Document:

Exhibit 10.28

 

Shengfeng Building Lease Contract

 

Party A (Lessor): Fuzhou Tianyu Shengfeng Industrial
Co., Ltd.

 

Party B (Lessee): Shengfeng Logistics Group Co.,
Ltd.

 

In accordance with the contract law of the People’s
Republic of China and relevant laws and regulations, Party A and Party B, on the basis of equality and voluntariness, enter into this
Agreement on the lease of the house by Party A to Party B in order to clarify the rights and obligations
of both parties.

 

Article 1 The subject matter and its use

 

1. Party A will lease the
4th and 6th floors of the commercial office building to Party B for office use with an area of 2312.96 square meters. The address of
the building is: No. 478, Fuxin East Road, Gushan Town, Jin'an District, Fuzhou City. Without the written consent of Party A, Party
B shall not change the use of the house.

 

Article 2 Lease period

 

1. The rental period: from
2020/11/1 to 2022/10/31.

 

2. Lease renewal: Party A will
continue to rent under the condition that the purpose of the house remains unchanged, and Party B will have priority of the rents under
the same conditions. However, if Party B needs to renew the lease upon the expiration of the lease term, it shall notify Party A in writing
two months before the expiration of the lease term, and both parties shall re-sign the lease contract.

 

Article 3 Decoration period

 

Party A agrees to give Party
B a / month(s) decoration period. The decoration period starts from / (YYYY/MM/DD) to / (YYYY/MM/DD), and no rent
will be charged during the decoration period. However, the water, electricity, property management and other expenses incurred during
the rent-free period shall be borne by Party B.

 

Article 4 Rent, property management fees,
water and electricity fees, performance bond and payment methods.

 

4.1 Rent (tax included): from
November 1, 2020 to October 31, 2022, the monthly rent is RMB115,648. Party B shall pay the rent of the current month by transfer before
the 10th of each month.

 

4.2 Property management fee:
the property management fee shall be paid according to the standard of RMB5 / square meter / month. The total property management fee
is RMB11,564/ month. Party B shall pay the property management fee of the current month by transfer before the 10th day of each month.

 

4.3 Water and electricity fees:
Party A shall collect the water and electricity charges from Party B according to the actual usage of Party B according to the collection
sheet, and the water and electricity charges of the public part shall be apportioned and calculated according to the rental area (including
sharing) of Party B. Party B shall pay the water and electricity charges to Party A by transfer before the 10th day of each month.

 

4.4 Parking fees: if Party
B applies for monthly car card, Party A will temporarily charge the parking fee of RMB100 / month / car.

 

4.5 Performance bond: Party
B shall pay a one-time deposit of RMB231,296 to Party A on the date of signing this contract as the guarantee for Party B to perform
its obligations and responsibilities under this agreement. Upon the expiration of this contract, after both parties have settled their
claims and debts, Party A shall return the deposit without interest within 7 working days when Party B has no breach of contract. 

 

    -1-

     

    

 

Article 5 Rights and Obligations of Party
A and Party B

 

5.1 Party A’s rights and obligations.

 

5.1.1 The rent and other related
fees shall be collected in accordance with the provisions of this contract.

 

5.1.2 Party A is responsible
for providing paid water and electricity for the normal use of the leased house.

 

5.1.3 To formulate property
management regulations, to supervise and inspect Party B’s use of leased houses, to stop Party B’s use of leased houses in breach of contract,
and conduct unified management and maintenance of related objects.

 

5.1.4 Party A shall not interfere with
or obstruct Party B’s legal business activities but has the right to stop Party B’s illegal or inconsistent business activities
as stipulated in this contract.

 

5.2 Party B’s rights and obligations

 

5.2.1 Party B shall pay Party
A rent and other related fees in accordance with the provisions of this contract.

 

5.2.2 Party B must use the property in strict accordance with the purpose agreed in this contract, and all economic and legal liabilities arising
from Party B's renting the property shall be borne by Party B. Party B shall be responsible for the compensation if losses are incurred
due to the rent.

 

5.2.3 Party B must strictly
abide by the property management regulations formulated by Party A or the property management agency entrusted by Party A. Without the
written consent of Party A, Party B shall not renovate or modify the structure of the leased property.

