Document:

Exhibit 10.32

 

Domestic Factoring Contract with Recourse

[Unofficial English Translation]

  

No.: QT20200717000098985

 

Applicant: Guizhou United Time Technology
Co., Ltd. (hereinafter referred to as “Party A”).

 

Address: No. 4 Workshop in Industrial Park
of Xinpu Economic Development Zone (Xinpu New District), Zunyi, Guizhou.

Legal Representative: Bao Minfei

Tel.:18682422090

  

Factoring Agent: TCL Commercial Factoring
(Shenzhen) Co., Ltd. (hereinafter referred to as “Party B”).

 

Address: TCL Technology Building, Huifeng
No. 3 Road, HZZK Hi-tech Industrial Development Zone, Huicheng District.

Legal Representative: Li Jian

Tel.:4008040080

 

Important Notes for Signing Contract

 

Before signing the contract,
please carefully read, check and confirm the following matters for the benefit of your company:

 

I. Your company has
the right to sign the Contract and has been fully authorized if the consent of others is required according to the law.

 

II. Your company has
carefully read and fully understood the terms and conditions of the Contract, and paid special attention to terms regarding undertaking,
exemption and limitation of responsibilities of TCL Commercial Factoring (Shenzhen) Co., Ltd., and to contents in bold.

 

III. Your company has
fully understood the meaning of terms and conditions of the Contract and the corresponding legal consequences, and is willing to
accept such terms and conditions.

 

IV. Please timely consult
TCL Commercial Factoring (Shenzhen) Co., Ltd. if you have any questions about the Contract.

 

Whereas:

 

Party A intends to assign
its accounts receivable based on the commercial contract to Party B (as the Factoring Agent) in exchange for the factoring services
provided by Party B for Party A. Hence, Party A and Party B have reached an agreement through friendly consultation to memorialize
the Contract.

 

Chapter I Definitions

 

Article 1  In
the Contract, the following terms shall have the meanings set forth in this clause, unless otherwise specified in the context.

 

	The Contract	It refers to the Contract and its supplementary agreements, and the attachment constituting an integral part of the Contract.

 

     

    	 

    

 

	Domestic factoring	It means that upon application of Party A, Party B accepts the assignment of accounts receivable generated by the transaction between Party A and the Debtor and provides single or multiple comprehensive functional business services, e.g. financing, management and collection of accounts receivable, but does not assume any credit risk of the Debtor. In case that the Debtor fails to pay at maturity, regardless of the reason, Party B shall be entitled to take recourse against Party A as stipulated in the Contract, demand Party A to return the factoring financing principal paid by Party B and pay the interests, owed administrative fees and other costs, and reassign the accounts receivable back to Party A after Party A has paid in full.
	 	 
	Original creditor	It refers to Party A who provides the Debtor with goods or services according to the commercial contract with the Debtor, i.e., Party A under the Contract.
	 	 
	Debtor	It refers to the buyer who buys goods or receives services from Party A according to the commercial contract with Party A, and is obliged to make payments under the commercial contract.
	 	 
	Commercial Contract	It refers to the business contract and its attachments signed by Party A, who serves as the Original Creditor, and the Debtor for selling goods, providing services and collecting payments.
	 	 
	JDH platform	It refers to the website (www.jdh.com.cn) and its second-level domains established and operated by JDH Information Tech (Guangzhou) Co., Ltd., as well as the mobile Internet applications (i.e. APP) that have been developed or will be developed from time to time to realize part or all functions of the above website (collectively referred to as “JDH platform”). 
	 	 
	Service Agreement	It refers to Service Agreement for Authenticate Users of JDH platform and its effective amendment or supplement.
	 	 
	Post-Assignment Period	It refers to the period from the Assignment Date to the date when Party B, as the Creditor, has received all accounts receivable.
	 	 
	Special payment collection account	It refers to the special account established in accordance with the Contract and opened in the name of Factoring Agent or Party B for collecting accounts receivable from the Buyer.
	 	 
