Document:

Exhibit 10.27

 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

 

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT
(the “Agreement”) is made this 3rd day of September, 2018, among (i) China Xiangtai Food Co. Ltd. (the "Company"),
a Cayman Islands limited liability company, and (ii) each purchaser identified on the signature pages to this Agreement (each a
 “Purchaser” and collectively, the “Purchasers”).

 

Purchase
of Ordinary Shares

 

1. Subscription

 

1.1 The undersigned Purchasers
(each a “Purchaser”) hereby subscribe for and agree to purchase from the Company for cash in the amount of US $200,000
(Two Hundred Thousand US Dollars) (the “Subscription Proceeds”, on the basis of the representations and warranties
and subject to the terms and conditions set forth herein, ordinary shares, of the Company, par value $0.01 per share (the “Ordinary
Shares”) and in an amount for subscription shares as set out on each Subscriber’s signature page hereto (each such
subscription an agreement to purchase being a “Subscription”) at a purchase price of US$3.00 per Ordinary Share.

 

1.2 Subject to the terms
hereof, the Subscription will be effective upon its acceptance by the Company. The Purchasers acknowledge that there is no minimum
required to close any subscription under the offering.

 

2. Payment

 

2.1 Each Purchaser acknowledges
and agrees that its commitment to purchase Ordinary Shares of the Company hereunder is and shall be irrevocable upon delivery of
the Subscription Proceeds and an executed counterpart original of this Subscription Agreement and an investor questionnaire, form
of which is attached hereto as Exhibit A (the “Investor Questionnaire”) to the Company. The Subscription Proceeds must
accompany or precede this Subscription Agreement and shall be paid by wire transfer to the following bank account.

 

Title of the Account: CVS
Limited

Account #: 582296125838 

Beneficiary Bank: HSBC 

Swift Code: HSBCHKHHHKH 

		Bank Address:	HSBC, Hong Kong

No. 1 Queen’s Road Central

Central

Hong Kong

 

3. Deliveries at or Prior
to Closing

 

3.1 Prior to acceptance
of this Subscription Agreement by the Company, each Purchaser must complete, sign and return to the Company, or Company’s
counsel Ortoli Rosenstadt LLP, an executed copy of this Subscription Agreement and wire transfer the Subscription Proceeds as described
in Section 2.1, above.

 

3.2 Each Purchaser shall
complete, sign and return to the Company as soon as possible, on request by the Company, any documents, questionnaires, notices
and undertakings as may be required by regulatory authorities or by applicable law.

 

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3.3 The Company shall
deliver to each Purchaser the following:

 

		(a)	at the Closing (as defined below), a counterpart of this
Subscription Agreement, duly executed by an authorized signatory of the Company;

 

		(b)	within 10 business days of the Closing Date (as defined
below), a certificate or evidence of electronic book entry representing the Ordinary Shares in the amount set forth on the signature
page hereto.

 

4. Closing

 

4.1 Completion of the
sale of the Ordinary Shares contemplated in this Subscription Agreement (any such completion, a "Closing")
shall occur on or before July 31, 2018, or on a such date to be mutually agreed upon by the Company and the Purchaser.

 

4.2 The Company may,
at its discretion, elect to close the Offering in one or more closings, in which event the Company may agree with one or more of
the Purchasers (including the Purchaser hereunder) to complete delivery of the Ordinary Shares to such Purchaser(s) against payment
therefor at any time on or prior to the furthest most date set by Section 4.1.

 

5. Conditions to Closing

 

5.1 Upon acceptance of
this Subscription Agreement, the obligations of the Company to Close on the Closing Date are subject to the following conditions:

 

		(a)	Delivery of the transaction documents as set forth in
Section 3.1 and 3.2.

 

		(b)	that all of the representations and warranties of the
Purchaser made in this Subscription Agreement are accurate in all material respects when made and on the Closing Date;

 

		(c)	that all of the obligations, covenants and agreements
of the Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

 

		(d)	that the Company shall have received the Subscription
Proceeds.

 

5.2 The obligations of
the Purchaser hereunder to Close on the Closing Date are subject to the following conditions:

 

		(a)	that all of the representations and warranties of the
Company made in this Subscription Agreement are accurate in all material respects when made and on the Closing Date; and

 

		(b)	that all of the obligations, covenants and agreements
of the Company required to be performed at or prior to the Closing Date shall have been performed.

