Document:

Exhibit
10.47

 

Contract
Number:

 

 

 

State
Power Investment Corporation Guizhou

 Jinyuan Weining Energy Co., Ltd.

 

versus

 

 

Jiangsu
Hongci New Energy Co., Ltd.

 

on

 

 

 

 

 

 

 

 

Qianxi
Nanzhou Yilong Zhonghong Green Energy Co., Ltd

 

70% equity
transfer 

agreement

 

 

 

 

 

 

 

 

 

     

     

    

 

● Qianxi,
Guizhou South

 

2020 / 3 

 

	Article 1	Definition 	3
	Article 2	Underlying Equity	4
	Article 3 	Consideration and Payment of Equity Transfer 	4
	Article 4	Delivery of the Underlying Equity	4
	Article 5	Management of the Transition Period	5
	Article 6	Period Profit and Loss	6
	Article 7	Statements, Undertakings and Guarantees 	6
	Article 8	Special Matters 	9
	Article 9 	Confidentiality 	10
	Article 10 	Force Majeure	10
	Article 11 	Taxes and Fees 	11
	Article XII 	breach of contract 	11
	Article 13	Entry into force of the agreement	12
	Article 14	Changes and Dissolution of Agreements 	12
	Article 15 	Applicable law and dispute settlement 	12
	Article 16	Notification and Service	13
	Article 17 	Others 	14
	Annex I: 	Evaluation Report 	15
	Annex II: 	Audit Report	15
	Annex III: 	Confirmation of Delivery	16
	Annex IV: 	List of Transferred Materials	17
	Annex V: 	List of Contracts Signed and Unfulfilled	21

 

    1

     

    

 

This
agreement was signed by ( ), ( ), ( ), ( ) and ( ) on ( ):

Transferor:
Jiangsu Hongci New Energy Co., Ltd.

Unified
Social Credit Code: 91320115MA1NBUFG8M

Legal
representative: Rui Yun

Address:
Jiangning District of Nanjing integrity Avenue 885 No. integrity Building 1108-2 Room (Jiangning Development Zone)

 

Transferee: State
Power Investment Corporation Guizhou Jinyuan Weining Energy Co., Ltd.

Unified
social credit code: 91520526308821665K

Legal
representative: Zheng Fasong

Address:
Weishuang Avenue, Caohai Town, Weining Yi and Hui Autonomous County, Bijie City, Guizhou Province

 

Given:

 

1.
Southwest Guizhou Yilong Zhonghong Green Energy Co., Ltd. (hereinafter referred to as the “target company”) is a limited
liability company legally and effectively established and maintained in accordance with Chinese law. It has independent legal
personality and unified social credit code: 91522320MA6GX6GR1R, registered capital: 100 million, paid 72.6812 million.

 

2. As
of the signing date of this agreement, the transferor holds 100% equity of the target company.

 

3. The
transferor intends to transfer the 70 % equity of the target company it holds to the transferee, and
the transferee intends to transfer the equity.

 

4. National
Electric Energy Investment Group Co., Ltd. Weining, Guizhou Jinyuan employ Shine Wing Certified Public Accountants has audited
qualified ( special general partner ) to 201 9 /12 /31  as the Valuation benchmark
date, the target company has financial audit And issued the Audit Report ( XYZH / 2020CCA30001 ).

 

5. National
Electric Energy Investment Group Co., Ltd. Weining, Guizhou Jinyuan hire in Beijing with China Assets Appraisal Co., Ltd. has
qualified to assess 201 9/12 /31 day as the Valuation benchmark date, shareholders’ equity has been to assess
the value of the target company. And issued the “Assessment Report” (Zhongtong Huaping Baozi 20 20 No. 060 033 ) ,
and the “Assessment Report” has been filed in the State Power Investment Group Co., Ltd.

 

To
this end, in accordance with the provisions of the “Company Law of the People’s Republic of China”, “Contract Law
of the People’s Republic of China” and other relevant laws and regulations, in accordance with the principles of equality,
mutual benefit, and friendly negotiation, the transferor and the transferee have reached the following matters regarding the transfer
of equity. Agreement to keep the same.

 

    2

     

    

 

First
definition

 

1.1 Unless
otherwise agreed in this agreement, the following words are expressed as follows:

 

	Transferee	The
    party intending to receive the target equity: SPIC Group Guizhou Jinyuan Weining Energy Co., Ltd.
	Transferor	The
        party intending to transfer the target equity: Jiangsu Hongci New Energy Co., Ltd.

         

	target
    company	The
    company held by the transferor: Southwest Guizhou Yilong Zhonghong Green Energy Co., Ltd.
	both
    sides	Collective
    name of transferor and transferee
	Party	Either
    the assignor or the assignee
	Underlying
    equity	70 % equity held
    by the transferor for delivery to the transferee’s target company
	The
    equity transfer	The
    transferee transfers the 70 % equity of the target company it holds to the transferee
	Power
    generation revenue	The
    entire revenue of the target company through the power generation business
	Feasibility
    Study Report	Entrusted Beijing
    Qianhua Technology Development Co., Ltd. to prepare a feasibility study report reviewed and approved by CPIC Power Engineering
    Co., Ltd. (CPIC Engineering Letter [ 2019 ] No. 79 )
	Feed-in
    tariff	Refers
    to the project implementation on-grid price of 0.4587 yuan / kWh
	Valuation
    benchmark date	Date
    of transfer of shares based on the shareholders’ equity of the target company to evaluate determined: 2019/12/31
	“Audit
    Report”	Refers
    to the “Audit Report” ( XYZH / 2020CCA30001 ) issued by a qualified Shin Wing Certified
    Public Accountants ( special general partnership ) after auditing the financial status of the target company
	“wealth
    assessment report”	Refers
    to the “asset appraisal report” issued by Beijing Zhongtonghua Asset Appraisal Co., Ltd. that has the qualifications
    for evaluation and has been filed by SPIC ( Zhongtong Huabao Baozi 20 20 No. 060 033 )
	this
    agreement	Agreement
    between the transferor and the transferee on the transfer of the underlying equity
	Settlement
    day	The
    date on which the transferor and transferee complete the industrial and commercial change registration procedures for the
    transfer of the underlying equity
	Transition
    period	Period
    from the benchmark date to the completion date
	seal	Target
    company’s official seal, contract seal, financial seal and electronic seals, keys, other seals, etc. used in production and
    operation
	License	All
    valid establishment documents, qualification / qualification documents, licenses or documents, property ownership
    certificates, various government approvals, etc. of the target company
	Archives	Archives
    of the target company, including, but not limited to, archives of finance, labor and personnel, production, quality, marketing,
    procurement, engineering construction, contract management, etc.
	Laws
    and regulations	China’s
    current laws, regulations, rules or other legally binding regulatory documents, including amendments, amendments, supplements,
    interpretations or reformulations from time to time
	Burden
    of rights	Any
    type of mortgage, pledge, lien, security interest, priority, option, retention of title, in any form, to ensure, obtain, or
    achieve the effect (or purpose) that limits the use, disposal, or transfer of an asset or right , Trust arrangements or other
    circumstances
	Right
    restriction	An
    asset or right cannot be exercised or cannot be fully exercised due to compulsory measures, decisions, rulings, judgments,
    etc. of a state agency or government department, or an illegal act or breach of contract of the assignor, the target company,
    or a contract or agreement Any related rights
	Taxes	Expenses
    such as taxes, surcharges, surcharges, administrative fees, and handling fees that should be paid to state agencies, government
    departments, or enterprises and institutions as a result of this equity transfer
	loss	Related
    direct and indirect economic losses involved in this agreement
	day	Nature
    day
	Working
    day	Legal
    working hours in China except Saturdays, Sundays, and national holidays
	yuan	Yuan

 

    3

     

    

 

Article
2 Subject Equity

 

2.1 Both
parties agree that the target equity of the equity transfer is 70 % of the target company’s equity held
by the transferor.

 

2.2
The transferor agrees to transfer the 70 % equity of the target company it holds to the transferee
in accordance with the agreement, and the transferee agrees to transfer such equity in accordance with the agreement.

 

Article
3 Consideration and Payment of Equity Transfer

 

3.1 Consideration
of Equity Transfer

 

Both
sides agree the appraisal price of the target is RMB 72.6812 million, and the consideration of the target equity is RMB 50.8768
million (RMB 72.6812 million × 70% = RMB 50.8768 million).

 

3.2 Payment
of consideration for equity transfer:

 

3.2.1 Both
parties agree that the consideration for the equity transfer shall be paid in the following ways:

 

3.2.1.1
The equity transfer agreement is signed and takes effect 10 working days after the delivery date, the transferee pays the transferor
50% of consideration for the equity transfer. After the equity transfer is completed, the target company shall pay the project
funds in accordance with the EPC project general contract.

 

3.2.1.2
The remaining of consideration will be paid 10 working days after Asset Appraisal Report is approved by SPIC.

 

3.2.2
The transferee may pay the transferor the consideration for the equity transfer by bank transfer, bank remittance, check
or other method agreed by the parties.

 

3.2.3 The
bank account information designated by the transferor to receive the consideration for the equity transfer and other payments
under this agreement is as follows:

 

Account
Name: Jiangsu Hongci New Energy Co., Ltd.

 

Account
Number: 125907840510601

 

Bank: China
Merchants Bank Nanjing Jiangning Science Park Sub-branch

 

Article
4 Delivery of the Underlying Equity

 

4.1 Equity
Delivery

 

The
Parties agree that the entry into force of this Agreement 10 working days to complete the transfer of shares of the underlying
industry and commerce registration changes, including modifying the register of shareholders of record, related to the completion
of the equity transfer of ownership change, directors, supervisors and senior management changes The change of company’s articles
of association and other industrial and commercial change registration (recording) formalities and obtained the notice of approval
of change of registration and new business license issued by the industrial and commercial registration authority with jurisdiction
over this equity transfer.

 

4.2 Prior
to the settlement of the equity, the transferee organizes a third party to conduct a special audit of the target company to confirm
the target company’s claims and debts.

 

4.3 Transfer
of Management Power

 

Within 10 working
days from the delivery date, the transferor shall transfer the management right of the target company to the transferee (or
the person designated by the transferee) at the place of residence of the target company, and transfer the seal, certificate,
assets (Details of the assets can be found in the “Assessment Report” in Annex I to this agreement). The transferor
and the transferee shall count and inspect the transferred seals, licenses, and assets. After the transferee confirms that it
is correct and does not object, the transferor and the transferee shall jointly sign a delivery confirmation (Annex III).

 

4.4 Project
Data Transfer

 

The
transferor will transfer all the relevant materials of the project to the transferee within 10 working days from
the delivery date (Annex IV of the data list).

 

4.5 transferee
shall be given the necessary cooperation and signed the legal documents necessary to the change of business such as delivery of
the underlying shares of the target company incurred in respect of the equity transfer and related matters.

 

    4

     

    

 

Article
5 Management during the transition period

 

5.1 Transition
period

 

Both
parties confirmed that the period from the benchmark date to the settlement date is a transition period.

 

5.2 Transition
Management

 

5.2.1
During the transition period, the transferor shall ensure the legal and effective continuous ownership of the target equity,
ensure that the ownership of the target equity is clear, there is no ownership dispute or potential dispute, and there is no right
burden or limitation of rights.

 

5.2.2
During the transition period, the transferor shall manage the target company and its assets with the attention and obligation
of a good manager to ensure that the target company and its assets do not undergo major adverse changes; at the same time, ensure
that the target company is legal and effective, and that production and operations do not occur Significant unfavorable changes,
there is no situation that reduces the sustainable profitability.

 

5.2.3
During the transition period, the transferor shall exercise the shareholders’ rights of the target company with care, diligence
and good faith; if there are matters that require shareholders to make decisions, they shall be subject to the prior written consent
of the transferor.

 

5.2.4
During the transition period, the transferor shall ensure and urge the directors, supervisors, and senior management
of the target company to perform their duties faithfully, diligently and prudently, and safeguard the interests of the target
company.

