Document:

Exhibit 10.2

 

Equity Pledge
Agreement

 

Among

 

Shanghai
Jiamu Investment Management Co., Ltd,

 

Xinyang Wang

 

And

 

Hangzhou
Wangbo Investment Management Co., Ltd.

 

December
10, 2019

 

     

     

    

 

Equity Pledge
Agreement

 

This Equity
Pledge Agreement (“This Agreement”) is made and entered into this on December 10, 2019 in Hangzhou, People’s
Republic of China (“PRC”).

 

BETWEEN:

 

Party
A: Shanghai Jiamu Investment Management Co., Ltd, (the “Pledgee”), a foreign-owned enterprise that is established
and exists under the law of PRC, located in Shanghai City.

 

Party
B: Xinyang Wang (the “Pledgor”), citizen of People’s Republic of China, shareholders of Party C holding
95% shares, and;

 

Party
C: Hangzhou Wangbo Investment Management Co., Ltd. , an LLC that is established and exists under the law of PRC, located in
Hangzhou City.

 

In this
Agreement, Pledgee, Pledgor and Party C is one party each, collectively “all parties”.

 

WHEREAS,

 

		1.	Pledgor
                                         is citizen of People’s Republic of China, holding 95% shares of Party C at the
                                         time of signing this Agreement.

 

		2.	Party
                                         C is a LLC established and registered in Hangzhou, China. Party C desires to confirm
                                         rights and obligations of Pledgor and Pledgee under this Agreement and agrees to provide
                                         necessary assistance to complete pledge registration procedure.

 

		3.	Pledgee
                                         is a foreign-invested enterprise registered under law of PRC.

 

		4.	Pledgor,
                                         Pledgee and/or Party C have entered into several cooperation agreements, in order
                                         to ensure that Pledgor can fulfill its obligations under this Agreement in time, the
                                         Pledgor agrees to provide pledge guarantee with all the shares of Party C Pledgor holds.

 

NOW THEREFORE,
towards decision-making by consensus, all parties agree as follows:

 

		1.	Definitions
                                         

 

In this
Agreement, except for otherwise stated specified, the following defined terms shall have the following meaning:

 

		1.1.	“Pledge”
                                         means collateral rights granted to Pledgee in accordance with Section 2 by Pledgor, i.e.
                                         Pledgee’s prior rights of compensation when the pledged shares are auctioned or
                                         sold.

 

     

     

    

 

		1.2.	“Stock
                                         Equity” means all current and future shares of Party C held by Pledgor .

 

		1.3.	“Pledge
                                         Period” means the period starts from the effective date of this Agreement and ends
                                         in the termination date of all cooperation documents.

 

		1.4.	“Event
                                         of Default” has the meaning set out in Section 7.

 

		1.5.	“Default
                                         Notification” means a notification declaring event of default under this agreement
                                         sent by pledgor.

 

		2.	Pledge
                                         

 

Pledgor
hereby agrees to pledge all current and future shares of Party C held by Pledgor to Pledgee, in order to guarantee that Pledgor
and/or Party C will fulfill responsibilities and obligations, and will let Pledgee obtain all rights and interests under the following
Agreements:

 

	a.	Exclusive
                                         Management Consulting and Technology Agreement dated as of December 10, 2019 and
                                         its supplemental agreements (if available) between Pledgee and Party C.

 

	b.	Exclusive
                                         Call Option Agreement dated as of December
                                         10, 2019 and its supplemental agreements (if available) among Pledgee, Pledgor and Party
                                         C.

 

	c.	Proxy
                                         Agreement dated
                                         as of December 10, 2019 and its supplemental agreements (if available) between Pledgee
                                         and Pledgor.

 

Collectively,
the “cooperation agreements”.

 

		3.	Pledge
                                         Registration 

 

Pledgor
and Party C should register the pledged securities in Party C’s shareholder list within three (3) Business Days after signing
this Agreement, and submit application for pledge registration to relevant government departments within ten (10) Business Day
after signing this Agreement.

 

All parties
hereby acknowledges and agrees that all parties, together with other shareholders of Party C should provide this Agreement or
an equity pledge agreement (the “Administrative Pledge Agreement”) faithfully reflecting pledge information under
this Agreement to industrial and commercial administrative department as requested by local administrative departments, in order
to complete administrative registration procedure. For items not stated in the Administrative Pledge Agreement, this Agreement
shall prevail. Pledgor and Party C should submit all necessary documents and complete all necessary procedures as requested by
industrial and commercial administrative department under laws and regulations of China, in order to obtain registration as soon
as possible after submitting application.

 

In the
event of failure to complete equity pledge registration because of administrative departments, Pledgor and Party C hereby
promise: once the administrative departments agrees to issue pledge registration, Pledgor and Party C shall make best efforts
to apply for pledge registration in time.

 

     

     

    

 

	4.	Custody
                                         

 

Pledgor
should deliver the investment certificate issued by Party C to Pledgee for custody within three (3) Business Days after signing
this Agreement, Party C should also deliver the shareholder list with pledge information to Pledgee for custody. Pledgee will
keep these materials in the period of pledge under this Agreement.

 

	5.	Pledgor
                                         Statements and Guarantee

 

		5.1.	Pledgor
                                         is the sole legal owner of the pledged shares.

 

		5.2.	Pledgee
                                         has the right to dispose or transfer the pledged shares in accordance with this Agreement.

 

		5.3.	There
                                         are no liens, mortgages, encumbrance or the like, against the pledged shares, except
                                         for the pledge stated herein.

 

	6.	Pledgor’s
                                         Commitment and Confirmation

 

		6.1.	In
                                         the effective period of this Agreement, Pledgor promises to Pledgee that Pledgor will:

 

		6.1.1.	Not
                                         transfer pledged shares or add any collateral or other liabilities against the pledged
                                         shares without written consent of Pledgee except for conducting Exclusive Call Opinion
                                         Agreement signed among Pledgor, Pledgee and Party C.

 

		6.1.2.	Comply
                                         with and execute any laws and regulations about pledge rights. After receiving notification
                                         on pledge rights issued by relevant administrative departments, Pledgor shall present
                                         the said notification , guidance or suggestion to Pledgee within three (3) Business Days,
                                         follow the said notification, guidance, or suggestion, or put forward objections and
                                         statements in accordance with reasonable requirements of Pledgee or with Pledgee’s
                                         consent.

