Document:

EXHIBIT
10.6

 

Equity
Pledge Agreement

 

By
and among

 

The
Shareholder of Shenzhen CCPower Corporation

 

(“Pledgor”)

 

Shenzhen
CCPower Investment Consulting Co., Ltd.

 

(“Pledgee”)

 

and

 

Shenzhen
CCPower Corporation

 

(“Company”)

 

August
25, 2016

 

    	 

    	 		 

    

 

Equity
Pledge Agreement

 

This
Equity Pledge Agreement (hereinafter referred to as “this Agreement”) is entered into on August 25, 2016 by
and among the following parties:

 

	(1)
    	Shareholder
    of Shenzhen CCPower Corporation (hereinafter called “Pledgor”), as follows:

 

	Name of the Shareholder	 	Shareholding Ratio (%)	 	Contribution	 	ID Card No.
	Wei Zhixiong	 	 	100		%	 	10,000,000	 	 	 	430524197303182439	 

 

	(2)
    	Shenzhen
    CCPower Investment Consulting Co., Ltd. (hereinafter called “Pledgee”), a wholly foreign owned enterprise registered
    in China with its registered address at 1705, Tower A, Haisong Building, Tairan 9 Road, Chegongmiao, Futian District,
    Shenzhen, PRC. It’s legal representative is Renyan GE; and
	 	 
	(3)
    	Shenzhen
    CCPower Corporation (hereinafter called the “Company”), an enterprise duly registered in Shenzhen, China,
    with its registered address at 1705, Tower A, Haisong Building, Tairan 9 Road,Chegongmiao, Futian District, Shenzhen.

 

(Pledgor,
Pledgee and the Company are collectively called the “Parties” or “Each Party” respectively
hereunder.)

 

WHEREAS

 

	1.	The
    Company is a domestic company incorporated and validly existing under PRC Laws, and its business license No. is 9144030074663507X7;
	 	 
	2.	The
    Pledgor legally holds 100% of the outstanding equity interests (as defined below) in the Company;
	 	 
	3.	The
    Pledgee is a wholly foreign-owned enterprise incorporated under the PRC Laws (as defined below); 
	 	 
	4.	Pledgor
    signed a loan agreement (the “Loan Agreement”) with Pledgee on the same date of the execution of this Agreement.
    According to the Loan Agreement, Pledgee will provide the loan to Pledgor, and Pledgor agrees to pledge all his Equity Interests
    in the Company as a guaranty of the performance of the obligations under the Loan Agreement; 
	 	 
	5.	Pledgee
    signed a entrusted management agreement (the “Entrusted Management Service Agreement”) with the Company
    and Pledgor on the same date of the execution of this Agreement, and Pledgor agrees to pledge all his equity interests in
    the Company to Pledgee as a guaranty for the performance of his obligations thereunder; 

 

    	1

    	 

    

 

	6.	Pledgee
    signed a technical service agreement (the “Technical Service Agreement”) with the Company and Pledgor on
    the same date of the execution of this Agreement, and Pledgor agrees to pledge all his Equity Interests in the Company to
    Pledgee as a guaranty for the performance of the obligations thereunder; and 
	 	 
	7.	Pledgee
    signed an exclusive purchase option agreement (the “Exclusive Purchase Option Agreement”) with the Company
    and Pledgor on the same date of the execution of this Agreement, and the Parties thereto agree that Pledgor shall pledge all
    his Equity Interests in the Company to Pledgee as a guaranty of the performance of the obligations assumed by Pledgor and
    the Company thereunder. 

 

NOW
THEREFORE, the Parties, through friendly negotiations, hereby enter into this Agreement with respect to the equity pledge.

 

	1.	Definitions
    and Interpretation 

 

Unless
otherwise provided in this Agreement, the following terms shall have the following meanings:

 

	1.1	“Business
    Day” refers to any calendar day except Saturday, Sunday and other public holidays as permitted by PRC Laws;
	 	 
	1.2	“Equity”,
    “Equities” or “Equity Interests” refers to all of the equity interests in the Company,
    including the equity interests set forth on the table in Recital 1 on page 1;
	 	 
	1.3	“Event
    of Default” refers to the event as defined in Article 8 hereunder;
	 	 
	1.4	“Main
    Agreements” refers to the Loan Agreement, Entrusted Management Agreement, Technical Service Agreement and Exclusive
    Purchase Option Agreement and the appendixes or amendments thereof (if applicable);
	 	 
	1.5	“Pledged
    Equity” refers to all the Pledgor’ Equity Interests in the Company as provided in Article 2.1 which
    will be pledged to Pledgee;
	 	 