	Principal of accounts receivable	It refers to the accounts payable to Party A from the Debtor for providing goods or services under the normal performance of the commercial contract, excluding the money already paid by the Debtor and the sales allowance or sales return, fruits, deposits, insurance proceeds, liquidated damages, overdue penalty, damage awards, compensatory payment and other money recognized by Party A and the Debtor according to the trading conditions.
	 	 
	Repurchase	It refers to the behavior that Party A pays the repurchase payment to Party B and receives the accounts receivable reassigned by Party B when circumstances stipulated in the Contract occur after Party B provides Party A with factoring financing services. The repurchase payment includes outstanding financing principal, interest, overdue interest, compound interest, liquidated damages and other payables.

 

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	Factoring with Recourse	It means that when the due accounts receivable cannot be recovered from the Debtor, Party B may reassign the accounts receivable to Party A and demand Party A to repurchase the accounts receivable or to return the financing funds.
	 	 
	Factoring financing 	It refers to the financing service based on legal and effective assignment of accounts receivable, and mainly refers to the prepayment of accounts receivable.
	 	 
	Financing Fund:	The financing funds referred to in the Contract include the interests paid by the Financing Applicant to the Factoring Agent and the payment payable to the Financing Applicant according to actual conditions of the Contract.
	 	 
	Force Majeure	It refers to objective conditions that are unforeseeable, unavoidable and insurmountable, including but not limited to natural disaster, earthquake, typhoon, flood, fire, war, riot, epidemic, government action, strike, lockout, power failure, communication failure, networking system failure, system failure, and equipment failure.
	 	 
	Commercial dispute 	It refers to the situation where the Debtor raises objections to Party A’s performance of obligations under the commercial contract (including but not limited to the quality, delivery type and time limit, price, quantity, payment method and commercial dispute resolution method of the trading goods), argues about the accounts receivable, refuses to pay in full or in part, or makes a counter-recourse or set-off demand, or a third party puts forward claims against the accounts receivable.
	 	 
	The Right of Recourse	
        It can be divided into the right of recourse
        against Party A and the right of recourse against the Debtor of the base business contract.

         

        The right of recourse against Party A means
        that after Party B provides factoring financing for Party A’s accounts receivable, for whatever reason, if the Debtor fails to
        pay the accounts receivable in full when the factoring financing expires, Party B shall be entitled to demand Party A to reassign
        the accounts receivable immediately, return the factoring financing principal and pay the unpaid interests, administrative fees
        and all other related expenses. Party A must cooperate unconditionally.

         

        In the meantime, Party B remains as the
        Creditor of accounts receivable before the payment is made in full by Party A as stipulated in the Contract, and Party B shall
        be entitled to demand the Debtor to pay all the accounts receivable immediately.

         

        Party B shall be entitled to sue the Debtor
        and Party A at the same time and request the Debtor to pay all accounts receivable immediately, and Party A shall assume unlimited
        joint liability for satisfaction within the scope of Party B’s unliquidated factoring financing principal, interests, administrative
        fees and related expenses.

         

	Affiliated Parties	It refers to each and every of the parties which controls or jointly controls the other party or has significant influence on the other party, or two or more of which are controlled, jointly controlled or significantly influenced by the same party. In order to avoid ambiguity, the term “control” refers to holding 50% or more equity of the controlled party, or substantially controlling the operating decisions of the controlled party by other means. “Significant influence” means that an enterprise has the right to participate in decision-making on financial and operating policies of a certain enterprise, but cannot control or jointly control the making of these policies with other parties.
	 	 
	Day	It refers to a natural day (including Saturday, Sunday and statutory holidays). 
	 	 
	Working day	It refers to the legal workdays of the state. In the performance of the Contract, if a certain withdrawal date or a repayment date is not a legal workday, then it will be postponed to the next legal workday.

 

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Chapter II Assignment of Accounts Receivable

 

Article 2  As
stipulated in the Contract, Party A hereby agrees to submit the Application for Factoring Financing to Party B through the JDH
platform and regard it as all or part of the accounts receivable enjoyed by the Original Creditor under the commercial contract.
When Party A signs the Application for Factoring Financing through the platform, the accounts receivable recorded in the Application
for Factoring Financing will be assigned to Party B (referred to as “assignment” in the Contract).