 

5.2.4 Party B’s decoration
plan shall be designed in strict accordance with the relevant national regulations and meet the national safety construction standards.
If it needs to be approved, Party B shall submit it to the relevant departments for approval, and the expenses shall be borne by Party
B. If Party A is needed to provide information, Party A shall provide assistance, and Party B’s decoration construction blueprints
shall be submitted to Party A before construction begins.

 

5.2.5 During the lease period,
Party B shall apply for the business and related licenses by itself in accordance with the regulations. Party A provide necessary
assistance and materials, and the expenses shall be borne by Party B.

 

5.2.6 Party B shall be responsible
for the proper use and maintenance of the leased property and accessories, and shall promptly eliminate all possible faults and dangers,
so as to avoid all possible hidden dangers.

 

5.2.7 In case of any damage
of the leased property and its ancillary facilities due to Party B’s fault or negligence such as improper or unreasonable use, Party B
shall be liable for compensation or maintenance. If Party B refuses to repair, Party A can repair on behalf of Party B, and the cost shall
be borne by Party B.

 

5.2.8 During the lease period,
Party B must strictly abide by the relevant provisions of the “Fire Control Regulations of the People’s Republic of China” and
the “Safety Production Law of the People’s Republic of China”, timely rectify and eliminate potential safety hazards, and actively
cooperate with Party A for fire protection. In the event of a security incident during the lease period, all economic and legal responsibilities
shall be borne by Party B and have nothing to do with Party A.

 

5.2.9 If Party B no longer
uses Party A’s properties, it shall not damage the renovated parts and the structure of the house.

 

5.2.10 When the lease
expires or the contract is terminated early, the movable materials added by Party B in the leased property shall be removed by Party
B within 15 working days. If such materials are not removed in time, they shall be regarded as given up by Party B and thus become
Party A’s property, and Party A shall take back the leased property. All the materials in the leased property other than the
movable materials purchased by Party B shall be owned by Party A free of charge, and Party B shall transfer them to Party A in good
condition within 15 working days.

 

5.2.11 Party B has the right
to independently carry out legitimate business activities in accordance with the provisions of this contract.

 

5.2.12 During the lease term,
Party B has no right to sublet part or all of its leased property to a third party.

 

    -2-

     

    

 

Article 6 Liability for breach of contract

 

6.1 If Party B fails to pay
rent, utilities and other expenses in full and on time, for each day overdue, Party B shall pay Party A the penalty of 5‰ of the
total amount of overdue.

 

6.2 In case of any of the following
circumstances in the process of Party B’s performance of this contract, it is a fundamental breach of contract by Party B. in addition
to the losses caused to Party A, Party A shall have the right to terminate this contract (except article 6.2.5), and the performance bond
paid by Party B shall be used as liquidated damages to Party A, which shall not be returned. Party A shall recover the lease and the arrears:

 

6.2.1 Rent, utilities, and other expenses are more than 30 days overdue.

 

6.2.2 Conduct business activities
illegally in violation of the provisions of this contract.

 

6.2.3 Alter the structure of
the leased property without authorization or to renovate the leased property without the written consent of Party A in violation of clause
5.2.3 of this contract.

 

6.2.4 Construct with decoration
drawings which violate relevant national regulations as stated in 5.2.4 of this contract.

 

6.2.5 Cancel this contract
in advance without authorization.

 

6.2.6 Party B changes the use
of the lease or conducts unauthorized sublease.

 

6.2.7 In the event of force
majeure or unforeseeable and objective reasons of both parties, this contract cannot be continued, the contract shall be terminated in
advance, and the parties shall settle their claims and debts and without undertaking the liability for breach of contract.

 

Article 7 Supplementary Provisions

 

7.1 For matters not covered
in this contract, both parties shall negotiate amicably, and a supplementary contract may be concluded.

 

7.2 Disputes about this contract shall be settled through friendly
consultations. If the negotiation fails, the dispute shall be submitted to the people's court where Party B is domiciled for arbitration.

 

7.3 This contract becomes effective
after both parties have signed and sealed and Party B has paid the performance bond in full as agreed in this contract.