 

5.2.5
During the transition period, without the prior written consent of the transferee, the transferor shall ensure that the target
company does not:

 

5.2.5.1 to
change and adjust it before signing this agreement both business mode type, product mix and product or service, and make
substantive changes to the existing business, or suspend (or terminate) the existing main business;

 

5.2.5.2 Increase
or decrease the registered capital, or adjust the equity structure, or arrange (or implement) the dissolution or reorganization
of the company;

 

5.2.5.3 Issue
bonds, convertible bonds, subscribe for equity or create other rights that can be converted into equity, or grant or agree to
grant any right to acquire or subscribe for equity in the target company;

 

5.2.5.4
Make a profit distribution or other property distribution, or pass a resolution to distribute profit or other property distribution;

 

5.2.5.5 Asset
purchase, leasing, disposal and external equity investment or merger and acquisition with transaction amount exceeding 10,000
Yuan;

 

5.2.5.6 Provide
funds, assets or guarantees to third parties (including their shareholders or related parties);

 

5.2.5.7 Any
non-operating creditor’s rights or debts, or operating creditors’ debts with a single amount exceeding 10,000 Yuan;

 

5.2.5.8
Appointment and removal of directors, supervisors, senior management personnel or core technical personnel;

 

5.2.5.9 Revision
public Articles of Association;

 

5.2.5.10 adjust
employee compensation or benefits, or make adjustment arrangements;

 

5.2.5.11 engage
in any behavior that may cause its existing license, qualification to be changed or invalidated, invalidated, or revoked;

 

5.2.5.12 disposal
of the target company’s trademarks, patents, know-how, domain names, software and other intellectual property (collectively, “Intellectual
Property Rights”), or intellectual property settings on the right or the right to limit the burden appears, or any knowledge
Situations in which the value, legality, validity or integrity of the property rights cause (or may cause) adverse effects;

 

5.2.5.13 Any
other situation that adversely affects (or may cause) the value, legality, validity or right integrity of the target equity, or
any other situation that affects the target company or the assets, production and operation, and continuous profit of the
target company Situations in which capacity has caused (or may cause) adverse effects.

 

    5

     

    

 

Article
6 Period profit and loss

 

6.1
From the date of the project’s grid-connected power generation, the project’s power generation revenue will be owned by the project
company, and will be enjoyed by the shareholders of the project company in proportion to the paid-in capital of the project company
after the completion of industrial and commercial change registration procedures

 

Article
7 Statements, Undertakings and Guarantees

 

7.1 Transferor’s
Statement, Undertaking and Guarantee

 

The
transferor irrevocably declares, promises and guarantees the transferee as follows:

 

7.1.1
The transferor is an independent enterprise legal person established and validly existing in accordance with the law. It
has full power and capacity to enter into this agreement and exercise rights and perform obligations in accordance with this agreement.

 

7.1.2
The transferor has performed all necessary procedures and obtained all necessary authorizations for this equity transfer
and this agreement. After this agreement takes effect, it can constitute an effective and binding obligation on the transferor.

 

7.1.3
For this equity transfer, the information, materials and documents provided by the transfer to the transferee or the intermediary
agency hired by the transferee are true, accurate, complete, timely and valid, and the information, materials and documents
provided do not exist false records, misleading statements, or major omissions.

 

7.1.4 The
target equity held by the transferor is the legally acquired and held own property with legal and complete rights. The underlying
equity held by the transferor is clear, without disputes or potential disputes, and there is no entrustment or commission. holding
the case, unless they are the subject of project finance leasing of equity pledge to the China financial leasing Co., the
company and the national electric energy investment Group Co., Ltd. Weining, Guizhou Jinyuan, the other rights of any encumbrances
or restrictions.

 

7.1.5 The
other shareholders of the target company have agreed in writing to the transferor to transfer the target equity and expressly
waive the preemptive right to purchase the target equity; the transferor or the creditor of the target company or other rights
related parties have agreed to this share transfer.

 

7.1.6 The
signing and performance of this agreement will not violate the current valid organizational documents of the target company, or
any Chinese law, or a legally binding contract or agreement with the assignor and / or the target company
as a party, or The other party that leads to an agreement or contract that the target company has signed can claim the discharge
of its obligations or other claims.

 

7.1.7
The target company is a limited liability company established and validly existing in accordance with the law.
There is no violation of shareholders’ obligations and responsibilities such as false capital contribution, withdrawal of capital,
etc., and there is no situation that causes or may lead to the dissolution, liquidation or bankruptcy of the target company.

 

7.1.8
The previous equity changes of the target company are true and legal, and there are no actual or potential equity disputes
or disputes.

 

7.1.9 Target
Company has legal and effective access to the business and have all required approval, authorization, license or qualification,
could lead to the absence of any such approval, consent, authorization, permit or situation qualified failure.

 

7.1.10
The property rights of the target company are clear, and they are in good operating and operating conditions, which are sufficient
to meet the needs of the target company’s current business operations, and there are no rights burdens or restrictions such as
freezing and judicial seizure.

 

    6

     

    

 

7.1.11
The target company has no major illegal acts or contingent risks; after the completion of the equity transfer, the target
company was administratively penalized by any government agency or competent unit for any reason or reason before the completion
date of the transaction, or any other party If the claimant claims or claims against the target company due to events or reasons
before the completion date of the settlement, the assignor will bear all responsibilities and expenses and compensate the assignee
for the losses suffered.

 

7.1.12 The
trademarks, patents, proprietary technologies, domain names, copyrights, software and other intellectual property rights used
by the target company in its business processes are legally owned by the target company or have obtained legal and valid authorizations,
and there is no infringement of the legitimate rights and interests of others. The intellectual property owned by the target
company does not impose any rights burden or limit any rights.

 

7.1.13 Except
for the circumstances disclosed to the transferee, the target company has not violated China’s current laws, regulations and regulatory
documents, and has not been subject to any administrative penalty decision or court or arbitration agency decision that has a
significant adverse effect on its production and operation. It was ruled that there were no contingencies or potential risks that
could lead to litigation, arbitration, administrative penalties or claims.

 

7.1.14
The target company does not have any major illegal acts in terms of labor. If the target company has a dispute, labor arbitration,
litigation, or other dispute with the employee due to the date before the completion of the settlement, the transferor will
bear all the liabilities and costs and compensate the losses suffered by the transferee.

 

7.1.15 The
tax types and rates implemented by the target company are in compliance with laws and regulations, and all taxes are paid or withheld
on time and in full. There are no violations of tax laws and regulations, and they do not exist with the tax authorities or potentially
Disputes or disputes.

 

7.1.16 There
are no transactions or contracts or agreements that infringe (or may infringe) the interests of the target company between the
transferor and its directors, supervisors and senior management personnel or the directors, supervisors and senior management
personnel of the target company and the target company.

 

7.1.17
After the signing of this agreement, neither the transferor nor the directors, supervisors and senior management of the target
company recommend any actions that cause (or may cause) the target company to bear adverse consequences such as economic loss,
goodwill or credit depreciation And do not make statements that cause (or may cause) the above consequences.

 

7.1.18 If
the transferor violates the promises, guarantees or their statements under this agreement are not true, the transferor will bear
all liabilities and costs and compensate the transferee for the losses suffered.

 

7.1.19 Any
agreement, contract and legal document of the target company as a party to the agreement is legal and valid. The target company
and its counterparties have duly performed their obligations under the agreements, contracts and legal documents as a party to
the agreement in accordance with laws and contracts, and there is no breach of contract that would cause significant adverse effects.

 

7.1.20
The transferor promises that, as of the date of delivery, the target company’s external guarantees are as follows: [No guarantee
other than the guarantee measures such as the mortgage provided for the project financial lease];

 

Transferor
commitment, as of the Closing Date, the Target Company has signed a contract completed yet performed as follows: [already signed set
list of Annex V of the contract is completed not fulfilled];

 

The
transferor undertakes that, as of the settlement date, there has been no litigation, arbitration, administrative penalty or claim
for the target company;

 

Except
for the above, the target company does not have other debts or contingent liabilities (including but not limited to pending litigation,
payables, contingent litigation, arbitration, administrative penalties, third-party claims, guarantees, Tax burden, etc.) and
failure to complete the contract, and there are no other situations that adversely affect the target company. At any time,
if the target company has other undisclosed debts or contingent liabilities (including but not limited to pending litigation,
payables, contingent litigation, arbitration, administrative penalties, third party claims, guarantees, tax burdens, etc.) If
contingencies, adverse effects, etc. cause losses to the target company and / or the transferee, the
transferor shall bear all relevant debts immediately and bear full compensation for the losses (including attorneys’ fees, litigation
fees). The transferee has the right to require the transferor to bear the aforementioned costs and losses.

 

    7

     

    

 

7.1.21 Each
of the foregoing statements and warranties shall be deemed to be separate statements and warranties (unless expressly provided
to the contrary in this Agreement), and each of the foregoing statements and warranties shall not be relied upon or referred to
any other statements and warranties Or any other clause of this agreement. Any and all of the foregoing statements and warranties
shall be deemed to be reaffirmed (if applicable) on the Closing Date.

 

7.1.22 If
the target company’s change of business and paid-up capital after the injection is completed, due to the transferor causes in
Yilong 70,000 kW agricultural photovoltaic power plant projects exist in a material impact or potential
risks of major issues (including but not limited to project The company’s undisclosed external guarantees, lawsuits, false assets,
administrative penalties, significant business risks, etc.), the transferor must cooperate with the transferee to perform the
state-owned asset transfer procedures, and the transferor unconditionally repurchases the equity of the target company held by
the transferee, and bear the direct losses to the transferee caused by the project company’s administrative penalties and performance
of related compensation obligations.

 

7.2 Transferee’s
statement, promise and guarantee:

 

7.2.1 This
agreement is established for an independent corporate legal person established and effectively existing in accordance with
the law, with full power and capacity, and exercise rights and perform obligations in accordance with this agreement.

 

7.2.2
The transferee has performed all necessary procedures and obtained all necessary authorizations for this equity
transfer and this agreement. After this agreement takes effect, it can constitute an effective and binding obligation to the transferee.

 

7.2.3
The transferee does not have any legal obstacles to the transfer of the target equity in accordance with this agreement.

 

7.2.4
The transferee has the ability to pay the target equity consideration and will pay the target equity consideration as agreed.

 

7.2.5 The
amount used by the transferee to pay the target equity consideration is its legal asset, and it has sufficient funds to pay the
equity transfer price mentioned in this agreement in a timely manner.

 

7.2.6
The transferee guarantees that it will actively handle the relevant approval, registration (or filing) and other related
formalities involved in the equity transfer, or cooperate with the handling of these formalities.

 

7.2.7
The transferee undertakes to abide by and honor the corresponding obligations and responsibilities related to the transfer
and transitional arrangements of this agreement in good faith.

 

    8

     

    

 

Article
8 Special Matters

 

8.1 Staffing

 

This
equity transfer does not involve personnel placement, and the target company has not signed a labor contract with any employees. The
follow-up expenses incurred due to employee injuries and occupational diseases incurred before the date of completion of the equity
transfer shall be borne by the transferor.

 

In
the case of personnel resettlement, the transferor and the target company should obtain the written consent of the transferee
in advance, and perform corresponding procedures in accordance with relevant laws and regulations such as the Labor Contract Law
of the People’s Republic of China and the Labor Law of the People’s Republic of China to pay the economy. Compensation and other
related expenses are deducted from the balance of the total transaction price.

 

8.2 Debt
and debt processing

 

This
equity transfer does not involve changes to the creditor’s rights and debts of the target company. After the delivery of the target
equity, the target company should continue to enjoy or bear its creditor’s rights and debts, and perform its signed contracts
or agreements.

 

8.3 Target
company organization

 

After completing
the stock transfer, an organizational structure shall be established in accordance with the articles of association of the company.

 

8.4 Conditions
for exit of the transferor’s remaining shares

 

8.4.1
The operation indicators of the project reach the design indicators specified in the feasibility study report of the project
that have been reviewed by both parties.

 

8.4.2 All
legal compliance procedures required for the project have been completed. (For details, please see the attachment to the
procedure list in the cooperation agreement)

 

8.4.3 Post-assessment
of the M & A target project has been completed.

 

8.4.4 In
the “project cooperation agreement” and “Equity Transfer Agreement” the parties about a given matter
have been completed.