 

		6.1.3.	If
                                         Pledgor receives any events or notifications that will impact any equity or any partial
                                         rights, or will impact Pledgor’s commitments, obligations or execution of its obligations,
                                         Pledgor shall notify Pledgee in no time.

 

		6.2.	Pledgor
                                         agrees that the collateral rights obtained by Pledgee in accordance with this Agreement
                                         should not be interrupted or jeopardized by Pledgor or other persons through legal procedures.
                                         Pledgor guarantees to have made any proper arrangements and signed any necessary to ensure
                                         execution of this Agreement will not be adversely affected or hindered by Pledgor’
                                         s successor, guardian, creditor, spouse or other third parties for Pledgor’ s death,
                                         loss of legal capacity, bankruptcy, divorce, or any other situations.

 

     

     

    

 

		6.3.	Pledgor
                                         guarantees to Pledgee that Pledgor will sign honestly and promote other relevant parties
                                         to sign all right certificates , covenant as requested by Pledgee and/or take actions
                                         and promote other relevant parties to take actions as requested by Pledgee, and to facilitate
                                         the execution of rights and authorizations granted to Pledgee, sign all documents about
                                         shares ownership with Pledgee or its designee, and provide Pledgee with all notifications,
                                         orders and decisions about collateral rights.

 

		6.4.	Pledgor
                                         guarantees to Pledgee that Pledgor will not take any dividends as of the pledged shares,
                                         such dividends should be deposited in designated bank account of Pledgor and will be
                                         used to pay off or charge against guaranteed liabilities in priority.

 

		6.5.	In
                                         the effective period of this Equity Pledge Agreement, if Party C is liquidated or stops
                                         operation for any reason and allocated any properties or assets to Pledgor, such properties
                                         or assets should be delivered to Pledgee and used to pay off or charge against guaranteed
                                         liabilities in priority.

 

		6.6.	Pledgor
                                         guarantees to comply with and conduct any guarantees, commitments, agreements, statements
                                         and conditions under this Agreement. If Pledgor does not conduct all or part of its guarantees,
                                         commitments, agreements, statements and conditions, Pledgor shall compensate Pledgee
                                         any loss thus caused.

 

	7.	Event
                                         of Default

 

		7.1.	The
                                         following events shall be deemed as event of default:

 

		7.1.1.	Pledgor
                                         or Party C failed to fulfill responsibilities under any of the cooperation agreements
                                         timely and completely.

 

		7.1.2.	Pledgor
                                         or Party C materially breached any terms or conditions of this Agreement.

 

		7.1.3.	Pledgor
                                         transfer or intents to transfer the pledged shares without written consent of Pledgee.

 

		7.2.	If
                                         Pledgor knows or finds any event described in Subsection 7.1 or any event possibly lead
                                         to occurrence of any event described in Subsection 7.1, Pledgor should notify Pledgee
                                         in written format immediately.

 

		7.3.	Unless
                                         the event of default has been remedied as requested by Pledgee within twenty (20) days
                                         after receiving notification from Pledgor, Pledgee has the right to execute collateral
                                         rights in accordance with Section 8 of this Agreement or under appropriate law.

 

     

     

    

 

	8.	Execution
                                         of Collateral Rights 

 

		8.1.	In
                                         the event of default as stated in Subsection 7.1 of this Agreement or other events defined
                                         as event of default by law, Pledgee has the right to auction, sell or dispose the pledged
                                         shares in other ways under proper law of People’s Republic of China.

 

		8.2.	If
                                         Pledgee disposes pledged shares under this Agreement, Pledgor and Party should provide
                                         necessary assistance.

 

	9.	Transfer
                                         

 

		9.1.	Pledgor
                                         has no rights to transfer rights and obligations under this Agreement without prior consent
                                         from Pledgee.

 

		9.2.	This
                                         Agreement shall have binding force on Pledgor and its successor and authorized assignee,
                                         and is effective on and its successors and assignees.

 

		9.3.	Pledgee
                                         shall transfer its rights and obligations under the cooperation agreements to its assignee
                                         from time to time. In that case, the assignee have the same rights and obligations under
                                         this Agreement as the original Pledgee should have. If Pledgee transfers its rights and
                                         obligations under this Agreement, Pledgor should sign agreements and/or documents about
                                         transfer as requested by Pledgee.

 

		9.4.	As
                                         Pledgee changes because of transfer, Pledgor should sign a new Equity Pledge Agreement
                                         with the new Pledgee as requested by Pledgee and register at relevant administrative
                                         departments. The content of the new Equity Pledge Agreement should be the same as content
                                         in this Agreement.

 

		9.5.	Pledgor
                                         should strictly comply with terms under this Agreement and other cooperation agreements,
                                         fulfill obligation under all agreements. Pledgor will not actively or negatively take
                                         any action which could impact the effectiveness and coerciveness of this Agreement. Pledgor
                                         should not keep any rights of the pledged shares unless with Pledgee’s written
                                         instruction.

 

	10.	Termination
                                         

 

This Agreement
will terminate at the date when cooperation agreements terminate. All parties should make proper arrangements in advance to assist
Pledgee with pledge removal procedure.

 

		11.	Fees
                                         

 

Any fees
and actual expenditures related to this Agreement, including without limitation, legal fees, cost of production, stamp duty and
other taxes, expenses will be borne on Party C.

 

     

     

    

 

	12.	Confidentiality

 

All parties
agree and acknowledge that content in this Agreement, and any oral or written materials exchanged among all parties in preparation
of this Agreement shall be deemed as confidential information. All confidential information thereof will be maintained confidential
and will not be disclosed or reproduced in any manner whatsoever to any third parties without written consent of the other party,
except: (a) any information disclosed or will be disclosed to the public (information not disclosed to the public by one part
without authorization only); (b) any information should be disclosed in accordance with applicable laws and regulations, stock
exchange rules, or order by government or court; or (c) any information that needed to be disclosed to shareholders, investors,
legal or financial consultant regarding transaction in this Agreement, while shareholders, investors, legal or financial consultant
should comply with confidentiality clauses as well. Each side should be liable for breaching the contract if staff of or agencies
hired by this side breached the confidentiality clauses. This section will survive termination of this Agreement.