 

7.4 The annex to this contract
has the same legal effect as the contract.

 

7.5 There are two copies of
this contract, each of which is held by Party A and Party B, with the same legal effect.

 

		Annex:	1. “Red Line Map of Lease Objects”

 

2.
“Safety Responsibility Agreement”

 

	 	Party A: /s/ Fuzhou Tianyu Shengfeng Industrial Co.,
    Ltd.	 	Party B: /s/ Shengfeng Logistics Group Co., Ltd.
	 	 	 	 
	 	Representative: /s/ Yongteng Liu	 	Representative:
	 	 	 	 
	 	Phone:	 	Phone:
	 	 	 	 
	 	Signing Date: October 16, 2020	 	 

 

 

-3-Exhibit 10.29

 

Credit
Line Agreement

 

No.fj1122021141

 

Party
A: Shengfeng Logistics Group Co., Ltd

Unified
social credit Code: ****************

Legal
Representative / Person in Charge: Liu Yongxu

Address:
No.478, Fuxin East Road, Jin’an District, Fuzhou City Zip Code: 350011

Financial
Institution and Account Number: Bank of China Limited Fuzhou Jin’an Sub-branch Business department ***********

	Tel: ***********	Fax: ***********	 

Party
B: Bank of China Limited Fuzhou Jin’an Sub-branch

Legal
Representative / Person in Charge: Lin Jie

Address:
Fusheng Qianlong international annex building, 1F No.3, Middle Changle Road, Wangzhuang Street, Jin’an District, Fuzhou City

Zip
Code: 350000

	Tel: ***********	Fax: ***********	 

 

To
develop a friendly and mutually beneficial cooperative relationship, this Agreement is signed by Party A and Party B through equal and
genuine consultation.

 

Article
1 Business Scope

 

According
to this Agreement, Party B shall provide credit lines to Party A. Complying with other relevant single agreements, Party A may apply
to Party B for circulation, adjustment or one-time use for short-term loans, overdraft of corporate account, bank acceptance, trade financing,
letter of guarantee, capital business and other credit business (collectively referred to as “single credit business”).

 

The
trade financing business mentioned in this Agreement includes the opening of domestic and international letter of guarantee, import documentary,
delivery guarantee, packaged loans, outward documentary, outward bill discount, buyer’s documentary of domestic letter of credit,
seller’s documentary of domestic letter of credit, negotiation of domestic letter of credit and other international and domestic
trade financing business.

 

     

     

    

 

The
guarantee business mentioned in this agreement includes various international and domestic guarantee businesses such as issuing guarantee
and standby letter of credit.

 

Article
2 Type and Amount of Credit Lines

 

Party
B agrees to provide Party A with the following credit line:

 

Currency:
RMB.

 

Amount:
¥80,000,000.00.

 

This
loan is a short-term working capital loan of ¥80,000,000.00.

 

Article
3 Application of the Credit Line

 

1.
Within the service life of the credit line agreed in this Agreement, Party A may use the corresponding credit line in the following way
(1) within the limit of each single credit business agreed in this Agreement:

 

(1)
Recycling. The specific type is: short-term working capital loans.

 

(2)
One time use. The specific types of quotas are: ///.

 

If
Party A needs to adjust the credit line agreed in Article 2, Party A shall submit an application to Party B in writing, and Party B shall
decide whether to adjust with specific adjustment method, and notify Party A in writing.

 

2.
Credit obtained by Party A from Party B before the effective date of this Agreement in previously valid or similar credit line and single
agreements will be deemed as using the credit in this Agreement.

 

Article
4 Situations of Credit Line Use

 

There
are three situations of credit line use as stipulated in Article 2 of this Agreement:

 

1.
Non Usage: for business under the single agreements, if Party A can provide sufficient margin or guarantee of pledged cash equivalent
(including but not limited to Treasury bonds and certificates of deposit), or if the credit risk of the business is completely transferred
to the financial institutions recognized by Party B (including but not limited to Party A providing the bank acceptance bill pledge from
financial institutions recognized by Party B), then the credit line is not considered to be used.

 

    2

     

    

 

2.
Partial Usage: for the part which Party A can provide with sufficient margin or guarantee of pledged cash equivalent (including but not
limited to Treasury bonds and certificates of deposit), or if the credit risk of the business is completely transferred to the financial
institutions recognized by Party B (including but not limited to Party A providing the bank acceptance bill pledge from financial institutions
recognized by Party B), the credit line is not considered to be used; The part not covered by the margin or cash equivalent pledge guarantee
and the part of which the business credit risk is not transferred to the financial institutions recognized by Party B, are considered
as using the credit line amount.

