Document:

Exhibit 4.1

 

THE REGISTERED HOLDER
OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING FEBRUARY 8, 2021 (THE “EFFECTIVE
DATE”) TO ANYONE OTHER THAN (I) FT GLOBAL CAPITAL, INC. OR A PLACEMENT AGENT IN CONNECTION WITH THE OFFERING FOR
WHICH THIS WARRANT WAS ISSUED TO THE PLACEMENT AGENT AS CONSIDERATION (“OFFERING”), OR (II) AN OFFICER,
PARTNER, REGISTERED PERSON OR AFFILIATE OF FT GLOBAL CAPITAL, INC. OR OF ANY SUCH PLACEMENT AGENT.

 

THIS PURCHASE WARRANT
IS NOT EXERCISABLE PRIOR TO 180 DAYS FROM THE EFFECTIVE DATE. VOID AFTER 5:00 P.M., EASTERN TIME, FEBRUARY 8, 2026.

 

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of 380,435 Shares
of Common Stock

 

of

 

Senmiao Technology Limited

 

1.       Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Jian Ke (“Holder”),
as registered owner of this Purchase Warrant, to Senmiao Technology Limited, a Nevada corporation (the “Company”),
Holder is entitled, at any time or from time to time from August 8, 2021 (the “Commencement Date”), and at or
before 5:00 p.m., Eastern time, February 8, 2026 (the ”Expiration Date”), but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to 380,435 shares of common stock of the Company, par value $0.001 per
share (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day
on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding
day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees
not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $1.38
per Share; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights
granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise,
shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the
adjusted exercise price, depending on the context.

 

		2.	Exercise.

 

2.1       Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or
official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time,
on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2       Cashless
Exercise. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company
pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or
the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached
hereto, in which event the Company will issue to Holder Shares in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.
	 	 	 	 	 	 	 	 	 

 

     

     

    

  

 

For purposes of this
Section 2.2, the fair market value of a Share is defined as follows:

 

		(i)	if the Company’s common stock is traded on a national securities exchange, the OTCQB or OTCQX,
the value shall be deemed to be the closing price on such exchange, the OTCQB or OTCQX, as the case may be, prior to the exercise
form being submitted in connection with the exercise of the Purchase Warrant; or

		(ii)	if the Company’s common stock is not then traded on a securities exchange, the OTCQB or OTCQX
and if prices for the Company’s common stock are then reported on the “Pink Sheets” published by OTC Markets
Group, Inc., the value shall be deemed to be the closing bid prior to the exercise form being submitted in connection with the
exercise of the Purchase Warrant so reported; provided, however, if there is no active public market, the value shall be the fair
market value thereof, as determined in good faith by the Company’s Board of Directors.

 

2.3        Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”),
or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred
except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act
and applicable state law which, in the opinion of counsel to the Company, is available.”

 

2.4       Resale
of Shares. Holder and the Company acknowledge that as of the date hereof the Staff of the Division of Corporation Finance of
the SEC has published Compliance & Disclosure Interpretation 528.04 in the Securities Act Rules section thereof, stating that
the holder of securities issued in connection with a public offering may not rely upon Rule 144 promulgated under the Act to establish
an exemption from registration requirements under Section 4(a)(1) under the Act, but may nonetheless apply Rule 144 constructively
for the resale of such shares in the following manner: (a) provided that six months has elapsed since the last sale under the registration
statement, an underwriter or finder may resell the securities in accordance with the provisions of Rule 144(c), (e), and (f), except
for the notice requirement; (b) a purchaser of the shares from an underwriter receives restricted securities unless the sale is
made with an appropriate, current prospectus, or unless the sale is made pursuant to the conditions contained in (a) above; (c)
a purchaser of the shares from an underwriter who receives restricted securities may include the underwriter’s holding period,
provided that the underwriter or finder is not an affiliate of the issuer; and (d) if an underwriter transfers the shares to its
employees, the employees may tack the firm’s holding period for purposes of Rule 144(d), but they must aggregate sales of
the distributed shares with those of other employees, as well as those of the underwriter or finder, for a six-month period from
the date of the transfer to the employees. Holder and the Company also acknowledge that the Staff of the Division of Corporation
Finance of the SEC has advised in various no-action letters that the holding period associated with securities issued without registration
to a service provider commences upon the completion of the services, which the Company agrees and acknowledges shall be the closing
of the Offering, and that Rule 144(d)(3)(ii) provides that securities acquired from the issuer solely in exchange for other securities
of the same issuer shall be deemed to have been acquired at the same time as the securities surrendered for conversion (which the
Company agrees is the date of the initial issuance of this Purchase Warrant). In the event that following a request by Holder to
transfer the Shares in accordance with Compliance & Disclosure Interpretation 528.04 counsel for the Company reasonably concludes
that Compliance & Disclosure Interpretation 528.04 no longer may be relied upon as a result of changes in applicable laws,
regulations, or interpretations of the SEC Division of Corporation Finance, or as a result of judicial interpretations not known
by the Company or its counsel on the date hereof (either, a “Registration Trigger Event”), then the Company shall promptly,
and in any event within five (5) business days following the request, provide written notice to Holder of such determination. As
a condition to giving such notice, the Company shall offer Holder a single demand registration right pursuant to an agreement in
form acceptable to the Holder; provided that notwithstanding anything to the contrary, the obligations of the Company pursuant
to this Section 2 shall terminate on the fifth anniversary of the Effective Date. In the absence of such conclusion by counsel
for the Company, the Company shall, upon request of Holder given no earlier than six months after the final closing of the Offering,
instruct its transfer agent to permit the transfer of such shares in accordance with Compliance & Disclosure Interpretation
528.04, provided that Holder has provided such documentation as shall be reasonably be requested by the Company to establish compliance
with the conditions of Compliance & Disclosure Interpretation 528.04.

 

     

     

    

 

		3.	Transfer.

 

3.1       General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days
following the Effective Date to anyone other than: (i) FT Global Capital, Inc. (“FTG”), or (ii) an officer,
partner, registered person or affiliate of FTG, in each case in accordance with FINRA Rule 5110(e)(1), or (b) cause this Purchase
Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided
for in FINRA Rule 5110(e)(2). After 180 days after the Effective Date, transfers to others may be made subject to compliance with
or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company
the assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer
taxes, if any, payable in connection therewith. The Company shall within five (5) Business Days transfer this Purchase Warrant
on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate
assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of
such number as shall be contemplated by any such assignment.

 

3.2        Restrictions
Imposed by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) if required
by applicable law, the Company has received the opinion of counsel for the Company that the securities may be transferred pursuant
to an exemption from registration under the Act and applicable state securities laws (the Company hereby agrees that the opinion
of Schiff Hardin LLP shall also be accepted in lieu of an opinion from Company counsel), or (ii) a registration statement or a
post-effective amendment to the Registration Statement relating to the offer and sale of such securities has been filed by the
Company and declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and compliance
with applicable state securities law has been established.