	1.6	“PRC”
    refers to the People’s Republic of China, for the purpose of this Agreement, excluding the Hong Kong Special Administrative
    Region, Macao Special Administrative Region and Taiwan Province;
	 	 
	1.7	“PRC
    Laws” refers to all PRC laws, administrative regulations and government rules in effect; and
	 	 
	1.8	“Right
    of Pledge” refers to the right owned by the Pledgee to be first compensated from the money converted from or the
    proceeds from the auction or sale of the Pledged Equity by the Pledgee in the event Pledgor and/or the Company fail to fulfill
    in whole the obligations specified under the Main Agreements, and such right shall cause the Pledgee to be entitled to the
    dividends arising from Pledged Equity.

 

    	2

    	 

    

 

	2.	Equity
    Pledge 
	 	 
	2.1	The
    Parties agree that Pledgor shall pledge all his Equities in the Company to the Pledgee as a guaranty for the performance of
    the obligations assumed by the Pledgor and/or the Company under each of the Main Agreements. 
	 	 
	2.2	In
    case that the Pledgor increases or reduces his Equity Interests in the Company during the term of this Agreement, the Pledged
    Equity shall be automatically expanded or reduced to cover all of the Equity Interests owned by the Pledgor after the increase
    or reduce is completed. 
	 	 
	2.3	The
    Pledgee shall be entitled to exercise its Right of Pledge pursuant to the provisions set forth in Article 7 and Article
    8 herein. The Parties agree that, in case any act conducted by the Pledgor or the Company may adversely affect the Pledgee’s
    Right of Pledge, the Pledgee shall be entitled to require the Pledged Equity to be auctioned or sold in advance and the proceeds
    from such auction or sale shall be used to settle the debt secured by the Pledged Equity in advance. The Pledgor and the Company
    shall accept the request from Pledgee as provided above and shall provide all the necessary assistances to the Pledgee for
    enforcement of the above request. The Pledgor and the Company shall not prevent the Pledgee from exercising the above rights.
    
	 	 
	2.4	The
    Pledge shall become effective as of the date when the pledge of the Equity Interest is recorded in the shareholder register
    of the Company (including both the original and duplicate copies). The Pledge shall be continuously valid until all payments
    due and all obligations under the Main Agreements have been fulfilled by the Company and the Pledgor. 

 

	3.	Registration
    of Pledge 
	 	 
	3.1	Upon
    the execution of this Agreement, the Pledgor shall cause the Company to record the Right of Pledge in the Company’s
    shareholder list and deliver such list affixed with the seal of the Company as well as the original of shareholder capital
    contribution certificate of the Pledgor to the Pledgee or any third party designated by the Pledgee for keeping. During the
    term of this Agreement, if there are any changes to the Company’s shareholder list or the registered capital contribution
    certificate which receive the prior consent from the Pledgee, the Pledgee shall return the shareholder list and registered
    capital contribution certificate to the Company for modification, and the Company shall complete the modification and deliver
    such modified shareholder list and registered capital contribution certificate to Pledgee.

 

    	3

    	 

    

 

	4.	Representations
    and Warranties
	 	 
	4.1	Each
    Party under this Agreement represents and warrants to other Parties that:

 

	 	(1)
    	it
    has relevant power, rights and authorizations for the execution of this Agreement hereof, and performance of the obligations
    hereunder; 
	 	 	 
	 	(2)
    	it
    has obtained the written approval and authorization with respect to the execution and implementation of this Agreement from
    each of the relevant third parties, if any; 
	 	 	 
	 	(3)
    	the
    execution and performance of this Agreement do not violate or conflict with any of the terms and conditions of other agreements
    sighed between the Parties.

 

	4.2	The
    Pledgor represents and warrants to the Pledgee that:

 

	 	(1)
    	the
    Pledgor is the legal owner of the Pledged Equity, and have fulfilled the obligations of capital contribution in the registered
    capital of the Company;
	 	 	 
	 	(2)
    	except
    for the Right of Pledge as setup hereunder, the Pledged Equity is not subject to any pledge, guaranty or other encumbrances;
	 	 	 
	 	(3)
    	except
    for the capital increase provided in the Loan Agreement, the Pledgor has not and will not, increase the Company’s registered
    capital, transfer the Equity to any third party or make any agreements, whether oral or written, with respect to the transfer
    of Pledged Equity.

