Document:

Exhibit 4.8

 

English Translation for Reference

 

EXCLUSIVE PURCHASE OPTION AGREEMENT

 

THIS EXCLUSIVE PURCHASE OPTION AGREEMENT (hereinafter
“this Agreement”) is entered into by the following Parties in Shenzhen as of December 6, 2021:

 

Party A: Fanhua Insurance Sales Service
Group Company Limited

 

Party B: Shuangping Jiang

ID card No.:

 

Party C: Shenzhen Xinbao
Investment Management Co., Ltd.

Address: Room 6D-120, Floor 6, Building
213, Tairan Science and Technology Park, Tairan 6th Road, Futian District, Shenzhen

 

In this Agreement, Party A, Party B and Party C are
referred to individually as a “Party” and collectively as the “Parties”.

 

WHEREAS: 

 

		1.	Party A is a limited liability company incorporated in Guangzhou,
the People’s Republic of China (hereinafter the “ PRC ”);

 

		2.	Party C is a limited liability company incorporated in Shenzhen,
the PRC;

 

		3.	Party B is a shareholder of Party C. Party B holds 51% equity
interest in Party C (hereinafter the “Equity Interest”);

 

		4.	Party A and Party B signed the Loan Agreement on December 6,
2021, pursuant to which Party B will borrow a loan of RMB4,080,000.00 from Party A;

 

		5.	Party A and Party B signed the Equity Pledge Agreement on December
6, 2021, pursuant to which Party B will pledge his Equity Interest in Party C as a guarantee for the loan under the Loan Agreement;

 

		6.	Party B intends to grant an exclusive purchase option to Party
A so that Party A may request Party B to sell his Equity Interest to it if certain conditions are met;

 

NOW, THEREFORE, the Parties hereby agree as
follows for mutual observance after friendly consultation:

 

		1.	Purchase and Sale of Equity Interest

 

		1.1	Grant of Option

 

Party B hereby irrevocably grants to Party
A an option to purchase or cause any person or persons designated by Party A (hereinafter the “Designee”) to purchase
from Party B all or part of his Equity Interest in Party C (hereinafter the “Call Option”) at any time according to
the steps determined by Party A at its own discretion to the extent permitted by PRC Laws and at the price specified in Article 1.3 of
this Agreement. No Call Option shall be granted to any other third person other than Party A and/or the Designee. Party B shall not sell,
offer to sell, transfer or offer as gift any Equity Interest to any other third person. Party C hereby agrees to the grant of the Call
Option by Party B to Party A and/or the Designee. The “person” set forth in this Agreement includes an individual, corporation,
joint venture, partnership, enterprise, trust or a non-corporate body.

 

     

     

    

 

		1.2	Exercising Steps

 

Subject to the PRC laws and regulations,
Party A and/or the Designee may exercise the Call Option by giving a written notice (hereinafter the “Equity Purchase Notice”)
to Party B, which specifies the Equity Interest to be purchased from Party B (hereinafter the “Purchased Equity”) and
the manner in which purchase is made.

 

		1.3	Purchase Price

 

		1.3.1	When Party A exercises the Call Option, the purchase price
of the Purchased Equity (the “Purchase Price”) shall be equal to the actual capital contribution made by Party B for
the Purchased Equity, unless an appraisal is required to be made in respect of the Equity Interest by applicable PRC laws and regulations
then in effect or there are other restrictions imposed by such PRC laws and regulations on the price of Equity Interest.

 

		1.3.2	If an appraisal is required to be made in respect of the Equity
Interest by the PRC laws and regulations that are applicable at the time when Party A exercises its Call Option or there are other restrictions
imposed by such PRC laws and regulation on the price of Equity Interest, the Parties agree that the Purchase Price shall be the lowest
price permitted by applicable laws.

 

		1.4	Transfer of the Purchased Equity

 

At each exercise of
the Call Option:

 

		1.4.1	Party B shall cause Party C to convene a shareholders’
meeting in a timely manner, during which a resolution approving the transfer by Party B of his Equity Interest to Party A and/or the
Designee shall be passed;

 

		1.4.2	Party B shall, pursuant to the requirements of this Agreement
and the Equity Purchase Notice in connection with the Purchased Equity, enter into an equity transfer agreement with Party A and/or the
Designee (as applicable) for each transfer;

 

		1.4.3	The related parties shall execute all other necessary
contracts, agreements or documents, obtain all necessary government approvals and consents and take all necessary actions to grant the
valid ownership of the Purchased Equity to Party A and/or the Designee without any security interest being attached thereto and cause
Party A and/or the Designee to be the registered owner of the Purchased Equity. In this Article and this Agreement, “Security Interest”
includes guarantee, mortgage, pledge, third party right or interest, any share option, right of acquisition, right of first refusal,
right of set-off, ownership detainment or other security arrangements, but excluding any security interest arising under the Equity Pledge
Agreement.

