Document:

Exhibit 10.20

 

Maximum Mortgage Contract

 

No.: fj1122019224

 

Mortgagor: Suzhou Shengfeng Logistics
Co., Ltd 

Unified Social Credit Code: *************

Legal Representative / Person in Charge:
Kang Zhenghao

Address: 55 Huaxing Road, Xingeng village,
Wangting Town, Xiangcheng District, Suzhou City 

Zip Code: 201500 

Financial Institution and Account Number:
Industrial and Commercial Bank of China Limited Suzhou Wangting sub branch, ************* 

Tel: *************

 Fax: *************

 

Mortgagee: Bank of China Limited Fuzhou
Jin'an Sub-branch 

Legal Representative / Person in Charge:
Li Jiyong 

Address: Fusheng Qianlong international
annex building 1F-03, No.3 middle Changle Road, Wangzhuang Street, Jin’an District, Fuzhou City 

Zip Code: 350011 

Tel: ************* 

Fax: *************

 

In order to guarantee the performance of the liabilities
under the main contract mentioned in Article 1 of this contract, the mortgagor voluntarily mortgages the right of legal property disposal
to the mortgagee as listed in the attached "list of mortgaged property". Both parties enter into this contract through equal
consultation. Unless otherwise agreed in this contract, the interpretation of words in this contract shall be determined according to
the main contract.

 

Article 1 Main Contract

 

The main contract is:

 

The credit line agreement (No. fj1122019222) signed
between the creditor and the debtor Shengfeng Logistics Group Co., Ltd. and the single agreements that have been and will be signed
according to the credit line agreement, as well as its amendments or supplements.

 

     

     

    

 

Article 2 Principal Creditor's Rights and the
Period of Occurrence

 

Unless otherwise determined or agreed in accordance
with the law, the creditor's rights actually occur under the main contract within the following periods, as well as the creditor's rights
already occurred between the debtor and the creditor before the contract takes effect, constitute the main creditor's rights of the contract:

 

From the effective date of the credit line agreement
mentioned in Article 1 of this contract to the expiration date of the service life of the credit line specified in the agreement and its
amendments or supplements. (from May 31, 2019 to May 28, 2020)

 

Article 3 Maximum Amount of Secured Claims

 

1. The maximum creditor's rights guaranteed by
this contract is:

 

Currency: RMB.

 

Amount: ¥80,000,000.00.

 

2. On the expiration date defined in Article 2
of this contract, the interest (including legal interest, agreed interest, compound interest and penalty interest), penalties, expenses
for realizing the creditor's right (including but not limited to litigation expenses, lawyer's fees, notarization fees, etc.) incurred
on the principal of the creditor's right shall be calculated. The specific amount of the secured claim is determined when it is paid off.

 

The sum of the amount of creditor's rights determined
according to the above two terms is the maximum amount of creditor's rights guaranteed by this contract.

 

Article 4 Collateral

 

See the "list of collateral" in the
appendix for the relevant information of collateral.

 

During the period of the mortgage, if the mortgaged
property is damaged, lost or expropriated, the mortgagee may have the priority to be compensated for the obtained insurance and compensation
money. This money may also be drawn if the performance period of the secured creditor's right has not expired.

 

If the mortgaged property is a house, the mortgagor
shall timely inform the mortgagee upon knowing the information that the house is to be demolished. During the mortgage period, if the
mortgaged house is demolished and the compensation form of property right exchange is adopted for the demolished house, the mortgagor
shall negotiate with the debtor and the mortgagee to pay off the main liabilities, or reset the mortgage after the property right exchange
and sign a new agreement according to the mortgagee’s requirements. After the demolishing of the original mortgaged real estate
and before the new mortgage registration is handled, the mortgagor should provide a guarantee to the mortgagee by the guarantor; If the
house to be demolished is compensated in the form of compensation money, the mortgagee has the right to receive the compensation in priority,
or require the mortgagor to continue using the demolition compensation as security property by opening a special deposit account or a
deposit receipt, and signing the corresponding agreement.

