Document:

Exhibit 10.13

 

THE SYMBOL “[***]” DENOTES PLACES
WHERE CERTAIN IDENTIFIED INFORMATION

HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE
IT IS (1) NOT MATERIAL AND (2)

THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE
OR CONFIDENTIAL. 

Working Capital Loan Contract 

(Model Form) 

No.: X.Y.E.L.D. Zi 2104 No. Z004

 

Lender: Industrial Bank Co., Ltd. Wuhan
Branch 

Domicile: 108 Zhongbei Road, Wuchang District 

Legal Representative/Person in Charge: Liu
Bingwen

 

Borrower: Hubei ECARX Technology Co., Ltd. 

Domicile: Building 7B (QDXX-F7B), Tusincere
Pioneering Park, Nantaizi Lake Innovation Valley, Wuhan Economic and Technological Development Zone 

 

Legal Representative/Person in Charge: Shen
Ziyu 

 

Place of Execution of Contract: ___ District/County,
___ City

 

 

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Important Notes for Signing

 

In order to protect your rights and interests,
please carefully read, inspect and verify the following matters before you sign this Contract:

 

I. You have the right to sign this Contract.
If it is necessary to obtain the consent of others according to the law, you shall have received full authorization;

 

II. You have carefully read and fully understood
the provisions hereof, and have paid special attention to the content that has a major interest in you, such as the assumption of responsibilities,
the exemption or reduction of the responsibilities of Industrial Bank, and the content in bold font;

 

III. You and the Company have fully understood
the meaning of the provisions hereof and the corresponding legal consequences, and are willing to accept these agreed provisions;

 

IV. This Contract provided by Industrial Bank
is only a model form, there are blank lines after the relevant provisions hereof, and “supplementary provisions” are added
at the end of this Contract for all parties to modify, supplement or delete this Contract;

 

V. If you still have questions about this
Contract, please call Industrial Bank for consultation in time;

 

VI. If you find that this Contract and the
business charges hereunder are in violation of laws and regulations, please call Industrial Bank’s complaint hotline to complain
about illegal charges. Tel.: 95561.

 

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The Lender has reviewed the application by the
Borrower and agreed to grant the Borrower a working capital loan. In order to ascertain the rights and obligations of both parties and
stick to the principle of good faith, in accordance with the relevant laws and regulations of the People’s Republic of China, both
parties hereby agree to enter into and abide by this Contract after negotiating with each other on an equal footing.

 

The Lender and the Borrower confirm that the
loan hereunder is under the following condition (2):

 

(1) This Contract is a sub-contract of the
Limit Credit Contract (which is the general contract) signed by the Lender and the Borrower on _/__month _/__day, _/__year,
No._/_, and the amount of the loan is included in the credit line under the Limit Credit Contract. Of which, the amount of foreign
currency loan shall be converted into RMB and included in the credit line according to the intermediate price announced by the Lender
on the date of execution of this Contract.

 

(2) This Contract is an independent legal
text signed by the Lender and the Borrower.

 

Article 1 Definition and Interpretation

 

Unless otherwise agreed in writing by both parties,
the following terms in this Contract shall be defined and interpreted as follows:

 

I. The “working capital loan” refers
to the standard money loan and foreign currency loan applied for by the Borrower to the Lender, which are used for the Borrower’s
routine production, operation and turnover.

 

II. The “creditor’s right”,
also known as the principal creditor’s right, refers to the claims (including principal, interest, penalty interest, compound interest,
liquidated damages, damages, the cost of the creditor to realize the creditor’s right, etc.) formed by the financing provided
to the Borrower under this Contract, after being applied for by the Borrower (debtor) to the Lender (creditor) and being reviewed and
approved by the Lender. The creditor’s rights against the Borrower owned by the Lender hereunder correspond to the Borrower’s
debts to the Lender hereunder.

 

The “cost of the creditor to realize the
creditor’s right” refers to the litigation (arbitration) fees, attorney fees, traveling expenses, execution fees, preservation
fees and other costs paid by the Lender when realizing its creditor’s right by means of litigation, arbitration, applying to notary
authorities for enforcement certificates, etc.

 

III. The following terms in Article 5 of
this Contract are defined and interpreted as follows:

 

The “fixed interest rate” refers
to the interest rate that remains unchanged during the loan period. Taking loans in installments as an example, the fixed interest rate
means that the interest rate remains unchanged between the actual extension date of each installment and the maturity date of the loan
herein.

 

The “floating interest rate” refers
to the interest rate that changes according to the period and range agreed by the Borrower and the Lender during the loan period.

 

The “floating period” refers to the
frequency of changes in the lending rate agreed by the Borrower and the Lender. During a floating period, the lending rate shall be calculated
and determined based on the pricing benchmark interest rate and according to the pricing method agreed herein, and the lending rate shall
remain unchanged during the floating period: when a floating period expires and the next floating period is entered, the lending rate
shall be calculated and determined based on the pricing benchmark interest rate of the new floating period and according to the pricing
method agreed herein, and the lending rate shall remain unchanged during the floating period.

 

The “pricing benchmark interest rate”
refers to the interest rate standard used to determine the lending rate hereof, including but not limited to the quoted interest rates
announced by China or relevant countries, regions, and markets, such as LPR, SHIBOR, LIBOR, HIBOR, SIBOR, and the RMB Benchmark Deposit
Interest Rates of the People’s Bank of China (“PBC”).

 

The “LPR” refers to the Loan Prime
Rate (LPR) calculated and quoted by the National Interbank Funding Center authorized by the People’s Bank of China. According to
the usual practices of the banking industry, both parties agree to determine the pricing benchmark interest rate rules hereunder
as the LPR on T-1 day, of which “T” is the day when the lending rate is determined, and “T-1” is the working
day before that day.

 

The “SHIBOR” refers to the Shanghai
Inter-bank Offered Rate quoted by the National Interbank Funding Center, which is applicable on that day.

 

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The “LIBOR” refers to the London
Inter-Bank Offer Rate in USD, EUR, JAP, etc. According to the usual practices of the banking industry, both parties agree to determine
the pricing benchmark interest rate rules hereunder as the LIBOR on T-2 day, of which “T” is the day when the lending
rate is determined, and “T-2” is two working days before that day.

 

The “HIBOR” refers to the HKD Inter-bank
Borrowing Offered Rate in the Hong Kong financial market. According to the usual practices of the banking industry, both parties agree
to determine the pricing benchmark interest rate rules hereunder as the HIBOR on T-2 day, of which “T” is the day when
the lending rate is determined, and “T-2” is two working days before that day.

 

The “SIBOR” refers to the Singapore
Inter-bank Borrowing Offered Rate, only applicable to SGD. According to the usual practices of the banking industry, both parties agree
to determine the pricing benchmark interest rate rules hereunder as the SIBOR on T-2 day, of which “T” is the day when
the lending rate is determined, and “T-2” is two working days before that day.

 

The “RMB Benchmark Deposit Interest Rates
of PBC” refer to the RMB Benchmark Deposit Interest Rates quoted by the People’s Bank of China, which are applicable on that
day.

 

Among the above, the currencies and specific
values of “LPR”, “SHIBOR”, “LIBOR”, “HIBOR”, “SIBOR” and “RMB Benchmark
Deposit Interest Rates of PBC” determined based on the applicable pricing benchmark interest rate rules hereunder shall be
subject to the query results of the core system in Industrial Bank. The date when the lending rate is determined can be the date when
the loan is actually issued, the date when this Contract is signed, or the date when the price is reset.

 

The “lending rate” refers to the
interest rate for the execution of this Contract formed by adding and subtracting points upon consent from both parties, based on the
pricing benchmark interest rate on that day when the lending rate hereof is determined, and in accordance with the pricing formula of
the lending rate hereof.

 

IV. The “material transactions” as
agreed in Article 13 of this Contract refer to (including but not limited to): any determined or potential transactions that will
seriously affect the basic structure, changes in shareholders, contingent liabilities, cash flow, profitability, core trade secrets,
core competitiveness, important assets, significant claims and debts, solvency, and capabilities to perform this Contract of the Borrower’s
company, or other transactions that the Lender and/or Borrower consider(s) to be material transactions.

 

V. The “material events” agreed in
Article 13 of this Contract refer to (including but not limited to): any determined or potential events that will seriously affect
the capabilities of the senior management to perform their duties, employment and dismissal of employees engaged in core business, core
trade secrets, core competitiveness, basic structure, changes in shareholders, contingent liabilities, renewing, legality of business,
stability, development, profitability, solvency, and capabilities to perform this Contract of the Borrower’s company, and other
events that the Lender and/or Borrower consider(s) to be material events.

 

VI. The “working day(s)” in this
Contract refer(s) to the business days of the Lender bank. During the performance of this Contract, if a withdrawal or repayment
day is a non-business day, it shall be postponed to the next business day.

 

Article 2 Amount of Loan

 

The Lender agrees to grant the Borrower a loan
(currency) of RMB Three Hundred Million Only

 

(amount in words).

 

Article 3 Purpose of Loan

 

This loan is used for daily operating turnover,
and the Borrower shall not use the loan for other purposes without the written consent of the Lender.

 

Article 4 Term of Loan

 

I. The term of the loan is 12 months,
from April 28, 2021 to April 27, 2022.

 

II. The extension date of the one-time loan shall
be subject to the actual extension date recorded in the loan certificate of indebtedness and loan voucher. If the actual extension date
is later than the loan extension date recorded in the preceding paragraph, the loan maturity date shall be postponed accordingly.

 

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III. The loan installment plan is as follows:

 

/ month / day, / year/million; / month / day,
/ year/RMB80 million;

 

/ month / day, / year/million; /month /day,
/ year/ / million:

 

/ month / day, / year/million; /month /day,
/ year/ / million:

 

/ month / day, / year/million; /month /day,
/ year/ / million:

 

/ month / day, / year/million; /month /day,
/ year/ / million:

 

The Borrower shall apply to the Lender to process
the withdrawal procedures three working days before the withdrawal date of each installment or other time as required by the Lender in
writing.

 

If the Borrower fails to withdraw the loan according
to the above-agreed installment term and amount, the Lender has the right to require the Borrower to pay _/10,000 of the loan amount
that shall be withdrawn in that installment as liquidated damages. If the Borrower is a small- or micro-sized enterprise as defined by
the regulations and policies in China, the liquidated damages will not be charged.

 

IV. The Lender shall pay the loan capital in
accordance with the provisions in Article 7 of this Contract under the conditions precedent for withdrawal agreed in Article 6.

 

V. The Lender has the right to appropriately
adjust the loan installment plan based on whether the loan complies with the relevant laws, regulations and policies, the conditions
precedent for withdrawal agreed herein, the conditions for payment of the loan capital, the time for execution of the guarantee contract
and processing of the guarantee procedures corresponding to this Contract, and other factors deemed necessary by the Lender.

 

VI. If the loan is installments, the date of
each extension shall be based on the actual extension date recorded in the loan certificate of indebtedness and loan voucher, and the
same maturity date shall be implemented, which means that the same maturity date of the loan issued for each installment shall be based
on the loan maturity date determined by the loan certificate of indebtedness or loan voucher of the first loan.

 

VII. If the Lender collects the loan in advance
according to the circumstances agreed herein, the maturity date of the loan shall be considered to have been correspondingly advanced.

 

Article 5 Lending Rate and Interest Accrual &
Settlement

 

I. Lending rate

 

(i) The pricing benchmark interest rate
shall follow the following agreement (1):

 

(1) One-year term grade LPR.

 

(2) _/__ term grade SHIBOR.

 

(3) _/__ term grade LIBOR

 

(4) / term grade HIBOR.

 

(5) /  term grade SIBOR.

 

(6) /  term grade RMB Benchmark Deposit
Interest Rates of PBC.

 

Among the above, LPR shall be selected as the
pricing benchmark interest rate for RMB fixed interest rate loan.

 

(ii) Pricing formula of lending rate: lending
rate = pricing benchmark interest rate + / % or -0.25%.

 

(iii) The lending rate (which refers to
the annualized interest rate, the same below) shall follow the following agreement (1):

 

(1) Fixed interest rate. The interest rate
is determined in accordance with the following method A:

 

A. The lending rate is determined based on the
pricing benchmark interest rate and pricing formula on the actual extension date, and the interest rate remains unchanged between the
actual extension date of each installment and the maturity date of the loan herein.

 

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B. According to the pricing benchmark interest
rate and pricing formula on the signing date of this Contract, the fixed interest rate of the loan is / % (annualized interest
rate). If the pricing benchmark interest rate is adjusted on the actual extension date, the plus or minus point value in the pricing
formula will be adjusted accordingly, and the annualized interest rate above-agreed herein remains unchanged.

 

(2) Floating interest rate. The lending
rate is determined according to the pricing benchmark interest rate and pricing formula on the actual extension date and repricing date,
and the interest is calculated in stages. The repricing date is executed in accordance with the following method / :

 

A. The floating period is _/_ (month/quarter/half
year/year/other periods), the corresponding day of each full period from the actual extension date is the contractual repricing date.
If there is no corresponding day in that month, the last day of the month shall be the corresponding day.

 

B. _/__________.

 

During the loan period, unless otherwise agreed
herein, if the lending rate is adjusted according to this Contract, the Borrower will no longer be notified.

 

(3) Other interest rate methods: _/__.

 

(iv) The determination date of the pricing
benchmark interest rate corresponding to the loans used hereunder shall be the actual extension date (or repricing date, if any) of each
loan.

 

(v) For the loans issued hereunder, if
the pricing benchmark interest rate is cancelled in China or relevant countries/regions, or the market no longer announces the pricing
benchmark interest rate, or it is required by the regulatory authorities, the Lender has the right to notify the Borrower after re-determining
the lending rate based on the interest rate policies in China or relevant countries/regions, in accordance with the principle of fairness
and integrity, and with reference to industry practices, interest rate status and other factors. For any objection, the Borrower shall
negotiate with the Lender. If the negotiation fails within five working days from the date when the Lender issues the notice, the Lender
has the right to collect the loan in advance, and the Borrower shall immediately repay the remaining principal and interest of the loan.
If it is required by the Lender or the national or regulatory policies that the Borrower shoulder sign a supplementary agreement on relevant
matters at that time, the Borrower shall cooperate.

 

II. Repayment method of the interest of the loan

 

(i) Calculation of the interest of the loan.
The interest of the principal of standard money loan and foreign currency loan will begin to be calculated from the date when the Lender
transfers it to the Borrower’s account agreed herein. The accrued interest of the loan per diem = the balance of the loan on that
day × the interest rate per diem. The conversion of interest rate per diem and annual interest rate shall be executed in accordance
with the regulations of the People’s Bank of China and international usual practices.

 

(ii) The repayment method of the interest
of the loan shall be executed in accordance with the following agreement (2):

 

(1) The interest payment date of the loan
agreed herein is the 21st of each / (month/end month of quarter/end month of half year/end month of year/other periods). The Borrower
shall pay the Lender the current interest of the loan on the interest payment date. The remaining principal and interest shall be settled
on the loan maturity date.

 

(2) The interest payment date of each installment
is the corresponding day of each full quarter  (month/quarter/half year/year/other periods) from the actual extension date (if
there is no corresponding day in that month, the last day of the month shall be the corresponding day). The Borrower shall pay the Lender
the current interest of the loan on the interest payment date. The remaining principal and interest shall be settled on the loan maturity
date.

