment
of taxes. The information and documents provided to the purchaser is true, authentic, complete and effective and has not been deliberately
concealed. Each Group Company complies in all respects with other applicable laws, regulations, regulations and orders of all governmental,
administrative, supervisory bodies to which it is bound, including, but not limited to, its lawful and effective holding of all
licenses, qualifications, approvals and registrations necessary for its business operation.

 

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		7.1.7	it has provided and disclosed to the Purchaser all the information related to its assets, financial
status and any other documents as required by Purchaser, (including but not limited to the balance sheet and profit and loss statement,
the “Financial Statements”), and guarantee that such information and documents shall be true, complete and accurate,
without holding any information which will affect Purchaser’s decision to execute or perform this Agreement. Each of the
Target Companies and the Shareholders of Target Companies further confirms and warrants that: (1) except for the indebtedness already
covered in the Financial Statements, the Group Company does not have any other debts or similar liabilities, unless otherwise disclosed
in writing by the Target Companies and as confirmed by the Purchaser; (2) the Group Company shall have collected all the account
receivables incurred before the Closing Date within 24 months following the Closing Date, and as for other non-operating debts
or similar liabilities (including but not limited to loans extended by the Group Companies to the Shareholders of Target Companies),
the Group Companies shall have been fully repaid before the Closing Date or otherwise settled in a manner agreed by the Purchaser.

 

		7.1.8	there is no litigation, investigation or procedure that may have a material adverse effect on its
business, operations, properties, assets, financial status or prospects when it is known to have an impact on it; has resulted
in its business, operation, property, assets, financial status, and shall notify the Purchaser immediately after occurrence of
such events.

 

		7.1.9	any Group Company’s patents, trademarks, copyrights, domain names and other intellectual
property rights are legal owned by such Group Company and shall continue to be valid and effective, without any defects, disputes
or third-party claims.

 

		7.1.10	The Group Companies have provided all relevant material contracts as required by the Purchaser,
including but not limited to agreements significant to the business operation, and undertake that: (1) such major contracts are
still valid and enforceable as of the Closing Date; (2) no party to such contract has breached the contract or has intention to
terminate the contract; (3) the completion of the Transaction hereunder will not need to obtain consent from the other party to
contract, nor will it cause an early termination of the contract or acceleration of or increasing burden of the Group Company’s
obligations under such material contract.

 

		7.1.11	The Target Companies and the Shareholders of Target Companies shall strictly perform and implement
provisions under this Agreement to complete the Transaction, such that the Purchaser can acquire the Target Shares, unless due
to other party’s breach or force majeure;

 

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		7.1.12	The Shareholders of Target Companies shall be responsible for all legal, tax, debt, guarantee,
and economic disputes with respect to Group Companies incurred prior to the completion of this Transaction (or which events occurred
after the Closing Date, but the fact was caused and generated by the Group Companies prior to the Closing Date). The Shareholders
of Target Companies shall indemnify and hold harmless for Purchaser against such loss or damages thereto.

 

		7.2	The Purchaser represents and warrants that:

 

		7.2.1	it has all the necessary rights and abilities to enter into and perform all obligations and responsibilities
under this Agreement;

 

		7.2.2	it is binding to obligations and responsibilities under this Agreement.

 

		7.3	Each party warrants that it shall indemnify the other party in full for any loss caused to the
other party by the untrue or material omission of such representations, undertakings and warranties and other written undertakings
made by such party.

 

Article
8 Confidentiality

 

		8.1	The scope of confidentiality described in this Agreement includes all matters described in this
Agreement and confidential information known on the matter.

 

		8.2	After the signing of this Agreement, any party and the recipient of confidential information shall
guarantee that:

 

		8.2.1	keep the information confidential and shall not disclose the contents of this Agreement;

 

		8.2.2	except for the prior written consent of the confidential information provider or the circumstances
specified in Article 8.3, no confidential information will be disclosed to any third party;

 

		8.2.3	except for performance of this Agreement, no confidential information will be used for other purposes.

 

		8.3	The obligations set forth in Article 8.2 of This Agreement do not apply to any of the following
circumstances:

 

		8.3.1	Confidential information known to the public not due to the recipient’s reasons at any time
after the signing of this Agreement;

 

		8.3.2	When relevant laws, administrative regulations, normative documents and relevant government and
industry authorities require disclosure, including but not limited to the external announcements made by the Purchaser to meet
the needs of the listed regulatory authorities and institutions;

 

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		8.3.3	Confidential information legally obtained by the recipient from a third party after the signing
of this Agreement;

 

		8.3.4	For the execution of this Agreement, the recipient may reasonably disclose appropriate confidential
information to its employees, professional consultants or agents as necessary, provided that the recipient ensures and induces
its employees to comply with the confidentiality obligations set out in Article 8.2.

