Document:

Exhibit 10.3

 

Equity Pledge Agreement

 

This Equity Pledge Agreement
(this “Agreement”) has been executed by and among the following parties on January 30th ,2018 in Beijing, the People’s
Republic of China (“China” or the “PRC”):

 

		Party A:	Beijing Rucong Enterprise Management and Advisory
Co., Ltd. (hereinafter “Pledgee”)

 

		Address:	Room 404-8, Floor 4, North Building 6, No.1 Shuangqing
Road, Hai Dian District, Beijing

 

Party
B: [●]  (hereinafter “Pledgor”)

 

Address: [●]

 

		Party C:	Puhui Wealth Investment Management(Beijing) Co., Ltd.

 

		Address:	Suite 1002, W3 Office Building, Oriental Commerce Tower, No.1 Chang An Street, Dong Cheng District, Beijing

 

In this Agreement,
each of Pledgee, Pledgor and Party C shall be referred to as a “Party” respectively, and they shall be collectively referred
to as the “Parties”.

 

Whereas:

 

		1.	Pledgor is a limited partnership registered in Beijing,
China, and holds 77.3466% of the registered capital in Party C in fact. Party C is a limited liability company registered in Beijing,
China. Party C acknowledges the respective rights and obligations of Pledgor and Pledgee under this Agreement, and intends to
provide any necessary assistance in registering the Pledge.

 

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		2.	Pledgee is a wholly foreign-owned enterprise registered
in China. Pledgee, Pledgor and Party C owned by Pledgor have executed a Technical Consultation and Service Agreement and other
control agreements (the “Control Agreements”);

 

		3.	To ensure that Pledgor and Party C fully perform their
obligations under the Control Agreements, and pay the consulting and service fees thereunder to the Pledgee when the sum becomes
due, Pledgor hereby pledges to the Pledgee all of the equity interest he holds in Party C as security for payment of the consulting
and service fees by Party C under the Control Agreements.

 

To perform the provisions of the
Control Agreements, the Parties have mutually agreed to execute this Agreement upon the following terms.

 

	1.	Definitions

 

Unless otherwise provided herein, the terms
below shall have the following meanings:

 

		1.1	Pledge: shall refer to the security interest granted by Pledgor to Pledgee pursuant to Section
2 of this Agreement, i.e., the right of Pledgee to be compensated on a preferential basis with the conversion, auction or sales
price of the Equity Interest.

 

		1.2	Equity Interest: shall refer to all of the equity interest lawfully now held and hereafter acquired
by Pledgor in Party C.

 

		1.3	Term of Pledge: shall refer to the term set forth in Section 3 of this Agreement.

 

		1.4	Control Agreements: shall refer to Technical Consultation and Service Agreements, Business Cooperation
Agreement and other relevant control agreements executed by and among Pledgor, Party C and Pledgee on January 30th, 2018.

 

		1.5	Event of Default: shall refer to any of the circumstances set forth in Section 7 of this Agreement.

 

		1.6	Notice of Default: shall refer to the notice issued by Pledgee in accordance with this Agreement
declaring an Event of Default.

 

	2.	The Pledge

 

As collateral security for the
performance of the Control Agreements and the timely and complete payment when due (whether at stated maturity, by acceleration
or otherwise) of any or all of the payments due by Party C and/or Pledgor, including without limitation the consulting and services
fees payable to the Pledgee under the Control Agreements, Pledgor hereby pledges to Pledgee a first security interest in all of
Pledgor’s right, title and interest, whether now owned or hereafter acquired by Pledgor, in the Equity Interest of Party C.

 

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	3.	Term of Pledge

 

		3.1	Upon signing this Agreement, the Parties should complete the pledge of the Equity Interest contemplated
registered with relevant administration for industry and commerce (the “AIC”) as soon as possible. The Pledge shall
be continuously valid until the Pledgor is no longer a shareholder of Party C or the satisfaction of all its obligations by the
Party C under the Control Agreements. The Pledgors shall be responsible for recording of this Agreement in the Company’s
Register of Shareholders.

 

		3.2	During the Term of Pledge, in the event Party C fails to pay the exclusive consulting or service
fees in accordance with the Control Agreements, Pledgee shall have the right, but not the obligation, to dispose of the Pledge
in accordance with the provisions of this Agreement.

