Document:

Exhibit 4.30

 

Electronic Aviation Passenger Comprehensive
Insurance Four-parties Cooperation Agreement

 

Party A: Guangdong CSA E-commerce Co., Ltd.
(广东南航电子商务有限公司)

Legal Representative: Guo Zhiqiang

Domicile: No. 05 of Unit 201, 68 Huacui Street,
Jianye Road, Zhongshan Road West Industrial Park, Tianhe District, Guangzhou

Telephone: 020-86131534

 

Party B: Southern Airlines Group
Finance Company Limited
(中国南航集团财务有限公司)

Legal Representative: Wang Jianjun

Domicile: No. 17 Hangyun South Street, Baiyun
District, Guangzhou

Telephone: 020-61052798

 

Party C: Air Union Insurance Brokers (Beijing)
Co., Ltd. (航联保险销售(北京)有限公司)

Legal Representative: Li Yongqi

Domicile: Rm 801-803 CYTS Plaza, 5 Dongzhimen
Nan Street, Dongcheng District, Beijing

Telephone: 010-58157000

 

Party D: Taiping Pension Co., Ltd (太平养老保险股份有限公司)

Legal Representative: Zheng Changyong

Domicile: 25/F-26/F (200120) Taiping Finance
Building, 488 Yin Cheng Road (M), Pudong New Area, Shanghai

Telephone: 021-61002888

 

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General Provisions

 

According to the Contract
Law of the People's Republic of China, Insurance Law of the People's Republic of China and the relevant laws and regulations,
Guangdong CSA E-commerce Co., Ltd. (hereafter referred to as ‘Party A’), Southern Airlines Group Finance Company Limited
(hereafter referred to as ‘Party B’), Air Union Insurance Brokers (Beijing) Co., Ltd. (hereafter referred to as ‘Party
C’) and Taiping Pension Co., Ltd (hereafter referred to as ‘Party D’) shall further cooperate in electronic comprehensive
air passenger insurance business for genuine fulfillment of resource sharing and complementary advantages. In order to enter into
higher and newer stages of development, better products and services which better cater to customers’ needs shall be offered
jointly. Party A, Party B, Party C and Party D have reached the following agreements on the principles of reciprocity, complementary
advantages and mutual development through amicable negotiations.

 

Chapter 1
Cooperation

 

Article 1 Content of cooperation

 

		1.1	The four parties agree to cooperate in the development of electronic comprehensive air passenger
insurance projects and jointly handle business matters relating to the sale of insurance.

 

		1.2	’Electronic comprehensive air passenger insurance’ specifically refers to the broad
comprehensive air passenger insurance business, which includes aviation accident insurance (mainly injury in aviation accidents)
and air passenger-related insurance products such as short-term traffic accident injury insurance, checked luggage insurance, flight
delay insurance, flight cancellation insurance, compensation for cancellation of special price passenger tickets and travel insurance
for international air tickets. It aims to replace the traditional paper insurance policies with electronic comprehensive air passenger
insurance policies, implement centralized management of policy holders’ and air passengers’ information through online
information sharing, and create a kind of new product by inputting insurance payment information into the system and printing them
on ‘Air Transport Itineraries of E-tickets’ to be sold together with E-ticket insurance.

 

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		1.3	Party A shall, within the scope
                                         authorized by China Southern Airlines Company Limited (hereafter referred to as ‘CS
                                         Air’), permits Party B, Party C and Party D to use its Business to Customer website
                                         at www.csair.com (hereafter referred to as ‘B2C website’), mobile
                                         customer terminal ticket sale platform and VOS sales system for selling insurance.

 

		1.4	Party B shall provide services including overall coordination, in-process support, assistance for
settlement and claims and product marketing in accordance with this Agreement.

 

		1.5	As the sales agent of the project, Party C shall sell Party D’s electronic air passage insurance products on the platform
provided by CS Air.

 

		1.6	As the insurer of the cooperation project, Party D shall offer insurance products on consistent
terms of coverage for CS Air’s B2C website, mobile applications and VOS system; offer insurance of uniform service standards
and voluntary compensation services; provide supporting consultation services and bear insurance liabilities specified in insurance
clause. Its products should cover personal accident injury insurance, additional travel delay insurance, additional luggage delay
insurance, additional travel changes insurance, additional passenger’s personal effect insurance and additional aircraft
hijacking insurance.

 

Main responsibilities
of the products include:

 

Accidental death and
disability: Insurance amount shall be RMB600,000

 

Flight delay insurance: RMB300
shall be compensated for every four hours; the maximum amount of compensation shall be RMB900

 

Luggage delay insurance: RMB500
shall be compensated for every eight hours; the maximum amount of compensation shall be RMB1,500

 

Travel cancellation insurance (including
flight cancellation): Amount of compensation shall be RMB600

 

Passenger’s personal effect
insurance: Amount of compensation shall be RMB1,000

 

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Aircraft hijacking insurance: Amount of compensation
shall be RMB1,000

 

		1.7	See Appendix 1 for applicable insurance clauses for electronic
comprehensive air passenger insurance under this Agreement.

 

		1.8	Party D shall, as requested by Party A, Party B and Party
C, upgrade or optimize the insurance products in the light of market conditions.

 

Article 2 Period of cooperation

 

		2.1	This Agreement shall take effect from 12 June 2014 and
remain valid until 31 May 2017.

 

		2.2	All Parties unanimously agree that negotiation on extension
of the cooperation period shall be conducted within three months prior to the date of expiration.

 

Chapter 2
Rights and obligations of all Parties

 

Article 3    Rights
and obligations of Party A

 

(I) Rights of Party A

 

		3.1	To understand the insurance settlement data from Party
C.

 

		3.2	To complete premium concentration with its own system.

 

		3.3	To suspend sale of Party D’s insurance products
due to business changes or organizational restructuring.

 

		3.4	To decide the proportion of its electronic comprehensive
air passenger insurance products to be sold on CS Air website, mobile applications and VOS system according to the number of air
tickets sold through Party D’s promotion of business class E-ticket and insurance cooperation projects.

 

(II) Party A’s obligations

 

		3.5	To design and develop insurance sale webpages in line
with Party C’s frontend interface for development of website sale system according to Party C’s suggestions and requests.
If any changes take place in CS Air website in terms of design and presentation during the period of cooperation, Party A shall
timely notify Party C.

 

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		3.6	To provide conditions necessary for docking with Party
D’s electronic system, and to transmit insurance data in a real-time manner . The data field shall include but not be limited
to premium, E-ticket numbers, policy numbers, order numbers, names, contact information and ID number of the insured, flight numbers,
routes, dates of flight, dates of taking out insurance and types of sale.