 

6. Representations, Warranties,
Acknowledgements and Covenants of the Purchaser

 

6.1 Each Purchaser severally
and not jointly hereby acknowledges and agrees as of the date hereof and as of the Closing Date that:

 

		(a)	none of the Ordinary Shares have been registered under
the Securities Act, or under any state securities or "blue sky" laws of any state of the United States or any other
jurisdiction;

 

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		(b)	the decision to execute this Subscription Agreement and
acquire the Ordinary Shares hereunder has not been based upon any oral or written representation (other than representations set
out in this Agreement) as to fact or otherwise made by or on behalf of the Company;

 

		(c)	there are risks associated with an investment in the
Company and the Ordinary Shares, including, but not limited to, (i) the risk of changes in the cost of raw materials and energy,
(ii) the risk of intense competition in the PRC domestic market, (iii) risks related to our significant
amount of short-term debt, and (iv) the risk of severe financial hardship or bankruptcy of one or more of our major clients;

 

		(d)	it has received all the information it considers necessary
or appropriate for purposes of deciding whether to purchase the Ordinary Shares. Each Purchaser further represents that it has
had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Ordinary Shares
and regarding the business, properties, prospects and financial condition of the Company, and to obtain additional information
(to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to
verify the accuracy of any information furnished to it or to which it had access;

 

		(e)	it has been advised to consult its own legal, tax and
other advisors with respect to the merits and risks of an investment in the Ordinary Shares and with respect to applicable resale
restrictions;

 

		(f)	it understands that the Company is making no representations
and warranties regarding tax consequences for your investment in the Ordinary Shares, the US Foreign Corrupt Practices Act or
the securities law of the home or residential jurisdiction of any Purchaser.

 

6.2 Each Purchaser severally
and not jointly hereby represents and warrants to, and covenants with, the Company (which representations, warranties and covenants
shall survive the Closing) as of the date hereof and as of the Closing Date that:

 

		(a)	it has the legal capacity and competence to enter into
and execute this Subscription Agreement and to take all actions required hereby and, if the Purchaser is a corporation, it is
duly incorporated and validly existing under the laws of its jurisdiction of incorporation and all necessary approvals by its
directors, shareholders and others have been obtained to authorize execution and performance of this Subscription Agreement on
its behalf;

 

		(b)	the entering into of this Subscription Agreement and
the transactions contemplated hereby do not result in the violation of any of the terms and provisions of any law or regulation
applicable to the Purchaser or of any agreement, written or oral, to which the Purchaser may be a party or by which the Purchaser
is or may be bound;

 

		(c)	the Purchaser has duly executed and delivered this Subscription
Agreement and it constitutes a valid and binding agreement of the Purchaser enforceable against the Purchaser in accordance with
its terms;

 

		(d)	All information furnished in the Investor Questionnaire
completed is true and correct in all respects;

 

		(e)	the Purchaser acknowledges that the sale of the Ordinary
Shares hereunder is being made pursuant to an exemption from registration under the Securities Act in compliance with Regulation
D promulgated under the Securities Act, and that the Purchaser is an “accredited investor”, as defined in Rule 501
of Regulation D, as set out in the Investor Questionnaire;

 

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		(f)	the Purchaser is acquiring the Ordinary Shares for investment
purposes for its own account and not on behalf of any U.S. person, and not with a view to
a distribution of all or any part thereof. The Purchaser is aware that there are legal and practical limits on its ability to
sell or dispose of the Ordinary Shares and therefore, that the Purchaser must bear the economic risk of its investment for an
indefinite period of time. The Purchaser has adequate means of providing for its current needs and anticipated contingencies and
has no need for liquidity of this investment. The Purchaser’s commitment to illiquid investments is reasonable in relation
to its net worth;

 

		(g)	the Purchaser (i) has such knowledge and experience in
business matters as to be capable of evaluating the merits and risks of its prospective investment in the Ordinary Shares; and
(ii) has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment;

 

		(h)	the Purchaser is not aware of any advertisement of any
of the Ordinary Shares and is not acquiring any of the Ordinary Shares as a result of any form of general solicitation or general
advertising including advertisements, articles, notices or other communications published in any newspaper, magazine or similar
media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation
or general advertising;

 

		(i)	no person has made any written or oral representations
to the Purchaser:

