Document:

Exhibit 10.6

 

UNIT
SUBSCRIPTION AGREEMENT

 

This
UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of this February 24, 2020, by and between
East Stone Acquisition Corporation, a British Virgin Islands business company (the “Company”), having
its principal place of business at 25 Mall Road, Suite 330, Burlington, MA 01803, and Hua Mao (the “Purchaser”).

 

WHEREAS,
the Company desires to sell on a private placement basis (the “Offering”) an aggregate of 350,000 units
(the “Insider Units”) of the Company, each Insider Unit comprised of one ordinary share of the Company,
no par value (the “Ordinary Shares”), one redeemable warrant (the “Warrant”)
to purchase one-half of one ordinary share (the “Warrant Shares”) to be governed by the Warrant Agreement
(defined herein), and one right (the “Right”) to receive one-tenth (1/10) of one Ordinary Share (the “Right
Shares”) to be governed by the Rights Agreement (defined herein), for an aggregate purchase price of $3,500,000,
or $10.00 per Insider Unit.

 

WHEREAS,
the Purchaser desires to purchase the Insider Units and the Company wishes to accept such subscription.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

1. Agreement
to Subscribe

 

1.1. Purchase
and Issuance of the Insider Units. For the aggregate sum of $480,000 (the “Purchase Price”), upon
the terms and subject to the conditions of this Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company
hereby agrees to sell to the Purchaser, on the Closing Date (as defined in Section 1.2) 48,000 Insider Units at $10.00 per Insider
Unit.

 

1.2. Closing.
The closing (the “Closing”) of the Offering shall take place at the offices of Ellenoff Grossman &
Schole LLP, 1345 Avenue of the Americas, New York, New York, 10105 simultaneously with the consummation of the Company’s
initial public offering (“IPO”) of 12,000,000 units consisting of Ordinary Shares, Warrants and Rights
(the “Closing Date”), prior to accounting for any exercise of over-allotment option.

 

1.3. Delivery
of the Purchase Price. The Purchase Price is currently held in an account at Continental Stock Transfer & Trust Company
(“CST”). At least one business day prior to the effective date of the Company’s registration statement
relating to the IPO (“Registration Statement”), the Purchaser agrees to deliver the Purchase Price by
certified bank check or wire transfer of immediately available funds denominated in United States Dollars to CST, which is hereby
irrevocably authorized to deposit such funds on the Closing Date to the trust account which will be established for the benefit
of the Company’s public shareholders, managed pursuant to that certain Investment Management Trust Agreement to be entered
into by and between the Company and CST and into which substantially all of the proceeds of the IPO will be deposited (the “Trust
Account”). If the IPO is not consummated within 14 days of the date the Purchase Price is delivered to CST, the
Purchase Price shall be returned to the Purchaser by certified bank check or wire transfer of immediately available funds denominated
in United States Dollars, without interest or deduction.

 

1.4. Delivery
of Unit Certificate. Upon the Closing Date after delivery of the Purchase Price in accordance with Section 1.3, the Purchaser
shall become irrevocably entitled to receive a unit certificate representing the Units purchased hereunder. 

 

2. Representations
and Warranties of the Purchaser

 

The
Purchaser represents and warrants to the Company that:

 

2.1. No
Government Recommendation or Approval. The Purchaser understands that no United States federal or state agency or similar
agency of any other country has passed upon or made any recommendation or endorsement of the Company, the Offering, the Units,
the Warrants, the Warrant Shares, the Rights, the Right Shares or the Ordinary Shares underlying the Units (excluding the Warrant
Shares and the Right Shares, the “Unit Shares” and, collectively with the Units, Warrants, Rights, Warrant
Shares, and Right Shares, the “Securities”).

 

     

     

    

 

2.2. Residency
and Agency. The Purchaser is a resident of the state or the country set forth on the signature page hereto and is not acquiring
the Securities as a nominee or agent or otherwise for any other person.

 

2.3. Private
Offering. The Purchaser is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”) or the Purchaser is not a “U.S.
Person” as defined in Rule 902 of Regulation S (“Regulation S”) under the Securities Act. The
Purchaser acknowledges that the sale contemplated hereby is being made in reliance on a private placement exemption to “Accredited
Investors” within the meaning of Section 501(a) of Regulation D under the Securities Act and similar exemptions under state
law or a non-U.S. Person under Regulation S.