 

The term “accounts
receivable” mentioned in the Contract refers to the rights and interests related to accounts receivable, including but not
limited to the following rights and interests enjoyed by Party A under the commercial contract at present and in the future:

 

(1) Monetary claim and
proceedings generated therefrom by providing the Debtor with goods or services, including but not limited to the principal of accounts
receivable, as well as fruits, liquidated damages, overdue fines, damages, and compensations generated from the Assignment Date
(including the date), but excluding payment claims arising from negotiable instruments or other securities.

 

(2) Collect the accounts
receivable directly from the Debtor, receive the repayment from the Debtor by itself, and retain the received accounts receivable
as the ultimate owner of the afore-mentioned payments.

 

(3) Take all measures
permitted by law to request the Debtor to make payment, and to the extent permitted by law, ask the Debtor to compensate for expenses
and losses arising from the Creditor’s claim against the Debtor according to the law.

 

(4) Participate in liquidation
or other similar procedures as the Creditor in case that the Debtor is bankrupted, liquidated, closed or in other similar circumstances.

 

(5) Rights to waive,
exempt or postpone the Creditor’s right in full or in part.

 

(6) Any form of security
interests such as guarantee, insurance, advance payment, ownership retention, guarantee of bad debts, conditional sale, priority
and other rights and interests set forth under accounts receivable and used for protecting the accounts receivable, as well as
other rights and interests under other similar arrangements or subject to or inseparable from the Creditor’s rights of accounts
receivable (all kinds of rights and interests mentioned in this paragraph are collectively referred to as “security interests”
in the Contract).

 

(7) Dispose all or part
of rights and interests under accounts receivable, including but not limited to reassigning and creating security interests thereon.

 

(8) Other substantive
and procedural rights of the creditor, including but not limited to the right of defense, right of set-off, jurisdiction of objection,
and plea of limitation.

 

(9) Other rights and
interests entitled to the Creditor of accounts receivable in accordance with laws and regulations.

 

In any case, the assignment
of the afore-mentioned accounts receivable shall not be interpreted as Party B assuming any obligations or responsibilities under
the commercial contract, and Party A shall still assume the its obligations and responsibilities under the commercial contract.

 

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Article 3  When
assigning the accounts receivable, Party A shall provide Party B with the following certificates and related documents according to
different types of factoring services to be handled:

 

(1) Commercial Contract:

 

(2) Invoices (special
VAT invoices or other types of state-stipulated invoices).

 

(3) Licenses, certificates
and permits of both parties, as required by Party B.

 

(4) Other conditions
required by Party B

 

(5) For the receipts
not come into being on the date of signing the Contract, Party A shall submit them to Party B as soon as they are formed.

 

When submitting the
Application for Factoring Financing, Party A shall upload the original copies of afore-mentioned documents to JDH platform. Otherwise,
Party B has the right to refuse to provide Party A with any factoring service.

 

Article 4  Party
A shall ensure that the accounts receivable assigned have none of the following circumstances:

 

(1) Based on
something arising out of a contract or act which is not yet effective, invalid, revocable, or undetermined.

 

(2) Exceeding the limitation
of action.

 

(3) Already overdue
or expected to overdue.

 

(4) Undergoing or expected
to undergo commercial disputes.

 

(5) Accounts receivable
arising from related transactions (except those previously known by Factoring Agent).

 

(6) have been assigned,
guaranteed or have been set as the property in the name of the trust;

 

(7) Subrogation or cancellation
right advocated by the third party.

 

(8) Subject to coercive
legal measures.

 

(9) Having other defects
of right.

 

(10) Not transferrable
according to laws and regulations or basic transaction contracts.

 

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Article 5  Party
B shall be entitled to decide whether to accept Party A’s factoring financing application.

 

After Party B receives
the factoring financing application and relevant materials from Party A, Party B will review the application materials of Party
A. Party B shall send a notice on the review results of factoring financing application to Party A through the JDH platform, and
Party A may inquire the results through the JDH platform. If Party B approves it, it shall be deemed that both parties have reached
an agreement on the content of the factoring financing application.