 

3.
Full Usage: business other than those specified in Items 1 and 2 above shall be considered using the credit line according to Article
2 in this Agreement.

 

All
single agreements mentioned above shall each constitute an integral part of this Agreement unless otherwise agreed in the single agreements.

 

The
situations of credit line use also applies to Article 3 (2) in this Agreement.

 

Article
5 Agreements to be Signed for Single Credit Business

 

If
Party A applies to Party B for other single credit business under this Agreement, Party A shall submit an application form and/or sign
the corresponding contract or agreement with Party B (collectively referred to as the single agreements).

 

Article
6 Term of Use of the Credit Line

 

The
term of use of the credit line specified in Article 2 in this Agreement shall be from the effective date of this Agreement to June 27,
2022.

 

At
the expiration of the credit line, Party B can continue to provide Party A with a new credit line by both parties signing a supplementary
agreement in writing to specify the new credit line and its term of use. The supplementary agreement constitutes an integral part of
this Agreement, and the provisions of this Agreement shall apply to the matters not agreed in the supplementary agreement. The supplementary
agreement has the same legal effect as this Agreement.

 

The
expiration of the credit line does not affect the legal effect of this Agreement and does not lead to the termination of this agreement.
All signed single business agreements under this Agreement between Party A and Party B shall continue to be valid and all rights and
obligations shall be fulfilled.

 

Article
7 Preconditions for Single Credit Business

 

To
apply for other single credit business, Party A must:

 

1.
Reserve relevant company documents, bills, seals, relevant personnel list and signature samples for signing this and the single agreements,
and fill in corresponding vouchers;

 

    3

     

    

 

2.
Have accounts necessary for single credit business opened;

 

3.
Have guarantee needed in this Agreement and the single agreements effectively set;

 

4.
Meet other preconditions as agreed in the single agreements;

 

5.
Meet other conditions as required by Party B.

 

Article
8 Guarantee 

 

For
liabilities of Party A to Party B occurring in this Agreement and the single agreements, both parties agree with the following guarantee
types:

 

☐
Maximum Guarantee:

 

Liu
Yongxu shall provide the maximum amount guarantee and sign the corresponding contract, No. fj1122021143, which constitutes
the main guarantee contract.

 

☐
Maximum Mortgage:

 

Suzhou
Shengfeng Logistics Co., Ltd. shall provide the maximum amount of mortgage and sign the corresponding contract, No. fj1122021142,
which constitutes the main guarantee contract.

 

If
Party A or the guarantor has an event that Party B thinks that an event happened to Party A or the guarantor may affect its performance
capability, the guarantee contract becomes invalid, canceled or terminated, the financial situation of Party A or the guarantor deteriorates,
Party A or the guarantor is involved in a major lawsuit or arbitration case, the guarantor breaches the guarantee contract or other contracts
with Party B, or the collateral is devalued, damaged or lost, Party B has the right to request Party A to provide a new guarantee,
as well as the right to replace the guarantor, etc.

 

Article
9 Declaration and Commitment

 

Party
A declares as follows:

 

1.
Party A exists and is legally registered. Party A has full capacity and civil rights to conduct the signing and performing of this Agreement;

 

2.
The signing and performance of this Agreement and single agreements is based on the true intention of Party A. Party A will not violate
any agreement, contract or other legal documents with its obligations in. Party A has obtained or will obtain all relevant approvals,
licenses, records or registration required for signing and performing this Agreement;

 

    4

     

    

 

3.
All documents, financial statements, vouchers and other information provided by Party A to Party B for this Agreement and the single
agreements are true, complete, accurate and valid;

 

4.
The transaction background provided by Party A in the application is true and legal, and no money laundering or other illegal activities
are involved;

 

5.
Party A has not concealed any events that may affect the financial status and performance ability of Party A and the guarantor from Party
B.