 

(3) The first interest payment date is _/_month
_/_day, _/_year, and the interest payment date of each installment is the corresponding day of each full / (month/quarter/half
year/year/other periods) from the first interest payment date (if there is no corresponding day in that month, the last day of the month
shall be the corresponding day). The Borrower shall pay the Lender the current interest of the loan on the interest payment date. The
remaining principal and interest shall be settled on the loan maturity date.

 

(4) Other repayment methods:___/______
..

 

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III. Penalty interest and compound interest

 

(i) If the Borrower fails to use the
loan for the purposes agreed herein, the Lender has the right to accrue and settle penalty interest on the misappropriated loan from
the date of misappropriation, and the penalty interest rate shall be 200% of the lending rate; if the Borrower fails to repay
the loan on time and has not reached an agreement with the Lender on the overdue matters, which means that the loan is overdue, the Lender
has the right to accrue and settle penalty interest on the overdue loan from the overdue date, and the penalty interest rate shall be
150% of the lending rate; for the interest not paid on time (including interest, misappropriation penalty interest and overdue
penalty interest before and after the loan maturity date), the Lender has the right to accrue and settle compound interest at the overdue
penalty interest rate of the loan agreed herein. If the same loan is both overdue and not used for the purposes agreed herein, the penalty
interest rate shall be calculated according to the higher one.

 

(ii) If the lending rate adopts a fixed
interest rate, the penalty interest rate shall also be a fixed interest rate; if the lending rate adopts a floating interest rate, the
penalty interest rate shall also be a floating interest rate, the floating period of which shall be consistent with the floating period
of the lending rate.

 

(iii) The accrual and settlement method
of penalty interest and compound interest shall be executed in accordance with the repayment method of the interest of the loan agreed
herein.

 

Article 6 Conditions Precedent for Withdrawal

 

I. The Borrower may apply to the Lender for the
extension of the loan hereunder only after meeting the following conditions precedent for withdrawal as required by the Lender:

 

(i) The Borrower has delivered the following
documents to the Lender, which remain unchanged and valid, or the Borrower has made satisfying explanations to the Lender for any changes
thereof:

 

1. The loan application, the main contents of
which include but are not limited to: the loan project’s name, amount, purposes, term, repayment plan, and repayment sources;

 

2. The Borrower’s legal and valid business
license, articles of association, loan card and password/credit code, legal representative registered with the administration department
for industry and commerce and members of the board of directors and main persons in charge, list of main persons in charge of finance
and signature samples, valid identification documents of legal representative or its authorized representative, and other corporate documents
that the Lender deems necessary;

 

3. The true, legal and effective resolution of
the board of directors or shareholders’ meeting to apply to the Lender for the loan hereunder and to define the purposes of the
loan, as well as to accept various loan requirements of the Lender, which has been voted through by the quorum of directors or shareholders
at the meeting convened by the Borrower according to legal procedures, or other documents deemed necessary by the Lender;

 

4. The annual reports for the past three years
(with audit reports and notes) recognized by the Lender, financial statements for the latest period and the same period of the previous
year. For the Borrower that has been established for less than three years, the annual reports since its establishment shall be submitted:

 

5. Information about related enterprises;

 

6. Relevant contracts, vouchers or information,
such as procurement contracts, order contracts, and debt certificates, shall be provided to apply for a temporary working capital loan;

 

7. If a mortgage/pledge guarantee is to be adopted,
the ownership certificates and value assessment reports of the mortgage/pledge collaterals shall be provided, the mortgage/pledge registration
procedures that shall be processed in accordance with the requirements of relevant laws and regulations have been properly processed,
and the originals of relevant ownership certificates and registration certificates have been handed over to the Lender for storage as
required by the Lender; if a third-party guarantee is to be adopted, relevant guarantee documents shall be provided in accordance with
the requirements of above-mentioned item 2 to 4, and the guarantee contract has come into effect; the above-mentioned guarantee shall
continue to be valid;

 

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8. If the insurance for the mortgaged/pledged
collaterals needs to be processed as required by the Lender, the insurance procedures with the Lender as the first beneficiary have been
completed and the original insurance policy has been handed over to the Lender for storage; and the insurance shall continue to be valid;
for mortgaged/pledged collaterals provided by the Borrower, the Borrower hereby assigns the right to claim insurance benefits due to
the occurrence of insured events to the Lender;

 

9. Enterprises in special industries must provide
production and operation licenses for special industries or enterprise qualification certificates issued by the competent authorization
departments;

 

10. If any party to this Contract requires notarization
and other procedures, the relevant notarization procedures have been completed;

 

11. The Borrower has opened an account in the
Lender as required by the Lender, and voluntarily accepts the Lender’s supervision on credit, payment and settlement;

 

12. In order to apply for a foreign exchange
project loan, the Borrower must provide valid foreign exchange loan purpose certificates and approval documents issued by relevant departments,
and comply with the relevant foreign exchange management policies;

 

13. The value added tax, business tax and income
tax returns required by the Lender;

 

14. Other documents, statements, and vouchers
required by the Lender.

 

(ii) The Borrower has been established in
accordance with the law, with legal and compliant production and operation, and the capabilities of continuous operation, as well as
legal repayment sources;

 

(iii) The purpose of the loan is clear,
legal and compliant;

 

(iv) The statements and commitments made
by the Borrower in Article 11 hereof are continuously true and valid: no default events or potential default events have occurred
on or before the applied extension date;

 

(v) The Borrower has completed the certificate
of indebtedness or loan voucher related to the loan. The certificate of indebtedness or loan voucher is a part of this Contract, with
the same legal effect as this Contract. If the loan amount, loan period, and lending rate hereunder are inconsistent with the records
in the certificate of indebtedness or loan voucher, such records shall prevail;

 

(vi) The Borrower has good credit status,
with no major bad records; if the Borrower is a new legal person, its controlling shareholder shall have good credit status, with no
major bad records:

 

(vii) Other conditions precedent for withdrawal
required by the Lender.

 

II. The Lender’s performance of the obligations
hereunder is premised on the conditions precedent for withdrawal agreed in this Article being met. The Lender has the right to
unilaterally decide to lower or waive part of the conditions precedent for withdrawal, and the Borrower or the Guarantor shall not use
that condition as a defense against the Lender.

 

III. The Lender has the right to appropriately
adjust the extension of the loan according to factors, such as whether the financing project complies with the provisions of relevant
laws, regulations, and policies and the conditions precedent for withdrawal required by the Lender, the execution of the guarantee contract
corresponding to this Contract, and the time for the processing of guarantee procedures.

 

IV. The Borrower hereby agrees: after the
execution of this Contract, if any withdrawal by the Borrower fails to meet the conditions precedent for withdrawal or the payment conditions
of the loan capital agreed herein, the Lender has the right to stop extension, stop paying the loan capital, or terminate this Loan Contract,
and the responsibilities or losses arising therefrom shall be assumed by the Borrower. The Lender shall notify the Borrower of the cancellation
of this Contract. The objection period of the Borrower is five working days, starting from the date when the cancellation notice has
been delivered to the Borrower in the manner agreed herein. If the Borrower has no objection, this Contract will be automatically terminated
after the expiration of the objection period. If the Borrower has objections but both parties still fail to reach a solution through
negotiation within five working days after the expiration of the objection period, the Lender has the right to collect the loan in advance
according to this Contract.

 

V. Upon review by the Lender, if the Borrower
meets the conditions precedent for withdrawal agreed herein, the Lender shall pay the loan capital in accordance with Article 7
hereof.

 

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Article 7 Account Monitoring and Payment
of the Loan Capital

 

I. Account Monitoring

 

According to the relevant laws and regulations
and requirements of regulatory policies in China, the Borrower shall make a commitment that it has met the conditions precedent for withdrawal
agreed herein before applying for the loan, and that it accepts the Lender’s supervision on the use of the loan capital for the
agreed purposes. The Lender has the right to monitor the basic deposit account, general deposit account and special deposit account opened
by the Borrower, and supervise and control the extension, payment and repayment of the loan capital in accordance with this Contract.

 

The Borrower designates the following account
as the special fund recovery account, and shall provide the information about the fund flow of the account in a timely manner:

 

Account name: Hubei ECARX Technology
Co., Ltd.       Account number: ____[***]_______

 

Account opening bank: sub-branch of Industrial
Bank in Wuhan Economic and Technological Development Zone

 

The Lender may negotiate with the Borrower to
enter into a separate account management agreement according to the Borrower’s credit status and financing status, defining the
management of the recovery fund flow in the designated account. The Lender has the right to take back the loan in advance according to
the Borrower’s fund recovery status.

 

II. Payment of the loan capital

 

(i) The Lender has the right to manage and
control the payment of the loan capital through designated payment by the Lender or self-payment by the Borrower.

 

1. The “designated payment” by the
Lender means that the Borrower authorizes the Lender to pay the loan capital to the Borrower’s counterparties for the purposes
agreed herein.

 

For the designated payment by the Lender, before
the extension of the loan capital, the Borrower shall provide the relevant transaction documents in conformity with the purposes agreed
herein, and the loan capital will be promptly paid to the Borrower’s counterparties through its account after being reviewed and
approved by the Lender.

 

For the designated payment by the Lender, after
the loan capital is paid to the Borrower’s counterparties, if the loan capital is returned due to the revocation, cancellation,
or invalidity of the underlying transaction contract, the Lender has the right to collect the loan in advance for the returned loan capital
as agreed in Article 12 of this Contract.

 

2. The “self-payment” by the Borrower
means that after the Lender issues the loan capital to the Borrower’s account, the Borrower voluntarily pays to its counterparties
who meet the purposes agreed herein.

 

For the self-payment by the Borrower, the Borrower
shall report the payment of the loan capital to the Lender on a regular basis, and the Lender has the right to inspect whether the loan
payment meets the agreed purposes by means of account analysis, voucher inspection, on-site investigation, etc.

 

(ii) Designated payment

 

The payment of the loan capital under one of
the following circumstances shall be implemented through the designated payment by the Lender:

 

1. The credit business relationship between the
Borrower and the Lender is newly established, and the Borrower’s internal rating in the Lender is below B3 (inclusive). “Newly
established credit business relationship” means that the Lender and the Borrower have established a credit business relationship
for the first time or have not had a credit business relationship within 2 years:

 

2. Working capital loan for replacement;

 

3. The payment object is clear or the amount
of a single payment exceeds RMB10 million (inclusive) (the foreign currency loan shall be converted at the intermediate price
announced by the Lender on the payment date);

 

4. Others: _____/ _______________.

 

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(iii) During the extension and payment of
the loan, if the Borrower is under the following circumstances, the conditions for the extension and payment of the loan shall be supplemented
as required by the Lender, and the Lender has the right to adopt stricter conditions for the extension and payment of the loan, as well
as to stop the extension and payment of the loan capital, and take corresponding measures as agreed in the second paragraph of Article 14
hereof:

 

1. The credit standing is decreased;

 

2. The profitability of main business is not
strong;

 

3. The use of loan capital is abnormal;

 

4. Other circumstances considered by the Lender.

 

Article 8 Repayment of Principal and
Interest of the Loan

 

I. The principal of the loan hereunder shall
be repaid by the following method (2):

 

(1) If the principal of the loan is repaid
in installments, the amount and date of principal repayment are as follows:

 

/ month / day, / year/repayment of / million;
/ month / day, / year/repayment of / million;

 

/ month / day, / year/repayment of / million;
/ month / day, / year/repayment of / million;

 

/ month / day, / year/repayment of / million;
/ month / day, / year/repayment of / million;

 

/ month / day, / year/repayment of / million;
/ month / day, / year/repayment of / million;

 

__/ _______.

 

If the Lender adjusts the loan installment plan,
the date and amount of the loan installment repayment agreed in this Article remain unchanged, and the Borrower shall repay the
principal of the loan on schedule.

 

(2) The principal of the loan is repaid
in one lump sum on its maturity date.

 

(3) Other repayment methods of the principal
of the loan: _____/ __________.

 

II. The Borrower shall fully repay the principal
and interest of the loan hereunder on time to the Lender on the repayment date and interest payment date as agreed herein.

 

III. If the repayment date is not a business
day of the Lender, the repayment shall be postponed to the next business day, and the non-business day of the Lender will be included
in the actual number of days occupied by the loan. When the Borrower repays the principal of the final installment, the interest shall
be settled with the repayment of principal, and such repayment shall not be constrained by the interest payment date agreed in Article 5
hereof.

 

IV. If the loan hereunder fails to be repaid
on time and needs an extension repayment, the Borrower shall submit a written extension application for the loan to the Lender 10
working days before the loan maturity date. Upon approval by the Lender, the two parties shall sign the Loan Extension Contract as
a supplementary contract hereto.

 

V. Prepayment

 

The Borrower shall repay the principal and interest
of the loan on the date agreed herein.

 

If the Borrower requires to partially or fully
repay the principal and interest of the loan in advance, it shall notify the Lender in writing 10 working days in advance, and
obtain the written consent of the Lender. With the written consent of the Lender, after repaying part of the principal and interest of
the loan in advance, the Borrower shall negotiate with the Lender to determine the number of repayment installments, repayment time and
repayment amount thereafter. The interest of the loan principal that has been repaid in advance shall be charged according to the actual
use period and the lending rate agreed herein. The Lender will not adjust the interest of the loan accrued and settled before the prepayment.

 

If the Borrower requires a prepayment, the Lender
has the right to require the Borrower to pay the liquidated damages based on 0.05 % of the amount of the prepayment. If the Borrower
is a small- or micro-sized enterprise as defined by the regulations and policies in China, the liquidated damages will not be charged.

 

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VI. If the Borrower fails to perform its obligations
as agreed herein, the Borrower hereby irrevocably authorizes the Lender to directly deduct and collect money from any accounts opened
by the Borrower in the Lender and all branches and subsidiaries of Industrial Bank without going through judicial proceedings. The deduction
and collection include but are not limited to the principal and interest of the loan (including principal, interest, penalty interest,
compound interest), liquidated damages, damages, and expenses of the Lender to realize its creditor’s rights. The Borrower agrees
that the Lender has the right to decide the specific order of deduction. If the currency of the money in the account is inconsistent
with the currency of the loan, the Lender has the right to deduct the money by converting it into the currency of the loan according
to the intermediate price announced by the Lender on the deduction date. If any account herein involves products such as wealth management
products or structured deposits, the Borrower hereby irrevocably authorizes the Lender to directly initiate a redemption application
for the relevant products or take other necessary measures to ensure the successful deduction of the above-mentioned money, and the Borrower
shall provide any necessary cooperation.

 

Article 9 Guarantee

 

I. The guarantee contracts of this Contract include
but are not limited to the following contracts:

 

(i)  _/___  (name of this Contract),
No.: _/___  , with the guarantee method of __/__ , and __/_ as the guarantor;

 

(ii)  /___  (name of this Contract),
No.: _/___  , with the guarantee method of __/__ , and __/__ as the guarantor;

 

(iii) _/___  (name of this Contract),
No.: _/___  , with the guarantee method of __/__ , and __/__ as the guarantor;

 

(iv) _/___  (name of this Contract),
No.: _/___  , with the guarantee method of __/__ , and __/__ as the guarantor;

 

(v) _/___  (name of this Contract),
No.: _/___  , with the guarantee method of __/__ , and __/__ as the guarantor;

 

(vi) _/___  (name of this Contract),
No.: _/  ___, with the guarantee method of __/__ , and __/__ as the guarantor;

 

II. In addition to the above-mentioned signed
guarantee contracts, in the event of exchange rate fluctuations or any other event that the Lender considers may affect the Borrower’s
or the Guarantors’ capabilities to perform the Contract, the Lender has the right to require the Borrower to supplement the security
deposit or provide new guarantees, and to enter into relevant guarantee contracts. The Borrower shall cooperate with the Lender as required.