 

Online transaction records,
such as Service Agreement, rules and guidelines of the JDH platform and the factoring financing application approved by
Party B, are an effective part of the Contract, have the same legal effect as the Contract, and together constitute the agreement
on the rights and obligations of both parties.

 

Article 6  Registration
of Accounts Receivable Assignment

 

Party B shall be entitled
to register the accounts receivable assignment on the movable property unified registration platform of Credit Reference Center
and other registration platforms required by government departments. Party B shall also be entitled to authorize Party A to pledge
the accounts receivable to Party B and register the pledge on the movable property unified registration platform of Credit Reference
Center, and Party A has the obligation to cooperate; both parties confirm that the relevant registration contract signed to handle
the pledge of accounts receivable by Party A to Party B is and only used for the purpose of handling the pledge registration, and
the pledge registration does not change the real intention of both parties for the accounts receivable assignment.

 

Chapter III Contents of Factoring Service

 

Article 7 Party B shall verify the factoring financing limit and its validity period granted to Party A, which are subject to the Party B’s setting
and the display on the JDH platform. Party B has the right to adjust the factoring financing limit and its validity period granted
to Party A at any time according to various factors such as the state of operation of Party A, and Party A knows that Party B is
entitled to adjust the limit and validity period of the limit at any time, and Party A does not hold any objection.

 

√ This limit is
a revolving limit, which shall not be exceeded by factoring financing amount due from Party A.

 

☐ This limit is
a one-off limit, and the total factoring financing amount obtained by Party A shall not exceed this limit.

 

Article 8  For
the accounts receivable assigned by Party A to Party B, the factoring services provided by Party B to Party A shall be subject
to the contents agreed by both parties.

 

If Party A only applies
for Party B to provide partial factoring services, the contract chapters &sections or annexes corresponding to the unselected
service items shall have no legal effect on both parties.

 

In the Contract, Party
A selects the following factoring services provided by Party B (tick √ to select):

 

(1) √ Accounts
Receivable Financing;

 

(2) √ Accounts
Receivable Management;

 

(3) √ Collection
From Debtors;

 

(4) ☐
Others:____________

 

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Article 9  Party
A shall immediately notify the Debtor of the accounts receivable assignment when the accounts receivable are assigned. Party A
shall sign the Notice of Accounts Receivable Assignment, and deliver the Notice of Accounts Receivable Assignment
to the Debtor in one of the following ways, and keep relevant delivery records for Party B’s reference at any time and provide
it to Party B.

 

(1) Party A will mail
the Notice of Accounts Receivable Assignment to the Debtor’s business address through EMS (Express Mail Service of China
Post), and keep the mailing voucher, print the signed receipt through EMS official website, and request EMS to return the original
signed receipt by the Debtor.

 

(2) If Party A and the
Debtor agree in written documents to notify the Debtor of the accounts receivable assignment by e-mail or other ways, Party A may
notify the Debtor of the accounts receivable assignment by e-mail, and keep the written documents agreeing on the way of notification
by e-mail and the e-mail for sending the notification of the accounts receivable assignment.

 

(3) Party A obtains
the receipt of the Notice of Accounts Receivable Assignment stamped by the Debtor.

 

Article 10  After
Party A assigns the accounts receivable to Party B, both parties select the following payment collection method [1]:

 

(1) The Debtor shall
pay the money directly to the special payment collection account opened by Party A in the bank designated by Party B;

 

Party A and Party B
agree to open or designate the following accounts as special factoring payment collection accounts for collecting the account receivable
of the Debtor. Party A shall clearly state in the Notice of Accounts Receivable Assignment that the special payment collection
account is the only payment collection account, and shall not collect any money from the Debtor through any other accounts or by
any other means without the written consent of Party B:

 

Bank of Deposit: 
Huizhou Huitai Branch of Industrial and Commercial Bank of China

 

Account Name: TCL
Commercial Factoring (Shenzhen) Co., Ltd.