 

	4.3	The
    Company agrees to be jointly liable for all representations and warranties made by the Pledgor hereunder.

 

	5.	Obligations
    of Pledgor 
	 	 
	5.1	The
    dividend and bonus, if any, arising from the Pledged Equity shall be deposited in an escrow account under the supervision
    by the Pledgee;
	 	 
	5.2	Apart
    from the encumbrance set forth hereunder and under the Exclusive Purchase Option Agreement, without the Pledgee’s prior
    written consent, the Pledgor shall not sell, transfer, mortgage or otherwise dispose of the Pledged Equity, nor shall they
    place or allow any encumbrances on such Pledged Equity;
	 	 
	5.3	Without
    Pledgee’s prior written consent, Pledgor shall not engage in any business or operation which is in competition with
    the Company, the Company’s owned or controlled subsidiaries and Pledgee, nor shall Pledgor invest in or work for any
    company or entity which is in competition with the Company, the Company’s owned or controlled subsidiaries, or Pledgee;
	 	 
	5.4	Without
    the Pledgee’s prior written consent, the Pledgor shall not supplement or amend the Articles of Association of the Company
    in any manner, nor shall they take action to increase or decrease the registered capital or change the shareholding structure
    of the Company in any manner;
	 	 
	5.5	Without
    Pledgee’s prior written consent, the Pledgor shall guarantee that they shall not approve resolutions related to the
    dissolution, liquidation and change of legal form of the Company, or its owned or holding subsidiaries; 

 

    	4

    	 

    

 

	5.6	The
    Pledgor shall guarantee that the shareholder’s meeting of the Company shall not approve any profit distribution proposal,
    nor request or accept such distributed dividend, without the Pledgee’s prior written consent; upon the Pledgee’s
    request, the Pledgor shall promptly convene the shareholder’s meeting for the purpose of allocating the Company’s
    profits, approve any profit distribution proposal approved in writing by the Pledgee, and accept such distributed dividend;
	 	 
	5.7	Upon
    the Pledgee’s request, the Pledgor shall provide the Pledgee with all the information regarding the business operation
    and financial condition of the Company;
	 	 
	5.8	The
    Pledgor shall not incur or succeed to any debts or liabilities which may adversely affect his Equity Interests in the Company
    without the Pledgee’s prior written consent;
	 	 
	5.9	The
    Pledgor shall appoint, and appoint only, the candidates nominated by the Pledgee to the board of directors and supervisor
    office of the Company, and shall not replace such candidates without the Pledgee’s prior written consent; 
	 	 
	5.10	The
    Pledgor shall guarantee that the shareholder’s meeting of the Company and the directors of the Company appointed by
    themselves will not approve any acquisition by, any consolidation with, or any investment in any third party, without the
    Pledgee’s prior written consent; 
	 	 
	5.11	The
    Pledgor shall promptly notify the Pledgee of any pending or threatened lawsuit, arbitration or administrative dispute which
    involve the assets, business or incomes of the Company, and take all positive measures against aforesaid lawsuits, arbitrations
    or administrative dispute; 
	 	 
	5.12	The
    Pledgor shall not commit any conduct that may adversely affect the assets, business operation, the debts and liabilities of
    the Company, without the Pledgee’s prior written consent;
	 	 
	5.13	To
    the extent permitted by the PRC laws and regulations, and at any time upon Pledgee’s request, the Pledgor shall promptly
    and unconditionally transfer all or part of his Equity Interests of the Company to Pledgee or its designated third party in
    accordance with the Exclusive Purchase Option Agreement, and waive his preemptive rights with respect to such transfer; 
	 	 
	5.14	The
    Pledgor shall guarantee that the shareholder’s meeting of the Company will approve the resolution in respect of the
    Equity Transfer or Assets Transfer under the Exclusive Purchase Option Agreement;
	 	 
	5.15	The
    Pledgor shall make every efforts to guarantee that the Company performs its obligations in Article 6 hereunder;
	 	 
	5.16	The
    Pledgor shall, to the extent permitted by applicable laws, cause the business term of the Company (including the circumstance
    of change of business terms) to be no shorter than that of the Pledgee, which is approved by the relevant authorities (including
    the circumstance of change of business terms);
	 	 
	5.17	The
    Pledgor shall strictly comply with the provisions of this Agreement, and effectively perform his obligations hereunder, and
    shall be prohibited from committing any conduct which may affect the validity or enforceability of this Agreement.