 

Party
A promises as follows:

 

1.
Party A is going to provide its financial statements (including but not limited to annual report, quarterly report and monthly report)
and other relevant information to Party B on a regular basis or timely as required by Party B;

 

2.
Party A will accept and cooperate with Party B’s inspection and supervision on the use of the credit line, and on Party A’s
related production, operation and financial activities;

 

3.
If Party A and the guarantor of this Agreement sign a counter guarantee contract or a similar contract, the contract will not damage
any rights of Party B in this Agreement;

 

4.
In case of any circumstances that may affect the financial status and performance ability of Party A or the guarantor, including but
not limited to any form of separation, merger, joint venture, joint venture with foreign investors, cooperation, contracted operation,
reorganization, restructuring, planned listing and other changes in business methods, reduction of registered capital, transfer of major
assets or equity, and assumption of major liabilities, setting up new guarantee on the collateral, sealing up, dissolution, cancellation,
application for bankruptcy, or involving in major litigation or arbitration cases, Party A shall inform Party B in time;

 

5.
The funds obtained under this Agreement and the single agreements will not be used for refinancing or purchases of other financial products
for arbitrage.

 

6.
Party A will cooperate with Party B to carry out due diligence, provide and update the information of customers and their beneficiaries,
and provide background information about the transaction.

 

7.
Party A shall provide its environmental and social risk report to Party B. Party A declares and guarantees to strengthen the environmental
and social risk management, and undertakes to accept the supervision of Party B. Party A’s violation of the above agreement shall
constitute or be deemed as an event of default under this agreement, and Party B may take remedy measures for breach of contract in accordance
with this agreement.

 

8.
If Party A has plans to increase external financing, provide external guarantee (including guarantee, mortgage, etc.), or carry out shareholders’
dividends and repay shareholders’ loans, party A must inform Party B in advance and obtain Party B’s consent, otherwise Party
B has the right to request to recover the loan in advance.

 

    5

     

    

 

9.
The purpose of the credit is limited to Party A’s daily payment of fuel fee, road and bridge fee, combined transportation fee,
vehicle maintenance fee, etc. If it is used to pay for combined transportation fee to Party A’s subsidiaries, the following requirements
shall be implemented:

 

(1)
The amount of loans used under related party transactions shall not exceed 40 million yuan, and the accumulated use shall not exceed
70% of the income of corresponding subsidiaries in the same period or the same period of last year;

 

(2)
When drawing the loan, Party A shall provide Party B with the combined transport contract signed with the subsidiary, the VAT invoice,
and relevant supporting materials for the purpose of external payment of the subsidiary;

 

(3)
When Party A’s subsidiary receives the loan funds, it shall use the funds on the purpose that was notified to Party B in advance.
The purpose is limited to daily operation, payment of fuel, road and bridge fees, combined transport fees, vehicle maintenance fees,
etc. Party A shall provide Party B with the corresponding payment voucher on the next day;

 

(4)
Within 2 months after the loan is granted, Party A shall provide Party B with the invoice related to the use of the subsidiary’s
funds as evidence;

 

10.
Party A promises that the settlement amount with Party B (direct or indirect) matches the credit line amount, and the credit balance
does not exceed 70% of the debit amount in the previous quarter. In principle, the assessment of settlement is based on the group standard.
The funds shall be used for Party A’s daily operation, repayment of financing, etc. Party A shall declare to Party B for the purpose
when making external payments.

 

		11.	Party
                                            A agrees with the financial constraints as follows: (1) the current ratio of Party A and
                                            its group in the latest financial statement shall not be less than 1; (2) the balance of
                                            Party A’s financing exposure shall not exceed 400 million yuan and shall not exceed 25% of
                                            the annual income of its group’s consolidated financial statement. If any of the above conditions
                                            are not met, Party B has the right to reduce the credit balance to less than 50 million yuan,
                                            and consider further measures as needed.

 

12.
For matters not mentioned in this Agreement and the single agreements, Party A agrees to handle them in accordance with relevant regulations
and business practices of Party B.

 

Article
10 Disclosure of Related Parties and Related Transactions within Party A’s Group

 

Term
1 below is agreed by both parties:

 

1.
Party A is not a group customer determined by Party B according to the guidelines on risk management of group customer credit business
of commercial banks (hereinafter referred to as the guidelines).

 

    6

     

    

 

		2.	Party
                                            A belongs to the group customer determined by Party B according to the guidelines. Party
                                            A shall, in accordance with Article 17 of the guidelines, timely report to Party B about
                                            its related party transactions with more than 10% of the net assets, including the related
                                            party relationship, transaction items and trading nature, transaction amount or corresponding
                                            proportion, and pricing policy (including transactions with no amount or only symbolic amount).

