Document:

Exhibit 10.18

 

 

 

Date:
12 January 2022

 

Our ref: 111133/2555200/D4

 

Treasure Success International
Limited

 Unit A, 19/F

Ford Glory Plaza

37-39 Wing Hong Street

 Cheung
Sha Wan, Kowloon

 

Dear Sirs,

 

BANKING FACILITIES

 

DBS Bank (Hong
Kong) Limited (the “Bank”, which expression shall include its successors and assigns) is pleased to advise that it is prepared
to consider making available or continuing to make available the banking facilities detailed below (each a ’‘Facility” and together
the “Facilities”) to the Borrower described below, subject to the provisions of this letter and the attached “Standard
Terms and Conditions Governing Facilities and Services” (“Standard Conditions”).

 

	A.	BORROWER:

 

Treasure Success International Limited

 

	B.	FACILITY LIMITS:

 

	Type(s) of Facility	Facility Limit(s)
	I.	Letter of Credit	USD5,000,000.-
	2.	Letter of Credit (Cargo Receipt)	USD5,000,000.-
	3.	Trust Receipt	USD5,000,000.-
	4.	Account Payable Financing	USD5,000,000.-
	5.	Documents against Acceptance (“D/A”) Bills

 Purchased and Documents against Payment (“D/P”)

 Bills Purchased	USD5,000,000.-

 

Important Condition(s) Governing Facility Limits:-

 

	 	●	The aggregate outstanding of Facilities l to 5 shall not at any time exceed USD5,000,000.-.

 

     

     

    

 

DBS Bank
(Hong Kong) Limited

 

 

 

	Treasure Success International Limited  	Our ref:
111133/2555200/D4

 

	C.	PRICING AND CONDITIONS:

 

Unless otherwise provided herein,
interest and commission(s) on the Facilities will be charged at the Bank’s standard rate that may be varied from time to time at the Bank’s
discretion.

 

	
    Letter of Credit (“L/C”)

     

    Letter of Credit (Cargo Receipt)

     
	
    Validity: 6 months.

     

    Tenor: At sight or usance up to 120 days.

	Trust Receipt (“T/R”)	
    Maximum Tenor: 120 days.

     

    Maximum Tenor (T/R plus Acceptance): 120 days.

     

    Interest:
    (i) 1.5% per annum over HIBOR for HKD bills; and (ii) 1.3% per annum over Bank’s Cost of Funds for foreign currency bills, on the outstanding
    amount from drawdown until repayment in full, as conclusively calculated by the Bank.

     

	Account Payable Financing	
    Financing
    percentage: 100% of invoice value against original or copy of supplier’s invoice duly certified as a true copy by the Borrower.

     

    Maximum
    Tenor: 120 days, less: (i) supplier’s credit period (if any); and (ii) in case payment is made to the supplier after the payment due
    date, the period already lapsed.

     

    Interest:
    (i) 1.5% per annum over HIBOR for HKD bills; and (ii) 1.3% per annum over Bank’s Cost of Funds for foreign currency bills, on the outstanding
    amount from drawdown until repayment in full, as conclusively calculated by the Bank.

     

    The suppliers
    and each of the individual facility limits are subject to the Bank’s approval on a case-by-case basis. The Bank may from time to time
    carry out at the Borrower’s expense updated searches of the said suppliers and all related costs and fees may be debited to the Borrower’s
    account.

     

	Documents against Acceptance Bills Purchased (“D/A”) and Documents against Payment Bills Purchased (“D/P”)	
    I D/A:

     

    I
    Financing percentage: 100% of bill amount.

     

    Maximum Tenor: 120 days.

     

    DIP:

     

    Financing
    percentage: 100% of bill amount.

     

    Maximum Tenor: At sight.

     

    Interest:
    (i) 1.5% per annum over HIBOR for HKD bills; and (ii) 1.3% per annum over Bank’s Cost of Funds for foreign currency bills, on the outstanding
    amount from drawdown until repayment in full, as conclusively calculated by the Bank.

 

    2

     

    

 

 

 

	Treasure Success International Limited  	Our ref:
111133/2555200/D4

 

 

Note:

 

For the avoidance
of doubt and without prejudice to any other provisions herein, where the Interbank Offer Rate (“IBOR”) is expressed as the base
rate for calculation of the interest rate for a currency and the Bank is unable to determine the applicable interest rate for such currency
or the respective interest rate is not available or is zero or negative, the Bank can at its absolute discretion to replace the IBOR with
its Cost of Funds.

 

	Commission for Trade Facilities	1st USD50,000.-	1/4%
	 	USD50,001.- to USDl 00,000.- 	1/8%
	 	Balance	1/16%
	Set Up Fee	HKD40,000.-

 

	D.	SECURITY AND CONDITIONS PRECEDENT:

 

Unless otherwise
approved by the Bank, the Facilities will be made available or continue to be made available to the Borrower provided that the Bank has
received each of the following, in a form and substance satisfactory to the Bank:

 

		1.	This letter duly executed by the Borrower.

 

		2.	General Commercial Agreement duly executed by the Borrower.

 

		3.	Guarantee and Indemnity for an unlimited amount duly executed by Jerash Holdings (US), Inc..

 

		4.	Letter of Undertaking duly executed by Jerash Holdings (US), Inc..

 

	 	5.	
    Legal opinion will be obtained to confirm
the validity, legality and enforceability of items (3) and (4) mentioned above. The legal costs and expenses in relation thereto will
be payable by the Borrower. The Borrower hereby authorizes the Bank to debit the above fees and expenses from any of the accounts of
the Borrower with the Bank. 

 

		6.	Evidence on acceptance of appointment as process agent for Jerash Holdings (US),
Inc. in respect of service of legal process under the documents to which it is a party.

 

		7.	All documents and/or other requirements (including but not limited to copy of
identification document of all authorized signers) for complying with Customer Acceptance Policies or similar requirements imposed by
governing authorities and/or the Bank.

 

		8.	Original or Certified copies of all necessary consents, approvals and other authorizations
(including but not limited to those required by relevant governing authorities and/or the resolutions of the directors and shareholders
of the Borrower and/or any security provider(s)) in connection with the execution, delivery, performance and enforcement of this letter
and all other documents mentioned above, if applicable.

 

		9.	Original or Certified copies of all necessary registrations and filings as may
be required by relevant governing authorities in connection with the execution, delivery, performance and enforcement of this letter and
all other documents mentioned above, if applicable.

 

		 10. 	Such other documents, items or
evidence that the Bank may request from time to time.

 

    3

     

    

 

 

 

	Treasure Success International Limited  	Our ref:
111133/2555200/D4

 

 

	E.	COVENANTS AND UNDERTAKINGS:

 

Without
prejudice to the remaining undertakings under A.1.(b) of the “Standard Conditions”- “Furnishing of Information”, in
relation to the submission of semi-annual financial statements in particular, the Borrower will deliver to the Bank (iia) where applicable,
certified true copies of each Obligor’s semi-annual financial statements as soon as the same are available, but not later than 4 months
after the first half of such Obligor’s financial year or such other dates as may otherwise be mutually agreed by the Borrower and the
Bank and at any time requested by the Bank; (iib) where applicable, certified true copies of Jerash Holdings (US), Inc.’s semi-annual
financial statements for the financial year ended March and September with the due date on June and December each year respectively.

 

In addition
to the undertakings specified in the “Standard Conditions”, the Borrower undertakes to the Bank that it will:

 

		●	maintain its sales proceed channel to the Bank at not less than 50% of its annual sales turnover.

 

		●	Maintain its tangible net worth of not less than USD5,000,000.- on group level.

 

		●	ensure Choi Lin Hung to remain as key management and controlling shareholder of the group.

 

		●	Inform the Bank for any change of group structure with one month prior notification.

 

		●	ensure that all consents, licences, approvals, registrations and filings (as appropriate)
in connection with the Facilities, guarantee or securities as may be provided in relation to the Facilities granted hereunder are duly
obtained, completed and will remain in full effect throughout the period if any amount is or may become outstanding under the Facilities.

 

		●	promptly submit to the Bank:

 

		a)	with reasonable promptness, details of any litigation, arbitration or administrative proceeding current
or, to its knowledge, threatened or commenced against it; and
	 	 	 

		b)	other information that the Bank may request from time to time.

 

		●	immediately inform the Bank of:
	 	 	 

		a)	any change of the Borrower’s directors or beneficial shareholders (except where
the Borrower is a listed company).
	 	 	 

		b)	any factor which may inhibit, impair or delay performance by the B01Tower or the
security provider(s), if any, of the obligations under any loan and security documents to which they are a party.
	 	 	 

		c)	the failure to continue to obtain consents, licences, approvals, registrations
and filings (as appropriate) in connection with the granting of the Facilities and/or the provision of securities (including without limitation
guarantee(s)) in relation to the Facilities granted hereunder throughout the period when there is outstanding under the Facilities.

 

    4

     

    

  

 

 

	Treasure Success International Limited  	Our ref:
111133/2555200/D4

 

 

	F.	OTHER TERMS AND CONDITIONS

 

The Facilities
are available at the sole discretion of the Bank and are in all respects uncommitted. The Bank may at any time immediately modify, terminate,
cancel or suspend the Facilities or any part of it, or otherwise vary the Facilities or any part of it, without the consent of the Borrower
or any other person. Unless the changes are not within the Bank’s control, the Bank shall give reasonable notice to the Borrower for any
variation to the Facilities affecting the interest, fees and charges and the liabilities or obligations of the Borrower, and such variation
shall take effect after the expiration of such notice which may be given by the Bank by such means as the Bank may at its discretion see
fit.

 

Notwithstanding
any provisions stated in this letter, the Facilities are repayable on demand by the Bank. The Bank has the overriding right at any time
to require immediate payment of all principal, interest, fees and other amounts outstanding under this letter or any part thereof and/or
to require cash collateralisation of all or any sums actually or contingently owing to it under the Facilities.

 

Payment
by the Borrower to the Bank shall be in the currency of the relevant liability. The Borrower hereby authorizes the Bank to debit any sum
which may be required to meet the payment of principal, interest, default interest, handling fee, commissions, fire insurance premium
and other fees and charges in relation to (i) the Facilities or (ii) such other loan(s) into which the Facilities may from time to time
be converted, consolidated and /or replaced from (unless otherwise specified by the Borrower) any of the current account(s) / savings
account(s) maintained by the Borrower with the Bank and in case such account(s) is/are not in the same currency as the liability, the
Borrower hereby authorizes the Bank to perform relevant foreign exchange based on the prevailing exchange rate of the Bank in order to
settle the relevant payment in the currency of the liability.

 

The “Standard Conditions”
attached and/or referred to in this letter form an integral part of this letter and the Borrower agrees to observe and be bound by them.
In the event of any conflict or inconsistency between the “Standard Conditions” and the provisions of this letter, this letter
shall prevail. The Bank may, at its absolute discretion vary, amend or supplement any of the terms of the “Standard Conditions”.
Such variation, amendment or supplement shall take effect not less than 30 days after the date of the notice to the Borrower setting out
details of such variation, amendment or supplement or, if later, the date specified in the notice. The Borrower agrees to be bound by
any such amended or revised “Standard Conditions”.

 

This letter
and the Facilities shall be governed by the laws of the Hong Kong Special Administrative Region and the parties hereto hereby submit to
the non-exclusive jurisdiction of the Hong Kong Courts.

 

The Bank recognises
that banks have an important role to play in promoting responsible environmental, social and governance (“ESG”) behaviour of
our customers and is committed to practising responsible financing. We trust that the information, including ESG information based on
publicly available information as well as any information provided by your company representatives, to be true and accurate and is covered
by the Undertakings given by you to us in the “Standard Conditions” and any other agreements relating to banking facilities
granted by us to you.

 

Please signify your understanding
and acceptance of this offer by signing and returning to us the duplicate copy of this letter and provide each of the items under the
section headed “Security And Conditions Precedent” above, for the attention of Mr. Kenny Lai (“Designated Relationship
Manager”), within one month from the date of this letter, otherwise the offer will lapse at the discretion of the Bank. By accepting
this offer, you are deemed to have confirmed to the Bank that you are not a Connected Person as set out in clause 18 of the “Standard
Conditions”.

 

We enclose a set of documents which should also be completed and
returned to us. If you have any queries, please contact the Designated Relationship Manager at telephone number 3668-6461.

 

    5

     

    

 

 

 

	Treasure Success International Limited  	Our ref:
111133/2555200/D4

 

 

We
are pleased to be of service to you.

 

Yours
faithfully,

For
and on behalf of

DBS
Bank (Hong Kong) Limited

 

(signature
unrecognizable)

 

Authorized
Signatories

 

YW/cc

Encl.

 

    6

     

    

 

 

 

	Treasure Success International Limited  	Our ref:
111133/2555200/D4

 

 

IMPORTANT
NOTE

 

Interest
rates which are used as “benchmarks”, including LIBOR, EURIBOR or SIBOR, are the subject of recent international regulatory
guidance and proposals for reform. These reforms may cause such benchmarks to perform differently than in the past or to discontinue
entirely, or have other consequences which cannot be predicted. As at the date hereof, the discontinuation of various benchmarks and
their replacement(s) and other knock-on impact are all still being considered by the relevant authorities and industry.

 

The
elimination, or changes in the manner of administration, of any such benchmarks, could require an adjustment to the terms and conditions,
or result in other consequences, in respect of this Facility(ies) if it is linked to or references such benchmarks.

 

Any
of the above changes or any other consequential changes as a result of international reforms or other initiatives or investigations in
respect of benchmarks, could have an adverse effect on the cost of borrowing if it is linked to or references such benchmarks.

 

We
have verbally confirmed with the Bank upon the Facility application that this Facility application from us was not referred by third
party (means all kinds of engagement including having the facility application referred by and/or channeled through and/or acted through
third party), and hereby repeat and declare the same in writing.

 

We
hereby confirm our understanding and acceptance of all the terms and conditions set out in (i) this letter and (ii) the “Standard
Conditions” attached to this letter and our agreement to be bound by all of them.

 

Signed for and on behalf of

Treasure Success International Limited

 

	(signature unrecognizable)	 
	 	 
	 	 
	Authorized signor(s) Signature of Witness:	 
	 	 
	(signature unrecognizable)	 
	 	 
	 	 
	Name of Witness:	 
	Hong Kong Identification/ Passport No:	 
	 	 

 

    7

     

    

 

Governing
Facilities and Services Granted by

DBS
Bank (Hong Kong) Limited 星展銀行 (香港) 有限公司 (the“Bank”)

(“Standard
Conditions”}

 

	A.	GENERAL
                                            TERMS AND CONDITIONS

 

	1.	Undertakings
                                            So long as any monies are owing or are to be advanced under the Facility Documents:

 

		(a)	Obljqalions
to rank pari passy; The Borrower must ensure that its obligations under the Facility Letter are unconditional and unsubordinated
and will at all times rank at least pari passu with all its other unsecured and unsubordinated obligations (except for such obligations
mandatorily preferred by law).