 

		4.	Piggy-Back” Registration Rights.

 

4.1       Unless
all of the Shares underlying this Warrant (collectively, the “Registrable Securities”) are included in an effective
registration statement with a current prospectus, the Holder shall have the right, until the Expiration Date, to include the remaining
Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction
contemplated by Rule 145 promulgated under the Act or pursuant to Forms S-8, S-4 or any equivalent forms); provided, however, that
if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s)
thereof shall, in its reasonable discretion, impose a limitation on the number of ordinary shares of Registrable Securities which
may be included in the registration statement because, in such underwriter(s)’ judgment, marketing or other factors dictate
such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such registration
statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder
as the underwriter shall reasonably permit. In the event of such a proposed registration, the Company shall furnish the then Holder
of outstanding Registrable Securities with not less than fifteen (15) days written notice prior to the proposed date of filing
of such registration statement. Such notice to the Holder shall continue to be given for each registration statement filed by the
Company until such time as all of the Registrable Securities have been sold by the Holder. The holder of the Registrable Securities
shall exercise the “piggy-back” rights provided for herein by giving written notice, within seven (7) days of the receipt
of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Warrant,
there shall be no limit on the number of times the Holder may request registration under this section. For the avoidance of doubt,
the registration rights provided pursuant to this section shall expire on the Expiration Date.

 

     

     

    

 

4.2.       Expenses
of Registration. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant
to this section, but the Holder shall pay any and all underwriting commissions and the expenses of any legal counsel selected by
the Holder to represent them in connection with the sale of the Registrable Securities.

 

4.3.       Indemnification.
The Company shall indemnify the Holder of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holder within the meaning of Section 15 of the Act or Section 20 (a) of the Securities
Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including
all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration
statement.

 

		5.	New Purchase Warrants to be Issued.

 

5.1       Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number
of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2        Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

		6.	Adjustments.

 

6.1       Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1       Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective
day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares,
and the Exercise Price shall be proportionately decreased.

 

6.1.2        Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares
is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and
the Exercise Price shall be proportionately increased.

 

6.1.3        Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than
a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share
reconstruction or amalgamation or consolidation or merger of the Company with or into another corporation (other than a consolidation
or share reconstruction or amalgamation or merger in which the Company is the continuing corporation and that does not result in
any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation
or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of
this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately
prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such
sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately
prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such
adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly
apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other
transfers.

 

     

     

    

 

6.1.4        Changes
in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section
6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

 

6.2        Substitute
Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation or merger of the
Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation or merger which does
not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share
reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder
of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of
such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities
and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of
the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction
or amalgamation or merger, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical
to the adjustments provided for in this Section 6. The above provision of this Section shall similarly apply to successive consolidations
or share reconstructions or amalgamations or mergers.

 

6.3        Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the
exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being
the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.          Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose
of issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be
issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of
the Exercise Price therefor (unless exercise via cashless exercise as provided herein), in accordance with the terms hereby, all
Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not
subject to preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its
commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to official
notice of issuance) on all national securities exchanges (or, if applicable, quoted on the OTC Bulletin Board or any successor
trading market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

 

		8.	Certain Notice Requirements.

 

8.1       Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least ten (10) days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

     

     

    

 

8.2        Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend
or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

 

8.3        Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to
Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the
Company’s Chief Financial Officer.

 

8.4        Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company,
to following address or to such other address as the Company may designate by notice to the Holders:

 

If to the Holder:

 

FT Global Capital, Inc.

5 Concourse Parkway, Suite 3000

Atlanta, GA, 30328

Attention: President

with a copy (which shall not constitute notice) to:

Schiff Hardin LLP

901 K Street, NW, Suite 700

Washington, DC 20001

Attn: Ralph V. De Martino, Esq.

Fax No.:  (202) 778-6460

 

If to the Company:

 

Senmiao Technology Limited

16F, Shihao Square

Middle Jiannan Blvd, High-Tech Zone

Chengdu, Sichuan, China

Attention: CEO

 

     

     

    

 

		9.	Miscellaneous.

 

9.1       Amendments.
The Company and FTG may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and FTG may deem necessary or desirable and that the Company and FTG deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by (i) the Company and (ii) the Holder(s)
of Purchase Warrants then-exercisable for at least a majority of the Shares then-exercisable pursuant to all then-outstanding Purchase
Warrants.

 

9.2        Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3.        Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4        Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5        Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of Georgia, without giving effect to conflict of laws principles thereof. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought
and enforced in the state or federal courts located in Fulton County, Georgia, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered
or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The
Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies)
all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with
the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6        Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not
be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or
any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be
effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any
other or subsequent breach, non-compliance or non-fulfillment.

 

9.7        Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any
time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and FTG enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash
or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the ______ day of February, 2021.

 

	Senmiao Technology Limited	 
	 	 	 
	 	 	 
	By: 		
	 	Name:	 
	 	Title: 	 

 

     

     

    

 

[Form to be used to exercise Purchase
Warrant]

 

 

 

Date: __________, 20___

 

 

The undersigned hereby
elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.001 per share (the “Shares”),
of Senmiao Technology Limited, a Nevada corporation (the “Company”), and hereby makes payment of $____ (at the
rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant
is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number
of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares,
as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share
	 	 	 	 	 	 	 

The undersigned
agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with
respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue
the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

	Signature	 	 
	 	 	 
	 	 	 
	Signature Guaranteed
	 	 
	 	 	 

 

     

     

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or
any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

     

     

    

 

[Form to be used to assign Purchase Warrant]

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Warrant):

 

 

FOR VALUE RECEIVED,
__________________ does hereby sell, assign and transfer unto the right to purchase shares of Common Stock, par value $0.001 per
share, of Senmiao Technology Limited, a Nevada corporation (the “Company”), evidenced by the Purchase Warrant
and does hereby authorize the Company to transfer such right on the books of the Company.

 

 

Dated: __________, 20__

 

 

	Signature	 	 
	 	 	 
	 	 	 
	 	 	 
	Signature Guaranteed
	 	 
	 	 	 

  

 

NOTICE: The signature to this form must correspond with the
name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must
be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.Exhibit 10.1

 

PLACEMENT AGENCY AGREEMENT

 

FT Global Capital, Inc.

5 Concourse Parkway, Suite 3000

Atlanta, GA, 30328

 

February 8, 2021

 

Ladies and Gentlemen:

 

This letter (this “Agreement”)
constitutes the agreement between Senmiao Technology Limited (the “Company”) and FT Global Capital, Inc.
(“FT Global”) pursuant to which FT Global shall serve as the placement agent (the “Placement Agent”)
(the “Services”), for the Company, on a reasonable “best efforts” basis, in connection with the
proposed offer and placement (the “Offering”) by the Company of its Securities (as defined Section 3 of
this Agreement). The Company expressly acknowledges and agrees that FT Global’s obligations hereunder are on a reasonable
 “best efforts” basis only and that the execution of this Agreement does not constitute a commitment by FT Global to
purchase the Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of
FT Global placing the Securities.