 

III. Before completing the signing of guarantee
contracts hereunder and the guarantee procedures, the Lender has the right to temporarily refrain from performing all obligations hereunder,
such as the extension of the loan.

 

Article 10 Rights and Obligations of
Both Parties

 

I. Rights and obligations of the Lender

 

(i) Rights of the Lender:

 

1. The right to require the Borrower to repay
the principal and interest of the loan on schedule;

 

2. The right to require the Borrower to provide
various information related to the loan;

 

3. The right to understand the Borrower’s
production, operation and financial status;

 

4. The right to supervise the Borrower’s
use of the loan for the purposes agreed herein;

 

5. The right to supervise the use of the loan
and propose requirements;

 

6. If the Borrower owes the Lender’s multiple
debts that are the same type, and the payment of Borrower is insufficient or may be insufficient to repay all debts, the Lender has the
right to decide the specific repayment or deduction order at the time of repayment;

 

7. The right to directly deduct the principal
and interest of the loan (including principal, interest, penalty interest, compound interest), liquidated damages, damages, and expenses
of the Lender to realize its creditor’s rights from any account opened by the Borrower in the Lender and all branches and subsidiaries
of Industrial Bank without going through judicial proceeding. The Borrower agrees that the Lender has the right to decide the specific
order of deduction. If the currency of the money in the account is inconsistent with the currency of the loan, the Lender has the right
to deduct the money by converting it into the currency of the loan according to the intermediate price announced by the Lender on the
deduction date; if any account herein involves products such as wealth management products or structured deposits, the Borrower hereby
irrevocably authorizes the Lender to directly initiate a redemption application for the relevant products or take other necessary measures
to ensure the successful deduction of the above-mentioned money;

 

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8. The Lender has the right to transfer all
or part of the creditor’s rights and security interests hereunder to third parties at any time without the Borrower’s consent;
If the Lender transfers the loan and security interests hereunder, the Borrower still assumes all obligations hereof;

 

9. If the Borrower fails to repay the principal
and interest of the loan as agreed herein, or fails to implement the repayment of the principal and interest, or violates any obligations
agreed herein, the Lender has the right to report and disclose the Borrower’s default and untrustworthiness information to the
People’s Bank of China and the credit agencies and credit reporting systems established or approved by the People’s Bank
of China, or the Banking Association, banking supervisory agencies, or other administrative/judicial/supervisory departments and the
information management systems or news media established or recognized by these departments, and to take legal measures, such as collection,
litigation, arbitration, or applying to notary authorities for enforcement certificates. At the same time, the Lender may take or jointly
take joint untrustworthy punishment and rights protection measures with other banking financial institutions, such as reducing or stopping
the credit, stopping opening new settlement accounts, and stopping processing the credit card for the legal representative of the Borrower/the
Borrower;

 

10. The right to unilaterally decide to collect
the loan in advance according to the Borrower’s fund recovery status;

 

11. In the event of exchange rate fluctuations
and other circumstances that the creditor considers may affect the safety of its claims, the debtor is obliged to supplement the pledge
such as security deposits as required by the creditor, or implement other risk mitigation measures approved by the creditor;

 

12. The right to enjoy other rights agreed by
laws, regulations and rules or agreed herein.

 

(ii) Obligations of the Lender:

 

1. Issuing and paying the loan capital as agreed
herein;

 

2. Keeping confidential of the Borrower’s
debts, finance, production and operation status, except for the following circumstances:

 

(1) Provisions of laws and regulations;

 

(2) Regulations or requirements of regulatory
authorities;

 

(3) Disclosure to the Lender’s partners.

 

II. Rights and obligations of the Borrower

 

(i) The Borrower has the following rights:

 

1. The right to fully withdraw and use the loan
as agreed herein;

 

2. The right to require the Lender to assume
confidentiality obligations for the information provided as agreed herein.

 

(ii) Obligations of the Borrower

 

1. Truthfully providing the documents required
by the Lender, including all opening banks, account numbers, and balances of deposits and loans, and cooperating with the Lender’s
investigation, review and inspection;

 

2. Accepting the Lender’s supervision or
inspection on the use of credit funds and related production, operation and financial activities, and taking reasonable resolution measures
for the Lender’s suggestions or requirements in a timely manner;

 

3. Using the loan according to the purposes agreed
herein. The loan shall not be used for other purposes, and the Borrower shall guarantee not to use the loan for fixed asset investment;
the loan shall not be used in the production/operation fields and purposes prohibited by China; the loan shall not be used for equity
investment; the loan shall not be used for purchasing and selling securities, futures, real estate, etc.; the loan shall not be
used for engaging in inter-enterprise mutual lending activities and other illegal activities restricted by China; the loan shall not
be squeezed or misappropriated by other methods;

 

4. Accepting the Lender’s monitoring of
the Borrower’s account and the Lender’s management of the loan capital payment according to Article 7 hereof.

 

5. The Borrower should repay the principal and
interest in full on time as required by this Contract;

 

6. Without the written consent of the Lender,
the Borrower should not transfer the debt under this Contract to any third person in whole or in part;

 

7. The Borrower should not reduce the registered
capital in any way; and should not extend the time limit for subscription of the registered capital, without the written consent of the
Lender;

 

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8. In case of a merger, separation,
equity transfer, external investment, substantial increase of debt financing and other major issues in respect of the Borrower, the Borrower
should notify the Lender thereof in writing at least 30 working days in advance, should seek the written consent of the Lender, and should
actively implement the measures under this Contract to guarantee that the borrowing principal and interest are repaid in full on time,
as required by the Lender. The aforementioned major issues include but are not limited to:

 

(1) applying to a bank or other third parties
for borrowing or debt, or providing any loan to a third party, or substantially increasing the debt financing by providing guarantee
for a third party’s debt, etc., which affects or may affect the repayment of borrowing principal and interest;

 

(2) a material change in equity or an adjustment
to the mode of business operation (including but not limited to the signing of a joint venture or partnership contract with a foreign-owned
enterprise or an enterprise from Hong Kong, Macao or Taiwan; cancellation, closure, shutdown, switch to other production; separation,
combination, merger, takeover; reorganization, incorporation, or restructuring into a joint stock company; external investment; becoming
a shareholder of, or investing in, a joint stock company or investment company, with fixed assets such as buildings or machinery equipment,
or with intangible assets such as trademarks, patents, know-how or land use right, conducting an equity or management right transaction
by means of lease, contract, joint venture, trusteeship, etc.);

 

(3) change of 10% or more of equities
(including but not limited to transfer, trusteeship, escrow, pledge of equity, etc.)

 

9. In case of the occurrence or possible occurrence
of any of the following, the Borrower should notify the Lender thereof in writing, within seven working days from the date thereof, and
should actively implement the measures under this Contract to guarantee that the borrowing principal and interest are repaid in full
on time, as required by the Lender:

 

(1) a material financial loss, loss to assets
or other financial crisis;

 

(2) a shutdown, revocation or cancellation
of the business license, application for bankruptcy by the Borrower or other applicant, dissolution, etc.;

 

(3) a material crisis in the operation or
finance of the controlling shareholder or any other affiliate of the Borrower, which affects the normal operation of the Borrower;

 

(4) any change of any of the legal representative,
directors or senior management of the Borrower, which affects the normal operation of the Borrower;

 

(5) a change of 10% or more of the
equities of the guarantor (including but not limited to transfer, trusteeship, escrow, pledge of equity, etc.);

 

(6) any material related-party transaction
between the Borrower and its controlling shareholder and any other affiliate, affecting the normal operation of the Borrower;

 

(7) any lawsuit, arbitration or criminal
or administrative punishment, which has a material adverse impact on the operation or property of the Borrower; and

 

(8) other major issues that may affect the
solvency of the Borrower.

 

10. At the request of the Lender (which request
should be communicated to the Borrower in advance in a reasonable manner, unless it’s unnecessary to notify the Borrower thereof
in advance, due to the occurrence of default or potential default or in a specific environment), during the normal office hours, the
Borrower should allow the delegate of the Lender to:

 

(1) visit the place where the Borrower conducts
business activities;

 

(2) check the premise, facilities, factory
and equipment of the Borrower;

 

(3) make enquiries for the Borrower’s
books and records and all the other records;

 

(4) ask any of the employees, agents, contractors
or subcontractors of the Borrower who know or may know the relevant information the Lender requires.

 

11. The Borrower guarantees that it will maintain
its current assets, the net value of its assets, asset liability ratio, liquidity ratio and other financial positions within the following
ranges as required by the Lender: __/___ .

 

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12. The Borrower should sign for the letter of
collection or the document on collection sent by the Lender to the Borrower or served by other means, and hand over the receipt to the
Lender.

 

Article 11 The Borrower’s statement
and commitment

 

The Borrower voluntarily makes the following
statement and commitment, and bears the legal liability for the truth of the contents thereof:

 

I. The Borrower is a legal entity incorporated
and validly existing under the laws of the People’s Republic of China, and has the full capacity for civil conduct. The Borrower
guarantees that it will provide the relevant proofs, licenses, certificates and other documents required by the Lender, at the request
of the Lender.

 

II. The Borrower is able enough to perform all
of its obligations and responsibilities under this Contract, and neither a change of order or financial position nor any agreement signed
with any entity will diminish or exclude the Borrower’s responsibility for paying off the debt.

 

III. The Borrower has been fully empowered to
and has the legal right to sign this Contract, has obtained all the internal approval and authorization and gone through all the other
relevant internal formalities, which are necessary for signing and fulfilling this Contract, and has obtained all the approval, registration,
authorization, consent, license of, and gone through all the other relevant formalities with, any government department or other authorities,
which are necessary for signing and fulfilling this Contract. And all the approval, registration, consent, license, authorization and
other relevant formalities necessary for signing of this Contract are kept fully legal and effective.

 

IV. The signing of this Contract by the Borrower
fully complies with the relevant articles of association, internal decisions and resolutions of the board of shareholders and the board
of directors of the Borrower, and the Borrower makes a commitment that such internal decisions and resolutions of the board of shareholders
and the board of directors fully comply with the provisions of national laws and regulations and the articles of association, and that
none of them is ineffective, invalid or revocable. This Contract is not in conflict with or in violation of any articles of association,
internal decisions, resolutions of the board of shareholders and the board of directors, and policies of the Borrower.

 

V. The signing and performance of this Contract
are based on the true intention of the Borrower. The debt financing complies with the requirements of laws and regulations, and the signing
and performance of this Contract don’t violate any provisions of laws, regulations, rules or contracts binding upon the Borrower.
This Contract is legal, valid and enforceable. If a defect of the Borrower’s right at the time of signing and performance of this
Contract invalidates this Contract, the Borrower will immediately compensate the Lender for all losses unconditionally.

 

VI. All the documents, financial statements and
other information provided to the Lender by the Borrower under this Contract are true, complete, accurate and effective, and the Borrower
will constantly maintain all financial indicators required by the Lender.

 

VII. The Borrower agrees that the borrowing business
under this Contract is bound by the provisions, convention and practices of the Lender. The Lender should have the right to recover the
loan in advance according to the condition of the withdrawal of the Borrower’s funds.

 

VIII. If the types of the multiple debts lent
by the Lender to the Borrower are the same, and the Borrower fails to repay the debts in full or may fail to pay off all the debts, the
Lender will determine the specific order of the payoff of debts or the deduction.

 

IX. If the Borrower fails to perform its obligations
according to the provisions of this Contract, the Borrower hereby authorizes the Lender to directly deduct the borrowing principal and
interest (including the principal, interest, default interest and compound interest), liquidated damages, damages, expenses of realization
of creditor’s right by the Lender, etc. from any account opened with any of the Lender and all branches and subsidiaries of
Industrial Bank Co., Ltd. by the Borrower, without going through the judicial process, and the Borrower agrees that the Lender should
have the right to determine the specific order of the deduction. If the currency of funds in the account differs from that of the borrowing,
the Lender should have the right to convert it at the middle rate announced by the Lender on the day of deduction for the deduction.
If any account mentioned in this article involves any finance product, structural deposit or some other product, the Borrower hereby
irrevocably authorizes the Lender to directly apply for redemption of the relevant product or to take some other necessary measure on
behalf of the Borrower, so as to ensure that the Lender deducts the aforementioned expenses smoothly, and the Borrower should be cooperative
as necessary.

 

X. If the Borrower submits any document on a
specific transaction to the Lender for review, before or after the signing of this Contract, the Borrower should guarantee the authenticity
of all such documents, and the Lender will just decide on the apparent authenticity of such transaction documents, and will not participate
in or know the substance of the specific transaction in which the Borrower participates, nor take any responsibility for such transaction.

 

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XI. The Borrower confirms that except for the
situations that have been disclosed to the Lender in writing, it does not hide any of the following, which has occurred or will immediately
occur and may cause the Lender to disapprove the issue of borrowing under this Contract:

 

(1) the Borrower assumes a debt and contingent
liability, including but not limited to the mortgage, pledge and lien of the Borrower’s assets or revenue and other debt burden
on the same, which haven’t been disclosed to the Lender;

 

(2) the Borrower or any of its major managers
is involved in a material violation of discipline or law, or a claim against the Borrower for compensation;

 

(3) the Borrower is in violation of the
contract on the creditor’s right and debt between the Borrower and any other creditor;

 

(4) there is no lawsuit, arbitration or
administrative punishment against the Borrower or its property that has occurred, is pending or may occur to the knowledge of the Borrower,
and there is no liquidation or discontinuation of business or other similar procedures against the Borrower, applied for by the Borrower
positively or a third party;

 

(5) other situations that may affect the
Borrower’s financial position or solvency.

 

XII. The Borrower makes a commitment that it
will use the borrowing for the purpose specified by this Contract, and will not use the same for any other purpose or any purpose in
violation of the agreed intent of this Contract instead. The Borrower will accept and be cooperative in the management of payment from
borrowing, post-loan management and the relevant examination by the Lender, and be cooperative in the supervision, examination and check
of the use of borrowed funds by the Borrower and of the Borrower’s production and operation, financial activities, material inventory,
assets and liabilities, bank deposit, cash, etc. by the Lender, or other requirements the Lender deems necessary or appropriate.

 

XIII. A full and effective guarantee recognized
by the Lender or a guarantee deemed as appropriate and acceptable by some other lender should be provided. If any guarantee under this
Contract involves the real estate mortgage, the Borrower should perform the obligation to inform the Lender thereof in a timely manner,
when it knows that the real estate mortgaged will be subject to demolition. If the compensation for demolition of the real estate mortgaged
is in the form of exchange of the property right, the Lender should have the right to require the Borrower to pay off the debt in advance,
or to require another collateral and sign a new mortgage agreement, under which the guarantee should be provided by a guarantor eligible
for guarantee, after the loss of the original mortgaged real estate and before the registration of the new collateral. If the compensation
for demolition of the real estate mortgaged is in the form of compensation, the Borrower should require the mortgager to continue to
provide guarantee for the principal creditor’s right by means of a special security deposit account opened, a deposit receipt, etc.
in connection with the compensation for demolition.