 

		3.7	To be responsible for daily maintenance of the electronic
direct sale system, and ensure stable operation of the website, mobile applications and insurance sale platform of the VOS system.

 

		3.8	To make full use of customer services of CS Air’s
Call Center, and complete off-line sale of insurance products and premium payment according to customers’ needs.

 

		3.9	To be responsible for timely transferring the received
premiums to Party B on monthly basis as agreed in this Agreement.

 

		3.10	To be responsible for developing and maintaining 24-hour
telephone customers services.

 

		3.11	To provide information inquiry services including names
of insurance companies, names of insurance products, names of the insured, premiums, insurance amount, policy terms, reminder
of disclaimer, marketing companies, customer service hotline and ways for policy inquiries.

 

		3.12	To return premiums to customers who surrender their policies,
as entrusted by Party D.

 

Article 4 Rights and obligations of Party
B

 

(I) Rights of Party B

 

		4.1	To charge commissionsfrom Party D as agreed in this Agreement.

 

		4.2	To obtain insurance settlement data from Party C.

 

(II) Obligations of Party B

 

		4.3	To provide services including providing general support,
making settlements and helping with claim settlement as agreed in this Agreement.

 

		4.4	To be responsible for overall coordination of the project,
and propose and complete overall design of marketing plan according to needs of Parties A and C.

 

		4.5	To ensure that it has the qualifications for concurrent-business
insurance agency and remains qualified during the valid period of this Agreement.

 

		4.6	To proceed with the formalities for registering additional
items with competent business authorities and applying for tax invoices necessary for its insurance business.

 

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		4.7	To provide agency settlement services as agreed in this
Agreement. To issue settlement bills based on data provided by Party A; complete reconciliations with all Parties and ensure premium
settlement with Party D.

 

		4.8	To provide clearing services to all Parties as agreed
in this Agreement.

 

		4.9	To be responsible for developing the management and customer
services manual for operation of the project, but consent from Party A, Party C and Party D shall be obtained for contents involving
them.

 

		4.10	To assist all Parties of the Project with tasks such
as customer inquiries and complaint management.

 

		4.11	To provide services such as voluntary claims as needed
by products, design logic of claim settlement and complete screening of claims data for the project and collection of claimer
accounts; to offer all conditions which facilitate Party D’s final payment of compensation for the insured.

 

Article 5 Rights and obligations of Party
C

 

(一)Rights of Party C

 

		5.1	To charge agency commissions as agreed in this Agreement.

 

		5.2	To use marketing platforms including the designated Internet within Party A’s authorized
scope under the project for selling Party D’s electronic air travel insurance products to travelers who buy CS Air tickets,
as an sales agent.

 

(II) Obligations of Party C

 

		5.3	To assist CS Air with development of sale webpages and
system data transmission, and provide training for customers service staff of Party A and Party B.

 

		5.4	To be responsible for providing data processing system;
to ensure real-time docking of the system with Party D’s insurance system and real-time receipt of sales data from CS Air
platform.

 

		5.5	To provide all Parties with innovative models for the
electronic comprehensive air passenger insurance project, and offer assistance to fulfill function of the ‘Premium’
section of the CS Air travel itinerary list.

 

		5.6	To provide by-telephone manual verification and on-website
self-service verification of electronic policies.

 

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		5.7	To help Party A and CS Air with complaints from passengers.

 

Article 6 Rights and obligations of Party
D

 

(I) Rights of Party D

 

		6.1	To receive premium as agreed in this Agreement.

 

		6.2	To obtain real-time sales data from Party A regarding
the insurance products under cooperation as agreed in this Agreement. The data field shall include premium, E-ticket numbers,
policy numbers, order numbers, names, contact information and credential numbers of the insured, flight numbers, routes, dates
of flight, dates of taking out insurance and types of sale.

 

(II) Obligations of Party D

 

		6.3	To permit air ticket platforms, including the Internet,
within Party A’s authorized scope as the marketing platforms of insurance products; and appoint Party C as an insurance
sales agent for selling its insurance products on air ticket platforms including the Internet;

 

		6.4	To recognize services that Party B shall provide for
the project, including agency settlement, marketing support and agency claims;

 

		6.5	To recognize services of Party A, including off -line
sale of insurance;

 

		6.6	To pay agency commissions to Party B and Party C as agreed
in Article 7 of this Agreement;

 

		6.7	To file the insurance products under cooperation with
the insurance regulatory authority according to requirements of the insurance regulations, and provide unified services to customers
in the agreed regions;

 

		6.8	To assist Party A or Party B with application, changes
and renewal of the qualifications for concurrent-business insurance agency free of charge as requested by Party A or Party B.

 

		6.9	To provide conditions necessary for docking with Party
A’s electronic system; to ensure that sales data can be obtained from Party A and are imported into the insurance system
in a real-time manners besides taking reasonable and essential measures to ensure normal and stable operation of the data transmission
system.

 

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		6.10	To send insurance data in a real-time manner to Party
B and Party C as agreed. Data shall be transmitted in the form of encryption algorithm to ensure safe and stable data transmission
of the entire insurance sales system.

 

		6.11	To bear relevant insurance liabilities as insurer of
the insurance products in accordance with insurance contracts. If the policy holder has paid his or her premium to Party A, compensation
responsibility shall not be refused on the ground of non-receipt of premium.

 

		6.12	As to policies of insurance products issued under this
Agreement, in the case that the insurance accidents specified in the insurance contract occur, Party D shall compensate according
to the system sales data and flight departure data provided by Party A, no matter whether the specific insurance data has been
input into Party D’s system, unless Party D has evidence to prove loss of such data and the loss is caused by Party A’s
subjective deliberate acts. If data error takes place due to Party A’s deliberate acts and has caused losses to the insured,
beneficiaries and Party D, Party A shall bear the relevant liabilities.

 

		6.13	To be responsible for accepting accident claims of the
insurance products under cooperation. As to the insurance responsibilities for executable voluntary claim services as agreed by
all Parties, Party D shall recognize Party B’s claims data, dock with Party B’s claim data system and be responsible
for compensating the insured in accordance with the terms of insurance of this Agreement.

 

		6.14	To provide real-time policy inquiry services regarding
the insurance products under cooperation via telephone and Internet for travelers; and provide at the prominent spot of its web
portal a section for inquiries of information about accident insurance policies. The inquiry content and interface shall include
the following information: names of insurance products, policy numbers, premium, insurance amount, policy term and marketing entity.
A hotline should also be provided for claim settlement services.