 

	13.	Governing
                                         Law and Dispute Resolving

 

		13.1.	This
                                         Agreement shall be concluded, executed, interpreted, construed, conducted, amended, terminated
                                         according to the laws of People’s
                                         Republic of China. Disputes shall be resolved according to the laws of PRC.

 

		13.2.	If
                                         any disputes caused by interpreting and conducting this Agreement arises, all parties
                                         of this Agreement shall settle the disputes through friendly negotiation in the first
                                         place. If the disputes remain unresolved 30 days after one party send written request
                                         to resolve the disputes to the other party, any party shall submit relevant disputes
                                         to China International Economic and Trade Arbitration Commission (the “Commission”
                                         or “CIETAC”).
                                         The disputes shall be resolved solely and exclusively by means of arbitration to be conducted
                                         in Hangzhou, in Chinese language. The decision of arbitration is final and has binding
                                         force on all parties.

 

		13.3.	To
                                         the extent permitted by law, all parties agree and authorize that the said arbitration
                                         agency has the right to make adjudication to take shares or assets of Party C as compensation,
                                         to issue injunction(if needed for business operation or mandatory assets transfer), or
                                         to make adjudication to liquidate Party C.

 

		13.4.	To
                                         the extent permitted by law, while the arbitration court is being built or in proper
                                         conditions, all parties agree and authorize that jurisdiction court has the right to
                                         enact provisional measures to support arbitration process.

 

		13.5.	While
                                         any dispute caused by interpreting and conducting this Agreement is in process of arbitration,
                                         all parties of this Agreement shall continue to execute other rights and fulfill other
                                         obligations under this Agreement other than the issue in dispute.

 

     

     

    

 

	14.	Notification
                                         

 

		14.1.	Any
                                         notice or correspondence under this Agreement shall be deemed served upon delivery by
                                         personal delivery, registered mail, pre-paid postage or business express or fax to the address
hereunder. Each notice should be sent by email as well. The effective delivery date is defined as follows:

 

		14.2.	If
                                         the notice is sent though personal delivery, express service or registered mail, pre-paid
                                         postage, the date of reception or rejection at the notice address will be deemed as Delivery
                                         Date.

 

		14.3.	If
                                         the notice is sent by fax, the date of success delivery will be deemed as effective Delivery
                                         Date (proved by sending information automatically generated).

 

		14.4.	Notice
                                         addresses of both parties are as follows:

 

Party
A : Shanghai Jiamu Investment Management Co., Ltd,

 

Address:9th
floor Building A, 459 Qianmo Rd, Binjiang District, Hangzhou City, Zhejiang Province.

Consignee:
Yan Sun

Telephone:
+86-0571-87555830

Fax:
+86-0571-87555826

 

Party
B: Xinyang Wang

 

Address:
9th floor Building A, 459 Qianmo Rd, Binjiang District, Hangzhou City, Zhejiang.

Telephone:

Fax:

 

Party
C: Hangzhou Wangbo Investment Management Co., Ltd.

 

Address:
9th floor Building A, 459 Qianmo Rd, Binjiang District, Hangzhou City, Zhejiang.

Consignee:
Yiyue Ye

Telephone:+86-0571-87555801

Fax:
+86-0571-87555826

 

		14.5.	Any
                                         party can send notice to the other parties to change the notice address according to
                                         this section.

 

	15.	Severability
                                         

 

If one or
more provisions of this Agreement is adjudicated invalid, illegal or unenforceable by any law or regulation, the validity, legality
and enforcement of other provisions of this Agreement will not be affected or damaged. All parties should negotiate friendly to
substitute legal and valid provisions to the maximum expectation of both sides for invalid, illegal or unenforceable provisions.
Economic effects produced by such valid provisions should be similar with that produced by those invalid, illegal or unenforceable
provisions as much as possible.

 

     

     

    

 

	16.	Attachments

 

Any attachments
listed in this Agreement shall be an integral part of this Agreement.

 

	17.	Effectiveness

 

		17.1.	Any
                                         amendments, supplements or change to this Agreement shall be effective with written documents
                                         signed or stamped by all parties.

 

		17.2.	This
                                         Agreement is made in quadruplicate with all parties herein holding one copy each. All
                                         copies have the same legal effect.

 

[PORTION
OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be executed by their respected Officers, thereunto duly authorized as of the
date first above written.

 

PARTY
A: Shanghai Jiamu Investment Management Co., Ltd, 

 

	 	/s/ Corporate Chop	 

 

	Signature:	 	 

 

	By:	/s/ Zhengyu Wang	 
	Name: Zhengyu Wang
	Designation: Executive Officer & General Manager

 

Party
B: Xinyang Wang

 

	Signature:	/s/ Xinyang Wang	 

 

PARTY
C: Hangzhou Wangbo Investment Management Co., Ltd.

 

	 	/s/ Corporate Chop	 

 

	Signature:	 	 

 

	By:	/s/ Zhengyu Wang	 
	Name: Zhengyu Wang
	Designation: Executive Officer & General ManagerExhibit 10.3

 

Exclusive
Call Opinion Agreement

 

Among

 

Shanghai
Jiamu Investment Management Co., Ltd,

 

Xinyang
Wang

 

And

 

Hangzhou
Wangbo Investment Management

Co.,
Ltd.

 

December
10, 2019

 

     

     

    

 

Exclusive
Call Opinion Agreement

 

This
Exclusive Call Opinion Agreement (“this Agreement”) is made and entered into this on December 10, 2019 in Hangzhou,
People’s Republic of China (“PRC”) by and among:

 

Party
A: Shanghai Jiamu Investment Management Co., Ltd, a foreign-owned enterprises that is established and exists under the law
of PRC, located in Shanghai City.

 

Party
B: Xinyang Wang, citizen of People’s Republic of China, shareholders of Party C, holding 95% shares, and;

 

Party
C: Hangzhou Wangbo Investment Management Co., Ltd. , a LIMITED LIABILITY COMPANY that is established and exists under the
law of PRC, located in Hangzhou City.

 

In
this Agreement, Party A, Party B and Party C is one party each, collectively “all parties”.