 

XIV. The Borrower should not reduce the registered
capital in any way. Without the written consent of the Lender, the Borrower should not transfer the debt under this Contract to a third
person in part or in whole. Without the written consent of the Lender, the Borrower should not pay off any debt owed by the Borrower
to any other creditor (except for the other branches of Industrial Bank Co., Ltd.) in advance, before it pays off all the debt under
this Contract.

 

XV. The Borrower should notify the Lender of
any material adverse event that affects the Borrower’s solvency in a timely manner, and should seek the Lender’s written
consent, before carrying out any merger, separation, equity transfer, external investment, substantial increase of debt financing, or
other major issue.

 

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XVI. In case of any litigation, arbitration or
other dispute between the Lender and the Borrower or any third party associated with the Borrower as a result of the fulfillment of the
Lender’s obligations under this Contract, forcing the Lender to be involved in the dispute between the Borrower and any third party,
the Borrower should be responsible for the litigation or arbitration fee, attorney fee and other fees paid by the Lender therefor.

 

XVII. The settlement business under this Contract
should be handled by the Borrower through the settlement account opened with the Lender.

 

XVIII. The Borrower makes a commitment
that the information about it announced through the National Enterprise Credit Information Publicity System is true, complete, legal
and effective, that it constantly agrees that the Lender can make enquiries for information in the system, which is announced or not
announced at the option of the enterprise. If the Lender requires the capital verification, the Borrower will agree to have its capital
verified according to the requirements of the Lender and to provide a capital verification report issued by a professional institution.

 

XIX. The Borrower hereby makes a statement
that the Lender is empowered to conduct a necessary investigation of the Borrower’s credit, including making enquiries for information
about the Borrower’s credit in the basic database of financial credit information set up by the state, in accordance with the national
laws and regulations as well as the relevant policies, that the Lender can submit information about credit to the national basic database
of financial credit information, as required by the People’s Bank of China for credit of enterprises and individuals, and that
lawful enquiries for relevant information are allowed within the empowerment scope.

 

XX. The Borrower hereby declares and authorizes
that the Lender has the right to submit the information related to this Contract and other relevant information to administrative, judicial,
and supervisory departments, banking regulators, and banking associations and the information management systems established or recognized
by them according to the needs of relevant information management work of the aforesaid departments and institutions, and hereby allows
legitimate query of the relevant information.

 

XXI. In case of the Borrower’s breach of
this Contract or circumstances that may endanger the Lender’s realization of its creditor’s rights, the Lender shall have
the right to require accelerated maturity of the subscribed capital contribution obligations of the Borrower’s shareholders, and
the Borrower promises that its shareholders shall subscribe for capital as required by the Lender in a timely manner. The Lender is entitled
to require the Borrower and its shareholders not to receive dividends.

 

XXII. The Borrower promises that the transaction
background of the loan business is true and legal, and there is no money laundering or other illegal purposes.

 

XXIII. The Borrower hereby irrevocably promises
that, in case of breach of any contractual obligation under this Contract, the Lender may submit and disclose the Borrower’s breach
information and untrustworthiness information to the People’s Bank of China and the credit agencies and credit reporting systems
established or approved by the People’s Bank of China, or the banking association, banking regulatory authority, or other administrative,
judicial, and supervisory departments and the information management systems established or recognized by them, or news media.

 

In addition, the Borrower irrevocably authorizes
relevant banking associations to share the Borrower’s untrustworthiness information among banking financial institutions and even
make it known to the public through appropriate means.

 

The Borrower knows that the Lender has the
right to take various measures in accordance with this Contract and that the Lender has the right to take or jointly take untrustworthiness
punishment and rights protection measures with other banking financial institutions, such as reducing or stopping the credit, stopping
opening new settlement accounts, and stopping processing new credit cards for the legal representative of the Borrower/the Borrower.

 

XXIV. Other matters stated and promised by the
Borrower: ____/ _____.

 

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Article 12 Advance Loan Collection

 

I. During the borrowing period, in case that
the Borrower or the Guarantor (including, but not limited to, the guarantor, mortgagor, or pledgor, similarly hereinafter) is involved
in any of the following circumstances, the Lender shall be entitled to unilaterally decide to stop paying the unused loan to the Borrower,
and recover part or all of the loan principal and interest in advance; for the installment loans, if the Lender collects the loan in
advance for one installment in accordance with the Contract, the other undue loans shall be deemed matured in advance:

 

(I) False materials are provided or important
operating financial facts are concealed, or any certificate and document submitted to the Lender or any statement or commitment in Article 11
of this Contract is proved to be untrue, inaccurate, incomplete, or deliberately misleading;

 

(II) The original purpose of the loan is
changed without the written consent of the Lender, and the loan is misappropriated or used to be engaged in illegal or rule-breaking
transactions;

 

(III) A false contract with a related party
is used to discount or pledge creditor’s rights such as notes receivable and accounts receivable without actual trade background
to the Lender to obtain the Lender’s capital or credit;

 

(IV) Refusing to accept the Lender’s
supervision and inspection of the use of its credit funds and relevant operation and financial activities;

 

(V) Material events such as merger, separation,
acquisition, reorganization, share transfer, foreign investment, substantial increase in debt financing, etc., that the Lender believes
may affect the security of the loan;

 

(VI) Intentionally evading the creditor’s
rights of the Lender through related-party transactions;

 

(VII) The credit status has deteriorated,
and the solvency (including the contingent liabilities) is significantly weakened;

 

(VIII) The Borrower or its associated enterprise
and the Guarantor or its associated enterprise are involved in cross defaults as agreed in Article 15 of this Contract;

 

(IX) The Borrower fails to repay the principal
and interest of the loan under the Contract on schedule;

 

(X) The Borrower ceases to repay its debts,
or is unable to or indicates that it is unable to repay its maturing debt;

 

(XI) The Borrower’s business is suspended
or closed, or the Borrower is declared bankrupt or dissolved, or its business license is canceled or revoked, or its financial condition
is deteriorating, etc.;

 

(XII) The Borrower fails to perform the
obligations agreed in Articles 10 and 13 of this Contract and other obligations agreed in this Contract, or the Guarantor fails to perform
the obligations agreed in the guarantee contract;

 

(XIII) The value of the collateral and pledged
property used for security has been or may be significantly reduced, or the pledged right must be realized before the maturity of the
loan;

 

(XIV) The Borrower’s or Guarantor’s
legal representative, main individual investors, directors, supervisors, and senior executives have changed or disappeared abnormally,
or have been investigated or restricted by judicial authorities according to law, which has affected or may affect the performance of
obligations under this Contract;

 

(XV) The Borrower/Guarantor or their controlling
shareholders, actual controllers, or affiliates are involved in major litigation, arbitration, or other disputes, or their major assets
have been sealed up, frozen, deducted, or enforced or other measures with similar effects are taken, which may endanger or damage the
interests of the Lender;

 

(XVI) The events otherwise agreed in this
Contract, or the Borrower’s fund recovery status, or other events that endanger or damage or may endanger or damage the interests
of the Lender.

 

II. In case of the above-mentioned advance loan
collection, the Lender may unilaterally decide whether to grant the Borrower a certain grace period according to the Borrower’s
production and operation situation, financial status, and fund recovery status. Where the Lender grants the Borrower a grace period,
but the Borrower fails to take remedial measures or the remedial measures taken cannot meet the Lender’s requirements within the
grace period, the Lender shall have the right to unilaterally decide to collect the loan in advance; the Lender may also directly decide
to collect the loan in advance without giving the Borrower a grace period.

 

III. In case that the loan is collected in advance,
the Lender shall be entitled to take corresponding measures in accordance with the provision in paragraph 2 of Article 14 hereof.

 

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Article 13 The Borrower’s Obligation
to Disclose Material Transactions and Events to the Lender

 

I. The Borrower shall report to the Lender in
writing its material transactions and events in a timely manner.

 

II. Where the Borrower is a group customer, the
Borrower shall report to the Lender the related-party transactions of more than 10% of the Borrower’s net assets in time in accordance
with relevant provisions, including, but not limited to:

 

(I) The association relationships of the
parties to the transaction;

 

(II) Transaction items and transaction nature;

 

(III) The amount of the transaction or the
corresponding proportion;

 

(IV) Pricing policy (including transactions
with no amount or only a symbolic amount).

 

III. In case of a major change in the basic conditions
of the Contract that cannot be foreseen at the time of signing the Contract and that is not a commercial risk, with renegotiation needed,
the Lender shall be notified in time within three working days after the change takes place.

 

Article 14 Liability for Breach of Contract

 

I. After this Contract takes effect, both the
Borrower and the Lender shall perform the obligations agreed in this Contract. If either party fails to perform or fails to fully perform
its obligations stipulated in this Contract, it shall bear the corresponding liabilities for breach of contract.

 

II. If the Borrower fails to use the loan for
the purpose agreed herein, fails to pay the loan fund in the agreed manner, fails to comply with the statement and commitment, distorts
the information in the loan application document, breaks through the agreed financial indicators, gets involved in a major cross default
event, or fails to perform any other provision of this Contract, the Lender shall have the right to take one or more of the following
measures:

 

(I) Require remedying the breach of contract
within a time limit;

 

(II) Stop issuing the loan that has not
been issued hereunder and stop paying the loan funds that have not been paid hereunder;

 

(III) Require the Borrower to supplement
the loan issuance and payment conditions that meet the Lender’s requirements or cancel the Borrower’s use of the loan in
the form of “self-payment”;

 

(IV) Unilaterally decide early maturity
of the debt in whole or in part;

 

(V) Unilaterally terminate or cancel this
Contract, and require the Borrower to repay the principal and interest of the matured or undue loan and pay or compensate for the relevant
losses;

 

(VI) If the loan is overdue, require the
Borrower to pay the penalty interest for the overdue loan; if the Borrower misappropriates the loan, require the Borrower to pay the
penalty interest for misappropriation; require the Borrower to pay the compound interest of the unpaid interest (including the interest
before and after the maturity of the loan, the penalty interest for misappropriation, and the penalty interest for the overdue loan);

 

(VII) Require the Borrower to add or replace
the Guarantor, collateral, and pledged property/pledge rights;

 

(VIII) Enforce or realize the rights under
any security in respect of the loan;

 

(IX) Directly deduct a sum of money from
any account opened by the Borrower with the Lender or any branches and subsidiaries of Industrial Bank without going through judicial
procedures, or entrust the Borrower’s bank of deposit to deduct a sum of money from its account, including, but not limited to,
the loan principal and interest (including the principal, interest, penalty interest, and compound interest), liquidated damages, damages,
expenses for the Lender to realize its creditor’s rights, etc,; the Borrower agrees that the Lender has the right to determine
the specific deduction order, and, if the currency of the money in the account is inconsistent with that of the loan, the Lender has
the right to convert it into the loan currency for deduction according to the intermediate price published by the Lender on the day of
deduction; where any account specified in this paragraph involves financial products or structured deposits, the Lender has the right
to directly initiate the redemption application of relevant products or take other necessary measures on behalf of the Borrower to ensure
that the Lender can smoothly deduct the above sum of money;

 

    Page 18 of 24

    

    

 

(X) Bring a lawsuit or arbitration or apply
to a notary office to issue an execution certificate, requiring the Borrower to repay the principal and interest of the loan, and the
expenses for the Creditor to realize the creditor’s rights shall be borne by the Borrower;

 

(XI) The Lender has the right to seize or
retain any movable or immovable property, or tangible or intangible property of the Borrower under the control and possession of the
Lender or take other measures as the Lender thinks appropriate;

 

(XII) The Lender has the right to submit
and disclose the Borrower’s breach information and untrustworthiness information to the People’s Bank of China and the credit
agencies and credit reporting systems established or approved by the People’s Bank of China, or the banking association, banking
regulatory authority, or other administrative, judicial, and supervisory departments and the information management systems established
or recognized by them, or news media, and may also take or jointly take untrustworthiness punishment and rights protection measures with
other banking financial institutions, such as reducing or stopping the credit, stopping opening new settlement accounts, and stopping
processing new credit cards for the legal representative of the Borrower/the Borrower;

 

(XIII) Other measures stipulated by laws
and regulations or agreed in this Contract or deemed appropriate by the Lender.

 

III. Where the Lender fails to provide the loan
according to the agreed date and amount and causes losses to the Borrower, it shall compensate the Borrower for the direct economic losses
caused thereby, provided that the conditions precedent to withdrawal and the payment conditions of the loan fund agreed in this Contract
are satisfied. However, in any case, the Lender shall not be liable for compensation for any foreseeable or unforeseeable indirect losses
incurred by the Borrower.

 

IV. During the performance of this Contract,
the Lender shall not be liable for any error in the designated payment by the Lender, delay in payment, self-payment by the Borrower
in violation of this Contract, or other losses caused by the untruth, inaccuracy, incompleteness, or other defects of the materials provided
by the Borrower.

 

V. The Lender shall not be liable for any loan
granting and payment disputes or other losses arising from the freezing of the loan granting account or the payment object account agreed
herein or other reasons.

 

VI. If the Guarantor (i.e. the guarantor, mortgagor,
or pledgor) hereunder is involved in any of the following events, the Lender shall be entitled to take measures in accordance with paragraph
2 of this Article:

 

(I) The guarantor fails to perform the provisions
of the guarantee contract, or its credit status deteriorates, or other events that weaken its guarantee capacity take place;

 

(II) The mortgagor fails to perform the
provisions of the mortgage contract, or intentionally damages the collateral, or the value of the collateral may be or has been significantly
reduced, or other events that damage the mortgage right of the Lender occur;

 

(III) The pledgor fails to perform the pledge
contract, or the value of the pledged property has been or may be significantly reduced, or the pledged right must be realized before
the loan is repaid, or other events that damage the Lender’s pledge rights occur.

 

Article 15 Cross Default

 

In case of any of the following circumstances
that occur to the Borrower or its associated enterprises and the Guarantor or its associated enterprises, the Borrower shall be deemed
to have breached the Contract at the same time, and the Lender shall have the right to collect the loan in advance in accordance with
Article 12 herein and require the Borrower to bear the liability for breach of contract in accordance with Article 14 herein:

 

(I) Any loan, financing, or debt is or may
be in default or is declared to be premature;

 

(II) Any guarantee or similar obligations
have not been performed, or there is a possibility of non-performance;

 

(III) Non-performance or breach of legal
documents or contracts related to debt guarantee and other similar obligations, or a possibility of non-performance or breach;

 

(IV) There is or will be inability to pay
off matured debts or matured loans/financing;

 

(V) It has been declared or is about to
be declared bankrupt through legal proceedings;

 

(VI) Its assets or properties are transferred
to other creditors;

 

(VII) Other circumstances that endanger
the security of the loan principal and interest under this Contract.

 

    Page 19 of 24

    

    

 

Article 16 Continuity of Obligations

 

All obligations of the Borrower hereunder shall
be continuous and fully and equally binding on its successors, agents, receivers, assignees, and its entities upon merger, reorganization,
or name change.

