Document:

Exhibit 4.8

 

Execution Version

 

SALE AND PURCHASE AGREEMENT

 

THIS SALE AND PURCHASE AGREEMENT (the
 “Agreement”) is made and entered into as of July 22, 2019 by and between:

 

		(1)	JMU Limited, an exempted company with limited liability incorporated under the laws of the Cayman
Islands (the “Seller”); and

 

		(2)	Marvel Billion Development Limited (億迅發展有限公司),
a company with limited liability incorporated under the laws of Hong Kong (the “Purchaser”).

 

WHEREAS, the Seller desires to sell,
and Purchaser desires to purchase, all of the issued and outstanding shares of the Target Company for the consideration and upon
the terms and subject to the conditions set forth in this Agreement and other Transaction Documents.

 

NOW, THEREFORE,
in consideration of the mutual promises made in this Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

		1.	DEFINITIONS

 

The following terms
used in this Agreement shall be construed to have the meaning set forth or referenced below.

 

	“Affiliates”	means, with respect to any specified Person, any other Person who or which, directly or indirectly, Controls, is Controlled by, or is under common Control with such specified Person.
	 	 
	“Agreement”	means
                                         this Sale and Purchase Agreement.
	 	 
	“Balance Sheet Date”	means June 30, 2019.
	 	 
	“Charter Documents”	mean, as to a Person, such Person’s
memorandum and articles of association, certificate or articles of
incorporation, by-laws, partnership agreement, joint venture agreements, formation agreement, limited liability company agreement and
other organizational documents.
	 	 
	“Closing”	has the meaning given to it in Section 2.3.
	 	 
	“Control”	means the possession, directly or indirectly, of the
power to direct or cause the direction of the management of a Person,
whether through the ownership of voting securities, by contract, credit
arrangement or proxy, as trustee, executor, agent or otherwise. For
the purpose of this definition, a Person shall be deemed to Control another
Person if such first Person, directly or indirectly,
owns or holds more than fifty percent (50%) of the voting power in such other Person. The tem “Controlled” has
the meaning correlative to the foregoing.

 

     

     

    

 

	“Exchange Rate”	1 US$ = 6.8635 RMB
	 	 
	“Governmental  Authority”  	means (a) any nation or government or any
nation, federal, state,province, municipality, local, autonomous region or any other political subdivision thereof; (b) any entity,
authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government
and any government authority, agency, department, board, commission or instrumentality or any political subdivision thereof, including
any entity or enterprise owned or controlled by a government or a public international organization; or (c) any court, tribunal or arbitrator.
	 	 
	“Group”	means,
collectively, the Target Company and its Subsidiaries, including Join Me Group (HK) Investment Company Limited, Join Me Group
Supply Chain Management Company Limited, the WFOE Sub and VIE Sub.
	 	 
	“Group Material Adverse Effect”	means a material adverse effect on the business, assets
(including intangible assets), liability, financial condition, property, prospects or results of operations of the Group,
taken as a whole.
	 	 
	“Indemnified Person”	 has the meaning given to it in Section 8.2.
	 	 
	“Indemnifying Person”	has the meaning given to it in Section 8.2.
	 	 
	“Key Employee”	means any executive-level employee (including division director
and vice president-level positions).
	 	 
	“Law”	means
any statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law), official policy,
rule or interpretation of any Governmental Authority with jurisdiction over the Group Companies, as the case may be.

	 	 
	“Waiver Agreement”	means the wavier agreement entered by and between the
Purchaser and the Seller, substantially in the form of EXHIBIT A
	 	 
	“Lien”	means any mortgage, pledge, deed of trust, hypothecation,
right of others, claim, security interest, encumbrance, burden, title defect, title retention agreement, lease, sublease,
license, occupancy agreement, easement, covenant, condition, encroachment,
voting trust agreement, charge, option, right of first offer, negotiation or refusal, proxy, lien, charge, adverse claim or
other restrictions (including restrictions on transfer), or limitations of any nature whatsoever, including such liens as may
arise under any contract.