 

2.4. Authority.
This Agreement has been validly authorized, executed and delivered by the Purchaser and is a valid and binding agreement enforceable
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

2.5. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) any agreement, indenture or instrument to
which the Purchaser is a party or (ii) any law, statute, rule or regulation to which the Purchaser is subject, or any agreement,
order, judgment or decree to which the Purchaser is subject.

 

2.6. No
Legal Advice from Company. The Purchaser acknowledges the Purchaser has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement and the other agreements entered into between the parties hereto with the Purchaser’s
own legal counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement
and the other agreements entered into between the parties hereto, the Purchaser is relying solely on such counsel and advisors
and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment
advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.7. Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Purchaser has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, the Purchaser has relied solely on
the Purchaser’s own knowledge and understanding of the Company and its business based upon the Purchaser’s own due
diligence investigation and the information furnished pursuant to this paragraph. The Purchaser understands that no person has
been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2 and
the Purchaser has not relied on any other representations or information in making the Purchaser’s investment decision,
whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.8. Reliance
on Representations and Warranties. The Purchaser understands the Units are being offered and sold to the Purchaser in reliance
on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations
of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of the Purchaser set forth in this Agreement in order to determine the applicability of such
provisions.

 

2.9. No
Advertisements. The Purchaser is not subscribing for the Units as a result of or subsequent to any advertisement, article,
notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or
presented at any seminar or meeting.

 

2.10. Legend.
The Purchaser acknowledges and agrees the certificates evidencing the Units, the Shares, the Warrants  and the Rights shall
bear a restrictive legend (the “Legend”), in form and substance as set forth in Section 4 hereof,
prohibiting the offer, sale, pledge or transfer of the securities, except (i) pursuant to an effective registration statement
covering these securities under the Securities Act or (ii) pursuant to any other exemptions from the registration requirements
under the Securities Act and such laws which, in the opinion of counsel for the Company, is available.

 

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2.11. Experience,
Financial Capability and Suitability. The Purchaser is (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Securities and (ii) able to bear the economic risk of this investment in the Securities
for an indefinite period of time because the Securities have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. The Purchaser
has substantial experience in evaluating and investing in transactions of securities in companies similar to the Company so that
the Purchaser is capable of evaluating the merits and risks of the Purchaser’s investment in the Company and has the capacity
to protect the Purchaser’s own interests. The Purchaser has substantial experience in evaluating and investing in transactions
of securities in companies similar to the Company so that the Purchaser is capable of evaluating the merits and risks of the Purchaser’s
investment in the Company and has the capacity to protect the Purchaser’s own interests.

 

2.12. Investment
Purposes. The Purchaser is purchasing the Securities solely for investment purposes, for the Purchaser’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof
and the Purchaser has no present arrangement to sell the interest in the Securities to or through any person or entity.

 

2.13. Restrictions
on Transfer. The Purchaser acknowledges and understands the Units are being offered in a transaction not involving a public
offering in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities
Act, and, if in the future, the Purchaser decides to offer, resell, pledge or otherwise transfer the Securities, such Securities
may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under
the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act (“Rule
144”), if available, or (C) pursuant to any other available exemption from the registration requirements of
the Securities Act, and in each case in accordance with any applicable securities laws of any state or any other jurisdiction.
The Purchaser agrees that if any transfer of the Securities or any interest therein is proposed to be made, as a condition precedent
to any such transfer, the Purchaser may be required to deliver to the Company an opinion of counsel satisfactory to the Company.
Absent registration or another available exemption from registration, the Purchaser agrees the Purchaser will not resell the Securities.
The Purchaser further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Purchaser
for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination (defined
below) of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual
transfer restrictions.

 

3. Representations
and Warranties of the Company

 

The
Company represents and warrants to the Purchaser that:

 

3.1. Valid
Issuance of Share Capital. The total number of all classes of share capital which the Company has authority to issue is (i)
an unlimited number of Ordinary Shares and (ii) an unlimited number of preferred shares. As of the date hereof, the Company has
issued 3,450,000 Ordinary Shares and no preferred shares issued and outstanding. All of the issued share capital of the Company
has been duly authorized, validly issued, and are fully paid and non-assessable.