 

		8.4	If for any reason the matters agreed to in This Agreement are not completed, the Parties agree
to return all the materials and information provided by the other party to the provider as soon as possible.

 

Article
9 Force Majeure Event

 

		9.1	In the event of an event of force majeure that directly affects the performance of this Agreement
or the conditions agreed upon in this Agreement cannot be fulfilled, the party that has an force majeure event shall immediately
notify the other party of the event by fax or other reasonable means, and shall, within thirty 30 days of the date of the event
of the force majeure, provide details of documents that cannot perform or need to be extended to perform this Agreement, which
shall be issued by a notary institution in the area where the force majeure event occurred.

 

		9.2	No party shall have the right to claim compensation from the other party for the damage caused
by the force majeure event.

 

Article
10 Liability of Breach

 

		10.1	After execution of this Agreement, except for force majeure, any party’s failure to perform
or fail to promptly or improperly perform any of its obligations under this Agreement, or breach of any statement or guarantee
made under this Agreement, shall constitute its breach of contract, shall be liable for breach of contract in accordance with the
provisions of this Agreement or applicable laws.

 

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		10.2	After execution of this Agreement, if the Purchaser discovers that the assets and liabilities of
any Target Company are significantly different from the circumstances disclosed by it, or if the Target Company has any illegal
and illegal activities, as well as major litigation, arbitration and other disputes, resulting in economic losses suffered by the
Purchaser, the Shareholders of Target Companies shall compensate the Purchaser for the losses accordingly.

 

		10.3	The Shareholders of Target Companies shall be responsible for any liabilities and/or contingent
liabilities of the Group Companies existed prior to the Execution Date which is not disclosed by the Target Companies, including
such liabilities arising from their violation of the representations and warranties in Article 7.1.7, such as uncollected accounts
receivable and shareholders’ loans.

 

		10.4	As to such liabilities and/or contingent liabilities of the Group Companies disclosed by the Target
Companies prior to the Execution Date,

 

		10.4.1	if the accounts receivables or any third-paid credit rights entitled by the Group Companies before
the Closing Date have not recovered or paid within twenty-four (24) months following the Closing Date, the Purchaser shall have
the right to require the Shareholders of Target Companies to pay such unrecovered amounts to the Purchase or the Target Companies
within thirty (30) days thereafter;

 

		10.4.2	if the Shareholders of Target Companies (including their affiliated parties) fail to repay all
debts and loans (including principal and accrued interest) to the Group Companies before the Closing Date, the Purchaser shall
have the right to deduct the amount of such debts and loans from the Cash Consideration.

 

		10.5	the Shareholders of Target Companies shall take responsibility for such liabilities and fully compensate
the Purchaser within [30] days after such liabilities are determined.

 

		10.6	Any party shall be liable for its breach of contract and shall compensate the other party for all
losses caused by it. Such losses include but not limited to auditing fees, evaluation fees, financial consulting fees, attorney
fees, and travel expenses incurred by other party for the matters concerned. For the avoidance of doubt, the Shareholders of Target
Company and the Target Company shall be jointly and severally liable for their breach of this Agreement.

 

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Article
11 Governing Law and Dispute Resolution

 

		11.1	The conclusion, validity, interpretation, execution and dispute resolution of this Agreement are
governed by PRC law.

 

		11.2	Where all disputes arising out of or relating to the execution of this Agreement shall be resolved
by friendly negotiation. If the settlement cannot be negotiated, the Parties to this Agreement irrevocably agree to submit the
dispute to the Beijing Arbitration Commission for arbitration in accordance with the arbitration rules then effective. The arbitral
award is final and binding on all Parties.

 

		11.3	During the period of arbitration, all Parties shall continue to perform all other obligations under
This Agreement except for the disputed matters or obligations submitted to the arbitration.

 

Article
12 Other Matters

 

The Parties agree
that they will use their best efforts in accordance with the principle of good faith to complete any actions required to make this
Agreement effective as soon as possible, including but not limited to signing or urging a third party to sign any documents or
applications, or obtaining any relevant approval, consent or permission, or completion of any relevant registration and filing.
The Parties further agree that after the signing of This Agreement, the Parties can reach a supplementary agreement on matters
not covered in This Agreement. If the supplementary agreement is inconsistent with this Agreement, the supplementary agreement
shall prevail. The supplementary agreement constitutes an integral part of this Agreement.