 

		(b)	Furnishing
of Information: The Borrower will deliver to the Bank (i) where applicable, certified true copies of each Obligor’s audited and (if
applicable) consolidated financial statements for each of such Obligor’s financial year as soon as the same are available but not later
than 180 days after the end of such Obligor’s financial year or such other dates as may otherwise be mutually agreed by the Borrower
and the Bank and at any other time requested by the Bank; (ii) where applicable, certified true copies of each Obligor’s semi-annual
financial statements as soon as the same are available, but not later than 4 months after the first half of such Obligor’s financial
year or such other dates as may otherwise be mutually agreed by the Borrower and the Bank and at any time requested by the Bank; and
{iii) promptly, any other information and/or documents as the Bank may require. For any properties charged to the Bank, the Bank may
from time to time require a valuation report in form and substance acceptable to it. All the valuation fees are for the account of the
Borrower.

 

		(c)	Nature
of business/ Changes in Articles of Association or equivalent constitutional documents: The Borrower must not substantially alter
the nature of its business or amend any provision in its constitutional documents (if applicable) relating to its principal business
activities or its power to borrow, secure or guarantee and supply the Bank certified true copies of any updated constitutional documents.

 

		(d)	Change
of Management: The Borrower must, and must procure that each other Obligor must, ensure that there will be no change in its management
without the prior written consent of the Bank.

 

		(e)	Notice
of default: The Borrower will notify the Bank promptly upon occurrence of any potential or actual breach of the terms by any Obligor
under any Facility Document or any other event which might affect any of Obligor’s ability to perform its obligations under or in connection
with the Facility Documents.

 

		(f)	Re-organisation:
The Borrower must not undertake or agree to undertake any re-organisation, amalgamation, reconstruction, merger, take-over or any other
schemes of compromise or arrangement affecting its present constitution without the prior written consent of the Bank.

 

		(g)	Indemnity/costs
and expenses/break funding:

 

		(1)	The
Borrower shall on demand indemnify the Bank against all costs, expenses, Taxes, claims, demands, actions, damages, losses and liabilities
whatsoever (including legal fees on a full indemnity basis) which may reasonably be incurred by the Bank In connection with:

 

		(I)	the
execution, delivery, performance, perfection, enforcement, preservation of rights or attempted enforcement or preservation of rights
under the Facility Documents. For the avoidance of doubt, the fees, costs and expenses are payable by the Borrower notwithstanding that
the Facilities are cancelled, modified or withdrawn at any time before completion of the relevant transaction;

 

		(ii)	breakfunding
and other costs for any advances prepaid, any advances requested for but not made, unwinding costs for foreign exchange, or any
derivative transactions terminated before the contracted maturity date; and

 

		(Ill)	any
breach by any Obligor under any Facility Document or any enquiry, investigation, subpoena (or similar order), litigation, arbitration
or administrative proceedings with respect to an Obligor and/or any Affiliates of the Borrower or with respect to the transactions
contemplated under the Facility Documents.

 

    8

     

    

 

		(2)	If
the Bank receives any sum in a currency (the ’‘Relevant Currency”) other than the currency in which such sum is due (the
“Currency of Account”) and that amount, when converted into the Currency of Account at the Bank’s rate of exchange
on the date of receipt or recovery, is less than the amount in the Currency of Account due to the Bank, the Borrower shall indemnify
the Bank on demand against any cost and loss sustained by it as a result of such conversion.

 

		(h)	Anti-money
laundering/sanctions: The Borrower will, and will procure that each of its Affiliates will, at all times comply with all applicable
anti-money laundering, anti-bribery, anti-corruption, counter-terrorism financing, and economic or trade sanctions laws and regulations.

 

		(i)	Compliance
with laws: The Borrower will, and will procure that each of its Affiliates will, at all times: (i) comply in all respects with all
applicable laws and regulations. Including all Environmental Law; and (ii) obtain and maintain any Environmental Permit applicable to
it.

 

“Environmental
Law” means any law or regulation concerning:

 

		(i)	the
proteclion of health and safety;

 

		(ii)	the
environment; or

 

		(iii)	any
emission or substance which is capable of causing harm to any living organism or the environment;

 

“Environmental
Permit” means any authorization required by an Environmental Law;

 

		(j)	No
misleading information: The_Borrower warrants to the Bank that all information provided by it or its Affiliates for the purposes
of the Facility Documents is true and accurate in all material respects as at the date ii was provided and is not misleading in any respect.

 

	2.	Application
                                            of Advance Notwithstanding any other provision of the Facility Documents, if on any
                                            date an amount (“First Amount”) is to be advanced by the Bank and an amount
                                            (“Second Amount”’) is due from the Borrower to the Bank, the Bank shall
                                            apply the First Amount in payment of the Second Amount. The Bank shall advance any excess
                                            (or, as the case may be. the Borrower shall pay any shortfall) in accordance with the Facility
                                            Documents.

 

	3.	Interest
                                            Alf Interest (including default Interest) under the Facility Documents shall accrue
                                            on a daily basis and shall be calculated based on the actual number of days elapsed, with
                                            monthly rests or such other periodic rests as the Bank may prescribe and based on a 365-day
                                            year (if the Interest is in Singapore Dollars, British Pounds Sterling, Hong Kong Dollars,
                                            Malaysian Ringgit or any other currency as the Bank may notify the Borrower (collectively,
                                            the “Specified Currencies”)), and based on a 360-day year (if the interest is In
                                            any other foreign currency which is not a Specified Currency).

 

	4.	Market
                                            Disruption and Alternative Interest Rates If, for any interest period, the Bank is
                                            unable to determine the applicable interest rate or the
same in place of the Borrower and the Bank; (3) references in the Facility Documents to the Bank shall be construed accordingly as references
to the transferee lender or the Bank, as relevant; and (4) all agreements, representations and warranties made in the Facility Documents
shall survive any assignments or transfers made pursuant to this clause and shall inure to the benefit of the transferee lender as well
as the Bank. The Bank may at any time grant one or more participations in its rights and/or obligations under the Facility Documents
but the Borrower shall not be concerned in any way with any participation so granted.

 

DBS
Bank (Hong Kong) Limited

 

    9

     

    

 

	13.	Change
                                            affecting Foreign Currency If the Bank determines that currency requested by the
                                            Borrower under the Facilities is unavailable, the Borrower’s request shall be deemed to be
                                            withdrawn.

 

	14.	Severability
                                            The illegality, invalidity or unenforceability of any provision or part of the Facility
                                            Documents under the law of any jurisdiction shall not affect or impair the validity, legality
                                            and enforceability of any other provision or part of the provision and the remaining provisions
                                            of the Facility Documents shall be construed as if such invalid, unlawful or unenforceable
                                            provision or part had never been contained in the Facility Documents.

 

	15.	Consent
to Disclosure

 

		(a)	Borrower’s
Consent

 

The
Borrower consents and acknowledges that the Bank may provide the Borrower’s information to any proposed or actual guarantor or other
security provider (or their solicitors) in respect of any credit facilities extended or to be extended to the Borrower, including (without
limitation)

 

		(i)	any
financial information concerning the Borrower;

 

		(ii)	a
copy of the contract evidencing the obligations to be guaranteed or secured or a summary of such contract;

 

		(iii)	a
copy of any formal demand for overdue payment which may be sent to the Borrower after ii has failed to settle an overdue amount; and

 

		(iv)	from
time to lime on request by the proposed or actual guarantor or security provider, a copy of the Borrower’s latest statement of account
or other information showing the financial status of the Borrower and/or credit facilities extended to the Borrower.

 

		(b)	Data
Policy

 

The
Borrower agrees that the applicable data policies and other communications to customers concerning their data (“Data Policy
Notice”) from time to time issued by the Bank (a member of the DBS Group) shall apply. The Borrower acknowledges that the
Bank has given a copy of the Bank’s current Data Policy Notice to it. The Borrower further acknowledges that it can obtain a copy of
the Data Policy Notice which applies from time to time at any branches of the Bank or from the Bank’s website. The Borrower agrees that
all information provided or that the Bank obtains from any other sources or that arises from the Borrower’s relationship with the Bank
(or any other DBS Group company) will be subject to the Data Policy Notice (as may be varied from time to time).

 

The
Borrower confirms that each individual whose personal data the Borrower gives the Bank has provided the Borrower with their consent to
the Bank’s receiving, holding and processing those personal data in accordance with the Data Policy Notice.

 

	16.	Further
Act or Assurance/Authorization

 

		(a)	The
                                            Borrower shall at its own expense, immediately execute such documents or take such steps,
                                            as the Bank may reasonably require.

 

		(b)	The
                                            Borrower hereby authorizes the Bank to appoint any other person (including correspondent,
                                            agent or third party contractor) in relation to the Facilities and services and the Bank
                                            may delegate any of its powers in the Facility Documents to such person.

 

    10

     

    

 

	17.	Statement/Certificate
A statement or certificate issued by the Bank on a rate or amount under or in connection with the Facilities or the Facility
Documents shall (in the absence of manifest or computational error) be final and conclusive against the Borrower.

 

	18.	Relatlonshtp
with Directors/Employees etc As a licensed bank, the Bank is subject to certain limitations on advances to persons related to
the directors, employees, controllers or minority shareholder controllers of the Bank, its subsidiaries or Affiliates (“Connected
Persons”). The Borrower hereby confirms to the Bank that it is not a Connected Person. The Borrower undertakes to immediately
advise the Bank in writing upon becoming a Connected Person at any time while the loan or other indebtedness to the Bank is outstanding.

 

For
the purpose of this clause, “controllers” and “minority shareholder controllers” shall have the meanings used within
the relevant rules relating to exposures to connected parties under the Banking (Exposure Limits) Rules of the Banking Ordinance (Cap
155 of the Laws of Hong Kong): and “subsidiary” shall have the meaning ascribed to it in the Companies Ordinance (Cap 622 of
the Laws of Hong Kong).

 

	19,	Limitation
on Liability The Bank, Its agent and correspondent shall not be liable to the Borrower for any action taken or not taken by them
unless directly caused by their negligence or wilful misconduct.

 

	20.	Partnership

 

		(a)	Where
                                            the Borrower is a partnership or otherwise consists of two or more persons, references to
                                            the Borrower, where the context admits, are references to the persons who constitute the
                                            Borrower for the time being, and each of these persons shall be jointly and severally liable
                                            for the Borrower’s obligations and liabilities to the Bank.

 

		(b)	Any
                                            document executed and signed by the Borrower to the Bank shall continue to bind the partnership
                                            notwithstanding any change in the constitution, name or membership of the partnership by
                                            reason of death, bankruptcy, retirement, disability, or admission of new partners or the
                                            occurrence of any other event which may dissolve the partnership or otherwise affect its
                                            obligations to the Bank. In the case of the death or retirement of a partner, the liability
                                            of the partner or his estate to the Bank shall cease only with regard to transactions made
                                            with the Bank subsequent to the receipt by the Bank of written notice of the retirement or
                                            death of the deceased partner.

 

	21.	Third
                                            Parties A person who is not a party to the Facility Letter may not enforce any of
                                            its terms under the Contracts (Rights of Third Parties) Ordinance (Cap 623 of the Laws of
                                            Hong Kong).

 

	22.	Governing
                                            Law and Jurisdiction The Facility Letter is governed by and shall be construed in
                                            accordance with the laws of Hong Kong. The Borrower submits to the non-exclusive jurisdiction
                                            of the courts of Hong Kong in respect of any dispute arising out of or in connection with
                                            the Facility Letter. The Borrower agrees that the courts of Hong Kong are the most appropriate
                                            and convenient forum and will not argue to the contrary. Nothing in this paragraph shall
                                            limit the right of the Bank to take proceedings against the Borrower in any other court nor
                                            shall the taking of proceedings in one or more jurisdictions preclude the Bank from taking
                                            proceedings in any other jurisdiction, whether concurrently or not. The Borrower irrevocably
                                            waives, to the extent permitted by applicable law, with respect to itself and its revenues
                                            and assets. all immunity on the grounds of sovereignty or other similar grounds from suit,
                                            jurisdiction of any court, injunction or order for specific performance or recovery of property,
                                            attachment of its assets, and execution or enforcement of any judgment to which ii or its
                                            revenues or assets might otherwise be entitled in any proceedings.

 

	23.	Notices
                                            Unless otherwise agreed, all communications to the Borrower shall be sent by post
                                            or left at the Borrower’s registered office or principal place of business in the records
                                            of the Bank, or if sent by fax, to the numbers in the records of the Bank, and shall be deemed
                                            to have been received by the Borrower on the second or seventh Business Day following such
                                            posting to an address in Hong Kong or overseas respectively, or on the day when it was so
                                            left, or upon despatch of such fax. Any notice by the Borrower to the Bank shall be in writing
                                            and shall be deemed to have been given only on actual receipt.

 

 

11Exhibit
10.19

 

Dated
the 22nd day of June 2022

 

WONG
BING LUN (黃炳倫) &

CHOW
LAI MING (周麗明)

(“the
Sellers”)

 

And

 

WONG
BING LUN (黃炳倫) &

CHOW
LAI MING (周麗明)

(“the
Guarantor”)

 

and

 

TREASURE
SUCCESS INTERNATIONAL LIMITED

(寶陞國際有限公司)

(“the
Purchaser”)

 

 

 

AGREEMENT

 

relating
to the sale and purchase of

the
entire issued share capital of and the 

Shareholder’s
and/or Director’s Loan to

EVER
WINLAND LIMITED

(永綸有限公司)

 

 

 

AUGUSTINE
C.Y. TONG & CO.,

SOLICITORS,

ROOMS
909-911, 9TH FLOOR,

FAR
EAST CONSORTIUM BUILDING,

NO.121
DES VOEUX ROAD CENTRAL,

HONG
KONG.

 

(Ref
: AT/51601/W/22)

 

     

     

    

 

THIS
AGREEMENT is dated the 22nd day of June 2022 and made between:

 

	(1)	(a)	WONG BING LUN (黄炳倫)
    (Holder of Hong Kong Identity Card  No.[*] of House 12, Custom Pass 18, Fei Ngo Sha Road, Sai Kung New Territories, Hong
    Kong (the “1st Seller”); and
	 	 	 
	 	(b)	CHOW LAI MING (周麗明) (Holder
    of Hong Kong Identity Card  No. [*] of the same address above (the “2nd Seller”).

 

(the
1st Seller and 2nd Seller are hereinafter collectively referred to the “Sellers” and each “Seller”)

 

		(2)	WONG
                                            BING LUN (黃炳淪) and CHOW LAI MING (周麗明) both of
                                            the same address above (the “Guarantor”); and 

 

		(3)	TREASURE
                                            SUCCESS INTERNTIONAL LIMITED (寶陞國際有限公司)
                                            whose registered office is situate at Unit A, 19th Floor, Ford Glory Plaza, 37-39
                                            Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong (the “Purchaser”).