 

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	“Long-Stop Date”	has the meaning given to it in Section 7.1.
	 	 
	“Parties”	means, collectively, the Seller and the Purchaser.
	 	 
	“Party” 	means, individually, the Seller or the Purchaser.
	 	 
	“Person”	means any individual, corporation, partnership, trust, limited
liability company, company limited by shares, unincorporated association or other entity.
	 	 
	“PRC”	means the People’s Republic of China, excluding the
Hong Kong Special Administrative Region, Macau Special Administrative Region and the Separate Customs Territory of Taiwan,
Penghu, Kinmen and Matsu.
	 	 
	“Purchaser” 	has the meaning given to it in the preamble of this Agreement.
	 	 
	“Purchaser’s Material
Adverse Effect” 	means a material adverse effect on the business, assets
(including intangible assets), liabilities, financial condition, property, prospects or results of operations of the
Purchaser’s Group, taken as a whole.
	 	 
	“Seller”	has the meaning given to it in the preamble of this Agreement.
	 	 
	“Shares” 	has the meaning given to it in Section 2.1.
	 	 
	“Subsidiary”	means, with respect to any given Person, any other Person
that is Controlled directly or indirectly by such given Person, which shall, for the avoidance of doubt, include any variable
interest entity whose assets and financial results are consolidated with the assets and financial results of such given
Person and are recorded on the financial statements of such given Person for financial reporting purposes in accordance with
applicable accounting standards (each, a “VIE” and collectively, the “VIEs”) and any
Subsidiary of such VIEs.
	 	 
	“Target Company” 	means New Admiral Limited, an exempted company incorporated
in Cayman Islands with limited liability.

 

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	“Tax” or
 “Taxes” 	means any and all national,
federal, state, provincial, municipal and local taxes of any country, assessments and other governmental charges, duties, impositions
and liabilities, including taxes based upon or measured by gross receipts, income, profits, capital gains, sales, use and occupation,
and value added, ad valorem, stamp transfer, franchise, building, vehicle, land use, land appreciation, city and rural construction,
tariff, withholding, payroll, recapture, employment, additional education, excise and property taxes, adjustment taxes, together
with all interest, penalties and additions imposed with respect to such amounts and any obligations under any agreements or arrangements
with any other Person with respect to such amounts and including any liability for taxes of a predecessor entity.
	 	 
	“Transaction Documents”	means
this Agreement, the Waiver Agreement and all other agreements, instruments or documents entered into in connection with this
Agreement.
	 	 
	“Transactions”	means the transactions contemplated by the Transaction
Documents.
	 	 
	“VIE
Sub” 	means
Shanghai Zhongmin Supply Chain Management Co., Ltd. (上 海众敏供应链管理有限公司),
a PRC limited liability company.
	 	 
	“WFOE
Sub”	means
Shanghai Zhongming Supply Chain Management Co., Ltd. (上 海众鸣供应链管理有限公司),
a wholly-foreign owned enterprise registered in the PRC.

 

		2.	PURCHASE AND SALE OF SHARES 

 

		2.1	Shares.

 

Subject to the terms
and conditions of this Agreement, and in reliance upon the representations, warranties, and covenants in this Agreement, the Purchaser
shall purchase all of the issued and outstanding ordinary shares of the Target Company, par value US$1.00 per share (the “Shares”)
from the Seller, and the Seller shall sell and transfer the Shares to the Purchaser upon Closing.

 

		2.2	Consideration.

 

The total consideration
to be paid by the Purchaser for all Shares shall be comprised of: (i) US $1,000,000 in cash (the “Cash Consideration”)
to be paid pursuant to Section 2.3(c); and (ii) the cancellation of any and all liabilities owed to the Group by the Seller
as further described in detail in the Waiver Agreement.

 

		2.3	Closing.

 

(a)           The sale and
purchase of the Shares shall take place concurrently with the execution of this Agreement (which time and place are
designated as the “Closing”). The Closing will be deemed to be effective as of the close of business on
the date of the Closing for tax and accounting purposes.