 

    1

     

    

 

Article 5 mortgage Registration

 

If mortgage registration is required according
to law, the two parties shall go through the procedures with the registration department within 10 days after signing this contract.

 

In case of any changes in the registered items
of mortgage, the two parties shall register the change within 10 days from the change date.

 

Article 6 Possession and Keep of the mortgaged
Property

 

The mortgaged property under this contract shall
be possessed and kept by the mortgagor, but all certificates of the property shall be kept by the mortgagee. The mortgagor agrees to accept
and effectively cooperate with the mortgagee’s inspection of the property at any time.

 

The mortgagor shall properly keep and maintain
the mortgaged property and take effective measures to ensure the safety and integrity of the property; If the mortgaged property needs
to be repaired, the mortgagor shall do so in time and bear the corresponding expenses.

 

Without the written consent of the mortgagee,
the mortgagor shall not transfer, lease, lend, transform, reconstruct or dispose of the mortgaged property in whole or in part in any
other way; With the written consent of the mortgagee, the proceeds from the disposal of the mortgaged property shall be used to pay off
the debts in advance or be deposited with a third party designated by the mortgagee.

 

Article 7 Decrease in the Value of the mortgaged
Property

 

If the mortgagor's conducts activities that is
going to reduce the value of the mortgaged property before the main creditor's right of this contract is fully paid off, the mortgagee
has the right stop the mortgagor’s such behavior. If the value of the mortgaged property decreases, the mortgagee has the right
to require the mortgagor to restore the value of the property or to provide other guarantees equivalent to the reduced value. If the mortgagor
neither restores the value of the property nor provides a guarantee, the mortgagee has the right to require the debtor to pay off the
liability in advance. If the debtor fails to pay off, the mortgagee has the right to exercise the mortgage.

 

If the mortgaged property is lost or its value
is reduced due to natural disasters, accidents, torts and other reasons, the mortgagor shall immediately take measures to prevent further
expansion of the loss and immediately notify the mortgagee in writing.

 

    2

     

    

 

Article 8 Fructus

 

If the debtor fails to pay off the due liabilities
or under other circumstances the mortgage right is seized by the People's Court according to law, the mortgagee has the right to collect
the natural or legal fructus of the mortgaged property from the date of seizure, unless the mortgagee fails to notify the obligator who
shall pay off the legal fruits.

 

The fructus mentioned in the preceding paragraph
shall first be used to cover the expenses for collecting the fructus.

 

Article 9 Insurance of Mortgaged Property
(one of the following items shall be selected: 1. applicable; 2. not applicable)

 

The mortgagor shall consult with the mortgagee
to determine the insurance company, the insurance type and insurance period. The insured amount shall not be less than the evaluated number
of the mortgaged object. The insurance policy shall meet the requirements of the mortgagee and shall not be accompanied by restrictive
conditions that damage the rights and interests of the mortgagee.

 

Before the main creditor's rights of this contract
are fully paid off, the mortgagor shall not interrupt, terminate, modify or change the insurance policy for any reason, and shall take
all reasonable and necessary measures to ensure that the insurance agreed in this article remains valid. If the mortgagor fails to insure
or violates the agreement mentioned above, the mortgagee has the right to decide to continue to insure the mortgaged property. The insurance
expenses shall be paid by the mortgagor and added to the balance of the creditor's rights together with the losses that may be caused
to the mortgagee.

 

Within 10 days after the signing of this
contract, the mortgagor shall provide the mortgagee with the original insurance document of the mortgaged property to transfer the claim
right of insurance benefits to the mortgagee. Before the main claims of this contract are fully paid off, the original insurance document
shall be kept by the mortgagee.

 

Article 10 Guarantee Liabilities

 

If the debtor fails to make payment to the mortgagee
on any normal repayment date or prepayment date under the main contract, the mortgagee has the right to exercise the mortgage in accordance
with the law and the contract, and has the priority in compensation for the mortgaged property within the maximum amount specified in
Article 3 of the contract.