 

		6.15	Party D shall timely provide feedback to all Parties
about new regulatory policies implemented in various regions involved in this Agreement and regulations involving the Company’s
business.

 

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		6.16	To carry out due marketing campaigns for the project;
and provide Party A and CS Air with the marketing support for purpose of direct ticket sale business.

 

Chapter 3 Settlement
of fees

 

Article 7 Fee criteria

 

		7.1	The value of each electronic comprehensive air passenger
insurance amounts to RMB20.

 

		7.2	For every policy of Party D’s insurance product
under cooperation successfully sold through websites within the Party A’s authorized scope, mobile applications and VOS
system (successful sale is marked by the insured’s successful payment through CS Air website, mobile applications and VOS,
excluding policy surrenders), Party D shall pay RMB10 to Party B , and RMB1 to Party C as their commissions. Upon receipt of all
commissions, Party B shall pay RMB5 to Party A as platform service fee.

 

		7.3	In the case of a policy surrender, Party D does not need
to pay any commission. if Party D had already paid the said commissions, the other parties shall refund accordingly.

 

		7.4	The process and ways of settlement shall follow relevant
rules of the local regulatory departments.

 

		7.5	In the case that new government policies are enacted
regarding fee adjustments, all Parties shall negotiate and adjust the products or fee rates.

 

Article 8 Settlement of fees

 

		8.1	Before the 15th day of each month, Party A
shall issue a bill for the last settlement period based on sales data of the last cycle provided by the business regions. Upon
receipt of the data and settlement bill from Party A, Party B, Party C and Party D shall confirm the accounts before the 17th
day of each month. In the case of inconsistent data, such data should be rectified in a prompt manner, and settlement of
premiums and relevant fees shall defer accordingly.

 

		8.2	Upon confirmation of accounts, Party A shall transfer
the full amount of premium of the previous month to the bank account designated by Party B before the 23rd day of each
month.

 

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Name of Party
B’s beneficiary’s account: Southern Airlines Group Finance Company Limited; Bank: Industrial and Commercial
Bank of China Limited Guangzhou Airport Sub-branch; Bank account number 3602065229200084927.

 

		8.3	Upon receipt of premium and confirmation, Party B shall
transfer part of the previous month’s premium attributable to Party D’s sales regions to Party D’s designated
bank account before the 24th day of each month. Name of Party B’s account of premium payment: Southern Airlines
Group Finance Company Limited; Bank: Industrial and Commercial Bank of China Limited Guangzhou Airport Sub-branch;
Bank account number: 3602065229200084927.

 

Name of Party
D’s beneficiary’s account: Liaoning Branch of Taiping Pension Co., Ltd; Bank: Industrial and Commercial Bank
of China Limited Shenyang Nanjing Street Sub-branch, Bank account number: 3301002819248103933.

 

		8.4	Upon receipt of full amount of premium transferred by
Party B, Party D shall pay commissions to Party B and Party C in the proportion agreed in this Agreement before the 29th
day of each month. At the same time, Party B and Party C shall issue to Party D a receipt for the commissions received,
before the 30th day of each month. Name of Party B’s beneficiary account for commissions: Southern Airlines
Group Finance Company Limited; Bank: Industrial and Commercial Bank of China Limited Guangzhou Airport Sub-branch;
Bank account number: 3602065209000088916.

 

Name of Party
C’s beneficiary’s account: Air Union Insurance Brokers (Beijing) Co., Ltd. Bank: China Merchants Bank,
Beijing Fangzhuang Sub-branch; Bank account number: 110908750810999.

 

		8.5	Upon receipt of commissions from Party D, Party B shall
pay Party A service fees before the 30th day of each month. Upon receipt of full amount of all service fees, Party
A shall issue to Party B a receipt of service fees before the 30th day of each month.

 

Name of Party
A’s beneficiary account: Guangdong CSA E-commerce Co., Ltd.; Bank: China Merchants Bank, Fengshen Sub-branch;
Bank account number: 120902062710622.

 

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		8.6	In the case of statutory holiday, the said settlement
day shall be postponed to the first working day following the statutory holiday.

 

		8.7	If any Party hereto fails to perform its payment obligation
upon confirmation of the settlement bills and causes losses to the other three Parties, the other three Parties may reserve their
right of claiming for compensation based on their losses.

 

Article 9 Invoice management

 

		9.1	Upon receipt of full amount of all commissions on time,
Party B shall issue to Party D a receipt of insurance intermediary service fee for the commissions received and mail it to Party
D before the 30th day of each month.

 

		9.2	Upon receipt of commissions, Party C shall issue to Party
D a receipt of insurance intermediary service fee for the commissions received and mail it to Party D before the 30th
day of each month

 

		9.3	Party B and Party C shall ensure that Party D receives
the receipt within that month (except for reason of force majeure).

 

Chapter
4 Representations & Warranties

 

Article 10 Representations & Warranties

 

All parties guarantee:

 

		10.1	All parties guarantee that each has its capacity for
corresponding civil rights and civil acts.

 

		10.2	Execution of this Agreement constitutes no infringement
upon any third party’s legitimate interests.

 

		10.3	Each has all the rights, authorization and approval for
entering into this Agreement, and has all the rights, authorization and approval necessary for performing all obligations under
this Agreement.

 

		10.4	The provisions of this Agreement shall become its legal,
effective and binding obligations after its legally authorized representative has signed this Agreement on its behalf.

 

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		10.5	The execution and performance of this Agreement shall
not contradict or breach its business licence, articles of association, any law or approval granted by any government organization
or institution or any rules they set for any legal document of the signatory.

 

Chapter
5 Responsibilities for Breach of Agreement

 

Article 11 Compensation
for breach of agreement

 

		11.1	Party D shall timely handle insurance claim application
or surrender of policy in a timely manner as agreed in the contract. In the case that Party D is complained by travelers for three
times or more during the period of contract, Party A has the right to rescind the contract unilaterally.

 

		11.2	Pursuant to the Rules on Punishment of Illegal Acts
in the Intermediary Business, Party D has the right to demand Party C to rectify its insurance-related illegal acts. In the
case that Party C refuses to rectify it, Party D has the right to terminate the agency of Party C.

 

The clauses below
are applicable to sales data commonly recognized by the four Parties:

 

		11.3	Party A and Party B shall fully transfer all premiums
to Party D as agreed in this contract. In the case of late delivery, it shall bear the responsibility of late payment by paying
1/10,000 of the payable premium for each day delayed besides paying the payable premium. Party D has the right to terminate
the contract in the case of delay for more than 60 days.