 

WHEREAS,

 

		1)	Within
                                         legal restriction of People’s Republic of China, Party B agrees to transfer all
                                         shares of Party C it holds to Party A, Party A agrees to accept the transfer. Party C
                                         agrees that Party B shall authorize shares purchase right to Party A under this Agreement;

 

		2)	Within
                                         legal restriction of People’s Republic of China, Party C agrees to transfer its
                                         assets to Party A, and Party A agrees to accept. Party B agrees that Party C authorizes
                                         assets purchase right to Party A under this Agreement;

 

		3)	In
                                         order to conduct the above mentioned share transfer and assets transfer, Party B and
                                         Party C irrevocably authorize Party A with exclusive and unconditional shares purchase
                                         right and assets purchase right, respectively. In accordance with such shares purchase
                                         right and assets purchase right, as requested by Party A and within legal restriction
                                         of People’s Republic of China, Party B or Party C should transfer shares or assets
                                         of Party C to Party A in accordance with this Agreement.

 

NOW
THEREFORE, towards decision-making by consensus, all parties agree as follows:

 

		1.	Definition
                                         

 

In
this Agreement, except for otherwise stated and specified, the following defined terms shall have the following meaning:

 

“Assets
Purchase Right” means Party A’s right to purchase any assets of Party C in accordance with this Agreement.

 

     

     

    

 

“Operation
Approval” means approvals, permissions, records, registrations, and other materials that Party C needs to obtain in
order to operate its business legally and effectively, including without limitation of business license and other approvals and
certificates required by law of PRC.

 

“Corporate
Assets” means all tangible and intangible assets (intellectual properties such as trademarks, copyrights, patents, know-how,
domains, right to use software, etc. ) owned by or could be disposed within rights of Party C during the term of this Agreement.

 

“Registered
Capital of Party C” means registered capital of Party C in amount of 10,000,000 CNY at the effective date of this Agreement,
and any additional new registered capital added in any form in the term of validity of this Agreement.

 

“Control”
means owning the right or power (whether execute or not) to manage others’ business operation, management and rules and
regulations, whether through holding share interests with voting right, agreements or other ways. However, if a person owns more
than 50 percent shares with voting right, or can control the voting of more than 50 percent shares with voting right, or can control
a majority of the composition of the Board of Directors, it is assumed that the control of the right or power exists.

 

“Encumbrance”
is the purpose of this Agreement, it means any kind of legal restriction of properties and rights and interests of the third party,
including but without limitation of liens, pledges, collateral, rights or claims of others, voting right proxy, voting right trust
or similar arrangements, defects of ownership, ownership reserve agreement, options, restrictive contracts, transfer restrictions,
preemptive purchase right or preemptive bid right, or any other similar rights and interests, or any kind of other legal restrictions.

 

“Share
Purchase Right” means Party A’s right to purchase shares of the company in accordance with this Agreement.

 

“Execution
of Rights” means Party A executes its share purchase right or assets purchase right.

 

“Major
Assets” means assets of which the book entry exceeds 300,000 CNY, or assets which might have great influence to business
operation of any party herein.

 

“Major
Agreements” means as for Party C, any agreements that Party C is involved or have great influence to Party C’s
business or assets, including but not limited to the Exclusive Management Consulting and Technology Agreement and its supplement
agreement signed by Party C and Party A on this exact same date of signing this Agreement.

 

“Share
Rights” means share rights and interests of Party C held by Party B.

 

     

     

    

 

“Assignee”
means Party A or designee of Party A, and designee must be 1) Party A or direct/indirect shareholders of Party A (at the time
of executing share purchase right or assets purchase right); or 2) director of Party A or direct/indirect shareholder of Party
A, citizen of PRC (at the time of executing share purchase right).

 

“Person”
includes individuals, corporations, partnership, sole proprietorship, other corporations or entities.

 

“China”
means People’s Republic of China, not including Hong Kong Special Administrative Region, Macao Special Administrative Region,
and Taiwan Region in this Agreement.

 

“Law
of PRC” means current effective laws, administrative rules and regulations, local rules and regulations, judicial interpretation
and other standard legal documents with binding force, no matter come into effect before or after signing date of this Agreement.

 

“Subsidiary”
means person directly/indirectly controlled by someone.

 

“Transferred
Equity” shall mean all or part of the Corporate Assets which are required by Party A to be transferred by Party B to
Assignee in accordance with Section 3 hereof, the quantity of which shall be determined by Party A at its sole discretion in accordance
with the PRC Law and based on its commercial consideration.

 

“Transferred
Assets” shall mean all or part of the Share Rights which are required by Party A to be transferred by Party B to Assignee
in accordance with Section 3 hereof, the quantity of which shall be determined by Party A at its sole discretion in accordance
with the PRC Law and based on its commercial consideration.

 

“Transfer
Consideration” means all considerations paid by assignee to Party B or Party C in order to obtain shares or assets it
purchased.

 

		2.	Authorization
                                         of share purchase right and asset purchase right

 

		2.1.	Party
                                         B agrees to irrevocably, unconditionally and monopolistically and exclusively authorize
                                         Party A with share purchase right. With such share purchase right, Party A has the right
                                         to request Party B transfer Share rights to Assignee in accordance with this Agreement
                                         within legal restriction. Party A agrees to accept. Except for Assignee, any other third
                                         party should not own share purchase right or any rights related to share rights.

 

		2.2.	Party
                                         C agrees with Party B to authorize specified share purchase right to Party A in accordance
                                         with this Agreement.

 

		2.3.	Party
                                         C agrees to irrevocably, unconditionally and monopolistically and exclusively authorize
                                         Party A with share purchase right. With such share purchase right, Party A has the right
                                         to request Party C transfer Share rights to Assignee in accordance with this Agreement
                                         within legal restriction. Party A agrees to accept. Except for Assignee, any other third
                                         party should not own share purchase right or any rights related to share rights.

 

     

     

    

 

		2.4.	Party
                                         B agrees with Party C to authorize specified share purchase right to Party A in accordance
                                         with this Agreement.

 

		3.	Execution
                                         methods of rights 

 

		3.1.	Party
                                         A has absolute right to decide time, methods and frequency of execute rights within legal
                                         restriction of PRC.

 

		3.2.	Party
                                         A has the right to request Party C to transfer share rights to Assignee within legal
                                         restriction of PRC.

 

		3.3.	Party
                                         A has the right to request Party C to transfer corporate assets to assignee within legal
                                         restriction of PRC.