 

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(b)           At Closing, in addition to the fulfillment of all conditions set forth in Section 6 of this Agreement, the Seller shall
deliver to the Purchaser a certified copy of the register of members of the Target Company after giving effect to the transfer
of Shares of the Target Company to the Purchaser at the Closing.

 

(c)           The Purchaser shall pay the Cash Consideration by wiring immediately available funds to the bank account(s) designated by
the Seller or pursuant to written wire instruction otherwise delivered to the Purchaser based on the following payment schedule:

 

		(i)	US$437,095 (or its RMB equivalents based on the Exchange
Rate); and

 

		(ii)	the balance to be paid within 45 days after the date hereof.

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE SELLER 

 

The Seller hereby,
represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof and as
of the date of the Closing, except as otherwise indicated.

 

		3.1	Authorization.

 

The Seller has full
power and authority to enter into the Transaction Documents. The Transaction Documents to which the Seller is a party, when executed
and delivered by the Seller, will constitute valid and legally binding obligations of the Seller, enforceable in accordance with
its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other
Laws of general application affecting enforcement of creditors’ rights generally, and as limited by Laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies.

 

		3.2	Organization and Good Standing of the Target Company.

 

The Target Company
is a company duly organized, validly existing, and in good standing under the laws of Cayman Islands.

 

		3.3	Capitalization of the Target Company.

 

The Seller is the
registered owner of all of the issued and outstanding ordinary shares of the Target Company, and all Shares are validly issued,
fully paid and nonassessable. The Shares to be acquired by the Purchaser as of the Closing will be free and clear of all Liens.
There are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar
rights) or agreements, orally or in writing, to purchase or acquire from the Target Company any shares of the Target Company, or
any securities convertible into or exchangeable for shares of the Target Company.

 

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		3.4	Enforceability.

 

The Transaction Documents,
when executed and delivered by the Seller, shall constitute valid and legally binding obligations of the Seller, enforceable against
such Seller in accordance with its respective terms, except in each case as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, and any other Laws of general application affecting enforcement of creditors’ rights generally,
and as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

		4.	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

The Purchaser hereby,
represents and warrants to the Seller that the following representations are true and complete as of the date hereof and will be
true and correct as of the date of the Closing, except as otherwise indicated.

 

		4.1	Authorization.

 

The Purchaser has
full power and authority to enter into the Transaction Documents. The Transaction Documents to which the Purchaser is a party,
when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable
against such Purchaser in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, and any other Laws of general application affecting enforcement of creditors’ rights generally, and
as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

		4.2	Corporate Power and Qualification.

 

The Purchaser is
a private company limited by shares duly organized, validly existing under the laws of Hong Kong and has all requisite corporate
power and authority to own, lease and operate its assets and carry on its business as presently conducted.

 

		4.3	Enforceability.

 

The Transaction Documents,
when executed and delivered by the Purchaser, shall constitute valid and legally binding obligations of the Purchaser, enforceable
against the Seller in accordance with their respective terms, except in each case as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, and any other Laws of general application affecting enforcement of creditors’
rights generally, and as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.

 

		5.	CONDITIONS TO THE PURCHASER’S OBLIGATIONS
AT CLOSING

 

The obligations of
the Purchaser to consummate the Transactions are subject to the fulfilment, on or before the Closing, of each following condition,
unless otherwise waived:

 

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		5.1	Representations and Warranties.

 

The representations
and warranties of the Seller contained in Section 3 shall be true, correct and complete in all material respects as of the
Closing, except where such breach of representations and warranties, individually or in the aggregate, could not reasonably be
expected to result in a Group Material Adverse Effect.

 

		5.2	Performance.

 

The Seller shall
have performed and complied with, in all material respects, all covenants, agreements, obligations and conditions contained in
this Agreement that are required to be performed or complied with by the Target Company at or before the Closing.

 

		5.3	Cayman Islands Legal Opinion.

 

A copy of the opinions
of Maples and Calder (Hong Kong) LLP, the Cayman Islands counsel for the Seller, dated as of the Closing Date, in substantially
the form attached hereto as Exhibit B, shall have been furnished to the Purchaser.