 

    	5

    	 

    

 

	6.	Obligations
    of the Company
	 	 
	6.1	Without
    the Pledgee’s prior written consent, the Company shall not make any supplement or amendment to the Articles of Association
    or rules of the Company, the Company’s owned and controlled subsidiaries (the “Subsidiaries”) in
    any manner, nor increase or decrease the registered capital or change the shareholding structure of aforesaid entities in
    any manner; 
	 	 
	6.2	The
    Company shall prudently and effectively maintain its business operations according to good financial and business standards
    so as to maintain or increase the value of its assets; 
	 	 
	6.3	Unless
    as required for its business operation or upon the prior written consent by Pledgee, the Company and Subsidiaries shall not
    transfer, mortgage or otherwise dispose of the lawful rights and interests to and in their assets or incomes, nor to encumber
    their assets and income in any way that would affect the Pledgee’s security interests; 
	 	 
	6.4	The
    Company and Subsidiaries shall not incur or succeed to any debts or liabilities unless as required for its business operation
    or upon the prior written consent by Pledgee; 
	 	 
	6.5	Without
    the Pledgee’s prior written consent, the Company and Subsidiaries shall not enter into any material contract (exceeding
    RMB 1,000,000 in value); 
	 	 
	6.6	Without
    the Pledgee’s prior written consent, the Company and Subsidiaries shall not provide any loans or guaranty (exceeding
    RMB 1,000,000 in value) to or receive borrowings (exceeding RMB 1,000,000 in value) from any third party; 
	 	 
	6.7	At
    the Pledgee’s request, the Company shall provide the Pledgee with all information regarding its and the Subsidiaries’
    business operation and financial condition; 
	 	 
	6.8	The
    Company shall purchase insurance in such amounts and categories as customary among the companies doing similar business and
    having similar assets; 
	 	 
	6.9	Without
    the Pledgee’s prior written consent, the Company and Subsidiaries shall not establish new subsidiaries, acquire or consolidate
    with any third party, nor invest in any third party; 
	 	 
	6.10	The
    Company shall promptly notify the Pledgee of any pending or threatened lawsuit, arbitration or administrative disputes which
    involve its and Subsidiaries’ assets, business or incomes, and take all positive measures against aforesaid lawsuits,
    arbitrations or administrative dispute; 

 

    	6

    	 

    

 

	6.11	Without
    the Pledgee’s prior written consent, the Company and Subsidiaries shall not distribute any dividends to the Pledgor
    in any manner, and at the Pledgee’s request, it shall promptly distribute all distributable dividends to the Pledgor;
	 	 
	6.12	Without
    the Pledgee’s prior written consent, the Company and Subsidiaries shall not commit any conduct that would materially
    affect its assets, business or liabilities.

 

	7.	Exercise
    of Right of Pledge 
	 	 
	7.1	The
    Pledgee may exercise the Right of Pledge at any time following the delivery of Notice of Default as provided in Article
    8.2 to the Pledgor.
	 	 
	7.2	The
    Pledgee is entitled to cash from the Pledged Equity or be first compensated with the money converted from or the proceeds
    from auction or sale of all or part of Pledged Equity in accordance with legal procedures unless the Pledgor has duly and
    completely performed the obligations under Main Agreements. 
	 	 
	7.3	Within
    the term of this Agreement, if the Pledged Equity hereunder is subjected to any compulsory disposal taken by a court or other
    government authorities due to the Pledgor’ failing to repay the debts or the Pledgor’s violation of PRC laws or
    state policies, etc., the Pledgor shall, 

 

	 	(1)
    	notify
    the Pledgee in writing of such compulsory disposals immediately following its occurrence;
	 	 	 
	 	(2)
    	use
    all efforts (including but not limited to provide other security to the court or other government authorities) to dismiss
    the compulsory disposal taken by the court or other government authorities over the Pledged Equity.

 

	7.4	The
    Pledgor shall not hinder the Pledgee from exercising the Right of Pledge and shall give necessary assistance so that the Pledgee
    could realize its Right of Pledge. 

 

	8.	Events
    of Default
	 	 
	8.1	The
    following events shall be regarded as the Events of Default under this Agreement: 

 

	 	8.1.1	Any
    Party breaches any of the representations or warranties hereunder;
	 	 	 
	 	8.1.2	The
    Pledgor and/or the Company breaches any of the representations or warranties under any Main Agreements;
	 	 	 
	 	8.1.3	The
    Pledgor and/or the Company fail(s) to duly and completely perform any obligation hereunder; 
	 	 	 
	 	8.1.4	The
    Pledgor and/or the Company fail(s) to duly and completely perform the obligations under the Main Agreements;
	 	 	 