 

		(i)	that any person will resell or repurchase any of the
Ordinary Shares;

 

		(ii)	that any person will refund the purchase price of any
of the Ordinary Shares; or

 

		(iii)	as to the future price or value of any of the Ordinary
Shares; and

 

		(j)	the Purchaser will indemnify and hold harmless the Company
and, where applicable, its directors, officers, employees, agents, advisors and shareholders, from and against any and all loss,
liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever
reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation
whether commenced or threatened) arising out of or based upon any representation or warranty of the Purchaser contained herein
or in any document furnished by the Purchaser to the Company in connection herewith being untrue in any material respect or any
breach or failure by the Purchaser to comply with any covenant or agreement made by the Purchaser to the Company in connection
therewith.

 

6.3 Between the date
of this Agreement and the Closing, the Purchaser shall notify the Company if any of the above representations and warranties ceases
to be true.

 

6.4 Each Purchaser, severally
but not jointly, acknowledges that the representations and warranties contained herein are made by it with the intention that they
may be relied upon by the Company and its legal counsel in determining such Purchaser's eligibility to purchase the Ordinary Shares
for which it is subscribing under applicable securities legislation. Each Purchaser further agrees that by accepting delivery of
the certificates representing the Ordinary Shares on the Closing Date, it will be representing and warranting that the representations
and warranties contained herein are true and correct as at the Closing Date with the same force and effect as if they had been
made by the Purchaser at the Closing Date and that they will survive the purchase by the Purchaser of Ordinary Shares and will
continue in full force and effect notwithstanding any subsequent disposition by the Purchaser of such Ordinary Shares.

 

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7. Representations and Warranties
of the Company

 

7.1 The Company acknowledges
and agrees that each Purchaser is entitled to rely upon the representations and warranties of the Company, contained in this Agreement
and further acknowledges that each Purchaser will be relying upon such representations and warranties in purchasing the Ordinary
Shares. The Company represents and warrants as follows:

 

		(a)	The Company is duly incorporated, validly existing and
in good standing under the laws of the Cayman Islands.

 

		(b)	The Company has the requisite power and authority to
own and use its properties and assets and to carry on its business as currently conducted.

 

		(c)	The Company is not in violation or default of any of
the provisions of its articles of incorporation or bylaws. The Company is duly qualified to conduct its business and is in good
standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may
be, could not reasonably be expected to result in (i) a material adverse effect on the legality, validity or enforceability of
this Subscription Agreement, (ii) a material adverse effect on the results of operations, assets, business or financial condition
of the Company, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material
respect on a timely basis its obligations under this Subscription Agreement (any of (i), (ii) or (iii) being hereafter referred
to as a “Material Adverse Effect”), and no proceeding has been instituted in any such jurisdiction revoking,
limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

		(d)	The Company has the requisite corporate power and authority
to enter into and to consummate the transactions contemplated by this Subscription Agreement and to carry out its obligations
hereunder. The execution and delivery of this Subscription Agreement by the Company and the consummation by it of the transactions
contemplated hereby have been duly authorized by all necessary action on the part of the Company and no further corporate authorization
is required by the Company in connection therewith.

 

		(e)	Upon delivery, this Subscription Agreement will have
been duly executed by the Company and will constitute the valid and binding obligation of the Company enforceable against the
Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies.

 

		(f)	Upon execution and delivery of this Subscription Agreement
and the performance by the Company of the obligations imposed on it in this Subscription Agreement, including the issuance and
sale of the Ordinary Shares, will not (i) conflict with or violate any provision of the Company’s certificate or articles
of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt
or other instrument (evidencing a Company debt or otherwise) or other agreement to which the Company is a party or by which any
material property or material asset of the Company, or (iii) conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject,
or by which any material property or material asset of the Company is bound, except, in each case, as could not reasonably be
expected to result in a Material Adverse Effect.

 

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		(g)	The Company is not required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local
or other governmental authority or other person in connection with the execution, delivery and performance by the Company of this
Subscription Agreement.

 

		(h)	The Ordinary Shares are duly authorized and, when issued
and paid for in accordance with this Subscription Agreement, will be validly issued as fully paid and non-assessable, free and
clear of all liens and encumbrances other than restrictions provided for in this Subscription Agreement and applicable law.