 

BY
WHICH IT IS AGREED as follows:

 

	1.	DEFINITIONS
                                            AND INTERPRETATION

 

	1.1	Defined
                                            Terms

 

In
this Agreement unless the context requires otherwise:

 

“Accounts”
means the audited accounts of the Company comprising a profit and loss account for the period of 12 months ended on the Accounts
Date covering at least the post 7 years from the date of this Agreement and a balance sheet as at the Accounts Date;

 

“Accounts
Date” means 30th June 2021;

 

“Assignments
of Shareholder Loan” means an assignment of the Shareholder/Director Loan in the agreed form set out in Schedule 7 to be entered
into between the relevant Seller(s) and the Purchaser upon Completion;

 

“Assignment
of Director Loan” means an assignment of the relevant Director(s) Loan in agreed form set out in Schedule 7 to be entered into
between the Director of the Company/Guarantor and the Purchaser Upon Completion;

 

“Authority”
means any ministry, department or agency of any government or any body exercising similar functions in Hong Kong;

 

“Business
Day” means a day (other than a Saturday or Sunday), on which licensed banks are open in Hong Kong to the general public for
business;

 

    1

     

    

 

“Companies
Ordinance” means the Companies Ordinance (Cap. 622, of the Laws of Hong Kong);

 

“Company”
means EVER WINLAND LIMITED (永綸有限公司), a company under the laws of Hong Kong, particulars
of which are set out in Schedule 1;

 

“Completion”
means completion of the sale and purchase of the Sale Shares and the benefit of the Shareholder Loan and/or the Director Loan in
accordance with Clause 4;

 

“Completion
Accounts” means the income statement for the period from the day following the Accounts Date to the Completion Date and a statement
of financial position as at the close of business on the Completion Date for the Company prepared in accordance with Clause 3.4 and Schedule
6;

 

“Completion
Date” means the date on which Completion takes place;

 

“Consideration”
means the aggregate consideration payable by the Purchaser to the Sellers for the Sale Shares and the benefit of the Shareholder
Loan and/or Director Loan as specified in Clause 3.1;

 

“CPO”
means the Conveyancing and Property Ordinance (Cap 219, of the laws of Hong Kong);

 

“Deposits”
means collectively, the Initial Deposit, the Further Deposit and/or the Second Further Deposit (if any) in accordance with Clause
3.3;

 

“Encumbrance”
means a mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third-party right or interest,
other encumbrance or security interest of any kind, or another type of preferential arrangement (including, without limitation, a title
transfer or retention arrangement) having similar effect and any agreement or obligation to create or grant any of the aforesaid;

 

“Existing
Encumbrances” means a Legal Charge/Mortgage and a Deed of Assignment of Rental Income made in favour of OCBC WING HANG BANK
LIMITED, details of which are: a Legal Charge dated 19th April 2021 and registered in the Land Registry by Memorial No.21042200470200
and a Deed of Assignment of Rental Income dated 19th April 2021 registered in the Land Registry by Memorial No.21042200470217;

 

“Existing
Loans” means the loan due and owing by the Company and secured by the Existing Encumbrances;

 

“HK$”
or “Hong Kong Dollar(s)” means the lawful currency of Hong Kong;

 

“Parties”
means the Sellers and the Purchaser;

 

“Property”
means all the properties briefly described under Schedule 2;

 

“Rates”
means the rates payable in respect of the Property.

 

    2

     

    

 

“Relevant
Percentage” means, in relation to a Seller, the percentage specified against the name of that Seller as below: -

 

	Seller	 	Relevant
    Percentage
	the
    1st Seller	 	50%
	the
    2nd Seller	 	50%

 

“Sale
Shares” means collectively the 1st Sale Shares and the 2nd Sale Share being all the issued shares in
the capital of the Company held by the Sellers and “Sale Share(s)” means any of them;

 

“1st
Sale Shares” means 50 issued Share to be sold by the 1st Seller to the Purchaser pursuant to this Agreement;

 

“2nd
Sale Share” means 50 issued Shares to be sold by the 2nd Seller to the Purchaser pursuant to this Agreement;

 

“Sale
Share(s)” means being all the issued share in the capital of the Company held by the each Seller;

 

“Scheduled
Completion Date” means within 60 days from the date of this Agreement or such other date as the Sellers and the Purchaser may
agree in writing on which Completion takes place;

 

“Seller
Solicitors” means Messrs. Augustine C.Y. Tong & Co., Solicitors;

 

“Shareholder
Loans” means collectively the 1st Shareholder Loan and the 2nd Shareholder Loan and “Shareholder
Loan” means any of them;

 

“1st
Shareholder Loan” means the loan owing by the Company to the 1st Seller as at the Completion Date including
for the avoidance of doubt any loan to be advanced by the 1st Seller to the Company on or before Completion for the purpose
of redeeming the Existing Encumbrances of the Property;

 

“2nd
Shareholder Loan” means the loan owing by the Company to the 2nd Seller as at the Completion Date including
for the avoidance of doubt any loan to be advanced by the 2nd Seller to the Company on or before Completion for the purpose
of redeeming the Existing Encumbrances of the Property;

 

“Shareholder
Loan” means the loan owing by the Company to the Sellers as at the Completion Date including for the avoidance of doubt any
loan to be advanced by the Seller to the Company on or before Completion for the purpose of redeeming the Existing Encumbrances of the
Property;

 

    3

     

    

 

“Director
Loan” means the loan owing by the Company to the Director as at the Completion Date including for avoidance of doubt any loan
to be advance by the Director to the Company on or before Completion;

 

“Shares”
means ordinary shares of HK$100.00 each in the capital of the Company;

 

“Stamp
Duty Ordinance” means the Stamp Duty Ordinance (Chapter 117, of the Laws of Hong Kong);

 

“Taxation”
have the meaning given to them in the Tax Deed;

 

“Tax
Authority” has the meaning given in the Tax Deed;

 

“Tax
Deed” means the tax deed in the agreed form set out in Schedule 8 to be entered into between the Sellers and the Purchaser
upon Completion;

 

“Warranties”
means the representations, warranties and undertakings set out in Schedule 3.

 

	1.2	 Construction
                                            of References

 

In
this Agreement, unless the context requires otherwise, any reference:

 

		(a)	to
                                            a Clause or Schedule is a reference to a Clause of or a Schedule to this Agreement;

 

		(b)	to
                                            this Agreement, any other document or any provision of this Agreement or that document is
                                            a reference to this Agreement, that document or that provision as in force for the time being
                                            or from time to time amended in accordance with the terms of this Agreement or that document;

 

		(c)	to
                                            a person includes an individual, a body corporate, a partnership, any other unincorporated
                                            body or association of persons and any state or state agency;

 

		(d)	to
                                            any document expressed to be “in the agreed form” means a document approved
                                            by the Parties to this Agreement and, if not entered into contemporaneously with this Agreement,
                                            initialed by or on behalf of the Sellers and the Purchaser for the purposes of identification;

 

		(e)	to
                                            a time of day is a reference to the time in Hong Kong, unless expressly indicated otherwise;

 

		(f)	to
                                            an enactment includes that enactment as it may be amended, replaced or re-enacted at any
                                            time, whether before or after the date of this Agreement, and any subordinate legislation
                                            made under it;

 

    4

     

    

 

		(g)	to
                                            an “agreement” includes any document or deed, an arrangement and any other
                                            kind of commitment;

 

		(h)	to
                                            a “right” includes a power, a remedy and discretion; and

 

		(i)	to
                                            a “subsidiary” or “holding company” is to be constructed in accordance
                                            with Section 2 of the Companies Ordinance.

 

	1.3	Interpretation

 

In
this Agreement, unless the context otherwise requires:

 

		(a)	words
                                            importing the plural include the singular and vice versa;

 

		(b)	words
                                            importing a gender include every gender; and

 

		(c)	the
                                            words “other”, “including” and “in particular”
                                            do not limit the generality of any preceding words and are not to be construed as being
                                            limited to the same class as the preceding words where a wider construction is possible.

 

	1.4	Headings
                                            and Contents

 

The
headings and the tables of contents in this Agreement do not affect its interpretation.

 

	1.5	Schedules

 

This
Agreement includes its Schedules and any reference to a paragraph is a reference to the paragraph of the relevant Schedule.

 

	1.6	Joint
                                            and Several Liability

 

All
undertakings, obligations and other liabilities of the Sellers under this Agreement are joint and several and, if a Seller ceases to
be bound in any respect, that will not affect the liability of the other Seller.

 

	2.	SALE
                                            AND PURCHASE

 

	2.1	Sale
                                            and Purchase

 

(a)
The 1st Seller, as legal and beneficial owner, shall sell the 1st Sale Shares and the benefit of the 1st
Shareholder Loan free from all Encumbrances and with all rights and benefits now attached or accruing to them at or after Completion
including the right to receive all dividends and other distributions declared, made or paid on or after Completion, and the Purchaser
relying on the representations, warranties, undertakings and indemnities of the 1st Seller and the Director contained or referred
to in this Agreement shall purchase the 1st Sale Shares and the benefit of the 1st Shareholder Loan/Director Loan
with effect from Completion;

 

    5

     

    

 

(b)
The 2nd Seller, as legal and beneficial owner, shall sell the 2nd Sale Share and the benefit of the 2nd
Shareholder Loan free from all Encumbrances and with all rights and benefits now attached or accruing to them at or after Completion
including the right to receive all dividends and other distributions declared, made or paid on or after Completion, and the Purchaser
relying on the representations, warranties, undertakings and indemnities of the 2nd Seller and the Director contained or referred
to this Agreement shall purchase the 2nd Sale Share and benefit of the 2nd Shareholder Loan/Director Loan with
effect from Completion; and

 

(c)
The Sellers, as legal and beneficial owners, shall sell the Sale Share(s) and the benefit of the Shareholders Loans free from all Encumbrances
and with all rights and benefits now attached or accruing to them at or after Completion including the right to receive all dividends
and other distributions declared, made or paid on or after Completion, and the Purchaser relying on the representations, warranties,
undertakings and indemnities of the Sellers contained or referred in this Agreement shall purchase the Sale Share(s) and benefit of the
Shareholders Loans with effect from Completion.

 

	2.2	Pre-emption
                                            Rights

 

Each
Seller waives, and will procure that any other person waives, any right of pre-emption which each may have in respect of its Sale Share(s),
whether pursuant to the Articles of Association of the Company or otherwise howsoever arising.

 

	2.3	Simultaneous
                                            Completion

 

The
Purchaser shall not be obliged to complete the purchase of any Sale Share(s) or any Shareholder Loan/Director Loan unless the purchase
of all Sale Share(s) and the assignment of Shareholder Loan/Director Loan (where applicable) are completed simultaneously.

 

	3.	Consideration

 

	3.1	(a)
                                            Amount of Consideration is Hong Kong Dollars THIRTY-NINE MILLION AND SIX HUNDRED THOUSAND
                                            only (HK$39,600,000.00); and

 

(b)
For the purpose of apportionment, (i) the consideration for each Seller’s Sale Shares and Shareholder Loans shall be its Relevant
Percentage of the Consideration (the “Relevant Consideration”); (ii) the consideration for the Shareholder Loan of
such Seller shall be an amount equal to the total amount owing by the Company to such Seller as shown in the Pro-Forma Completion Accounts
(the “Relevant Debt Consideration”); and (iii) the consideration for the Sale Shares of such Seller shall be the sum
equivalent to an amount calculated by deducting the Relevant Debt Consideration from the Relevant Consideration.

 

	3.2	Receipt
                                            by Seller’ Solicitors

 

Receipt
by the Seller’s Solicitors of any monies or completed documentation to be provided by the Purchaser in satisfaction of any of the
obligations of the Purchaser under this Agreement shall be accepted by the Sellers as a full and complete discharge of that obligation.

 

    6

     

    

 

	3.3	Payment
                                            of Consideration

 

the
Purchaser shall pay the Sellers the Consideration as follows:

 

		(a)	A
                                            deposit in the amount of HK$9,900,000.00 (“the Deposit”) shall
                                            be paid by the Purchaser to the Sellers’ Solicitors as part payment of the consideration
                                            upon signing of this Agreement, and shall represent part payment of the Consideration upon
                                            Completion;

 

		(b)	HK$29,700,000.00
                                            being amount of the balance of the Consideration shall be paid by the Purchaser at Completion
                                            to the Sellers;

 

		(c)	The
                                            Deposit mentioned in above 3.3(a) shall be held by the Sellers’ Solicitors as stakeholders,
                                            who shall not release the same to the Sellers until and upon confirmation of satisfactory
                                            by the Purchaser to their due diligence and investigation on the financial and corporate
                                            matters of the Company and the same will be only using for repayment of the Existing Encumbrances.

 

	3.4	Completion
                                            Accounts

 

		(a)	The
                                            Sellers will, on or before 5 Business Days prior to (but excluding) the Completion Date,
                                            deliver to the Purchaser the Pro-Forma Completion Accounts in accordance with paragraph 2
                                            of Schedule 6.

 

		(b)	The
                                            Sellers shall at its/his/her/their own costs have to provide audited Completion Accounts
                                            to the Purchaser within 30 days after Completion and the relevant Resignation of Letter/Notice
                                            of Resignation of the Auditor duly signed.

 

	3.5	Form
                                            of Payment

 

Any
payment to be made under this Clause 3 will be made by cashier order(s) and/or made by cheque(s) drawn by a firm of solicitors on a bank
in Hong Kong or by such other method as the Purchaser and the Sellers may agree in writing.

 

	4.	COMPLETION

 

	4.1	Completion

 

Completion
of this Agreement is conditional upon:-

 

		(a)	the
                                            Purchaser being reasonably satisfied upon the Purchaser’s due diligence review and
                                            investigation on the financial, legal and corporate matters of the Company as set out in
                                            this Agreement, including without limitation that there is no material adverse change in
                                            the financial position of the Company from the Accounts Date to the Completion Date and the
                                            Sellers having provided such access, assistance and documents as reasonably requested by
                                            the Purchaser or its solicitors and/or accountant so as to enable the Purchaser to conduct
                                            such due diligence review and investigation;

 

    7

     

    

 

		(b)	the
                                            Sellers having shown and proved good title of the Property to the Purchaser’s and the
                                            Purchaser’s Solicitors’ satisfaction in accordance with Section 13 of the CPO
                                            and having given good title to the Property in accordance with Section 13A of the CPO at
                                            the Sellers’ sole costs and expenses from all incumbrances of all descriptions;

 

	 	(c)	The
                                            Sellers having settle and paid all Taxation which the Company is liable to pay prior to the
                                            Completion.

 

	 	(d)	Completion
                                            will take place at the office of the Vendor’s Solicitors, Messrs. Augustine C.Y. Tong
                                            & Co., Solicitors (or at such other place as the Sellers and the Purchaser may agree
                                            in writing) at or before 2:30 p.m. on the Scheduled Completion Date, or such other date
                                            as the Sellers and the Purchaser may agree in writing. At Completion, the business set out
                                            in Schedule 4 will be transacted.