	 	8.1.5	Any
    other borrowing, lending, guaranty, compensation or other liabilities of the Pledgor with any third parties: (1) is required
    for an early repayment or performance prior to the scheduled date due to any breach by the Pledgor; or (2) is due but can
    not be repaid or performed by the Pledgor as scheduled, which, at the sole discretion of the Pledgee, has an adverse effect
    on the Pledgor’ ability of performing the obligations under this Agreement and any Main Agreements;

 

    	7

    	 

    

 

	 	8.1.6	The
    Company fails to repay in full the debts which fall due;
	 	 	 
	 	8.1.7	The
    properties owned by Pledgor have significant adverse changes, which, at the sole discretion of Pledgee, has an adverse effect
    on Pledgor’ ability of performing the obligations under this Agreement.

 

	8.2
    	Unless
    the Pledgor takes the action to Pledgee’s satisfaction to remedy the defaults as listed in Article 8.1 hereof,
    the Pledgee may give a written notice about default (“Notice of Default”) to the Pledgor when such default
    occurs or at any time thereafter. 

 

	9.	Taxes
    and Expenses 

 

The
Parties shall pay, in accordance with relevant PRC laws and regulations, their respective taxes and expenses arising from the
execution and performance of this Agreement.

 

	10.	Assignment
    
	 	 
	10.1	The
    Pledgor shall not transfer part or all of his rights and obligations under this Agreement without prior written consent from
    the Pledgee. 
	 	 
	10.2	The
    Parties agree that, to the extent permitted by law, the Pledgee shall have the right to transfer any or all of his rights
    and obligations under this Agreement to any third party upon a five (5)–day written notice to the Pledgor and the Company
    without his approval. The Pledgor and the Company shall sign the relevant agreements and documents pursuant to the request
    from the Pledgee. 

 

	11.	Effectiveness,
    Modification and Cancellation
	 	 
	11.1	This
    Agreement shall be executed on the date set forth in the first page and shall become effective on the date of execution.
	 	 
	11.2	The
    modification of this Agreement shall not take effect unless a written agreement is duly signed by the Parties. 
	 	 
	11.3	This
    Agreement shall not be terminated or canceled unless a written agreement is duly signed by the Parties.

 

	12.	Confidentiality
	 	 
	12.1	The
    negotiation, execution and articles of this Agreement and any information, documents, data and all other materials (herein
    “Confidential Information”) arising out of the implementation of this Agreement, shall be kept in strict
    confidence by the Parties. Without the written approval by the other Parties, none of the Parties shall disclose any Confidential
    Information to any third party, but the following shall not be considered to be “Confidential Information”:

 

    	8

    	 

    

 

	 	a.	The
    materials that is known or may be known by the Public (not including the materials disclosed by each Party receiving the Confidential
    Information in breach of this Agreement); or
	 	 	 
	 	b.	The
    materials required to be disclosed according to the applicable laws or the rules or provisions of stock exchange.
	 	 	 
	 	The
    materials may be disclosed by each Party to its legal or financial consultant relating to the transaction of this Agreement,
    provided that this legal or financial consultant shall comply with the confidentiality provisions set forth in this Section.
    The disclosure of the Confidential Information by staff or employed institution of any Party shall be deemed as the disclosure
    of such Confidential Information by such Party, and such Party shall bear the liabilities for breaching the Agreement. 

 

	12.2	This
    Article shall survive even if this Agreement is found to be invalid, amended, revoked, terminated or unable to implement by
    any reason.

 

	13.	Force
    Majeure
	 	 
	13.1	An
    event of Force Majeure means an event that could not be foreseen, and could not be avoided and overcome, which includes among
    other things, but without limitation, acts of nature (such as earthquake, flood or fire), government acts, strikes or riots.
	 	 
	13.2	If
    an event of Force Majeure occurs, any of the Parties that is prevented from performing its obligations under this Agreement
    by an event of Force Majeure shall notify the other Parties without delay and within fifteen (15) days of the event provide
    detailed information about and notarized documents evidencing the event and take all reasonable means to minimize or remove
    the negative effects of Force Majeure on the other Parties, and shall not assume the liabilities for breaching this Agreement.
    While the Force Majeure is continuing, the Party alleging breach may suspend its performance. The Parties shall keep on performing
    this Agreement after the event of Force Majeure disappears.

 

	14.	Applicable
    Law and Dispute Resolution 
	 	 
	14.1	The
    execution, validity, construing and performance of this Agreement and the disputes resolution under this Agreement shall be
    governed by the laws and regulations of the PRC.
	 	 