 

		1.	Appointment of FT Global as Exclusive Placement Agent.

 

On the basis of the
representations, warranties, covenants and agreements of the Company herein contained, and subject to all the terms and conditions
of this Agreement, the Company hereby appoints the Placement Agent as its exclusive placement agent in connection with a distribution
of its Shares (as defined below) to be offered and sold by the Company pursuant to a registration statement filed under the Securities
Act of 1933, as amended (the “Securities Act”) on Form S-3 (File No. 333-230397), and FT Global agrees
to act as the Company’s exclusive Placement Agent. Pursuant to this appointment, the Placement Agent will solicit offers
for the purchase of or attempt to place all or part of the Securities of the Company in the proposed Offering. Until the final
closing or earlier upon termination of this Agreement pursuant to Section 5 hereof, the Company shall not, without the prior
written consent of the Placement Agent, solicit or accept offers to purchase the Securities other than through the Placement Agent.
The Company acknowledges that the Placement Agent will act as an agent of the Company and use its reasonable “best efforts”
to solicit offers to purchase the Securities from the Company on the terms, and subject to the conditions, set forth in the Prospectus
(as defined below). The Placement Agent shall use commercially reasonable efforts to assist the Company in obtaining performance
by each Purchaser whose offer to purchase Securities has been solicited by the Placement Agent, but the Placement Agent shall not,
except as otherwise provided in this Agreement, be obligated to disclose the identity of any potential purchaser or have any liability
to the Company in the event any such purchase is not consummated for any reason. Under no circumstances will the Placement Agent
be obligated to underwrite or purchase any Securities for its own account and, in soliciting purchases of the Securities, the Placement
Agent shall act solely as an agent of the Company. The Services provided pursuant to this Agreement shall be on an “agency”
basis and not on a “principal” basis.

 

The Placement Agent
will solicit offers for the purchase of the Securities in the Offering at such times and in such amounts as the Placement Agent
deems advisable. The Company shall have the sole right to accept offers to purchase Securities and may reject any such offer, in
whole or in part. The Company and Placement Agent shall negotiate the timing and terms of the Offering and acknowledge that the
Offering and the provision of Placement Agent services related to the Offering are subject to market conditions and the receipt
of all required related clearances and approvals.

 

		2.	Fees; Expenses; Other Arrangements.

 

A.            Placement
Agent’s Fee. As compensation for services rendered, the Company shall pay to the Placement Agent in cash by wire transfer
in immediately available funds to an account or accounts designated by the Placement Agent an amount (the “Placement Fee”)
equal to 7.5% of the aggregate gross proceeds received by the Company from the sale of the Securities, at the closing (the “Closing”
and the date on which the Closing occurs, the “Closing Date”); and the Company shall issue to the Placement
Agent or its designees at the Closing five-year warrants to purchase such number of Shares (as defined in Section 3) equal
to 7.5% of the Shares sold in this Offering at an exercise price of $1.38 (the “Placement Agent Warrant” and
together with the shares of Common Stock (as defined below) underlying the Placement Agent Warrant, the “Placement Agent
Securities”). The Placement Agent may deduct from the net proceeds of the Offering payable to the Company on the Closing
Date the Placement Fee set forth herein to be paid by the Company to the Placement Agent.

 

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B.            Offering
Expenses. The Company will be responsible for and will pay all expenses relating to the Offering, including, without limitation,
(a) all filing fees and expenses relating to the registration of the Securities with the Commission; (b) all FINRA Public
Offering filing fees; (c) all fees and expenses relating to the listing of the Shares on the NASDAQ Stock Market; (d) the
costs of all mailing and printing of the Offering documents; (e) transfer and/or stamp taxes, if any, payable upon the transfer
of Securities from the Company to Investors; (f) the fees and expenses of the Company’s accountants; (g) travel
expenses and diligence expenses of FT Global not to exceed $30,000; and (h) legal fees of FT Global’s counsel of $30,000.
The Placement Agent may deduct from the net proceeds of the Offering payable to the Company on the Closing Date the expenses set
forth herein to be paid by the Company to the Placement Agent, provided, however, that in the event that the Offering is terminated,
the Company agrees to reimburse the Placement Agent to the extent required by Section 5 hereof.

 

C.            Tail
Financing. The Placement Agent shall be entitled to fees per Section 2.A. of this Agreement with respect to any public
or private offering or other financing or capital-raising transaction of any kind (“Tail Financing”) to the
extent that such Tail Financing is provided to the Company by any investors that the Placement Agent has contacted on behalf of
the Company or investors that the Placement Agent had “wall-crossed” in connection with this Offering (or any entity
under common management or having a common investment advisor), if such Tail Financing is consummated at any time within the 12-month
period following the termination of the Engagement Letter (as defined herein) (the “Tail Period”).

 

		3.	Description of the Offering.

 

The Securities to be
offered directly to various investors (each, an “Investor” or “Purchaser” and, collectively,
the “Investors” or the “Purchasers”) pursuant to the Securities Purchase Agreement dated
on or about the date hereof between the Company and the Investors (the “Securities Purchase Agreement”) shall
consist of 5,072,465 shares (the “Shares” or “Securities”) of Company common stock (the “Common
Stock”). The purchase price shall be $1.38 per Share (the “Purchase Price”). If the Company shall
default in its obligations to deliver Securities to a Purchaser whose offer it has accepted and who has tendered payment, the Company
shall indemnify and hold the Placement Agent harmless against any loss, claim, damage or expense arising from or as a result of
such default by the Company under this Agreement.

 

		4.	Delivery and Payment; Closing.

 

Settlement of the Securities
purchased by an Investor shall be made as set forth in the Securities Purchase Agreement. On the Closing Date, the Shares to which
the Closing relates shall be delivered through such means as the parties to the Securities Purchase Agreement may hereafter agree.
The Securities shall be registered in such name or names and in such authorized denominations as set forth in the Securities Purchase
Agreement. The term “Business Day” means any day other than a Saturday, a Sunday or a legal holiday or a day on which
banking institutions are authorized or obligated by law to close in New York, New York.

 

		5.	Term and Termination of Agreement.

 

The term of this Agreement
will commence upon the execution of this Agreement and will terminate on the earlier of the closing of this Offering or 30 days
from the date hereof. Notwithstanding anything to the contrary contained herein, any provision in this Agreement concerning or
relating to confidentiality, indemnification, contribution, advancement, the Company’s representations and warranties and
the Company’s obligations to pay fees and reimburse expenses will survive any expiration or termination of this Agreement.
If any condition specified in Section 8 is not satisfied when and as required to be satisfied, this Agreement may be terminated
by the Placement Agent by notice to the Company at any time on or prior to a Closing Date, which termination shall be without liability
on the part of any party to any other party, except that those portions of this Agreement specified in Section 19 shall at
all times be effective and shall survive such termination.

 

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		6.	Permitted Acts.