 

		11.4	Party D shall pay Party B the commission payable to Party
B. In the case of late payment, it shall bear the responsibility of late payment by paying 1/10,000 of the payable commissions
for each day delayed besides paying the payable commissions. Party B has the right to terminate the contract in the case of delay
for more than 60 days.

 

		11.5	Party D shall pay Party C the commissions payable to
Party C. In the case of late payment, it shall bear the responsibility of late payment by paying 1/10,000 of the payable
commissions for each day delayed besides paying the payable commissions. Party C has the right to terminate the contract in the
case of delay for more than 60 days.

 

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		11.6	Party B shall pay Party A the service fees payable to
Party A. In the case of late payment, it shall bear the responsibility of late payment by paying 1/10,000 of the payable
service fees for each day delayed besides paying the payable service fees. Party A has the right to terminate the contract in
the case of delay for more than 60 days.

 

Chapter 6
Termination of Agreement

 

Article 12 Force Majeure 

 

		12.1	In the case that any Party is unable to discharge its
obligations due to conditions beyond its control, performance of this Agreement shall be terminated. The conditions which directly
affect a Party’s ability to discharge its obligations include wars, natural disasters, government acts (including rules
or prohibition order issued by government departments) and civil disorder, etc.

 

		12.2	In the case of occurrence of force majeure, the Party
which adduces the ground of force majeure shall timely notify the other Parties within seven days so as to minimize possible losses
to the other Parties and submit evidences within a reasonable timeframe. In the case that the Party which experienced force majeure
fails to timely notify the other Parties and this results in greater losses to the other Parties, the Party which experienced
force majeure shall be responsible to compensate for the greater losses.

 

		12.3	The Party which claims to have experienced force majeure
shall take all essential measures to minimize the damages that may be caused as a result of force majeure.

 

Article 13 Transfer and Early Termination
of Contract

 

		13.1	If either Party A or Party B, as required by internal
management, has to make an early withdrawal from the project and transfer the rights and obligations under this Agreement to the
other Parties, provided that the current normal operation of the project is not affected, it can be done so by sending a written
notice to Party C and Party D two months in advance. Party C and Party D shall not object to such transfer.

 

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		13.2	In the case that any of the Parties unilaterally requests
for early termination of this Agreement, a written notice should be sent to the other Parties one month in advance. This Agreement
shall terminate upon expiry of one month from the date of the notice. Upon termination of this Agreement, all Parties shall settle
the claims and debts under this Agreement.

 

		13.3	Unless otherwise agreed, any decision to terminate this
Agreement shall not hinder the other Parties’ right to make claim for damages.

 

Article 7
Confidentiality

 

Article 14 Confidentiality

 

		14.1	All Parties to this Agreement shall take essential measures
to keep all contents of this Agreement confidential.

 

		14.2	Unless for compliance of the law or compulsory requirements
of the statutory regulators, no party shall disclose any information about the other Parties it came to know under this Agreement
or any content of this Agreement to any other parties without consent of the other Parties. If losses are caused to the Parties
or non-signatory third party as a result of the disclosure, the disclosing Party shall be responsible for compensating the suffering
party for all its losses.

 

Chapter 8
Other matters

 

Article 15 Notices

 

		15.1	Any notice for the purpose of or related to this Agreement
shall take no effect unless delivered by hand, mail, express delivery or fax to the contact address stated at the beginning of
this Agreement. Any of the Parties shall promptly notify the other Parties of any changes in its contact information.

 

		15.2	Unless otherwise agreed, the dates below shall be deemed
the dates when all notices and correspondences are duly delivered to and noted by the Party being notified:

 

1) For
delivery by hand, it is the date when the Party being notified receives the notice;

 

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2) For
delivery by ordinary mail, it is the 7th working day after the mail is posted;

 

3) For
delivery by express delivery, it is the 3rd working day after the mail is delivered;

 

4) For
delivery by fax, it is the date when the message is faxed and confirmation report is received;

 

5) Notices
delivered by hand, mail and express delivery shall be deemed to have been delivered upon reaching the address stated at the beginning
of this Agreement.

 

Article 16 Partial invalidity 

 

		16.1	If one or more clauses of this Agreement are invalid,
the remaining clauses of this Agreement shall remain unaffected.

 

		16.2	If this Agreement becomes invalid due to changes in law,
regulations or regulatory requirements, all Parties to this Agreement agree that this shall be solved by way of negotiating and
signing a supplemental agreement under the premises that operation of the project is not affected.

 

		16.3	All Parties agree that amendments to the clauses announced
to be invalid should be negotiated on principles of objectivity and sincerity so that they comply with the statutory requirements.

 

Article 17 Applicable law and settlement
of disputes

 

		17.1	The law of the People’s Republic of China shall
apply in the conclusion, validity, interpretation, performance and solution of disputes of this Agreement.

 

		17.2	All Parties shall solve any disputes arising from or
related to this Agreement through negotiation. In the case of fruitless negotiation, any Party may solve the dispute through litigation
by referring it to the people’s court in the jurisdiction where Party A is domiciled.

 

Article 18 Appendices to Agreement

 

The Appendices to Agreement
is an integral part of this Agreement and, together with articles of this Agreement, constitute complete contents of the cooperation
agreed by all Parties through negotiation and bear the same effect as this Agreement.

 

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Article 19 Validity of Agreement

 

This Agreement shall
take effect from the date when authorized representatives of all Parties sign and affix the official seals on it. This
Agreement is in six duplicate, Party A shall keep three copies and each of the remaining Parties shall keep one copy. All
copies shall bear the same legal effect.

 

List of appendices:

 

1. Appendix 1: Insurance Clauses

 

2. Appendix 2: Settlement Process

 

3. Appendix 3: Process of individual surrender
of policy

 

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(This is the signature page of the Four-party
Agreement on Electronic Aviation Passenger Comprehensive Insurance and contains no text. )

 

	Party A: 	 
	Authorized Representative (Signature):	 
	 	 	 
	Date:	 	 
	 	 	 
	Party B:	 
	Authorized Representative (Signature):	 
	 	 	 
	Date:	 	 
	 	 	 
	Party C:	 
	Authorized Representative (Signature):	 
	 	 	 
	Date:	 	 
	 	 	 
	Party D: 	 
	Authorized Representative (Signature):	 
	 	 	 
	Date:	 	 

 

    	Page 17/17Exhibit 4.31

 

Equity Transfer Agreement

 

between 

 

Hebei Airlines Investment Group Co., Ltd.

 

and 

 

Xiamen Airlines Co., Ltd. 