 

 8.4.5
If the transferor transfers 30% of the target company’s equity, the transferee shall, after performing the evaluation procedure
in accordance with the relevant provisions of State Power Investment Corporation, sign an equity acquisition agreement with specific
matters on the basis of the evaluation price recognized by both parties, but the purchase price shall not be higher than the paid
in capital principal of the transferor, and the relevant taxes for equity transfer shall be borne by both parties. When the transferor
transfers the equity of the target company, it shall notify the transferee in writing 3 months in advance.

 

    9

     

    

 

Article
9 Confidentiality

 

9.1
Both parties agree that after the signing of this Agreement, neither party shall not use confidential information for purposes
other than for the performance of this Agreement, the equity transfer shall not need to know the directors, supervisors, managers,
confidential information to any third party (any party (Except for intermediaries and their agents) or the public to disclose
or provide any confidential information, except for disclosures required by laws, regulations and regulatory documents.

 

9.2 “Confidential
Information” means the other party’s trade secrets or other information that has been directly or indirectly known to the
other party, or has taken reasonable confidentiality measures, this agreement (or any agreement or document signed under this
agreement) and its contents, and other information related to this time Information about equity transfer that has not been legally
disclosed.

 

9.3
When the two parties publicly disclosed the equity transfer, they adopted a unified uniform after negotiation to ensure that
the goodwill of the parties is not damaged. Without the consent of the other party, neither party may publish comments and texts
related to the equity transfer.

 

9.4 Either
party may disclose confidential information under the following circumstances, but it shall notify the other party in writing
within 3 working days before the information is disclosed:

 

9.4.1 Such
disclosures are required by law or for the purpose of any judicial proceeding;

 

9.4.2 Such
disclosures are at the request of the relevant supervisory authority or a government agency with jurisdiction over them;

 

9.4.3 Base
on strict confidentiality, disclose such information to professional consultants, lawyers, auditors or their affiliates
that legally need to know such information and agree to accept the restrictions in this paragraph ;

 

9.4.4 One
party has obtained the other party’s prior written consent for the disclosure.

 

9.5
After the termination or cancellation of this agreement, this clause is still valid and is not limited by time.

 

Article
10 Force Majeure

 

10.1 Force
majeure means any event that is unforeseeable, unavoidable, uncontrollable at the time of signing this agreement and occurs after
the signing of this agreement, and which directly results in the failure of either party to partially or fully perform this agreement,
including but not limited to floods, landslides , Natural disasters such as earthquakes, typhoons, or accidents such as fires
and explosions caused by intentional (or negligent) actions by non-parties, or accidents such as plagues, wars, riots, riots,
strikes, martial law, or laws, regulations, or regulatory documents Substantial changes occurred that prevented this equity transfer
from being actually completed.

 

10.2 Any party’s
delay in performance or failure to perform its obligations under this Agreement due to force majeure and its own fault will not
be considered a breach of contract, but shall take all necessary remedial measures to reduce losses caused by force majeure, as
conditions permit.

 

10.3 The
party facing force majeure shall notify the other party in writing of the event as soon as possible, and submit
a report to the other party on the reasons for the delay or failure to perform the obligations of this agreement within 15 days after
the event.

 

    10

     

    

 

Article
11 Taxes

 

11.1 Relevant
taxes and fees payable by both parties for signing or performing this agreement shall be borne by both parties in accordance with
the law; and shall be paid by the legal taxpayer or withholding agent.

 

11.2 Any
expenses occurs due to agency service or travel expenses will be paid by the responsible party.

 

Article
12 Liability for breach of contract

 

12.1 Any
party’s violation of any clause of this agreement (including but not limited to the party’s agreement or statement, guarantee
and commitment clause) constitutes a breach of contract; if any party breaches the contract, it shall bear the liability for breach
of contract and shall compensate the other party for its breach all losses caused.

 

12.2
The transferor shall be deemed to be in breach of the contract and bear corresponding liabilities if the following events
occur:

 

12.2.1
The transferor fails to perform and / or fails to perform its obligations under this agreement as agreed in the
agreement;

 

12.2.2
The transferor’s statements, representations, commitments, guarantees or related documents, materials or information made
in this agreement or documents related to this agreement have been proved to be false, untrue, materially omitted or misleading;

 

12.2.3 As
a result of other acts or omissions of the assignor, the rights that the other parties shall obtain under this agreement are invalid,
revocable or incomplete.

 

12.3
The transferee is deemed to be in breach of the contract if:

 

12.3.1
The transferee fails to perform and / or fails to perform its obligations under this agreement as agreed in the
agreement;

 

12.3.2 The
statements, representations, commitments, guarantees or related documents, materials or information made by the transferee in
this agreement or documents related to this agreement have been proved to be false, untrue, materially omitted or misleading;

 

12.3.3 Due
to other acts or omissions of the transferee, the rights that the other parties should obtain under this agreement
are invalid, revocable or incomplete.

 

12.4
If any party breaches the contract, its liability under this agreement will not be relieved by the completion of
the settlement of the equity transfer, the settlement of the consideration or the termination of this agreement.

 

12.5
If any party breaches the contract, the party that keeps the contract has the right to demand that the party that breached
the contract assume responsibility for breach of contract.

 

    11

     

    

 

Article
13 The Agreement Comes into Effect

 

13.1 This
Agreement shall become effective after it has been signed and sealed by both parties.

 

Article
14 Change and Dissolution of Agreement

 

14.1 Changes
or supplements to this agreement shall be agreed upon by both parties and a written change or supplemental agreement shall be
reached. Until the change or supplemental agreement is reached, this agreement will still be implemented.

 

14.2 Except
as otherwise provided in this Agreement, this Agreement may be terminated or cancelled as follows:

 

14.2.1 The
contractual party has the right to terminate this agreement due to the material breach of one of the parties by this party, which
makes it impossible to perform or achieve the contractual purpose of this agreement;

 

14.2.2
In the event of force majeure as stipulated in this agreement, which makes it impossible to perform this agreement, both
parties may negotiate to terminate this agreement.

 

14.2.3 One
party’s inability to perform due to bankruptcy, dissolution, or cancellation according to law makes the purpose of this agreement
impossible, and the other party has the right to unilaterally terminate this agreement.

 

14.3
During the transition period, if the transferee discovers that the transferor, the target company and its related parties
have significant undisclosed matters, or did not disclose significant foreseeable risks and illegal and illegal behaviors, resulting
in the target company’s inability to continue normal operations or continue operations will result in If the transferee or
the target company suffers a large economic loss, or it is expected that the equity transfer cannot be approved by the state-owned
assets regulatory authority, the transferee has the right to unilaterally terminate this agreement and terminate the equity transfer,
or hold the transferor responsible , Require the transferor to bear the liability for breach of contract in accordance
with 20% of the transfer price of this agreement , and assume joint and several liability for external liabilities
and contingent liabilities, and have the right to request the transferor to compensate including, but not limited to, the services
of the intermediary agency in preparation for this equity transfer Economic losses such as expenses, travel expenses, etc.

 

14.4
During the transition period , if the transferor finds that the transferee and its affiliates have significant undisclosed
matters, or did not disclose significant foreseeability risks, and violations of laws and regulations, which prevent the expected
transfer of this equity transfer from obtaining approval from the state-owned asset supervision department, The transferor has
the right to unilaterally terminate this agreement and terminate the equity transfer, or to hold the transferee responsible, and
requires the transferee to assume liability for breach of contract in accordance with 20% of the transfer
price of this agreement and assume joint and several liability for external liabilities and contingent liabilities And has
the right to claim the transferee to compensate for economic losses including, but not limited to, intermediary agency service
fees and travel expenses incurred in planning this equity transfer.

 

14.
The 5 termination of this agreement, breach of the terms of the dispute resolution provisions, confidentiality provisions
and other provisions of the law remain valid and effective.

 

Article
15 Applicable Law and Settlement of Disputes

 

15.1 This
Agreement shall be governed by and construed in accordance with Chinese law.

 

15.2 Disputes
arising out of or related to this agreement shall be settled through friendly negotiation between the two parties. If the
negotiation fails, either party may sue in the people’s court in the jurisdiction where the target company is
located. Notices and service items arising from litigation shall be implemented in accordance with the relevant
provisions of Article 16 of this Agreement.

 

15.3 During
the dispute resolution period, the terms of the agreement that are not involved in the dispute shall still be fulfilled.

 

    12

     

    

 

Article
16 Notification and Service

 

16.1 Notification

 

Documents
such as notices, letters, etc. (collectively referred to as “Notices”) sent by any party to other parties shall be written
in Chinese and sent to the other party’s address by hand-delivered, registered mail or express mail:

 

Transferor: Jiangsu
Hongci New Energy Co., Ltd.

 

Address:
Room 1108-2, 885, Integrity Avenue, Jiangning District 

 

Post Code: 211100 

 

Attention:
Ding Chunhao

 

Phone: 17811863898

 

Email: d anielding@solarmaxtech.com.cn

 

Transferee: State
Power Investment Corporation Guizhou Jinyuan Weining Energy Co., Ltd.

 

The Address : Weishuang
Avenue, Caohai Town, Weining County, Bi-Jie City, Guizhou Province

 

Post Code: 550081 

 

Attention:
Li Dan

 

Phone: 15185126986

 

Email: 3114949405@qq.com

 

16.2 Delivery

 

To
notice delivered personally issued the same day hand delivery is deemed to be served (should have evidence of third-party
served); notification sent by registered mail, the postmark date on which the notice indicated the delivery date of service; sent
by courier The notice shall be delivered by a courier service agency qualified for courier service, and the date marked on the
courier service agency’s receipt shall be deemed to be the date of service of the notice.

 

16.3
If any party changes its address or contact person, it shall promptly send a notice to the other party in the above manner.
Before the other party receives the above notice of change, the notice delivered at the address described in Article
16 ( 1 ) of this agreement shall be deemed to have been service.

 

    13

     

    

 

Article
17 Miscellaneous

 

17.1 The
annex to this agreement is an integral part of this agreement and shall be interpreted as a whole text. The annex to this agreement
is as follows:

 

Annex
I: Evaluation Report

 

Annex
II: Audit Report

 

Annex
III: Confirmation of Delivery

 

Annex
IV: List of Transferred Materials

 

Annex
V: List of Contracts Signed and Unfulfilled

 

17.2 The
matters not covered in this agreement, the two parties can sign a supplementary agreement after negotiation.

 

17.3 Failure
to exercise or postpone the exercise of any right or remedy under this Agreement shall not constitute a waiver of any right or
remedy under this Agreement. The exercise of any rights or remedies under this Agreement, alone or in part, does not affect
the further exercise of those rights or remedies or any other rights or remedies.

 

17.4 If
any provision of this Agreement is wholly or partly invalid, the validity of the other provisions of this Agreement shall not
be affected as a result. In this case, the parties shall to the extent possible in order to effectively comply with the terms
of this Agreement, the spirit and purpose of replacing the ineffective strip models.

 

17.5 This
agreement is in duplicate, the transferor holds three copies, and the transferee holds three copies. The rest are used for approval,
filing, and archiving of the target company. Each copy has the same legal effect.

 

(There
is no text below, followed by the signing page.)