 

	4.	Custody of Records for Equity Interest subject to Pledge

 

		4.1	During the Term of Pledge set forth in this Agreement, Pledgor shall deliver to Pledgee’s custody
the capital contribution certificate for the Equity Interest and the shareholders’ register containing the Pledge within one week
from the execution of this Agreement. Pledgee shall have custody of such items during the entire Term of Pledge set forth in this
Agreement.

 

		4.2	Pledgee shall have the right to collect dividends generated by the Equity Interest during the Term
of Pledge.

 

	5.	Representations and Warranties of Pledgor

 

		5.1	Pledgor is the owner of the Equity Interest in record of register of shareholder.

 

		5.2	Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with
the provisions set forth in this Agreement.

 

		5.3	Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the
Equity Interest.

 

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	6.	Covenants and Further Agreements of Pledgor

 

		6.1	Pledgor hereby covenants to the Pledgee, that during the term of this Agreement, Pledgor shall:

 

		6.1.1	not transfer the Equity Interest, place or permit the existence of any security interest or other
encumbrance on the Equity Interest, without the prior written consent of Pledgee, except for the performance of the Share Disposal
Agreement (the “Share Disposal Agreement”) executed by Pledgor, the Pledgee and Party C on the execution date of this
Agreement;

 

		6.1.2	comply with the provisions of all laws and regulations applicable to the pledge of rights, and
within 5 working days of receipt of any notice, order or recommendation issued or prepared by relevant competent authorities regarding
the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall comply with the aforementioned
notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon Pledgee’s
reasonable request or upon consent of Pledgee;

 

		6.1.3	promptly notify Pledgee of any event or notice received by Pledgor that may have an impact on Pledgee’s
rights to the Equity Interest or any portion thereof, as well as any event or notice received by Pledgor that may have an impact
on any guarantees and other obligations of Pledgor arising out of this Agreement.

 

		6.2	Pledgor agrees that the rights acquired by Pledgee in accordance with this Agreement with respect
to the Pledge shall not be interrupted or harmed by Pledgor or any heirs or representatives of Pledgor or any other persons through
any legal proceedings.

 

		6.3	To protect or perfect the security interest granted by this Agreement for payment of the consulting
and service fees under the Control Agreements, Pledgor hereby undertakes to execute in good faith and to cause other parties who
have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by Pledgee. Pledgor also
undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by Pledgee, to
facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all relevant
documents regarding ownership of Equity Interest with Pledgee or designee(s) of Pledgee (natural persons/legal persons). Pledgor
undertakes to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are required
by Pledgee.

 

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		6.4	Pledgor hereby undertakes to comply with and perform all guarantees, promises, agreements, representations
and conditions under this Agreement. In the event of failure or partial performance of its guarantees, promises, agreements, representations
and conditions, Pledgor shall indemnify Pledgee for all losses resulting therefrom.

 

		6.5	The Pledgors shall process the registration procedures with the Administration for Industry and
Commerce concerning the Pledge as soon as practical after the execution of this Agreement.

 

		6.6	Without notifying Pledgee in advance and obtaining Pledgee’s prior written consent, Pledgor
shall not transfer the Equity Interest and any action for the proposed transfer of the Equity Interest of Pledgor shall be invalid.
Any payment received by Pledgor for transfer of the Equity Interest shall be firstly used to repay the secured obligations to Pledgee
or be placed in escrow with a third party as agreed with Pledgee.

 

	7.	Event of Breach

 

		7.1	The following circumstances shall be deemed Event of Default:

 

		7.1.1	Party C fails to fully and timely fulfill any liabilities under the Control Agreements, including
without limitation failure to pay in full any of the consulting and service fees payable under the Control Agreements or breaches
any other obligations of Party C thereunder;

 

		7.1.2	Pledgor or Party C has committed a material breach of any provisions of this Agreement;

 

		7.1.3	Except for the performance of the Share Disposal Agreement, Pledgor transfers or purports to transfer
or abandons the Equity Interest pledged or assigns the Equity Interest pledged without the written consent of Pledgee; and

 

		7.1.4	The successor or custodian of Party C is capable of only partially performing or refusing to perform
the payment obligations under the Control Agreements.

 

		7.1.5	The occurrence of any adverse change to the assets or property of the Pledgor, which in Pledgee’s
determination, may impact the ability of the Pledgor to perform its obligations hereunder.