 

		6.	CONDITIONS OF THE SELLER’S OBLIGATIONS AT
CLOSING

 

The obligations of
the Seller to consummate the Transactions are subject to the fulfillment, on or before the Closing, of each following condition,
unless otherwise waived:

 

		6.1	Representations and Warranties.

 

The representations
and warranties of the Purchaser contained in Section 4 shall be true, correct and complete in all material respects as of
the Closing, except where such breach of representations and warranties, individually or in the aggregate, could not reasonably
be expected to result in a Purchaser’s Material Adverse Effect.

 

		6.2	Performance.

 

The Purchaser shall
have performed and complied with, in all material respects, all covenants, agreements, obligations and conditions contained in
this Agreement that are required to be performed or complied with by Purchaser at or before the Closing.

 

		7.	TERMINATION 

 

		7.1	Termination Events.

 

This Agreement and
any Transaction Document may be terminated by notice given prior to or at the Closing:

 

(a)           by either the
Purchaser or the Seller if a material breach of any provision of this Agreement has been committed by another Party and such breach
has not been waived or rectified within thirty (30) days after the breach;

 

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		(b)	by mutual consent of the Purchaser and the Seller; or

 

(c)           by the Purchaser or the Seller if the Closing has not occurred (other than through the failure of any Party seeking to terminate
this Agreement to comply fully with its or their obligations under this Agreement) on or December 31, 2019 (the “Long-Stop
Date”), or such later date as the Parties may agree upon.

 

		7.2	Effect of Termination.

 

Each Party’s
right of termination under Section 7.1 is in addition to any other rights it may have under this Agreement or otherwise,
and the exercise of a right of termination will not be considered an election of remedies. If this Agreement is terminated pursuant
to Section 7.1, all further obligations of the Parties under this Agreement will terminate; provided, however, that if this
Agreement is terminated by a Party because of the breach of the Agreement by another Party or because one or more of the conditions
to the terminating Party’s obligations under this Agreement is not satisfied as a result of another Party’s failure
to comply with its obligations under this Agreement, the terminating Party’s right to pursue all legal remedies will survive
such termination unimpaired.

 

		8.	INDEMNIFICATION AND REMEDIES 

 

		8.1	Survival.

 

(a)           (a) All representations and warranties, in this Agreement, and any certificate, document, or other writing delivered pursuant to
this Agreement, will survive for one (1) year after the Closing and the consummation and performance of the Transactions. The covenants
and other agreements of each Party contained in this Agreement shall survive the Closing until fully discharged in accordance with
their terms, except for those covenants and agreements which shall be complied with or discharged prior to the Closing in accordance
with the terms of this Agreement.

 

(b)           If written notice of a claim for indemnification has been given in accordance with this Section 8.1 prior to the time at
which the applicable representations, warranties, covenants or other agreements would otherwise terminate pursuant to the foregoing,
then the relevant representations, warranties, covenants or other agreements shall survive such time as to such claim, until such
claim has been finally resolved.

 

(c)           The waiver of any condition relating to any representation, warranty, covenant, or obligation will not affect the right
to indemnification, payment, reimbursement, or other remedy based upon such representation, warranty, covenant, or obligation.

 

		8.2	Indemnification.

 

From and after
the date of the Closing, each Party, as applicable (the “Indemnifying Person”), shall indemnify and hold
the other relevant Parties and their respective directors, officers and agents (collectively, the “Indemnified
Person”) harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations,
expenses and liabilities of any kind or nature whatsoever, including but not limited to any investigative, legal and other
expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or
proceeding, and any taxes or levies that may be payable by such person by reason of the indemnification of any indemnifiable
loss hereunder (collectively, “Losses”) resulting from or arising out of: (i) the breach of any
representation or warranty of the Indemnifying Person contained in the Transaction Documents, or (ii) the violation or
nonperformance, partial or total, of any covenant or agreement of the Indemnifying Person contained in the Transaction
Documents. In calculating the amount of any Losses of an Indemnified Person hereunder, there shall be subtracted the amount
of any insurance proceeds and third-party payments received by the Indemnified Person with respect to such Losses, if
any.