 

3.2. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the warrant agreement
to be entered into with CST on or prior to the closing of the IPO (“Warrant Agreement”), the rights
agreement to be entered into with CST on or prior to the closing of the IPO (the “Rights Agreement”)
and the Amended and Restated Memorandum and Articles of Association of the Company, as the case may be, each of the Warrants,
the Rights and the Unit Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance of the
Units, the Right Shares and the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with the terms
hereof and the Warrant Agreement, the Purchaser will have or receive good title to the Warrant Shares, free and clear of all liens,
claims and encumbrances of any kind, and upon issuance in accordance with the terms hereof, the Rights Agreement and the Amended
and Restated Memorandum and Articles of Association of the Company, the Purchaser will have or receive good title to the Right
Shares, free and clear of all liens, claims and encumbrances of any kind other than (i) transfer restrictions hereunder and pursuant
to the insider letter to be entered into on or prior to the closing of the IPO (the “Insider Letter”)
and (ii) transfer restrictions under federal and state securities laws.

 

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3.3. Organization
and Qualification. The Company has been duly incorporated and is validly existing as a British Virgin Islands business company
and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4. Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized
by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or shareholders
is required, and (iii) this Agreement constitutes, and upon the execution and delivery thereof, the Warrants and Warrant
Agreement, and the Rights and Rights Agreement, will constitute, valid and binding obligations of the Company enforceable against
the Company in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement
of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights
to indemnity and contribution may be limited by federal and state securities laws or principles of public policy.

 

3.5. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not (i) result in a violation of the Company’s Memorandum and Articles of Association, (ii) conflict
with, or constitute a default under any agreement, indenture or instrument to which the Company is a party or (iii) conflict with
any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company
is subject. Other than any federal, state or foreign securities filings which may be required to be made by the Company subsequent
to the Closing, and any registration statement which may be filed pursuant thereto, the Company is not required under federal,
state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with,
any court or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement
or issue the Units, the Warrants, Rights or the Ordinary Shares underlying the Units, Warrants or Rights in accordance with the
terms hereof.

  

4. Legends

 

4.1. Legend.
The Company will issue the Units, the Warrants, the Rights and the Unit Shares, and when issued, the Warrant Shares and Right
Shares, purchased by the Purchaser, in the name of the Purchaser. The Securities will bear the following Legend and appropriate
“stop transfer” instructions:

 

“THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT FILED UNDER THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE
904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER
THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH
ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BETWEEN EAST STONE ACQUISITION CORPORATION AND HUA MAO
AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS
SET FORTH THEREIN.”

 

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4.2. Purchaser’s
Compliance. Nothing in this Section 4 shall affect in any way the Purchaser’s obligations and agreements to comply
with all applicable securities laws upon resale of the Securities.

 

4.3. Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in
the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement
filed under the Securities Act, or (ii) pursuant to an available exemption from the registration requirements of the Securities
Act.

 

4.4. Registration
Rights. The Purchaser will be entitled to certain registration rights which will be governed by a registration rights agreement
(“Registration Rights Agreement”) to be entered into with the Company on or prior to the closing of
the IPO.

 

5. Lockup

 

The
Purchaser acknowledges and agrees that the Units, the Warrants, the Rights, the Unit Shares, the Warrant Shares and Right Shares
shall not be transferable, saleable or assignable until thirty (30) days after the consummation of an acquisition, share exchange,
purchase of all or substantially all of the assets of, or any other similar business combination with one or more businesses or
entities (a “Business Combination”), except to permitted transferees (as defined in the Insider Letter).

 

6. Securities
Laws Restrictions

 

The
Purchaser agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless,
prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities
laws with respect to the Securities proposed to be transferred shall then be effective or (b) the Company shall have received
an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction
complies with the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable
state securities laws.

 

7. Waiver
of Distributions from Trust Account

 

In
connection with the Securities purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title, interest
or claim of any kind in or to any distributions from the Trust Account.