 

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		7.1.6	The occurrence of any other circumstances under which the Pledgee is not or may not able to exercise
its rights hereunder in accordance with the applicable law.

 

		7.2	Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned
circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly.

 

		7.3	Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee’s
satisfaction within twenty (20) days after the Pledgee delivers a notice to the Pledgor requesting ratification of such Event of
Default, Pledgee may issue a Notice of Default to Pledgor in writing at any time thereafter, demanding to immediately dispose of
the Pledge in accordance with the provisions of Section 8 of this Agreement.

 

	8.	Exercise of Pledge

 

		8.1	Prior to the full payment of the consulting and service fees described in the Control Agreements,
without the Pledgee’s written consent, Pledgor shall not assign the Equity Interest in Party C.

 

		8.2	Pledgee may issue a written notice to Pledgor when exercising the Pledge.

 

		8.3	Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge
at any time after the issuance of the Notice of Default in accordance with Section 7.3. Once Pledgee elects to enforce the Pledge,
Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest.

 

		8.4	In the event of default, Pledgee is entitled to dispose of the Equity Interest in accordance with
applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgor for
proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to demand any such accounting
from Pledgee.

 

		8.5	When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall
provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement.

 

	9.	Assignment

 

		9.1	Without Pledgee’s prior written consent, Pledgor shall not have the right to assign or delegate
its rights and obligations under this Agreement.

 

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		9.2	This Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall
be valid with respect to Pledgee and each of its successors and assigns.

 

		9.3	At any time, Pledgee may assign any and all of its rights and obligations under the Control Agreements
to its designee(s) (natural/legal persons), in which case the assigns shall have the rights and obligations of Pledgee under this
Agreement, as if it were the original party to this Agreement. When the Pledgee assigns the rights and obligations under the Control
Agreements, upon Pledgee’s request, Pledgor shall execute relevant agreements or other documents relating to such assignment.

 

		9.4	In the event of a change in Pledgee due to an assignment, Pledgor shall, at the request of Pledgee,
execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and register the same with
the relevant AIC.

 

		9.5	Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by the Parties hereto or any of them, including the Share Disposal Agreement and the Power of Attorney granted
to Pledgee, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness
and enforceability thereof. Any remaining rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be
exercised by Pledgor except in accordance with the written instructions of Pledgee.

 

	10.	Termination

 

Upon the full payment of the consulting
and service fees under the Control Agreements and upon termination of Party C’s obligations under the Control Agreements, this
Agreement shall be terminated, and Pledgee shall then terminate the equity pledge under this Agreement as soon as reasonably practicable.

 

	11.	Handling Fees and Other Expenses

 

All fees and out of pocket expenses
relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees,
shall be borne by Party C.

 

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	12.	Confidentiality

 

The Parties acknowledge that the
existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with
the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality
of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant
confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than
through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable
laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to
be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated
hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality
obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies
hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable
for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.

 

	13.	Governing Law and Resolution of Disputes

 

		13.1	The execution, effectiveness, construction, performance, amendment and termination of this Agreement
and the resolution of disputes hereunder shall be governed by the laws of China.

 

		13.2	In the event of any dispute with respect to the construction and performance of this Agreement,
the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement
on the dispute within 30 days after either Party’s request to the other Parties for resolution of the dispute through negotiations,
either Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission Beijing Commission
for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Beijing, and the language used
in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

 

		13.3	Upon the occurrence of any disputes arising from the construction and performance of this Agreement
or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue
to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

 

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	14.	Notices

 

		14.1	All notices
and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by
registered mail, postage prepaid, by a commercial courier service to the address of such party set forth below. A confirmation
copy of each notice shall also be sent by E-mail. The dates on which notices shall be deemed to have been effectively given shall
be determined as follows:

  

		14.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of acceptance or refusal at the address specified for notices.

 

		14.2	For the purpose of notices, the addresses of the Parties are as follows:

 

Party A: Beijing Rucong Enterprise
Management and Advisory Co., Ltd. 

 

Address: Room 404-8, Floor 4, North Building
6, No.1 Shuangqing Road, Hai Dian District, Beijing

 

			Attn.:

 

			Phone:

 

			Party B: [●]

 

			Address: [●]

 

			Attn.:

 

			Phone:

   

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Party C: Puhui
Wealth Investment Management(Beijing) Co., Ltd.