 

Account No.: 2008021219200069962

 

(2) The Debtor will
pay the money directly to Party B’s account.

 

(3) If the Debtor pays
the consideration with bills, Party A shall cooperate with Party B to entrust the bills to the bank designated by Party B for verification.
After passing the verification, Party A is obliged to endorse the bills and assign such to Party B. Party A shall cooperate to
complete the endorsement and assignment according to the notice of Party B.

 

Article 11  If
both parties select paragraph 1 (1) of Article 10 of the Contract, both parties agree on relevant matters as follows:

 

(1) Party A pledges
the special account for payment collection and the money in the account to Party B, and when the money arrives in the special account
for payment collection, it will be deemed that the pledge is handed over to Party B for possession and custody. The money received
at any time in the special account for payment collection shall be considered as the pledge of Party B. Party B is entitled to release
the pledge of all or part of the money in the special account for payment collection, and the act of releasing the pledge shall
not be deemed as that Party B has given up the right to pledge the rest of the money in the special account for payment collection.

 

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(2) Party A shall provide
assistance as required by Party B in any possible litigation, arbitration and other matters.

 

(3) During the follow-up
period after the assignment, Party A shall not require the Debtor to pay any of its payments under the commercial contract to Party
A or a third party in a way other than remittance to the special account for payment collection, and Party A shall ensure that
the Debtor remits any of its payments under the commercial contract to the special account for payment collection and/or pays Party
B in other ways. If Party A receives any money under accounts receivable from the Debtor, such money shall be owned by Party B
no matter before and after such money is entered into the account. Party A only acts as the trustee of Party B and holds the money
on behalf of Party B. Party A does not enjoy any ownership of any money paid by the Debtor.

 

(4) During the follow-up
period after the assignment, Party A shall not merge, transfer or cancel the special account for payment collection, except at
the written request of Party B or with the prior written consent of Party B.

 

(5) During the follow-up
period after the assignment, without the consent of Party B, Party A shall not withdraw, draw on, employ, use or dispose of any
balance in the special account for payment collection and the account in any way, or transfer any balance in the special account
for payment collection to other accounts of Party A or accounts of a third party. Otherwise, Party B is entitled to refuse.

 

(6) In order to avoid
ambiguity, Party A hereby agrees that Party B has the right to transfer the funds in the special account for payment collection
to Party B at any time during the follow-up period after the assignment, and Party B is entitled to refuse any act made by Party
A against the special account for payment collection that is not in conformity with the Contract. Party B shall not be liable to
Party A for this.

 

(7) During the follow-up
period after the assignment, if all or part of the funds in the special account for payment collection are sealed up, frozen or
deducted by the competent authorities in China, or taken other compulsory measures or regulated according to law, so that Party
B cannot deduct them directly, unless such sealing up, freezing and transferring are due to the fault of Party B, otherwise, Party
A shall, according to Party B’s written requirements, pay to Party B the funds equivalent to the funds in the special account for
payment collection that are sealed up, frozen, deducted or taken other compulsory measures or regulated according to law. Party
A hereby authorizes Party B to deduct the equivalent amount directly from any settlement account opened by Party A in any financial
institution.

 

Article 12  After
the Debtor pays, Party B is entitled to first deduct factoring expenses (including but not limited to factoring commissions), principal
and interest of the factoring financing and other payments (if any) payable by Party A. The factoring commissions shall be the
operating cost, labor cost and business opportunity incurred by the factor as well as the consideration of the management and collection
of accounts receivable under the Contract. The factoring commissions shall not be refunded once they are collected.

 

Article 13  Assignment
of All Rights

 

(1) Party A confirms
that all subordinate rights and interests of the transferred accounts receivable are assigned to Party B. These subordinate rights
and interests include: 1 the right to collect the overdue interest, liquidated damages, compensation and late payment fees
of accounts receivable; 2 security interest, 3 insurance interests; 4 the ownership and recovery rights of goods
with retained ownership, or rejected or returned goods; 5 procedural rights such as litigation rights; and 6 other
subordinate rights and benefits granted to Party A under the laws, regulations or basic transaction contract.