 

    14

     

    

 

(No
text of this page as the National Electric Energy Investment Group Co., Weining, Guizhou Jinyuan Company and Jiangsu
Honci New Energy Co., Ltd. on “Qianxinan Yilong Zhonghong Green Energy Limited 70 % equity transfer agreement,”
sign-off page)

 

Transferor (seal)

 

Legal
representative:

 

Authorized
Representative:

 

_________ Year ______ month ______ day

 

Transferee
(seal)

 

Legal
representative :

 

Authorized
Representative:

 

_________ Year ______ month ______ day

 

Annex
I:

 

 

Evaluation
Report (omitted)

Annex
II:

 

 

“Audit
Report” (omitted)

  

    15

     

    

 

Annex
III:

 

Delivery
confirmation

 

	Hand
    over content	Number
    of copies transferred	Transition
	Business
    license ( original copy )	2	 
	Organization
    code certificate	None	 
	Tax
    registration certificate	None	 
	Official
    seal	1	 
	Corporate legal Indian chapter
    (including financial seal Original )	1	 
	Online
    banking payment UK	Full
    set	 
	Chapter
    contract	1	 
	Financial
    chapter	1	 
	Invoice
    stamp	 1	 
	Department
    Chapter	none	 

  

		Transferee	(signature / seal): Recipient
		(signature / seal):	 

 

Time: Time:         

 

    16

     

    

 

Annex
IV:

 

List
of handed over information (not limited to this)

 

	Number	Profile
    name	Quantity	Note
	1	Project
    Investment Development Agreement	 	Framework
    Agreement for Investment and Development of Agricultural Comprehensive Poverty Alleviation Photovoltaic Development Project
    in Yilong New District ( Yilong New District Management Committee )
	2	Project
    filing documents	 	1.   Notice
        of Provincial Energy Bureau on the Recording of Xinqiao Agricultural Photovoltaic Power Station Project in Yilong New
        District (Qiang Energy Examination [2019] No. 105 )

         

        2.   Notice
        of the Provincial Energy Bureau on agreeing to adjust the project name (with the same meaning, the name of Xinqiao
        Phase II Agricultural Photovoltaic Project was adjusted to Yilong New District Xinqiao 70MWp Agricultural Photovoltaic
        Power Station)

	3	Feasibility
    study report and review opinion	 	1.   Feasibility
        Study Report of Xinqiao 70MWp Agricultural Photovoltaic Power Plant Project in Yilong New District

         

        2.   Letter
        on Review Opinions of Feasibility Study Report for 70MWp Agricultural Photovoltaic Power Station in Xinqiao,
        Yilong New District (China Power Investment Engineering Letter [ 2019 ] No. 79 )

	4	Light
    resource assessment report and review opinions	 	1.   Light
        Resource Assessment Report

         

        2.   Review
        opinion

	5	Access
system report and review opinion
	 	1.   Agreement
        on Intent to Connect to Guizhou Power Grid Power Plant (Guizhou Power Grid Corporation ( Y-607 )

         

        2.
          Design of Project Access System ( Closed Version) of Zhonghong Agricultural Photovoltaic Power
        Station ( 1x70MWp ) in Xinqiao, Yilong New District, Qianxinan Prefecture

         

        3.   Guizhou
        Power Grid Corporation Limited on Southwest Guizhou Province Yilong New photovoltaic power plant in Hong 70MWp comments
        engineering access system design review (Guizhou electric letter [2019] 128 number)

 

    17

     

    

 

	Number	Profile
    name	Quantity	Note
	6	Submit
    project approval documents	 	Approval
    of the Development and Reform Commission of Qianxinan Prefecture on the approval of
    the 110kV transmission line project of Xinqiao Agricultural Photovoltaic Power Station in Yilong New
    District ( Zhoufa Kaifa [ 2019 ] No. 266 )
	7	Pre-examination
    documents and approval documents	 	1.   Opinions
        on the planning review of the pre-examination of land for the 70MWp agricultural photovoltaic power station
        project in Xinqiao, Yilong New District (Yi Zizi Zi [2019] No. 32 )

         

        2.   State
        Natural Resources Bureau’s pre-examination and approval of project land use

         

        3.   Opinions
        of Anlong County Natural Resources Bureau on preliminary review of land use for 110KV transmission line
        project of Xinqiao Agricultural Photovoltaic Power Station (Anlong Natural Resources ( 2019 ) )

         

        4.   Department
        of Natural Resources Bureau of Agricultural on Yilong photovoltaic power plant 110KV sending line pre-application
        project site Reply (state-owned natural approval letter ( 2019 ))

         

        5.   The
        110KV transmission line project uses land to modify the overall plan for land use

	8	EIA
    approval (recording) documents	 	1.   EIA
        Report

         

        2.   Ecological
        Environment Agency on Qianxinan Xinqiao 70MWp (state ring core agricultural photovoltaic power plant project
        environmental impact assessment report approved views of Table [2019] 63 number)

	9	Soil
    and water conservation plan and approval document	 	1.   Soil
        and water conservation program

         

        2.   Approval
        document

 

    18

     

    

 

	Number	Profile
    name	Quantity	Note
	10	Project
    planning site selection document	 	1.   Pre-examination
        Opinions on the Land for the 70MWp Agricultural Photovoltaic Power Plant Construction Project in Yilong
        New Bridge, Yilong New District (Yilong Guotu Han [ 2018 ] No. 18 )

         

        2.   Opinions
        on the Proposed Site Selection of Xinqiao 70MWp Agricultural Photovoltaic Power Station in Yilong
        New District ( Yiguijiaojianzi [ 2018 ] No. 4 )

         

        3.   Approval
        regarding the site selection of Xinqiao 70Mwp agricultural photovoltaic power station in Yilong
        New District that does not conflict with, overlap with, and has no ground cultural relics protection unit in the
        tourism planning area ( Social Affairs Bureau of Yilong New District )

         

        4.   Proof
        of land for the project (Agriculture, Forestry, Water and Immigration Bureau of Yilong New District)

         

        5.
          Reply on Request for Opinions on the Site Selection of the 70MWp Agricultural Photovoltaic Power Station in
        Xinqiao, Yilong New District (Yilong Branch of Qianxi Southwest Ecological Environment Bureau)

         

        6.   Status
        quo of Yilong Xinqiao 70MWP power station booster station

         

        7.   Planning
        diagram of Yilong Xinqiao 70MWP power station

	11	Construction
    land planning permit	 	 
	12	Approval
    opinions on occupation of forest land	 	1.
                                                                                                                                                                         Report of Qianxinan Prefecture Forestry Bureau on Review and Examination Opinions on the Use of
                                                                                                                                                                       Forest Land Materials in Xinqiao 70MWp Agricultural Photovoltaic Power Plant Project in Yilong
                                                                                                                                                                       New District ( Zhoulincheng [2019] No.211 )

         

        2.   Provincial
        Forestry Bureau’s Reply on Temporary Occupation of Forest Land in Xinqiao 70MW Agricultural Photovoltaic
        Power Plant Project (Qianlin Xu Zhun [2019] No.142 )

	13	Overlay
    mineral resource assessment report and review opinions (including data transfer certificate)	 	 

 

    19

     

    

 

	Number	Profile
    name	Quantity	Note
	14	Address
    disaster risk assessment report and review opinions	 	Geological
    Hazard Assessment Report for Construction Land of Yilong Project (Level I Assessment)
	15	Safety
    assessment report and review approval	 	Safety
    pre-evaluation report (for filing) and review opinions
	16	Power
    engineering quality supervision and acceptance report	 	 
	17	Social
    stability assessment report and record approval	 	 
	18	Survey
    and design information	 	1.   Geotechnical
        Investigation Report of Xinqiao Project in Yilong New District (Detailed Investigation Stage)

         

        2.   Geotechnical
        Engineering Investigation Report of Yiqiao New District Xinqiao Project Booster Station (Detailed Investigation Stage)

         

        3.   Construction
        drawings ( 3 sets of paper , 1 set of electronic version )

         

        4.   Completion
        plan ( 3 sets of paper, 1 set of electronic version )

         

        5.   
        1 No. Lot topographic map ( CAD electronic files )

         

        6.
          2 No. Lot topographic map ( CAD electronic files )

	19	EIA
    acceptance report and approval	 	 
	20	Water
    conservation acceptance report and approval	 	 
	twenty
    one	Agricultural
    feasibility study report	 	 
	twenty
    two	Land
    acquisition (rental) map	 	Reports
    and maps of the geological survey of the project; plots of land acquisition mounds, etc.
	twenty
    three	Power
    generation business license	 	 
	twenty
    four	Assets
    (see assessment report for details)	 	See
    the assessment report for details
	25	Engineering
    settlement information	1	 
	26	Project
    Completion Information	 	 

 

 

    20

     

    

 

Annex
V:

 

List
of signed contracts that have not been fulfilled

 

	Number	contract
    title	Counterparty	Contract
    amount (ten thousand yuan)	Status
	1	Commercial
    part of engineering contract of Xinqiao 70MWp agricultural photovoltaic power station project in Yilong
    New District ( SMX-JSZH-2019-034 )	Jiangsu
    Zhonghong Photovoltaic Engineering Technology Co., Ltd.	28700	Under
    contract
	2	Technical
    part of engineering contract of 70MWp agricultural photovoltaic power plant project in Xinqiao, Yilong New
    District	Jiangsu
    Zhonghong Photovoltaic Engineering Technology Co., Ltd.	 	Under
    contract
	3	Supplementary
    Agreement of Project Contract for 70MWp Agricultural Photovoltaic Power Station Project in Xinqiao, Yilong
    New District ( SMX-JSZH-2019-059 )	Jiangsu
    Zhonghong Photovoltaic Engineering Technology Co., Ltd.	Supplementary
    agreement to the contract ( SMX-JSZH-2019-034 ) price adjustment rounded to: 30732.65	Under
    contract
	4	Consulting
    Service Contract (Completion of Environmental Protection Acceptance) ( SMX-JSHC-2019-009 )	Qianxinan
    State Huake Testing Technology Co., Ltd.	6.5	Under
    contract
	5	Technical
    service contract (preparation and acceptance of water conservation plan ) ( SMX-JSHC-2019-013 )	Guizhou
    Qianqing Engineering Consulting Co., Ltd.	23	Under
    contract
	6	Contract
    for Construction Supervision of New Bridge Project in Yilong New District ( SMX-JSHC-2019-016 )	West
    Power Construction Co., Ltd.	59	Under
    contract
	7	Entrusted
    Management Contract for Project Construction of New Bridge Project in Yilong New District ( SMX-JSHC-2019-015 )	Yuanlong
    Real Estate Company	55	Under
    contract
	8	Yilong
    New District Xinqiao Project Photovoltaic Module Equipment Supervision Service Contract ( SMX-JSHC-2019-017 )	Complete
    company	21.7	Under
    contract
	9	Yilong
    New District Xinqiao Project Component Arrival Inspection and Installation Quality Inspection Contract ( SMX-JSHC-2019-018 )	Complete
    company	15.5	Under
    contract

 

    21

     

    

 

	Number	contract
    title	Counterparty	Contract
    amount (ten thousand yuan)	Status
	10	Procurement
    Contract of Yilong New District Xinqiao 70MWp Agricultural Photovoltaic Power Plant Project ( SMX-SHZZ-2019-028 )	Party
        A: Jiangsu Zhonghong Photovoltaic Engineering Technology Co., Ltd.

         

         

        Party
        B: Shanghai Zhongzhao Technology Development Co., Ltd.
	18488.035166	Under
    contract
	11	Financial
    lease contract and lease schedule ( HXZL-ZZ-2019167 )	Lessor:
    China Financial Leasing Co., Ltd.; tenant person: Southwest Guizhou Province Yilong in Hong Green Energy Co., Ltd.	21700	Under
    contract
	12	Equity
    pledge contract ( HXZL-ZZ-2019167-004 )	Pledgee:
    Huaxia Financial Leasing Co., Ltd.; Pledgor: Jiangsu Hongci New Energy Co., Ltd.	21700	Under
    contract
	13	Rights
    and Obligations Transfer Agreement ( HXZL-ZZ-2019167-006 )	Transferee:
    Huaxia Financial Leasing Co., Ltd.; Transferor: Qianlong Southwest Yilong Zhonghong Green Energy Co., Ltd.	21700	Under
    contract
	14	Electricity
    fee collection right and account receivables pledge agreement ( HXZL-ZZ-2019167-001 )	Party
    A / Pledgee: Huaxia Financial Leasing Co., Ltd.; Party B / Pledgor: Qianlong Southwest Yilong Zhonghong
    Green Energy Co., Ltd.	21700	Under
    contract

 

    22

     

    

 