 

Address: Suite 1002, W3 Office Building,
Oriental Commerce Tower, No.1 Chang An Street, Dong Cheng District, Beijing

 

			Attn.:

 

			Phone:

 

		14.3	If any Party
change its address for notices or its contact person, a notice shall be delivered to the other Parties in accordance with the terms
hereof.

  

		15.	Severability

 

In the event that one or several
of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or
compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions
with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic
effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable
provisions.

 

		16.	Attachments

 

The attachments set forth herein
shall be an integral part of this Agreement.

 

		17.	Effectiveness

 

		17.1	This Agreement shall become effective when the Parties have duly executed this Agreement.

 

		17.2	Any amendments, changes and supplements to this Agreement shall be in writing and shall become
effective after the affixation of the signatures or seals of the Parties.

 

		17.3	This Agreement is written in Chinese and English in three copies. Pledgor, Pledgee and Party C
shall hold one copy respectively. Each copy of this Agreement shall have equal validity. In case there is any conflict between
the Chinese version and the English version, the Chinese version shall prevail.

 

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The Remainder
of this page is intentionally left blank

 

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IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Equity Pledge Agreement as of the date first above written.

 

	Party A:	Beijing Rucong Enterprise Management and Advisory Co., Ltd.
	By:	 	 
	Name:	Mr. Zhe Ji
	Title:	Legal Representative
	 	 
	Party B:	[●]
	By:	 	 
	Name:	[●]
	Title:	Managing Partner
	 	 
	Party C: Puhui Wealth Investment Management(Beijing) Co., Ltd.
	By:	 	 
	Name:	Mr. Zhe Ji
	Title:	Legal Representative

 

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Attachments:

 

		1.	Shareholders’ register of Puhui Wealth Investment Management(Beijing) Co., Ltd.

 

		2.	The Capital Contribution Certificate for Puhui Wealth Investment Management(Beijing) Co., Ltd.

 

		3.	Technical Consultation and Service Agreement

 

		4.	Business Cooperation Agreement

 

Equity Pledge Agreement

13Exhibit 10.4

 

Equity
Option Agreement

 

This
Equity Option Agreement (this “Agreement”) is executed by and among the following Parties as of January, 30th,
2018 in Beijing, the People’s Republic of China (“China” or the “PRC”):

  

Party
A: Beijing Rucong Enterprise Management and Advisory Co., Ltd. 

 

Address:
Room 404-8, Floor 4, North Building 6, No.1 Shuangqing Road, Hai Dian District, Beijing

  

Party
B: [●] 

 

Address:
[●]

  

Party
C: Puhui Wealth Investment Management(Beijing) Co., Ltd. 

 

Address:
Suite 1002, W3 Office Building, Oriental Commerce Tower, No.1 Chang An Street, Dong Cheng District, Beijing

  

In
this Agreement, each of Party A, Party B and Party C shall be referred to as a “Party” respectively, and they shall
be collectively referred to as the “Parties”.

 

Whereas:
Party B holds 77.3466% of the equity interest in Party C. Party A and Party C have executed a Technical Consultation and Service
Agreement, Business Cooperation Agreement and other control agreements (the “Control Agreements”).

  

Now
therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement:

  

		1.	Sale
                                         and Purchase of Equity Interest

 

		1.1	Option
                                         Granted

 

In
consideration of the payment of RMB 1 by Party A, the receipt and adequacy of which is hereby acknowledged by Party B, Party B
hereby irrevocably agrees that, on the condition that it is permitted by the PRC laws, Party A has the right to require Party
B to fulfill and complete all approval and registration procedures required under PRC laws for Party A to purchase, or designate
one or more persons (each, a “Designee”) to purchase, Party B’s equity interests in Party C, once or at multiple
times at any time in part or in whole at Party A’s sole and absolute discretion and at the price described in Section 1.3 herein
(such right being the “Equity Interest Purchase Option”). Party A’s Equity Interest Purchase Option shall be exclusive.
Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights
with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase
Option to Party A. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners,
enterprises, trusts or non-corporate organizations.

 

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		1.2	Steps
                                         for Exercise of Equity Interest Purchase Option

 

Subject
to the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a
written notice to Party B (the “Equity Interest Purchase Option Notice”), specifying: (a) Party A’s decision to exercise
the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased from Party B (the “Optioned Interests”);
and (c) the date for purchasing the Optioned Interests and/or the date for transfer of the Optioned Interests.