 

Article
13 Modification and Termination

 

		13.1	This Agreement can be amended or terminated upon consensus of all Parties. The modification, termination
or cancellation of this Agreement shall be in written form, subject to approval form authorities as applicable.

 

		13.2	The Parties agree that if the Transaction has not been completed within six (6) months following
the Execution Date not due to any party’s breach of this Agreement, unless otherwise decided by the Purchaser to extend such
term by delivery of a (10) business days prior written notice to other Parties, then any party shall have the right to terminate
this Agreement.

 

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		13.3	If this Agreement is terminated or the Transaction is cancelled, the Parties shall take all necessary
methods to restore the original status.

 

Article
14 Severability

 

		14.1	All the attachments of this Agreement are an integral part of this Agreement and have the same
legal effect.

 

		14.2	If there is a conflict or inconsistency between the attachment to this Agreement, this Agreement
shall prevail.

 

		14.3	This Agreement is written in Chinese, with multiple copies of originals, any of which shall have
the same legal effect.

 

Article
15 Miscellaneous

 

		15.1	Any party shall send a notice related to this Agreement to the other party in written form, and
shall be sent by hand, fax, telex or post; if the notice is delivered by hand, it shall be sent when it reaches the registered
address of the other party. If it is sent by fax or telex, the sender will be deemed to have been served after receiving the response
code; if it is sent by post, the delivery date will be five (5) business days after the date of delivery.

 

		15.2	Any amendment to this Agreement shall take effect only with the consent of the Parties and the
signing of written documents, and any modifications and supplements shall be an integral part of This Agreement.

 

		15.3	The failure or delay by any party in the exercise and/or enjoyment of its rights and/or interests
under This Agreement shall not be construed as a waiver of those rights and/or interests, and the exercise of such rights and/or
interests shall not impede the future exercise of such rights and/or interests.

 

[signature
pages to follow]

 

    16

     

    

 

(Signature
Page to Equity Acquisition Framework Agreement)

 

Purchaser:

 

Scienjoy Holding Corporation

 

	Signature:	/s/ Xiaowu He	 
	Name:	Xiaowu He	 
	Title:	CEO	 

 

     

     

    

 

(Signature
Page to Equity Acquisition Framework Agreement)

 

Target Companies:.

 

Sciscape International Limited

(遠景蔚來國際有限公司)

 

	Signature: 	/s/ Sheng Hou	 
	Name:	Sheng Hou	 
	Title:	Director	 

 

Tianjin Guangju Dingfei Technology
Co., Ltd.

(天津光聚鼎沸科技有限公司)
(Seal).

 

	Signature: 	/s/ Sheng Hou	 
	Name:	Sheng Hou	 
	Title:	Executive Director	 

 

     

     

    

 

(Signature
Page to Equity Acquisition Framework Agreement)

 

Shareholders of Target Companies:

 

Cosmic Soar Limited

(宇翔有限公司)

 

	Signature: 	/s/ Sheng Hou	 
	Name:	Sheng Hou	 
	Title:	Director	 

 

Tianjin Guangju Dingsheng
Technology Co., Ltd. 

(天津光聚鼎晟科技有限公司)
(Seal).

 

	Signature: 	/s/ Sheng Hou	 
	Name:	Sheng Hou	 
	Title:	Executive DirectorExhibit 10.20

 

RESALE LOCK-UP AGREEMENT

 

This Resale Lock-Up Agreement (this “Agreement”)
is dated as of Sep. 10 2020, by and between Cosmic Soar Limited (), a British Virgin Islands
company (the “Holder”), and Scienjoy Holding Corporation, a British Virgin Islands company (the “Company”).

 

BACKGROUND

 

A. The Company and the Holder are parties
to that certain Equity Acquisition Framework Agreement, dated as of August  10, 2020 (the “Acquisition Agreement”)
by and among the Company, the Holder, Sciscape International Limited (),a limited liability company established in Hong Kong (“Sciscape”),
and certain other persons and entities listed therein, pursuant to which Scienjoy Inc., a wholly owned subsidiary of the Company
will acquire 100% equity ownership of Sciscape from the Holder.

 

B. As part of the consideration under the
Acquisition Agreement, the Holder will be entitled to receive a certain number of ordinary shares of the Company pursuant to the
Acquisition Agreement.

 

C. As a condition of, and as a material
inducement for the Company to enter into and consummate the transactions contemplated by the Acquisition Agreement, the Holder
has agreed to execute and deliver this Agreement.