 

The normal repayment date referred to in the preceding
paragraph is the principal repayment date, interest payment date or the date when the debtor shall pay any money to the mortgagee according
to the contract. The prepayment date mentioned in the preceding paragraph refers to the date proposed by the debtor with the consent of
the mortgagee, and the date when the mortgagee requests the debtor to recover the principal and interest of the creditor's right and /
or any other money in advance according to the contract.

 

    3

     

    

 

Article 11 Types and Period of Exercising the
Mortgage Right

 

After the occurrence of the guarantee liability,
the mortgagee has the right to exercise all or part of the mortgage that has reached the liquidation period according to law.

 

The mortgagee should exercise the right within
the limitation of action; If the creditor's right is paid off by installments, the mortgagee shall exercise the mortgage right before
the reach of the last term’s limitation period of action.

 

Article 12 Realization of the Mortgage

 

After the occurrence of the guarantee liability,
the mortgagee has the right to negotiate with the mortgagor to convert the mortgaged property into repayment of the principal creditor’s
right through auction or sale. If the negotiation fails, the mortgagee has the right to request the People's Court for an auction or sale
of the mortgaged property according to law.

 

The proceeds from the disposal of the mortgaged
property should be used to pay for the disposal expenses in priority and then to pay off the principal creditor's right.

 

If the principal liability is guaranteed by other
things besides this contract, it will not affect any right of the mortgagee under this contract. The mortgagee has the right to determine
the exercise order of each guarantee right. The mortgagor shall undertake the guarantee liability in accordance with this contract, and
there shall be no other defenses regarding other guarantee and the exercise order.

 

Article 13 Relationship Between this Contract
and the Main Contract

 

If the main contract includes the credit line
agreement / general agreement on credit business, written consent of the mortgagor is required to extend the credit line service term
/ business cooperation term. Without the mortgagor’s consent or refusal, the mortgagor shall only use the collateral under this
contract to guarantee the principal creditor's rights occurring during the service life of the original credit line / business cooperation
period within the maximum amount of the secured creditor's rights specified in Article 3 of this contract.

 

For changes of other contents or matters in the
credit line agreement / general agreement on credit business, the single agreements, and single main contract, it is not necessary to
obtain the consent of the mortgagor. The mortgagor still undertakes the guarantee responsibility for the changed main contract with the
mortgaged property within the maximum amount of secured creditor's rights specified in Article 3 of this contract.

 

The maximum amount of secured creditor's rights
specified in Article 3 of this contract may be changed in writing with the agreement of the mortgagor and the mortgagee.

 

If the mortgaged property under this contract
has other mortgagees, the changes above shall not have adverse effects on them without their written approval.

 

    4

     

    

 

Article 14 Declaration and Commitment

 

The mortgagor hereby declares that:

 

1. The mortgagor is legally registered, exists,
and has the full capacity of civil rights required for signing and performing this contract and the legal ownership or disposal right
of the mortgaged property;

 

2. The mortgagor guarantees that there are no
other co-owners of the mortgaged property, or that although there are co-owners, the mortgagor has obtained the written approval of all
co-owners. The mortgagor undertakes to deliver the written approval to the mortgagee before signing this contract;

 

3. The mortgagor fully understands the contents
of the main contract. The signing and performance of this contract is based on the mortgagor’s true intention, and the mortgagor
has obtained legal and effective authorization.

 

If the mortgagor is a third party and is a company,
the guarantee provided by the mortgagor has been approved by the board of directors or through the shareholders' meeting, and does not
exceed the specified limit stipulated by the company.

 

Signing and performing this contract will not
violate any contract, agreement or other legal documents binding on the mortgagor. The mortgagor has obtained or will obtain all relevant
approval, permission, filing and registration required for this mortgage;

 

4. All documents and materials provided by the
mortgagor to the mortgagee are accurate, true, complete and effective;

 

5. The mortgagor has not concealed any existing
security interests of the mortgaged property from the mortgagee as of the date of signing this contract;

 

6. If a new security interest is set for the mortgaged
property, the mortgaged property is closed down, or the mortgagor is involved in a major lawsuit or arbitration case, the mortgagor should
notify the mortgagee in time;

 

7. If the mortgaged property is a project under
construction, the mortgagor promises that there is no priority right of a third party in the mortgaged property; If there is a third party's
right of priority, the mortgagor promises to request the third party to issue a written statement of abandoning the right of priority
and then hand it over to the mortgagee.