 

		1.5	Payment

 

The payment method of the Purchase Price
shall be determined by Party A and/or the Designee and Party B through negotiation pursuant to the requirements of applicable laws then
in effect at exercise of the Call Option. The Parties hereby agree that any amount that is paid by Party A and/or the Designee to Party
B with respect to the Purchased Equity shall be used to repay his loan principal under the Loan Agreement as well as the loan interest
or fund utilization costs permitted by laws.

 

		2.	Undertakings Relating to the Equity Interest 

 

	 	2.1	
    Undertakings by Party B and Party C

     

    Party B and Party C hereby undertake:

 

	 	2.1.1	
    Not to supplement, amend or modify Party C’s
    articles of association in any way, or to increase or decrease its registered capital, or to change its registered capital structure in
    any way without Party A’s prior written consent;

     

	 	2.1.2	
    To maintain the existence of Party C, and
to operate the business of Party C prudently and effectively, subject to good financial and business rules and practices;

 

    2

     

    

 

	 	2.1.3	
    Not to sell, transfer, mortgage or otherwise dispose
    of, or cause any other security interest to be created on, the legal or beneficial interests in any of Party C’s assets, business
    or income at any time after the signing of this Agreement without Party A’s prior written consent;

     

	 	2.1.4	
    Not to create, succeed to, guarantee or permit any
    liability, without Party A’s prior written consent, except (i) the liability arising from the usual or normal course of business,
    but not arising from the loan; and (ii) the liability disclosed to Party A and approved by Party A in writing;

     

	 	2.1.5	
    To operate persistently all the business in the normal
    course of business to maintain the value of Party C’s assets;

     

	 	2.1.6	
    Without the prior written consent of Party A, not
    to enter into any material agreement, other than the agreements in the normal course of business (for the purpose of this Agreement, an
    agreement will be deemed material if its value exceeds One Hundred Thousand Renminbi (RMB100,000);

     

	 	2.1.7	
    Without the prior written consent of Party A, not
    to provide loan or credit to any person;

     

	 	2.1.8	
    To provide information concerning Party C’s
    operations and financial condition at Party A’s request;

     

	 	2.1.9	
    To purchase and maintain the insurance at the insurance
    company acceptable to Party A, whose amount and type shall be the same as those of the insurance normally procured by the companies engaged
    in similar businesses and possessing similar properties or assets in the area where Party C is located;

     

	 	2.1.10	
    Not to be merged or consolidated with, acquire or
    invest in, any other person without Party A’s prior written consent;

     

	 	2.1.11	
    To inform promptly Party A of any existing or potential
    litigation, arbitration or administrative proceedings concerning Party C’s assets, business or income;

     

	 	2.1.12	
    To execute all necessary or appropriate documents,
    to take all necessary or appropriate actions and to bring all necessary or appropriate claims or to make all necessary and appropriate
    defenses against all claims in order for Party C to maintain the ownership over all its assets;

     

	 	2.1.13	
    Not to distribute dividends to Party C’s shareholders
    in any way without Party A’s prior written consent. However, Party C shall promptly distribute all or part of its distributable
    profits to Party A’s shareholders upon Party A’s request;

     

	 	2.1.14	
    At the request of Party A, to appoint any
person nominated by Party A as the director of Party C.

 

	 	2.2	Undertakings by Party B

         

        Party B hereby undertakes:

 

	 	2.2.1	
    Not to sell, transfer, pledge or otherwise dispose
    of, or cause any other security interest to be created on, the legal or beneficial interest in his Equity Interest at any time after the
    signing of this Agreement without Party A’s prior written consent, but except the right of pledge created on Party B’s Equity
    Interest in accordance with the Equity Pledge Agreement;

     

	 	2.2.2	
    Without Party A’s prior written consent, not
    to vote for or support or execute at shareholders’ meetings of Party C any shareholders’ resolution approving the sale, transfer,
    mortgage or otherwise disposal of, or causing any other security interest to be created on, his legal or beneficial interest in the Equity
    Interest of Party C, except to Party A or its Designee;

    

 

	 	2.2.3	
    Without Party A’s prior written consent,
not to vote for or support or execute at shareholders’ meetings of Party C any resolution approving Party C to be merged or consolidated
with, acquire or invest in, any person;