 

	 	(e)	all
                                            the representations, undertakings and Warranties given by the Sellers hereunder remaining
                                            true, correct and accurate in all respects as at Completion;

 

	 	(f)	there
                                            having been no breach of the Warranties from the date of this Agreement up to and inclusive
                                            of the Completion Date;

 

	4.2	Effect
                                            of Non-Compliance With Completion Obligations

 

No
party is obliged to complete this Agreement or perform any obligations under this Agreement unless the other party complies fully with
the requirements of Clause 4.1 and Schedule 4. If the respective obligations of the parties under Clause 4.1 and Schedule 4 are not complied
with on the Completion Date, the Purchaser may by notice to the Sellers (in the event that the Seller or any of them is unable or unwilling
to comply with its obligations under this Agreement) or the Sellers may by notice to the Purchaser (in the event that the Purchaser is
unable or unwilling to comply with her obligations under this Agreement):

 

		(a)	postpone
                                            Completion to a date (being a Business Day) falling not more than 10 Business Days after
                                            the Completion Date in which event the provisions of this Agreement will apply as if the
                                            date set for Completion in Clause 4.1 is the date to which Completion is so postponed;

 

		(b)	proceed
                                            to Completion as far as practicable (without limiting their respective rights under this
                                            Agreement); or

 

		(c)	terminate
                                            this Agreement in which case the provisions of Clause 8 shall apply.

 

    8

     

    

 

	4.3	Specific
                                            Performance

 

The
provisions of this Agreement shall not preclude either party from obtaining an order against the defaulting parties for specific performance
and it is hereby acknowledged and agreed by the Party that an order for damages would not be a fair or adequate remedy to the other party
where the defaulting party shall have failed to perform and complete the transfer of all the Sale Shares and Shareholder Loan and/or
Director Loan (if applicable) in accordance with this Agreement.

 

	4.4	Due
                                            Diligence Investigation

 

	 	(a)	To
                                            facilitate the carrying out of the due diligence investigation by the Purchaser’s solicitors,
                                            the Sellers hereby undertake to deliver to the Purchaser or the Purchaser’s solicitors,
                                            within 30 days from the date of this Agreement, all documents relating to the Company, including
                                            but not limited to the audited accounts of the Company covering at least the past 7 years
                                            from the date of this Agreement. From the date of receipt of all the documents relating to
                                            the Company, the Purchaser’s solicitors shall be entitled to have 21 Business Days
                                            for carrying out the due diligence investigation before Completion.

 

	 	(b)	If
                                            the Purchaser discovered during the due diligence investigation that there is any material
                                            irregularity, the Sellers shall rectify the same and notified the Purchaser of the rectification
                                            at least 14 days before the Completion. If the Sellers is unable to rectify the material
                                            irregularity, the Purchaser shall be entitled by giving written notice to the Sellers to
                                            cancel the transaction under this Agreement whereupon the Sellers shall return all the deposit(s)
                                            to the Purchaser in full forthwith without any interest or compensation and the Sellers and
                                            the Purchaser shall at their own costs and expenses enter into a cancellation agreement.

 

	5.	PROPERTY
                                            MATTERS

 

	5.1	Property

 

The
Sellers shall at their own cost procure the Company to give good title to the Property in accordance with Sections 13 and 13A of the
CPO respectively as if the Company is selling the Property to the Purchaser.

 

	5.2	The
                                            Sellers shall be entitled to rents and profits and shall discharge all outgoings of the Property
                                            up to and inclusive of the actual day of completion and as from but exclusive of that day,
                                            the Purchaser shall be entitled to possession and the rents and profits and shall discharge
                                            all outgoings discharge of the Property. All such rents profits and outgoings shall if necessary
                                            be apportioned between the Sellers and the Purchaser and paid by way of an apportionment
                                            account herein;

 

    9

     

    

 

	5.3	Upon
                                            Completion, subject to the production of the relevant apportionment account and the relevant
                                            receipt(s) or supporting document(s) to the Purchaser before Completion Date, the Purchaser
                                            hereby agrees to refund to the Sellers (subject to such deduction which the Purchaser is
                                            transferred under the said apportionment account) the management fee deposits and other deposits
                                            or funds paid (if any) the Manager of the Building wherein the Property forms part provided
                                            that the same having been confirmed by the Manager that they are subsisting and transferable.

 

	5.4	The
                                            Sellers agree to permit the Purchaser to inspect the Property once by the Purchaser prior
                                            to the completion for verification of vacant possession of the Property on such date and
                                            at such time to be arranged by the parties hereto.

 

	5.5	The
                                            Sellers hereby declare that they have no knowledge of any illegal or unauthorised structure
                                            or alteration of and in the Property and they have not received and are not aware of there
                                            being any notice or order from the Government or any competent authority or the Manager of
                                            the Building of which the Property forms part requiring the Sellers to demolish or reinstate
                                            any part of the Property. If it should be discovered that such notice or order shall be issued
                                            or served before completion, the Sellers shall at their own costs and expense to comply with
                                            such notice or order.

 

	5.6	The
                                            Sellers further declare that they have not received and are not aware of there being any
                                            notice or order from the Government or any competent authority or the Manager of the Building
                                            of which the Property forms part requiring the Sellers as one of the co-owners to effect
                                            repair to any common part of the Building. If it should be discovered that any such notice
                                            or order shall be issued or served before completion, the Sellers shall bear their due proportion
                                            of the cost of such repair.

 

	5.7	The
                                            Sellers hereby declare that the Sellers have not received any notice from any Government
                                            or other competent authority under the Lands Resumption Ordinance (Cap.124) or the Mass Transit
                                            Railway (Land Resumption and Related Provisions) Ordinance (Cap.276) or the Buildings Ordinance
                                            (Cap.123) or any other form of notice of a similar nature the implementation of which would
                                            materially affect the occupation or enjoyment of or the redevelopment potential of the Property.
                                            The Sellers gives no warranty whatsoever whether the Property is included in any lay-out
                                            plans (draft or approved) under the Town Planning Ordinance (Cap.131). If it shall be ascertained
                                            before completion of the purchase that the Property is affected by any of the said Ordinances,
                                            the Purchaser may by notice in writing to the Sellers rescind this Agreement in which event
                                            the Deposits paid hereunder shall be forthwith returned by the Sellers to the Purchaser in
                                            full but without any compensation, interest or costs and neither Party shall have any claim
                                            against the other hereon. The Sellers undertake to notify the Purchaser of the above notices
                                            (if any) served on them.

 

    10

     

    

 

	5.8	(a)           The
                                            Property is presently subject to the Existing Encumbrances.

 

		(b)	The
                                            Sellers undertake with the Purchaser that the Seller will procure the delivery to the Purchaser
                                            within 21 days from the Completion Date:

 

(i)
the Discharge of the Existing Encumbrances (“Discharge”) (in the forms approved by the Purchaser) duly executed by
The Hongkong And Shanghai Banking Corporation Limited (“Existing Lender”), attested by a solicitor acting for the
Existing Lender (“Existing Lender’s Solicitor”) and dated no later than the Completion Date together with :-

 

(1)
the Memorial(s) thereof duly completed and signed by the Existing Lender’s Solicitor and prepared the same for registration at
the Land Registry;

 

(2)
the Form NM2 duly completed and signed by the Existing Lender’s Solicitor and certified copy of each Existing Encumbrances
annexed to its relevant Form NM2 for filing at the Companies Registry;

 

(3)
the cheques for all registration and filing fees payable on the Discharge.

 

	5.9	The
                                            rates, Government rent and management fees of the Property shall be discharged by the Sellers
                                            up to and inclusive of the Completion Date. The Purchaser shall be responsible for the payment
                                            of rates, Government rent and management fees of the Property after the Completion Date.

 

	5.10	The
                                            Sellers shall deliver to the Purchaser’s solicitors for their inspection all the title
                                            deeds and documents relating to the Property within 30 days from the date of this Agreement
                                            in accordance with Sections 13 and 13A of the Conveyancing and Property Ordinance (Cap.219
                                            of the laws of Hong Kong). Upon receipt of all the title deeds and documents relating to
                                            the Property, the Purchaser’s solicitors shall be entitled to have 21 Business Days
                                            for carrying out the inspection before Completion.

 

    11

     

    

 

	5.11	Any
                                            requisition and/or objection in respect of the title of the Property shall be delivered in
                                            writing to the Sellers’ Solicitors within 14 Business Days after the date of receipt
                                            of the relevant title deeds by the Purchaser’s solicitors otherwise the same shall
                                            be considered as waived (in which respect time shall be of the essence of this Agreement).
                                            If the Purchaser shall make and insist on any objection or requisitions either as to title
                                            or any matter appearing on the title deeds or otherwise which the Sellers shall be unable
                                            or (on the grounds of difficulty, delay or expenses or on any other reasonable ground) unwilling
                                            to remove or comply with, or if the title of the Property shall be defective, the Sellers
                                            shall notwithstanding any previous negotiation or litigation be at liberty on giving the
                                            Purchaser or the Purchaser’s solicitors not less than 7 Business Days’ notice
                                            in writing to annul the sale in which case, unless the objection or requisitions shall have
                                            been withdrawn by the Purchaser, the sale shall at the expiration of the said notice be annulled
                                            and the Purchaser shall be entitled to the return of all the deposits paid in full forthwith
                                            but without interest, costs or compensation and the Sellers and the Purchaser shall at their
                                            own costs and expenses enter into a cancellation agreement.

 

	6.	WARRANTIES
                                            AND INDEMNITIES

 

	6.1	Warranties

 

Each
Seller represents, warrants and undertakes to and with the Purchaser and its successors in title that to the best of knowledge and belief
of the Seller each statement contained in Schedule 3 is true, accurate and complete in all respects and not misleading as at the date
of this Agreement, and will continue to be so on each day up to and including the Completion Date with reference to the facts and circumstances
subsisting from time to time and any reference made to the date of this Agreement (whether express or implied) in relation to any Warranty
will be construed in relation to any such repetition as a reference to each such day.

 

	6.2	Reliance
                                            on Warranties

 

The
Sellers acknowledges and accepts that the Purchaser is entering into this Agreement in reliance upon each of the Warranties and that
the Warranties have been given as a representation, notwithstanding any investigations which the Purchaser, its agents or advisers may
have made.

 

	6.3	Separate
                                            Warranties

 

Each
of the Warranties is to be construed as a separate Warranty and (except where this Agreement expressly provides otherwise) is not to
be limited or restricted by reference to or inference from the terms of any other Warranty or any other terms of this Agreement.

 

    12

     

    

 

	6.4	Seller’s
                                            Obligations

 

		(a)	The
                                            Sellers will ensure that the Company does not do anything or does not omit to do anything
                                            which would, at any time before or after Completion, be materially inconsistent with the
                                            Warranties, breach any Warranty or make any Warranty untrue or misleading.

 

		(b)	The
                                            Sellers undertakes that they/he/she will from time to time and at any time immediately disclose
                                            in writing to the Purchaser any event, fact or circumstance which may become known to it
                                            after the date of this Agreement and which is materially inconsistent with any of the Warranties.

 

	6.5	Purchaser’s
                                            Remedies

 

If,
on or before the Completion Date, a Warranty has been breached, is untrue or misleading or that any Seller has breached any other term
of this Agreement that, in either case, is material to the sale of any Sale Shares, the Purchaser may by notice to the Sellers (without
prejudice to any other rights it may have in relation to the breach):

 

		(a)	elect
                                            to proceed to Completion; or

 

		(b)	terminate
                                            this Agreement (in which event the provisions of Clause 8 will apply).

 

	6.6	Time
                                            Limit on Warranty Claims

 

Notwithstanding
any other provision herein contained, the Sellers’ liabilities (if any) for breach of any of the representations or warranties
shall absolutely cease if no notice is given by the Purchaser to the Sellers in respect of the claim within 2 years from Completion.

 

	6.7	Gross
                                            up for Taxation

 

If
in respect of or in connection with any breach of any of the Warranties, any amount payable to the Purchaser by the Sellers is subject
to Taxation, such additional amounts will be paid to the Purchaser by the Sellers so as to ensure that the net amount received by the
Purchaser is equal to the full amount payable to the Purchaser under this Agreement.

 

	7.	CONDUCT
                                            OF BUSINESS PENDING COMPLETION AND OTHER OBLIGATIONS

 

	7.1	Conduct
                                            of Business Pending Completion

 

Except
with the prior written consent of the Purchaser, the Sellers will procure that prior to Completion (or the termination of this Agreement
pursuant to Clauses 4.2(c) or 6.5 (whichever is the earlier)), the Company will not:

 

		(a)	do
                                            anything outside its ordinary course of business; or

 

		(b)	without
                                            prejudice to the generality of Clause 7.1(a), undertake any of the activities listed in Schedule
                                            5.

 

    13

     

    

 

	8.	TERMINATION

 

If
either Party elects to terminate this Agreement in accordance with its terms, then all rights and obligations of the Parties shall cease
immediately upon termination except that:

 

		(a)	if
                                            the Purchaser elects to terminate this Agreement in accordance with Clause 4.2(c) or 6.5
                                            then the Seller shall return to the Purchaser all of the Deposits without interest paid by
                                            the Purchaser within 5 Business Days;

 

		(b)	if
                                            the Sellers elect to terminate this Agreement in accordance with Clause 4.2(c), then the
                                            Seller shall be entitled to forfeit all deposits paid by the Purchaser as agreed liquidated
                                            damages and not as penalty;

 

		(c)	termination
                                            will not affect the then accrued rights and obligations of the Parties (including the right
                                            to damages for the breach, if any, giving rise to the termination and any other pre-termination
                                            breach by any of the Parties and the right to claim for specific performance as set out under
                                            Clause 4.3);

 

		(d)	termination
                                            will be without prejudice to the continued application of Clauses 21 and 23 (and all provisions
                                            relevant to the interpretation and enforcement thereof), which will remain in full force
                                            and effect.

 

	9.	ENTIRE
                                            AGREEMENT

 

	9.1	Entire
                                            Agreement

 

This
Agreement (including Assignment of Loan and Tax Deed) represent the whole and only agreement between the Parties in relation to the sale
and purchase of the Sale Shares and the benefit of the Shareholder Loan/Director Loan, and supersede any previous agreement whether written
or oral between all or any of the Parties in relation to that subject matter (including the Provisional Agreement).

 

	10.	REMEDIES
                                            CUMULATIVE

 

The
rights of the Parties under this Agreement are cumulative and do not exclude or restrict any other rights (except as otherwise provided
in the Agreement).

 

	11.	NO
                                            WAIVER

 

No
failure or delay by a party to exercise any right under this Agreement or otherwise will operate as a waiver of that right or any other
right nor will any single or partial exercise of any such right preclude any other or further exercise of that right or the exercise
of any other right. Notwithstanding any rule of law or equity to the contrary, any release, waiver, compromise or any other arrangement
of any kind whatsoever which the Purchaser may agree to or effect in relation to any Sellers in connection with this Agreement, and,
in particular, the Warranties, shall not affect the rights and remedies of the Purchaser as regards the other Seller.

 

    14

     

    

 

	12.	TIME
                                            OF THE ESSENCE

 

Time
is of the essence of this Agreement as regards any time, date or period specified for the performance of an obligation.

 

	13.	SEVERANCE

 

If
any provision of this Agreement is not or ceases to be legal, valid, binding and enforceable under the law of any jurisdiction, neither
the legality, validity, binding effect or enforceability of the remaining provisions under that law nor the legality, validity, binding
effect or enforceability of that provision under the law of any other jurisdiction will be affected.