 

July 2014, Shijiazhuang, China

 

    	 

    	 

    

 

	Equity Transfer Agreement

 

Equity Transfer Agreement

 

This Equity Transfer Agreement (the “Agreement”)
is made in Shijiazhuang, Hebei Province, the People's Republic of China (the “PRC” or “China”), by and
between

 

Equity Transferor (“Party A”):
Hebei Airlines Investment Group Company Limited

Domicile: World Trade Plaza Hotel, 303 Zhongshan
East Road, Shijiazhuang

Legal Representative: Jiao Guangyin

 

and

 

Equity Transferee (“Party B”):
Xiamen Airlines Company Limited

Domicile: 22 Dailiao Road, Xiamen

Legal Representative: Che Shanglun

 

Whereas:

 

1. Hebei Airlines Company
Limited (hereinafter referred to as the “Target Company”) is a limited liability company duly incorporated and validly
subsisting under the PRC laws. As of the signing date hereof, the registered capital and the paid-in capital of the Target Company
are RMB 1.8 billion.

 

2. As of the signing date
hereof, Party A is the lawful shareholder of the Target Company, has actually made contribution of RMB 1.71720 billion, now holds
95.4% of equity in the Target Company, and is exclusively entitled to the capital reserve of RMB 820 million. Party A is willing
to transfer the 95.4% equity it holds and all equity interests it owns in the Target Company to Party B, and Party B is willing
to accept the same, according to the terms and conditions hereof.

 

Pursuant to the Contract
Law of the People’s Republic of China, the Enterprise State-owned Assets Law, the Interim Measures for the
Management of the Transfer of the State-owned Property Right of Enterprises, and other relevant laws, regulations and rules,
and in the spirit of equity, mutual benefit and good faith, Party A and Party B arrive at the following agreement in connection
with transfer of equity in the Target Company, terms and conditions of which the two Parties shall jointly comply with.

 

    	2

    	 

    

 

	Equity Transfer Agreement

 

Article 1 Definitions and
Interpretation

 

Unless otherwise agreed
herein, the following terms shall have the following meanings:

 

1.1 “Subject Equity”
refers to the 95.4% of equity in the Target Company held by Party A (actual contribution of RMB 1.71720 billion) and all underlying
equity interests (including all of Party A’s interests in the capital reserve of RMB 820 million as represented in the balance
sheet of the Target Company);

 

1.2 “Pricing Base
Date/ Audit Base Date/ Evaluation Base Date” refers to the base date when the two Parties jointly appoint a qualified intermediary
for audit, evaluation and issuance of report, i.e. 30 April 2014;

 

1.3 “Equity Delivery
Date/ Equity Transfer Completion Date” refers to the date when the Parties complete the change registration formalities for
transfer of the Subject Equity with the industrial and commercial administrative department;

 

1.4 “Approving Authority”
refers to the People’s Government of Hebei Province, the Civil Aviation Administration of China (CAAC) and any of its local
administrative bureaus, the State-owned Assets Supervision and Administration Commission of Hebei Province, Hebei Administration
for Industry and Commerce, China Southern Airlines Group Corporation, China Southern Airlines Company Limited or any other appropriate
authority or its authorized body having the power of approval under applicable laws and regulations;

 

1.5 “Equity Transfer
Transition Period” refers to the period from the Pricing Base Date to the Equity Delivery Date;

 

1.6 “Auditor’s
Report” refers to the Auditor’s Report (TJXS [2014] No.495) issued by Xiamen Branch of Pan-China Certified
Public Accountants after auditing the assets and liabilities of the Target Company as of 30 April 2014;

 

1.7 “Evaluation
Report” refers to the Evaluation Report concerning Proposed Acquisition by Xiamen Airlines Company Limited of Equity
held by Hebei Airlines Investment Group Company Limited in Hebei Airlines Co., Ltd. (ZQHPBZ (2014) No.1172) issued by China
Enterprise Appraisals Company, Inc. after evaluating the assets and liabilities of the Target Company on 30 April 2014;

 

    	3

    	 

    

 

	Equity Transfer Agreement

 

1.8 “Agreement”
refers to this Agreement and all annexes hereto confirmed by the two Parties.

 

Article 2 Basic Information
of Target Company

 

2.1 Name of Company: Hebei
Airlines Co., Ltd.

 

2.2 Domicile: World Trade
Plaza Hotel, 303 Zhongshan East Road, Shijiazhuang

 

2.3 Legal Representative:
Mou Jianyong

 

2.4 Registered Capital:
RMB 1.8 billion

 

2.5 Paid-in capital: RMB
1.8 billion

 

2.6 Type of Company: Limited
liability company

 

2.7 Business scope: domestic
air passenger and cargo transportation business (the operating period expires on 21 October 2016); operation and management of
dedicated roads for airports; advertising design, production, agency and publishing; lease of aviation supplies, tools and equipment;
sale of aviation supplies (except items that are prohibited or restricted by laws, regulations and State Council's decrees); and
import and export of goods and technology (except items prohibited internationally or subject to approval).

 

2.8 Information about shareholders:
1 Party A holds 95.4% of shares in the Target Company; 2 Sichuan Airlines Group Co., Ltd. holds 3.83% of shares in
the Target Company; 3 Shenyang Zhongrui Investment Co., Ltd. holds 0.77% of shares in the Target Company.

 

Article 3 Equity Transfer,
Transfer Price and Payment Terms

 

3.1 Party A agrees to transfer
the Subject Equity it holds in the Target Company to Party B, and Party B agrees to accept the Subject Equity, according to the
terms and conditions hereof.

 

3.2 According to the Evaluation
Report concerning Proposed Acquisition by Xiamen Airlines Company Limited of Equity held by Hebei Airlines Investment Group Company
Limited in Hebei Airlines Co., Ltd. (ZQHPBZ (2014) No.1172) issued by China Enterprise Appraisals Company, Inc., the value
of all equity interests of Hebei Airlines is RMB 830 million. Based on this evaluation result, the two Parties agree that the transfer
price of the Subject Equity is RMB 680 million, subject to approval by the People’s Government of Hebei Province. Party B
agrees to pay off the transfer price in full within 5 workdays after this Agreement becomes effective.

 

    	4

    	 

    

 

	Equity Transfer Agreement

 

Article 4 Delivery of Subject
Equity

 

4.1 Party A and Party B
shall cooperate with the Target Company in applying to the CAAC or its local administrative bureau for restructuring approval in
connection with this equity transfer, and shall cause the Target Company to apply for relevant change registration (e.g. Business
License change registration) within 7 workdays after effective date hereof.