 

		1.3	Equity
                                         Interest Purchase Price

 

The
purchase price of the Optioned Interests (the “Base Price”) shall be shall be the lowest price allowed by the laws of
China. If appraisal is required by the laws of China at the time when Party A exercises the Equity Interest Purchase Option, the
Parties shall negotiate in good faith and based on the appraisal result make necessary adjustment to the Equity Interest Purchase
Price so that it complies with any and all then applicable laws of China (collectively, the “Equity Interest Purchase Price”).
When the price is higher than the registered capital of Party C, calculated pro rata for purchase of less than all of the Equity
Interest, the excessive part of the price shall be returned to Party A or its designee in a manner as instructed by Party A.

 

		1.4	Transfer
                                         of Optioned Interests

 

For
each exercise of the Equity Interest Purchase Option:

 

		1.4.1	Party
                                         B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution
                                         shall be adopted approving Party B’s transfer of the Optioned Interests to Party A and/or
                                         the Designee(s);

 

		1.4.2	Party
                                         B shall obtain written statements from the other shareholders of Party C giving consent
                                         to the transfer of the equity interest to Party A and/or the Designee(s) and waiving
                                         any right of first refusal related thereto.

 

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		1.4.3	Party
                                         B shall execute a share transfer contract with respect to each transfer with Party A
                                         and/or each Designee (whichever is applicable), in accordance with the provisions of
                                         this Agreement and the Equity Interest Purchase Option Notice regarding the Optioned
                                         Interests;

 

		1.4.4	The
                                         relevant Parties shall execute all other necessary contracts, agreements or documents,
                                         obtain all necessary government licenses and permits and take all necessary actions to
                                         transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s),
                                         unencumbered by any security interests, and cause Party A and/or the Designee(s) to become
                                         the registered owner(s) of the Optioned Interests. For the purpose of this Section and
                                         this Agreement, “security interests” shall include securities, mortgages, third
                                         party’s rights or interests, any stock options, acquisition right, right of first refusal,
                                         right to offset, ownership retention or other security arrangements, but shall be deemed
                                         to exclude any security interest created by this Agreement and Party B’s Equity Pledge
                                         Agreement. “Party B’s Equity Pledge Agreement” as used in this Section and
                                         this Agreement shall refer to the Equity Pledge Agreement (“Party B’s Equity Pledge
                                         Agreement”) executed by and among Party A, Party B and Party C as of the date hereof,
                                         whereby Party B pledges all of its equity interests in Party C to Party A, in order to
                                         guarantee Party C’s performance of its obligations under the Control Agreements executed
                                         by and between Party C and Party A.

 

		2.	Covenants

 

		2.1	Covenants
                                         regarding Party C

 

Party
B (as the shareholders of Party C) and Party C hereby covenant as follows:

 

		2.1.1	Without
                                         the prior written consent of Party A, they shall not in any manner supplement, change
                                         or amend the articles of association and bylaws of Party C, increase or decrease its
                                         registered capital, or change its structure of registered capital in other manners;

 

		2.1.2	They
                                         shall maintain Party C’s corporate existence in accordance with good financial and business
                                         standards and practices by prudently and effectively operating its business and handling
                                         its affairs;

 

		2.1.3	Without
                                         the prior written consent of Party A, they shall not at any time following the date hereof,
                                         sell, transfer, mortgage or dispose of in any manner any assets of Party C or legal or
                                         beneficial interest in the business or revenues of Party C, or allow the encumbrance
                                         thereon of any security interest;

 

		2.1.4	Without
                                         the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer
                                         the existence of any debt, except for (i) debts incurred in the ordinary course of business
                                         other than through loans; and (ii) debts disclosed to Party A for which Party A’s written
                                         consent has been obtained;

 

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		2.1.5	They
                                         shall always operate all of Party C’s businesses during the ordinary course of business
                                         to maintain the asset value of Party C and refrain from any action/omission that may
                                         affect Party C’s operating status and asset value;

 

		2.1.6	Without
                                         the prior written consent of Party A, they shall not cause Party C to execute any major
                                         contract, except the contracts in the ordinary course of business (for purpose of this
                                         subsection, a contract with a price exceeding RMB 100,000 shall be deemed a major contract);

 

		2.1.7	Without
                                         the prior written consent of Party A, they shall not cause Party C to provide any person
                                         with any loan or credit;