 

		3.4.	As
                                         for share purchase right, Party A can solely decide the amount of shares transfer from
                                         Party B to Assignee every time executing share purchase right. Party B should transfer
                                         corresponding amount of shares to Assignee as requested by Party A. Assignee should pay
                                         Party B the corresponding Transfer Consideration of shares purchased at the time of executing
                                         rights.

 

		3.5.	As
                                         for asset purchase right, Party A can solely decide that Party C should transfer assets
                                         purchased to Assignee every time executing asset purchase right. Party C should transfer
                                         corresponding assets to Assignee as requested by Party A. Assignee should pay Party B
                                         the corresponding Transfer Consideration at the time of executing rights.

 

		3.6.	Party
                                         A shall accept partial or all shares or assets purchased by itself or through designated
                                         third party when executing rights.

 

		3.7.	Party
                                         A should send notification of executing share purchase right or asset purchase right
                                         to Party B or Party C before execution (“Notification of Execution”, see
                                         attachment 1 and 2 for notification format). Party B or Party C should transfer shares
                                         or assets purchased to Assignee as requested in Notification of Execution within five
                                         (5) Business Days after receiving Notification of Execution or within other time period
                                         as requested by Assignee in accordance with this Agreement.

 

		4.	Transfer
                                         Consideration

 

		4.1.	Transfer
                                         Consideration paid to Party B by Assignee each time executing share purchase right should
                                         be the lesser of 1) actual total amount paid by Party B to Party C as for the shares
                                         purchased, and 2) the lowest price permitted by law.

 

     

     

    

 

		4.2.	Transfer
                                         Consideration paid to Party B by Assignee each time executing asset purchase right should
                                         be the lesser of 1) net book value of the assets purchased and 2) the lowest price permitted
                                         by law.

 

		5.	Acknowledgments
                                         and Confirmations

 

		5.1.	Party
                                         B hereby acknowledges and confirms:

 

		5.1.1.	Party
                                         B is Chinese citizen with full capacity for civil conduct, full and independent juridical
                                         status and legal capacity to sign and conduct this Agreement, and qualification as independent
                                         subject of litigant.

 

		5.1.2.	Party
                                         C is a LIMITED LIABILITY COMPANY that is established and exists under the law of PRC
                                         with independent legal qualification and capacity to authorize third party to sign and
                                         conduct this Agreement, and qualification as independent subject of litigant.

 

		5.1.3.	Party
                                         B has adequate power and authorization to sign and conduct this Agreement and other documents
                                         to be signed in accordance with this Agreement, and adequate power and authorization
                                         to complete the transaction contemplated hereby.

 

		5.1.4.	This
                                         Agreement is signed by Party B legally and effectively and constitutes legal, effective,
                                         binding and executive obligations of Party B.

 

		5.1.5.	Party
                                         B is legal owner of share rights. Except for rights set forth in the Equity Pledge Agreement,
                                         Proxy Agreement signed among Party A, B and C as of the signing date of this Agreement,
                                         the rights and interests of the shares bear no other encumbrances, pledges, sales or
                                         transfers. Assignee will obtain full rights and interests on the shares after executing
                                         the share purchase right, the shares purchased bears no other encumbrances.

 

		5.1.6.	The
                                         corporate assets bear no other encumbrances. Assignee will obtain full rights and interests
                                         on the assets after executing the asset purchase right, the assets purchased bear no
                                         other encumbrances.

 

		5.1.7.	Signing
                                         and conduct of this Agreement or other related agreements will NOT:

 

(i)
Violate any law of PRC;

 

(ii)
Collide with Memorandum and Articles of Association of Party C or other organizational documents;

 

(iii)
Breach any binding agreements or documents signed by one party;

 

     

     

    

 

(iv)
Violate authorization of any approval or permission issued to any party or any condition of good standing; or

 

(v)
Lead to suspension, revocation or additional conditions of any approval or permission issued to any party.

 

		5.1.8.	There
                                         is neither suspending or potential litigation, arbitration, tax or administration investigation
                                         or penalty related to shares or assets of Party C, nor any suspending or potential litigation,
                                         judicial proceedings, tax disputes, request for arbitration or any appeals forwarded
                                         to any governmental departments that might adversely affect Party C’s financial
                                         condition or capability to fulfill obligations under this Agreement.

 

		5.2.	Party
                                         C hereby acknowledges and confirms:

 

		5.2.1.	Party
                                         C is a LIMITED LIABILITY COMPANY established and exists under the law of PRC with independent
                                         legal qualification and capacity to authorize third party to sign and conduct this Agreement,
                                         and qualification as independent subject of litigant.

 

		5.2.2.	Party
                                         C has adequate power and authorization to sign and conduct this Agreement and other documents
                                         to be signed in accordance with this Agreement, and adequate power and authorization
                                         to complete the transaction contemplated hereby.

 

		5.2.3.	This
                                         Agreement is signed by Party C legally and effectively and constitutes legal, effective,
                                         binding and executive obligations of Party C.

 

		5.2.4.	The
                                         corporate assets bear no other encumbrances. Assignee will obtain full rights and interests
                                         on the assets after executing the asset purchase right, the assets purchased bear no
                                         other encumbrances.

 

		5.2.5.	Signing
                                         and conduct of this Agreement or other related agreements will NOT:

 

		5.2.5.1.	Violate
                                         any law of PRC;

 

		5.2.5.2.	Collide
                                         with Memorandum and Articles of Association of Party C or other organizational documents;

 

		5.2.5.3.	Breach
                                         any binding agreements or documents signed by one party;

 

		5.2.5.4.	Violate
                                         authorization of any approval or permission issued to any party or any condition of good
                                         standing; or

 

     

     

    

 

		5.2.5.5.	Lead
                                         to suspension, revocation or additional conditions of any approval or permission issued
                                         to any party.

 

		5.2.6.	Except
                                         for liabilities generating during normal business processes, Party C has no outstanding
                                         liabilities.

 

		5.2.7.	There
                                         is neither suspending or potential litigation, arbitration, tax or administration investigation
                                         or penalty related to shares or assets of Party C, nor any suspending or potential litigation,
                                         judicial proceedings, tax disputes, request for arbitration or any appeals forwarded
                                         to any governmental departments that might adversely affect Party C’s financial
                                         condition or capability to fulfill obligations under this Agreement.