 

	14.	AMENDMENTS

 

No
amendment to this Agreement will be effective unless in writing and executed by all the Parties.

 

	15.	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts and by different Parties on separate counterparts, each of which is an original
but, together, they constitute one and the same agreement.

 

	16.	SUCCESSORS
                                            AND PERSONAL REPRESENTATIVES

 

This
Agreement is binding on the successors of each Party.

 

	17.	ASSIGNMENT

 

No
Party may assign any of the rights or obligations of that Party under this Agreement without the prior written consent of the other Party.

 

	18.	SURVIVAL

 

Any
provision of this Agreement which is capable of being performed after but which has not been performed at or before Completion and all
Warranties and indemnities and other undertakings contained in or entered into pursuant to this Agreement will remain in full force and
effect notwithstanding Completion but subject to Clause 6.6 above.

 

    15

     

    

 

	19.	STAMP
                                            DUTY AND EXPENSES

 

	19.1	Stamp
                                            Duty

 

All
or any stamp duty payable on the instruments of transfer and bought and sold notes in respect of the purchase of the Sale Shares and
the Shareholder Loan/Director Loan will be borne by the Purchaser. This Clause shall survive Completion.

 

	19.2	Expenses

 

Each
Party is responsible for its own legal and other expenses incurred in the negotiation, preparation and completion of this Agreement.

 

	20.	NOTICES

 

	20.1	In
                                            Writing and Methods of Delivery

 

Every
notice or communication under this Agreement must be in writing and may, without prejudice to any other form of delivery, be delivered
personally or sent by post or transmitted by fax.

 

	20.2	Authorised
                                            Addresses and Numbers

 

		(a)	In
                                            the case of posting, the envelope containing the notice or communication must be addressed
                                            to the intended recipient at the last known address or authorised address of that party and
                                            must be properly stamped or have the proper postage prepaid for delivery by the most expeditious
                                            service available (which will be airmail if that service is available) and, in the case of
                                            a fax, the transmission must be sent to the intended recipient at the authorised number of
                                            that party.

 

		(b)	Subject
                                            to Clause 20.3, the authorised address and fax numbers of each Party, for the purpose of
                                            Clause 20, are as follows:

 

Sellers

 

Address:
Messrs. Huen & Cheung, Solicitors of 7th floor, Hong Kong Trade Centre, Nos. 161-167 Des Voeux Road Central, Hong Kong

 

Fax:
  (852)35830852

 

For
attention of Mr. Edward Huen/Mr. Peter Wong

 

Purchaser

 

Address
: Messrs. Augustine C.Y. Tong & Co., Solicitors of Rooms 909-911, 9th Floor, Far East Consortium Building, No.121 Des
Voeux Road, Central, Hong Kong.

 

Fax
: (852) 28105386

 

For
the attention of Mr. Augustine Tong/Mr. Li Man Wa

 

    16

     

    

 

	20.3	Notification
                                            of Changes

 

No
change in any of the particulars set out in Clause 20.2(b) will be effective against a party until it has been notified to that party.

 

	21.	LAW
                                            AND JURISDICTION

 

	21.1	Governing
                                            Law

 

This
Agreement is governed by and will be construed in accordance with Hong Kong law.

 

	21.2	Hong
                                            Kong Jurisdiction

 

The
Parties submit to the non-exclusive jurisdiction of the Hong Kong courts and each Party waives any objection to proceedings in Hong Kong
on the grounds of venue or inconvenient forum.

 

	22.	Personal
                                            Guarantee by Guarantor

 

		(c)	In
                                            consideration of the Purchaser agreeing to enter into this Agreement and purchase the Sale
                                            Shares and the Shareholder Loan/Director Loan upon terms and conditions herein, the Guarantor
                                            hereby irrevocably and unconditionally guarantees as continuing obligation the proper and
                                            punctual performance by the Sellers of all its obligation under or pursuant to this Agreement.

 

		(d)	The
                                            Guarantor undertakes to indemnify the Purchaser on demand against all losses claims or costs
                                            arising out of or in connection with any breach of warranties or other non-performance of
                                            contractual duties and obligations by the Sellers to the Purchaser under this Agreement not
                                            be recoverable for any reason.

 

	23.	Contracts
                                            (Rights of Third Parties) Ordinance

 

The
Parties do not intend any term of this Agreement to be enforceable by any person who is not a party to this Agreement pursuant to the
Contracts (Rights of Third Parties) Ordinance (Cap.623) (the “CRTPO”) and agree that this Agreement shall be excluded
from the application of the CRTPO.

 

    17

     

    

 

	24.	Bank
                                            Account(s)

 

The
Sellers shall cause all bank accounts of the Company (if any) to be canceled, revoked or closed before Completion Date.

 

	25.	COVID-19

 

Notwithstanding
anything hereinbefore mentioned, the Sellers and the Purchaser further agree that:-

 

		(a)	if
                                            the Sellers or Purchaser (and if body corporate all its directors or number of them as shall
                                            constitute a quorum at directors meeting) is/are required to go into quarantine or to be
                                            hospitalized for having contracted the SARS, COVID-19, Avian flu (H5N1 or H7N9 or H10N8)
                                            or other infectious disease or isolated under the provisions of the Prevention and Control
                                            of Disease Ordinance (Cap.599) or other similar legislation during the period before but
                                            inclusive of the Completion Date, completion of the sale and purchase shall be postponed
                                            to on or before the day, that is within 5 Business Days after the Sellers or Purchaser (and
                                            if body corporate all its directors or number of them as shall constitute a quorum at directors
                                            meeting) is/are discharged from the quarantine or hospital or is/are no longer required to
                                            be so isolated; or

 

		(b)	if
                                            the offices of the Sellers’s Solicitors or Purchaser’s solicitors is/are required
                                            to be closed for carrying out disinfecting procedure by reason of the occurrence of a case
                                            of the SARS, COVID-19, Avian flu (H5N1 or H7N9 or H10N8) or other infectious disease during
                                            the period before but inclusive of the Completion Date, completion of the sale and purchase
                                            shall be postponed to on or before the day, that is within 5 Business Days after their offices
                                            are re-open; or

 

		(c)	if
                                            the proprietor or all the partners of the Sellers’s Solicitors or Purchaser’s
                                            solicitors is/are required to go into quarantine or be hospitalized for having contracted
                                            the SARS, COVID-19, Avian flu (H5N1 or H7N9 or H10N8) or other infectious disease or isolated
                                            under the provisions of the said Ordinance or other similar legislation during the period
                                            before but inclusive of the Completion Date, completion of the sale and purchase shall be
                                            postponed to on or before the day, that is within 5 Business Days of such proprietor and/or
                                            partners is/are discharged from the quarantine or hospital or is/are no longer required to
                                            be so isolated.

 

    18

     

    

 

SCHEDULE
1

CORPORATE
INFORMATION

 

Details
of the Company

 

	Name of Company:	 	EVER WINLAND
    LIMITED
		 	(永綸有限公司) 
	 	 	 
	Company number:	 	2999587
	 	 	 
	Date of Incorporation:	 	3rd December
    2020
	 	 	 
	Place of Incorporation:	 	Hong Kong
	 	 	 
	Registered office:	 	Unit 6, 3rd
    Floor, Siu Wai Industrial Centre, 29-33 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong.
	 	 	 
	Share capital and	 	 
	Issued share capital:	 	100 Ordinary Shares of
    HK$100.00 each
	 	 	 
	Shareholders:	 	(1) WONG BING LUN (黃炳倫)
    - held 50 Shares;
	 	 	 
		 	(2) CHOW LAI MING (周麗明)
    - held 50 Shares.
	 	 	 
	Director:	 	WONG BING LUN (黃炳淪)
    &
		 	CHOW LAI MING (周麗明)
	 	 	 
	Secretary:	 	RC Corporate Services Limited
    (樂施秘書服務有限公司)
	 	 	 
	 	 	Whose registered office
    is situate at Unit 1715, 17th Floor,
	 	 	Concordia Plaza, No.1 Science
    Museum Road,
	 	 	Tsimshatsui, Kowloon, Hong Kong.

 

    19

     

    

 

SCHEDULE
2

PROPERTY

 

ALL
THOSE 511 equal undivided 30,000th parts or shares of and in ALL THAT piece or parcel of ground registered in the Land Registry
as THE REMAINING PORTION OF NEW KOWLOON INLAND LOT NO.2828, THE REMAINIGN PORTION OF SECTION A OF NEW KOWLOON INLAND LOT NO.2828 and
THE REMAINING PORTION OF SUB-SECTION 2 OF SECTION A OF NEW KOWLOON INLAND LOT NO.2828 And of and in the messuages, erections and buildings
thereon and now known as “FORD GLORY PLAZA ()”, No.37 Wing Hong Street, Kowloon, Hong Kong (“the Building”) TOGETHER
with the sole and exclusive right and privilege to hold use occupy and enjoy ALL that UNIT A on 19th Floor of the Building;

 

    20

     

    

 

SCHEDULE
3

THE
WARRANTIES

 

	1.	CAPACITY
                                            AND AUTHORITY

 

	1.1	Right,
                                            power, authority and action of the Company

 

		(a)	The
                                            Company has the right, power and authority to own its assets and conduct its business. There
                                            have not been and are no material breaches by the Company of its constitutional documents.

 

		(b)	The
                                            execution of this Agreement and the transfer of the Sale Shares and the assignment of the
                                            Shareholder Loan from the Sellers to the Purchaser and the assignment of the Director Loan
                                            from the Director(s) to the Purchaser do not breach any agreement and the Article of Association
                                            of the Company.

 

	1.2	Right,
                                            power and authority of the Seller

 

		(a)	The
                                            Sellers has full power to enter into and perform this Agreement and this Agreement and each
                                            Other Document each constitutes valid and binding obligations on the Sellers in accordance
                                            with their respective terms.

 

		(b)	The
                                            execution and delivery of, and the performance by each Seller of its obligations under this
                                            Agreement will not result in a breach of any order, judgment or decree of any court or Authority
                                            by which that Seller is bound.

 

	2.	THE
                                            SHARES AND SHAREHOLDER LOAN/DIRECTOR LOAN

 

		(a)	

 

		(i)	The
                                            1st Seller is the sole legal and beneficial owner of the 1st Sale Shares
                                            and is entitled to sell and transfer and will at Completion sell and transfer the full legal
                                            and beneficial ownership of the 1st Sale Shares to the Purchaser or its nominees
                                            free from all Encumbrances and with all rights now and hereafter relating to the 1st
                                            Sale Shares;

 

		(ii)	The
                                            2nd Seller is the sole legal and beneficial owner of the 2nd Sale Shares
                                            and is entitled to sell and transfer and will at Completion sell and transfer the full legal
                                            and beneficial ownership of the 2nd Sale Share to the Purchaser or its nominees
                                            free from all Encumbrances and with all rights now and hereafter relating to the 2nd
                                            Sale Share; and

 

		(iii)	The
                                            Sellers are the legal and beneficial owners of the Sale Shares and are entitled to sell and
                                            transfer and will at Completion sell and transfer the full legal and beneficial ownership
                                            of the Sale Shares to the Purchaser or its nominees free from all Encumbrances and with all
                                            rights now and hereafter relating to the Sale Shares.

 

    21

     

    

 

		(b)	

 

		(i)	The
                                            1st Seller is the sole legal and beneficial owner of the 1st Shareholder
                                            Loan and is entitled to sell and transfer the full legal and beneficial ownership of the
                                            1st Shareholder Loan to the Purchaser free from all Encumbrances and with all
                                            rights relating to the 1st Shareholder Loan at the time of the assignment. 
                                            The 1st Shareholder Loan represents all outstanding indebtedness or liability
                                            (whether due or not) owing from the Company to the 1st Seller immediately prior
                                            to Completion.

 

		(ii)	The
                                            2nd Seller is the sole legal and beneficial owner of the 2nd Shareholder
                                            Loan and is entitled to sell and transfer the full legal and beneficial ownership of the
                                            2nd Shareholder Loan to the Purchaser free from all Encumbrances and with all
                                            rights relating to the 2nd Shareholder Loan at the time of the assignment. The
                                            2nd Shareholder Loan represents all outstanding indebtedness or liability (whether
                                            due or not) owing from the Company to the 2nd Seller immediately prior to Completion;

 

		(iii)	The
                                            Sellers are the legal and beneficial owners of the Shareholder Loans and are entitled to
                                            sell and transfer the full legal and beneficial ownership of the Shareholder Loans to the
                                            Purchaser free from all Encumbrances and with all rights relating to the Shareholder Loans
                                            at the time of the assignment.  The Shareholder Loans represent all outstanding indebtedness
                                            or liability (whether due or not) owing from the Company to the Sellers immediately prior
                                            to Completion.

 

		(c)	The
                                            relevant Director(s) is/are the sole legal and beneficial owner(s) of the Director Loan(s)
                                            and is entitled to sell and transfer the full legal and beneficial ownership of the Director
                                            Loan to the Purchaser free from all Encumbrances and with all rights relating to the Director
                                            Loan at the time of the assignment. The Director Loan represents all outstanding indebtedness
                                            or liability (whether due or not) owing from the Company to the relevant Director(s) immediately
                                            prior to completion.

 

		(d)	There
                                            are no Encumbrances on, over or affecting any of the Sale Shares or any part of the issued
                                            or unissued share capital of the Company. There is no agreement or commitment to give or
                                            create any Encumbrance. No claim has been made by any person to be entitled to any Encumbrance
                                            which has not been waived in its entirety or satisfied in full.

 

		(e)	The
                                            Sale Shares comprise the whole of the issued and allotted share capital of the Company. All
                                            of the Sale Shares are fully paid up or credited as fully paid up.

 

		(f)	There
                                            is no agreement or commitment outstanding which calls for the transfer, allotment or issue
                                            of or accords to any person the right to call for the transfer, allotment or issue of any
                                            shares or debentures in the Company (including any option or right of pre-emption or conversion).
                                            No claim has been made by any person to be entitled to any such agreement or commitment.

 

    22

     

    

 

		(g)	No
                                            consent of any third party is required to be obtained in respect of the sale of the Sale
                                            shares or any of them.

 

		(h)	The
                                            obligations of the Sellers under this Agreement and each document to be executed at or before
                                            Completion are, or when the relevant document is executed, will be binding in accordance
                                            with their terms.

 

	2.	ACCURACY
                                            AND ADEQUACY OF INFORMATION

 

		(a)	The
                                            information given in the Schedules to the best knowledge of the Sellers is true and accurate
                                            in all respects.

 

		(b)	The
                                            copy of the Memorandum and Articles of Association of the Company provided to the Purchaser
                                            is complete and accurate in all respects, has attached to it copies of all resolutions and
                                            other documents required by law to be so attached and fully set out the rights and restrictions
                                            attaching to each class, if any, of the share capital of the Company.

 

		(c)	All
                                            the accounts, books, ledgers and financial and other records of the Company have been properly
                                            kept in accordance with normal business practice and are in the possession of the Company
                                            or under its control and all transactions relating to its business have been duly and correctly
                                            recorded therein and there are as at the date of this Agreement no inaccuracies or discrepancies
                                            of any kind contained or reflected in such accounts, books, ledgers and financial and other
                                            records and at the date of this Agreement they are sufficient to give a true and accurate
                                            view of the state of the Company’s affairs and to explain its transactions.