	Number	contract
    title	Counterparty	Contract
    amount (ten thousand yuan)	Status
	15	Equity
    purchase repurchase agreement ( HXZL-ZZ-2019167-003 )	Party
    A (lessor) Huaxia Financial Leasing Co., Ltd.; Party B (repurchaser) State Power Investment Corporation Guizhou Jinyuan Weining
    Energy Co., Ltd.; Party C (lessee) Qianlong Southwest Yilong Zhonghong Green Energy Co., Ltd.	 	Under
    contract
	16	Land
    lease agreement for Xinqiao 70MWp agricultural photovoltaic power plant project in Yilong New
    District	People’s
    Government of Xinqiao Town, Anlong County, Yilong Zhonghong Green Energy Co., Ltd.	 	Under
    contract
	17	Solar
    photovoltaic power station land use agreement	Ake
    Villagers Committee, Xinqiao Town, Anlong County, Muke Villagers Committee, Xinqiao Town, Anlong County, Qiaolan Villagers
    Committee, Xinqiao Town, Anlong County	The
    land area is about 1800 acres. Collective wasteland 200 Yuan / mu per year (tax included),
    slope 600 Yuan / mu per year (tax included), a general agricultural land
    (flat) 800 Yuan / mu per year (tax included), paddy field 1000 Yuan / mu per year (
    Tax price included). (General agricultural land, paddy fields, and sloping fields are increased every five years, and the
    increment is 50 yuan / mu. Collective barren mountains are increased every five years, by 8% , and the
    base is 200 yuan)	Under
    contract
	18	Agreement
    on land acquisition for farmers in the land to be requisitioned (rented) (full set)	Farmers
    whose land has been requisitioned (rented)	 	 
	19	Agreement
    for Grid Connection of Xinqiao Agricultural Photovoltaic Power Station in Yilong New District ( B-379 )	Provincial
    Grid Corporation	 	Under
    contract
	20	New
    Yoshitatsu Newbridge agricultural photovoltaic power plants and network regulation of agreement	Power
    supply bureau	 	Under
    contract
	21	Power
    purchase and sale contract	Power
    supply bureau	 	Under
    contract
	22	High-voltage
    power supply contract	Power
    supply bureau	 	Under
    contract

 

 

 

23Exhibit 10.48

 

Contract
Number:

 

State
Power Investment Corporation Guizhou Jinyuan Weining Energy Co., Ltd.

versus

Nanjing
Qinchangyang New Energy Co., Ltd.

on

 

 

 

 

 

 

Xinren
Almaden New Energy Co.Ltd

70% equity
transfer agreement

 

 

 

     

     

    

 

● Qianxi,
Guizhou South

2020 / 3 

 

	Article 1	Definition 	3
	Article 2	Underlying Equity	5
	Article 3	Consideration and Payment of Equity Transfer	5
	Article 4	Delivery of the Underlying Equity	6
	Article 5	Management of the Transition Period	7
	Article 6	Period Profit and Loss 	9
	Article 7	Statements, Undertakings and Guarantees	9
	Article 8	Special Matters 	13
	Article 9	Confidentiality	14
	Article 10	Force Majeure	14
	Article 11	Taxes and Fees 	15
	Article XII	breach of contract 	15
	Article 13	Entry into force of the agreement	16
	Article 14	Changes and Dissolution of Agreements 	16
	Article 15	Applicable law and dispute settlement	17
	Article 16	Notification and Service	17
	Article 17	Others 	17
	Annex I: 	Evaluation Report	18
	Annex II: 	Audit Report 	18
	Annex III: 	Confirmation of Delivery 	19
	Annex IV: 	List of Transferred Materials	20
	Annex V: 	List of Contracts Signed and Unfulfilled	24

 

    1

     

    

 

This agreement was signed by ( ), ( ), ( ), ( ) and ( ) on (
) :

Transferor: Nanjing Qinchangyang New Energy Co., Ltd.

Unified Social Credit Code: 913201153027025850

Legal representative: Rui Yun

 

Address:
Jiangning District of Nanjing integrity Avenue 885 No. integrity Building 1108-2 Room (Jiangning Development Zone)

 

Transferee: State
Power Investment Corporation Guizhou Jinyuan Weining Energy Co., Ltd.

Unified
social credit code: 91520526308821665K

Legal
representative: Zheng Fasong

Address:
Weishuang Avenue, Caohai Town, Weining Yi and Hui Autonomous County, Bijie City, Guizhou Province

 

Given:

 

1.
Southwest Guizhou Yilong Zhonghong Green Energy Co., Ltd. (hereinafter referred to as the “target company”) is a limited
liability company legally and effectively established and maintained in accordance with Chinese law. It has independent legal
personality and unified social credit code: 91522322MA6DTRH26E, registered capital: 100 million, paid 39.3488 million.

 

2.
As of the signing date of this agreement, the transferor holds 100% equity of the target company.

 

3.
The transferor intends to transfer the 70 % equity of the target company it holds to the transferee,
and the transferee intends to transfer the equity.

 

4.
National Electric Energy Investment Group Co., Ltd. Weining, Guizhou Jinyuan employ Shine Wing Certified Public Accountants has
audited qualified ( special general partner ) to 2019 /12 /31  as the Valuation benchmark
date, the target company has financial audit And issued the Audit Report ( XYZH / 2020CCA30002 ).

 

5.
National Electric Energy Investment Group Co., Ltd. Weining, Guizhou Jinyuan hire in Beijing with China Assets Appraisal Co.,
Ltd. has qualified to assess 201 9/12 /31 day as the Valuation benchmark date, shareholders’ equity has been
to assess the value of the target company. And issued the “Assessment Report” (Zhongtong Huaping Baozi 20 20 No. 060 033 ) ,
and the “Assessment Report” has been filed in the State Power Investment Group Co., Ltd.

 

    2

     

    

 

To
this end, in accordance with the provisions of the “Company Law of the People’s Republic of China”, “Contract Law
of the People’s Republic of China” and other relevant laws and regulations, in accordance with the principles of equality,
mutual benefit, and friendly negotiation, the transferor and the transferee have reached the following matters regarding the transfer
of equity. Agreement to keep the same.

 

First
definition

 

1.1 Unless
otherwise agreed in this agreement, the following words are expressed as follows:

 

	Transferee	The
    party intending to receive the target equity: SPIC Group Guizhou Jinyuan Weining Energy Co., Ltd.
	Transferor	The
party intending to transfer the target equity: Nanjing Qinchangyang New Energy Co., Ltd.

	target
    company	The
    company held by the transferor: Xinren Almaden New Energy Co., Ltd.
	both
    sides	Collective
    name of transferor and transferee
	Party	Either
    the assignor or the assignee
	Underlying
    equity	70 % equity held
    by the transferor for delivery to the transferee’s target company
	The
    equity transfer	The
    transferee transfers the 70 % equity of the target company it holds to the transferee
	Power
    generation revenue	The
    entire revenue of the target company through the power generation business
	Feasibility
    Study Report	Entrusted Beijing
    Qianhua Technology Development Co., Ltd. to prepare a feasibility study report reviewed and approved by CPIC Power Engineering
    Co., Ltd. (CPIC Engineering Letter [ 2019 ] No. 82 )
	Feed-in
    tariff	Refers
    to the project implementation on-grid price of 0.4587 yuan / kWh

    3

     

    

 

	Valuation
    benchmark date	Date
    of transfer of shares based on the shareholders’ equity of the target company to evaluate determined: 2019/12/31
	“Audit
    Report”	Refers
    to the “Audit Report” ( XYZH / 2020CCA30002 ) issued by a qualified Shin Wing Certified
    Public Accountants ( special general partnership ) after auditing the financial status of the target company
	“wealth
    assessment report”	Refers
    to the “asset appraisal report” issued by Beijing Zhongtonghua Asset Appraisal Co., Ltd. that has the qualifications
    for evaluation and has been filed by SPIC ( Zhongtong Huabao Baozi 2019 No. 060032 )
	this
    agreement	Agreement
    between the transferor and the transferee on the transfer of the underlying equity
	Settlement
    day	The
    date on which the transferor and transferee complete the industrial and commercial change registration procedures for the
    transfer of the underlying equity
	Transition
    period	Period
    from the benchmark date to the completion date
	seal	Target
    company’s official seal, contract seal, financial seal and electronic seals, keys, other seals, etc. used in production and
    operation
	License	All
    valid establishment documents, qualification / qualification documents, licenses or documents, property ownership
    certificates, various government approvals, etc. of the target company
	Archives	Archives
    of the target company, including, but not limited to, archives of finance, labor and personnel, production, quality, marketing,
    procurement, engineering construction, contract management, etc.
	Laws
    and regulations	China’s
    current laws, regulations, rules or other legally binding regulatory documents, including amendments, amendments, supplements,
    interpretations or reformulations from time to time
	Burden
    of rights	Any
    type of mortgage, pledge, lien, security interest, priority, option, retention of title, in any form, to ensure, obtain, or
    achieve the effect (or purpose) that limits the use, disposal, or transfer of an asset or right , Trust arrangements or other
    circumstances
	Right
    restriction	An
    asset or right cannot be exercised or cannot be fully exercised due to compulsory measures, decisions, rulings, judgments,
    etc. of a state agency or government department, or an illegal act or breach of contract of the assignor, the target company,
    or a contract or agreement Any related rights
	Taxes	Expenses
    such as taxes, surcharges, surcharges, administrative fees, and handling fees that should be paid to state agencies, government
    departments, or enterprises and institutions as a result of this equity transfer
	loss	Related
    direct and indirect economic losses involved in this agreement
	day	Nature
    day
	Working
    day	Legal
    working hours in China except Saturdays, Sundays, and national holidays
	yuan	Yuan

 

    4

     

    

 

Article 2 Subject
Equity

 

2.1 Both parties
agree that the target equity of the equity transfer is 70 % of the target company’s equity held by the
transferor.

 

2.2 The transferor
agrees to transfer the 70 % equity of the target company it holds to the transferee in accordance
with the agreement, and the transferee agrees to transfer such equity in accordance with the agreement.

 

Article 3 Consideration
and Payment of Equity Transfer

 

3.1 Consideration
of Equity Transfer

 

Both sides agree the
appraisal price of the target is RMB 39.3488 million, and the consideration of the target equity is RMB 27.5442 million (RMB 39.3488
million × 70% = RMB 27.5442 million).

 

3.2 Payment of
consideration for equity transfer:

 

3.2.1 Both parties
agree that the consideration for the equity transfer shall be paid in the following ways:

 

3.2.1.1 The equity transfer
agreement is signed and takes effect 10 working days after the delivery date, the transferee pays the transferor 50% of consideration
for the equity transfer. After the equity transfer is completed, the target company shall pay the project funds in accordance with
the EPC project general contract.

 

3.2.1.2 The remaining
of consideration will be paid 10 working days after Asset Appraisal Report is approved by SPIC.

 

3.2.2 The transferee
may pay the transferor the consideration for the equity transfer by bank transfer, bank remittance, check or other method agreed
by the parties.

 

3.2.3 The bank
account information designated by the transferor to receive the consideration for the equity transfer and other payments under
this agreement is as follows:

 

Account Name: Nanjing
Qinchangyang New Energy Co., Ltd.

 

Account Number: 125906135710601

 

Bank: China Merchants
Bank Nanjing Jiangning Science Park Sub-branch

 

    5

     

    

 

Article 4 Delivery
of the Underlying Equity

 

4.1 Equity Delivery

 

The Parties agree that
the entry into force of this Agreement 10 working days to complete the transfer of shares of the underlying industry and commerce
registration changes, including modifying the register of shareholders of record, related to the completion of the equity transfer
of ownership change, directors, supervisors and senior management changes The change of company’s articles of association and other
industrial and commercial change registration (recording) formalities and obtained the notice of approval of change of registration
and new business license issued by the industrial and commercial registration authority with jurisdiction over this equity transfer.

 

4.2 Prior to the
settlement of the equity, the transferee organizes a third party to conduct a special audit of the target company to confirm the
target company’s claims and debts.

 

4.3 Transfer of
Management Power

 

Within 10 working
days from the delivery date, the transferor shall transfer the management right of the target company to the transferee (or
the person designated by the transferee) at the place of residence of the target company, and transfer the seal, certificate,
assets (Details of the assets can be found in the “Assessment Report” in Annex I to this agreement). The transferor
and the transferee shall count and inspect the transferred seals, licenses, and assets. After the transferee confirms that it is
correct and does not object, the transferor and the transferee shall jointly sign a delivery confirmation (Annex III).

 

4.4 Project
Data Transfer

 

The transferor will
transfer all the relevant materials of the project to the transferee within 10 working days from the delivery date (Annex
IV of the data list).

 

4.5 transferee
shall be given the necessary cooperation and signed the legal documents necessary to the change of business such as delivery of
the underlying shares of the target company incurred in respect of the equity transfer and related matters.

 

    6

     

    

 

Article 5 Management
during the transition period

 

5.1 Transition
period

 

Both parties confirmed
that the period from the benchmark date to the settlement date is a transition period.