 

Article 17 Accelerated Maturity of Principal
and Interest

 

The Borrower agrees that, once the Borrower fails
to perform the statement and commitment in Article 11 herein or fails to perform any of its obligations hereunder, the Lender shall
be entitled to decide that any other obligation of the Borrower to the Lender, including the repayment obligations of all the principals
and interests (including the penalty interest and compound interest) due and undue hereunder, will immediately expire.

 

Article 18 Right of Subrogation

 

The Borrower hereby specifically declares that,
regardless of whether the creditor’s right of the Lender has expired, the limitation of action for the creditor’s right of
the Borrower or the subordinate right related to such creditor’s right is about to expire or the credit of bankruptcy is not declared
in time, or the Borrower breaches the contract or is unable to repay the Lender’s advances (including, but not limited to, the
principal, interest, and expenses) due for repayment, or other circumstances that affect the realization of the creditor’s right
of the Lender, for any creditor’s rights, accounts receivable, and other property rights and interests owned by the Borrower against
a third party and the subordinate rights related to the foregoing rights, the Lender shall be entitled to exercise the right of subrogation,
including, but not limited to, subrogating to request the Borrower’s counterparty to perform the contract, report to the bankruptcy
administrator, or take other necessary actions for the Borrower, and the Borrower shall waive all defenses.

 

Article 19 Law Application, Jurisdiction,
and Dispute Resolution

 

I. The conclusion, effectiveness, performance,
dissolution, interpretation, and dispute settlement of this Contract shall be governed by the laws of the People’s Republic of
China (for the purpose of this Contract, excluding the laws of Hong Kong Special Administrative Region, Macao Special Administrative
Region, and Taiwan).

 

II. Any dispute arising from this Contract
shall be settled through friendly negotiation between the Borrower and the Lender; in case that friendly negotiation fails, both parties
agree to settle the dispute in the (I) way as follows:

 

(I) Bring a lawsuit in the People’s
Court at the place where the Lender has its domicile.

 

(II) Apply to /__  Arbitration
Committee for arbitration; the arbitration rules in force at the time of arbitration of the Arbitration Committee shall apply to
resolve the dispute. To the extent permitted by the arbitration rules, both parties agree to use the summary procedure for trial. The
arbitration award is final and binding upon both parties. The venue of the arbitral tribunal shall be / __.

 

(III) Other ways: / __.

 

III. During the period of dispute, the provisions
of this Contract that do not involve the dispute shall still be performed.

 

Article 20 Document Exchange, Communication,
and Notification

 

I. The Borrower agrees and confirms that the
following addresses shall be used as the addresses for service of notices under this Contract and relevant litigation (arbitration),
notarization and other legal documents in case of disputes (including, but not limited to, all kinds of notices and documents of the
contracting parties; the indictments (or arbitration applications) and evidences, summons, notices of response to litigation, notices
of proof, notices of court session, payment orders, judgments (awards), rulings in writing, conciliation documents, notices of enforcement,
notices of deadline for performance, and other legal instruments of litigation or arbitration hearings, the procedure for realizing security
interest, and the execution stage; various notices and legal instruments served by the notary office), and further agrees that the Lender,
notary office, court, and other judicial offices, and other servers of notices and legal instruments have the right to choose paper or
electronic means for service, including, but not limited to, e-mail, China Judicial Process Information Online, national unified service
platform, local or specialized court network service platform, the server’s electronic network platform and electronic app, etc.:

 

    Page 20 of 24

    

    

 

(I) Addresses of the Borrower:

 

1. Name of the Borrower: Hubei ECARX Technology
Co., Ltd.

 

Address of the Borrower: Unit B (QDXX-F7B), Building
7, Tus Park, South Taizihu Innovation Valley, Wuhan Economic and Technological Development Zone

 

Postal
code: 430000__  ;          Tel: / __ ;

 

Contact person: ______.

 

2. Name of designated receiver (if any): __/____
;

 

Address of designated receiver: __/___ ;

 

Postal code: ___/__ ; Tel: ___/ __.

 

(II) The Borrower agrees and confirms
that any of the following electronic mailing addresses is also a valid address for service:

 

1. For fax reception, number: __/___ ;

 

2. E-mail address: __/ ___;

 

3. SMS, receiving number: __/ ___;

 

4. WeChat, WeChat number: __/___ ;

 

5. For QQ reception, number: __/___ ;

 

6. Other electronic communication addresses:
__/ ___.

 

II. The applicable period of the addresses
for service agreed in the first paragraph of this Article includes the non-litigation stage, the first instance, the second instance,
the retrial, the execution, the procedures for realizing the real interests for security, the supervision procedure, the compulsory notarization,
and all the other stages after the dispute enters the arbitration and litigation procedures. In case of any change to the above addresses
for service, the Borrower shall notify the Lender in writing in advance (the arbitral tribunal or court shall also be notified in writing
in advance during the litigation or arbitration, and the original notary office shall also be notified in writing if compulsory notarization
has been handled) to reconfirm the addresses for service and obtain the receipt. If the notice is not sent in advance, the addresses
shall be deemed unchanged, and the corresponding legal consequences shall be borne by the Borrower. The address for service agreed in
the first paragraph of this Article shall still be deemed as a valid address for service.

 

III. Any documents, communications, notices
and legal documents, as long as they are sent to any address as agreed in the first paragraph of this Article, shall be deemed to have
been served on the following dates (service to the designated recipient shall be deemed as service to the person):

 

(1) for postal delivery (including express
mail service, ordinary mail, and registered mail), the fifth working day after the date of mailing shall be deemed to be the date of
delivery;

 

(2) for fax, e-mail, cellphone message,
WeChat, QQ or other electronic mailing addresses, the date of sending shall be deemed to be the date of delivery;

 

(3) for personal delivery, the date on which
the recipient signs the receipt shall be deemed to be the date of delivery. Where the recipient refuses delivery, it is also deemed to
be delivered if the delivery person takes pictures and videos to record the delivery process and leaves the document.

 

IV. In the event that the address for service
provided or confirmed by the Borrower is inaccurate or untrue, or that the address for service is not promptly communicated to the other
party, the arbitration institution, the people’s court, or the notary office following a change of address for service and results
in the failure of delivery, the Borrower shall be liable for any corresponding legal consequences and the delivery shall be deemed to
have been made effectively:

 

(1) for postal delivery, the date of
return of the document shall be deemed to be the date of delivery;

 

(2) for personal delivery, the date on
which the delivery is recorded on the certificate of service shall be deemed to be the date of delivery;

 

    Page 21 of 24

    

    

 

(3) for electronic delivery, the date
of service shall be deemed to be the date of delivery.

 

V. The Lender regards the place of domicile
specified in the Contract as the address for service. If the Lender delivers a notice by making an announcement on its website, online
bank, telephone bank or business outlets, the date on which the announcement is published shall be deemed to be the date of delivery.
Under no circumstances shall the Lender be liable for any transmission error, omission or delay in the delivery by mail, fax, telephone
or any other communication system.

 

VI. The Parties agree that their official seals,
office seals, special seals for finance, special seals for contract, special seals for sending and receiving and the Lender’s special
seal for credit business shall be valid seals for notice or contact, service of legal documents and correspondence between the Parties.
All staff members of the Borrower’s unit are the authorized recipients of documents, communications and notices.

 

VII. This Article shall be deemed as
an independent article in the Contract and shall not be affected by the validity of this Contract and other articles hereof.

 

Article 21 Validity of this Contract
and Other Matters

 

I. The Contract comes into force from the date
of signature, seal or fingerprint of contracting parties.

 

II. During the valid period hereof, any tolerance,
grace or delay in exercising its rights and interests as granted by the Lender to the Borrower and Guarantor herein shall not harm, affect
or restrict the Lender’s entitlement to all rights and interests in accordance with relevant laws and this Contract, shall not
be construed as a waiver of the rights and interests of the Lender hereunder, and shall not affect any obligations of the Borrower hereunder.

 

III. In the event that the Lender’s performance
of the lending obligations as agreed herein does not comply with the laws and regulations or supervision requirements due to changes
in national laws and regulations or supervision policies, the Lender has the right to unilaterally terminate the Contract, and announce
that all loans issued have matured in advance, and the Borrower shall repay immediately at the request of the Lender. If the Lender fails
to perform or fails to perform as agreed in the Contract due to such reasons, the Lender shall not bear any legal liability.

 

IV. The Lender shall not be liable for any failure
to issue loans or process payments on time due to force majeure, communication or network failure, failure of the Lender system, and
other reasons but shall promptly notify the Borrower of such failure.

 

V. The Borrower accepts that the Lender, according
to the needs of business management, has the right to authorize or entrust other branches of Industrial Bank to perform the rights and
obligations hereunder (including but not limited to: authorize or entrust other branches of Industrial Bank to sign related contracts, etc.),
or to assign the loan hereunder into other branches of Industrial Bank for acceptance and management. The above behavior by the Lender
does not require consent from the Borrower.

 

VI. The Borrower agrees that the Lender has
the right to unilaterally change and reduce or cancel the amount of unused loans herein based on factors such as the Borrower’s
production and operation condition, repayment condition and credit extension in other financial institutions. Where the Lender decides
to change and reduce or cancel the amount of unused loans herein, it shall notify the Borrower five working days in advance, without
procuring the Borrower’s consent.

 

VII. In case that at any time any provision hereof
is or becomes illegal, invalid or unenforceable in any respect, the legality, validity or enforceability of the other provisions hereof
will not in any way be affected or impaired.

 

VIII. At the Lender’s request, the Borrower
has paid close attention to the Important Notes for Signing contained herein, carefully read and fully, accurately understood all the
terms and conditions of the rights and obligations of the contracting parties and the Important Notes for Signing. The Lender has provided
a full explanation and interpretation of the relevant provisions and personal information processing rules at the request of the
Borrower. Both parties have a common understanding of the terms of the Contract and have no objection to the contents of the Contract.

 

    Page 22 of 24

    

    

 

IX. The subtitles hereof are added for reading
convenience only and shall not be used for interpretation hereof or for any other purpose.

 

X. The Annex to this Contract is an integral
part of this Contract and has the same legal effect as the body of this Contract.

 

XI. This Contract is made in four (4) originals.
The Lender holds three originals, the Borrower holds one original, and / holds / original with the same legal effect.

 

Article 22 Notarization and voluntary
acceptance of compulsory execution

 

I. Where a party hereto requests notarization,
the other party may agree to notarize the Contract at a notary office prescribed by the State.

 

II. A contract with compulsory enforcement
notarization performed has the effect of compulsory enforcement. When the Borrower fails to fulfill or improperly fulfills its debts
or the Lender realizes its creditor’s right agreed herein or stipulated in the laws and regulations, the Borrower agrees that the
Lender may apply to the notary office for issuing an enforcement certificate with compulsory enforcement capability, and voluntarily
accepts that the Lender may apply for compulsory enforcement measures with the enforcement certificate directly to the people’s
court with jurisdiction. The Borrower is aware of the corresponding legal consequences and undertakes not to raise any objection or defense.

 

III. Both parties agree: prior to the issuance
of an enforcement certificate, notarization institutions have the right to use one or more measures of communication, including post,
telephone, fax, E-mail, SMS, WeChat, QQ, personal delivery and face-to-face talk, to verify the Borrower’s non-performance or improper
performance of indebtedness and other breaches in accordance with the article of Document Correspondence, Communication and Notice stipulated
in this Contract. If it is verified by telephone or face-to-face talk, it shall be deemed to have been served at the end of the talk
or call; if it is verified by post, fax, E-mail, SMS, WeChat, QQ, personal delivery and other measures, the service date should be in
accordance with the article of Document Correspondence, Communication and Notice.

 

IV. If the Borrower has any objection to the
above breach verified in the preceding paragraph, it should provide written proof and sufficient evidence to the notarization institutions
within 5 working days of service. In the case of delay to provide proof or a notary office’s determination that the evidence is
insufficient to support its claim, the Borrower’s non-performance or improper performance of indebtedness and other breaches will
be deemed to be facts, and an enforcement certificate will be issued upon the Lender’s request. Where the notary offices have other
provisions on the verification method and the period of proof, such provisions shall govern.

 

Article 23 Supplementary Provisions

 

______/______________________________________________

 

    Page 23 of 24

    

    

 

The Lender (official seal): Person-in-charge
or authorized person (signature or seal):

 

	The
                                            Lender (official seal): Seal of Industrial Bank Co., Ltd. Wuhan Branch Person-in-charge
                                            or authorized person (signature or seal):

     

    /s/ Industrial Bank Co., Ltd. Wuhan
    Branch 35010210026976             /s/ Liu Bingwen

     

    April 22, 2021

	The
                                            Borrower (official seal): Seal of Hubei ECARX Technology Co., Ltd. Legal representative
                                            or authorized person (signature or fingerprint):

     

    /s/ Hubei ECARX Technology Co., Ltd.
                 /s/ Shen Ziyu

     

    April 22, 2021

 

    Page 24 of 24Exhibit 10.14

 

Credit Facility
Agreement

 

(applicable to loan
as working capital without requiring a loan contract to be separately executed)

 

No.: 127XY2020018819

 

The
Credit Grantor: China Merchants Bank Co., Ltd., Wuhan Branch (hereinafter referred
to as “Party A”)

 

The
Credit Applicant: Hubei ECARX Technology Co., Ltd. (hereinafter referred to as “Party
B”)

 

Upon
Party B’s application, Party A agrees to grant to Party B a credit line for Party B’s use. Now therefore, both Parties hereby,
in accordance with the relevant laws and through full consultation, enter into this Agreement subject to the following terms and conditions.

 

1.
Credit Line

 

1.1
Party A hereby grants to Party B the credit line of RMB Two Hundred Million Only (or the equivalent amount in other currencies
converted at the exchange rate issued by Party A when each specific business actually occurs, the same as below) (inclusive of revolving
credit line and/or one-time credit line).

 

Any
balance outstanding (if any) in a specific business accepted and handled under the original Credit Facility Agreement No.127XY2019010505
(fill in the name of the agreement here) executed between Party A (or its subsidiary) and Party B, shall be automatically incorporated
into this Agreement and directly use and accordingly reduce the credit line under this Agreement.

 

1.2
The credit period shall be 12 months, i.e., from July 6, 2020 to July 5, 2021. If Party B needs to utilize
the credit line to handle any specific credit business, it shall submit its application for use of the credit line to Party A within
the said credit period, and Party A will reject any application for use of the credit line as submitted by Party B after the expiration
of such credit period, except as otherwise specified in this Agreement.

 

1.3
The types of credit businesses under the credit line shall include but not limited to one or more of the following: loan/purchase order
loan, trade financing, bill discounting, acceptance of commercial drafts, confirming/committed discounting of commercial acceptance draft,
international and domestic letter of guarantee, guarantee for payment of customs duties, overdraft in corporate account, derivative transactions
and gold lease, among other things.

 

“Trade
financing” shall include but not limited to international/domestic L/C, inward documentary bill, delivery against bank guarantee,
inward documentary bill for collection, packing credit, outward documentary bill, export negotiation, outward documentary bill for collection,
import and export remittance financing, credit insurance financing, factoring and certified bill, among other things.

 

    Page 1 of 28

     

    

  

1.4
Revolving credit line shall mean the maximum limit of total principal balance under one or more of the aforesaid credit businesses, which
is granted by Party A to Party B during the credit period and may be used in continuous and revolving way.