	14.2	The
    Parties shall strive to settle any dispute arising from or in connection with this Agreement through friendly consultation.
    In case no settlement can be reached through consultation within thirty (30) days after such dispute is raised, each Party
    can submit such matter to China International Economic and Trade Arbitration Commission in Beijing for arbitration in accordance
    with its rules. The language of arbitration shall be English. The arbitration award shall be final conclusive and binding
    upon the Parties.
	 	 
	14.3	During
    the process of dispute-resolution, the Parties shall continue to perform other terms under this Agreement, except for provision
    of dispute resolution.

 

    	9

    	 

    

 

	15.	Miscellaneous
    
	 	 
	15.1	Entire
    Agreement. The Parties acknowledge that this Agreement constitutes the entire agreement of the Parties with respect to
    the subject matters therein and supersedes and replaces all prior or contemporaneous oral or written agreements and understandings.
	 	 
	15.2	Successor.
    This Agreement shall bind and benefit the successor of each Party and the transferee permitted hereunder with the same rights
    and obligations as if the original parties hereof.
	 	 
	15.3	Notice.
    Any notice required to be given or delivered to the Parties hereunder shall be in writing and delivered to the address as
    indicated below or such other address or as such party may designate, in writing, from time to time. All notices shall be
    deemed to have been given or delivered upon by personal delivery, fax and registered mail. It shall be deemed to be delivered
    upon: (1) registered air mail: five (5) business days after deposit in the mail; (2) personal delivery or delivery by fax:
    two (2) business days after transmission. If the notice is delivered by fax, it should be confirmed by original through registered
    air mail or personal delivery. 

 

Pledgor:
Wei Zhixiong

Address:
1705,Tower A, Haisong Building, Tairan 9 Road,Chegongmiao, Futian District, Shenzhen;

Tel:
0755-8348-7878

Fax:
0755-8348-7881

 

Pledgee:
Shenzhen CCPower Investment Consulting Co., Ltd.

Contact
Person: Renyan GE

Address:
1705, Tower A, Haisong Building, Tairan 9 Road, Chegongmiao, Futian District, Shenzhen, PRC;

Tel:
136-3266-8228

 

The
Company: Shenzhen CCPower Corporation

Contact
person: Wei Zhixiong

Address:
1705, Tower A, Haisong Building, Tairan 9 Road,Chegongmiao, Futian District, Shenzhen;

Tel:
0755-8348-7878

Fax:
0755-8348-7881

 

    	10

    	 

    

 

	15.4	Severability.
    If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
    the remaining portions shall not in any way be affected or impaired thereby. In such event, the parties shall use best efforts
    to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which effects the parties original
    intention to the largest extent.
	 	 
	15.5	Governing
    Language. This Agreement shall be executed in English and Chinese language versions, each of which shall have equal validity.
    However, in the event of any inconsistency between the two, the English language version shall govern and control.
	 	 
	15.6	Copies.
    This Agreement is executed in three (3) copies with each Party holding one (1) copy. Each of the originals shall be equally
    valid and authentic.

 

[Signature
page follows]

 

    	11

    	 

    

 

IN
WITNESS WHEREOF, each party has executed this Agreement and delivered as of the date first above written.

 

	Pledgor
    	 
	 	 
	Shareholder
    of Shenzhen CCPower Corporation 	 
	 	 	 
	Wei
    Zhixiong: 	/s/
    Wei Zhixiong	 

 

	Pledgee
    	 
	 	 
	Shenzhen
    CCPower Investment Consulting Co., Ltd. 	 
	 	 	 
	Legal
    Representative: 	Renyan
    GE	 
	 	 	 
	Signature
    & Seal: 	/s/
    Renyan Ge	 

 

	The
    Company 	 
	 	 
	Shenzhen
    CCPower Corporation 	 
	 	 	 
	Legal
    Representative: 	Wei
    Zhixiong	 
	 	 	 
	Signature
    and seal: 	/s/
    Wei Zhixiong	 

 

    	12EXHIBIT
10.7

 

Assignment
and Novation Agreement

转让和更替协议

 

This
Assignment and Novation Agreement (“this Agreement”) is entered into on August 25, 2016 by and among the following
Parties:

 

本《转让和更替协议》(“本协议”)由以下各方于2016年8月25日签订:

 

	(1)	Shenzhen
    CCPower Corporation (“PRC Entity”), a limited liability company duly incorporated in Shenzhen, the People’s
    Republic of China (the “PRC”), whose legal address is 1705, Tower A, Haisong Building, Tairan 9 Road, Chegongmiao,
    Futian District, Shenzhen;