 

Nothing in this Agreement
shall be construed to limit the ability of the Placement Agent, its officers, directors, employees, agents, associated persons
and any individual or entity “controlling,” controlled by,” or “under common control” with the Placement
Agent (as those terms are defined in Rule 405 under the Securities Act) to conduct its business including without limitation
the ability to pursue, investigate, analyze, invest in, or engage in investment banking, financial advisory or any other business
relationship with any individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture,
limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

		7.	Representations, Warranties and Covenants of the Company.

 

As of the date and
time of the execution of this Agreement, the Closing Date and the Initial Sale Time (as defined herein), the Company (i) makes
such representations and warranties to the Placement Agent as the Company makes to the Investors pursuant to the Securities Purchase
Agreement, and (ii) further represents, warrants and covenants to the Placement Agent, other than as disclosed in any of its
filings with the Securities and Exchange Commission (the “Commission”), that:

 

A.            Registration
Matters.

 

i.            The
Company has filed with the Commission a registration statement on Form S-3 (File No. 333-230397) including a related
prospectus, for the registration of certain securities (the “Shelf Securities”), including the Shares, under
the Securities Act and the rules and regulations thereunder (the “Securities Act Regulations”). The registration
statement has been declared effective under the Securities Act by the Commission. The “Registration Statement,”
as of any time, means such registration statement as amended by any post-effective amendments thereto to such time, including the
exhibits and any schedules thereto at such time, the documents incorporated or deemed to be incorporated by reference therein at
such time pursuant to Form S-3 under the Securities Act and the documents otherwise deemed to be a part thereof as of such
time pursuant to Rule 430A (“Rule 430A”) or Rule 430B under the Securities Act Regulations (“Rule 430B”);
provided, however, that the “Registration Statement” without reference to a time means such registration statement
as amended by any post-effective amendments thereto as of the time of the first contract of sale for the Shares, which time shall
be considered the “new effective date” of such registration statement with respect to the Shares within the meaning
of paragraph (f)(2) of Rule 430B, including the exhibits and schedules thereto as of such time, the documents incorporated
or deemed incorporated by reference therein at such time pursuant to Form S-3 under the Securities Act and the documents otherwise
deemed to be a part thereof as of such time pursuant to Rule 430A or Rule 430B. Any registration statement filed pursuant
to Rule 462(b) of the Securities Act Regulations is hereinafter called the “Rule 462(b) Registration
Statement,” and after such filing the term “Registration Statement” shall include the Rule 462(b) Registration
Statement. The prospectus covering the Shelf Securities in the form first used to confirm sales of the Shares (or in the form first
made available to the Placement Agent by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities
Act) is hereinafter referred to as the “Base Prospectus.” The Base Prospectus, as supplemented by the prospectus
supplement specifically related to the Shares in the form first used to confirm sales of the Shares (or in the form first made
available to the Placement Agent by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act),
is hereinafter referred to, collectively, as the “Prospectus,” and the term “Preliminary Prospectus”
means any preliminary form of the Prospectus, including any preliminary prospectus supplement specifically related to the Shares
filed with the Commission by the Company with the consent of the Placement Agent.

 

ii.            All
references in this Agreement to financial statements and schedules and other information which is “contained,” “included”
or “stated” (or other references of like import) in the Registration Statement, any Preliminary Prospectus or the Prospectus
shall be deemed to include all such financial statements and schedules and other information incorporated or deemed incorporated
by reference in the Registration Statement, such Preliminary Prospectus or the Prospectus, as the case may be, prior to the execution
and delivery of this Agreement; and all references in this Agreement to amendments or supplements to the Registration Statement,
any Preliminary Prospectus or the Prospectus shall be deemed to include the filing of any document under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and the rules and regulations thereunder (the “Exchange
Act Regulations”), incorporated or deemed to be incorporated by reference in the Registration Statement, such Preliminary
Prospectus or the Prospectus, as the case may be, at or after the execution and delivery of this Agreement.

 

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iii.            The
term “Disclosure Package” means (i) the Preliminary Prospectus, if any, as most recently amended or supplemented
immediately prior to the Initial Sale Time (as defined herein), and (ii) the Issuer Free Writing Prospectuses (as defined
below), if any, identified in Schedule I hereto.

 

iv.            The
term “Issuer Free Writing Prospectus” means any issuer free writing prospectus, as defined in Rule 433
of the Securities Act Regulations. The term “Free Writing Prospectus” means any free writing prospectus, as
defined in Rule 405 of the Securities Act Regulations.

 

v.            Any
Preliminary Prospectus when filed with the Commission, and the Registration Statement as of each effective date and as of the date
hereof, complied or will comply, and the Prospectus and any further amendments or supplements to the Registration Statement, any
Preliminary Prospectus or the Prospectus will, when they become effective or are filed with the Commission, as the case may be,
comply, in all material respects, with the requirements of the Securities Act and the Securities Act Regulations; and the documents
incorporated by reference in the Registration Statement, any Preliminary Prospectus or the Prospectus complied, and any further
documents so incorporated will comply, when filed with the Commission, in all material respects to the requirements of the Exchange
Act and Exchange Act Regulations.

 

vi.            The
issuance by the Company of the Shares has been registered under the Securities Act. The Shares will be issued pursuant to the Registration
Statement and will be freely transferable and freely tradable by each of the Investors without restriction, unless otherwise restricted
by applicable law or regulation. The Company is eligible to use Form S-3 under the Securities Act and it meets the transaction
requirements with respect to the aggregate market value of the Shares being sold pursuant to this offering and during the twelve
(12) months prior to this offering, as set forth in General Instruction I.B.6 of Form S-3.

 

B.            Stock
Exchange Listing. The Common Stock is approved for listing on the NASDAQ Capital Market (the “Exchange”)
and the Company has taken no action designed to, or likely to have the effect of, delisting the Common Stock from the Exchange,
nor has the Company received any notification that the Exchange is contemplating terminating such listing.

 

C.            No
Stop Orders, etc. Neither the Commission nor, to the Company's knowledge, any state regulatory authority has issued any
order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted
or, to the Company's knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied
with each request (if any) from the Commission for additional information.

 

D.            Disclosures
in Registration Statement.

 

		i.	Compliance with Securities Act and 10b-5 Representation.

 

(a)            Each
of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material
respects with the requirements of the Securities Act and the Securities Act Regulations. The Preliminary Prospectus and the Prospectus,
at the time each was or will be filed with the Commission, complied or will comply in all material respects with the requirements
of the Securities Act and the Securities Act Regulations. The Preliminary Prospectus delivered to the Placement Agent for use in
connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

 

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(b)            None
of the Registration Statement, any amendment thereto, or the Preliminary Prospectus, as of 8:00 a.m. (Eastern time) on the
date hereof (the “Initial Sale Time”), and at the Closing Date, contained, contains or will contain an untrue
statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; provided, however, that this representation and warranty shall not apply to statements
made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to
the Placement Agent by the Placement Agent expressly for use in the Registration Statement or any amendment thereof or supplement
thereto. The parties acknowledge and agree that such information provided by or on behalf of any Placement Agent consists solely
of the following disclosure contained in the “Plan of Distribution” section of the Prospectus: (i) the name of
the Placement Agent, and (ii) the fees and expenses of the Placement Agent (the “Placement Agent’s Information”).

 

(c)            The
Disclosure Package, as of the Initial Sale Time and at the Closing Date, did not, does not and will not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and each Issuer Free Writing Prospectus does not conflict with the information contained
in the Registration Statement, any Preliminary Prospectus, or the Prospectus, and each such Issuer Free Writing Prospectus, as
supplemented by and taken together with the Preliminary Prospectus as of the Initial Sale Time, did not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements
made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to
the Placement Agent by the Placement Agent expressly for use in the Registration Statement, the Preliminary Prospectus or the Prospectus
or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf
of any Placement Agent consists solely of the Placement Agent’s Information; and

 

(d)            Neither
the Prospectus nor any amendment or supplement thereto, as of its issue date, at the time of any filing with the Commission pursuant
to Rule 424(b), or at the Closing Date, included, includes or will include an untrue statement of a material fact or omitted,
omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Placement
Agent's Information.