 

		(d)	The
                                            statutory books (including all registers and minute books) of the Company have been properly
                                            kept and contain (in respect of matters up to but not including Completion) an accurate and
                                            complete record of the matters which should be dealt with in those books and contain no inaccuracies
                                            or discrepancies of any kind and no notice or allegation that any of them is incorrect or
                                            should be rectified has been received.

 

	3.	COMPLIANCE
                                            WITH LEGAL REQUIREMENTS

 

		(a)	To
                                            the best knowledge of the Sellers, compliance has been made with all legal and procedural
                                            requirements and other formalities in connection with the Company concerning:

 

		(i)	its
                                            Memorandum and Articles of Association or other constitutional documents (including all resolutions
                                            passed or purported to have been passed);

 

		(ii)	the
                                            filing of all documents required by the Companies Ordinance or other appropriate legislation
                                            to be filed with the Registrar of Companies or other appropriate regulatory bodies;

 

		(iii)	issues
                                            of shares, debentures or other securities;

 

		(iv)	directors
                                            and secretaries.

 

		(b)	The
                                            Company is empowered and duly qualified to carry on its business in such countries in which
                                            it operates.

 

		(c)	There
                                            has been no breach by the Company or by the Sellers (in their capacity as such) of any legislation
                                            or regulations affecting the Company or its business.

 

		(d)	No
                                            Company is in breach of any legal or regulatory requirement relating to the identity and
                                            nationality of shareholders and any nominee structure in relation to the shares in the Company
                                            is legally effective.

 

    23

     

    

 

	4.	ACCOUNTS
                                            AND ASSETS AND LIABILITIES

 

		(a)	The
                                            Accounts:

 

		(i)	were
                                            prepared on the same basis and in accordance with the same accounting policies consistently
                                            applied as the audited accounts of the Company and in accordance with accounting principles
                                            generally accepted in the relevant country of incorporation at the time they were prepared;

 

		(ii)	are
                                            complete and accurate in all respects and in particular make full provision for all established
                                            liabilities or make proper provision for (or contain a note in accordance with good accounting
                                            practice respecting) all deferred or contingent liabilities (whether liquidated or unliquidated)
                                            at the date thereof including deferred Taxation where appropriate;

 

		(iii)	give
                                            a true and fair view of the state of affairs and financial position of the Company at the
                                            Accounts Date thereof and of the relevant Company’s results for the financial period
                                            ended on such date.

 

		(b)	Without
                                            limitation to paragraph 4(a), to the best knowledge of the Sellers full provision has been
                                            made in the Accounts:

 

		(i)	for
                                            depreciation of assets;

 

		(ii)	for
                                            any foreseeable liabilities in relation to the disposal of any assets or the cessation or
                                            diminution of any part of the business of the Company;

 

		(iii)	for
                                            bad or doubtful debts and all debts which were, as at the Accounts Date, more than six months
                                            overdue;

 

		(iv)	for
                                            all tax exposures (if any);

 

		(v)	in
                                            respect of all litigation; and

 

		(vi)	for
                                            all management fees;

 

		(c)	The
                                            Company has no outstanding liability for Taxation of any kind which has not been provided
                                            for or is not provided for in the Accounts.

 

		(d)	The
                                            Company has no capital commitment and is not engaged in any scheme or project requiring the
                                            expenditure of capital.

 

		(e)	The
                                            Company owns free from Encumbrance all its undertaking and assets (save the Property) shown
                                            or comprised in the relevant Accounts and all such assets are in its possession or under
                                            its control.

 

		(f)	The
                                            Company does not have any liability (actual or potential) which is not or will not be shown
                                            or otherwise specifically provided for in the Accounts or the Completion Accounts. .

 

		(g)	The
                                            Company will not on Completion have any obligations or liabilities other than those disclosed
                                            in the Completion Accounts.

 

    24

     

    

 

	5.	EVENTS
                                            SINCE THE ACCOUNTS DATE

 

	5.1	General

 

Since
the Accounts Date:

 

		(a)	the
                                            business of the Company has been carried on in the ordinary and usual course and in the same
                                            manner (including nature and scope) as in the past, no fixed asset or stock has been written
                                            up nor any debt written off, and no unusual or abnormal contract has been entered into by
                                            the Company;

 

		(b)	there
                                            has been no adverse change in the financial condition or prospects of the Company and the
                                            Company has incurred liabilities solely in the ordinary course of trading;

 

		(c)	no
                                            resolution of any members of the Company in general meeting has been passed other than resolutions
                                            relating to the business of the annual general meeting which was not special business;

 

		(d)	the
                                            Company has not declared, paid or made and is not proposing to declare, pay or make any dividend
                                            or other distribution;

 

		(e)	the
                                            financial year end of the Company has not changed;

 

		(f)	no
                                            event has occurred which would entitle any third party (with or without the giving of notice)
                                            to call for the repayment of indebtedness prior to its normal maturity date;

 

		(g)	no
                                            asset of the Company has been acquired or disposed of on capital account, or has been agreed
                                            to be acquired or disposed of, otherwise than in the ordinary course of business and the
                                            Company has not disposed of or parted with possession of any of its property and assets and
                                            no liability has been created or has otherwise arisen (other than in the ordinary course
                                            of business as previously carried on);

 

		(h)	no
                                            event has occurred which gives rise to a tax liability to the Company on deemed (as opposed
                                            to actual) income, profits or gains or which results in the Company becoming liable to pay
                                            or bear a tax liability directly or primarily chargeable against or attributable to another
                                            person, firm or company; and

 

		(i)	no
                                            remuneration (including bonuses) or benefit payable to any officer of the Company has been
                                            increased nor has the Company undertaken any obligation to increase any such remuneration
                                            at any future date with or without retrospective effect.

 

	5.2	Borrowings

 

	(a)	Save
                                            for the Shareholder Loan/Director Loan, the Existing Loans and other indebtedness mentioned
                                            in the Accounts, the Company does not have any borrowings or indebtedness.

 

		(b)	The
                                            Company will not on Completion have any outstanding borrowings or indebtedness (whether actual
                                            or contingent) other than the Shareholder Loan/Director Loan.

 

		(c)	The
                                            Existing Loans shall be fully repaid and discharged on or before Completion.

 

    25

     

    

 

	6.	CONTRACTS,
                                            COMMITMENTS AND FINANCIAL AND OTHER ARRANGEMENTS

 

		(a)	There
                                            are not now outstanding, nor will there be outstanding at Completion, with respect to the
                                            Company:

 

		(i)	any
                                            contracts of service with directors;

 

		(ii)	any
                                            agreements or arrangements to which the Company is a party for profit sharing, share incentives,
                                            share options, incentive payments or payment to employees of bonuses;

 

		(iii)	any
                                            obligation or arrangement to pay any pension, gratuity, retirement annuity or benefit or
                                            any similar obligation or arrangement in favour of any person;

 

		(iv)	any
                                            agreement (whether by way of guarantee indemnity warranty representation or otherwise) under
                                            which the Company is under any actual or contingent liability in respect of:

 

		(1)	any
                                            disposal by the Company of its assets or business or any part thereof; or

 

		(2)	the
                                            obligations of any other person;

 

		(v)	any
                                            contract to which the Company is a party which is of a long-term and non-trading nature or
                                            which contains any unusual or unduly onerous provision disclosure of which could reasonably
                                            be expected to influence the decision of a purchaser for value of any or all of the Sale
                                            Shares;

 

 

		(b)	Compliance
                                            with this Agreement does not and will not conflict with or result in the breach of or constitute
                                            a default under any agreement or instrument to which the Company is now a party or any loan
                                            to or mortgage created by the Company or relieve any other party to a contract with the Company
                                            of its obligations under such contract or entitle such party to terminate such contract,
                                            whether summarily or by notice.

 

		(c)	The
                                            Company is under no obligation, nor is it a party to any contract, which cannot readily be
                                            fulfilled or performed by it on time and without undue or unusual expenditure of money or
                                            effort.

 

		(d)	Save
                                            and except the Existing Encumbrances, the Company is not a party to nor has it any liability
                                            (present or future) under any loan agreement, debenture, guarantee, indemnity or letter of
                                            credit or leasing, hiring, hire purchase, credit sale or conditional sale agreement nor has
                                            it entered into any contract or commitment involving, or likely to involve, obligations or
                                            expenditure of an unusual or exceptional nature or magnitude.

 

		(e)	There
                                            are no debts owing by the Company other than the debts which have arisen in the ordinary
                                            course of business or as are shown in the Accounts.

 

	7.	INSOLVENCY,
                                            WINDING-UP ETC.

 

		(a)	No
                                            receiver, manager or the like, has been appointed of the whole or any part of the assets
                                            or undertaking of the Company or any of the Seller.

 

		(b)	No
                                            petition has been presented, no order has been made and no resolution has been passed for
                                            the winding-up or dissolution of the Company or for a provisional liquidator to be appointed
                                            in respect of the Company.

 

    26

     

    

 

 

		(c)	The
                                            Company is not insolvent or unable to pay its debts within the meaning of section 178 of
                                            the Companies (Winding Up and Miscellaneous Provisions) Ordinance Cap. 32.

 

		(d)	No
                                            distress, execution, sequestration or other process has been levied or enforced on or against
                                            the whole or any part of the Property.

 

		(e)	No
                                            unsatisfied judgment, order, decree, award or decision is outstanding against the Company
                                            or any of the Seller or for any person whose acts or defaults it may be vicariously liable.

 

		8.	INSURANCE

 

Currently
the Company has not effected and maintains policies of insurance in an amount.

 

		9.	LITIGATION

 

		(a)	The
                                            Company is not engaged (whether as plaintiff, defendant or otherwise) in any litigation or
                                            arbitration, administrative or criminal or other proceeding and no litigation or arbitration,
                                            administrative or criminal or other proceedings against the Company is pending, threatened
                                            or expected and there is no fact or circumstance likely to give rise to any such litigation
                                            or arbitration, administrative or criminal or other proceedings or to any proceedings against
                                            any director, officer or employee (past or present) of the Company in respect of any act
                                            or default for which the Company might be vicariously liable.

 

		(b)	There
                                            is no outstanding or threatened or legal action or any claim against the Company or the Seller.

 

		10.	THE
                                            PROPERTY 

 

		(a)	The
                                            Company is the sole legal and beneficial owner of the Property whatsoever and will have good
                                            title to the Property at Completion in accordance with section 13 of the CPO (as if the sale
                                            and purchase contemplated under this Agreement were a sale and purchase of the Property)
                                            subject to the Existing Encumbrances which will be released and/or discharged upon Completion.

 

		(b)	The
                                            Property is held by the Company by way of long term investment.

 

		(c)	The
                                            Government Lease of the Property is now good, valid and subsisting and in no way void or
                                            voidable and the premium, rent and other moneys reserved by or payable under the Government
                                            Lease and the terms covenants and conditions contained in the Government Lease have been
                                            duly paid performed and observed up to the date hereof and will be duly paid performed and
                                            observed up to Completion.

 

    27

     

    

 

		(d)	The
                                            rates and all other outgoings in respect of the Property have been duly paid up to the date
                                            hereof and will be duly paid up to Completion.

 

		(f)	There
                                            are no outstanding notices, complaints or requirements issued by any governmental body, authority
                                            or department to the Company in respect of the Property. The Sellers undertake to notify
                                            the Purchaser promptly of any notice received by them or the Company, from any governmental
                                            body, authority or department relating to any of the aforesaid matters.

 

		(g)	There
                                            are no outstanding actions, disputes, claims or demands against the Company.

 

		(h)	The
                                            Property is and will be subject to and with the benefit of the existing tenancy agreement
                                            and lettings upon completion.

 

		(l)	The
                                            Property is the Company’s only major asset.

 

		11.	DELINQUENT
                                            ACTS

 

The
Company has not committed nor is it liable for any criminal, illegal, unlawful or unauthorised act or breach of any obligation whether
imposed by or pursuant to statute, contract or otherwise.

 

		12.	TAX
                                            RETURNS

 

		(a)	Save
                                            where otherwise disclosed, the Company has, in respect of all years of assessment since incorporation
                                            falling before the date of this Agreement, made or caused to be made all proper returns,
                                            and has supplied or caused to be supplied all information regarding taxation matters which
                                            it is required to make or supply to any tax authority (wherever situated) and there is at
                                            the date hereof no dispute or disagreement nor is any contemplated with any such authority
                                            regarding the Company’s liability or potential liability to any tax or duty (including
                                            in each case penalties and interest) or regarding the availability to the Company of any
                                            relief from tax or duty.

 

		(b)	The
                                            Company has sufficient records relating to past events during the years prior to the date
                                            of this Agreement to calculate the tax liability or relief which would arise on any disposal
                                            or realisation of any asset owned at the date of this Agreement.

 

		(c)	The
                                            Company has submitted or will submit all claims and disclaimers which will be assumed to
                                            have been made for the purposes of the Accounts.

 

		13.	STAMP
                                            AND OTHER DUTIES

 

The
Company has paid promptly all sums payable by it under the Stamp Duty Ordinance, the Companies Ordinance and any other Ordinance or legislation
and no sums are presently payable by the Company under any such Ordinance or legislation.

 

		14.	EMPLOYMENT

 

The
Company has no employee.

 

		15.	POWERS
                                            OF ATTORNEY

 

The
Company has given no power of attorney or other authority (express, implied or ostensible) which is outstanding or effective to any person
to enter into any contract or commitment on its behalf.

 

		16.	ARRANGEMENTS
                                            BETWEEN THE COMPANY AND THE SELLER

 

No
indebtedness (actual or contingent) and no contract or arrangement is outstanding between the Company on the one part and any Seller
on the other part (save and except the Shareholder Loan).

 

		17.	COMPLIANCE
                                            WITH LAWS

 

		(a)	The
                                            Company conducts its business in compliance with applicable laws in all material respects.

 

		(b)	As
                                            at the date of this Agreement, there is no outstanding investigation or enquiry by, or order,
                                            decree, decision or judgment of, any court, tribunal, arbitrator, governmental agency or
                                            regulatory body against the Company.