 

深圳市中加力实业发展有限公司(“PRC
Entity”),一家于中华人民共和国(“中国”)深圳市适当成立的有限责任公司,其法定地址为深圳市福田区沙头街道车公庙泰然九路海松大厦A-1705;

 

	(2)	Shenzhen
    CCPower Investment Consulting Co., Ltd. (“WFOE”), a wholly foreign owned enterprise duly incorporated in
    Shenzhen, PRC, whose legal address is 1705, Tower A, Haisong Building, Tairan 9 Road, Chegongmiao, Futian District, Shenzhen;

 

深圳市中加力投资咨询有限公司(“WFOE”),一家于中国深圳市适当成立的外商独资企业,其法定地址为深圳市福田区沙头街道车公庙泰然九路海松大厦A-1705;

 

	(3)	WANG
    Xili (“Assignor”), a PRC citizen holding a Chinese ID card with the ID number 420104196707150843;

 

汪夕力(“让与方”),一名持有身份证号码为420104196707150843的中国居民身份证的中国公民;

 

	(4)	WEI
    Zhixiong (“Assignee”), a PRC citizen holding a Chinese ID card with the ID number 430524197303182439.

 

魏志雄(“受让方”),一名持有身份证号码为430524197303182439的中国居民身份证的中国公民。

 

PRC
Entity, WFOE, Assignor and Assignee shall hereinafter individually as a “Party” and jointly be referred to
as the “Parties”.

 

PRC
Entity,WFOE,让与方和受让方以下单独称“一方”,合称“各方。”

 

WHEAEAS:

 

鉴于:

 

	(a)	PRC
    Entity, WFOE and Assignor entered into certain Entrusted Management Agreement, Equity Pledge Agreement, Exclusive Purchase
    Option Agreement and Technical Service Agreement dated August 22, 2011 (collectively the “Original Control Agreements”).

 

PRC
Entity,WFOE和让与方于2011年8月22日签署了特定的《委托管理协议》、《股权质押协议》、《独家购买权协议》和《技术服务协议》(合称为“原控制协议”)。

 

	(b)	WFOE
    and Assignor entered into certain Loan Agreement dated August 22, 2011 (“Assignor Loan Agreement”).

 

WFOE和让与方于2011年8月22日签署了特定的《借款协议》(“让与方借款协议”)。

 

    	1

    	 

    

 

	(c)	As
    of the date hereof, Assignor as the borrower has received the loan amount under the Assignor Loan Agreement and contributed
    the same to the bank account of PRC Entity in accordance with the Assignor Loan Agreement, and Assignor has not repaid such
    loan. 

 

截至本协议签署日,让与方作为借款人已收到让与方借款协议项下借款金额,并按照让与方借款协议将借款金额汇入PRC
Entity银行账户,且让与方尚未偿还该等借款。

 

	(d)	Assignor
    and Assignee entered into certain Agreement on Equity Transfer dated August 25, 2016, under which Assignor intends to sell
    to Assignee, and Assignee intends to purchase from Assignor, 100% equity interests in PRC Entity (“PRC Entity Equity
    Transfer”).

 

让与方和受让方于2016年8月25日签署了特定的《股权转让协议》,约定让与方有意向受让方出售,且受让方有意向让与方购买PRC
Entity的100%股权(“PRC Entity股权转让”)。

 

	(e)	As
    of the date hereof, the PRC Entity Equity Transfer has been consummated and Assignee has owned 100% equity interests in the
    PRC Entity.

 

截至本协议签署日,PRC
Entity股权转让已完成且受让方已持有PRC Entity的100%股权。

 

	(f)	PRC
    Entity, WFOE and Assignee entered into certain Entrusted Management Agreement, Equity Pledge Agreement, Exclusive Purchase
    Option Agreement and Technical Service Agreement dated August 25, 2016 (collectively the “Updated Control Agreements”).

 

PRC
Entity,WFOE和受让方于2016年8月25日签署了特定的《委托管理协议》、《股权质押协议》、《独家购买权协议》和《技术服务协议》(合称为“新控制协议”)。

 

	(g)	WFOE
    and Assignee entered into certain Loan Agreement dated August 25, 2016 (“Assignee Loan Agreement”).

 

WFOE和受让方于2016年8月25日签署了特定的《借款协议》(“受让方借款协议”)。

 

NOW,
THEREFORE, the Parties hereby agree as follows:

 

因此,各方特此达成协议如下:

 

	1.	The
    Parties agree and acknowledge that Assignor has assigned all of his rights and obligations under the Original Control Agreements
    to Assignee as of August 25, 2016 and the Original Control Agreements was terminated and replaced by the Updated Control Agreements
    in their entirety on August 25, 2016.