  

8. Rescission
Right Waiver and Indemnification

 

8.1. Rescission
Waiver. The Purchaser understands and acknowledges that an exemption from the registration requirements of the Securities
Act requires there be no general solicitation of purchasers of the Units. In this regard, if the Offering were deemed to be a
general solicitation with respect to the Units, the offer and sale of such Units may not be exempt from registration and, if not,
the Purchaser may have a right to rescind its purchase of the Units. In order to facilitate the completion of the Offering and
in order to protect the Company, its shareholders and the Trust Account from claims that may adversely affect the Company or the
interests of its shareholders, the Purchaser hereby agrees to waive, to the maximum extent permitted by applicable law, any claims,
right to sue or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Units as a result
of the issuance of the Units being deemed to be in violation of Section 5 of the Securities Act. The Purchaser acknowledges and
agrees this waiver is being made in order to induce the Company to sell the Units to the Purchaser. The Purchaser agrees the foregoing
waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings
(collectively, “Claims”) and related losses, costs, penalties, fees, liabilities and damages, whether
compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert
witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending against any
Claims, whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase
of the Units hereunder or relating to the purchase of the Units and the transactions contemplated hereby.

 

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8.2. No
Recourse Against Trust Account. The Purchaser agrees not to seek recourse against the Trust Account for any reason whatsoever
in connection with the Purchaser’s purchase of the Units or any Claim that may arise now or in the future.

 

8.3. Section
8 Waiver. The Purchaser agrees that to the extent any waiver of rights under this Section 8 is ineffective as a matter of
law, the Purchaser has offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory
disqualification or bar that applies to a legal right. The Purchaser acknowledges the receipt and sufficiency of consideration
received from the Company hereunder in this regard.

 

9. Terms
of the Unit

 

The
Units shall be substantially identical to the Units offered in the IPO as set forth in the Underwriting Agreement, except the
Units: (i) will be subject to the transfer restrictions described herein, and (ii) are being purchased pursuant to an exemption
from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met
or the resale of the Units is registered under the Securities Act.

 

10. Governing
Law; Jurisdiction; Waiver of Jury Trial

 

This
Agreement shall be governed by and construed in accordance with the laws of the British Virgin Islands for agreements made and
to be wholly performed within such territory. The parties hereto hereby waive any right to a jury trial in connection with any
litigation pursuant to this Agreement and the transactions contemplated hereby.

 

11. Assignment;
Entire Agreement; Amendment

 

11.1. Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the Purchaser,
without the prior consent of the Company, to one or more persons agreeing to be bound by the terms hereof. Upon such assignment
by a Purchaser, the assignee(s) shall become Purchaser hereunder and have the rights and obligations provided for herein to the
extent of such assignment.

 

11.2. Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter
hereof and supersedes any and all prior discussions, agreements and understandings of any and every nature.

 

11.3. Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge
or termination is sought.

 

11.4. Binding
upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective
heirs, legal representatives, successors and permitted assigns.

  

12. Notices;
Indemnity

 

12.1 Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth herein or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered
by hand, (b) sent by overnight courier, or (c) sent by certified mail, return receipt requested, postage prepaid. All notices,
requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of
the delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent by overnight courier, on
the next business day following the day such notice is delivered to the courier service, or (iii) if sent by certified mail, on
the fifth business day following the day such mailing is made.

 

12.2 Indemnification.
Except as set forth in Section 8, each party shall indemnify the other party against any loss, cost or damages (including reasonable
attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant
or agreement set forth in this Agreement.

 

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13. Counterparts

 

This
Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

14. Survival;
Severability

 

14.1. Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing until one (1) year following
the consummation of an initial Business Combination.

 

14.2. Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such
severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

15. Headings

 

The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

16. Construction

 

The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden
of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The
words “include,” “includes,” and “including” will be deemed to be followed
by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any
other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will
have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in
any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless
of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that
such party hereto is in breach of the first representation, warranty, or covenant.

 

[remainder
of page intentionally left blank]

  

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This
subscription is accepted by the Company as of the date first written above.

 

	 	EAST STONE ACQUISITION CORPORATION
	 	 	 
	 	By:	 /s/
    Xiaoma (Sherman) Lu
	 	Name:	Xiaoma (Sherman) Lu
	 	Title:	Chief Executive Officer

 

Accepted
and agreed this

24th
day of February, 2020

 

HUA
MAO, a resident of China

 

	 /s/
    Hua Mao	 

 

[Signature
Page for Unit Subscription Agreement]

 

8Exhibit 10.7

 

UNIT
SUBSCRIPTION AGREEMENT

 

This
UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of this February 24, 2020, by and between
East Stone Acquisition Corporation, a British Virgin Islands business company (the “Company”), having
its principal place of business at 25 Mall Road, Suite 330, Burlington, MA 01803, and Cheng Zhao (the “Purchaser”).