 

Article 15 Contracting Fault

 

After the signing of this contract, if the mortgagor
refuses to handle or delays the mortgage registration, or due to other reasons of the mortgagor, this contract cannot come into effect
and the mortgage cannot be effectively issued, it will lead to the fault of contracting. If the mortgagee suffers losses for this reason,
the mortgagor shall be liable for the compensation.

 

    5

     

    

 

Article 16 Breach of the Contract 

 

Any of the following circumstances shall constitute
or be deemed as the mortgagor's breach of the contract:

 

1. The mortgagor, in violation of this contract,
transfers, rents, lends, transforms, rebuilds or disposes of the mortgaged property in whole or in part in any other way without authorization;

 

2. The mortgagor prevents the mortgagee from disposing
of the mortgaged property in accordance with the law and / or the relevant provisions of this contract in any way;

 

3. When the value of the mortgaged property decreases
as described in Article 7 in this contract, the mortgagor refuses to restore the value as required and does not provide additional guarantee;

 

4. The statement made by the mortgagor in this
contract is not true or violates the commitment made in this contract;

 

5. The mortgagor violates other provisions on
the rights and obligations of the parties in this contract;

 

6. Termination, dissolution, revocation or bankruptcy
occurs to the mortgagor’s company;

 

7. The mortgagor breaches the contract with the
mortgagee or other institutions of Bank of China Limited.

 

In the event of breach of contract as mentioned
in the preceding paragraph, the mortgagee has the right to take the following measures respectively or at the same time regarding the
specific circumstances:

 

1. Require the mortgagor to correct the breach
of contract within a time limit;

 

2. Reduce, suspend or terminate the whole or part
of the credit line to the mortgagor;

 

3. Partially or fully suspend or terminate business
applications from the mortgagor with other contracts; All or part of the loans and trade financing that have not yet been granted or handled
shall be suspended or terminated;

 

4. Declare all or part of the mortgagor’s
principal and interest of the loan / trade financing funds and other outstanding accounts payable to be immediately due;

 

5. Terminate or rescind this and other contracts
between the mortgagor and the mortgagee;

 

6. Require the mortgagor to compensate for the
loss caused by the breach of contract;

 

7. Exercise the mortgage;

 

8. Other measures deemed necessary by the mortgagee.

 

    6

     

    

 

Article 17 Rights Reserved

 

If one party fails to exercise part or all of
its rights under this contract, 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 offered from
one party to the other in exercising its rights under this contract shall not affect any rights the first party owns under this contract,
laws and regulations, nor shall it be deemed as a waiver of such rights.

 

Article 18 Change, Modification and Termination
of the Contract

 

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

 

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

 

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

 

Article 19 Application of Law and Dispute Settlement

 

This contract shall be governed by the laws of
the people's Republic of China.

 

All disputes arising from the performance of this
contract can be settled by both parties through negotiation. If the negotiation fails, both parties agree to adopt the same dispute settlement
method as agreed in the main contract.

 

During the dispute settlement period, if the dispute
does not affect the performance of other terms of the contract, the other terms shall continue to be performed.

 

Article 20 Appendix

 

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

 

1. List of Collateral.

 

    7

     

    

 

Article 21 Other Agreements

 

1. The guarantor shall not transfer any rights
and obligations under this contract to a third party without the creditor’s written consent.

 

2. If the creditor has to entrust other institutions
of Bank of China Limited to perform the rights and obligations under this contract due to business needs, the guarantor shall recognize
it. Other institutions of Bank of China Limited authorized by the creditor have the right to exercise all rights under this contract,
and have the right to bring a lawsuit to the court or submit to the arbitration institution for adjudication on the disputes under this
contract.

 

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

 

4. Unless otherwise agreed, both parties shall
designate the place of residence specified in this contract as the contact address, and promise to notify the other party in written form
in time in case of any changes.