 

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		8.3	Third-Party Claims.

 

(a)           The Indemnified Person shall give notice of the assertion of a Third-Party Claim to the Indemnifying Person; provided, however,
that no failure or delay on the part of an Indemnified Person in notifying an Indemnifying Person will relieve the Indemnifying
Person from any obligation under this Section 8 except to the extent that the failure or delay materially prejudices the
defense of the Third-Party Claim by the Indemnifying Person.

 

(b)           Except as provided in Section 8, the Indemnifying Person may elect to assume the defense of a third-party claim with counsel
satisfactory to the Indemnified Person by (a) giving notice to the Indemnified Person of its election to assume the defense of
the Third-Party Claim and (b) giving the Indemnified Person evidence acceptable to the Indemnified Person that the Indemnifying
Person has adequate financial resources to defend against the Third-Party Claim and fulfill its obligations under this Section
8, in each case no later than thirty (30) days after the Indemnified Person gives notice of the assertion of a Third-Party
Claim under Section 8.3(a).

 

(c)           Notwithstanding the foregoing, if an Indemnified Person determines in good faith that there is a reasonable probability
that a Third-Party Claim may adversely affect it or any Affiliate other than as a result of monetary damages for which it would
be entitled to relief under this Agreement, the Indemnified Person may, by notice to the Indemnifying Person, assume the exclusive
right to defend, compromise, or settle such Third-Party Claim.

 

(d)           With respect to any Third-Party Claim subject to this Section 8.3: (i) any Indemnified Person and any Indemnifying Person,
as the case may be, shall keep the other Person fully informed of the status of such Third-Party Claim and any related proceeding
at all stages thereof where such Person is not represented by its own counsel, and (ii) both the Indemnified Person and the Indemnifying
Person, as the case may be, shall render to each other such assistance as they may reasonably require of each other and shall cooperate
in good faith with each other in order to ensure the proper and adequate defense of any Third-Party Claim.

 

		8.4	Indemnitee Negligence.

 

The provisions in this Section
8 shall be enforceable regardless of whether the liability is based upon past, present or future acts, claims or Laws and
regardless of whether any Person (including the Person from whom relief is sought) alleges or proves the sole, concurrent,
contributory, or comparative negligence of the Person seeking relief, or the sole or concurrent strict liability imposed upon
the person seeking relief.

 

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		9.	MISCELLANEOUS 

 

		9.1	Fees and Expenses.

 

Except as otherwise
provided in this Agreement, or the other documents to be delivered pursuant to this Agreement, each Party will bear its respective
fees and expenses incurred in connection with the preparation, negotiation, execution, and performance of this Agreement and the
consummation and performance of the Transactions, including all fees and expenses of its officers, directors, partners, employees,
agents or representatives. The obligation of each Party to bear its own fees and expenses will be subject to any rights of such
Party arising from a breach of this Agreement by another Party.

 

		9.2	Further Assurance.

 

The Parties will
(a) execute and deliver to each other such other documents and (b) do such other acts and things as a Party may reasonably request
for the purpose of carrying out the intent of this Agreement, the Transactions, and the documents to be delivered pursuant to this
Agreement.

 

		9.3	Entire Agreement.

 

This Agreement supersedes
all prior agreements, whether written or oral, between the Parties with respect to its subject matter (including any letter of
intent and, upon the Closing, any confidentiality obligation to which the Purchaser is subject) and constitutes a complete and
exclusive statement of the terms of the agreement between the Parties with respect to the subject matter of this Agreement.

 

		9.4	Amendment.

 

This Agreement may
only be amended, supplemented, or otherwise modified by the Purchaser and the Seller in writing.

 

		9.5	Assignments and Successors.

 

The terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing
in this Agreement, express or implied, is intended to confer upon any Party, other than the Parties hereto or their respective
successors and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly
provided in this Agreement.