 

ii.            Disclosure
of Agreements. The agreements and documents described in the Registration Statement, the Disclosure Package and the Prospectus
conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required
by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Disclosure Package
and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described
or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it
is or may be bound or affected and (i) that is referred to in the Registration Statement, the Disclosure Package and the Prospectus,
and (ii) is material to the Company's business, has been duly authorized and validly executed by the Company, is in full force
and effect in all material respects and is enforceable against the Company and, to the Company's knowledge, the other parties thereto,
in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or
similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision
may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought. None of such agreements or instruments has been assigned by the Company, and neither the Company
nor, to the Company's knowledge, any other party is in default thereunder and, to the Company's knowledge, no event has occurred
that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder, except as disclosed in the
Registration Statement, the Disclosure Package and the Prospectus. To the Company's knowledge, performance by the Company of the
material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation,
judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any
of its assets or businesses (each, a “Governmental Entity”), including, without limitation, those relating to
environmental laws and regulations.

 

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iii.            Changes
After Dates in Registration Statement.

 

(a)            No
Material Adverse Change. Since the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change
in the financial position or results of operations of the Company, nor any change or development that, singularly or in the aggregate,
would involve a material adverse change, in or affecting the condition (financial or otherwise), results of operations, business,
assets or prospects of the Company (a “Material Adverse Change”); (ii) there have been no material transactions
entered into by the Company, other than as contemplated pursuant to this Agreement; and (iii) no officer or director of the
Company has resigned from any position with the Company.

 

(b)            Recent
Securities Transactions, etc. Subsequent to the respective dates as of which information is given in the Registration
Statement, the Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed
in the Registration Statement, the Disclosure Package and the Prospectus, the Company has not: (i) issued any securities (other
than (i) grants under any stock compensation plan and (ii) Common Stock issued upon exercise or conversion of option,
warrants or convertible securities described in the Registration Statement, the Disclosure Package and the Prospectus) or incurred
any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other
distribution on or in respect to its capital stock.

 

E.            Transactions
Affecting Disclosure to FINRA.

 

i.             Finder's
Fees. There are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting
or origination fee by the Company or any executive officer or director of the Company (each an “Insider”) with
respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the
Company's knowledge, any of its stockholders.

 

ii.             Payments
Within Six (6) Months. The Company has not made any direct or indirect payments (in cash, securities or otherwise) to:
(i) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company
or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) 
any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the six (6) months
prior to the date hereof, other than (A) the payment to the Placement Agent as provided hereunder in connection with the Offering,
and (B) other payments to the Placement Agent under other engagement letters.

 

iii.            Use
of Proceeds. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its
affiliates, except as specifically authorized herein.

 

iv.            FINRA
Affiliation. There is no (i) officer or director of the Company, (ii) to the Company’s knowledge, beneficial
owner of 10% or more of any class of the Company's securities or (iii) to the Company’s knowledge, beneficial owner
of the Company's unregistered equity securities which were acquired during the 180-day period immediately preceding the filing
of the Registration Statement that is an affiliate or associated person of a FINRA member participating in the Offering (as determined
in accordance with the rules and regulations of FINRA).

 

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F.            Integration.
Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering
to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of
any such securities under the Securities Act.

 

G.            Restriction
on Sales of Capital Stock. The Company, on behalf of itself and any successor entity, agrees that it will not, for a period
of 180 days after the date of this Agreement (the “Lock-Up Period”), without the prior written consent of the
Placement Agent (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital
stock of the Company; (ii) file or cause to be filed any registration statement with the Commission relating to the offering
of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital
stock of the Company, other than pursuant to a registration statement on Form S-8 for employee benefit plans; whether any
such transaction described in clause (i) or (ii) above is to be settled by delivery of shares of capital stock of the
Company or such other securities, in cash or otherwise; or (iii) publicly announce an intention to effect any transaction
specified in clause (i) or (ii). The restrictions contained in this section shall not apply to (i) the issuance by the
Company of Common Stock upon the exercise of stock options, warrants or the conversion of a security, in each case, that is outstanding
on the date hereof, or (ii) the grant by the Company of stock options or other stock-based awards, or the issuance of shares
of capital stock of the Company under any stock compensation plan of the Company in effect on the date hereof.

 

H.            Variable
Rate Transactions. From the date hereof until one (1) year after the Closing Date, the Company shall be prohibited from
effecting or entering into an agreement to effect any issuance by the Company or any of its subsidiaries of Common Stock or Common
Stock equivalents (or a combination of units thereof) involving a Variable Rate Transaction. For purposes of this Agreement, “Variable
Rate Transaction” shall mean a transaction in which the Company (i) issues or sells any debt or equity securities
that are convertible into, exchangeable or exercisable for, or include the right to receive additional Common Stock either (A) at
a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of
or quotations for the Common Stock at any time after the initial issuance of such debt or equity securities, or (B) with a
conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt
or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the
Company or the market for the Common Stock or (ii) enters into, or effects a transaction under, any agreement, including,
but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price. The Placement
Agent shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in
addition to any right to collect damages.

 

		8.	Conditions of the Obligations of the Placement Agent.

 

The obligations of
the Placement Agent hereunder shall be subject to the accuracy of the representations and warranties on the part of the Company
set forth in Section 7 hereof, in each case as of the date hereof and as of the Closing Date as though then made, to the timely
performance by each of the Company of its covenants and other obligations hereunder on and as of such dates, and to each of the
following additional conditions:

 

A.            Regulatory
Matters.

 

i.              Effectiveness
of Registration Statement; Rule 424 Information. The Registration Statement is effective on the date of this Agreement,
and, on the Closing Date no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
thereto has been issued under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the
Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company’s
knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional
information. All filings with the Commission required by Rule 424 under the Securities Act to have been filed by the Closing
Date, shall have been made within the applicable time period prescribed for such filing by Rule 424.

 

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ii.             FINRA
Clearance. On or before the Closing Date of this Agreement, the Placement Agent shall have received clearance from FINRA as
to the amount of compensation allowable or payable to the Placement Agent as described in the Registration Statement.

 

iii.            Listing
of Additional Shares. On or before the Closing Date of this Agreement, the Company shall have received clearance from The Nasdaq
Stock Market, Inc. with respect to the Company’s application for the additional listing of the securities sold in the
Offering.

 

B.            Company
Counsel Matters. On the Closing Date, the Placement Agent shall have received the favorable opinion of Ellenoff Grossman &
Schole LLP, U.S. counsel for the Company, and Yuan Tai Law Offices, PRC counsel for the Company, dated the Closing Date and addressed
to the Placement Agent, substantially in form and substance reasonably satisfactory to the Placement Agent.

 

C.            Comfort
Letter. The Placement Agent shall have received a letter dated the Closing Date, in form and substance satisfactory to the
Placement Agent, from the Company's independent public accountants, containing statements and information of the type ordinarily
included in accountants' "comfort letters" with respect to the financial statements and certain financial information
contained in the Registration Statement and Prospectus.