 

		5.3.	Party
                                         A hereby acknowledges and confirms:

 

		5.3.1.	Party
                                         A is a foreign-invested enterprise that is established and exists under the law of PRC
                                         with independent legal qualification and capacity to sign and conduct this Agreement,
                                         and qualification as independent subject of litigant.

 

		5.3.2.	Party
                                         A has adequate power and authorization to sign and conduct this Agreement and other documents
                                         to be signed in accordance with this Agreement, Party C has adequate power and authorization
                                         to complete the transaction contemplated hereby.

 

		5.3.3.	This
                                         Agreement is signed by Party A legally and effectively and constitutes legal, effective,
                                         binding and executive obligations of Party A.

 

		6.	Commitments
                                         of Party B

 

Party
B hereby promises:

 

		6.1.	Within
                                         term of validity of this Agreement, without written consent of Party A, Party B shall
                                         NOT:

 

		6.1.1.	Transfer
                                         or dispose in any other form with shares or set put any encumbrances on corporate shares.

 

		6.1.2.	Increase
                                         or decrease registered capital, or change the registered capital structure of Party C,
                                         prompt or permit Party C to be separate from or combined with other entities.

 

		6.1.3.	Dispose
                                         or prompt management officers of Party C to dispose major assets (not including routine
                                         business operation) of Party C, or put any encumbrances on any major assets.

 

     

     

    

 

		6.1.4.	Terminate
                                         or prompt management officers of Party C to terminate any major agreements signed by
                                         Party C, or sign any other agreements collide with current major agreements.

 

		6.1.5.	Appoint,
                                         hire or replace any directors, supervisors or management officers of Party C that should
                                         be appointed or hired by Party B.

 

		6.1.6.	Prompt
                                         Party C to allocate or actually allocate any profits, dividends, or interest of shares;

 

		6.1.7.	Prompt
                                         or permit Party C to be terminated, liquidated or dissolved;

 

		6.1.8.	Terminate,
                                         liquidate or dissolve Party C or damage or possibly damage good standing of Party C,
                                         or violate normal financial and business standards and conventions.

 

		6.1.9.	Amend
                                         Party C’s articles of association;

 

		6.1.10.	Prompt
                                         or permit party C to merge or combine with any other entities, or acquire or invest in
                                         any other entities;

 

		6.1.11.	Prompt
                                         or permit Party C to borrow or lend any fund, or provide guarantees or engage in guarantee
                                         activities of any form, or bears any major obligations except routine business operation;
                                         and

 

		6.2.	Party
                                         B should make every effort to develop Party C’s business and ensure Party C’s
                                         business operation conforms to law of PRC. Party B should or should not take any action
                                         that would damage assets, reputation and operational effectiveness of Party C.

 

		6.3.	Party
                                         B should notify to Party A about any situation that would adversely affect Party C’s
                                         existence, business operation, financial condition, assets and reputation, and take any
                                         action to eliminate any negative condition mentioned above with Party A’s consent.

 

		6.4.	Party
                                         B should notify to Party A about any current or potential litigation, arbitration or
                                         administration procedures on the shares it held, and take any action to cope with the
                                         litigation, arbitration or administrative procedures mentioned above with Party A’s
                                         consent.

 

		6.5.	Party
                                         B should sign all necessary documents to maintain ownership of the shares, take all necessary
                                         action and make all accusations to demur on all claims.

 

		6.6.	Appoint
                                         Party A’s designated person to be director of Party C as requested by Party A.

 

     

     

    

 

		6.7.	If
                                         Party A sends out Execution Notification about transferring company shares,

 

		6.7.1.	Party
                                         B should convene shareholders' meeting of Party C at once, approve Party B to transfer
                                         the purchased shares to the assignee at the transfer consideration by passing the resolution
                                         and take all other necessary measures (including prompting Party C’s executive
                                         director or board of directors to approve);

 

		6.7.2.	Party
                                         B should sign share transfer agreement with Assignee immediately in order to transfer
                                         purchased shares to Assignee at the transfer consideration. Party B should provide necessary
                                         assistance (including provide or sign all related legal documents, apply and complete
                                         necessary government approval or registration procedures, and undertake all other related
                                         obligations) as requested by Party A and under laws and regulations, in order that the
                                         Assignee could accept the purchased shares, and ensure the shares bear no encumbrances.

 

		6.8.	If
                                         Party B receives any form of profit distribution, dividends or interests from Party C,
                                         Party B promises to return such fund (after paying taxes) to Party A;

 

		6.9.	If
                                         Party B receives fund in any form by transferring shares of Party C or any distribution
                                         by liquidating Party C, and amount of such fund exceeds due amount Party C should pay
                                         Party A in relevant loan agreements, Party B should return the fund after eliminating
                                         related taxes and due balances to Party A.

 

		6.10.	In
                                         order to protect execution of Party A’s share purchase right, Party B should sign
                                         additional three blank Share Transfer Agreements while agreeing to sign this Agreement.
                                         Such agreements should be kept by Party C in order that Party A could accept corresponding
                                         shares under this Agreement even if Party B does not conduct this Agreement timely.

 

		7.	Commitments
                                         of Party C

 

		7.1.	Party
                                         C hereby promises:

 

		7.1.1.	If
                                         signing and conducting this Agreement and authorizing share purchase right or assets
                                         purchase right needs to obtain consent, approval, exemption, authorization, registration
                                         or application procedure of third party od government departments, Party C should make
                                         every effort to provide assistance.

 

		7.1.2.	Party
                                         C should NOT assist or permit Party B to transfer or dispose company shares in any other
                                         forms or set any encumbrances on company shares without Party A’s written consent.

 

     

     

    

 

 

		7.1.3.	Party C should NOT transfer or dispose any major assets (not including routine business operation)
of Party C in any form or set any encumbrances on Party C’s assets without Party A’s written consent.

 

		7.1.4.	Party C should NOT engage in or permit to engage in any behavior that would adversely affect Party
A’s rights and interests under this Agreement, including without limitation, the constrained behaviors in subsection 6.1.

 

		7.1.5.	Party C should not make any supplements or amendments to M&A documents of Party C in any from
to add or reduce registered capital of Party C, or change the registered capital structure in any other ways without Party A’s
prior written consent.