 

各方同意并确认,自2016年8月25日起,让与方已将原控制协议项下全部权利和义务转让予受让方,原控制协议于2016年8月25日被终止并被新控制协议完整地取代。

 

	2.	The
    Parties agree and acknowledge that Assignor has assigned all his rights and obligations under the Assignor Loan Agreement
    to Assignee as of August 25, 2016 and the Assignor Loan Agreement was terminated and replaced by the Assignee Loan Agreement
    in its entirety on August 25, 2016.

 

各方同意并确认,自2016年8月25日起,让与方已将让与方借款协议项下全部权利和义务转让予受让方。让与方借款协议于2016年8月25日被终止并被受让方借款协议完整地取代。

 

    	2

    	 

    

 

	3.	For
    avoidance of doubt, WFOE will not separately grant to Assignee the loan under the Assignee Loan Agreement. The amount borrowed
    by Assignor under the Assignor Loan Agreement shall be treated as the amount of loan which Assignee receives under the Assignee
    Loan Agreement. Assignee shall assume the responsibility to repay the loan and fulfill other obligations under the Assignee
    Loan Agreement. 

 

为避免疑义,WFOE将不会向受让方另行发放受让方借款协议项下贷款。让与方在借款协议项下已借入的金额应被视为受让方在受让方借款协议项下收到的贷款金额。受让方应当承担受让方借款协议项下还款以及其他义务。

 

	4.	In
    case of any discrepancy between this Agreement or the Updated Control Agreements and Assignee Loan Agreement, the terms of
    this Agreement shall prevail.

 

如本协议与新控制协议或受让方借款协议有任何不一致之处,以本协议条款为准。

 

	5.	This
    Agreement is governed and interpreted by the laws of PRC.

 

本协议由中国法律管辖并据此解释。

 

	6.	The
    Parties shall strive to settle any dispute arising from or in connection with this Agreement through friendly consultation.
    In case no settlement can be reached through consultation within thirty (30) days after such dispute is raised, each Party
    can submit such matter to China International Economic and Trade Arbitration Commission in Beijing, PRC for arbitration in
    accordance with its rules. The language of arbitration shall be English. The arbitration award shall be final conclusive and
    binding upon the Parties.

 

凡由本协议引起的或与本协议有关的任何争议应通过本协议各方友好协商解决。如在发生争议后的三十(30)日内无法达成一致意见,任何一方均可以就争议事项向位于中国北京的中国国际经济贸易仲裁委员会申请按其规则进行仲裁。仲裁语言为英文。仲裁裁决应该是终局的,对各方均有约束力。

 

	7.	If
    any of the provisions of this Agreement is held invalid or unenforceable, such invalidity or unenforceability shall not affect
    the validity and enforceability of any other provisions of this Agreement.

 

如果本协议的任何条款被认定无效或者不可执行,该无效和不可执行应不影响本协议任何其他条款的效力和执行力。

 

	8.	This
    Agreement is signed in English and Chinese versions and both language versions shall have same legal effect. 

 

本协议以中文和英文书就,两种语言文本具有同等法律效力。

 

	9.	This
    Agreement shall become effective upon execution by the Parties. This Agreement is made in three (3) originals of each version.
    Each Party shall hold one original of each version.

 

本协议经各方签署之日起生效。本协议一式叁(3)份。每一方持有一份原件。

 

[Signature
page follows]

 

[下接签署页]

 

    	3

    	 

    

 

IN
WITNESS THEREFORE, the parties hereto have caused this Assignment and Novation Agreement to be executed and delivered as of
the date first above written.

 

以昭信守,各方于协议开端所述日期正式签署并交付本《转让和更替协议》。

 

For
and on behalf of:

 

代表:

 

Shenzhen
CCPower Corporation(深圳市中加力实业发展有限公司)

 

	Authorized
    Representative(授权代表):	/s/
    Wei Zhixiong	 

 

Shenzhen
CCPower Investment Consulting Co., Ltd.(深圳市中加力投资咨询有限公司)

 

	Authorized
    Representative(授权代表):	/s/
    Renyan Ge	 

 

WANG
Xili(汪夕力)

 

	Signature(签字):	/s/
    Wang Xili	 

 

WEI
Zhixiong(魏志雄)

 

	Signature(签字):	/s/
    Wei Zhixiong

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