 

One-time
credit line shall mean the amount of one-time credit line approved by Party A, which shall not be exceeded by the accumulative amounts
under various aforesaid credit business provided by Party A to Party B during the credit period. Party B shall not use the one-time credit
line in a revolving way, and the corresponding amount under the several businesses as applied for by Party B will use and accordingly
reduce the one-time credit line, until the full one-time credit line is accumulatively used up.

 

2.
Arrangement for Using and Accordingly Reducing the Credit Line

 

2.1
Any specific credit business as applied for by Party B and examined and approved by Party A during the credit period shall be automatically
incorporated into this Agreement and use and accordingly reduce the credit line under this Agreement.

 

2.2
Where Party A handles any factoring business under which Party B is the payer (the debtor of receivables), then the claim of receivables
assigned from a third party to Party A against Party B in such business will use and accordingly reduce the above-mentioned credit line.
Where Party B applies to Party A for handling any factoring business under which Party B is the payee (the creditor of receivables),
then the amount of acquisition (amount of purchase) under such business for the purpose of purchase of the claim of receivables held
by Party B, as paid to Party B by Party A out of its own funds or other funds from lawful source, will use and accordingly reduce the
above-mentioned credit line.

 

2.3
Where Party A, after opening a L/C, entrusts other branches of China Merchants Bank to open a back-to-back letter of credit to beneficiary
in accordance with its internal process, such opening of L/C as well as documentary bill and delivery against bank guarantee thereunder
will use and accordingly reduce the above-mentioned line of credit.

 

Where
the business of opening import L/C is handled, if subsequently, the business of inward documentary bill actually occurs under the same
L/C, then opening import L/C and inward documentary bill will use the same amount of credit line based on different stage, that is, when
the business of inward documentary bill occurs, the amount of credit line resumed after external payment of L/C may be used again to
handle the business of inward documentary bill, which shall be deemed to use the same amount of credit line originally used by opening
import L/C.

 

    Page 2 of 28

     

    

 

3.
Examination, Approval and Use of the Credit Line

 

3.1
The type of credit line hereunder (revolving or one-time credit line) and applicable type of credit businesses, the amount of credit
line corresponding to each specific type of credit business, whether or not such amount may be adjusted among different types of credit
businesses, and the specific conditions for such adjustment, among other things, shall be subject to examination and approval by Party
A. In case of any change by Party A in its original opinions on examination and approval upon Party B’s application during the
credit period, the opinions on examination and approval subsequently issued by Party A shall constitute supplement to and change in the
original opinions, by analogy.

 

3.2
To use the line of credit, Party B must apply to Party A one by one and provide the materials as required by Party A, and such application
shall be examined and approved by Party A one by one before the relevant business is accepted and handled. Party A shall have the right
to decide whether or not to approve any application in light of the requirement for its internal management and Party B’s operating
status, and may at its sole discretion reject Party B’s application for use of credit line without incurring any legal liability
in any way towards Party B. In case of any discrepancy between the provisions of this Sub-Clause 3.2 and other clauses herein, this Sub-Clause
shall prevail.

 

3.3
Where Party A agrees to accept and handle any specific credit business upon its examination and approval, the documents in connection
with such specific business as executed by Party A and Party B (including but not limited to individual agreement/application, framework
agreement or specific business contract) shall constitute an integral part of this Agreement. The specific amount, interest rate, term,
purpose and fees of each loan or other credit facilities, among other business elements shall be determined in specific business documents,
business vouchers (including but not limited to promissory note) as confirmed by Party A and business records in Party A’s system.

 

Where
Party B applies for any loan as working capital to the extent of the credit line, no Loan Contract is required to be executed one by
one by Party A and Party B. To apply for loan, Party B shall submit the application for drawing one by one, and Party A will examine
and approve such application one by one.

 

3.4
Party A may, according to change in the State’s relevant policies, the international and domestic market situation or its own credit
policy, regularly or irregularly change the base rate of loan/other credit facilities or pricing method of interest hereunder. Such change
shall become effective upon notification by Party A to Party B (Party A may notify Party B by issuing public announcement at its business
premises or on the official website of China Merchants Bank, or give a notice according to any communication address/method provided
by Party B herein); if Party B refuses to accept such change, it may prepay any loan hereunder; otherwise, it shall be deemed to accept
the notice of such change.

 

    Page 3 of 28

     

    

 

In
case of any discrepancy between the provisions of this Sub-Clause 3.4 and other clauses herein, this Sub-Clause shall prevail.

 

3.5
The specific use term of each loan or other credit facilities within the line of credit shall be determined according to Party B’s
demands for its business operation and Party A’s provisions on business management, and the expiration date of each specific business
may be later than the expiration date of the credit period (except as otherwise required by Party A).

 

3.6
Party A may, within the credit period, regularly review and appraise Party B’s business operation and financial standing on an
annual basis, and may adjust the credit line available to Party B based on the results of appraisal.

 

4.
Interest Rate of Loan as Working Capital

 

4.1
The interest rate of any loan hereunder shall be specified in the relevant application for drawing submitted by Party B and be subject
to examination and approval by Party A; in case of any discrepancy between the application for drawing and the promissory note of such
loan or the records in Party A’s records, the promissory note or the records in Party A’s promissory note shall prevail.

 

4.2
If Party B fails to use any loan as agreed herein, the default interests shall be charged on the part of the loan not used for the agreed
purpose, at the original rate plus 100% thereof, accrued from the date when the agreed purpose of loan is changed. The original
rate shall mean the interest rate applicable prior to change in the agreed purpose of the loan.

 

If
Party B fails to repay any loan timely, the overdue interests (default interests) shall be charged on the part of the loan outstanding,
at the original rate plus 50% thereof (the interest rate of overdue loan), accrued from the overdue date of loan. The original
rate shall mean the interest rate applicable prior to the maturity date of the loan (inclusive of accelerated maturity of the loan),
or, in case of floating rate, the interest rate applicable to the last floating period prior to the maturity date of the loan (inclusive
of accelerated maturity of the loan).

 

If
a single loan becomes overdue and concurrently has not been used for the agreed purpose, the higher of the said default rates shall apply.

 

4.3
In case of any adjustment in the loan rate by the People’s Bank of China during the loan term, the relevant provisions of the People’s
Bank of China shall apply.

 

4.4
Where the maturity date of a loan is a holiday, it shall be automatically postponed to the first business day immediately after such
holiday, and the interests shall be calculated according to the actual days for use of loan proceeds lapsed.

 

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4.5
Party B shall pay the interests on each interest calculation date, and Party A may directly deduct the interests due from any account
of Party B maintained with China Merchants Bank. If the last date of repayment of the loan principal is not an interest calculation date,
then the last of repayment of the loan principal shall be deemed as the date of interest settlement, on which the Borrower shall pay
off all interests due on the loan principal. In case of Party B’s failure to pay any interests timely, the compound interests shall
be calculated on the interests due but unpaid (including default interests) at the interest rate of overdue loan as specified in this
Clause 4.

 

5.
Security

 

5.1
In respect of any debt owed by Party B to Party A hereunder, Party B or a third party acceptable to Party A shall provide mortgaged or
pledged properties as security or joint and several guarantee, and Party B or the third party as the guarantor shall separately issue
or execute security/guarantee documents as required by Party A.

 

5.2
Where the guarantor fails to execute guarantee documents and properly handle the procedures for guarantee pursuant to the provisions
of this Clause 5 (including the circumstance where the debtor of receivables raises any objection to the receivables prior to pledge
of the receivables), Party A may refuse to grant the credit facility to Party B.

 

5.3
Where any mortgagor provides secured real estate as collateral for any debts owed by Party B to Party A hereunder, if Party B becomes
aware of that the collateral has been or may be subject to demolition and relocation or expropriation plan of the government, it shall
immediately notify Party A thereof and urge and cause the mortgagor to, pursuant to the provisions in the mortgage contract, provide
the properties reimbursed by the party in charge of demolition as security for Party B’s debts and timely handle the procedures
for security, or, upon Party A’s demand, provide other security measures acceptable to Party A.

 

If
new security needs to be created or other security measures need to be taken because the collateral is subject to the circumstances as
described above, all relevant expenses incurred thereby shall be borne by the mortgagor and Party B shall be jointly and severally liable
for discharge of such expenses. Party A shall have the right to directly deduct and collect such expenses from Party B’s accounts.

 

6.
Rights and Obligations of Party B

 

6.1
Party B shall be entitled to the following rights:

 

6.1.1
Party B may require Party A to extend any loan or other credit facilities within the credit line pursuant to the conditions contained
herein;

 

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6.1.2
Party B may use the credit line pursuant to the provisions contained herein;

 

6.1.3
Party B may require Party A to keep confidential the information on its production, operation, properties and accounts among other things
as provided by it to Party A, except as otherwise specified in this Agreement; and

 

6.1.4
Party B may assign its debts to a third party upon the written consent of Party A.

 

6.2
Party B shall bear the following obligations:

 

6.2.1
Party B shall truthfully provide Party A with the documents and materials required by Party A (including but not limited to its true
financial books/statements and annual financial reports to be provided by it regularly as requested by Party A, and its major decisions
and changes in its production, operation and management, materials of drawing/using the loan proceeds, and the materials concerning collaterals),
and the information on all of its deposit banks, accounts and deposit/loan balance, and shall assist Party A for any investigation, review
and inspection by Party A;

 

6.2.2
Party B shall be subject to Party A’s supervision on its use of the credit funds and its relevant production, operation and financial
activities;

 

6.2.3
Party B shall use any loan and/or other credit facilities pursuant to the provisions in this Agreement and each specific business document
and/or for the committed purpose;

 

6.2.4
Party B shall timely and fully repay the principal of any loan, advance and other debts under the credit facility and pay the relevant
interests, fees and expenses pursuant to the provisions in this Agreement and each specific business document;

 

6.2.5
Party B must obtain written consent from Party A if it intends to assign its debts hereunder in whole or in part to any third party;

 

6.2.6
Party B shall promptly notify Party A and actively assist Party A to take the security measures for properly discharge of all principal
of and interests on any loan, advance and other debts under the credit facility and all relevant fees and expenses, in case of its occurrence
of any of the following events:

 

6.2.6.1
It suffers major financial loss, loss of assets or other financial crisis;

 

6.2.6.2
It provides any loan or guarantee or mortgages (pledges) its own properties (rights) in favor of any third party or in order to hold
any third party harmless;

 

6.2.6.3
It ceases its business operation, or its business license is suspended or cancelled, or petition for bankruptcy or dissolution is brought
by or against it, or its major corporate information is changed, such as corporate name, registered domicile, business place or its beneficiary;

 

6.2.6.4
Its controlling shareholder or other affiliated companies or actual controllers suffer major operating or financial crisis, so as to
affect its regular operation, or its legal representative/principal responsible person, directors or major senior management officers
are changed, or are punished or their personal freedom is restricted by the competent authorities due to violation of laws or disciplines,
or have been missing for more than 7 days, so that its regular operation might be affected;

 

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6.2.6.5
It has any affiliated transaction with its controlling shareholder or other affiliated companies or actual controllers, involving the
amount of not less than 10% of its net assets (the notice given by it to Party A shall at least include the affiliated relationship between
the parties to the transaction, the project and nature of the transaction, the transaction amount or relevant ratio, pricing policy (including
the transactions in zero or nominal amount), among other things);

  

6.2.6.6
There are any lawsuits, arbitrations or criminal or administrative penalties that would have material adverse effect upon its operation
or financial standing;

 

6.2.6.7
It or its actual controllers conducts any acts involving huge-amount private usurious loans, or have bad records in other financial institutions
such as borrowing a new loan to repay old one, overdue loan or overdue interests; or its affiliated enterprises have internal capital
chain rupture and are subject to debt crisis; or the construction of its project is stopped or delayed or it makes incorrect decision
on major investment; or

 

6.2.6.8
Any other major events occur that would affect its ability of repayment.

 

6.2.7
Party B shall not be indolent in managing and recovering its claims due, nor dispose of its existing major properties free of charge
or in other improper ways.

 

6.2.8
Prior to any consolidation (merger), division, reorganization, joint venture (cooperation), transfer of title (equity), share system
reform, external investment, increase in debt financing, among other major matters, Party B must obtain the written consent of Party
A.

 

6.2.9
In case of pledge of receivables, it is guaranteed by Party B that the balance of the credit line at any time during the credit period
shall be lower than 80% of the balance of pledged receivables, otherwise it must provide additional receivable as pledge acceptable
to Party A or pay a guarantee money (the guarantee money account shall be that automatically generated or recorded by Party A’s
system at the time of payment thereof, the same as below), until the balance of pledged receivables × 80% + valid guarantee
money>balance of the credit line.

 

6.2.10
Where Party B provides any guarantee money as pledge, if the balance of the guarantee money account becomes lower than 95% of
the amount under any specific business due to fluctuation of exchange rate, Party B shall have the obligation to provide additional guarantee
money or other securities upon Party A’s demand.

 

6.2.11
It is warranted by Party B that payment for goods sale under import shall be collected through the account designated by Party A; under
export negotiation, the bills and/or documents under L/C shall be transferred to Party A.

 

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6.2.12
It is warranted by Party B, its activities of receipt and expenditure such as settlement and payment shall be conducted through its bank
settlement account maintained with Party A, and during the credit period, the proportion of settlement transactions in its designated
account shall not be lower than the ratio that its financing obtained from Party A bears to its financing obtained from all banks.

 

7.
Rights and Obligations of Party A

  

7.1
Party A shall be entitled to the following rights:

 

7.1.1
Party A may require Party B to timely and fully repay the principal of any loan, advance and other debts under the credit facility and
pay the interests thereon and relevant fees and expenses under this Agreement and each specific contract;

 

7.1.2
Party A may require Party B to provide any materials relating to Party B’s use of the credit line;

 

7.1.3
Party A shall have the right to be informed of Party B’s activities of production, operation and finance;

 

7.1.4
Party A may supervise Party B’s use of any loan and/or other credit facilities pursuant to the provisions in this Agreement and
each specific business document; as required by its business, Party A may at its sole discretion directly suspend or restrict corporate
online banking/corporate APP/other online functions of Party B’s account (including but not limited to closing corporate online
banking/corporate APP/other online functions, and presetting the list of payees/limit of single payment/limit of payment during any period,
among other restrictive measures) and other electronic payment channel, restrict sale of settlement vouchers, or restrict over-the-counter
payment and transfer of Party B’s account and the function of payment and universal withdrawal of telephone banking and mobile
banking, among other non-OTC channels.