 

WHEREAS,
the Company desires to sell on a private placement basis (the “Offering”) an aggregate 350,000 units
(the “Insider Units”) of the Company, each Insider Unit comprised of one ordinary share of the Company,
no par value (the “Ordinary Shares”), one redeemable warrant (the “Warrant”)
to purchase one-half of one ordinary share (the “Warrant Shares”) to be governed by the Warrant Agreement
(defined herein), and one right (the “Right”) to receive one-tenth (1/10) of one Ordinary Share (the
“Right Shares”) to be governed by the Rights Agreement (defined herein), for an aggregate purchase price
of $3,500,000, or $10.00 per Insider Unit.

 

WHEREAS,
the Purchaser desires to purchase the Insider Units and the Company wishes to accept such subscription.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

1. Agreement
to Subscribe

 

1.1. Purchase
and Issuance of the Insider Units. For the aggregate sum of $600,000 (the “Purchase Price”), upon
the terms and subject to the conditions of this Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company
hereby agrees to sell to the Purchaser, on the Closing Date (as defined in Section 1.2) 60,000 Insider Units at $10.00 per Insider
Unit.

 

1.2. Closing.
The closing (the “Closing”) of the Offering shall take place at the offices of Ellenoff Grossman &
Schole LLP, 1345 Avenue of the Americas, New York, New York, 10105 simultaneously with the consummation of the Company’s
initial public offering (“IPO”) of 12,000,000 units consisting of Ordinary Shares, Warrants and Rights
(the “Closing Date”), prior to accounting for any exercise of over-allotment option.

 

1.3. Delivery
of the Purchase Price. The Purchase Price is currently held in an account at Continental Stock Transfer & Trust Company
(“CST”). At least one business day prior to the effective date of the Company’s registration statement
relating to the IPO (“Registration Statement”), the Purchaser agrees to deliver the Purchase Price by
certified bank check or wire transfer of immediately available funds denominated in United States Dollars to CST, which is hereby
irrevocably authorized to deposit such funds on the Closing Date to the trust account which will be established for the benefit
of the Company’s public shareholders, managed pursuant to that certain Investment Management Trust Agreement to be entered
into by and between the Company and CST and into which substantially all of the proceeds of the IPO will be deposited (the “Trust
Account”). If the IPO is not consummated within 14 days of the date the Purchase Price is delivered to CST, the
Purchase Price shall be returned to the Purchaser by certified bank check or wire transfer of immediately available funds denominated
in United States Dollars, without interest or deduction.

 

1.4. Delivery
of Unit Certificate. Upon the Closing Date after delivery of the Purchase Price in accordance with Section 1.3, the Purchaser
shall become irrevocably entitled to receive a unit certificate representing the Units purchased hereunder. 

 

2. Representations
and Warranties of the Purchaser

 

The
Purchaser represents and warrants to the Company that:

 

2.1. No
Government Recommendation or Approval. The Purchaser understands that no United States federal or state agency or similar
agency of any other country has passed upon or made any recommendation or endorsement of the Company, the Offering, the Units,
the Warrants, the Warrant Shares, the Rights, the Right Shares or the Ordinary Shares underlying the Units (excluding the Warrant
Shares and the Right Shares, the “Unit Shares” and, collectively with the Units, Warrants, Rights, Warrant
Shares and Right Shares, the “Securities”).

 

     

     

    

 

2.2. Residency
and Agency. The Purchaser is a resident of the state or the country set forth on the signature page hereto and is not acquiring
the Securities as a nominee or agent or otherwise for any other person.

 

2.3. Private
Offering. The Purchaser is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”) or the Purchaser is not a “U.S.
Person” as defined in Rule 902 of Regulation S (“Regulation S”) under the Securities Act. The
Purchaser acknowledges that the sale contemplated hereby is being made in reliance on a private placement exemption to “Accredited
Investors” within the meaning of Section 501(a) of Regulation D under the Securities Act and similar exemptions under state
law or a non-U.S. Person under Regulation S.