 

    3

     

    

 

	 	2.2.4	
    To promptly inform Party A of any existing or potential
    litigation, arbitration or administrative proceedings with respect to his Equity Interest;

     

	 	2.2.5	
    To cause the shareholders’ meeting of Party
    C to approve the transfer of the Purchased Equity under this Agreement;

     

	 	2.2.6	
    To execute all necessary or appropriate documents,
    to take all necessary or appropriate actions and to bring all necessary or appropriate claims or to make all necessary and appropriate
    defenses against all claims in order to maintain the ownership over his Equity Interest;

     

	 	
    2.2.7

     

    2.2.8
	
    At Party A’s request, to appoint any person
    nominated by Party A as the director of Party C;

     

    To strictly comply with the provisions of this Agreement
    and other agreements entered into jointly or severally by and among Party B, Party C and Party A, to perform all obligations under these
    agreements and not to do any act/omission that affects or impairs the validity and enforceability of these agreements.

 

		3.	Representations and Warranties

 

As of the execution date of this Agreement
and every transfer date, Party B and Party C hereby represent and warrant to Party A as follows:

 

		3.1	They have the power to execute and deliver this Agreement.
Once executed, this Agreement will constitute a legal, valid and binding obligation and shall be enforceable against them in accordance
with the provisions thereof;

 

		3.2	The execution, delivery and performance of this Agreement
shall not: (i) violate any relevant PRC laws and regulations; (ii) conflict with their Articles of Association or other organizational
documents; (iii) violate any contract or instrument to which they are a party or that binds upon them;

 

		3.3	Party C has good and saleable ownership over all assets.
Party C has not created any security interest on the above assets;

 

		3.4	Party C has no outstanding debts, except (i) debts arising
from its normal course of business; and (ii) debts disclosed to Party A and approved by Party A in writing;

 

	 	
    3.5
	
    Currently, there are no existing, pending
or threatened litigation, arbitration or administrative proceedings related to the Equity Interest or Party C’s assets; and

 

	 	
    

    3.6
	
    

    Party B has good and saleable ownership over
all his Equity Interest and has not created any security interest on such Equity Interest, but excluding the security interest under
the Equity Pledge Agreement. 

 

		4.	Assignment of this Agreement

 

	 	4.1	
    Party B and Party C shall not transfer any of their
    rights and obligations under this Agreement to any third party without the prior written consent of Party A.

     

	 	4.2	Party B and Party C hereby agree that Party A shall have the right to transfer all of its rights and obligations under this Agreement to other third parties when necessary.  Party A shall only be required to serve written notice to Party B and Party C when such transfer is made, and no consent shall be further required from Party B and Party C in respect of such transfer. 

 

    4

     

    

 

		5.	Effectiveness and Term

 

		5.1	This Agreement shall become effective as of the date first
above written.

 

		5.2	The term of this Agreement shall be ten (10) years unless
it is early terminated in accordance with the provisions of this Agreement or the relevant agreements separately signed by the Parties.
The term of this Agreement may be extended with the written confirmation of Party A before its expiration. The extension thereof shall
be agreed upon by the Parties through negotiation.

 

		5.3	If the operation term (including any extension thereof) of
Party A or Party C expires or either Party terminates for other reasons within the term set forth in Article 5.2, this Agreement shall
be terminated at the time of the termination of such Party, unless Party A has transferred its rights and obligations in accordance with
Article 4.2 hereof.

 

		6.	Applicable Law and Dispute Resolution

 

	 	6.1	Applicable Law 

 

The formation, validity, interpretation
and performance of and settlement of disputes under this Agreement shall be protected and governed by the laws of PRC.

 

	 	6.2	Dispute Resolution 

 

Any dispute arising from the interpretation
and performance of the provisions of this Agreement shall be resolved by the Parties through amicable negotiation. In case no resolution
can be reached by the Parties within thirty (30) days after either party makes a request for dispute resolution through negotiation,
either party may refer such dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with
its arbitration rules then in effect. The seat of arbitration shall be Shenzhen and the language of proceedings shall be Chinese. The
arbitral award shall be final and binding upon the Parties.

 

		7.	Taxes and Expenses

 

Every Party shall bear any and all taxes,
expenses and charges incurred by or levied on it in connection with the execution and performance of this Agreement.