 

4.2 Party A and Party B
shall cause the Target Company to submit all documents required for equity change registration to the industrial and commercial
administrative department, and go through the equity change registration formalities within 7 workdays after obtaining the Permit
for Business License Change of Public Air Transport Enterprises.

 

4.3 Party A and Party B
shall cooperate with each other to sign the legal instruments required for equity transfer approval and change registration.

 

Article 5 Assets and Liabilities
of Target Company

 

5.1 Party A confirms that
the financial and accounting books of the Target Company are prepared according to the applicable PRC accounting standards, codes
and conventions, and are complete, true and valid.

 

5.2 Party A conforms that
the financial and accounting books of the Target Company have given true views on the assets, liabilities, and the financial and
operating position of the Target Company as of the Pricing Base Date.

 

5.3 Party A confirms that
the assets as set out and disclosed in the Auditor’s Report and the Evaluation Report are owned by the Target
Company legally, and are true, complete and valid. Party A further acknowledges that:

 

5.3.1 The major assets in
possession of the Target Company (excluding the pending assets) are in good and safe conditions in all significant aspects (except
reasonable wear and tear), and are maintained properly on a regular basis.

 

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	Equity Transfer Agreement

 

5.3.2 The value of the important
assets required for the Target Company to engage in normal operating activities has been fully reflected on the account books of
the Target Company, and the Target Company is in a position to lawfully own, manage or control such important assets.

 

5.4 The Target Company shall
continue exercising and fulfilling its creditors’ rights and obligations as recorded and disclosed in the Auditor’s
Report and the Evaluation Report. Party A shall be liable for any and all losses caused to the Target Company and Party
B by the creditors’ rights, obligations and contingent liabilities that the Target Company has incurred prior to the Pricing
Base Date but has not recorded and disclosed in the Auditor’s Report and the Evaluation Report. Party A shall
notify or obtain consent from the creditors, and the Target Company shall offer cooperation. In case of any losses caused to the
Target Company and Party B thereby, Party A shall be liable for indemnity in proportion to the shares held prior to this transfer.

 

5.5 The Target Company shall
continue fulfilling the contracts that have been signed by the Target Company and confirmed by the two Parties in writing. In case
of any losses caused to the Target Company and Party B by fulfillment of contracts not confirmed by the two Parties in writing,
Party A shall be liable for indemnity in proportion to the shares held prior to transfer. Party A further acknowledges that:

 

5.5.1 The Target Company
has complied with all contracts, agreements, commitments and all contractual obligations. If the Target Company is held liable
after the Pricing Base Date for breach of any contracts, agreements, commitments or any contractual obligations prior to the Pricing
Base Date, Party A shall be liable for such breach in proportion to shares held prior to this transfer.

 

5.5.2 No agreements concluded
by the Target Company are deemed as invalid, or are terminated, cancelled or abolished or become invalid without reasonable grounds.
If any agreements concluded by the Target Company are deemed as invalid, or are terminated, cancelled or abolished or become invalid
due to the behaviors of the Target Company prior to the Pricing Base Date, thus causing losses to the Target Company after the
Pricing Base Date, then Party A shall be liable for such losses in proportion to the shares held prior to this transfer.

 

    	6

    	 

    

 

	Equity Transfer Agreement

 

5.6 In case of any contracts
that have been signed in the name of Party A but actually performed by the Target Company, upon mutual consent of Party A and Party
B, the Target Company shall continue fulfilling such contracts after Party A has obtained approval from the counterparty thereto
and the two Parties have signed with that counterparty all necessary legal instruments for transfer of rights and obligations under
such contracts.

 

5.7 Except as disclosed
by Party A to Party B in writing before execution of this Agreement, Party A and its affiliates have not signed with the Target
Company any written related party transaction contracts that are being fulfilled.

 

Article 6 Admission and
Arrangement of Staff of Target Company

 

6.1 The Parties hereto acknowledge
that staff of the Target Company involved in this equity transfer will be arranged by the Target Company in the “asset-oriented”
principle.

 

6.1.1 For staff employed
by, and having signed labor contracts with, the Target Company according to labor laws and regulations, their employment with the
Target Company will continue as agreed in the labor contracts.

 

6.1.2 Dispatched staff shall
be subject to the labor dispatching agreement signed by the Target Company with the labor dispatching agency.

 

6.1.3 Staff who is reemployed
after retirement shall be subject to the Labor Agreement for Reemployment of Retired Staff as included in the List of
Pending Contract and confirmed by the two Parties in writing.

 

6.2 Party A acknowledges
that the existing staff of the Target Company does not have any issues concerning transformation of identity, and that the Target
Company has convened the employee representative congress to adopt this restructuring.

 

6.3 If, in the future, the
Target Company has to pay economic compensations for termination of labor contracts with staff enrolled prior to the signing date
hereof and retained after completion of this equity transfer, the Target Company shall make payment according to the labor laws
and regulations.

 

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	Equity Transfer Agreement

 

6.4 Party A shall make arrangement
for persons borrowed from or assigned by Party A, its affiliates or other companies prior to execution of this Agreement to work
for the Target Company whether on full-time or part-time basis who have not signed any labor contract or employment agreement with
the Target Company. However, any such person shall have the option to sign a labor contract/ employment contract with the Target
Company if consent is given by Party B and the Target Company, provided that Party A shall be responsible for the costs and expenses
incurred by any such person's termination of contract relationship/ employment relationship with his/her former employer.

 

6.5 Except as agreed in
the foregoing paragraphs, the two Parties shall consult with each other on the arrangement of the 23 senior executives (including
assistant chief engineers and above) of the Target Company.

 

6.6 Party A undertakes that
the Target Company has paid social insurance and housing provident fund for the insured staff in full, on time and according to
national and local regulations and standards. However, as Party A is the registered payer of said social insurance and housing
provident fund at the time of execution of this Agreement, Party A agrees to assist the Target Company to change the registered
payer into the Target Company not later than one month after the Equity Delivery Date. Wherever needed, Party A shall assist staff
of the Target Company in demonstrating their entitlement to social insurance and housing provident fund.

 

6.7 Party A acknowledges
that as of the signing date hereof, the Target Company has not gotten involved in any pending labor dispute lawsuits or arbitrations.
Party A agrees that any labor disputes between the Target Company and its staff that have entered into the labor arbitration/ lawsuit
proceedings prior to the Equity Delivery Date shall be settled by the Target Company; in case of any losses caused to the Target
Company, Party A shall be liable for indemnity in proportion to shares held prior to this equity transfer.