 

5.2 Transition
Management

 

5.2.1 During the transition
period, the transferor shall ensure the legal and effective continuous ownership of the target equity, ensure that the ownership
of the target equity is clear, there is no ownership dispute or potential dispute, and there is no right burden or limitation of
rights.

 

5.2.2 During
the transition period, the transferor shall manage the target company and its assets with the attention and obligation
of a good manager to ensure that the target company and its assets do not undergo major adverse changes; at the same time,
ensure that the target company is legal and effective, and that production and operations do not occur Significant
unfavorable changes, there is no situation that reduces the sustainable profitability.

 

5.2.3 During the transition
period, the transferor shall exercise the shareholders’ rights of the target company with care, diligence and good faith; if there
are matters that require shareholders to make decisions, they shall be subject to the prior written consent of the transferor.

 

5.2.4 During the transition
period, the transferor shall ensure and urge the directors, supervisors, and senior management of the target company to perform
their duties faithfully, diligently and prudently, and safeguard the interests of the target company.

 

5.2.5 During the transition
period, without the prior written consent of the transferee, the transferor shall ensure that the target company does not:

 

5.2.5.1 to
change and adjust it before signing this agreement both business mode type, product mix and product or service, and make
substantive changes to the existing business, or suspend (or terminate) the existing main business;

 

    7

     

    

 

5.2.5.2 Increase
or decrease the registered capital, or adjust the equity structure, or arrange (or implement) the dissolution or reorganization
of the company;

 

5.2.5.3 Issue bonds,
convertible bonds, subscribe for equity or create other rights that can be converted into equity, or grant or agree to grant any
right to acquire or subscribe for equity in the target company;

 

5.2.5.4 Make a
profit distribution or other property distribution, or pass a resolution to distribute profit or other property distribution;

 

5.2.5.5 Asset purchase,
leasing, disposal and external equity investment or merger and acquisition with transaction amount exceeding 10,000 Yuan;

 

5.2.5.6 Provide
funds, assets or guarantees to third parties (including their shareholders or related parties);

 

5.2.5.7 Any non-operating
creditor’s rights or debts, or operating creditors’ debts with a single amount exceeding 10,000 Yuan;

  

5.2.5.8 Appointment and
removal of directors, supervisors, senior management personnel or core technical personnel;

 

5.2.5.9 Revision
public Articles of Association;

 

5.2.5.10 adjust
employee compensation or benefits, or make adjustment arrangements;

 

5.2.5.11 engage
in any behavior that may cause its existing license, qualification to be changed or invalidated, invalidated, or revoked;

 

5.2.5.12 disposal
of the target company’s trademarks, patents, know-how, domain names, software and other intellectual property (collectively, “Intellectual
Property Rights”), or intellectual property settings on the right or the right to limit the burden appears, or any knowledge
Situations in which the value, legality, validity or integrity of the property rights cause (or may cause) adverse effects;

 

5.2.5.13 Any
other situation that adversely affects (or may cause) the value, legality, validity or right integrity of the target equity, or
any other situation that affects the target company or the assets, production and operation, and continuous profit of the
target company Situations in which capacity has caused (or may cause) adverse effects.

 

    8

     

    

 

Article 6 Period
profit and loss

 

6.1 From the date of
the project’s grid-connected power generation, the project’s power generation revenue will be owned by the project company, and
will be enjoyed by the shareholders of the project company in proportion to the paid-in capital of the project company after the
completion of industrial and commercial change registration procedures

 

Article 7 Statements,
Undertakings and Guarantees

 

7.1 Transferor’s
Statement, Undertaking and Guarantee

 

The transferor irrevocably
declares, promises and guarantees the transferee as follows:

 

7.1.1 The transferor
is an independent enterprise legal person established and validly existing in accordance with the law. It has full power and capacity
to enter into this agreement and exercise rights and perform obligations in accordance with this agreement.

 

7.1.2 The transferor
has performed all necessary procedures and obtained all necessary authorizations for this equity transfer and this agreement. After
this agreement takes effect, it can constitute an effective and binding obligation on the transferor.

 

7.1.3 For this
equity transfer, the information, materials and documents provided by the transfer to the transferee or the intermediary agency
hired by the transferee are true, accurate, complete, timely and valid, and the information, materials and documents provided
do not exist false records, misleading statements, or major omissions.

 

7.1.4 The target
equity held by the transferor is the legally acquired and held own property with legal and complete rights. The underlying equity
held by the transferor is clear, without disputes or potential disputes, and there is no entrustment or commission. holding the
case, unless they are the subject of project finance leasing of equity pledge to the China financial leasing Co., the company
and the national electric energy investment Group Co., Ltd. Weining, Guizhou Jinyuan, the other rights of any encumbrances or
restrictions.

 

7.1.5 The other
shareholders of the target company have agreed in writing to the transferor to transfer the target equity and expressly waive the
preemptive right to purchase the target equity; the transferor or the creditor of the target company or other rights related parties
have agreed to this share transfer.

 

7.1.6 The signing
and performance of this agreement will not violate the current valid organizational documents of the target company, or any Chinese
law, or a legally binding contract or agreement with the assignor and / or the target company as a party, or
The other party that leads to an agreement or contract that the target company has signed can claim the discharge of its obligations
or other claims.

 

7.1.7 The target
company is a limited liability company established and validly existing in accordance with the law. There is no violation
of shareholders’ obligations and responsibilities such as false capital contribution, withdrawal of capital, etc., and there is
no situation that causes or may lead to the dissolution, liquidation or bankruptcy of the target company.

 

    9

     

    

 

7.1.8 The previous
equity changes of the target company are true and legal, and there are no actual or potential equity disputes or disputes.

 

7.1.9 Target Company
has legal and effective access to the business and have all required approval, authorization, license or qualification, could
lead to the absence of any such approval, consent, authorization, permit or situation qualified failure.

 

7.1.10 The property
rights of the target company are clear, and they are in good operating and operating conditions, which are sufficient to meet the
needs of the target company’s current business operations, and there are no rights burdens or restrictions such as freezing and
judicial seizure.

 

7.1.11 The target
company has no major illegal acts or contingent risks; after the completion of the equity transfer, the target company was administratively
penalized by any government agency or competent unit for any reason or reason before the completion date of the transaction, or
any other party If the claimant claims or claims against the target company due to events or reasons before the completion date
of the settlement, the assignor will bear all responsibilities and expenses and compensate the assignee for the losses suffered.

 

7.1.12 The trademarks,
patents, proprietary technologies, domain names, copyrights, software and other intellectual property rights used by the target
company in its business processes are legally owned by the target company or have obtained legal and valid authorizations, and
there is no infringement of the legitimate rights and interests of others. The intellectual property owned by the target company
does not impose any rights burden or limit any rights.

 

7.1.13 Except
for the circumstances disclosed to the transferee, the target company has not violated China’s current laws, regulations and regulatory
documents, and has not been subject to any administrative penalty decision or court or arbitration agency decision that has a
significant adverse effect on its production and operation. It was ruled that there were no contingencies or potential risks that
could lead to litigation, arbitration, administrative penalties or claims.

 

    10

     

    

 

7.1.14 The target
company does not have any major illegal acts in terms of labor. If the target company has a dispute, labor arbitration, litigation,
or other dispute with the employee due to the date before the completion of the settlement, the transferor will bear all the
liabilities and costs and compensate the losses suffered by the transferee.

 

7.1.15 The tax
types and rates implemented by the target company are in compliance with laws and regulations, and all taxes are paid or withheld
on time and in full. There are no violations of tax laws and regulations, and they do not exist with the tax authorities or potentially
Disputes or disputes.

 

7.1.16 There
are no transactions or contracts or agreements that infringe (or may infringe) the interests of the target company between the
transferor and its directors, supervisors and senior management personnel or the directors, supervisors and senior management
personnel of the target company and the target company.

 

7.1.17 After the
signing of this agreement, neither the transferor nor the directors, supervisors and senior management of the target company recommend
any actions that cause (or may cause) the target company to bear adverse consequences such as economic loss, goodwill or credit
depreciation And do not make statements that cause (or may cause) the above consequences .

 

7.1.18 If
the transferor violates the promises, guarantees or their statements under this agreement are not true, the transferor will bear
all liabilities and costs and compensate the transferee for the losses suffered.

 

7.1.19 Any
agreement, contract and legal document of the target company as a party to the agreement is legal and valid. The target company
and its counterparties have duly performed their obligations under the agreements, contracts and legal documents as a party to
the agreement in accordance with laws and contracts, and there is no breach of contract that would cause significant adverse effects.

 

7.1.20 The transferor
promises that, as of the date of delivery, the target company’s external guarantees are as follows: [No guarantee other than the
guarantee measures such as the mortgage provided for the project financial lease];

 

Transferor commitment,
as of the Closing Date, the Target Company has signed a contract completed yet performed as follows: [already signed set list
of Annex V of the contract is completed not fulfilled];

 

The transferor undertakes
that, as of the settlement date, there has been no litigation, arbitration, administrative penalty or claim for the target company;

 

Except for the above,
the target company does not have other debts or contingent liabilities (including but not limited to pending litigation, payables,
contingent litigation, arbitration, administrative penalties, third-party claims, guarantees, Tax burden, etc.) and failure to
complete the contract, and there are no other situations that adversely affect the target company. At any time, if the target
company has other undisclosed debts or contingent liabilities (including but not limited to pending litigation, payables, contingent
litigation, arbitration, administrative penalties, third party claims, guarantees, tax burdens, etc.) If contingencies, adverse
effects, etc. cause losses to the target company and / or the transferee, the transferor shall bear all
relevant debts immediately and bear full compensation for the losses (including attorneys’ fees, litigation fees). The transferee
has the right to require the transferor to bear the aforementioned costs and losses.

 

    11

     

    

 

7.1.21 Each of
the foregoing statements and warranties shall be deemed to be separate statements and warranties (unless expressly provided to
the contrary in this Agreement), and each of the foregoing statements and warranties shall not be relied upon or referred to any
other statements and warranties Or any other clause of this agreement. Any and all of the foregoing statements and warranties
shall be deemed to be reaffirmed (if applicable) on the Closing Date.

 

7.1.22 If the
target company’s change of business and paid-up capital after the injection is completed, due to the transferor causes in Yilong 70,000 kW agricultural
photovoltaic power plant projects exist in a material impact or potential risks of major issues (including but not limited
to project The company’s undisclosed external guarantees, lawsuits, false assets, administrative penalties, significant business
risks, etc.), the transferor must cooperate with the transferee to perform the state-owned asset transfer procedures, and the
transferor unconditionally repurchases the equity of the target company held by the transferee, and bear the direct losses to
the transferee caused by the project company’s administrative penalties and performance of related compensation obligations.

 

7.2 Transferee’s
statement, promise and guarantee:

 

7.2.1 This agreement is
established for an independent corporate legal person established and effectively existing in accordance with the law, with
full power and capacity, and exercise rights and perform obligations in accordance with this agreement.

 

7.2.2 The transferee
has performed all necessary procedures and obtained all necessary authorizations for this equity transfer and this agreement.
After this agreement takes effect, it can constitute an effective and binding obligation to the transferee.

 

7.2.3 The transferee
does not have any legal obstacles to the transfer of the target equity in accordance with this agreement.

 

7.2.4 The transferee
has the ability to pay the target equity consideration and will pay the target equity consideration as agreed.

 

7.2.5 The amount
used by the transferee to pay the target equity consideration is its legal asset, and it has sufficient funds to pay the equity
transfer price mentioned in this agreement in a timely manner.

 

7.2.6 The transferee
guarantees that it will actively handle the relevant approval, registration (or filing) and other related formalities involved
in the equity transfer, or cooperate with the handling of these formalities.

 

7.2.7 The transferee
undertakes to abide by and honor the corresponding obligations and responsibilities related to the transfer and transitional
arrangements of this agreement in good faith.

 

    12

     

    

 

Article 8 Special
Matters

 

8.1 Staffing

 

This equity transfer
does not involve personnel placement, and the target company has not signed a labor contract with any employees. The follow-up
expenses incurred due to employee injuries and occupational diseases incurred before the date of completion of the equity transfer
shall be borne by the transferor.