 

2.4. Authority.
This Agreement has been validly authorized, executed and delivered by the Purchaser and is a valid and binding agreement enforceable
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

2.5. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) any agreement, indenture or instrument to
which the Purchaser is a party or (ii) any law, statute, rule or regulation to which the Purchaser is subject, or any agreement,
order, judgment or decree to which the Purchaser is subject.

 

2.6. No
Legal Advice from Company. The Purchaser acknowledges the Purchaser has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement and the other agreements entered into between the parties hereto with the Purchaser’s
own legal counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement
and the other agreements entered into between the parties hereto, the Purchaser is relying solely on such counsel and advisors
and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment
advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.7. Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Purchaser has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, the Purchaser has relied solely on
the Purchaser’s own knowledge and understanding of the Company and its business based upon the Purchaser’s own due
diligence investigation and the information furnished pursuant to this paragraph. The Purchaser understands that no person has
been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2 and
the Purchaser has not relied on any other representations or information in making the Purchaser’s investment decision,
whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.8. Reliance
on Representations and Warranties. The Purchaser understands the Units are being offered and sold to the Purchaser in reliance
on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations
of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of the Purchaser set forth in this Agreement in order to determine the applicability of such
provisions.

 

2.9. No
Advertisements. The Purchaser is not subscribing for the Units as a result of or subsequent to any advertisement, article,
notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or
presented at any seminar or meeting.

 

2.10. Legend.
The Purchaser acknowledges and agrees the certificates evidencing the Units, the Shares, the Warrants  and the Rights shall
bear a restrictive legend (the “Legend”), in form and substance as set forth in Section 4 hereof,
prohibiting the offer, sale, pledge or transfer of the securities, except (i) pursuant to an effective registration statement
covering these securities under the Securities Act or (ii) pursuant to any other exemptions from the registration requirements
under the Securities Act and such laws which, in the opinion of counsel for the Company, is available.

 

    2

     

    

 

2.11. Experience,
Financial Capability and Suitability. The Purchaser is (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Securities and (ii) able to bear the economic risk of this investment in the Securities
for an indefinite period of time because the Securities have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. The Purchaser
has substantial experience in evaluating and investing in transactions of securities in companies similar to the Company so that
the Purchaser is capable of evaluating the merits and risks of the Purchaser’s investment in the Company and has the capacity
to protect the Purchaser’s own interests. The Purchaser has substantial experience in evaluating and investing in transactions
of securities in companies similar to the Company so that the Purchaser is capable of evaluating the merits and risks of the Purchaser’s
investment in the Company and has the capacity to protect the Purchaser’s own interests.

 

2.12. Investment
Purposes. The Purchaser is purchasing the Securities solely for investment purposes, for the Purchaser’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof
and the Purchaser has no present arrangement to sell the interest in the Securities to or through any person or entity.

 

2.13. Restrictions
on Transfer. The Purchaser acknowledges and understands the Units are being offered in a transaction not involving a public
offering in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities
Act, and, if in the future, the Purchaser decides to offer, resell, pledge or otherwise transfer the Securities, such Securities
may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under
the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act (“Rule
144”), if available, or (C) pursuant to any other available exemption from the registration requirements of
the Securities Act, and in each case in accordance with any applicable securities laws of any state or any other jurisdiction.
The Purchaser agrees that if any transfer of the Securities or any interest therein is proposed to be made, as a condition precedent
to any such transfer, the Purchaser may be required to deliver to the Company an opinion of counsel satisfactory to the Company.
Absent registration or another available exemption from registration, the Purchaser agrees the Purchaser will not resell the Securities.
The Purchaser further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Purchaser
for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination (defined
below) of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual
transfer restrictions.

 

3. Representations
and Warranties of the Company

 

The
Company represents and warrants to the Purchaser that:

 

3.1. Valid
Issuance of Share Capital. The total number of all classes of share capital which the Company has authority to issue is (i)
an unlimited number of Ordinary Shares and (ii) an unlimited number of preferred shares. As of the date hereof, the Company has
issued 3,450,000 Ordinary Shares and no preferred shares issued and outstanding. All of the issued share capital of the Company
has been duly authorized, validly issued, and are fully paid and non-assessable.