 

		7.1.6.	Maintain its existing and asset value, operate its business and deal with other affairs timely
and cautiously in accordance with good financial and business standards and conventions. Do or do not make any action that would
affect it operational conditions and asset value.

 

		7.1.7.	Should not sign or prompt its subsidiaries to sign any major contracts (not including routine business
operation) without Party A’s prior written consent. Contracts involving more than 300,000 CNY are considered major contracts
as of this subsection 7.1.7.

 

		7.1.8.	Provide Party A with documents relate to Party C’s operational and financial conditions as
requested.

 

		7.1.9.	Party C should purchase insurance related to its assets and business from Party A’s insurance
company, the amount and type of which should be the same as similar companies.

 

		7.1.10.	Party C should not merge or combine with any other entities, or acquire or invest in any other
entities without Party A’s written consent.

 

		7.1.11.	Notify to Party A immediately about any current or potential litigation, arbitration or administration
procedures on Party C’s assets, business or revenue.

 

		7.1.12.	Sign all necessary documents, take all necessary action and make all necessary accusations, or
demur on all claims to maintain ownership of all of Party C’s assets and other rights.

 

		7.1.13.	Should NOT distribute any dividends or interests to Party B in any form without Party A’s written consent.

 

     

     

    

 

		7.1.14.	Appoint Party A’s designated person to be director of Party C as requested by Party A.

 

		7.2.	If Party A sends out Execution Notification about transferring company shares,

 

		7.2.1.	Party C should convene shareholders' meeting of Party C at once, approve Party B to transfer the
purchased shares to the assignee at the transfer consideration by passing the resolution and take all other necessary measures;

 

		7.2.2.	Party C should sign share transfer agreement with Assignee immediately in order to transfer purchased
shares to Assignee at the transfer consideration. Party C should provide necessary assistance (including provide or sign all related
legal documents, apply and complete necessary government approval or registration procedures, and undertake all other related obligations)
as requested by Party A and under laws and regulations, in order that the Assignee could accept the purchased shares, and ensure
the shares bear no encumbrances.

 

		7.3.	The cost paid due to Party A purchasing all or partial assets of Party C (it constitutes Party
A’s partial income) should be returned to Party A as the following forms: 1) Service fee under Exclusive Management Consulting
and Technology Agreement; 2) Dividends distributed to Party B with prior approval by Party A, such dividends should return to Party
A under this Agreement; or 3) if Party B obtains Party C’s properties or assets when Party C is liquidated or terminates
operation, Party B should return such properties or assets to Party A under this Agreement.

 

		8.	Confidentiality

 

		8.1.	Subject to subsection 8.2 hereunder, content in this Agreement, and any oral or written materials
exchanged among all parties in preparation of this Agreement shall be deemed as confidential information(“Confidential
Information”). All confidential information thereof will be maintained confidential and will not be disclosed to any
third parties without written consent of the disclosing party (“Disclosing Party”).

 

		8.2.	After this Agreement terminates, all parties should return all documents, materials and carriers
with information provided by Disclosing Party back to Disclosing Party; or destroy confidential information with prior written
consent of disclosing party, including deleting all confidential information provided by disclosing party from any restoring devices.

 

		8.3.	Restriction in Section 8.2 does NOT apply for:

 

     

     

    

 

		8.3.1.	Information went public before disclose by disclosing party;

 

		8.3.2.	Information went public not attributable to any party;

 

		8.3.3.	Information could be proved by any party that has been owned or developed before disclosed by disclosing
party.

 

		8.3.4.	Any information should be disclosed in accordance with applicable laws and regulations, stock exchange
rules, or order by government or court;

 

		8.3.5.	Any information disclosed to shareholders, investors, legal or financial consultant by any party
regarding transaction in this Agreement, while shareholders, investors, legal or financial consultant should comply with confidentiality
clauses as well. Each party should be liable for breaching the contract if staff of or agencies hired by this party breached the
confidentiality clauses. This section will survive termination of this Agreement.

 

		8.4.	All parties agree this section 8 will survive modification, rescission or termination of this Agreement.

 

		9.	Validation and Termination 

 

		9.1.	This Agreement will be signed and comes into effect as of the date marked on the top. This Agreement
will terminate after all companies shares and assets have been transferred to Assignee legally.

 

		9.2.	Party B or Party C should not terminate this Agreement in advance unless gross negligence or deceit
by Party A occurs. Despite of this, Party A could terminate this Agreement at any time by sending 30-days’ prior written
notification of Party B and Party C.

 

		9.3.	This Agreement shall be terminated with all parties’ consistent written consent.

 

		9.4.	Section 8, 11 and 12 will survive termination of this Agreement.

 

		9.5.	If Party B transfer company shares it holds to a third party with Party A’s prior written
consent, Party A will no long be a subject of this Agreement, while other Parties’ rights and obligations under this Agreement
should not be adversely affected.

 

     

     

    

 

		10.	Notification 

 

		10.1.	Any notice or correspondence under this Agreement shall be deemed served upon delivery by personal
delivery, registered mail, pre-paid postage or business express or fax to the address hereunder. Each notice should be sent by
email as well. The effective delivery date is defined as follows:

 

		10.2.	If the notice is sent though personal delivery, express service or registered mail, pre-paid postage,
the date of reception or rejection at the notice address will be deemed as Delivery Date.

 

		10.3.	If the notice is sent by fax, the date of success delivery will be deemed as effective Delivery
Date (proved by sending information automatically generated).

 

		10.4.	Notice addresses of both parties are as follows:

 

Party A : Shanghai
Jiamu Investment Management Co., Ltd,

 

Address: 9th
floor Building A, 459 Qianmo Rd, Binjiang District, Hangzhou City, Zhejiang Province.

Consignee: Yan Sun

Telephone: +86-0571-87555830

Fax: +86-0571-87555826

 

Party B: Xinyang
Wang

 

Address:
9th floor Building A, 459 Qianmo Rd, Binjiang District, Hangzhou
City, Zhejiang Province.

Telephone:

Fax:

 

Party C: Hangzhou
Wangbo Investment Management Co., Ltd.

 

Address:
9th floor Building A, 459 Qianmo Rd, Binjiang District, Hangzhou
City, Zhejiang Province.