 

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(2) For the purpose
of assigning the subordinate rights and interest of the assigned accounts receivable to Party B according to law, Party B is entitled
to require Party A to complete all formalities such as notifying the Guarantor, changing the registration of pledge, changing the
insurance beneficiary and transferring the deposit. Party A is obliged to complete the formalities as soon as possible, and the
expenses arising therefrom shall be borne by Party A.

 

(3) In any case, the
assignment of the assigned accounts receivable shall not be interpreted as that Party B has undertaken any obligation or responsibility
under the basic transaction contract, and Party A shall continue to perform all its obligations to the Buyer under the basic transaction
contract.

 

Chapter IV Factoring Financing

 

Article 14  Where
Party A applies for Party B to provide factoring financing services, Party B is entitled to determine whether to approve Party
A’s financing application at its own discretion, and determine the preconditions and amount of the financing.

 

The specific matters
of financing and interest settlement shall be handled according to the agreement of factoring financing application.

 

Article 15  When
Party B applies for the account receivable financing every time, the following conditions shall be met:

 

(1) Under the
revolving limit, the balance due of accounts receivable financing does not exceed the limit of accounts receivable financing;
under the non-revolving limit, the accumulated amount of accounts receivable financing does not exceed the limit of accounts
receivable financing;

 

(2) The financing applied
for by a single buyer does not exceed the sub-limit of accounts receivable financing approved by Party B for the buyer (if any);

 

(3) The account receivable
financing application is put forward before the account receivable financing limit expires;

 

(4) Party B has assigned
the accounts receivable corresponding to the financing application;

 

(5) The assigned accounts
receivable corresponding to the financing application does not involve in situations specified in Article 4 above;

 

(6) The regulation of
the factoring special account for payment collection (if applicable) has been completed as agreed;

 

(7) Both the Buyer and
the Seller are free from serious deterioration of operation status, malicious transfer of properties, loss of reputation or loss
of the ability to pay off the debts;

 

(8) Party A does not
violate any obligation under the Contract;

 

(9) Other preconditions
(if any) required by Party B are all satisfied.

 

Article 16  Party
B is entitled to evaluate the Debtor’s credit and verify the credit limit for the Debtor.

 

Article 17  Party
B is entitled to change the approved credit limit (including but not limited to increasing or decreasing the credit limit, extending
or shortening the validity period of the credit limit, canceling the credit limit, etc.) according to the change of credit status
of the Debtor or Party A and the payment record of the Debtor. Party B shall notify Party A of the changed credit limit after making
the above change decision.

 

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Article 18  For
factoring financing services that Party A applies for from Party B, if one of the following circumstances occurs or exists from
the assignment date, Party B shall have all recourse rights against Party A for the accounts receivable it has assigned under the
Contract; at the same time, Party B is also entitled to require the Debtor to perform its debts:

 

(1) Party A has bad
behaviors such as late payment, advance, and delinquency in payments of interest in other credit businesses of Party B;

 

(2) Party A has defaulted
as agreed in the Contract and the specific credit business contract;

 

(3) There are false
and untrue transactions in accounts receivable;

 

(4) The basic elements
of the accounts receivable are inconsistent with the materials provided by Party A, or the materials provided by Party A are untrue;

 

(5) All or part of the
accounts receivable are not paid off on the due date or are not fully paid off;

 

(6) The Debtor filed
a commercial dispute before the due date of the factoring financing, and the commercial dispute has not been effectively resolved
15 days after it was filed (factoring financing has not yet expired);

 

(7) Other circumstances
in which Party B considers it necessary to require Party A to repurchase the accounts receivable.

 

Party B has the right
to take all or part of the following measures at any time after the occurrence of the above-mentioned circumstances:

 

(1) To reduce or terminate
the credit line, or reduce the financing ratio;

 

(2) To adjust the validity
period of the credit line;

 

(3) To require Party
A to repurchase the accounts receivable and pay the repurchase payment and factoring financing expenses to Party B;

 

(4) To require Party
A to bear all reasonable expenses incurred by Party B for realizing its rights under the accounts receivable and/or the Contract
(including but not limited to litigation expenses/arbitration expenses, actual travel expenses and actual attorney fees);

 

(5) To require Party
A to bear joint and several liabilities for the obligations of the Debtor under the commercial contract;

 

(6) To declare that
all or part of the credit granted by Party A to Party B will become due immediately, and require Party A to immediately repay all
or part of the used financing principal, interest, expenses, etc.;

 

(7) To exercise its
guarantee rights under the Contract.