 

D.            Officers
Certificate. On the Closing Date, the Placement Agent shall have received a certificate of the chief executive officer and
chief financial officer of the Company, dated the Closing Date, to the effect that, (i) such officers have carefully examined
the Registration Statement, the Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus and, in their opinion,
the Registration Statement and each amendment thereto, as of the Initial Sale Time and through the Closing Date did not include
any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, and the Disclosure Package, as of the Initial Sale Time through the Closing Date, any
Issuer Free Writing Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto,
as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they
were made, not misleading; and (ii) as of the Closing Date the representations and warranties of the Company contained herein
and in the Securities Purchase Agreement were and are accurate in all material respects, and that the obligations to be performed
by the Company hereunder have been fully performed in all material respects.

 

E.            Secretary
Certificate. On the Closing Date, the Placement Agent shall have received from the Company a certificate of the corporate secretary
of the Company, dated the Closing Date, certifying to the organizational documents of the Company, good standing in the jurisdiction
of formation of the Company and board resolutions authorizing the Offering of the Securities.

 

F.            Lock-Up
Agreements. The Company has caused each of its officers, directors, and 5% shareholders to deliver to the Placement Agent an
executed Lock-Up Agreement, in the form attached as Exhibit A hereto (the “Lock-Up Agreement”).

 

G.            No
Material Changes. Prior to and on the Closing Date: (i) there shall have been no Material Adverse Change or development
involving a prospective Material Adverse Change in the condition or prospects or the business activities, financial or otherwise,
of the Company from the latest dates as of which such condition is set forth in the Registration Statement, the Disclosure Package
and the Prospectus; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or threatened against
the Company or any affiliates of the Company before or by any court or federal or state commission, board or other administrative
agency wherein an unfavorable decision, ruling or finding may materially adversely affect the business, operations, prospects or
financial condition or income of the Company, except as set forth in the Registration Statement, the Disclosure Package and the
Prospectus; (iii) no stop order shall have been issued under the Securities Act and no proceedings therefor shall have been
initiated or threatened by the Commission; and (iv) the Registration Statement, the Disclosure Package and the Prospectus
and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance
with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the
Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Disclosure Package nor the Prospectus
nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading.

 

    8

     

    

 

H.            Delivery
of Agreements.

 

(i)  Lock-Up
Agreements. On or before the Closing Date of this Agreement, the Company shall have delivered to the Placement Agent executed
copies of the Lock-Up Agreements from each of the Company’s officers, directors and 5% shareholders.

 

(ii) 
Placement Agent Warrant. On the Closing Date, the Company shall have delivered to the Placement Agent an executed copy of
the Placement Agent Warrant in such designations as requested by the Placement Agent.

 

I.             Additional
Documents. At the Closing Date, Placement Agent Counsel shall have been furnished with such documents and opinions as they
may require in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions,
herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein
contemplated shall be satisfactory in form and substance to the Placement Agent and Placement Agent Counsel.

 

		9.	Indemnification and Contribution; Procedures.

 

A.            Indemnification
of the Placement Agent. The Company agrees to indemnify and hold harmless the Placement Agent, its affiliates and each person
controlling such Placement Agent (within the meaning of Section 15 of the Securities Act), and the directors, officers, agents
and employees of the Placement Agent, its affiliates and each such controlling person (the Placement Agent, and each such entity
or person hereafter is referred to as an “Indemnified Person”) from and against any losses, claims, damages,
judgments, assessments, costs and other liabilities (collectively, the “Liabilities”), and shall reimburse each
Indemnified Person for all fees and expenses (including the reasonable fees and expenses of counsel for the Indemnified Persons,
except as otherwise expressly provided in this Agreement) (collectively, the “Expenses”) and agrees to advance
payment of such Expenses as they are incurred by an Indemnified Person in investigating, preparing, pursuing or defending any actions,
whether or not any Indemnified Person is a party thereto, arising out of or based upon any untrue statement or alleged untrue statement
of a material fact contained in (i) the Registration Statement, the Disclosure Package, the Preliminary Prospectus, the Prospectus
or in any Issuer Free Writing Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or
information provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering, including
any “road show” or investor presentations made to investors by the Company (whether in person or electronically); or
(iii) any application or other document or written communication (in this Section 9, collectively called “application”)
executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the
Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency, any national
securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading, unless such statement
or omission was made in reliance upon, and in conformity with, the Placement Agent’s information. The Company also agrees
to reimburse each Indemnified Person for all Expenses as they are incurred in connection with such Indemnified Person’s enforcement
of his or its rights under this Agreement. Each Indemnified Person is an intended third party beneficiary with the same rights
to enforce the indemnification that each Indemnified Person would have if he was a party to this Agreement.

 

B.            Procedure.
Upon receipt by an Indemnified Person of actual notice of an action against such Indemnified Person with respect to which indemnity
may reasonably be expected to be sought under this Agreement, such Indemnified Person shall promptly notify the Company in writing;
provided that failure by any Indemnified Person so to notify the Company shall not relieve the Company from any obligation or liability
which the Company may have on account of this Section 9 or otherwise to such Indemnified Person, except to the extent (and
only to the extent) that its ability to assume the defense is actually impaired by such failure or delay. The Company shall, if
requested by the Placement Agent, assume the defense of any such action (including the employment of counsel and reasonably satisfactory
to the Placement Agent). Any Indemnified Person shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the
Company has failed promptly to assume the defense and employ counsel for the benefit of the Placement Agent and the other Indemnified
Persons or (ii) such Indemnified Person shall have been advised that in the opinion of counsel that there is an actual or
potential conflict of interest that prevents (or makes it imprudent for) the counsel engaged by the Company for the purpose of
representing the Indemnified Person, to represent both such Indemnified Person and any other person represented or proposed to
be represented by such counsel, it being understood, however, that the Company shall not be liable for the expenses of more than
one separate counsel (together with local counsel), representing the Placement Agent
and all Indemnified persons who are parties to such action. The Company shall not be liable for any settlement of any action effected
without its written consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the prior written
consent of the Placement Agent, settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any
pending or threatened action in respect of which advancement, reimbursement, indemnification or contribution may be sought hereunder
(whether or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination (i) includes
an unconditional release of each Indemnified Person, acceptable to such Indemnified Party, from all Liabilities arising out of
such action for which indemnification or contribution may be sought hereunder and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Person. The advancement, reimbursement,
indemnification and contribution obligations of the Company required hereby shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as every Liability and Expense is incurred and is due and payable, and in such
amounts as fully satisfy each and every Liability and Expense as it is incurred (and in no event later than 30 days following the
date of any invoice therefor).

 

    9

     

    

 

C.            Indemnification
of the Company. The Placement Agent agrees to indemnify and hold harmless the Company, its directors, its officers who signed
the Registration Statement and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act against any and all Liabilities, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Disclosure Package or Prospectus or
any amendment or supplement thereto, in reliance upon, and in strict conformity with, the Placement Agent’s Information.
In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus,
the Registration Statement, the Disclosure Package or Prospectus or any amendment or supplement thereto, and in respect of which
indemnity may be sought against the Placement Agent, the Placement Agent shall have the rights and duties given to the Company,
and the Company and each other person so indemnified shall have the rights and duties given to the Placement Agent by the provisions
of Section 9.B. The Company agrees promptly to notify the Placement Agent of the commencement of any litigation or proceedings
against the Company or any of its officers, directors or any person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Securities or in
connection with the Registration Statement, the Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus, provided,
that failure by the Company so to notify the Placement Agent shall not relieve the Placement
Agent from any obligation or liability which the Placement Agent may have on account of this Section 9.C. or otherwise to
the Company, except to the extent the Placement Agent is materially prejudiced as a proximate result of such failure..