 

		2.1.8	They
                                         shall provide Party A with information on Party C’s business operations and financial
                                         condition at Party A’s request;

 

		2.1.9	If
                                         requested by Party A, they shall procure and maintain insurance in respect of Party C’s
                                         assets and business from an insurance carrier acceptable to Party A, at an amount and
                                         type of coverage typical for companies that operate similar businesses;

 

		2.1.10	Without
                                         the prior written consent of Party A, they shall not cause or permit Party C to merge,
                                         consolidate with, acquire or invest in any person;

 

		2.1.11	They
                                         shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
                                         arbitration or administrative proceedings relating to Party C’s assets, business or revenue;

 

		2.1.12	To
                                         maintain the ownership by Party C of all of its assets, they shall execute all necessary
                                         or appropriate documents, take all necessary or appropriate actions and file all necessary
                                         or appropriate complaints or raise necessary and appropriate defenses against all claims;

 

		2.1.13	Without
                                         the prior written consent of Party A, they shall ensure that Party C shall not in any
                                         manner distribute dividends to its shareholders, provided that upon Party A’s written
                                         request, Party C shall immediately distribute all distributable profits to its shareholders;
                                         and

 

		2.1.14	At
                                         the request of Party A, they shall appoint any persons designated by Party A as directors
                                         of Party C; without the prior written consent of Party A, they shall not replace the
                                         directors of Party C.

 

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		2.2	Covenants
                                         of Party B

 

Party
B hereby covenants as follows:

 

		2.2.1	Without
                                         the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose
                                         of in any other manner any legal or beneficial interest in the equity interests in Party
                                         C held by Party B, or allow the encumbrance thereon of any security interest, except
                                         for the pledge placed on these equity interests in accordance with Party B’s Equity Pledge
                                         Agreement;

 

		2.2.2	Party
                                         B shall cause the shareholders’ meeting and/or the board of directors of Party C not
                                         to approve the sale, transfer, mortgage or disposition in any other manner of any legal
                                         or beneficial interest in the equity interests in Party C held by Party B, or allow the
                                         encumbrance thereon of any security interest, without the prior written consent of Party
                                         A, except for the pledge placed on these equity interests in accordance with Party B’s
                                         Equity Pledge Agreement;

 

		2.2.3	Party
                                         B shall cause the shareholders’ meeting or the board of directors of Party C not to approve
                                         the merger or consolidation with any person, or the acquisition of or investment in any
                                         person, without the prior written consent of Party A;

 

		2.2.4	Party
                                         B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
                                         arbitration or administrative proceedings relating to the equity interests in Party C
                                         held by Party B;

 

		2.2.5	Party
                                         B shall cause the shareholders’ meeting or the board of directors of Party C to vote
                                         their approval of the transfer of the Optioned Interests as set forth in this Agreement
                                         and to take any and all other actions that may be requested by Party A;

 

		2.2.6	To
                                         the extent necessary to maintain Party B’s ownership in Party C, Party B shall execute
                                         all necessary or appropriate documents, take all necessary or appropriate actions and
                                         file all necessary or appropriate complaints or raise necessary and appropriate defenses
                                         against all claims;

 

		2.2.7	Party
                                         B shall appoint any designee of Party A as director and/or executive director of Party
                                         C, at the request of Party A; without the prior written consent of Party A, they shall
                                         not replace the directors of Party C;

 

		2.2.8	Party
                                         B shall issue such power of attorney as Party A may request from time to time, to authorize
                                         Party A and/or the individual designated by Party A to exercise Party B’s voting
                                         rights as a shareholder in Party C.

 

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5

     

    

 

		2.2.9	At
                                         the request of Party A at any time, Party B shall promptly and unconditionally transfer
                                         its equity interests in Party C to Party A’s Designee(s) in accordance with the Equity
                                         Interest Purchase Option under this Agreement, and Party B hereby waives its right of
                                         first refusal to the respective share transfer by the other existing shareholder of Party
                                         C (if any); and

 

		2.2.10	Party
                                         B shall strictly abide by the provisions of this Agreement and other contracts jointly
                                         or separately executed by and among Party B, Party C and Party A, perform the obligations
                                         hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness
                                         and enforceability thereof. If Party B retains any additional rights other than those
                                         rights provided for under this Agreement, Party B’s Equity Pledge Agreement and the powers
                                         of attorney issued to Party A and/or the individual designated by Party A, Party B shall
                                         not exercise such rights without Party A’s written direction.