 

Chapter V Commercial Disputes and Reassignment

 

Article 19 
Once Party B or Party A learns that a commercial dispute has occurred, he shall immediately send a commercial dispute notice
to the other party, and the notice shall contain all the details and information he learned about the account and the nature
of the commercial dispute. Either party shall provide the other party with further information about the commercial dispute
within 30 days after receiving or sending a commercial dispute notice. From the time Party B receives or issues the
commercial dispute notice, the accounts receivable verified will be deemed as unverified for the time being.

 

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Article 20  If
there is a commercial dispute between Party A and the Debtor, Party A shall take measures to resolve the commercial dispute as
soon as possible and bear the corresponding expenses. Party B may assist Party A in resolving the commercial dispute as soon as
possible, but will not intervene in the commercial dispute between Party A and the Debtor. Before the settlement of the commercial
dispute, Party B has the right to suspend the issuance of new factoring financing to Party A.

 

Article 21  In
case of any of the following circumstances, Party B has the right to send the Notice on Reassignment of Accounts Receivable
to Party A to reassign the outstanding assigned accounts receivable to Party A:

 

(1) After the factoring
financing expires, and when the grace period (if any) stipulated in the Contract is expired, Party B has not been fully compensated
for the accounts receivable;

 

(2) The debtor pays
the accounts receivable to Party A in other ways (not be credited to the account of Party B, indirect payment), but Party A fails
to transfer the full amount of the accounts receivable to Party B after receiving it for more than three working days;

 

(3) If Party A violates
any commitment or guarantee agreed in the Contract, Party B has the right to terminate the contract in advance and demand Party A
to reassign the accounts receivable;

 

(4) Before the due date
of the accounts receivable, the Debtor raises a defense on the amount, due date, payment terms and payment method of the
accounts receivable, or the Debtor raises a defense or claim during the performance of the base transaction contract, which will
cause Party B to fail to recover the accounts receivable in full after the due date of the accounts receivable;

 

(5) Party A and the
Debtor have a commercial dispute over basic transactions, or a third party claims rights against the accounts receivable.

 

(6) Any accounts receivable
assigned by Party B under the Contract are subject to property preservation or enforcement measures by judicial authorities;

 

(7) The accounts receivable
have not yet come into force and are invalid and canceled, or the validity of the accounts receivable is to be determined;

 

(8) The actual payment
date of any period of factoring financing interest exceeds the due date by 3 days;

 

(9) Party A fails to
fulfill the obligations of notifying the assignment of accounts receivable and assisting in the registration of assignment of accounts
receivable in accordance with the Contract;

 

(10) Party A or the
Debtor is involved in a major lawsuit, and the subject matter involved exceeds 30% of the factoring financing fund;

 

(11) Party A or the
Debtor is subject to administrative punishment, which may affect the normal production and operation of the company;

 

(12) The principal person-in-charge,
legal representative or actual controller of Party A or the Debtor’s company is involved in a major civil lawsuit or is suspected
of criminal offense or has lost contact for more than 10 days;

 

(13) Party A or the
Debtor (is) applied for a suspension of business for rectification, dissolution, revocation, bankruptcy, production suspension,
business suspension, is imposed a heavy fine by the competent authority, and is applied for cancellation of registration and revocation
of business license;

 

(14) Party A or the
Debtor fails to pay any other debts due (including debts due to Party B or other third parties), sells property at a low price
and free of charge, reduces or cancels the debts of third parties, and inactive in exercising Creditor’s rights or
other rights;

 

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(15) The operation status
of Party A or the Debtor has seriously deteriorated;

 

(16) Matters that have
material adverse effects on the performance of the agreement under the Contract have occurred to Party A or the Debtor;