 

3.2. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the warrant agreement
to be entered into with CST on or prior to the closing of the IPO (“Warrant Agreement”), the rights
agreement to be entered into with CST on or prior to the closing of the IPO (the “Rights Agreement”)
and the Amended and Restated Memorandum and Articles of Association of the Company, as the case may be, each of the Warrants,
the Rights and the Unit Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance of the
Units, the Right Shares and the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with the terms
hereof and the Warrant Agreement, the Purchaser will have or receive good title to the Warrant Shares, free and clear of all liens,
claims and encumbrances of any kind, and upon issuance in accordance with the terms hereof, the Rights Agreement and the Amended
and Restated Memorandum and Articles of Association of the Company, the Purchaser will have or receive good title to the Right
Shares, free and clear of all liens, claims and encumbrances of any kind other than (i) transfer restrictions hereunder and pursuant
to the insider letter to be entered into on or prior to the closing of the IPO (the “Insider Letter”)
and (ii) transfer restrictions under federal and state securities laws.

 

    3

     

    

 

3.3. Organization
and Qualification. The Company has been duly incorporated and is validly existing as a British Virgin Islands business company
and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4. Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance
of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized
by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or shareholders
is required, and (iii) this Agreement constitutes, and upon the execution and delivery thereof, the Warrants and Warrant
Agreement, and the Rights and Rights Agreement, will constitute, valid and binding obligations of the Company enforceable against
the Company in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement
of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights
to indemnity and contribution may be limited by federal and state securities laws or principles of public policy.

 

3.5. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not (i) result in a violation of the Company’s Memorandum and Articles of Association, (ii) conflict
with, or constitute a default under any agreement, indenture or instrument to which the Company is a party or (iii) conflict with
any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company
is subject. Other than any federal, state or foreign securities filings which may be required to be made by the Company subsequent
to the Closing, and any registration statement which may be filed pursuant thereto, the Company is not required under federal,
state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with,
any court or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement
or issue the Units, the Warrants, the Rights, or the Ordinary Shares underlying the Units, Warrants or Rights in accordance with
the terms hereof.

  

4. Legends

 

4.1. Legend.
The Company will issue the Units, the Warrants, the Rights and the Unit Shares, and when issued, the Warrant Shares and Right
Shares, purchased by the Purchaser, in the name of the Purchaser. The Securities will bear the following Legend and appropriate
“stop transfer” instructions:

 

“THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT FILED UNDER THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE
904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER
THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH
ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

    4

     

    

  

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BETWEEN EAST STONE ACQUISITION CORPORATION AND CHENG ZHAO
AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS
SET FORTH THEREIN.”

 

4.2. Purchaser’s
Compliance. Nothing in this Section 4 shall affect in any way the Purchaser’s obligations and agreements to comply
with all applicable securities laws upon resale of the Securities.

 

4.3. Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in
the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement
filed under the Securities Act, or (ii) pursuant to an available exemption from the registration requirements of the Securities
Act.

 

4.4. Registration
Rights. The Purchaser will be entitled to certain registration rights which will be governed by a registration rights agreement
(“Registration Rights Agreement”) to be entered into with the Company on or prior to the closing of
the IPO.

 

5. Lockup

 

The
Purchaser acknowledges and agrees that the Units, the Warrants, the Rights, the Unit Shares, the Warrant Shares and the Right
Shares shall not be transferable, saleable or assignable until thirty (30) days after the consummation of an acquisition, share
exchange, purchase of all or substantially all of the assets of, or any other similar business combination with one or more businesses
or entities (a “Business Combination”), except to permitted transferees (as defined in the Insider Letter).

 

6. Securities
Laws Restrictions

 

The
Purchaser agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless,
prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities
laws with respect to the Securities proposed to be transferred shall then be effective or (b) the Company shall have received
an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction
complies with the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable
state securities laws.

 

7. Waiver
of Distributions from Trust Account

 

In
connection with the Securities purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title, interest
or claim of any kind in or to any distributions from the Trust Account.