 

Article
11 The Breach of Contract

 

Any
of the following shall constitute or be deemed as an event of default of Party A under this Agreement and the single agreements:

 

1.
Party A fails to perform the payment and discharge obligations to Party B according to this Agreement and the single agreements;

 

2.
Party A fails to use the funds obtained for the agreed purpose in accordance with this Agreement and the single agreements;

 

3.
The statements made by Party A in this agreement or single agreements are untrue or violate its commitment in this agreement or single
agreements;

 

4.
In case of any circumstance specified in Item 4 of paragraph 2 of Article 8 of this agreement, if Party B thinks that it may affect the
financial status and performance capability of Party A, or the guarantor, but Party A fails to provide new guarantee or replace the guarantor;

 

5.
Party A’s termination of business, or dissolution, cancellation and bankruptcy;

 

6.
Party A violates other provisions on the rights and obligations of the parties in this Agreement and the single agreements;

 

7.
Party A violates other provisions on the rights and obligations of the parties in this Agreement and single agreement;

 

8.
Party A breaches any other contract with Party B or other institutions of Bank of China Limited;

 

9.
The guarantor violates the provisions of the guarantee contract, or defaults under other contracts with Party B or other institutions
of Bank of China Limited.

 

In
the event of breach of contract as mentioned in the preceding paragraph, Party B has the right to take the following measures respectively
or simultaneously according to the specific circumstances:

 

1.
Require Party A and the guarantor to correct their breach of contract within a time limit;

 

2.
Reduce, suspend or terminate the credit line to Party A in whole or in part;

 

    7

     

    

 

3.
Suspend or terminate business applications from Party A in whole or in part under this Agreement with the single agreements and other
agreements between Party A and Party B; For the loans that have not yet been issued, the trade financing and guarantee business that
have not yet been handled, all or part of them shall be suspended or terminated;

 

4.
Declare that all or part of the outstanding loans, trade financing funds, principal and interest of advance payment of letter of guarantee
and other payable funds under this agreement, single agreement or other agreements between Party A and Party B shall become due immediately;

 

5.
Terminate or rescind this agreement, and the single agreement and other agreements between Party A and Party B in whole or in part;

 

6.
Ask Party A to compensate Party B for the loss caused by its breach of contract, Including but not limited to the loss of litigation
costs, lawyers’ fees, notarization fees, execution fees and other related expenses caused by the realization of creditor’s
rights;

 

7.
Deduct the balance from the account opened by Party A in Party B to pay off all or part of Party A’s debt to Party B. The unexpired
amount in the account shall be regarded as early maturity. If the account currency is different from Party B’s business valuation
currency, it shall be converted according to the exchange rate applicable to Party B at the time of deduction;

 

8.
Exercise the security interest;

 

9.
Require the guarantor to undertake the guarantee responsibility;

 

10.
Other measures that Party B considers necessary.

 

Article
12 Rights Reserved

 

If
one party fails to exercise part or all of its rights under this Agreement and the single agreements, or fails to require the other party
to perform or assume part or all of its obligations and liabilities, it shall not constitute a waiver of such rights or an exemption
from such obligations and liabilities.

 

Any
tolerance, extension or delay by one party to the other party in exercising its rights under this Agreement and the single agreements
shall not affect any rights it has under this Agreement and the single agreements, laws and regulations, nor shall it be deemed as a
waiver of such rights.

 

Article
13 Change, Modification, Termination and Partial Invalidity

 

This
agreement can be changed or modified in written form by both parties through negotiation. Any change or modification shall constitute
an integral part of this agreement.

 

Unless
otherwise stipulated by laws and other regulations or agreed by both parties, this Agreement shall not be terminated until all rights
and obligations have been fulfilled.

 

    8

     

    

 

Unless
otherwise stipulated by laws and regulations or agreed by both parties, the invalidity of any provision of this Agreement shall not affect
the legal effect of other provisions.

 

Article
14 Applications of Law and Settlement of Disputes

 

Unless
otherwise agreed by both parties, this Agreement and the agreements shall be governed by the laws of the people’s Republic of China.