 

		9.6	No Third-Party Rights.

 

Other than the
Indemnified Persons and the Parties, no Person will have a legal or equitable right, remedy, or claim under or with respect
to this Agreement. This Agreement may not be amended or terminated, and no provision of this Agreement may be waived, without
the consent of any Person who is a Party to this Agreement (and in the case of the Seller).

 

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		9.7	Remedies Cumulative.

 

The rights and remedies
of the Parties under this Agreement are cumulative and not alternative.

 

		9.8	Governing Law.

 

This Agreement shall
be governed by and construed in accordance with the laws of Hong Kong, without regard to the principles of conflicts of law thereof.

 

		9.9	Dispute Resolution.

 

Any dispute, controversy
or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or invalidity thereof, shall,
so far as it is possible, be settled by arbitration in accordance with the UNCITRAL Arbitration Rules as at present in force and
as may be amended by the rest of this Section 9 . The appointing authority shall be Hong Kong International Arbitration
Centre. The seat of the arbitration shall be Hong Kong. There shall be three (3) arbitrators. The Seller, on the one hand, and
the Purchaser, on the other hand, shall be entitled to designate one arbitrator each. The two (2) arbitrators shall consult with
each other to agree upon the selection of a third arbitrator. The arbitration shall be conducted in the English language. Evidence
and testimony may be presented in any language, including a language other than English providing it is accompanied by an English
translation thereof (which translation shall have been certified and prepared or given at the sole cost of the Party offering such
evidence or testimony). The arbitral award shall be in writing in the English language and, unless the parties to the arbitration
agree otherwise, shall state the reasons upon which it is based. The award shall be final and binding on the parties to the arbitration.

 

		9.10	Attorney’s Fees.

 

In the event any
claim, action, suit, proceeding, arbitration, complaint, charge or investigation is brought in respect of this Agreement or any
of the documents referred to in this Agreement, the prevailing Party shall be entitled to recover reasonable attorneys’ fees
and other costs incurred in such claim, action, suit, proceeding, arbitration, complaint, charge or investigation, in addition
to any relief to which such Party may be entitled under applicable Law.

 

		9.11	Enforcement of Agreement.

 

Each Party
acknowledge and agree that the other Party would be irreparably harmed if any of the provisions of this Agreement are not
performed in accordance with their specific terms and that any breach of this Agreement by such Party could not be adequately
compensated in all cases by monetary damages alone. Accordingly, each Party agrees that, in addition to any other right or
remedy to which the other Party may be entitled at law or in equity, such Party shall be entitled to enforce any provision of
this Agreement by a decree of specific performance and to obtain temporary, preliminary, and permanent injunctive relief to
prevent breaches or threatened breaches, without posting any bond or giving any other undertaking.

 

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The Purchaser
agrees that it shall take all actions necessary to cause the Purchaser to perform all its obligations under this Agreement. If
the Purchaser fails to perform any of its obligations hereunder, the Purchaser shall immediately perform such obligations on behalf
of the Purchaser, including the Purchaser’s obligations to consummate the Transactions contemplated herein and to make payments
pursuant to the terms hereof. The Purchaser further agrees that the Seller is entitled to enforce such terms in this Agreement
applicable against the Purchaser if the Purchaser fails to comply with such terms.

 

		9.12	No Waiver.

 

Neither any
failure nor any delay by any Party in exercising any right, power, or privilege under this Agreement or any of the documents referred
to in this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such
right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any
other right, power, or privilege. To the maximum extent permitted by applicable Law, (a) no claim or right arising out of this
Agreement or any of the documents referred to in this Agreement can be waived by a Party, in whole or in part, unless made in a
writing and signed by such Party, (b) a waiver given by a Party will only be applicable to the specific instance for which it is
given, and (c) no notice to or demand on a Party will (i) waive or otherwise affect any obligation of that Party or (ii) affect
the right of the Party giving such notice or demand to take further action without notice or demand as provided in this Agreement
or the documents referred to in this Agreement.

 

		9.13	Notices.

 

All notices
and other communications required or permitted by this Agreement shall be in writing and will be effective, and any applicable
time period shall commence, when (a) delivered by hand or by a nationally recognized overnight courier service (costs prepaid)
addressed to the other Party or (b) transmitted electronically to facsimile numbers or e-mail addresses designated by the relevant
Party.