 

		(i)	The issuance and sale of the Ordinary Shares will not
obligate the Company to issue Ordinary Shares or other securities to any person (other than the Purchasers and their designees)
and will not result in a right of any holder of the Company’s securities to adjust the exercise, conversion, exchange or
reset price under such securities.

 

		(j)	The Company will indemnify and hold harmless the Purchaser
and, where applicable, its directors, officers, employees, agents, advisors and shareholders, from and against any and all loss,
liability, claim, damage and expense whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever
reasonably incurred in investigating, preparing or defending against any claim, lawsuit, administrative proceeding or investigation
whether commenced or threatened) arising out of or based upon any representation or warranty of the Company contained herein or
in any document furnished by the Company to the Purchaser in connection herewith being untrue in any material respect or any breach
or failure by the Company to comply with any covenant or agreement made by the Company to the Purchaser in connection therewith.

 

		(k)	The Company will pay a cash commission equivalent to
5% of the Subscription Proceeds herein ($10,000) and issue a five-year warrant to purchase 4,667 Ordinary Shares of the Company
at $3.00 per share for five years, to Boustead Securities, LLC (“Boustead”), an affiliate of the Purchaser, and the
exclusive financial advisor to the Company pursuant to the Company and Boustead’s June 30, 2018 agreement on Closing.

 

		(l)	The Company will complete blue sky filings for the investment
hereunder in the State of California, where the Purchaser is domiciled, as a precondition of the closing.

 

		(m)	The Company and all other Purchasers in the private placement
covered under this Agreement, or a Chinese version of same, have conformed to the rules and regulations of their applicable jurisdiction(s).

 

8. Legending of Subject Securities.

 

8.1 The Purchaser hereby
acknowledges that upon the issuance thereof, and until such time as the same is no longer required under the applicable securities
laws and regulations, any certificates representing the Ordinary Shares may bear a restrictive legend pursuant to applicable laws
and may include language substantially similar to the below:

 

“THE SECURITIES
REFERENCED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH
A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

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9. Costs

 

9.1 The Purchaser acknowledges
and agrees the costs and expenses incurred by the Purchaser (including any fees and disbursements of any special counsel retained
by the Purchaser) relating to and terminating with the purchase of the Ordinary Shares shall be borne by the Purchaser. The Company
acknowledges and agrees to provide, at the Company’s expense, any opinions necessary for the Purchaser (including any fees
and disbursements of any special counsel) to unrestrict and obtain free-trading status for the Ordinary Shares acquired hereunder.

 

9.2

 

10. Governing Law

 

10.1 This Subscription
Agreement is governed by the laws of the State of New York and the federal laws of the United States applicable therein. The Purchaser,
in its personal or corporate capacity and irrevocably attorns to the jurisdiction of the state and federal courts located in New
York County, New York. Each party agrees that the state and federal courts located in New York County, New York shall be the exclusive
jurisdiction for settling all disputes hereunder.

 

11. Independent Nature of
Purchaser’s Obligations and Rights

 

11.1 The obligations
of each Purchaser under this Subscription Agreement are several and not joint with the obligations of any other Purchaser, and
no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser. Nothing contained herein,
and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as
a group with respect to such obligations or the transactions contemplated by this Subscription Agreement. Each Purchaser shall
be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Subscription
Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such
purpose. Each Purchaser has been represented by its own separate legal counsel in their review and negotiation of this Subscription
Agreement or it has knowingly waived its right to do so and has proceeded without benefit of counsel.

 

12. Survival

 

12.1 This Subscription
Agreement, including without limitation the representations, warranties and covenants contained herein, shall survive and continue
in full force and effect and be binding upon the parties hereto notwithstanding the completion of the purchase of the Ordinary
Shares by the Purchaser pursuant hereto.

 

13. Assignment

 

13.1 This Subscription
Agreement is not transferable or assignable without written consent by both the Company and Purchaser.

 

14. Severability

 

14.1 If any provision
of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms
and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon
a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Agreement.

 

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15. Entire Agreement

 

15.1 Except as expressly
provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein,
this Subscription Agreement contains the entire agreement between the parties with respect to the sale of the Ordinary Shares and
there are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute or
common law, by the Company or by anyone else.