 

D.            Contribution.
In the event that a court of competent jurisdiction makes a finding that indemnity is unavailable to any indemnified person, then
each indemnifying party shall contribute to the Liabilities and Expenses paid or payable by such indemnified person in such proportion
as is appropriate to reflect (i) the relative benefits to the Company, on the one hand, and to the Placement Agent and any
other Indemnified Person, on the other hand, of the matters contemplated by this Agreement or (ii) if the allocation provided
by the immediately preceding clause is not permitted by applicable law, not only such relative benefits but also the relative fault
of the Company, on the one hand, and the Placement Agent and any other Indemnified Person, on the other hand, in connection with
the matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable considerations; provided that
in no event shall the Company contribute less than the amount necessary to ensure that all Indemnified Persons, in the aggregate,
are not liable for any Liabilities and Expenses in excess of the amount of commissions actually received by the Placement Agent
pursuant to this Agreement. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Company on the one hand or the Placement Agent on the other and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The Company and the Placement Agent agree that it
would not be just and equitable if contributions pursuant to this subsection (D) were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection
(D). For purposes of this paragraph, the relative benefits to the Company, on the one hand, and to the Placement Agent on the other
hand, of the matters contemplated by this Agreement shall be deemed to be in the same proportion as: (a) the total value received
by the Company in the Offering, whether or not such Offering is consummated, bears to (b) the commissions paid to the Placement
Agent under this Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of
the Securities Act shall be entitled to contribution from a party who was not guilty of fraudulent misrepresentation.

 

    10

     

    

 

E.            Limitation.
The Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or
otherwise) to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant
to this Agreement, the transactions contemplated thereby or any Indemnified Person’s actions or inactions in connection with
any such advice, services or transactions, except to the extent that a court of competent jurisdiction has made a finding that
Liabilities (and related Expenses) of the Company have resulted primarily from such Indemnified Person’s gross negligence
or willful misconduct in connection with any such advice, actions, inactions or services.

 

F.            Survival.
The advancement, reimbursement, indemnity and contribution obligations set forth in this Section 9 shall remain in full force
and effect regardless of any termination of, or the completion of any Indemnified Person’s services under or in connection
with, this Agreement. Each Indemnified Person is an intended third-party beneficiary of this Section 9, and has the right
to enforce the provisions of Section 9 as if he/she/it was a party to this Agreement.

 

		10.	Limitation of FT Global’s Liability to the Company.

 

FT Global and the Company
further agree that neither FT Global nor any of its affiliates or any of their respective officers, directors, controlling persons
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), employees or agents shall
have any liability to the Company, its security holders or creditors, or any person asserting claims on behalf of or in the right
of the Company (whether direct or indirect, in contract or tort, for an act of negligence or otherwise) for any losses, fees, damages,
liabilities, costs, expenses or equitable relief arising out of or relating to this Agreement or the Services rendered hereunder,
except for losses, fees, damages, liabilities, costs or expenses that arise out of or are based on any action of or failure to
act by FT Global and that are finally judicially determined to have resulted solely from the gross negligence or willful misconduct
of FT Global.

 

		11.	Limitation of Engagement to the Company.

 

The Company acknowledges
that FT Global has been retained only by the Company, that FT Global is providing services hereunder as an independent contractor
(and not in any fiduciary or agency capacity) and that the Company’s engagement of FT Global is not deemed to be on behalf
of, and is not intended to confer rights upon, any shareholder, owner or partner of the Company or any other person not a party
hereto as against FT Global or any of its affiliates, or any of its or their respective officers, directors, controlling persons
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), employees or agents. Unless
otherwise expressly agreed in writing by FT Global, no one other than the Company is authorized to rely upon any statement or conduct
of FT Global in connection with this Agreement. The Company acknowledges that any recommendation or advice, written or oral, given
by FT Global to the Company in connection with FT Global’s engagement is intended solely for the benefit and use of the Company’s
management and directors in considering a possible Offering, and any such recommendation or advice is not on behalf of, and shall
not confer any rights or remedies upon, any other person or be used or relied upon for any other purpose. FT Global shall not have
the authority to make any commitment binding on the Company. The Company, in its sole discretion, shall have the right to reject
any investor introduced to it by FT Global. If any purchase agreement and/or related transaction documents are entered into between
the Company and the investors in the Offering, FT Global will be entitled to rely on the representations, warranties, agreements
and covenants of the Company contained in any such purchase agreement and related transaction documents as if such representations,
warranties, agreements and covenants were made directly to FT Global by the Company.

 

    11

     

    

 

		12.	Amendments and Waivers.

 

No supplement, modification
or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. The failure of a party
to exercise any right or remedy shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (regardless
of whether similar), nor shall any such waiver be deemed or constitute a continuing waiver unless otherwise expressly provided.

 

		13.	Confidentiality.

 

In the event of the
consummation or public announcement of any Offering, FT Global shall have the right to disclose its participation in such Offering,
including, without limitation, the placement at its cost of “tombstone” advertisements in financial and other newspapers
and journals. FT Global agrees not to use any confidential information concerning the Company provided to FT Global by the Company
for any purposes other than those contemplated under this Agreement.

 

		14.	Headings.

 

The headings of the
various sections of this Agreement have been inserted for convenience of reference only and will not be deemed to be part of this
Agreement.

 

		15.	Counterparts.

 

This Agreement may
be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be
deemed to be an original and all such counterparts shall together constitute one and the same instrument.

 

		16.	Severability.

 

In case any provision
contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability
of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

		17.	Use of Information.

 

The Company will furnish
FT Global such written information as FT Global reasonably requests in connection with the performance of its services hereunder.
The Company understands, acknowledges and agrees that, in performing its services hereunder, FT Global will use and rely entirely
upon such information as well as publicly available information regarding the Company and other potential parties to an Offering
and that FT Global does not assume responsibility for independent verification of the accuracy or completeness of any information,
whether publicly available or otherwise furnished to it, concerning the Company or otherwise relevant to an Offering, including,
without limitation, any financial information, forecasts or projections considered by FT Global in connection with the provision
of its services.

 

		18.	Absence of Fiduciary Relationship.

 

The Company acknowledges
and agrees that: (a) the Placement Agent has been retained solely to act as Placement Agent in connection with the sale of
the Securities and that no fiduciary, advisory or agency relationship between the Company and the Placement Agent has been created
in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Placement Agent has advised or
is advising the Company on other matters; (b) the Purchase Price and other terms of the Securities set forth in this Agreement
were established by the Company following discussions and arms-length negotiations with the Investors and the Company is capable
of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by
this Agreement; (c) it has been advised that the Placement Agent and its affiliates are engaged in a broad range of transactions
that may involve interests that differ from those of the Company and that the Placement Agent has no obligation to disclose such
interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and (d) it has been
advised that the Placement Agent is acting, in respect of the transactions contemplated by this Agreement, solely for the benefit
of the Placement Agent, and not on behalf of the Company and that the Placement Agents may have interests that differ from those
of the Company. The Company waives to the full extent permitted by applicable law any claims it may have against the Placement
Agent arising from an alleged breach of fiduciary duty in connection with the Offering.