 

5. The title and business name in this contract
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.

 

Article 22 Effectiveness of Contract and Issue
of the Mortgage

 

This contract shall come into force from the date
when signed by the legal representatives, responsible persons or authorized signers of both parties with official seals. However, if mortgage
registration is required according to law, the contract shall come into force from the date when the registration procedures are completed.

 

The mortgage is issued when the contract comes
into effect.

 

This contract is made in quadruplicate with the
same legal effect, one for each party and the debtors.

 

Mortgagor: Suzhou Shengfeng Logistics Co., Ltd.

Authorized signature:  
/s/ Kang Zhenghao

May 31, 2019

 

Mortgagee: Bank of China
Limited Fuzhou Jin'an Sub-branch

Authorized signature:  /s/
Chen Yan

May 31, 2019

 

Appendix

 

List of Collateral

 

No. fj1122019224-1

 

	
    Collateral

    Name
	 	Amount	 	 Evaluated Value	 	
    Ownership

    (Certificate No.)
	 	Location	 	Registration Authority
	Real estate and land use right of No.50 Taiyang Road, Wangting Town, Xiangcheng District, Suzhou	 	
    Building Area:

    37767.66m2;

    Land Area:

    26400.00m2.
	 	¥101,478,800	 	Su (2017) Suzhou real estate No. 7001992	 	No.50 Taiyang Road, Wangting Town, Xiangcheng District	 	Xiangcheng sub center of Suzhou real estate registration center

 

 

9Exhibit 10.21

 

Maximum
Guarantee Contract

 

(for
natural person guarantor)

 

No.:
fj1122019223

 

Guarantor:
Liu Yongxu

Certificate
No.: ***************

Certificate
Type: ID card

Address:
********************

Zip
Code: 350001

Tel:
**********

Fax:
**********

 

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

Legal
Representative / Person in Charge: Li Jiyong

Address:
Fusheng Qianlong international annex building 1F-03, No.3 middle Changle Road, Wangzhuang Street, Jin’an District, Fuzhou
City 

Zip
Code: 350011

Tel:
*************

Fax:
*************

 

In
order to guarantee the performance of the debts under the main contract mentioned in Article 1 of this contract, the guarantor is willing
to provide guarantee to the creditor. This contract is signed by both parties through equal consultation. Unless otherwise agreed in
this contract, the interpretation of words in this contract shall be determined according to the main contract.

 

Article
1 Main Contract

 

The
main contract is:

 

The
Credit Line Agreement (No. fj1122019222) signed between the creditor and the debtor Shengfeng Logistics Group Co., Ltd.
and the single agreements that have been and will be signed according to the credit line agreement, as well as its amendments or supplements.

 

    1

     

    

 

Article
2 Principal Creditor’s Rights and the Period of Occurrence

 

Unless
otherwise determined or agreed in accordance with the law, the creditor’s rights actually occur under the main contract within the following
periods, as well as the creditor’s rights already occurred between the debtor and the creditor before the contract takes effect, constitute
the main creditor’s rights of the contract:

 

From
the effective date of the credit line agreement mentioned in Article 1 of this contract to the expiration date of the service life of
the credit line specified in the agreement and its amendments or supplements.

 

Article
3 Maximum Amount of Secured Claims

 

1.
The maximum principal balance of the creditor’s rights guaranteed by this contract is:

 

Currency:
RMB.

 

Amount:
¥80,000,000.00.

 

2.
On the expiration date defined in Article 2 of this contract, the interest (including legal interest, agreed interest, compound interest
and penalty interest), liquidated damages, damages, expenses for realizing the creditor’s right (including but not limited to litigation
expenses, lawyer’s fees, notarization fees, etc.) incurred on the principal of the principal creditor’s right shall be calculated. The
specific amount of the secured claim is determined when it is paid off.

 

The
sum of the amount of creditor’s rights determined according to the above two terms is the maximum amount of creditor’s rights guaranteed
by this contract.