 

		9.14	Severability.

 

If any provision
of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement
will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or unenforceable.

 

		9.15	Time of Essence.

 

With regard
to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

 

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		9.16	Counterparts and Electronic Signatures.

 

(a)         
This Agreement and other documents to be delivered pursuant to this Agreement may be executed in one or more counterparts, each
of which will be deemed to be an original copy and all of which, when taken together, will be deemed to constitute one and the
same agreement or document, and will be effective when counterparts have been signed by each of the Parties and delivered to the
other Party.

 

(b)         
A manual signature on this Agreement or other documents to be delivered pursuant to this Agreement, an image of which shall have
been transmitted electronically, will constitute an original signature for all purposes. The delivery of copies of this Agreement
or other documents to be delivered pursuant to this Agreement, including executed signature pages where required, by electronic
transmission will constitute effective delivery of this Agreement or such other document for all purposes.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the Parties have executed
this Sale and Purchase Agreement as of the date first written above.

 

	 	THE
    PURCHASER:
	 	 
	 	 
	 	Marvel
    Billion Development Limited
	 	 
	 	/s/ CHEN Guangyu
	 	Name:
	 	 
	 	Title:

  

[Signature Page to the Sale and Purchase Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Sale and Purchase Agreement as of the date first written above.

 

	 	THE
    SELLER:
	 	 
	 	 
	 	JMU Limited
	 	 
	 	/s/
    LI Xiaoyu
	 	Name: 	LI Xiaoyu                                                              
	 	 
	 	Title: 	Director 

 

[Signature Page to the Sale and Purchase Agreement]  

 

     

     

    

 

EXHIBIT A

 

FORM OF WAIVER LETTERS

 

     

     

    

 

EXHIBIT B

 

FORM OF LEGAL OPINIONExhibit 4.9

 

WAIVER LETTER

 

JMU Limited

Maples Corporate Services Limited

P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

 

July 22, 2019

 

Ladies and Gentlemen:

 

Reference is made to that certain
Sale and Purchase Agreement, dated as of the date hereof (as further amended, amended and restated, modified or supplemented
from time to time, the “SPA”) by and between JMU Limited (the “Seller”) and the
undersigned, Marvel Billion Development Limited (億迅發展有限公司) (the
 “Purchaser”), pursuant to which the Seller will sell to the Purchaser and the Purchaser will purchase from
the Seller all the issued and outstanding shares of New Admiral Limited, an exempted company with limited liability
incorporated under the laws of the Cayman Islands that is wholly owned by the Seller (the “Target
Company”). Capitalized terms not defined hereunder shall have the meanings ascribed to them in the SPA.

 

In connection with the transaction contemplated
under the SPA, the Purchaser hereby, on behalf of itself and all of its subsidiaries, irrevocably waives, upon the execution of
this Waiver Letter, all the rights, requests, claims and/or allegations that it, the Target Company or any of the Subsidiaries
(as defined in the SPA) of the Target Company may have against the Seller and the Seller’s affiliates with respect to (i)
all the outstanding liabilities owed by the Seller to the Group (as defined in the SPA) entities; and (ii) the Seller’s obligation
and undertaking to provide unlimited financial support to certain Group entities in accordance with a letter dated December 31,
2018. The Purchaser acknowledges that this Waiver Letter shall be also binding upon the Target Company, all the Subsidiaries of
the Target Company, and any successor of the Purchaser and the Purchaser shall cause the Target Company, all the Subsidiaries of
the Target Company and any of its successors to comply with this Waiver Letter.

 

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IN WITNESS WHEREOF, the undersigned has executed this Waiver
Letter as of the date and year first written above.

 

THE UNDERSIGNED:

 

Marvel Billion Development Limited

 

億迅發展有限公司

 

	By:	/s/ CHEN Guangyu	 

	Name: CHEN Guangyu	 
	Title:   Director	 

 

[Signature Page to the Waiver Letter]

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