 

16. Notices

 

16.1 All notices and
other communications hereunder shall be in writing and shall be deemed to have been duly given at the date received if mailed or
transmitted by any standard form of telecommunication (including email, but not including facsimile). Notices to the Purchaser
shall be directed to the address on the signature page of this Subscription Agreement and notices to the Company shall be directed
to it at

 

With a copy to (failure
to provide such copy shall mean that no notice has been given hereunder):

 

William S.
Rosenstadt

Mengyi “Jason”
Ye

Ortoli Rosenstadt
LLP

366 Madison
Avenue

New York, New
York 10017

USA

		Email:	wsr@orllp.legal

jye@ortolirosenstadt.com

 

17. Counterparts and Electronic
Means

 

17.1 This Subscription
Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall constitute an original
and all of which together shall constitute one instrument. Delivery of an executed copy of this Subscription Agreement by electronic
facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution
and delivery of this Subscription Agreement as of the date hereinafter set forth.

 

18. Amendment and Waiver

 

18.1 No provision of
this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and
each Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any
default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in
the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

[SIGNATURE PAGES TO FOLLOW]

 

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IN WITNESS WHEREOF the Purchaser has
duly executed this Subscription Agreement as of the date of acceptance by the Company.

 

	$200,000	 	Boustead & Company Limited
	(Amount of Subscription)	 	(Name of Purchaser – Please type or print)
	 	 	 
	66,667	 	/s/ Keith Moore 
	(Number of Ordinary Shares Subscribed)	 	(Signature and, if applicable, Office)
	 	 	 
	 	 	318 N. Carson St, Suite 208
	 	 	(Address of Purchaser)
	 	 	 
	 	 	Carson City, NV 89701 
	 	 	(City, State/Province,
	 	 	Postal Code of Purchaser)
	 	 	 
	 	 	USA 
	 	 	(Country of Purchaser)

 

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A C C E P T A N C E

 

The above-mentioned Subscription Agreement
in respect of the Ordinary Shares is hereby accepted by China Xiangtai Food Co. Ltd.

 

DATED at Chongqing, China___________________________,
the 3rd______ day of

 

September, 2018.

  

China Xiangtai Food Co. Ltd.

By: /s/ Zeshu Dai____________________________

Name: Zeshu Dai

Title: Chief Executive Officer

 

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Exhibit A

 

Investor Questionnaire

 

The purpose of this Statement is
to obtain information relating to whether or not you are an accredited investor as defined in Securities and Exchange Regulation
D as well as your knowledge and experience in financial and business matters and to your ability to bear the economic risks of
an investment in the Company.

As used in Regulation D, the following
terms shall have the meaning indicated:

 

a. Accredited investor. Accredited
investor shall mean any person who comes within any of the following categories, or who the issuer reasonably believes
comes within any of the following categories, at the time of the sale of the securities to that person:

 

		1.	Any bank as defined in section
3(a)(2) of the Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of
the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of
the Securities Exchange Act of 1934; any insurance company as defined in section 2(13) of the Act; any investment
company registered under the Investment Company Act of 1940 or a business development company as defined in section
2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under
section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political
subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if
such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income
Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such
act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee
benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons
that are accredited investors;

 

		2.	Any private business development
company as defined in section 202(a)22 of the Investment Advisers Act of 1940;

 

		3.	Any organization described
in section 501(c)3 of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership,
not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

		4.	Any director, executive officer,
or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner
of a general partner of that issuer;

 

		5.	Any natural person whose individual
net worth, or joint net worth with that person's spouse, at the time of his purchase exceeds $1,000,000, excluding the value of
the person’s primary residence, but including any excess liability between the value of the residence and the amount of
any obligation(s) thereon;

 

		6.	Any natural person who had
an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess
of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

 

		7.	Any trust, with total assets
in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by
a sophisticated person as described in Rule 506(b)(2)(ii) and

 

		8.	Any entity in which all of
the equity owners are accredited investors.

 

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Please provide the following
information:

 

		1.	Name, Home Address and Telephone Number:

 

 

Name

 

Address

 

Telephone
(_____) ______________________________

 

		2.	Residence

 

		(a)	If an individual, what is your principal place of residence?
	 	 	 
	 	 	 
	 	 	 

 

		(b)	If not an individual:

 

		(1)	Where is your principal place of business?

	 	 	 
	 	 	 
	 	 	 

 

		(2)	Where are your executive headquarters?