 

Article
4 Guarantee Types

 

The
guarantee type of this contract is Item 1 as follows:

 

1.
Joint liability guarantee.

 

2.
General guarantee.

 

Article
5 The Occurrence of Guarantee Liability

 

If
the debtor fails to pay off the debts to the creditor on any normal repayment date or prepayment date under the main contract, the creditor
has the right to require the guarantor to bear the guarantee liability.

 

    2

     

    

 

The
normal repayment date mentioned in the preceding paragraph refers to the principal repayment date, interest payment date or the date
when the debtor shall pay any money to the creditor according to the contract. The prepayment date mentioned in the preceding paragraph
refers to the prepayment date proposed by the debtor with the consent of the creditor and the date when the creditor requests the debtor
to recover the principal and interest of the creditor’s right and / or any other money in advance in accordance with the contract.

 

If
the principal debt is guaranteed by other things besides this contract, it will not affect any right of the creditor and the exercise
under this contract. The creditor has the right to determine the order of exercise of each guarantee right. The guarantor shall undertake
the guarantee liability according to this contract, and shall not defend the creditor by the existence of other guarantees and the order
of exercise.

 

Article
6 Guarantee Period

 

The
guarantee period under this contract shall be two years from the date of expiration of the main creditor’s right period specified in
Article 2 of this contract.

 

During
the guarantee period, the creditor has the right to require the guarantor to undertake the guaranteed liability for all or part of the
principal creditor’s rights, in forms of multiple or single claims.

 

Article
7 Limitation of Action of the Guaranteed Liability

 

If
the principal creditor’s right is not paid off, in the case of joint and several liability guarantee, if the creditor requires the guarantor
to undertake the guaranteed liability before the expiration of the guarantee period specified in Article 6 of this contract, the guaranteed
liability shall be calculated and the limitation of action shall be applied from the date when the creditor requires the guarantor to
undertake the guarantee liability.

 

In
the case of general guarantee, if the creditor brings a lawsuit or applies for arbitration against the debtor before the expiration of
the guarantee period specified in Article 6 of this contract, the guaranteed liability shall be counted and the limitation of action
shall apply from the effective date of the judgment or arbitration award.

 

Article
8 Relationship Between this Contract and the Main Contract

 

If
the main contract includes the credit line agreement / general agreement on credit business, written consent of the guarantor is required
to extend the credit line term / business cooperation term. Without the guarantor’s consent or refusal, the guarantor shall only
undertake the guaranteed liability for the principal creditor’s rights that occur during the service life of the original credit line
/ business cooperation period within the maximum amount of the guaranteed creditor’s rights specified in Article 3 of this contract,
and the guarantee period shall still be the original period.

 

    3

     

    

 

For
the change of other contents or matters in the credit line agreement / general agreement on credit business, the single agreements, and
the single main contract, it is not necessary to obtain the consent of the guarantor. The guarantor shall still bear the guarantee responsibility
for the changed main contract within the maximum amount of guaranteed creditor’s rights specified in Article 3 of this contract.

 

After
the creditor and the guarantor reach an agreement through consultation, they may change the maximum amount of the secured creditor’s
right stipulated in Article 3 of this contract in writing.

 

Article
9 Declaration and Commitment

 

The
guarantor represents and undertakes as follows:

 

1.
The guarantor has the capacity of civil rights required to sign and perform the contract; The guarantor has the financial ability to
perform the guarantee responsibilities under the contract;

 

2.
The guarantor fully understands the contents of the main contract, and the signing and performance of this contract is based on the guarantor’s
true intention;

 

3.
The execution and performance of this contract will not violate any contract, agreement or other legal document binding on the guarantor;

 

4.
All documents and information provided by the guarantor to the creditor are accurate, true, complete and effective;

 

5.
The guarantor accepts the supervision and inspection of its financial condition by the creditor, and is willing to provide assistance
and cooperation;

 

6.
The guarantor has not concealed any major liabilities from the creditor that have been undertaken as of the date of signing the contract;

 

7.
If any circumstance may affect the guarantor’s financial condition and performance capability, including but not limited to property
reduction, transfer, gift, debt bearing, major disease, etc., or involving in major litigation or arbitration cases, the guarantor shall
notify the creditor in time.