 

    28

     

    

 

SCHEDULE
4

MATTERS
TO BE TRANSACTED AT COMPLETION

 

At
Completion:

 

		1.	SELLER’S
                                            OBLIGATIONS

 

Each
Seller shall deliver to the Purchaser or procure the delivery to the Purchaser:

 

		(a)	two
                                            (2) executed instruments of transfer and bought and sold notes in respect of the Sale Shares
                                            of each Seller in favour of the Purchaser and/or his/her nominee(s) together with the related
                                            share certificate(s) for such Sale Shares;

 

		(b)	the
                                            minutes/resolutions of the board meeting held under paragraph 2 of this Schedule;

 

		(c)	the
                                            counterpart of the Tax Deed duly executed by each Seller and the Company, the counterpart
                                            of Assignment of Shareholder Loan of each Seller, duly executed by each Seller and acknowledged
                                            by the Company and the counterpart of Assignment of Director Loan of the Director, duly executed
                                            by the Director and acknowledged by the Company;

 

		(d)	without
                                            prejudice to clause 3.4(b) of this Agreement, letters of resignation duly executed under
                                            seal, from all the existing directors, secretary and other officers of the Company in the
                                            agreed form, in each case, resigning their offices, acknowledging that they have no outstanding
                                            claims whether for compensation for loss of office or on any other grounds whatsoever, and
                                            releasing the Company from all claims and rights of action whatsoever;

 

		(e)	in
                                            respect of the Company, the statutory and minutes books (which shall be written up to but
                                            not including the date of Completion), all issued and unissued certificates contained in
                                            the share certificate books; all chops, common seal, certificate of incorporation (and any
                                            certificate of incorporation on change of name, if any), business registration certificates
                                            (past and current), together with all copies of the memorandum and articles of association,
                                            bank statements, all accounting records, all audited accounts, books of account shall cover
                                            at least the past 7 years from the date of this Agreement (all complete and written up to
                                            Completion), copies of all tax return(s) filed and related correspondence (if any), tax assessments
                                            (where applicable), all contracts (if any) to which the Company is a party and all other
                                            documents, correspondence and records relating to the affairs of the Company;

 

		(f)	Keys
                                            of the Property including key of letter box, the Resident Smart Cards (if any);

 

		(g)	all
                                            title deeds and documents in respect of the Property (excluding Legal Charge/Mortgage Memorial
                                            No.21042200470200 and Deed of Assignment of Rental Income Memorial No.21042200470217 and
                                            its Discharge;

 

    29

     

    

 

		(h)	the
                                            relevant minutes of a meeting duly signed or written resolutions, of director(s) and shareholder(s)
                                            of the corporate each Seller authorising the execution by such corporate Seller of this Agreement
                                            and the other Documents and the consummation of the transactions contemplated hereunder;

 

		(i)	vacant
                                            possession of the Property;

 

		(j)	the
                                            schedule of landed properties (I.R.S.D 102) duly completed and signed;

 

		(k)	Forms
                                            ND4 duly signed by the resigning directors and secretary;

 

		(l)	Forms
                                            ND2A duly signed by a resigning director/secretary for notice of change of director(s) and
                                            secretary;

 

		(m)	Form
                                            NR1 duly signed by a resigning director/secretary; and

 

		(n)	Proof(s)
                                            of cancellation of all the bank account(s) of the Company (if any).

 

		2.	BOARD
                                            MEETINGS

 

The
Sellers shall procure a board meeting to be held of the Company at which resolutions shall be passed (where appropriate):

 

		(a)	to
                                            approve and give effect to all of the matters referred to in paragraph 1 above;

 

		(b)	to
                                            approve the Purchaser and their nominees for registration as the holders of the Sale Share;

 

		(c)	to
                                            accept the resignation of the director(s), secretary, auditor and other officers referred
                                            to in paragraph 1(d) above and to appoint as new director(s), secretary and auditor of the
                                            Company, such persons as the Purchaser may require, all with effect from the completion Date,
                                            save and except the resignation of the auditor with effect from the date of resignation not
                                            later 30 days after completion;

 

		(d)	the
                                            revocation of all existing bank mandates;

 

		(e)	the
                                            change of the situation of the registered office of the Company to such place as the Purchaser
                                            may direct with effect from close of business on the Completion Date; and

 

		(f)	to
                                            deal with and resolve upon such other matters as the Purchaser shall reasonably require for
                                            the purposes of giving effect to the provisions of this Agreement.

 

    30

     

    

 

		3.	PURCHASER’S
                                            OBLIGATIONS

 

The
Purchaser shall:

 

		(a)	pay
                                            the Completion the Consideration in accordance with Clauses 3.3 and 3.5;

 

		(b)	deliver
                                            to the Sellers a counterpart of each of the following:

 

		(i)	the
                                            Tax Deed duly executed by the Purchaser;

 

		(ii)	the
                                            Seller’s Assignment of Shareholder Loan executed by the Purchaser; and

 

		(iii)	the
                                            Director’s Assignment of Director Loan executed by the Purchaser.

 

    31

     

    

 

SCHEDULE
5

RESTRICTED
ACTION PENDING COMPLETION

 

Each
Seller shall ensure that the Company shall not do nor agree (conditionally or unconditionally) to do any of the following:

 

		1.	Dispose
                                            of, or grant any option or right of pre-emption in respect of, or acquire, any fixed asset
                                            of the Company.

 

		2.	Enter
                                            into any transaction, agreement, contract or commitment or acquire or dispose of any interest
                                            in any asset or assume or incur, or agree to assume or incur, a liability, obligation or
                                            expense (actual or contingent) except in the ordinary course of business.

 

		3.	Enter
                                            into any joint venture, partnership, profit share or, save in the ordinary course of business.

 

		4.	Create,
                                            extend, grant or issue any mortgage, charge, debenture, pledge, lien, encumbrance or other
                                            security or third party right (other than liens arising in the ordinary course of business)
                                            over any of the assets or the undertaking of the Company.

 

		5.	Create,
                                            extend or grant any guarantee, indemnity, performance bond or other security or contingent
                                            obligation in the nature of a financial obligation including letters of comfort or support,
                                            save in each case in respect of letters of credit and similar instruments, utility guarantees
                                            and otherwise in the ordinary course of business.

 

		6.	Create,
                                            allot or issue any shares, loan capital, securities convertible into shares or any option
                                            or right to subscribe in respect of any shares, loan capital or securities convertible into
                                            shares.

 

		7.	Declare,
                                            pay or make any dividend or distribution.

 

		8.	Incur
                                            any liability in the nature of a borrowing.

 

		9.	Make
                                            or agree to make any capital commitment or approve any capital expenditure.

 

		10.	Alter
                                            the provisions of its Memorandum or Articles of Association or other constitutional documents
                                            or adopt or pass regulations or resolutions inconsistent with them.

 

		11.	Reduce
                                            the share capital of the Company.

 

		12.	Enter
                                            into, amend, terminate or dispose of any tenancy or lease agreement in respect of the Property
                                            or any part thereof or acquire or dispose of any interest in the Property or any part thereof.

 

		13.	Appoint
                                            any directors, secretaries or attorneys.

 

		14.	Start
                                            any civil, criminal, arbitration or other proceedings.

 

		15.	Other
                                            than in the ordinary course of its business, not to settle, compromise, release, discharge
                                            or compound any civil, criminal, arbitration or other proceedings or any liability, claim,
                                            action, demand or dispute or waive any right in respect of the foregoing.

 

		16.	Pass
                                            any resolution in general meeting (other than any resolution constituting ordinary business
                                            conducted at an annual general meeting).

 

		17.	Make
                                            or issue any return or correspondence in connection with Taxation.

 

    32

     

    

 

SCHEDULE
6

PREPARATION
OF COMPLETION ACCOUNTS AND 

ADJUSTMENT
TO CONSIDERATION

 

		1.	PREPARATION
                                            OF COMPLETION ACCOUNTS

 

		1.1	Completion
                                            Accounts

 

The
Sellers shall procure that, on or before five (5) Business Days prior to (but excluding) the Completion Date, an un-audited statement
of financial position of the Company, as at the close of business on the Completion Date and the income statement of the Company for
the period from 1st July 2021 to the Completion Date be prepared, which shall be so prepared:

 

		(a)	to
                                            reflect that all monies received and receivable and outgoings paid and payable in respect
                                            of the Property shall be apportioned so that all such monies and outgoings up to and inclusive
                                            of the Completion Date shall effectively be for the account of the Seller and all such monies
                                            and outgoings as from and exclusive of the Completion Date shall effectively be for the account
                                            of the Purchaser; and

 

		(b)	subject
                                            to paragraphs (a), in accordance with the same accounting and valuation policies, principles,
                                            bases and methods applied on a consistent basis as used in preparing the Accounts or, if
                                            not referred to therein in accordance with Hong Kong generally accepted accounting principles.

 

		2.	DELIVERY
                                            TO THE PURCHASER

 

Following
preparation of the Completion Accounts referred to in paragraph 1.1, the Sellers shall procure that such accounts be certified to be
true and correct by the director of the Company and delivered to the Purchaser five(5) business days prior to the Completion Date for
review by the Purchaser and/or the Purchaser’s Accountants.

 

		3.	ACCESS
                                            TO BOOKS AND RECORDS

 

The
Sellers shall procure that the Company provides such reasonable access to their respective books and records, calculations and working
papers and give such assistance as the Purchaser or the Purchaser’s Accountants may reasonably request in order to review and audit
Completion Accounts.

 

    33

     

    

 

SCHEDULE
7

FORM
OF ASSIGNMENT OF SHAREHOLDER LOAN

 

Dated
the day of 2022

 

[the
relevant Seller]

 

 

 

 

and

 

 

 

 

TREASURE
SUCCESS INTERNATIONAL LIMITED

 

 

 

 

 

 

ASSIGNMENT
OF SHAREHOLDER LOAN/

DIRECTOR’S
LOAN

 

 

 

 

 

 

    34

     

    

 

THIS ASSIGNMENT
is dated and made between:

 

		(1)	[*]
                                            (Holder of Hong Kong Identity Card No.         )
                                            of House 12, Custom Pass 18, Fei Ngo Sha Road, Sai Kung, New Territories, Hong Kong. (“Assignor”);
                                            and

 

		(2)	TREASURE
                                            SUCCESS INTERNATONAL LIMITED (實陞國際有限公司)
                                            whose registered office is situate at Unit A on 19th Floor, Ford Glory Plaza,
                                            No.37 Wing Hong Street, Kowloon, Hong Kong (“Assignee”).

 

BACKGROUND

 

		(A)	The
                                            Assignor is a shareholder of EVER WINLAND LIMITED (永綸有限公司)
                                            (“Company”).

 

		(B)	The
                                            Company is indebted to the Assignor in the amount of HK$ (“Loan”).

 

		(C)	Under
                                            an agreement dated 2022 and made between (inter alia) the Assignor and the Assignee (“Sale
                                            and Purchase Agreement”), the Assignor has agreed to sell all its share in the
                                            Company to the Assignee.

 

		(D)	The
                                            Assignor agrees to assign and transfer, and the Assignee agrees to take an assignment and
                                            transfer of, the Loan on and subject to the terms and conditions of this Assignment.

 

		(E)	Save
                                            and except the Loan, the Assignor acknowledge and confirm that the Company is not indebted
                                            to the Assignor in whatsoever manner as at the date hereof.

 

BY
WHICH IT IS AGREED as follows:

 

		1.	ASSIGNMENT
                                            AND CONSIDERATION

 

In
consideration of the payment by the Assignee to (inter alia) the Assignor of the Consideration (as defined in the Sale and Purchase Agreement)
(receipt of which is acknowledged by the Assignor), the Assignor, as beneficial owner, assigns and transfers to the Assignee absolutely
all his/her/its rights, title, benefits and interests in and to the Loan free from all claims, charges, liens, encumbrances, option and
equities of any kind whatsoever. As from the date of this Assignment, the Assignee shall be solely and absolutely entitled to such rights,
title, benefits and interests in and to the Loan to the exclusion of the Assignor.

 

    35

     

    

 

		2.	WARRANTIES

 

The
Assignor represents and warrants to the Assignee that:

 

		(a)	the
                                            Loan is non-interest bearing and is repayable by the Company to the Assignor on demand;

 

		(b)	the
                                            Loan is due and payable and is valid and subsisting and free from all or any encumbrance,
                                            compromise, release, waiver and dealing or any agreement for any of the same, and is owing
                                            by the Company to the Assignor without any default on the part of the Company;

 

		(c)	the
                                            Loan has an outstanding principal amount of and constitutes the entire sum repayable by the
                                            Company to the Assignor; and

 

		(d)	the
                                            Assignor has all the right, authority and power to assign his/her/its right and title in
                                            and to the Loan in the manner as set out in this Assignment.

 

		3.	EXPENSES

 

		3.1	Costs

 

Each
of the parties is responsible for that party’s own legal and other expenses incurred in the negotiation, preparation and completion
of this Assignment.

 

		3.2	Stamp
                                            Duty

 

Any
stamp duty or other tax or duty payable in respect of the transactions contemplated in this Assignment shall be borne by the Assignee
solely.

 

		4.	LAW
                                            AND JURISDICTION

 

		4.1	Governing
                                            Law

 

This
Agreement is governed by and will be construed in accordance with Hong Kong law.

 

		4.2	Hong
                                            Kong Jurisdiction

 

The
parties submit to the non-exclusive jurisdiction of the Hong Kong courts and each party waives any objection to proceedings in Hong Kong
on the grounds of venue or inconvenient forum.

 

		4.3	Contracts
                                            (Rights of Third Parties) Ordinance

 

The
parties do not intend any term of this Assignment to be enforceable by any person who is not a party to this Assignment pursuant to the
Contracts (Rights of Third Parties) Ordinance (Cap.623) (the “CRTPO”) and agree that this Assignment shall be excluded
from the application of the CRTPO.

 

		5.	 FURTHER
                                            ASSURANCE

 

Each
party shall do and shall use reasonable endeavours to procure any third party to do whatever is necessary to give effect to this Assignment.

 

		6.	SUCCESSORS

 

This
Assignment is binding on the successors of each party.

 

    36

     

    

 

	EXECUTED
    as a deed under seal by the parties	 	 
	 	 	 
	SIGNED SEALED AND DELIVERED
    	)	 
	 	)	 
	By 	)	 
	 	)	 
	 	)	 
	 	) 	 
	in the presence of : 	)	 

 

We
confirm that we have been notified of the assignment referred to in this Assignment. We acknowledge and confirm that as from the date
of this Assignment the Loan is owed to the Assignee and the Assignee is entitled at any time and from time to time to require repayment
of all or part of the Loan and we will make any payments due in respect of the Loan to the Assignee.

 

	For and on
    behalf of	 	 
	EVER WINLAND LIMITED	 	 
	 	 	 
	SEALED with the COMMON
    SEAL of 	)	 
	 	)	 
	the Assignee and
    SIGNED by 	)	 
	 	)	 
	 	)	 
	in the presence of : )	)	 
	 	)	 
	 	)	 
	 	)	 

 

    37

     

    

 

SCHEDULE
8

FORM
OF TAX DEED

 

Dated
the day of 2022

 

WONG
BING LUN (黃炳倫) &

CHOW
LAI MING (周麗明)

 

 

 

 

and

 

 

 

 

TREASURE
SUCCESS INTERNATIONAL LIMITED

(實陞國際有限公司)

 

 

 

 

 

 

DEED
OF INDEMNITY

in
respect of

TAXATION

 

 

 

 

    38

     

    

 

	THIS DEED OF
    INDEMNITY is dated 	2022 and is made

 

BETWEEN

 

	(1)	(a)	WONG BING LUN (黃炳淪)
    (Holder of Hong Kong Identity Card No.[*] of House 12, Custom Pass 18, Fei Ngo Sha Road, Sai Kung, New Territories, Hong Kong
    (the ” 1st Seller”);
	 	 	 
	 	(b)	CHOW LAI MING (周麗明)
    (Holder of Hong Kong Identity Card No.[*] of the same address above (the “2nd Seller”).