	 	 	 
	 	 	 
	 	 	 

 

		(3)	If a partnership, in which states(s) does (do) each of
your partners reside?

	 	 	 
	 	 	 
	 	 	 

 

		(4)	If a corporation, what is your state of incorporation?

	 	 	 
	 	 	 
	 	 	 

 

		(5)	If a trust, in which state(s) does (do) each of the beneficiaries
reside?

	 	 	 
	 	 	 
	 	 	 

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		3.	Business or occupation (including title):
			 
		 	 

  

		4.	Educational background (level, degrees completed):

			 

 

		5.	Net Worth, Partners' Capital or Total Assets (check one):

		_____	$5,000,000 or more

		_____	$1,000,000-$5,000,000

		_____	Less than $1,000,000

 

		6.	For individual or married persons only -
Gross income for each of the last 2 years (check one):

		_____	$300,000 or more

		_____	$200,000 - $300,000

		_____	Less than $200,000

 

Is this income amount combined with that of your spouse?

 

		Yes	_____

		No	_____

 

Do you expect to reach the same level of income in
the current year?

 

		Yes	_____

		No	_____

 

		7.	In connection with my investment activities, I utilize
the services of the following attorney, accountant or other advisor to assist me in analyzing investment opportunities:

 

	(a)	 	Name of advisor:	 	 
	 	 	 	 	 
	(b)	 	Position or occupation:	 	 
	 	 	 	 	 
	(c)	 	Business address:	 	 
	 	 	 	 	 

 

		8.	Personal data:

		Age:	_______________________

		Marital Status:	________________

		Number of dependents:	_________

 

		9.	I am an “accredited investor” as defined
in Rule 501(a) of Securities and Exchange Commission Regulation D. _______________ (Initials)

 

		10.	I have adequate means of providing my current needs,
and possible personal contingencies, and have no need for liquidity in an investment in the Company. _______________ (Initials)

 

		11.	I, together with my advisors, have specific knowledge
and experience in related financial and business matters so as to be capable of evaluating the relative economic and operational
merits and risks of an investment in the stock. _______________ (Initials)

 

    	 	13	 

     

    

 

		12.	I hereby certify that I have answered the foregoing questions
to the best of my knowledge and that my answers hereto are complete and accurate. _______________ (Initials)

 

 

	 	 	 
	Name (Please Print)	 	 
	 	 	 
	 	 	 
	Signature 	 	Date

  

    14Exhibit 10.28

 

Lock-Up Agreement

 

[•], 2018

 

Boustead Securities, LLC.

6 Venture, Suite 265,

Irvine, CA 92618

 

Ladies and Gentlemen:

 

This Lock-Up Agreement
(this “Agreement”) is being delivered to you in connection with the proposed Underwriting Agreement (the “Underwriting
Agreement”) between China Xiangtai Food Co., Ltd, a Cayman Islands company (the “Company”), and Boustead
Securities LLC (“Boustead”), as underwriter (the “Underwriter”), to be named therein, and
the other parties thereto (if any), relating to the proposed public offering (the “Offering”) of ordinary shares,
par value $0.01 per share (the “Ordinary Shares”), of the Company.

 

In order to induce
you to enter into the Underwriting Agreement, and in light of the benefits that the offering of the Ordinary Shares will confer
upon the undersigned in its capacity as a shareholder and/or an officer, director or employee of the Company, and for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with each Underwriter
that, during the period beginning on and including the date of this Agreement through and including the date that is the 180th day
after the date of the Underwriting Agreement (the “Lock-Up Period”), the undersigned will not, without the prior
written consent of Boustead, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise
dispose of, or announce the intention to otherwise dispose of, any shares of Ordinary Shares now owned or hereafter acquired by
the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (including, without
limitation, Ordinary Shares which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations
promulgated under the Securities Act of 1933, as amended, and as the same may be amended or supplemented on or after the date hereof
from time to time (the “Securities Act”) (such shares, the “Beneficially Owned Shares”))
or securities convertible into or exercisable or exchangeable for Ordinary Shares, (ii) enter into any swap, hedge or similar agreement
or arrangement that transfers in whole or in part, the economic risk of ownership of the Beneficially Owned Shares or securities
convertible into or exercisable or exchangeable for Ordinary Shares, whether now owned or hereafter acquired by the undersigned
or with respect to which the undersigned has or hereafter acquires the power of disposition, or (iii) engage in any short selling
of the Ordinary Shares. The undersigned acknowledges and agrees that any sales after the Lock-Up Period shall be conducted in connection
with a registration statement or an exemption from registration and that the Company will analyze such exemptions with reference
to the Undersigned’s status as an affiliate or non-affiliate of the Company as provided by Rule 144 of the Securities Act.