Consignee: Yiyue Ye

Telephone:+86-0571-87555801

Fax: +86-0571-87555826

 

		10.5.	Any party can send notice to the other parties to change the notice address according to this section.

 

     

     

    

 

		11.	Default Liabilities and Compensation 

 

		11.1.	If any party (“Default Party”) violates any section or does not fulfill or defers fulfill
obligations under this Agreement, it should be deemed as default (“Default”). Any other party (“Observant Party”)
has the right to request Default Party to make amendments or take remedy measures in reasonable time period. If Default Party fails
to take necessary remedy measures as requested by Observant Party ten (10) days after receiving notification from Observant Party,
Observant Party has the right to decide at its sole discretion to:

 

		11.1.1.	If Party B or Party C is the Default Party, Party A has the right to terminate this Agreement and request Default
Party to compensate for all direct or indirect losses caused by default (including prospectus loss in profits);

 

		11.1.2.	If Party A is the Default Party, Observant Parties have the right to request Default Party to compensate
for all losses relates. Unless otherwise specified by law, Observant Party has no right to terminate this Agreement in any condition.

 

		11.2.	If any litigation, arbitration, claims or other requests related to Party A occur due to Party
A’s signing or conducting this Agreement, and caused any direct or indirect losses(including profit loss), damage, liabilities
or fees (including legal fee) to Party A, Party B and Party C should bear joint liabilities to protect Party A from any damage,
unless this loss, damage, liabilities or fees are caused by Party A’s deliberate gross negligence.

  

		12.	Governing Law and Dispute Resolving

 

		12.1.	This Agreement shall be concluded, executed, interpreted, construed, conducted, amended, terminated
according to the laws of People’s Republic of China. Disputes
shall be resolved according to the laws of PRC.

 

		12.2.	If any disputes caused by interpreting and conducting this Agreement arises, all parties of this
Agreement shall settle the disputes through friendly negotiation in the first place. If the disputes remain unresolved 30 days
after one party send written request to resolve the disputes to the other party, any party shall submit relevant disputes to China
International Economic and Trade Arbitration Commission (the “Commission”
or “CIETAC”).
The disputes shall be resolved solely and exclusively by means of arbitration to be conducted in Hangzhou, in Chinese language.
The decision of arbitration is final and has binding force on all parties.

 

		12.3.	To the extent permitted by law, all parties agree and authorize that the said arbitration agency
has the right to make adjudication to take shares or assets of Party C as compensation, to issue injunction(if needed for business
operation or mandatory assets transfer), or to make adjudication to liquidate Party C.

 

		12.4.	To the extent permitted by law, while the arbitration court is being built or in proper conditions,
all parties agree and authorize that jurisdiction court has the right to enact provisional measures to support arbitration process.

 

		12.5.	While any dispute caused by interpreting and conducting this Agreement is in process of arbitration,
all parties of this Agreement shall continue to execute other rights and fulfill other obligations under this Agreement other than
the issue in dispute.

 

     

     

    

 

		13.	Others

 

		13.1.	This Agreement is made in quadruplicate with all parties herein holding one copy each. All copies have the same legal effect.

 

		13.2.	Any rights, power or remedy approaches authorized to any party under any section of this Agreement
shall not exclude other rights, power or remedy approaches authorized to any party under other sections of this Agreement or by
law.

 

		13.3.	Any Party shall give up its right under any of section of this Agreement in written form with all
parties’ signatures. If one party fails to or defers to execute its rights, power or remedy (“Due Rights”)
under this Agreement or by law, it should not be considered as giving up its Due Rights; Any party giving up all or partial due
rights shall not prevent it from executing such rights or other due rights in other ways.

 

		13.4.	Headline of this Agreement is merely set easy for read, it should not be used to explained, illustrate
or otherwise affect meaning of this Agreement or any sections hereunder.

 

		13.5.	If one or more provisions of this Agreement is adjudicated invalid, illegal or unenforceable by
any law or regulation, the validity, legality and enforcement of other provisions of this Agreement will not be affected or damaged.
All parties should negotiate friendly to substitute legal and valid provisions to the maximum expectation of both sides for invalid,
illegal or unenforceable provisions. Economic effects produced by such valid provisions should be similar with that produced by
those invalid, illegal or unenforceable provisions as much as possible.

 

		13.6.	Any amendments, supplements or change to this Agreement shall be effective with written documents.

 

		13.7.	Party A can transfer it rights and obligations under this Agreement to third party without Party
B’s or Party C’s consent, but Party A should notify Party B and Party C about affairs related to transfer. Party B
and Party C should not transfer any rights and obligations under this Agreement to any third party unless with Party A’s
prior written consent. Successor or authorized surrenderee (if applicable) of Party B and Party C should undertake their obligations.

 

		13.8.	This Agreement is binding to successors of all parties.

 

		13.9.	All parties agree to sign any necessary documents quickly and rake necessary actions in order to
conduct this Agreement or achieve goal of this Agreement.

 

     

     

    

 

		13.10.	Each party should undertake any and all taxes, fees, and expenditures generated by law of PRC in
preparation of signing this Agreement and all transfer agreements and in order to complete transaction set in this Agreement and
all transfer Agreements.

 

		13.11.	If at any time Party A believes carry on conducting this Agreement, or maintain share purchase
right or asset purchase under this Agreement, or purchasing company shares or assets under this Agreement
violates law of PRC due to issuance or amendments to law of PRC, or interpretation or application of law of PRC changes, or related
register procedure changes, Party B and Party C should take all necessary actions and sign all necessary documents as requested
in Party A’s written request, in order to make every effort to keep effectiveness of share purchase right and asset purchase
right under this Agreement, and ensure purchasing company shares and assets under this Agreement or in other ways.

  

[PORTION OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed by their respected Officers, thereunto duly authorized as of the date first above written.

  

PARTY A: Shanghai Jiamu Investment Management
Co., Ltd, 

/s/ Corporate Chop

 

Signature:                                                        

 

	By:	/s/ Zhengyu Wang	 
	Name:	Zhengyu Wang	 
	Designation:     	Executive Officer & General Manager	 

  

Party B: Xinyang Wang

 

Signature: /s/ Xinyang Wang

  

PARTY C: Hangzhou Wangbo Investment
Management Co., Ltd.

/s/ Corporate Chop

 

Signature:                                                         

 

	By:	/s/ Zhengyu Wang	 
	Name:	Zhengyu Wang	 
	Designation:    	Executive Officer & General Manager

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