 

		3.	Representations
                                         and Warranties

 

Party
B and Party C hereby represent and warrant to Party A, jointly and severally, as of the date of this Agreement that:

 

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		3.1	They
                                         have the authority to execute and deliver this Agreement and any share transfer contracts
                                         to which they are parties concerning the Optioned Interests to be transferred thereunder
                                         (each, a “Transfer Contract”), and to perform their obligations under this
                                         Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer
                                         Contracts consistent with the terms of this Agreement upon Party A’s exercise of
                                         the Equity Interest Purchase Option. This Agreement and the Transfer Contracts to which
                                         they are parties constitute or will constitute their legal, valid and binding obligations
                                         and shall be enforceable against them in accordance with the provisions thereof;

 

		3.2	The
                                         execution and delivery of this Agreement or any Transfer Contracts and the obligations
                                         under this Agreement or any Transfer Contracts shall not: (i) cause any violation of
                                         any applicable laws of China; (ii) be inconsistent with the articles of association,
                                         bylaws or other organizational documents of Party C; (iii) cause the violation of any
                                         contracts or instruments to which they are a party or which are binding on them, or constitute
                                         any breach under any contracts or instruments to which they are a party or which are
                                         binding on them; (iv) cause any violation of any condition for the grant and/or continued
                                         effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension
                                         or revocation of or imposition of additional conditions to any licenses or permits issued
                                         to either of them;

 

		3.3	Party
                                         B has a good and merchantable title to the equity interests in Party C he holds. Except
                                         for Party B’s Equity Pledge Agreement, Party B has not placed any security interest on
                                         such equity interests;

 

		3.4	Party
                                         C has a good and merchantable title to all of its assets, and has not placed any security
                                         interest on the aforementioned assets;

 

		3.5	Party
                                         C does not have any outstanding debts, except for (i) debt incurred in the ordinary course
                                         of business; and (ii) debts disclosed to Party A for which Party A’s written consent
                                         has been obtained.

 

		3.6	Party
                                         C has complied with all laws and regulations of China applicable to equity or asset acquisitions;
                                         and

 

		3.7	There
                                         are no pending or threatened litigation, arbitration or administrative proceedings relating
                                         to the equity interests in Party C, assets of Party C or Party C.

 

		4.	Effective
                                         Date

 

This
Agreement shall become effective upon the date hereof, and remain effective until all the equity interest owned by Party B in
Party C has been legally transferred to Party A or the Designee(s) in accordance with this Agreement.

 

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		5.	Governing
                                         Law and Resolution of Disputes

 

		5.1	Governing
                                         law

 

The
execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes
hereunder shall be governed by the formally published and publicly available laws of China. Matters not covered by formally published
and publicly available laws of China shall be governed by international legal principles and practices.

 

		5.2	Methods
                                         of Resolution of Disputes

 

In
the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the
dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after
either Party’s request to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant
dispute to the China International Economic and Trade Arbitration Commission Beijing Commission for arbitration, in accordance
with its Arbitration Rules. The arbitration shall be conducted in Beijing, and the language used in arbitration shall be Chinese.
The arbitration award shall be final and binding on all Parties.

 

		6.	Taxes
                                         and Fees

 

Each
Party shall pay any and all transfer and registration tax, expenses and fees incurred thereby or levied thereon in accordance
with the laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well
as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts.

 

		7.	Notices

 

		7.1	All
                                         notices and other communications required or permitted to be given pursuant to this Agreement
                                         shall be delivered personally or sent by registered mail, postage prepaid, by a commercial
                                         courier service to the address of such Party set forth below. A confirmation copy of
                                         each notice shall also be sent by email. The dates on which notices shall be deemed to
                                         have been effectively given shall be determined as follows:

 

		7.1.1	Notices
                                         given by personal delivery, by courier service or by registered mail, postage prepaid,
                                         shall be deemed effectively given on the date of acceptance or refusal at the address
                                         specified for notices.

 

		7.2	For
                                         the purpose of notices, the addresses of the Parties are as follows:

 

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		Party A: Beijing
                             Rucong Enterprise Management and Advisory Co., Ltd. 
	 	 