 

7.1.5
Party A may, as required by its internal process, after opening a L/C upon Party B’s application, entrusts other branches of China
Merchants Bank of the place where the beneficiary is situated to open a back-to-back L/C to the beneficiary;

 

7.1.6
Party A may deduct relevant amounts from any account of Party B opened with any branch of China Merchants Bank, for the purpose of repayment
of any debts owed by Party B under this Agreement and any specific business document (in case any debt under credit facility is denominated
in any currency other than RMB, Party A may directly purchase foreign currency from Party B’s RMB account at the exchange rate
issued by it, for the purpose of repayment of the principal of credit facility and payment of the interests thereon and relevant fees
and expenses);

 

7.1.7
Party A may assign its creditor’s rights against Party B, and notify Party B of such assignment in a way as deemed appropriate
by it, including but not limited to fax, mail, personal delivery or announcement over public media, and may collect the debts owed by
Party B;

 

    Page 8 of 28

     

    

 

7.1.8
Party A may supervise, or entrust other branches of China Merchants Bank to supervise, the accounts of Party B, and control the payment
of loan proceeds for the purpose of loan and to the extent of payment as agreed by both Parties;

 

7.1.9
In case it is found by Party A, Party B has any circumstances as described in Sub-Clause 6.2.6 hereof, Party A may require Party B to
properly take the security measures for ensuring discharge of the principal of credit facility, interests thereon and all relevant fees
and expenses under this Agreement, or directly take one or more measures for remedies as agreed in the provisions hereof under the heading
 “Events of Default and Relevant Measures”; and

 

7.1.10
Party A may further exercise other rights agreed by this Agreement.

 

7.2
Party A shall bear the following obligations:

 

7.2.1
Party A shall extend loans or provide other credit facilities to Party B within the credit line pursuant to the provisions in this Agreement
and each specific contract; and

 

7.2.2
Party A shall keep confidential any information on Party B’s assets, finance, production and operation, except it is otherwise
stipulated by laws and regulations or required by the regulatory authorities, or except such information is disclosed to its parent or
subsidiary company or professionals such as external auditors, accountants or attorneys subject to equivalent obligation of confidentiality.

 

8.
Matters Specially Warranted by Party B.

 

8.1
It is an entity duly incorporated and validly existing and having legal personality in accordance with the law of China, has true, lawful
and valid procedures for registration and annual report, and has full capacity of civil acts to execute and perform this Agreement;

 

8.2
Its execution and performance of this Agreement have been duly authorized by its board of directors or other equivalent authorities;

 

8.3
All documents, materials and certificates provided by it relating to it, the guarantors, mortgagers (pledgers), or mortgaged (pledged)
properties are true, accurate, complete and valid, and contain no major error in non-compliance with the facts or omission in any material
aspect;

 

8.4
It shall strictly abide by the provisions in each specific business document and various letters and relevant documents issued to Party
A;

 

8.5
There are no lawsuits, arbitrations or criminal or administrative penalties pending at the time of execution of this Agreement that would
have material adverse effect upon it or its major properties, and there will be no such lawsuits, arbitrations or criminal or administrative
penalties occurring during the period of performance of this Agreement. In case of occurrence of the same, Party B shall immediately
notify Party A thereof;

 

    Page 9 of 28

     

    

 

8.6
It shall strictly abide by various laws and regulations of the State in its operating activities, carry on its all business strictly
within the business scope specified in its business license or approved according to law, and timely handle such procedures as corporate
registration, annual report and extension/renewal of operating term;

 

8.7
It shall keep or improve its current level of operation and management, and maintain and increase the value of its existing assets, and
shall not waive any claims due, nor dispose of existing major properties free of charge or in other improper ways;

  

8.8
Without consent of Party A, Party B shall not discharge its other long-term debts in advance;

 

8.9
Its loan project under credit facility shall comply with the requirements of laws and regulations, and it shall not use any loan for
the purpose of investment in fixed assets or equity or speculation in purchase/sale of negotiable securities, futures and real estates
in violation of regulations or lending in order to gain illegal incomes, or for any field or industry in which the production and operation
is banned by the State, or for other purposes not specified in this Agreement and each specific business document;

 

If
the loan proceeds will be utilized by means of payment by the borrower itself to a third party, Party B shall regularly (at least on
a monthly basis) report to Party A the payment of loan proceeds, and Party A may verify the payment of loan proceeds in compliance with
the agreed purpose by means of account analysis, voucher check and onsite investigation, among other things.

 

8.10
When executing and performing this Agreement, it has no other major events that would affect the performance of its obligations hereunder.

 

9.
Special Provisions on Loan as Working Capital

 

9.1
Drawing and Utilization

 

The
loan as working capital hereunder may be utilized by Party B by means of payment by the borrower or payment by the lender as entrusted
by it.

 

9.1.1
Payment by the borrower

 

“Payment
by the borrower” shall mean, after the loan proceeds are extended by Party A to Party B’s account according to Party B’s
application for drawing, Party B will by itself pay such loan proceeds to its transaction counterparty in compliance with the purpose
agreed herein.

 

9.1.2
Payment by the lender as entrusted by the borrower

 

“Payment
by the lender as entrusted by the borrower” shall mean, Party A will, according to Party B’s application for drawing and
payment entrustment, pay the loan proceeds through Party B’s account to transaction counterparty of Party B in compliance with
the purpose agreed herein. If any loan proceeds are utilized by means of payment by the lender as entrusted by the borrower, Party B
shall authorize Party A to pay such loan proceeds through its account to its transaction counterparty on the date when the loan proceeds
are extended (or on the next business date thereafter).

 

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9.1.3
Party B must unconditionally utilize the whole loan proceeds by means of payment by the lender as entrusted by the borrower, if under
any of the following circumstances:

 

9.1.3.1
The amount of a single drawing by Party B is not less than RMB Ten Million (or equivalent foreign currency);

  

9.1.3.2
Party B is required by Party A to utilize the loan proceeds by means of payment by the lender as entrusted by the borrower, according
to regulatory requirements or risk control requirements.

 

9.1.4
If the method of payment by the lender as entrusted by the borrower is adopted, external payment after the loan is extended shall be
subject to examination and approval by Party A, and Party B shall not evade supervision of Party A by such means as online banking, inverse
check or breaking the whole loan into parts.

 

9.2
To draw any loan, Party B shall, according to Party A’s requirements, submit the application for drawing (affixed with its official
seal or its specimen seal impression provided by it to Party A in advance), promissory note and other materials which Party A requires
Party B to submit according to the different requirements for the methods of payment by the borrower or payment by the lender as entrusted
by the borrower. If Party B fails to do so, Party A may reject Party B’s application for drawing. In case of delay in or failure
of payment due to any inaccurate or incomplete information provided by Party B, so that Party B has breach towards its transaction
counterparty or incurs other losses, Party A shall not be held liable therefor.

 

9.3
Extension of loan

 

If
Party B needs to extend any loan due to its inability to repay such loan as scheduled hereunder, it shall submit a written application
for extension to Party A one month prior to maturity of such loan; if Party A approves such application for extension upon review, both
Parties will separately execute an extension agreement. If Party A disapproves the said application for extension, the loan already utilized
by Party B and the interests due thereon shall still be repaid according to this Agreement and relevant promissory note or the provisions
recorded in Party A’s system.

 

10.
Events of Default and Relevant Measures

 

10.1
Event of default shall be deemed to have occurred, if Party B is under any of the following circumstances:

 

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10.1.1
Party B fails to perform or breaches any obligations herein;

 

10.1.2
Any matters specially warranted by Party B hereunder are untrue or incomplete, or Party B breaches any specially warranted matters and
fails to rectify it upon Party A’s demand;

 

10.1.3
Party B fails to draw and utilize loan as agreed herein, or fails to timely and fully repay any loan principal or pay any interests thereon
or relevant fees and expenses pursuant to the provisions contained herein, or fails to use funds collection account for receipt of funds
as required by Party A, or refuses to accept Party A’s supervision, and fails to immediately rectify it upon Party A’s demand;

 

10.1.4
Party B has any major breach under any lawful and valid contract executed by it with other creditors, and fails to properly settle it
within 3 months after the date of occurrence of such breach.

  

The
aforesaid “major breach” shall mean the circumstances that other creditors may claim against Party B the amounts not less
than RMB One Million due to Party B’s breach.

 

10.1.5
Where Party B is an enterprise listed on National Equities Exchange and Quotations (“NEEQ”) or intends to apply for listing
on NEEQ, its listing on NEEQ suffers any materials obstacle or it suspends its application for listing thereon, or the NEEQ market issues
warning letter to it, orders it to make rectification or restricts the transaction in its securities account, among other self-disciplined
regulatory measures, three times or above in total, or it is subject to disciplinary actions or it is delisted;

 

10.1.6
Where Party B serves as a supplier of governmental procurement department, there is the risk information that is detrimental to repayment
of credit facility granted by Party A, for example the governmental procurement department delays in payment continuously or accumulatively
three times, or Party B is disqualified as supplier (included in the blacklist of governmental procurement), fails to timely supply goods,
has unreliable quality of products, or suffers difficulty in business operation, or its financial standing obviously deteriorates (insolvent)
or the construction of its project is suspended;

 

10.1.7
Party B’s financial indexes fail to, on ongoing basis, meet the requirements in this Agreement/specific business document, or any
prerequisite (if) for credit facility/financing provided by Party A to Party B agreed in this Agreement/specific business document is
not satisfied on ongoing basis;

 

10.1.8
Party B utilizes the loan by means of “breaking the whole loan into parts”, so as to evade the requirement in this Agreement
for payment of loan proceeds to a third party by Party A as entrusted by Party B;

 

10.1.9
Party B’s activities of operation may cause risks of anti-money laundering or sanction compliance to Party A; or

 

    Page 12 of 28

     

    

 

10.1.10
Party B has any events that would damage the legitimate rights and interests of Party A in the opinions of Party A.

 

10.2
If any guarantor is under any of the following circumstances that would affect the guarantor’s ability of guarantee in the opinions
of Party A, Party A requires the guarantor to eliminate the adverse effect caused thereby, or requires Party B to increase or replace
the securities, but the guarantor or Party B fails to do so, it shall be deemed as an event of default:

 

10.2.1
The guarantor has any circumstances similar with those described in Sub-Clause 6.2.6 hereof, or has the circumstances described in Sub-Clause
6.2.8 hereof without consent of Party A;

 

10.2.2
When issuing the irrevocable guarantee, the guarantor conceals its actual ability to bear the guarantee liability, or fails to obtain
the authorization granted by the competent authorities;

  

10.2.3
The guarantor fails to timely handle such procedures as corporate registration, annual report and/or extension/renewal of operating term;
or

 

10.2.4
The guarantor is indolent in managing and recovering its claims due, or disposes of its existing major properties free of charge or in
other improper ways.

 

10.3
If any mortgager (or pledger) is under any of the following circumstances that would cause the mortgage (or the pledge) to be null and
void, or the mortgaged (or pledged) properties to be devalued in the opinions of Party A, and the mortgager (or pledger) and Party B
fail to eliminate the adverse effect caused thereby, or increase or replace the securities as required by Party A, it shall be deemed
as an event of default:

 

10.3.1
The mortgager (or pledger) has no ownership of or the right to dispose of the mortgaged (or pledged) properties, or the ownership thereof
is under dispute;

 

10.3.2
The procedures for mortgage/pledge of the mortgaged (or pledged) properties have not been properly handled, or such properties are leased,
seized, retained, kept under custody, or subject to co-ownership or prior statutory preference (including but not limited to the preference
of payment for construction projects), inter alia, and/or such circumstances are concealed;

 

10.3.3
Without written consent of Party A, the mortgager assigns, transfers, leases, re-mortgages the mortgaged properties or otherwise disposes
of them in any improper way, or, although disposal of the mortgaged properties is approved by Party A in writing, it fails to apply the
proceeds obtained from such disposal to discharge the debts owed by Party B to Party A, as required by Party A;

 

10.3.4
The mortgager fails to properly keep, maintain and repair the mortgaged properties, so that the mortgaged properties are obviously devalued;
or any acts of the mortgager directly endanger the mortgaged properties so that the value of the mortgaged properties is decreased; or
the mortgager fails to effect/renew insurance for the mortgaged properties within the mortgage period, as required by Party A;

 

    Page 13 of 28

     

    

 

10.3.5
Where the mortgaged properties have been or may be subject to demolition and relocation or expropriation plan of the government, the
mortgagor fails to immediately notify Party A thereof and perform relevant obligations pursuant to the provisions of mortgage contract;

 

10.3.6
Where the mortgagor uses the residual value of its house mortgaged to China Merchants Bank as the mortgage for the business hereunder,
it settles its individual mortgage loan in advance without Party A’s consent, before Party B has repaid the credit facility hereunder;

 

10.3.7
Where the pledger uses wealth-management product as pledge, the funds of subscription for wealth-management product has unlawful/irregular
sources; or

  

10.3.8
The mortgaged (pledged) properties are or may be subject to any other matters that would after their value or Party A’s mortgage
(pledge) right.

 

10.4
Where the securities hereunder include any pledged receivables, if the business operation of the debtor of such receivables obviously
deteriorates, or such debtor transfers/withdraws its funds for the purpose of evasion of debts, or changes the route of payment collection
in collusion with the pledger, so that the payment of receivables is not made into the special account for payment collection, or such
debtor loses its goodwill, loses or may lose its ability of performance, or has other matters that would affect its ability of repayment,
then, Party A may require Party B to provide relevant securities or provide additional valid receivables as pledge; if Party B fails
to do so, it shall be deemed to constitute event of default.

 

10.5
In case of occurrence of any event of default as described above, Party A may separately or concurrently take any of the following measures:

 

10.5.1
It may reduce the credit line hereunder, or cease the use of any remaining amount of the credit line;

 

10.5.2
It may recover in advance the principal of any loan extended within the credit line and the interests thereon and relevant fees and expenses;

 

10.5.3
In respect of any draft accepted by Party A, or any L/C (including back-to-back L/C opened by other branches entrusted by it), letter
of guarantee or bank guarantee for delivery opened by it during the credit period, whether Party A has advanced the relevant amount or
not, it may require Party B to provide additional sum of guarantee money, or transfer any deposit of Party B in other accounts of Party
B opened with Party A into the guarantee money account of Party B serving as the guarantee money for discharging any advances by Party
A hereunder, or escrow the relevant amounts to a third party serving as the guarantee money for discharging any advances by Party A for
Party B;

 

    Page 14 of 28

     

    

 

10.5.4
In respect of the claim of receivables outstanding assigned from Party B to Party A under the factoring business, Party A may require
Party B to immediately perform the obligation of repurchase and take other measures for recovery pursuant to relevant specific business
documents; in respect of the claim of receivables assigned to Party A against Party B under the factoring business, Party A may immediately
recover the same against Party B.

 

10.5.5
Party A may, as the case may be, directly require Party B to provide additional properties as securities acceptable to Party A, and if
Party B fails to do so, it shall pay the liquidated damages equal to 30% of the amount of credit line granted hereunder.

 

10.5.6
Party A may directly freeze/deduct any deposit in any settlement account and/or other accounts of Party B opened with China Merchants
Bank, and suspend opening of new settlement accounts for Party B and issuing of new credit card to legal representative of Party B;

 

10.5.7
Party A may report the information on Party B’s default and bad faith to credit information institution and banking association,
and in appropriate way, share such information among the financial institutions in the banking industry and even make such information
available to the public;

 

10.5.8
Party A may dispose of the mortgaged/pledged properties and/or claim against the guarantor pursuant to the provisions of the security
document;

 

10.5.9
In respect of any loan as working capital under the credit facility, Party A may change the conditions for payment of loan proceeds by
the lender as entrusted by the borrower, and cancel Party B’s right to utilize the loan proceeds by the method of “payment
by the borrower itself”; or

 

10.5.10
Party A may exercise its recourse pursuant to the provisions contained herein.

 

10.6
Any amounts recovered by Party A will be applied for repayment of various credit facilities hereunder in the sequence of their actual
maturity dates (in the sequence from later to earlier maturity date). In respect of a specific credit facility, it shall be repaid in
the sequence of fees and expenses, liquidated damages, compound interests, default interests, interest, and lastly the principal of such
credit facility, until full discharge of all principals, interests and all relevant fees and expenses.