 

If (i) during the last
17 days of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company
occurs, or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results or becomes
aware that material news or a material event will occur during the 16-day period beginning on the last day of the Lock-Up Period,
the restrictions imposed by this lock-up agreement shall continue to apply until the expiration of the 18-day period beginning
on the issuance of the earnings release or the occurrence of such material news or material event, as applicable, unless the Underwriter
waives, in writing, such extension; provided however, that this extension of the Lock-Up Period shall not apply to the extent
that FINRA has amended or repealed NASD Rule 2711(f)(4), or has otherwise provided written interpretive guidance regarding such
rule, in each case, so as to eliminate the prohibition of any broker, dealer, or member of a national securities association from
publishing or distributing any research report, with respect to the securities of an Emerging Growth Company, as defined under
the Jumpstart Our Business Startups Act, prior to or after the expiration of any agreement between the broker, dealer, or member
of a national securities association and the Emerging Growth Company or its shareholders that restricts or prohibits the sale of
securities held by the Emerging Growth Company or its shareholders after the initial public offering date.

  

     

     

    

 

If the undersigned
is an officer or director of the Company, (i) Boustead agrees that, at least three business days before the effective date of any
release or waiver of the foregoing restrictions in connection with a transfer of Ordinary Shares, Boustead will notify the Company
of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release
or waiver by press release through a major news service at least two business days before the effective date of the release or
waiver. Any release or waiver granted by Boustead hereunder to any such officer or director shall only be effective two business
days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver
is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same
terms described in this letter to the extent and for the duration that such terms remain in effect at the time of the transfer.

The restrictions set forth in the immediately preceding paragraph shall not apply to:

 

(1) if the undersigned
is a natural person, any transfers made by the undersigned (a) as a bona fide gift to any member of the immediate family (as
defined below) of the undersigned or to a trust the beneficiaries of which are exclusively the undersigned or members of the undersigned’s
immediate family, (b) by will or intestate succession upon the death of the undersigned, (c) as a bona fide gift to a
charity or educational institution, or (d) if the undersigned is or was an officer, director or employee of the Company, to the
Company pursuant to the Company’s right of repurchase upon termination of the undersigned’s service with the Company;

 

(2) if the undersigned
is a corporation, partnership, limited liability company or other business entity, any transfers to any shareholder, partner or
member of, or owner of a similar equity interest in, the undersigned, as the case may be, if, in any such case, such transfer is
not for value;

 

(3) if the undersigned
is a corporation, partnership, limited liability company or other business entity, any transfer made by the undersigned (a) in
connection with the sale or other bona fide transfer in a single transaction of all or substantially all of the undersigned’s
capital stock, partnership interests, membership interests or other similar equity interests, as the case may be, or all or substantially
all of the undersigned’s assets, in any such case not undertaken for the purpose of avoiding the restrictions imposed by
this Agreement or (b) to another corporation, partnership, limited liability company or other business entity so long as the transferee
is an affiliate (as defined below) of the undersigned and such transfer is not for value;

 

(4) the exercise by
the undersigned of any stock option(s) issued pursuant to the Company’s existing stock option plans, including any exercise
effected by the delivery of shares of Ordinary Shares of the Company held by the undersigned; provided, that, the Ordinary Shares
received upon such exercise shall remain subject to the restrictions provided for in this Agreement;

 

(5) the exercise by
the undersigned of any warrant(s) issued by the Company prior to the date of this Agreement, including any exercise effected by
the delivery of shares of Ordinary Shares of the Company held by the undersigned; provided, that, the Ordinary Shares received
upon such exercise shall remain subject to the restrictions provided for in this Agreement;

 

(6) the occurrence
after the date hereof of any of (a) an acquisition by an individual or legal entity or “group” (as described in Rule
13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of effective
control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of 100% of the
voting securities of the Company, (b) the Company merges into or consolidates with any other entity, or any entity merges into
or consolidates with the Company, (c) the Company sells or transfers all or substantially all of its assets to another person,
or (d) provided, that, the Ordinary Shares received upon any of the events set forth in clauses (a) through (c) above shall remain
subject to the restrictions provided for in this Agreement; and