 

When
this Agreement and the single agreements take effect, unless otherwise agreed by both parties, all disputes arising from the conclusion
and performance of this Agreement and the single agreements may be settled by both parties through negotiation. If the negotiation fails,
either party may adopt the way 2 as follows:

 

1.
Submit an application to the following departments for arbitration:

 

☐
China International Economic and Trade Arbitration Commission

 

☐
Beijing Arbitration Commission (Beijing International Arbitration Center)

 

☐
Other arbitration commissions

 

The
arbitration shall be conducted in accordance with the arbitration rules in force at the time of applying for arbitration. Final result
of the arbitration shall be binding on all parties.

 

2.
Litigation.

 

☐
Bring a lawsuit to the People’s Court of the place where Party B or other institutions of Bank of China limited exercise their
rights and obligations.

 

☐
Bring a lawsuit to the International Commercial Court of the Supreme People’s Court (for international commercial disputes with
an amount of more than 300 million yuan).

 

☐
Bring a law suit to the people’s court with jurisdiction according to law.

 

During
the dispute settlement period, if the dispute does not affect the performance of other provisions of this Agreement and the single agreement,
the other provisions shall continue to be performed.

 

Article
15 Appendixes

 

The
following attachment and other attachments and individual agreements confirmed by both parties constitute an integral part of this Agreement
and have the same legal effect as this Agreement.

 

Attachment:
credit agreement / contract related to the working capital loan.

 

    9

     

    

 

Article
16 Other Agreements

 

1.
Without the written consent of Party B, Party A shall not transfer any rights and obligations under this Agreement and single agreements
to a third party.

 

2.
If Party B has to entrust other institutions of Bank of China Limited to perform the rights and obligations under this Agreement and
the single agreements due to business needs, Party A shall recognize it; Other institutions of Bank of China Limited authorized by Party
B have the right to exercise all the rights under this Agreement and the single agreements, and have the right to bring a lawsuit to
the court or submit to the arbitration organization for adjudication on the disputes under this Agreement and the single agreements.

 

3.
Without affecting other provisions of this Agreement and the single agreements, this Agreement shall be legally binding on both parties
and their respective successors and transferees.

 

4.
Unless otherwise agreed, both parties shall recognize the place of residence specified in this Agreement as the effective contact address.
The address will serve for all kinds of notices, agreements and other documents when both parties perform the contract, relevant documents
and legal documents in case of dispute over this agreement, as well as the first instance, second instance, retrial and execution procedures
after the dispute enters into arbitration and civil proceedings.

 

In
case of any changes in the address, the changing party shall inform the other party of the changed address in writing 5 working
days in advance. During arbitration or civil procedures, when any party changes its address, the changing party shall timely inform the
arbitration institution and the Court. If a party fails to perform the obligation of notice in the above manner, its address confirmed
in this Agreement shall still be regarded as the effective address.

 

If
the legal document is not received by one party due to the inaccuracy of the service address, the failure to inform the other party and
the Court in time after the change of the service address, or the refusal of the receiver’s signature, the date of return of the
document shall be regarded as the date of reception; if documents are sent directly in person, the date on which the receiver signs on
the receipt is considered the date of reception.

 

5.
The title and business name in this Agreement are only used for the convenience of reference, and shall not be used for the interpretation
of the terms and the rights and obligations of the parties.

 

6.
If Party B is unable to perform the agreement due to changes in laws, regulations and regulatory provisions or other requirements of
regulatory authorities, Party B has the right to terminate or change the performance of this Agreement and the single agreements. In
case of termination or change of the agreement due to such reasons, Party B shall be exempted from liabilities.

 

7.
Party A has the right to make consultants or complaints about the content and the business under this Agreement to Party B by the tel
numbers listed in this Agreement.

 

    10

     

    

 

Article
17 Effectiveness of the Agreement

 

This
Agreement shall come into force on the date when it is signed and sealed by the legal representatives, responsible persons or authorized
signers of both parties.

 

This
agreement is made in quintuplicate, one for each party and the guarantors. All of the five copies have the same legal effect.

 

Party A: Shengfeng Logistics Group Co., Ltd.   

Authorized
signature:  /s/ Liu Yongxu  

June
28, 2021    

     

Party B: Bank of China Limited Fuzhou Jin’an Sub-branch  

Authorized
signature: /s/ Weng Yu  

June
28, 2021    

 

 

11

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