 

Party
A may at its sole discretion adjust the said sequence of repayment, except as otherwise required by laws and regulations.

 

11.
Change in and Supplement to this Agreement

 

This
Agreement may be changed if a written agreement is reached by both Parties through consultation. Before such written agreement is reached,
this Agreement shall remain in full force and effect. Neither party may unilaterally change or modify this Agreement.

 

    Page 15 of 28

     

    

 

Any
written supplementary agreement, reached by both Parties through consultation, upon any matter not covered by this Agreement or change
in this Agreement, and each specific business document hereunder, shall constitute the integral part of this Agreement.

 

12.
Miscellaneous

 

12.1
Within the valid term of this Agreement, no tolerance or grace by Party A of any breach or delay of Party B, or delay by Party A to exercise
its rights or interests hereunder, may prejudice, affect or limit any rights and interests available to Party A as the creditor according
to law or pursuant to this Agreement, nor shall be deemed as Party A’s permission or recognition of any breach hereof, or wavier
of any existing or future breaches.

 

12.2
Even if this Agreement becomes legally invalid in whole or in part for whatsoever reasons, Party B shall still be liable for discharging
all debts due by it to Party A hereunder. In case of the said invalidity, Party A may terminate this Agreement, and immediately recover
all debts payable and due by Party B to it hereunder.

  

If
Party A incurs any additional costs in performance of its obligations hereunder due to any change in applicable laws or policies, Party
B shall reimburse Party A such additional costs upon Party A’s demand.

 

12.3
Any notices, demands or other documents in connection with this Agreement between Party A and Party B shall be given in writing (including
but not limited to letter, fax, e-mail, electronic platform such as enterprise online banking/enterprise APP, SMS or Wechat).

 

12.3.1
If any notice is given by personal delivery (including but not limited to service by attorney/notary or by courier), it shall be deemed
to have been duly given when it is signed for acknowledgement by the recipient (if it is rejected by the intended recipient, it shall
be deemed to have been duly given at the date of rejection/return or 7 days after mailing (whichever is earlier); if by mail, it shall
be deemed to have been duly given 7 days after posting; if by fax, e-mail, notice on Party A’s electronic platform, SMS or Wechat,
among other electronic means, it shall be deemed to have been duly given on the date of successful transmission as shown on the sender’s
relevant system.

 

Where
Party A notifies Party B of assignment of its creditor’s rights or of debt collection by issuing announcement over public media,
such notice shall be deemed to have been served upon Party B on the date when such announcement is issued.

 

In
case of change in the communication address, e-mail, fax No., mobile number or Wechat ID of either party, it shall notify the other party
thereof within 5 business days after such change; otherwise, the other party may give notice according to the original address or information
of such party. In case of failure to give notice due to change in communication address or information, the notice shall be deemed to
have been duly given at the date of return or 7 days after mailing of such notice, whichever is earlier. In such case, the party changing
its information shall solely bear any losses caused thereby, without prejudice to the lawful validity of the service.

 

    Page 16 of 28

     

    

 

12.3.2
The communication address, e-mail, fax No., mobile number and Wechat ID of each party as specified herein shall be the address for service
of respective notarized documents and judicial documents (including but not limited to complaint/arbitration application, evidences,
summons, notice of responding to action, notice of producing evidences, notice of appearance, notice of hearing, judgment/adjudication,
ruling, mediation statement, notice of performance within specified time limit during the proceedings of trial and enforcement), and
any document sent by the competent court or notary office in written way agreed herein to such address shall be deemed to have been duly
served (by reference to the provision in the preceding Sub-Clause).

  

12.4
It is agreed by both Parties, each application for business under the trade financing may become effective so far as it is affixed by
Party B with its specimen seal impression provided by it to Party A in advance, and both Parties shall recognize the validity of such
seal.

 

12.5
It is agreed and acknowledged by both Parties, where Party B may submits any application for credit business or business vouchers through
Party A’s electronic platform (including but not limited to enterprise online banking/enterprise APP), its electronic signature
generated by means of digital certificate shall be deemed as its valid signature/seal and represent its true declaration of will; Party
A may, based on the application information sent online, fill in and prepare relevant business vouchers, and Party B shall recognize
the truthfulness, accuracy and lawfulness of the same and shall be bound by the same.

 

12.6
In order to facilitate the business, in respect of Party A’s various operations relating to transaction (including but not limited
to acceptance of application, review of materials, extension of loan, confirmation of transaction, deduction, enquiry, printing of receipt,
debt collection, deduction and collection of amounts and various notices), any branches under Party A’s jurisdiction may handle,
generate, sign or issue relevant letters, and the business operation and letters of such branches shall be deemed as the acts of Party
A and be binding upon Party B.

 

12.7
The schedules attached hereto shall constitute integral part of this Agreement, and shall be automatically applicable to the relevant
specific businesses occurring between both Parties.

 

12.8
If any notarization (other than notarization for enforcement) or other services to be provided by any entrusted third parties are required
for this Agreement, the relevant expenses shall be solely borne by the entrusting party. If both Parties jointly act as the entrusting
parties, each party shall bear 50% of such expenses.

 

In
case Party B fails to timely repay any debts owed by it to Party A hereunder, all costs and expenses incurred by Party A for realization
of its creditor’s rights, such as attorney fees, the lawsuit fees, and the expenses for traveling, public announcement and service,
shall be borne by Party B, and Party B hereby authorizes Party A to directly deduct the same from its bank accounts opened with Party
A. In case of any deficiency, Party B undertakes to fully pay such deficiency upon its receipt of relevant notice sent by Party A, without
any evidence provided by Party A.

 

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12.9
As required by Party A, Party B shall (check applicable  ̈):

 

 ̈effect
insurance for its core assets, with Party A named as the first beneficiary;

 

 ̈ not
sell or mortgage the / assets designated by Party A before its debts under credit facility have been fully
settled;

 

 ̈ restrict
the distributions of profits to its shareholders as below, before its debts under credit facility have been fully
settled:

 

  /  

 

12.10
Party B shall procure that its various financial indexes during the credit period are not lower than the following requirements:

 

  /  

 

12.11
Party B additionally recognizes all provisions in the Cooperation Agreement upon Group’s General Credit Business No.  /  
(as changed and supplemented by the parties thereto) executed by China Merchants Bank Co., Ltd.   /   and Party B’s
parent company/head office/controlling company    /  (fill in the name of company) and agrees to be bound by such agreement, and,
in the capacity of an entity subordinate to the group under such agreement, agrees to bear various obligations imposed on those entities
subordinate to the group in such agreement. In case of Party B’s breach of such obligations, it shall be deemed to constitute event
of default, and in such case, Party A may take the measures for remedies in case of occurrence of default as agreed in this Agreement.

 

þ
12.12 Provisions on Group (if applicable, please check  ̈).

 

12.12.1
Party B shall not, by taking advantage of such creditor’s rights as bills or receivable accounts, with its affiliates, being false
or without actual underlying trade, handle with Party A such businesses as bill discounting, factoring, pledge, L/C or forfaiting. Where
Party B damages or evades the claims of Party A or other branches of China Merchants Bank by taking advantage of affiliated transactions,
it shall be deemed to constitute default hereunder, and in such case, Party A may take the measures for remedies in case of occurrence
of default as agreed in this Agreement.

 

    Page 18 of 28

     

    

 

12.12.2
If any affiliate of Party B has breach towards China Merchants Bank, it shall be deemed as event of default under the group’s credit
facilities, and in such case, Party A may, according to the extent of such event’s effect, decide whether or not to take the measures
in case of occurrence of default event as agreed in this Agreement, notwithstanding non-occurrence of default event on part of Party
B hereunder.

 

12.12.3
 “Affiliated transaction” shall mean any matter of transferring resources or obligations between the affiliates, whether or
not any price is charged. If one person has the power to, directly or indirectly, control another person solely or jointly or impose
significant influence upon another person in enterprise finance and operating decision, they shall constitute affiliates; if two or more
persons are under the common control, they shall also constitute affiliates. It is agreed by both Parties, the specific definition of
affiliates shall be determined by Party A.

 

12.12.4
 “Group” shall mean a group of corporate bodies having the relationship of directly or indirectly holding majority shares
(controlling) or majority shares being held (being controlled), or a group of corporate bodies having the affiliation of substantial
major risk (for example, under common control by a third party, existence of other affiliated relationship, or potential transfer of
assets and profits not on an arm’s length basis. “Control” shall mean Party B has the actual power to direct the decision-making
on business operation, application of funds and appointment of senior management officers of another entity or may impose significant
influence upon the same. It is agreed by both Parties, whether or not an entity constitutes a group’s member shall be determined
by Party A.

  

12.13
It is agreed by Party B, Party A may provide the information relating to Party B’s credit facility to Financial Credit Information
Database of Credit Reference Center of the Peoples’ Bank of China or other credit information institution established according
to law.

 

12.14
Party A may at its sole discretion reduce the credit line agreed in Clause 1 hereof, to which Party B shall have no objection. If Party
B has breach in respect of any debt owed by it to Party A, it shall be deemed to constitute default hereunder, whether or not there is
any default as described in the aforesaid provisions hereof in respect of the businesses hereunder, and in such case, Party A may take
the measures for remedies in case of occurrence of default as agreed in this Agreement.

 

12.15
It is undertaken by Party B (check applicable  ̈):

 

 ̈
It shall be deemed to constitute default, in case   / fails to strictly perform
the provisions in   / and   / issued to Party A;

 

 ̈ /

 

Party
B shall be deemed to constitute default in case of its breach of any of the above-mentioned undertakings, and in such case, Party A may
take the measures for remedies in case of occurrence of default as agreed in this Agreement.

 

    Page 19 of 28

     

    

 

12.16
Other agreed matters:   / 

  

13.
Particulars of Accounts

 

 ̈
13.1 Special account for loan (if applicable, please check  ̈).

 

Any
loan proceeds hereunder must be extended and paid through the following account:

 

Account
name:   / 

 

Account
No.:   / 

 

Bank:
China Merchants Bank Co., Ltd.

 

13.2
Funds collection account

 

13.2.1
Both Parties agree to designate the following account as Party B’s funds collection account:

 

Account
name: Hubei ECARX Technology Co., Ltd.

 

Account
No.: _______________

 

Bank:______________________

  

13.2.2
Such account shall be subject to the following monitoring requirements:   /  

 

Party
A may recover the loan early according to Party B’s funds collection, that is, when such account has funds collected, the loan
in the amount equal to the amount of such funds collected shall be deemed to have been accelerated and in such case, Party A may directly
deduct relevant amounts from such account for the purpose of repayment of such loan.

 

13.3
Party B shall, on a quarterly basis, provide the details of receipt and expenditure of funds in such account, and assist Party A for
monitoring the account and funds collected.

 

14.
Applicable Law and Dispute Resolution

 

14.1
The formation, interpretation and dispute resolution of this Agreement shall be governed by the law of the People’s Republic of
China (excluding the laws of Hong Kong, Macao and Taiwan), and the rights and interest of both Parties shall be protected by the law
of the People’s Republic of China.

 

14.2
Any dispute between both Parties arising out of performance of this Agreement shall be resolved by both Parties firstly through
consultation. If such dispute cannot be resolved through negotiation, either party may (check one of the following three options  ̈):

 

þ
14.2.1 file a lawsuit in the competent people’s court of the place where Party A is situated;

 

 ̈ 14.2.2
file a lawsuit in the competent people’s court of the place where this Agreement is executed (the place of execution shall be   / );
or

 

    Page 20 of 28

     

    

 

 ̈ 14.2.3
apply for arbitration to / (fill in the name of arbitration organ) at the arbitration place   / .

 

14.3
After this Agreement and each specific business document are notarized by both Parties with the validity of enforcement, Party A may
directly apply to the competent people’s court for enforcement in order to recover any debts owed by Party B under this Agreement
and such specific business document.

 

15.
Effectiveness

 

This
Agreement shall become effective when it is signed by the legal representatives/principal responsible persons or authorized agents of
both Parties or affixed with their personal seals and affixed with the official seals/the special seals for contractual purpose of both
Parties, and shall become null and void on the expiration date of the credit period or on the date when all debts and other relevant
fees and expenses owed by Party B to Party A hereunder are fully discharged, whichever is later.

 

16.
Supplementary Provisions

 

This
Agreement shall be executed in triplicate, of which Party A keeps two and Party B,   / and   / keeps
one respectively, being equally authentic.

 

Schedules: 1. Special
Provisions on Cross-Border Trade Financing Business

 

2. Special
Provisions on Buyer/Import Factoring Business

 

3. Special
Provisions on Purchase Order Loan Business

 

4. Special
Provisions on the Business Concerning Committed Discounting of Commercial Acceptance Draft

 

5 Special
Provisions on Derivative Transaction Business

 

6 Special
Provisions on Gold Lease Business

 

    Page 21 of 28

     

    

 

Schedule 1

 

Special Provisions
on Cross-Border Trade Financing Business

 

[***]

 

    Page 22 of 28

     

    

Schedule 2

  

Special Provisions
on Buyer/Import Factoring Business

 

[***]

 

    Page 23 of 28

     

    

 

Schedule 3

  

Special Provisions
on Purchase Order Loan Business

 

[***]

 

    Page 24 of 28

     

    

 

Schedule 4

  

Special Provisions
on the Business Concerning Committed Discounting of Commercial Acceptance Draft

 

[***]

 

    Page 25 of 28

     

    

Schedule 5

  

Special Provisions
on Derivative Transaction Business

 

[***]

 

    Page 26 of 28

     

    

 

Schedule 6

  

Special Provisions
on Gold Lease Business

 

[***]

 

    Page 27 of 28

     

    

 

(This page is
only for execution of Credit Facility Agreement No.: 127XY2020018819)

  

Party
A: China Merchants Bank Co., Ltd., Wuhan Branch (seal of the bank)

 

/s/ China Merchants
Bank Co., Ltd., Wuhan Branch

 

Principal responsible
person or authorized agent (signature or personal seal):

 

/s/ Authorized
Signatory

 

Communication address:
China Merchants Bank Co., Ltd., Wuhan Branch, No. 518 Jianshe Avenue, Jianghan District, Wuhan City, Hubei Province

 

E-mail of the bank:
  / 

 

Fax No. of
the bank:   / 

 

Mobile number of
contact person:   /  

 

Wechat ID of the
bank:   / 

 

Party
B: Hubei ECARX Technology Co., Ltd. (official seal)

 

/s/ Hubei ECARX
Technology Co., Ltd.

 

Legal representative/principal
responsible person or authorized agent (signature or personal seal):

 

/s/ Shen Ziyu

 

Communication address:
C101, Chuanggu Startup Area, Taizihu Cultural Digital Creative Industrial Park, No. 18 Shenlong Avenue, Economic and Technical
Development Zone, Wuhan City, Hubei Province

 

E-mail of the company:
  / 

 

Fax No. of
the company:   / 

 

Mobile number of
contact person:   / 

 

Wechat ID of the
company:   / 

 

Date of execution:
[handwritten:] July 7, 2020

 

    Page 28 of 28

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