 

    12

     

    

 

		19.	Survival of Indemnities, Representations, Warranties, Etc.

 

The respective indemnities,
covenants, agreements, representations, warranties and other statements of the Company and Placement Agent, as set forth in this
Agreement or made by them respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation
made by or on behalf of the Placement Agent, the Company, the Purchasers or any person controlling any of them and shall survive
delivery of and payment for the Securities. Notwithstanding any termination of this Agreement, including without limitation any
termination pursuant to Section 5, the payment, reimbursement, indemnity, contribution and advancement agreements contained
in Sections 2, 9, 10, and 11, respectively, and the Company’s covenants, representations, and warranties set forth in this
Agreement shall not terminate and shall remain in full force and effect at all times. The indemnity and contribution provisions
contained in Section 9 and the covenants, warranties and representations of the Company contained in this Agreement shall
remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation
made by or on behalf of any Placement Agent, any person who controls any Placement Agent within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act or any affiliate of any Placement Agent, or by or on behalf of the
Company, its directors or officers or any person who controls the Company within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act, and (iii) the issuance and delivery of the Securities.

 

		20.	Governing Law.

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of Georgia applicable to agreements made and to be fully
performed therein. Any disputes that arise under this Agreement, even after the termination of this Agreement, will be heard only
in the state or federal courts located in Fulton County, Georgia. The parties hereto expressly agree to submit themselves to the
jurisdiction of the foregoing courts in Fulton County, Georgia. The parties hereto expressly waive any rights they may have to
contest the jurisdiction, venue or authority of any court sitting in Fulton County, Georgia.

 

		21.	Notices.

 

All communications
hereunder shall be in writing and shall be mailed or hand delivered and confirmed to the parties hereto as follows:

 

If to the Company:

 

Senmiao Technology
Limited

16F, Shihao Square

Middle Jiannan Blvd,
High-Tech Zone

Chengdu, Sichuan, China

Attention: CEO

 

If to the Placement
Agent:

 

FT Global Capital, Inc.

5 Concourse Parkway,
Suite 3000

Atlanta, GA, 30328

Attention: President

 

Any party hereto may
change the address for receipt of communications by giving written notice to the others.

 

    13

     

    

 

		22.	Miscellaneous.

 

This Agreement constitutes
the entire agreement of FT Global and the Company, and supersedes any prior agreements, with respect to the subject matter hereof;
provided that notwithstanding anything to the contrary set forth herein, it is understood and agreed by the parties hereto that
all other terms and conditions of that certain engagement letter between the Company and Placement Agent dated as of January 18,
2021 (the “Engagement Letter”) shall remain in full force and effect. If any provision of this Agreement is
determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect,
and the remainder of this Agreement shall remain in full force and effect. This Agreement may be executed in counterparts (including
facsimile or .pdf counterparts), each of which shall be deemed an original but all of which together shall constitute one and the
same instrument.

 

		23.	Successors.

 

This Agreement will
inure to the benefit of and be binding upon the parties hereto, and to the benefit of the employees, officers and directors and
controlling persons referred to in Section 9 hereof, and to their respective successors, and personal representative, and,
except as set forth in Section 9 of this Agreement, no other person will have any right or obligation hereunder.

 

		24.	Partial Unenforceability.

 

The invalidity or unenforceability
of any section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section,
paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid
or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it
valid and enforceable.

 

[SIGNATURE PAGE TO FOLLOW]

 

    14

     

    

 

In acknowledgment that
the foregoing correctly sets forth the understanding reached by FT Global and the Company, and intending to be legally bound, please
sign in the space provided below, whereupon this letter shall constitute a binding Agreement as of the date executed.

 

	 	Very truly yours,	 
	 	 	 
	 	SENMIAO TECHNOLOGY LIMITED	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	Confirmed as of the date first written above:	 
	 	 	 
	 	 	 
	 	FT GLOBAL CAPITAL, INC.	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name: Patrick Ko	 
	 	 	Title:  President	 

 

    15

     

    

 

SCHEDULE I

 

Issuer General Use Free Writing Prospectuses

 

None.

 

    16

     

    

 

Exhibit A

 

Lock-Up Agreement

 

February ___, 2021

 

FT Global Capital, Inc.

5 Concourse Parkway, Suite 3000

Atlanta, GA, 30328

Attention: President

 

Ladies and Gentlemen:

 

The undersigned understands
that FT Global Capital, Inc. (the “Placement Agent”) proposes to enter into a Placement Agency Agreement
(the “Agreement”) wit Senmiao Technology Limited, a Nevada corporation (the “Company”), providing
for the public offering (the “Public Offering”) of securities of the Company, including shares (the “Shares”)
of the Company’s common stock (the “Common Stock”).

 

To induce the Placement
Agent to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written
consent of the Placement Agent, the undersigned will not, during the period commencing on the date hereof and ending 180 days after
the date of the final prospectus (the “Prospectus”) relating to the Public Offering (the “Lock-Up Period”),
(1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common
Stock, any securities convertible into or exercisable or exchangeable for Common Stock, whether now owned or hereafter acquired
by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the
 “Lock-Up Securities”); (2) enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in
clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand
for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention
to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to
any Lock-Up Securities.

 

Notwithstanding the
foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent
of the Placement Agent in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions
after the completion of the Public Offering; provided that no filing under Section 16(a) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), shall be required or shall be voluntarily made in connection with
subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a
bona fide gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes of
this lock-up agreement, “family member” means any relationship by blood, marriage or adoption, not more remote than
first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the undersigned,
directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers
of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the
case may be; provided that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any
such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Placement Agent
a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of
the Exchange Act shall be required or shall be voluntarily made. The undersigned also agrees and consents to the entry of stop
transfer instructions with the Company’s transfer agent and registrar against the transfer of the undersigned’s Lock-Up
Securities except in compliance with this lock-up agreement.

 

    17

     

    

 

Any release or waiver
granted by the Placement Agent hereunder shall only be effective two (2) business days after the publication date of a press
release announcing such release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is
effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing
to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in
effect at the time of such transfer.

 

No provision in this
agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable
or exchangeable for or convertible into Common Stock, as applicable; provided that the undersigned does not transfer the
Common Stock acquired on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted pursuant to
the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or
modification of a so-called “10b5-1” plan at any time (other than the entry into or modification of such a plan in
such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

 

The undersigned understands
that the Company and the Placement Agent are relying upon this lock-up agreement in proceeding toward consummation of the Public
Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned’s
heirs, legal representatives, successors and assigns.

 

The undersigned understands
that, if the Agreement is not executed within 30 days of the date hereof, or if the Agreement (other than the provisions thereof
which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder,
then this lock-up agreement shall be void and of no further force or effect.

 

Whether or not the
Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made
pursuant to an Agreement, the terms of which are subject to negotiation between the Company and the Placement Agent.

 

[SIGNATURE PAGE TO FOLLOW]

 

    18

     

    

 

	 	Very truly yours,
	 	 
	 	 
	 	(Name - Please Print)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name of Signatory, in the case of entities - Please Print)
	 	 
	 	 
	 	(Title of Signatory, in the case of entities - Please Print)

 

    19

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