 

Article
10 Authorization of Personal Credit Information

 

Guarantor
authorization: in case of the following circumstances related to the guarantor, the creditor may request the guarantor’s personal credit
report through the basic personal credit information database of the people’s Bank of China.

 

1.
To review the personal credit application of the guarantor;

 

    4

     

    

 

2.
To examine and verify the guarantor’s application for personal guarantee;

 

3.
To conduct post-loan management of personal credit or personal guarantee under the name of guarantor;

 

4.
To inquire about the credit status of the guarantor as the legal person or as an investor;

 

At
the same time, the creditor is authorized to submit the guarantor’s personal credit information to the basic personal credit information
database of the people’s Bank of China.

 

Article
11 Breach of Contract 

 

Any
of the following circumstances shall constitute or be deemed as the guarantor’s breach of this contract:

 

1.
Failure to perform the guarantee responsibility in time as agreed in this contract;

 

2.
The statement made in this contract is not true or violates the commitments made in this contract;

 

3.
The events mentioned in article 9.7 of the contract seriously affect the financial status and performance ability of the guarantor;

 

4.
Violation of other provisions on the rights and obligations of the parties in this contract;

 

5.
The guarantor breaches the contract with the creditor or other institutions of Bank of China Limited.

 

In
the event of the guarantor breaching the contract as mentioned in the preceding paragraph, the creditor has the right to take the following
measures respectively or at the same time according to the specific circumstances:

 

1.
Require the guarantor to correct his or her breach of the contract within a time limit;

 

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

 

3.
Suspend or terminate the business application of the guarantor for other contracts and loans and trade financing that have not yet been
granted or handled in whole or in part;

 

4.
Declare all or part of the principal and interest of the outstanding loan / trade financing funds and other accounts payable of the guarantor
under other contracts due immediately;

 

5.
Terminate or rescind this contract or other contracts between the guarantor and the creditor in whole or in part;

 

6.
Ask the guarantor to compensate the creditor for the loss caused by the breach of contract;

 

    5

     

    

 

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

 

8.
Other measures regarded necessary by the creditor.

 

Article
12 Rights Reserved

 

If
one party fails to exercise part or all of its rights under this contract, 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 offered from one party to the other in exercising its rights under this contract shall not affect any rights
the first party owns under this contract, laws and regulations, nor shall it be deemed as a waiver of such rights.

 

Article
13 Change, Modification and Termination of the Contract

 

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

 

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

 

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

 

Article
14 Application of Law and Dispute Settlement

 

This
contract shall be governed by the laws of the people’s Republic of China.

 

All
disputes arising from the performance of this contract can be settled by both parties through negotiation. If the negotiation fails,
both parties agree to adopt the same dispute settlement method as agreed in the main contract.

 

During
the dispute settlement period, if the dispute does not affect the performance of other terms of the contract, the other terms shall continue
to be performed.

 

    6

     

    

 

Article
15 Appendix

 

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

 

1.
Consent letter (if any).

 

Article
16 Other Agreements

 

1.
The guarantor shall not transfer any rights and obligations under this contract to a third party without the creditor’s written
consent.

 

2.
If the creditor has to entrust other institutions of Bank of China Limited to perform the rights and obligations under this contract
due to business needs, the guarantor shall recognize it. Other institutions of Bank of China Limited authorized by the creditor have
the right to exercise all rights under this contract, and have the right to bring a lawsuit to the court or submit to the arbitration
institution for adjudication on the disputes under this contract.

 

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

 

4.
Unless otherwise agreed, both parties shall designate the place of residence specified in this contract as the contact address, and promise
to notify the other party in written form in time in case of any changes.

 

5.
The title and business name in this contract 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.

 

Article
17 Effectiveness of the Contract

 

This
contract shall come into force on the date when it is signed by the guarantor and the creditor and is stamped with the official seal.

 

This
contract is made in triplicate, one for each party and one for the debtor. All three have the same legal effect.

 

Guarantor:
/s/ Liu Yongxu 

May
31, 2019  

 

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

Authorized
signature: /s/ Chen Yan

May
31, 2019

 

 

7

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