 

NOW, THEREFORE, for and in consideration
of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

AGREEMENT

 

1. Lock-Up.

 

(a) During the Lock-up Period (as
defined below), the Holder irrevocably agrees that it, he or she will not offer, sell, contract to sell, pledge or otherwise
dispose of, directly or indirectly, any of the Lock-up Shares (as defined below) (including any securities convertible into,
or exchangeable for, or representing the rights to receive, Lock-up Shares), enter into a transaction that would have the
same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic
consequences of ownership of such Lock-up Shares, whether any of these transactions are to be settled by delivery of any such
Lockup Shares, in cash or otherwise, publicly disclose the intention to make any offer, sale, pledge or disposition, or to
enter into any transaction, swap, hedge or other arrangement, or engage in any Short Sales (as defined below) with respect to
any security of the Company.

 

     

     

    

 

(b) In furtherance of the foregoing, the Company
will (i) place an irrevocable stop order on all Lock-up Shares, including those which may be covered by a registration statement,
and (ii) notify the Company’s transfer agent in writing of the stop order and the restrictions on such Lock-up Shares under
this Agreement and direct the Company’s transfer agent not to process any attempts by the Holder to resell or transfer any
Lock-up Shares. except in compliance with this Agreement.

 

(c) For purposes hereof, “Short Sales”
include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and all types of direct and indirect stock pledges, forward
sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions
through non-US broker-dealers or foreign regulated brokers.

 

(d) For purpose of this agreement, “Lock-up
Period” means a period of 365 calendar days from the date hereof.

 

2. LEGENDS.

 

(a) To the extent applicable, the Holder hereby
agrees that each outstanding certificate representing the Lock-up Shares shall during the Lock-Up Period, in addition to any other
legends as may be required in compliance with Federal securities laws, bear a legend reading substantially as follows:

 

THE SALE OR TRANSFER OF THE SECURITIES REPRESENTED BY
THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A RESALE LOCK-UP AGREEMENT DATED SEPTEMBER 10, 2020, BETWEEN THE ISSUER
AND THE STOCKHOLDER LISTED THEREIN. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE ISSUER AND WILL BE PROVIDED
TO THE HOLDER HEREOF UPON REQUEST. NO TRANSFER OF SUCH SECURITIES WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS ACCOMPANIED BY
EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH RESALE LOCK-UP AGREEMENT.

 

(b) A copy of this Agreement shall be filed
with the corporate secretary of the Company, shall be kept with the records of the Company and shall be made available for inspection
by any stockholder of the Company. In addition, a copy of this Agreement shall be filed with the Company’s transfer agent.

 

3. Representations and Warranties.
Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents and warrants to the
others and to all third party beneficiaries of this Agreement that (a) such party has the full right, capacity and authority to
enter into, deliver and perform its respective obligations under this Agreement, (b) this Agreement has been duly executed and
delivered by such party and is the binding and enforceable obligation of such party, enforceable against such party in accordance
with the terms of this Agreement, and (c) the execution, delivery and performance of such party’ s obligations under this
Agreement will not conflict with or breach the terms of any other agreement, contract, commitment or understanding to which such
party is a party or to which the assets or securities of such party are bound. The Holder has independently evaluated the merits
of its decision to enter into and deliver this Agreement, and the Holder confirms that it has not relied on the advice of the Company,
the Company’s legal counsel, or any other person.

 

    2

     

    

 

4. Beneficial Ownership. The Holder
hereby represents and warrants that it does not beneficially own, directly or through its nominees (as determined in accordance
with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder), any shares of capital stock of
the Company, or any economic interest in or derivative of such stock, other than those ordinary shares of the Company specified
on the signature page hereto. For purposes of this Agreement, the ordinary shares of the Company beneficially owned by the Holder
as specified on the signature page hereto, together with any ordinary shares of the Company acquired by the Holder during the Lock-up
Period, if any, are collectively referred to as the “Lock-up Shares.”

 

5. No Additional Fees/Payment. Other
than the consideration specifically referenced herein, the parties hereto agree that no fee, payment or additional consideration
in any form has been or will be paid to the Holder in connection with this Agreement.

 

6. Notices. Any notices required
or permitted to be sent hereunder shall be delivered personally or by courier service to the following addresses, or such other
address as any party hereto designates by written notice to the other party. Provided, however, a transmission per telefax or email shall be sufficient and shall be deemed to be properly served when the telefax or email is received if the signed original notice
is received by the recipient within three (3) calendar days thereafter.