   

     

     

    

 

(7) transfers consented
to, in writing by Boustead; provided however, that in the case of any transfer described in clause (1), (2) or (3) above,
it shall be a condition to the transfer that (A) the transferee executes and delivers to Boustead, acting on behalf of the
Underwriter, not later than one business day prior to such transfer, a written agreement, in substantially the form of this Agreement
(it being understood that any references to “immediate family” in the agreement executed by such transferee shall expressly
refer only to the immediate family of the undersigned and not to the immediate family of the transferee) and otherwise satisfactory
in form and substance to Boustead, and (B) if the undersigned is required to file a report under Section 16(a) of the
Exchange Act reporting a reduction in beneficial ownership of shares of Ordinary Shares or Beneficially Owned Shares or any securities
convertible into or exercisable or exchangeable for Ordinary Shares or Beneficially Owned Shares during the Lock-Up Period, the
undersigned shall include a statement in such report to the effect that, in the case of any transfer pursuant to clause (1)
above, such transfer is being made as a gift or by will or intestate succession or, in the case of any transfer pursuant to clause (2)
above, such transfer is being made to a shareholder, partner or member of, or owner of a similar equity interest in, the undersigned
and is not a transfer for value or, in the case of any transfer pursuant to clause (3) above, such transfer is being made either
(a) in connection with the sale or other bona fide transfer in a single transaction of all or substantially all of the undersigned’s
capital stock, partnership interests, membership interests or other similar equity interests, as the case may be, or all or substantially
all of the undersigned’s assets or (b) to another corporation, partnership, limited liability company or other business entity
that is an affiliate of the undersigned and such transfer is not for value. In addition, the restrictions sets forth herein shall
not prevent the undersigned from entering into a sales plan pursuant to Rule 10b5-1 under the Exchange Act after the date
hereof, provided that (i) a copy of such plan is provided to Boustead promptly upon entering into the same
and (ii) no sales or transfers may be made under such plan until the Lock-Up Period ends or this Agreement is terminated in
accordance with its terms. For purposes of this paragraph, “immediate family” shall mean a spouse, child, grandchild
or other lineal descendant (including by adoption), father, mother, brother or sister of the undersigned; and “affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act.

 

The undersigned further
agrees that (i) it will not, during the Lock-Up Period, make any demand or request for or exercise any right with respect
to the registration under the Securities Act of any shares of Ordinary Shares or other Beneficially Owned Shares or any securities
convertible into or exercisable or exchangeable for Ordinary Shares or other Beneficially Owned Shares, and (ii) the Company
may, with respect to any Ordinary Shares or other Beneficially Owned Shares or any securities convertible into or exercisable or
exchangeable for Ordinary Shares or other Beneficially Owned Shares owned or held (of record or beneficially) by the undersigned,
cause the transfer agent or other registrar to enter stop transfer instructions and implement stop transfer procedures with respect
to such securities during the Lock-Up Period. In addition, the undersigned hereby waives, from the date hereof until the expiration
of the 90-day period following the date of the Underwriting Agreement and any extension of such period pursuant to the terms hereof,
any and all rights, if any, to request or demand registration pursuant to the Securities Act of any Ordinary Shares that are registered
in the name of the undersigned or that are Beneficially Owned Shares.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this Agreement and that this Agreement
has been duly authorized (if the undersigned is not a natural person), executed and delivered by the undersigned and is a valid
and binding agreement of the undersigned. This Agreement and all authority herein conferred are irrevocable and shall survive the
death or incapacity of the undersigned (if a natural person) and shall be binding upon the heirs, personal representatives, successors
and assigns of the undersigned.

   

The undersigned understands
that, if (i) the Company notifies Boustead in writing that it does not intend to proceed with the Offering, (ii) the Underwriting
Agreement is not executed by December 31, 2018, or (iii) the Underwriting Agreement (other than the provisions thereof which survive
termination) shall terminate or be terminated prior to payment for and delivery of the Ordinary Shares to be sold thereunder, then
this Agreement shall be void and of no further force or effect.

 

	 	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)
	 	 	 
	 	 	 
	 	Address:

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