 

Article 7 Tax Payment of
Target Company

 

7.1 Party A undertakes that
as of the Pricing Base Date, the Target Company has paid all applicable taxes and expenses in full, on time and according to tax
laws and regulations. Party A further acknowledges that as of the signing date hereof, the Target Company has not received any
written notices from any tax authorities related to penalty or overdue fine for certain tax or expense.

 

    	8

    	 

    

 

	Equity Transfer Agreement

 

7.2 Party A undertakes to
indemnify and hold harmless the Target Company from and against all losses and damages (including but not limited to back taxes,
overdue fines and penalties) suffered or incurred by the Target Company after the Pricing Base Date resulting from its failure
to pay or withhold in full and on time any taxes payable or due prior to the Pricing Base Date, or resulting from the revocation
of tax preferences granted to the Target Company prior to the Pricing Base Date.

 

Article 8 Intellectual Property
Rights of Target Company

 

8.1 The Target Company lawfully
owns the Registered Trademarks No. 10148664 and 10148665 without any limitations, and has obtained the Registration Certificates
for such Trademarks.

 

8.2 Party A undertakes that
except Party A and its subsidiaries, the Target Company has not arrived at any agreements, arrangements or undertakings that allow
or permit a third party to use or utilize the Registered Trademarks owned by the Target Company, or such agreements, arrangements
or undertakings that limit or hinder the Target Company to use or utilize the Registered Trademarks.

 

8.3 Application by the Target
Company to the State Administration for Industry and Commerce (SAIC) for registering of “Individual Graphic” Trademark
No. 10150472 has been rejected because this Trademark is similar to the Graphic Trademark No. 5765436 and other several trademarks
that have been registered by others. The Target Company has appointed a trademark agency to apply to the SAIC for reconsideration.
After completion of this equity transfer, Party A shall assist the Target Company to finish such trademark registration application.
The expenses incurred after the Equity Delivery Date shall be borne by the Target Company.

 

8.4 Party B agrees that
Party A and its subsidiaries may use the Registered Trademarks No. 10148664, 10148665 and 10150472 free of charge before 31 December
2015. The two Parties shall cause a trademark license agreement, specifying, inter alia, the period and scope of licensed use of
the trademarks, to be executed between the Target Company and Party A (including its subsidiaries) and submitted to the Trademark
Office for filing. The aforesaid Registered Trademarks shall be used by Party A and its subsidiaries in strict accordance with
the Trademark Law, and shall not be used in any businesses which are the same as or otherwise substantially similar to those
offered by the Target Company.

 

    	9

    	 

    

 

	Equity Transfer Agreement

 

8.5 Without consent of the
Target Company, Party A and its subsidies shall not use the aforesaid Registered Trademarks after 31 December 2015, and shall,
at its own expense, remove the aforesaid Registered Trademarks logos from, including but not limited to, the business premises,
relevant assets, websites, and promotional materials.

 

8.6 As of the signing date
hereof, the operating activities of the Target Company have not infringed any industrial or intellectual property rights of any
third parties.

 

Article 9 Arrangement for
Equity Transfer Transition Period

 

9.1 According to the Equity
Transfer Transition Period Cooperation Agreement signed by Party A and Party B on 23 April 2014, the two Parties are obligated
to manage the Target Company and its assets in good faith during the Equity Transfer Transition Period. The two Parties shall take
all reasonable measures to guarantee and promote normal operation of the Target Company, ensure the safety and intactness of assets
of the Target Company, maintain good relationship with government agencies, clients and employees, maintain the stability of air
crews, and refrain from reducing assets or increasing liabilities of the Target Company maliciously, engaging in any abnormal transactions
or incurring any abnormal debts. In case of any significant adverse influence, either Party shall inform the other Party promptly
and take proper actions.

 

9.2 During the Equity
Transfer Transition Period, the following matters related to the Target Company shall be jointly decided by the Parties through
consultation: acquisition, sale or replacement of important assets, or foreign investment, cooperation, merger or provision of
guarantee with the assets of the Target Company, or significant investment, foreign financing, related party transactions and significant
foreign financing loans, significant financial expenditures, significant contract conclusion, and asset impairment provision write-off
and calculation.

 

9.3 Party A guarantees that
all seals, licenses, financial materials, operation and management materials, property files, contract documents and other important
operating materials of the Target Company will be kept in the Target Company, and undertakes to assist Party B to take over all
materials of the Target Company in a step-by-step manner during the Equity Transfer Transition Period.

 

    	10

    	 

    

 

	Equity Transfer Agreement

 

9.4 It is agreed that Party
B shall bear the gains and losses of the Target Company during the period from the Pricing Base Date to the Equity Delivery Date,
and that the Target Company is entitled to the government subsidies attributable to the Target Company after the Pricing Base Date.

 

Article 10 Representations
and Warranties of Party A

 

10.1 Party A is a limited
liability company that is duly incorporated and validly subsisting, and has the legal, valid and complete right to dispose of the
Subject Equity hereunder.

 

10.2 Party A warrants that
the transferred Subject Equity is Party A’s real contributions to the Target Company, and is lawfully owned by Party A. The
Subject Equity is not frozen or auctioned by the people’s court, and is free from any mortgage, pledge, guarantee or other
defects that may affect the interests of the Transferee. Furthermore, prior to delivery of the Subject Equity, Party A shall not
transfer, present, mortgage, pledge or otherwise dispose of the Subject Equity in such way that may affect the interests of the
Transferee.

 

10.3 Party A’s fulfillment
of this Agreement will not constitute breach of any contracts, unilateral commitments or guarantees it has made with third parties.

 

10.4 Party A warrants that
all information related to the Target Company and the Subject Equity has been fully disclosed to Party B, and that all certificates,
documents and materials related to the Target Company and the Subject Equity provided by Party A to Party B, as well as all representations
and warranties made by Party A hereunder are true, accurate and complete, and free from any omissions that may mislead Party B.

 

10.5 Party A undertakes
that there are no pending, outstanding or otherwise threatened lawsuits, arbitration or administrative punishment proceedings related
to the Target Company or the Subject Equity.

 

10.6 Party A agrees to assist
Party B and/or the Target Company to apply to Hebei Provincial Government for maintaining or increasing all government subsidies
and preferential policies granted to the Target Company.

 

    	11

    	 

    

 

	Equity Transfer Agreement

 

Article 11 Representations
and Warranties of Party B

 

11.1 Party B is a limited
liability company that is duly incorporated and validly subsisting, and has such rights, powers and capacity under all laws and
regulations to conclude and execute this Agreement. Party B warrants not invalidating this Agreement for its own reasons.

 

11.2 All representations
and warranties made and all materials provided by Party B hereunder are true, complete and accurate, and free from any omissions
that may mislead Party A.