  

8. Rescission
Right Waiver and Indemnification

 

8.1. Rescission
Waiver. The Purchaser understands and acknowledges that an exemption from the registration requirements of the Securities
Act requires there be no general solicitation of purchasers of the Units. In this regard, if the Offering were deemed to be a
general solicitation with respect to the Units, the offer and sale of such Units may not be exempt from registration and, if not,
the Purchaser may have a right to rescind its purchase of the Units. In order to facilitate the completion of the Offering and
in order to protect the Company, its shareholders and the Trust Account from claims that may adversely affect the Company or the
interests of its shareholders, the Purchaser hereby agrees to waive, to the maximum extent permitted by applicable law, any claims,
right to sue or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Units as a result
of the issuance of the Units being deemed to be in violation of Section 5 of the Securities Act. The Purchaser acknowledges and
agrees this waiver is being made in order to induce the Company to sell the Units to the Purchaser. The Purchaser agrees the foregoing
waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings
(collectively, “Claims”) and related losses, costs, penalties, fees, liabilities and damages, whether
compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert
witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending against any
Claims, whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase
of the Units hereunder or relating to the purchase of the Units and the transactions contemplated hereby.

  

    5

     

    

 

8.2. No
Recourse Against Trust Account. The Purchaser agrees not to seek recourse against the Trust Account for any reason whatsoever
in connection with the Purchaser’s purchase of the Units or any Claim that may arise now or in the future.

 

8.3. Section
8 Waiver. The Purchaser agrees that to the extent any waiver of rights under this Section 8 is ineffective as a matter of
law, the Purchaser has offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory
disqualification or bar that applies to a legal right. The Purchaser acknowledges the receipt and sufficiency of consideration
received from the Company hereunder in this regard.

 

9. Terms
of the Unit

 

The
Units shall be substantially identical to the Units offered in the IPO as set forth in the Underwriting Agreement, except the
Units: (i) will be subject to the transfer restrictions described herein, and (ii) are being purchased pursuant to an exemption
from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met
or the resale of the Units is registered under the Securities Act.

 

10. Governing
Law; Jurisdiction; Waiver of Jury Trial

 

This
Agreement shall be governed by and construed in accordance with the laws of the British Virgin Islands for agreements made and
to be wholly performed within such territory. The parties hereto hereby waive any right to a jury trial in connection with any
litigation pursuant to this Agreement and the transactions contemplated hereby.

 

11. Assignment;
Entire Agreement; Amendment

 

11.1. Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the Purchaser,
without the prior consent of the Company, to one or more persons agreeing to be bound by the terms hereof. Upon such assignment
by a Purchaser, the assignee(s) shall become Purchaser hereunder and have the rights and obligations provided for herein to the
extent of such assignment.

 

11.2. Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter
hereof and supersedes any and all prior discussions, agreements and understandings of any and every nature.

 

11.3. Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge
or termination is sought.

 

11.4. Binding
upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective
heirs, legal representatives, successors and permitted assigns.

  

12. Notices;
Indemnity

 

12.1 Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth herein or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered
by hand, (b) sent by overnight courier, or (c) sent by certified mail, return receipt requested, postage prepaid. All notices,
requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of
the delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent by overnight courier, on
the next business day following the day such notice is delivered to the courier service, or (iii) if sent by certified mail, on
the fifth business day following the day such mailing is made.

 

12.2 Indemnification.
Except as set forth in Section 8, each party shall indemnify the other party against any loss, cost or damages (including reasonable
attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant
or agreement set forth in this Agreement.

 

    6

     

    

 

13. Counterparts

 

This
Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

14. Survival;
Severability

 

14.1. Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing until one (1) year following
the consummation of an initial Business Combination.

 

14.2. Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such
severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

15. Headings

 

The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

16. Construction

 

The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden
of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The
words “include,” “includes,” and “including” will be deemed to be followed
by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any
other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will
have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in
any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless
of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that
such party hereto is in breach of the first representation, warranty, or covenant.

 

[remainder
of page intentionally left blank]

  

    7

     

    

 

This
subscription is accepted by the Company as of the date first written above.

 

	 	EAST STONE ACQUISITION CORPORATION
	 	 	 
	 	By:	 /s/
    Xiaoma (Sherman) Lu
	 	Name: 	Xiaoma (Sherman) Lu
	 	Title:	Chief Executive Officer

 

Accepted
and agreed this

24th
day of February, 2020

 

CHENG
ZHAO, a resident of China

 

	 /s/
    Cheng Zhao	 

    

[Signature
Page for Unit Subscription Agreement]

 

 

8

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