 

		8.	Confidentiality

 

The Parties agree and acknowledge that
any oral or written information exchanged between them in connection with this Agreement shall be confidential information. Each Party
shall keep confidential all such information, and shall not disclose any of the information to any third party without the prior written
consent of the other Party, except for the following:

 

	 	(a)	
    the information that is or will be known to the public
    (provided that it is not disclosed to the public without authorization by the information receiving party);

     

	 	(b)	
    the information required to be disclosed by applicable
    laws or stock exchange’s rules or regulations; or

     

	 	(c)	the information required to be disclosed by either Party to his/its legal or financial advisors with respect to the transaction contemplated under this Agreement, for which such legal or financial advisors shall also comply with the confidentiality obligations similar to those stated in this Article. This article shall survive regardless of whether this Agreement is invalid, discharged, terminated or cannot be operated due to any reason. 

 

    5

     

    

 

		9.	Miscellaneous

 

	 	9.1	
    Amendment, Modification and Supplement

    

 

The Parties may make amendments or
supplements to this Agreement by written agreement. All amendment agreements and supplemental agreements to this Agreement that are duly
signed by the Parties shall form an integral part of this Agreement, and shall have the same legal effect as this Agreement.

 

		9.2	Integrity of this Agreement

 

The Parties acknowledge this Agreement
constitutes the entire representations and agreement between the Parties with respect to the subject matter hereof and supersedes all
prior oral and/or written representations, warranties, understandings and agreements reached by the Parties made before the execution
of the Agreement with respect to the subject matter hereof.

 

		9.3	Severability of this Agreement

 

If any provision or provisions of this
Agreement is/are held to be invalid, illegal or unenforceable in any respect in accordance with any laws or regulations, the validity,
legality and enforceability of the other provisions hereof shall not be affected or impaired in any respect.

 

		9.4	Language and Counterparts

 

This Agreement is executed in Chinese
in four (4) originals and each Party shall hold one original. All of them shall have the same legal effect.

 

		9.5	Successors

 

This Agreement shall be binding upon
the respective successors or heirs of the Parties and the permitted assignees of such Parties.

 

		9.6	Survival

 

Any obligations that occur or are due
as a result of this Agreement before the expiration or early termination of this Agreement shall survive the expiration or early termination
hereof. The provisions of Articles 6 and 8 hereof shall survive the termination of this Agreement.

 

[No Text Below]

 

    6

     

    

 

[No Text Below]

 

IN WITNESS WHEREOF, each Party has caused
this Agreement to be executed by his/its legal representatives or duly authorized representative or himself/itself as of the date first
above written.

 

Party A: Fanhua Insurance Sales Service Group
Company Limited

 

Chop: [Chop affixed]

 

Party B: Shuangping Jiang

 

	Signature: 	/s/ Shuangping Jiang	 

 

Party C: Shenzhen Xinbao Investment Management
Co., Ltd.

 

Chop: [Chop affixed]

 

 

7Exhibit 4.9

 

English Translation for Reference

 

POWER OF ATTORNEY

 

I, Shuangping Jiang, a citizen
of the People’s Republic of China (the “PRC”) with the Chinese ID card No.: , is the shareholder of Shenzhen
Xinbao Investment Management Co., Ltd. (“Shenzhen Xinbao”), holding 51% equity interest of Shenzhen Xinbao. I hereby
irrevocably appoint Fanhua Insurance Sales Service Group Company Limited (“Fanhua Group”) to exercise the following
rights during the term of this Power of Attorney:

 

I hereby authorize the person
designated by Fanhua Group which it thinks fit to represent me with full power to exercise all voting rights of shareholder to which I
shall be entitled in accordance with PRC laws and Shenzhen Xinbao’s Articles at shareholders’ meetings of Shenzhen Xinbao,
including but not limited to the right to sell or transfer any or all of my equity interest in Shenzhen Xinbao, to vote on all important
matters of Shenzhen Xinbao as my authorized representative at its shareholders’ meetings, and to elect and appoint the directors
and officers of Shenzhen Xinbao, etc. I will issue a power of attorney to the person designated by Fanhua Group from time to time as per
its request so as to facilitate the designee with full power to exercise all voting rights of shareholder at shareholders’ meetings
of Shenzhen Xinbao on my behalf.

 

If Fanhua Group designates
me to attend a shareholders’ meeting of Shenzhen Xinbao, I promise that I will exercise the voting rights of shareholder according
to the instructions of Fanhua Group.

 

During the validly existing
period of Shenzhen Xinbao and within the term of the Loan Agreement executed by myself and Fanhua Group, this Power of Attorney shall
have a term of ten (10) years from the execution date of this Power of Attorney.

 

	 	Signatory:  	/s/ Shuangping Jiang 
	 	 	Shuangping Jiang
	 	 
	 	Date: December 6, 2021

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