 

11.3 Party B warrants to
maintain the name of the Target Company and its independent legal personality unchanged after completion of the Subject Equity
delivery.

 

11.4 Party B warrants to
accept the Subject Equity and fulfill all obligations hereunder strictly according to this Agreement.

 

Article 12 Taxes and Expenses

 

12.1 All costs and expenses
(including handling charges and taxes, etc.) incurred by this equity transfer shall be borne by Party A and Party B respectively
as required by law.

 

12.2 The industrial and
commercial registration expenses related to the Subject Equity transfer shall be borne by the Target Company.

 

12.3 If the industrial and
commercial change registration formalities cannot be finished through no fault of any Party hereto, any evaluation expenses so
incurred shall be shared between the two Parties equally.

 

Article 13 Amendment and
Termination of this Agreement

 

13.1 Prior to the equity
transfer change registration, the two Parties may, by mutual agreement, amend or terminate this Agreement on the occurrence of
any of the following events:

 

13.1.1 This Agreement cannot
be fulfilled due to force majeure, government acts or external factors not attributable to and not controllable by either Party.

 

13.1.2 Either Party loses
the contractual capacity.

 

    	12

    	 

    

 

	Equity Transfer Agreement

 

13.1.3 The breach by a Party
of this Agreement has materially affected the economic benefits of the non-breaching Party, and makes it unnecessary to continue
the performance of this Agreement.

 

13.2 The two Parties may
also, by mutual agreement, amend or terminate this Agreement if circumstances change.

 

13.3 During the performance
of this Agreement, where this equity transfer is revoked, announced invalid or ordered to be stopped by the competent authorities
lawfully for reasons not attributable to Party A and Party B, then this Agreement shall be terminated, and the two Parties shall
be exempted from the liability for breach of contract.

 

Article 14 Confidentiality
Obligation

 

14.1 For the purpose of
this Agreement, the following information shall be regarded as Confidential Information:

 

(1) All materials and information
related to the Subject Equity transfer, whether in writing or in other forms, including but not limited to information of each
Party and the equity transfer conditions, etc.

 

(2) Any business, technical
and commercial materials and information of either Party that are disclosed to the other Party or generated during the Subject
Equity transfer process, whether in writing or in other forms.

 

14.2 The Confidential Information
hereunder shall not include information which is:

 

(1) already in the public
domain, except information that is disclosed by or on behalf of either Party in violation of this Agreement;

 

(2) collected or obtained
by a Party from independent sources other than the other Party, whether directly or indirectly, and other than a third party subject
to confidentiality obligation.

 

14.3 The two Parties hereto
shall limit access to the Confidential Information to those shareholders, directors, employees, legal consultants and financial
consultants (“Representatives”) who have a need to know for the purpose of Subject Equity transfer. Without written
consent of the other Party, neither Party shall make available or disclose to any third parties or otherwise use any such Confidential
Information. The two Parties shall also cause their own Representatives to refrain from making available or disclosing to any third
parties or otherwise using the same. This shall not apply to disclosure required to be made under applicable laws and regulations.

 

    	13

    	 

    

 

	Equity Transfer Agreement

 

Article 15 Liability for
Breach of Contract

 

15.1 Any of the following
circumstances shall constitute a breach by the Party of this Agreement:

 

(1) A Party violates any
provisions hereof;

 

(2) A Party violates any
of its representations, warranties or commitments made herein, or any representations, warranties or commitments made by the Party
herein are identified materially false, grossly wrong or misleading;

 

15.2 Party A and Party B
shall always ensure timely and proper performance of this Agreement. If a Party breaches this Agreement and causes losses to the
other Party, then the non-breaching Party shall have the right to claim compensation from the breaching Party for all losses incurred
thereby (including but not limited to travel expenses, arbitration fees/ legal costs, attorney fees and notarization fees incurred
by the non-breaching Party during such compensation claim) in accordance with this Agreement and/or laws, without prejudice to
other rights and remedies available to the non-breaching Party under applicable laws.

 

Article 16 Governing Law
and Dispute Resolution

 

16.1 The execution, validity,
interpretation, performance and fulfillment of this Agreement, as well as the resolution of disputes in connection herewith shall
be governed by the PRC laws.

 

16.2 Any disputes arising
from or in connection with this Agreement shall be submitted to the China International Economic and Trade Arbitration Commission
(CIETAC) for arbitration in accordance with the Arbitration Rules of CIETAC in force and effect at the time of application for
arbitration. The arbitral award shall be final and binding upon the two Parties.

 

Article 17 Establishment
and Effectiveness of this Agreement

 

This Agreement shall be
established upon signature and seal by the authorized representatives of the two Parties, and shall become effective upon approval
by appropriate Approving Authorities and a written notice thereof duly delivered to both Parties.

 

    	14

    	 

    

 

	Equity Transfer Agreement

 

Article 18 Other Matters

 

18.1 The descriptive headings
used in this Agreement are included for convenience of reference only, and shall not affect in any way the meaning or interpretation
of this Agreement.

 

18.2 Where this Agreement
is inconsistent with the Equity Transfer Transition Period Cooperation Agreement by and between Party A and Party B dated
23 April 2014, this Agreement shall prevail.

 

18.3 If any provisions hereof
become invalid for whatever reasons, such invalidity shall not affect the validity of remaining provisions hereof, and the Parties
shall continue fulfilling the remaining provisions hereof.

 

18.4 For any matter not
covered herein, the two Parties shall enter into good-faith consultation and sign a supplementary agreement thereof, which shall
become an integral part of this Agreement and shall have the same legal effect as this Agreement.

 

18.5 This Agreement shall
be executed in ten identical counterparts, of which each Party holds two counterparts, with the rest six counterparts used for
the purposes of applying for approval, change of registration and filing of the Target Company. All of such counterparts shall
constitute one and the same instrument and shall have equal legal effect.

 

Annex: List of Pending Contract of Hebei Airlines
Co., Ltd. as of 30 April 2014

 

(The remainder of this page
is intentionally left blank.)

 

    	15

    	 

    

 

	Equity Transfer Agreement

 

(This is the signature page for the transfer
of equity in Hebei Airlines Co., Ltd. between Hebei Airlines Investment Group Company Limited and Xiamen Airlines Company Limited)

 

Equity Transferor (Party A): Hebei Airlines
Investment Group Company Limited

 

Representative:

 

Date of Signing: DD MM YYYY

  

Equity Transferee (Party B): Xiamen Airlines
Company Limited

 

Representative:

 

Date of Signing: DD MM YYYY

 

    	16

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