 

In the case of personnel
resettlement, the transferor and the target company should obtain the written consent of the transferee in advance, and perform
corresponding procedures in accordance with relevant laws and regulations such as the Labor Contract Law of the People’s Republic
of China and the Labor Law of the People’s Republic of China to pay the economy. Compensation and other related expenses are deducted
from the balance of the total transaction price.

 

8.2 Debt and debt
processing

  

This equity transfer
does not involve changes to the creditor’s rights and debts of the target company. After the delivery of the target equity, the
target company should continue to enjoy or bear its creditor’s rights and debts, and perform its signed contracts or agreements.

 

8.3 Target company
organization

 

After completing
the stock transfer, an organizational structure shall be established in accordance with the articles of association of the company.

 

8.4 Conditions
for exit of the transferor’s remaining shares

 

8.4.1 The operation
indicators of the project reach the design indicators specified in the feasibility study report of the project that have been reviewed
by both parties.

 

8.4.2 All legal
compliance procedures required for the project have been completed. (For details, please see the attachment to the procedure
list in the cooperation agreement)

 

8.4.3 Post-assessment
of the M & A target project has been completed.

 

8.4.4 In the “project
cooperation agreement” and “Equity Transfer Agreement” the parties about a given matter have been completed.

 

 8.4.5 If the transferor
transfers 30% of the target company’s equity, the transferee shall, after performing the evaluation procedure in accordance with
the relevant provisions of State Power Investment Corporation, sign an equity acquisition agreement with specific matters on the
basis of the evaluation price recognized by both parties, but the purchase price shall not be higher than the paid in capital principal
of the transferor, and the relevant taxes for equity transfer shall be borne by both parties. When the transferor transfers the
equity of the target company, it shall notify the transferee in writing 3 months in advance.

 

    13

     

    

 

Article 9 Confidentiality

 

9.1 Both parties agree
that after the signing of this Agreement, neither party shall not use confidential information for purposes other than for the
performance of this Agreement, the equity transfer shall not need to know the directors, supervisors, managers, confidential information
to any third party (any party (Except for intermediaries and their agents) or the public to disclose or provide any confidential
information, except for disclosures required by laws, regulations and regulatory documents.

 

9.2 “Confidential
Information” means the other party’s trade secrets or other information that has been directly or indirectly known to the
other party, or has taken reasonable confidentiality measures, this agreement (or any agreement or document signed under this agreement)
and its contents, and other information related to this time Information about equity transfer that has not been legally disclosed.

 

9.3 When the two
parties publicly disclosed the equity transfer, they adopted a unified uniform after negotiation to ensure that the goodwill of
the parties is not damaged. Without the consent of the other party, neither party may publish comments and texts related to the
equity transfer.

 

9.4 Either party
may disclose confidential information under the following circumstances, but it shall notify the other party in writing within 3 working
days before the information is disclosed:

 

9.4.1 Such disclosures
are required by law or for the purpose of any judicial proceeding;

 

9.4.2 Such disclosures
are at the request of the relevant supervisory authority or a government agency with jurisdiction over them;

 

9.4.3 Base on strict
confidentiality, disclose such information to professional consultants, lawyers, auditors or their affiliates that legally
need to know such information and agree to accept the restrictions in this paragraph ;

 

9.4.4 One party
has obtained the other party’s prior written consent for the disclosure.

 

9.5 After the termination
or cancellation of this agreement, this clause is still valid and is not limited by time.

 

Article 10 Force
Majeure

 

10.1 Force majeure
means any event that is unforeseeable, unavoidable, uncontrollable at the time of signing this agreement and occurs after the signing
of this agreement, and which directly results in the failure of either party to partially or fully perform this agreement, including
but not limited to floods, landslides, Natural disasters such as earthquakes, typhoons, or accidents such as fires and explosions
caused by intentional (or negligent) actions by non-parties, or accidents such as plagues, wars, riots, riots, strikes, martial
law, or laws, regulations, or regulatory documents Substantial changes occurred that prevented this equity transfer from being
actually completed.

 

10.2 Any party’s
delay in performance or failure to perform its obligations under this Agreement due to force majeure and its own fault will not
be considered a breach of contract, but shall take all necessary remedial measures to reduce losses caused by force majeure, as
conditions permit.

 

10.3 The party facing force
majeure shall notify the other party in writing of the event as soon as possible, and submit a report to the other party
on the reasons for the delay or failure to perform the obligations of this agreement within 15 days after the event.

 

    14

     

    

 

Article 11 Taxes

 

11.1 Relevant taxes
and fees payable by both parties for signing or performing this agreement shall be borne by both parties in accordance with the
law; and shall be paid by the legal taxpayer or withholding agent.

 

11.2 Any expenses
occurs due to agency service or travel expenses will be paid by the responsible party.

 

Article 12 Liability
for breach of contract

 

12.1 Any party’s
violation of any clause of this agreement (including but not limited to the party’s agreement or statement, guarantee and commitment
clause) constitutes a breach of contract; if any party breaches the contract, it shall bear the liability for breach of contract
and shall compensate the other party for its breach all losses caused.

 

12.2 The transferor
shall be deemed to be in breach of the contract and bear corresponding liabilities if the following events occur:

 

12.2.1 The transferor
fails to perform and / or fails to perform its obligations under this agreement as agreed in the agreement;

 

12.2.2 The transferor’s
statements, representations, commitments, guarantees or related documents, materials or information made in this agreement or documents
related to this agreement have been proved to be false, untrue, materially omitted or misleading;

 

12.2.3 As a result
of other acts or omissions of the assignor, the rights that the other parties shall obtain under this agreement are invalid, revocable
or incomplete.

 

12.3 The transferee
is deemed to be in breach of the contract if:

 

12.3.1 The transferee
fails to perform and / or fails to perform its obligations under this agreement as agreed in the agreement;

 

12.3.2 The statements,
representations, commitments, guarantees or related documents, materials or information made by the transferee in this agreement
or documents related to this agreement have been proved to be false, untrue, materially omitted or misleading;

 

    15

     

    

 

12.3.3 Due to other
acts or omissions of the transferee, the rights that the other parties should obtain under this agreement are invalid,
revocable or incomplete.

 

12.4 If any party
breaches the contract, its liability under this agreement will not be relieved by the completion of the settlement of
the equity transfer, the settlement of the consideration or the termination of this agreement.

 

12.5 If any party
breaches the contract, the party that keeps the contract has the right to demand that the party that breached the contract assume
responsibility for breach of contract.

 

Article 13 The Agreement
Comes into Effect

 

13.1 This Agreement
shall become effective after it has been signed and sealed by both parties.

 

Article 14 Change
and Dissolution of Agreement

 

14.1 Changes
or supplements to this agreement shall be agreed upon by both parties and a written change or supplemental agreement shall be
reached. Until the change or supplemental agreement is reached, this agreement will still be implemented.

 

14.2 Except as
otherwise provided in this Agreement, this Agreement may be terminated or cancelled as follows:

 

14.2.1 The contractual
party has the right to terminate this agreement due to the material breach of one of the parties by this party, which makes it
impossible to perform or achieve the contractual purpose of this agreement;

 

14.2.2 In the event of
force majeure as stipulated in this agreement, which makes it impossible to perform this agreement, both parties may negotiate
to terminate this agreement.

 

14.2.3 One party’s
inability to perform due to bankruptcy, dissolution, or cancellation according to law makes the purpose of this agreement impossible,
and the other party has the right to unilaterally terminate this agreement.

 

14.3 During the transition
period, if the transferee discovers that the transferor, the target company and its related parties have significant undisclosed
matters, or did not disclose significant foreseeable risks and illegal and illegal behaviors, resulting in the target company’s
inability to continue normal operations or continue operations will result in If the transferee or the target company suffers
a large economic loss, or it is expected that the equity transfer cannot be approved by the state-owned assets regulatory authority,
the transferee has the right to unilaterally terminate this agreement and terminate the equity transfer, or hold the transferor
responsible , Require the transferor to bear the liability for breach of contract in accordance with 20% of the transfer
price of this agreement , and assume joint and several liability for external liabilities and contingent liabilities, and
have the right to request the transferor to compensate including, but not limited to, the services of the intermediary agency
in preparation for this equity transfer Economic losses such as expenses, travel expenses, etc.

 

14.4 During the transition
period , if the transferor finds that the transferee and its affiliates have significant undisclosed matters, or did not
disclose significant foreseeability risks, and violations of laws and regulations, which prevent the expected transfer of this
equity transfer from obtaining approval from the state-owned asset supervision department, The transferor has the right to unilaterally
terminate this agreement and terminate the equity transfer, or to hold the transferee responsible, and requires the transferee
to assume liability for breach of contract in accordance with 20% of the transfer price of this agreement and
assume joint and several liability for external liabilities and contingent liabilities And has the right to claim the transferee
to compensate for economic losses including, but not limited to, intermediary agency service fees and travel expenses incurred
in planning this equity transfer.

 

14. The 5 termination
of this agreement, breach of the terms of the dispute resolution provisions, confidentiality provisions and other provisions of
the law remain valid and effective.

 

    16

     

    

 

Article 15 Applicable
Law and Settlement of Disputes

 

15.1 This Agreement
shall be governed by and construed in accordance with Chinese law.

 

15.2 Disputes arising
out of or related to this agreement shall be settled through friendly negotiation between the two parties. If the negotiation fails,
either party may sue in the people’s court in the jurisdiction where the target company is located . Notices
and service items arising from litigation shall be implemented in accordance with the relevant provisions of Article 16 of this
Agreement.

 

15.3 During the
dispute resolution period, the terms of the agreement that are not involved in the dispute shall still be fulfilled.

 

Article 16 Notification
and Service

 

16.1 Notification

 

Documents such as notices,
letters, etc. (collectively referred to as “Notices”) sent by any party to other parties shall be written in Chinese
and sent to the other party’s address by hand-delivered, registered mail or express mail:

 

Transferor: Nanjing
Qinchangyang New Energy Co., Ltd.

 

Address: Room 1108-2,
885, Integrity Avenue, Jiangning District 

 

Post Code: 211100 

Attention: Ding Chunhao

Phone: 17811863898

Email: d anielding@solarmaxtech.com.cn

Transferee: State
Power Investment Corporation Guizhou Jinyuan Weining Energy Co., Ltd.

 

The Address : Weishuang
Avenue, Caohai Town, Weining County, Bi-Jie City, Guizhou Province

 

Post Code: 550081 

Attention: Li Dan

Phone: 15185126986

Email: 3114949405@qq.com

 

16.2 Delivery

 

To notice delivered
personally issued the same day hand delivery is deemed to be served (should have evidence of third-party served); notification
sent by registered mail, the postmark date on which the notice indicated the delivery date of service; sent by courier The notice
shall be delivered by a courier service agency qualified for courier service, and the date marked on the courier service agency’s
receipt shall be deemed to be the date of service of the notice.

 

16.3 If any party
changes its address or contact person, it shall promptly send a notice to the other party in the above manner. Before the other
party receives the above notice of change, the notice delivered at the address described in Article 16 ( 1 )
of this agreement shall be deemed to have been service.

 

Article 17 Miscellaneous

 

17.1 The annex
to this agreement is an integral part of this agreement and shall be interpreted as a whole text. The annex to this agreement is
as follows:

 

Annex I: Evaluation
Report

 

Annex II: Audit Report

 

Annex III: Confirmation
of Delivery

 

Annex IV: List of Transferred
Materials

 

Annex V: List of Contracts
Signed and Unfulfilled

 

17.2 The matters
not covered in this agreement, the two parties can sign a supplementary agreement after negotiation.

 

17.3 Failure to
exercise or postpone the exercise of any right or remedy under this Agreement shall not constitute a waiver of any right or remedy
under this Agreement. The exercise of any rights or remedies under this Agreement, alone or in part, does not affect the further
exercise of those rights or remedies or any other rights or remedies.

 

17.4 If any provision
of this Agreement is wholly or partly invalid, the validity of the other provisions of this Agreement shall not be affected as
a result. In this case, the parties shall to the extent possible in order to effectively comply with the terms of this Agreement,
the spirit and purpose of replacing the ineffective strip models.

 

17.5 This agreement
is in duplicate, the transferor holds three copies, and the transferee holds three copies. The rest are used for approval, filing,
and archiving of the target company. Each copy has the same legal effect.