 

		(a)	If to the Company:

 

3rd Floor, JIA No. 34, Shengg Nanli

Chaoyang District

Beijing, P.R. China

Attn: Xiaowu He, Chief Executive Officer

Email: xiaowu.he@scienjoy.com

 

With a copy (which shall not constitute notice) to:

 

Jun He Law Offices LLC

Suite 1919, 630 Fifth Avenue,

(45 Rockefeller Plaza)

New York, NY 10111

United States

Attn: Lan Lou, Esq.

Email: loul@junhe.com

 

		(b)	If to the Holder:

 

6-1-1201 UHN int. village shuguangxi Road

Chaoyang District

Beijing, P.R. China

Attn: Sheng Hou, Director

Email: 13901238832@139.com

 

or to such other address as any party may have furnished to
the others in writing in accordance herewith.

 

    3

     

    

 

7. Enumeration and Headings. The
enumeration and headings contained in this Agreement are for convenience of reference only and shall not control or affect the
meaning or construction of any of the provisions of this Agreement.

 

8. Counterparts. This Agreement
may be executed in facsimile and in any number of counterparts, each of which when so executed and delivered shall be deemed an
original, but all of which shall together constitute one and the same agreement.

 

9. Successors and Assigns. This
Agreement and the terms, covenants, provisions, and conditions hereof shall be binding upon, and shall inure to the benefit of,
the respective heirs, successors, and assigns of the parties hereto. The Holder hereby acknowledges and agrees that this Agreement
is entered into for the benefit of and is enforceable by the Company and its successors and assigns.

 

10. Severability. If any provision
of this Agreement is held to be in valid or unenforceable for any reason, such provision will be conformed to prevailing law rather
than voided, if possible, in order to achieve the intent of the parties and, in any event, the remaining provisions of this Agreement
shall remain in full force and effect and shall be binding upon the parties hereto.

 

11. Specific Performance. The Holder
acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of a breach of this
Agreement by the Holder, money damages may be inadequate and the Company may have not adequate remedy at law, and agrees that irreparable
damage would occur in the event that any of the provisions of this Agreement were not performed by the Holder in accordance with
their specific terms or were otherwise breached. Accordingly, the Company shall be entitled to seek an injunction or restraining
order to prevent breaches of this Agreement by the Holder and to seek to enforce specifically the terms and provisions hereof,
without the requirement to post any bond or other security or to prove that money damages would be in adequate, this being in addition
to any other right or remedy to which such party may be entitled under this Agreement, at law or in equity.

 

12. Amendment. This Agreement may
be amended or modified by written agreement executed by each of the parties hereto.

 

13. Further Assurances. Each party
shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such
other agreements, certificates, instruments, and documents, as any other party may reasonably request in order to carry out the
intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

14. No Strict Construction. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party.

 

    4

     

    

 

15. Governing Law; Jurisdiction.
This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the conflict of law principles thereof. Any action, suit
or proceeding to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby shall be brought in any federal court located in the Southern District of the State of New York or any New
York state court located in the Borough of Manhattan in the City of New York and each party hereto irrevocably waives any objection
which it may have at any time to the laying of venue of any suit, action or proceeding arising out of or relating hereto brought
in any such courts, irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought
in any inconvenient forum and further irrevocably waives the right to object, with respect to such claim, suit, action or proceeding
brought in any such court, that such court does not have jurisdiction over such party, provided that service of process has been
made by any lawful means.

 

16. WAIVER OF JURY TRIAL. EACH OF
THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH
RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 16.

 

17. Controlling Agreement. To the
extent the terms of this Agreement (as amended, supplemented, restated or otherwise modified from time to time) directly conflicts
with a provision in the Acquisition Agreement, the terms of this Agreement shall control.

 

[Remainder of page intentionally left
blank; signature page follows]

 

    5

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Resale Lock-up Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

 

	 	HOLDER
	 	 
	 	Cosmic Soar Limited
	 	 
	 	By:	/s/ Sheng Hou
	 	Name:   	Sheng Hou
	 	Title: 	Director

 

	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, 

Road Town, Tortola, VG1110, British Virgin Islands
	 	 
	 	NUMBER OF LOCK-UP SHARES AS OF THE DATE HEREOF:
	 	 
	 	5,409,598 ordinary shares of the Company

 

    6

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Resale Lock-Up Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

 

	 	SCIENJOY HOLDING CORPORATION
	 	 
	 	By: 	/s/ Xiaowu He
	 	Name: 	 Xiaowu He
	 	Title: 	CEO

 

 

7

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