	 	Address: Room 404-8, Floor 4, North
               Building 6, No.1 Shuangqing Road, Hai Dian District, Beijing
	 	 
	 	Attn:
	 	 
	 	Phone: 
	 	 
	 	Party B: [●]
	 	 
	 	Address: [●]
	 	 
	 	Attn.:
	 	 
	 	Phone:
	 	 
	 	Party C: Puhui Wealth Investment
               Management(Beijing) Co., Ltd.
	 	 
	 	Address: Suite 1002, W3 Office Building,
               Oriental Commerce Tower, No.1 Chang An Street, Dong Cheng District, Beijing
	 	 
	 	Attn.:
	 	 
	 	Phone:

 

		7.3	If
                                         any Party change its address for notices or its contact person, a notice shall be delivered
                                         to the other Party in accordance with the terms hereof.

 

		8.	Confidentiality

 

The
Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the
Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party
shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party,
it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will
be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation
to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors
regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors
shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information
by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party,
which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for
any reason.

 

    Equity Option Agreement
 
9

     

    

 

		9.	Further
                                         Warranties

 

The
Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions
and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation
of the provisions and purposes of this Agreement.

 

		10.	Miscellaneous

 

		10.1	Amendment,
                                         change and supplement

 

Any
amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties.

 

		10.2	Entire
                                         agreement

 

Except
for the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute
the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supercede all
prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.

 

		10.3	Headings

 

The
headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings
of the provisions of this Agreement.

 

		10.4	Language

 

This
Agreement is written in both Chinese and English language in three copies, each Party having one copy with equal legal validity;
in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

 

		10.5	Severability

 

In
the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect
in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement
shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions
of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those
invalid, illegal or unenforceable provisions.

 

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		10.6	Successors

 

This
Agreement shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns
of such Parties.

 

		10.7	Waivers

 

Any
Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall
require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties
shall operate as a waiver by such a Party with respect to any similar breach in other circumstances.

 

		10.8	Survival

 

		10.8.1	Any
                                         obligations that occur or that are due as a result of this Agreement upon the expiration
                                         or early termination of this Agreement shall survive the expiration or early termination
                                         thereof.

 

		10.8.2	The
                                         provisions of Sections 5, 7, 8 and this Section 10.8 shall survive the termination of
                                         this Agreement.

 

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		10.9	Indemnification

 

		10.9.1	The
                                         Parties agree and confirm that, if any Party (the “Defaulting Party”)
                                         is in material breach of any provisions herein or fails to perform any obligations hereunder
                                         in any material respect, such breach or failure shall constitute a default under this
                                         Agreement (the “Default”), which shall entitle non-defaulting Party
                                         to request Defaulting Party to rectify or remedy such Default with a reasonable period
                                         of time. If the Defaulting Party fails to rectify or remedy such Default within the reasonable
                                         period of time or within 10 days of non-defaulting Party’s written notice requesting
                                         for such rectification or remedy, the non-defaulting Party shall be entitled to elect
                                         any one of the following remedial actions: (a) to terminate this Agreement and request
                                         the Defaulting Party to fully compensate its losses and damages; (b) to request the specific
                                         performance by the Defaulting Party of its obligations hereunder and request the Defaulting
                                         Party to fully compensate non-defaulting Party’s losses and damages; or (c) to
                                         enforce the pledge under the Party B’s Equity Pledge Agreement by selling, auctioning
                                         or exchanging the pledged equity thereunder and receive payment in priority from the
                                         proceeds derived therefrom, and in the meantime, request the Defaulting Party to fully
                                         compensate non-defaulting Party for any losses as a result thereof.

 

		10.9.2	The
                                         rights and remedies provided for in this Agreement shall be accumulative and shall not
                                         affect any other rights and remedies stipulated at law.

 

[THE
SIGNATURE PAGE]

 

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IN
WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Equity Option Agreement as of the date
first above written. 

 

Party
A: Beijing Rucong Enterprise Management and Advisory Co., Ltd. 

	By:	 	 
	Name:	Mr. Zhe Ji
	Title:	Legal Representative
	 	 	 
	Party B:	[●]	 
	By:	 	 
	Name:	[●]	 
	Title:	Managing Partner
	 	 	 
	Party C: Puhui Wealth Investment Management(Beijing) Co., Ltd.
	
	By:	 	 
	Name:	Mr. Zhe Ji	 
	Title:  	Legal Representative

 

Equity Option Agreement

13

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