 

(There is no text
below, followed by the signing page.) 

    17

     

    

 

(No
text of this page as the National Electric Energy Investment Group Co., Weining, Guizhou Jinyuan Company and Nanjing
Qinchangyang New Energy Co., Ltd on “Xinren Almaden New Energy Limited 70 % equity transfer agreement,”
the sign-off page.)

 

Transferor (seal)

 

Legal
representative:

 

Authorized
Representative:

 

_________ Year ______ month ______ day

 

Transferee
(seal)

 

Legal
representative :

 

Authorized
Representative:

 

_________ Year ______ month ______ day

 

Annex
I:

Evaluation
Report (omitted)

Annex
II:

“Audit
Report” (omitted)

 

    18

     

    

 

 Annex
III:

 

Delivery
confirmation

 

	Hand
    over content	Number
    of copies transferred	Transition
	Business
    license ( original copy )	2	 
	Organization
    code certificate	None	 
	Tax
    registration certificate	None	 
	Official
    seal	1	 
	Corporate legal Indian chapter
    (including financial seal Original )	1	 
	Online
    banking payment UK	Full
    set	 
	Chapter
    contract	None	 
	Financial
    chapter	None	 
	Invoice
    stamp	 1	 
	Department
    Chapter	none	 

 

	Transferee	 	(signature / seal): Recipient
	(signature / seal):	 	 
	Time: 	 	Time:

 

    19

     

    

 

Annex
IV:

List
of handed over information (not limited to this)

 

	Number	Profile
    name	Quantity	Note
	1	Project
    Investment Development Agreement	 	Framework
    Agreement for Investment and Development of 30MWp Agricultural Photovoltaic Development Project in Luchuying Town (Xinren
    City )
	2	Project
    filing documents	 	Notice
    of Provincial Energy Bureau on the Recording of Xiren Agricultural Photovoltaic Power Station Project (Qiang Energy
    Examination [2019] No. 106)
	3	Feasibility
    study report and review opinion	 	1.
                                                                                                                         Feasibility Study Report of Xinren 30MWp Agricultural Photovoltaic Power Plant Project

        2.
        Letter on Review Opinions of Feasibility Study Report for 30MWp Agricultural Photovoltaic Power Station
        in Xinren (China Power Investment Engineering Letter [2019] No. 82)

	4	Light
    resource assessment report and review opinions	 	1.
                                                                                                                                     Light Resource Assessment Report

        2.
        Review opinion

	5	Access
                                         system report and review opinion

         
	 	1.
                                                                                         Agreement on Intent to Connect to Guizhou Power Grid Power Plant (Guizhou Power Grid Corporation ( Y-516)

        2.
        Design of Project Access System of Xinren Agricultural Photovoltaic Power Station

        3.
        Guizhou Power Grid Corporation Limited on Southwest Guizhou Province Xinren photovoltaic power plant 30MWp comments
        engineering access system design review (Guizhou electric letter [2017] 252 number)

	6	Submit
    project approval documents	 	Approval
    of the Development and Reform Commission of Qianxinan Prefecture on the approval of the 35kV transmission
    line project of Xinren Agricultural Photovoltaic Power Station( Zhoufa Kaifa [ 2019 ] No. 271 )

    20

     

    

 

	Number	Profile
    name	Quantity	Note

	7	Pre-examination
    documents and approval documents	 	1.
                                                                                                                                                                  Opinions on the planning review of the pre-examination of land for the 70MWp agricultural photovoltaic power
                                                                                                                                                                  station project in Xinren(Yi Zizi Zi [2019] No. 336 )

        2.
        Opinions of Natural Resources Bureau on preliminary review of land use for 110KV transmission line
        project of Xinren Agricultural Photovoltaic Power Station (Natural Resources ( 2019 )No.336 )

        3.
        Department of Natural Resources Bureau of Agricultural on Xinren photovoltaic power plant 35KV sending line
        pre-application project site Reply (state-owned natural approval letter ( 2019 )No.121)

        4.
        The 35KV transmission line project uses land to modify the overall plan for land use

	8	EIA
    approval (recording) documents	 	 
	9	Soil
    and water conservation plan and approval document	 	 

	10	Project
    planning site selection document	 	1.
                                                                                                                                                                  Pre-examination Opinions on the Land for the 30MWp Agricultural Photovoltaic Power Plant Construction Project
                                                                                                                                                                  (Ren Guotu Han [ 2019 ] No. 60)

        2.
        Opinions on the Proposed Site Selection of Xinren 30MWp Agricultural Photovoltaic Power Station
        (Yiguijiaojianzi [2019] No.2)

        3.
        Approval regarding the site selection of Xinren 30Mwp agricultural photovoltaic power station
        that does not conflict with, overlap with, and has no ground cultural relics protection unit in the tourism
        planning area ( Social Affairs Bureau of Xinren)

        4.
        Proof of land for the project (Agriculture, Forestry, Water and Immigration Bureau of Xinren)

        5.
        Reply on Request for Opinions on the Site Selection of the 70MWp Agricultural Photovoltaic Power Station
        in Xinren (Branch of Qianxi Southwest Ecological Environment Bureau)

        6.
        Status quo of Xinren 30MWP power station booster station

	11	Construction
    land planning permit	 	 
	12	Approval
    opinions on occupation of forest land	 	1.
    Report of Qianxinan Prefecture Forestry Bureau on Review and Examination Opinions on the Use of
    Forest Land Materials in Xinren 30MWp Agricultural Photovoltaic Power Plant Project
    in Luchuying (Zhoulincheng [2019] No.143)

    21

     

    

 

	Number	Profile
    name	Quantity	Note

	13	Overlay
    mineral resource assessment report and review opinions (including data transfer certificate)	 	 
	14	Address
    disaster risk assessment report and review opinions	 	Geological
    Hazard Assessment Report for Construction Land of Xinren Project (Level I Assessment)
	15	Safety
    assessment report and review approval	 	Safety
    pre-evaluation report (for filing) and review opinions

	16	Power
    engineering quality supervision and acceptance report	 	 
	17	Social
    stability assessment report and record approval	 	 

    22

     

    

 

	Number	Profile
    name	Quantity	Note

	18	Survey and design information	 	
        1. Geotechnical Investigation Report of
        Xinren Project (Detailed Investigation Stage)

        2. Geotechnical Engineering
        Investigation Report of Xinren Project Booster Station (Detailed Investigation Stage)

        3. Construction drawings
        ( 3 sets of paper , 1 set of electronic version )

        4. Completion plan ( 3 sets
        of paper , 1 set of electronic version )

        5. 1 No. Lot topographic
        map ( CAD electronic files )

        6. 2 No. Lot
        topographic map ( CAD electronic files )

	19	EIA acceptance report and approval	 	 
	20	Water conservation acceptance report and approval	 	 
	21	Agricultural feasibility study report	 	 
	22	Land acquisition (rental) map	 	Reports and maps of the geological survey of the project; plots of land acquisition mounds, etc.
	23	Power generation business license	 	 
	24	Assets (see assessment report for details)	 	See the assessment report for details

	25	Engineering

 settlement

 information	1	 
	26	Project Completion Information	1	 

 

    23

     

    

 

Annex
V:

List
of signed contracts that have not been fulfilled

 

	Number	contract
    title	Counterparty	Contract
    amount (ten thousand yuan)	Status
	1	Commercial
    part of engineering contract of Xinren 30MWp agricultural photovoltaic power station project ( SMX-JSZH-2019-035)	Jiangsu
    Zhonghong Photovoltaic Engineering Technology Co., Ltd.	14350	Under
    contract

	2	Technical
    part of engineering contract of 30MWp agricultural photovoltaic power plant project in Xinren	Jiangsu
    Zhonghong Photovoltaic Engineering Technology Co., Ltd.	 	Under
    contract
	3	Supplementary
    Agreement of Project Contract for 30MWp Agricultural Photovoltaic Power Station Project in Xinren ( SMX-JSZH-2019-060)	Jiangsu
    Zhonghong Photovoltaic Engineering Technology Co., Ltd.	Supplementary
    agreement to the contract ( SMX-JSZH-2019-035) price adjustment rounded to: 14992.8	Under
    contract

    24

     

    

 

	Number	contract
    title	Counterparty	Contract
    amount (ten thousand yuan)	Status

	4	Consulting
    Service Contract (Completion of Environmental Protection Acceptance) ( SMX-JSHC-2019-002 )	Qianxinan
    State Huake Testing Technology Co., Ltd.	6.5	Under
    contract
	5	Technical
    service contract (preparation and acceptance of water conservation plan ) ( SMX-JSHC-2019-011 )	Guizhou
    Qianqing Engineering Consulting Co., Ltd.	23	Under
    contract
	6	Contract
    for Construction Supervision of Xinren  Project ( SMX-JSHC-2019-016 )	West
    Power Construction Co., Ltd.	29	Under
    contract
	7	Entrusted
    Management Contract for Project Construction of Xinren Project ( SMX-JSHC-2019-015 )	Yuanlong
    Real Estate Company	35	Under
    contract

	8	Xinren
    Project Photovoltaic Module Equipment Supervision Service Contract ( SMX-JSHC-2019-017 )	Complete
    company	9.3	Under
    contract
	9	Xinren
    Project Component Arrival Inspection and Installation Quality Inspection Contract ( SMX-JSHC-2019-018 )	Complete
    company	6.6	Under
    contract

    25

     

    

 

	Number	contract
    title	Counterparty	Contract
    amount (ten thousand yuan)	Status

	10	Procurement
    Contract of Xinren 30MWp Agricultural Photovoltaic Power Plant Project ( SMX-SHZZ-2019-029 )	Party
                                         A: Jiangsu Zhonghong Photovoltaic Engineering Technology Co., Ltd.

        Party
        B: Shanghai Zhongzhao Technology Development Co., Ltd.
	8871.274316	Under
    contract
	11	Financial
    lease contract and lease schedule ( HXZL-ZZ-2019166 )	Lessor:
    China Financial Leasing Co., Ltd.; tenant person: Southwest Guizhou Province Yilong in Hong Green Energy Co., Ltd.	9300	Under
    contract

	12	Equity
    pledge contract ( HXZL-ZZ-2019167-004 )	Pledgee:
    Huaxia Financial Leasing Co., Ltd .; Pledgor: Jiangsu Hongci New Energy Co., Ltd.	9300	Under
    contract

    26

     

    

  

	Number	contract
    title	Counterparty	Contract
    amount (ten thousand yuan)	Status

	13	Rights
    and Obligations Transfer Agreement ( HXZL-ZZ-2019167-006 )	Transferee:
    Huaxia Financial Leasing Co., Ltd .; Transferor: Qianlong Southwest Yilong Zhonghong Green Energy Co., Ltd.	9300	Under
    contract
	14	Electricity
    fee collection right and account receivables pledge agreement ( HXZL-ZZ-2019167-001 )	Party
    A / Pledgee: Huaxia Financial Leasing Co., Ltd .; Party B / Pledgor: Qianlong Southwest Yilong Zhonghong
    Green Energy Co., Ltd.	9300	Under
    contract

	15	Equity purchase repurchase agreement ( HXZL-ZZ-2019167-003 )	Party A (lessor) Huaxia Financial Leasing Co., Ltd .; Party B (repurchaser) State Power Investment Corporation Guizhou Jinyuan Weining Energy Co., Ltd .; Party C (lessee) Qianlong Southwest Yilong Zhonghong Green Energy Co., Ltd.	 	Under contract
	16	Land lease agreement for Xinren 30MWp agricultural photovoltaic power plant project	 	 	Under contract
	17	Solar photovoltaic power station land use agreement	 	 	Under contract
	18	Agreement on land acquisition for farmers in the land to be requisitioned (rented) (full set)	Farmers whose land has been requisitioned (rented)	 	 
	19	Agreement for Grid Connection of Xinren Agricultural Photovoltaic Power Station (B-378)	Provincial Grid Corporation	 	Under contract
	20	Xinren agricultural photovoltaic power plants and network regulation of agreement	Power supply bureau	 	Under contract
	21	Power purchase and sale contract	Power supply bureau	 	Under contract
	22	High-voltage power supply contract	Power supply bureau	 	Under contract 

 

 

27

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