 

		(2)	TREASURE
                                            SUCCESS INTERNATIONAL LIMITED (寶陞國際有限公司)
                                            whose registered office is situate at Unit A, 19th Floor, Ford Glory Plaza, No.37
                                            Wing Hong Street, Kowloon, Hong Kong (“Purchaser”) for themselves
                                            and as trustee for EVER WINLAND LIMITED (永綸有限公司)
                                            (“Company”);

 

BY
WHICH IT IS AGREED as follows:

 

1. Definitions
and Interpretation

 

		1.1	In
                                            this Deed, unless the context requires otherwise:

 

“Agreement”
means the agreement dated 2022 between the Sellers and the Purchaser relating to the sale and purchase of the entire issued share
capital of the Company;

 

“Claim”
includes any assessment, notice, demand or other document issued or action taken by or on behalf of the Inland Revenue Department
of Hong Kong or any other statutory or central, provincial, regional or local governmental authority whatsoever in Hong Kong which it
appears that the Company is liable or is sought to be made liable for any payment of any form of Taxation or to be deprived of any Relief
which Relief would, but for the Claim, have been available to the Company;

 

“Relief”
includes any relief, allowance, set-off or deduction in computing profits or credit or right to repayment of Taxation granted by
or pursuant to any legislation concerning or otherwise relating to Taxation;

 

“Tax
Authority” means any government, state, municipality or any local state, federal or other fiscal, revenue, customs or excise
authority, body or official applicable to the Company in Hong Kong; and

 

“Taxation”
means:

 

		(i)	any
                                            liability to any form of taxation whenever created or imposed and whether of Hong Kong and
                                            without prejudice to the generality of the foregoing includes profits tax, provisional profits
                                            tax, income tax, interest tax, salaries tax, property tax, estate duty, death duty, capital
                                            duty, stamp duty, payroll tax, withholding tax, rates, customs and excise duties and generally
                                            any tax, duty, impost, levy or rate or any amount payable to the revenue, customs or fiscal
                                            authorities of Hong Kong; and

 

    39

     

    

 

		(ii)	all
                                            costs, interest, penalties, charges, fines and expenses incidental or relating to the liability
                                            to taxation or the deprivation of Relief or of a right to repayment of taxation which is
                                            the subject of the indemnity given by the Seller pursuant to this Deed to the extent that
                                            the same is/are payable or suffered by the Company.

 

		1.2	In
                                            addition and without prejudice to Clause 1.1, words and expressions defined in the Agreement
                                            shall, unless the context otherwise requires, have the same meanings when used herein.

 

		1.3	In
                                            this Deed, unless otherwise stated, references to Clauses are to clauses of this Deed, words
                                            importing the singular include the plural and vice versa, words importing a gender include
                                            any gender and references to persons include bodies corporate or unincorporate.

 

		1.4	Headings
                                            are for convenience only and shall not affect the construction of this Deed.

 

		1.5	In
                                            the event of any deprivation of any Relief, there shall be treated as an amount of Taxation
                                            for which liability has arisen the amount of such Relief multiplied by the relevant rates
                                            of Taxation in force in the period or periods in respect of which Relief would have applied
                                            or (where the rate has at the relevant time not been fixed) the last known rate and assuming
                                            that such amount of Relief was capable of full utilisation by the Company.

 

2. Indemnity

 

		2.1	Subject
                                            as hereinafter provided, the Sellers hereby covenant and agree with the Purchaser (for themselves
                                            and as trustee for the Company) that they will fully and effectually indemnify and at all
                                            times keep fully and effectually indemnified the Company and the Purchaser from and against:

 

		(a)	the
                                            amount of any and all Taxation falling on the Company resulting from or by reference to any
                                            income, profits, gains, transactions, employment of personnel, events, matters or things
                                            earned, accrued, received, entered into or occurring up to the date hereof, whether
                                            alone or in conjunction with any other circumstances whenever occurring and whether or not
                                            such Taxation is chargeable against or attributable to any other person, firm or company,
                                            including any and all Taxation resulting from the receipt by the Company or the Purchaser
                                            of any amounts paid by any of the Sellers under this Deed; and

 

		(b)	any
                                            and all costs (including all legal costs), expenses or other liabilities which the Company
                                            or the Purchaser may reasonably and properly incur in connection with:

 

		(i)	the
                                            settlement in favour of the Company or the Purchaser of any claim under this Deed;

 

		(ii)	any
                                            legal proceedings in which the Purchaser or the Company claims under or in respect of this
                                            Deed and in respect of which judgment is given for the Purchaser or the Company; or

 

		(iii)	the
                                            enforcement of any such settlement or judgment.

 

    40

     

    

 

		2.2	Any
                                            payments under this Deed for which the Sellers are liable shall be so payable not later than
                                            on the following dates:

 

		(a)	if
                                            the Taxation liability giving rise to a claim under this Deed involves an actual payment
                                            of Taxation by the Company, [five] Business Days before the date on which that Taxation becomes
                                            due and payable to the relevant Taxation authorities;

 

		(b)	if
                                            the Taxation liability giving rise to a claim under this Deed involves a denial or loss in
                                            whole or in part of a Relief, the date falling [five] Business Days after the date when the
                                            Sellers have been notified by either the Company or the Purchaser that the auditors for the
                                            time being of the Company or the Purchaser (as the case may be) have certified at the request
                                            of the Purchaser or the Company (as the case may be) that there has been such a denial or
                                            loss of the whole or part of a Relief; and

 

		(c)	if
                                            any costs become payable by the Company or the Purchaser in connection with any Taxation
                                            liability or any of the provisions of this Deed, no more than [five] Business Days before
                                            that the Company or the Purchaser (as the case may be) becomes liable to pay such costs,

 

and
the Sellers further jointly and severally covenant with the Company and the Purchaser that they will pay (at the direction of the Purchaser)
to the Company or the Purchaser an amount equal to any loss, cost, expense or liability which the Company or the Purchaser may suffer
or incur by reason of payment thereof later than the date specified in this Clause 2.2 (it being acknowledged by the Sellers that payment
of Taxation is not intended to take place until after receipt of such funds and is to be effected by utilisation of the same).

 

		2.3	This
                                            indemnity does not cover any Claim and the Sellers shall be under no liability under this
                                            Deed in respect of Taxation:

 

		(a)	to
                                            the extent that provision is made for such Taxation in the Accounts;

 

		(b)	for
                                            which the Company is primarily liable as a result of transactions in the ordinary course
                                            of normal day to day trading operations since the Accounts Date;

 

		(c)	to
                                            the extent that such Taxation or Claim arises or is incurred as a result of the imposition
                                            of Taxation as a consequence of any retrospective change in the law or interpretation thereof
                                            coming into force after the date hereof or to the extent such Claim arises or is increased
                                            by an increase in rates of Taxation after the date hereof with retrospective effect; or

 

		(d)	unless
                                            written particulars of the Claim (stating in reasonable detail the specific matters and amount
                                            in respect of which the Claim is made) shall have been notified in writing to the Sellers
                                            before the expiry of a period of six (6) months following the date on which the relevant
                                            statute of limitations would apply so as to prevent the relevant Tax Authority from making
                                            the relevant claim against the Company.

 

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		3.	Claims

 

		3.1	In
                                            the event of any Claim arising, the Company shall, by way of covenant but not as a condition
                                            precedent to the liability of the Sellers hereunder, give or procure that notice thereof
                                            is given, as soon as reasonably practicable, to the Sellers and, as regards any Claim, the
                                            Company shall take such action as the Sellers may by notice reasonably require to cause the
                                            Claim to be withdrawn, or to dispute, resist, appeal against, compromise or defend the Claim
                                            and any determination in respect thereof, but subject to the Company or the Purchaser (as
                                            the case may be) being indemnified and secured to its reasonable satisfaction by the Sellers
                                            from and against any and all losses, liabilities (including additional Taxation), damages,
                                            interest, penalties, costs, charges and expenses which may be thereby sustained or incurred.

 

		3.2	Without
                                            the prior approval of the Sellers, the Purchaser shall make no settlement of any Claim nor
                                            agree any matter in the course of disputing any Claim likely to affect the amount thereof
                                            or the future Taxation liability of the Company.

 

		4.	Payments
                                            Free of Withholding, etc.

 

		4.1	All
                                            payments made by the Sellers under this Deed shall be made gross, free of any right of counterclaim
                                            or set-off and without deduction or withholding of any kind other than any deduction or withholding
                                            required by law.

 

		4.2	If
                                            the Sellers make a deduction or withholding required by law from a payment under this Deed,
                                            the sum due from the Sellers shall be increased to the extent necessary to ensure that, after
                                            the making of any deduction or withholding, the recipient receives a sum equal to the sum
                                            it would have received had no deduction or withholding been made.

 

		4.3	If
                                            a payment under Clause 2 or Clause 3 will be or has been subject to Taxation, the Sellers
                                            shall on demand from the recipient pay to the recipient the amount (after taking into account
                                            Taxation payable in respect of the amount) that will ensure that the recipient receives and
                                            retains a net sum equal to the sum it would have received had the payment not been subject
                                            to Taxation.

 

		5.	Refunds

 

If,
after the Sellers have made any payment pursuant to this Deed, the Company shall receive a refund of all or part of the relevant Taxation,
the Company shall repay to the Sellers a sum corresponding to the balance of the refund remaining after deducting the aggregate of (i)
any costs, charges and expenses payable or sustained or incurred by the Company and/or the Purchaser in recovering such refund, and (ii)
the amount of any additional Taxation which may be suffered or incurred by the Company in consequence of such refund.

 

    42

     

    

 

		6.	Notices

 

The
provisions of Clause 20 of the Agreement (mutatis mutandis) shall be incorporated in and be deemed to be part of this Deed.

 

		7.	Binding
                                            Effect

 

This
Deed shall enure to the benefit of and be binding on each party and their respective successors and assigns.

 

		8.	Entirety
                                            of Deed and Severability

 

		8.1	The
                                            terms and conditions herein contained constitute the entire agreement between the parties
                                            relating to the subject matter hereof and shall supersede all previous communications, oral
                                            or written, between the parties with respect to the subject matter hereof which are inconsistent
                                            with the provisions of this Deed.

 

		8.2	Any
                                            provision of this Deed prohibited by or unlawful or unenforceable under any applicable law
                                            actually applied by any court of competent jurisdiction shall, to the extent required by
                                            such law, be severed from this Deed and rendered ineffective so far as is possible without
                                            modifying the remaining provisions of this Deed. Where, however, the provisions of any such
                                            applicable law may be waived, they are hereby waived by the parties hereto to the full extent
                                            permitted by such law to the end that this Deed shall be valid, binding and enforceable in
                                            accordance with its terms.

 

		9.	Amendment

 

This
Deed may be varied, amended or modified only by agreement under seal of all parties.

 

		10.	Release
                                            of Obligations

 

Any
liability of the Seller under this Deed may, in whole or in part, be released, compounded or compromised by the Company and/or the Purchaser,
in its/their sole and absolute discretion, and time or any other indulgence may be granted to the Seller by the Company and/or the Purchaser,
in its/their sole and absolute discretion, without in any way prejudicing or affecting any of its/their other rights, powers or remedies
against the Sellers under any other liability hereunder.

 

		11.	Law
                                            and Jurisdiction

 

This
Deed shall be governed by and construed in all respects in accordance with the laws of Hong Kong and the parties irrevocably submit to
the non-exclusive jurisdiction of the Hong Kong courts in relation to any proceedings arising out of or in connection with this Deed.

 

		12.	Contracts
                                            (Rights of Third Parties) Ordinance

 

The
parties do not intend any term of this Deed to be enforceable by any person who is not a party to this Deed pursuant to the Contracts
(Rights of Third Parties) Ordinance (Cap.623) (the “CRTPO”) and agree that this Deed shall be excluded from the application
of the CRTPO.

 

    43

     

    

 

	EXECUTED
    as a deed under seal by the parties	 
	 	 	 
	The Seller	 	 
	 	 	 
	SIGNED SEALED AND DELIVERED
    	)	 
	 	)	 
	By the 1st Seller
    	)	 
	 	)	 
	 	) 	 
	in the presence of:- 	)	 

 

    44

     

    

 

	SIGNED SEALED
    AND DELIVERED 	)	 
	 	)	 
	By the 2nd
    Seller 	)	 
	 	)	 
	 	)	 
	in the presence of : 	)	 

 

    45

     

    

 

	The Purchaser	 	 
	 	 	 
	SEALED with the COMMON
    SEAL of	)	 
	 	)	 
	The Purchaser AND SIGNED
    by	)	 
	 	)	 
	 	)	 
	 	)	 
	in the presence of :	)	 
	 	)	 
	 	)	 

 

    46

     

    

 

IN
WITNESS whereof this Agreement has been duly executed on the date first above written.

 

	The Sellers	 	 
	 	 	 
	The 1st Seller	 	 
	 	 	 
	SIGNED by WONG BING LUN,	)	 
	 	)	 
	 	)	 
	 	)	/s/
    WONG BING LUN
	in the presence of:	)	 
	 	 	 
	/s/ Huen Kwok Chung	 	 
	Solicitor, Hong Kong SAR	 	 
	Huen & Cheung Solicitors	 	 

 

	The 2nd
    Seller	 	 
	 	 	 
	SIGNED by CHOW LAI MING
    	)	 
	 	)	 
	 	)	/s/
    CHOW LAI MING
	in the presence of : 	)	 
	 	)	 
	/s/ Huen Kwok Chung	 	 
	Solicitor, Hong Kong SAR	 	 
	Huen & Cheung Solicitors	 	 

 

    47

     

    

 

	The Purchaser	 	 
	 	 	 
	SIGNED by Mr. Choi Lin
    Hung,	)	 
	Director	)	/s/
    Choi Lin Hung
	 	)	 
	For and on behalf of the
    Purchaser	)	 
	 	)	 
	in the presence of :	)	 
	 	)	 
	/s/ Li Man Wa	 	 
	Clerk to Messrs. Augustine
    C. Y. Tong & Co.	 	 
	Solicitor, HKSAR.	 	 
	 	 	 
	(hereby verify the signature
    of Li Man Wa	 	 
	/s/ AUGUSTINE CHOR YIN
    TONG	 	 
	MESSRS. AUGUSTINE C.Y. TONG & CO.)	 	 
	 	 	 
	SIGNED by the Guarantor
    in  	)	(signature not recognizable)
	 	)	 
	in the presence of: - 	)	 
	 	 	 
	/s/ Huen Kwok Chung	 	 
	Solicitor, Hong Kong SAR	 	 
	Huen & Cheung Solicitors	 	 

 

    48

     

    

 

RECEIVED
on or before the day and year first above written of and from the Purchaser the above mentioned Deposit of a sum of HK$9,900,000.00

 

	/s/
    Messrs. Huen & Cheung 	 
	Messrs. Huen & Cheung,
    Solicitors	 
	for the Sellers as stakeholder.	 

 

 

49

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