 

(17) Party A’s parent
company, actual controller or the credit enhancer of bill debtor under the Contract (including but not limited to all credit enhancement
subjects that provide pledge, mortgage, guarantee, balance supplement, debt addition, assignment guarantee, etc. for accounts receivable
and Creditor’s rights under the factoring contract) is under the circumstances as agreed in Paragraph (10)-(16) of this Article;

 

(18) The collateral/pledge
provided by the mortgagor/pledger is damaged, lost, or the market price of the collateral/pledge drops, etc., which results in
the value of the guarantee being lower than the amount of the principal Creditor’s right guaranteed, and the mortgagor/pledger
fails to fully supplement the guarantee within 10 days from the date of occurrence of such circumstances;

 

(19) Other circumstances
in which Party B considers it necessary to reassign the accounts receivable to Party A.

 

(20) Party B decides
to reassign in accordance with the relevant provisions of Article 22;

 

Article 22  Party
B has the right to adopt an appropriate reassignment method according to its own discretion on the severity:

 

(1) If Party B, based
on its own discretion, considers that the assigned accounts receivable are not paid off only due to accidental reasons, Party B
may only reassign the outstanding assigned accounts receivable to Party A;

 

(2) If Party B, based
on its own discretion, considers that the assigned accounts receivable are not paid off only due to the reasons of certain
buyers, Party B may only reassign the outstanding assigned accounts receivable from those specific Debtors (including due and
undue accounts receivable) to Party A;

 

(3) If Party B, based
on its own discretion, considers that the assigned accounts receivable are not paid off due to the reasons of Party A, Party
B has the right to reassign the outstanding assigned accounts receivable from all Debtors (including due and undue accounts
receivable) to Party A.

 

Article 23  In
case of the above-mentioned reassignment, Party B does not need to pay the factoring balance to Party A, but Party A shall pay
the reassignment consideration to Party B. Party A shall, as per requirements of the Notice on Reassignment of Account Receivables,
within 3 working days after one of conditions agreed in Article 22 occurs, pay the reassignment amount to Party A in full. Party
A undertakes, in case of any reassignment as agreed above, Party A’s reassignment obligation will not be exempted or delayed due
to Party B’s failure to send the Notice on Reassignment of Accounts Receivable. The calculation equation of the reassignment
amount is as shown below:

 

Reassignment amount
= factoring financing fund issued by Party B under the reassignment accounts receivable - the accounts receivable paid off by
Party B under the reassignment accounts receivable. 

 

Article 24  When
Party A pays the above-mentioned reassignment amount to Party B, all amounts corresponding to the reassignment accounts receivable
shall also be paid off, specifically including: the commitment fee for the limit of financing amount of accounts receivable, the
factoring commissions, the charge for use of factoring financing fund, and other due but unpaid amounts of Party A.

 

    12

     

    

 

Article 25  On
the date when Party A pays the full reassignment amount and all due but unpaid amounts as agreed above, the reassignment of the
assigned accounts receivable shall take effect, and all rights and interests of and subordinate to the account receivable shall
be reassigned to Party A by Party B from now on. After the reassignment of the assigned accounts receivable becomes effective and
for the purpose of Party A claiming against the buyer, Party B shall cooperate with Party A to inform the buyer that the accounts
receivable have been reassigned to Party A, and the expenses and risks arising therefrom (including the risk of failure to deliver
the notice) shall be borne by Party A.

 

Article 26  Before
the reassignment takes effect, Party B still enjoys all rights and interests of and subordinate to the transferred account receivable.
Party B has the right to require the buyer to repay the delinquent assigned accounts receivable in its own name, and at the same
time require Party A to pay the reassignment amount and all due but unpaid amounts in full according to the above agreement. In
case either Party A or the buyer performs the payment obligation to Party B, the payment obligation of the other party to Party
B will be exempted.

 

Article 27  In
case of any commercial dispute, Party B shall have the right to send a notice of reassignment/repurchase of accounts receivable
to Party A and reassign the accounts receivable already accepted by Party B back to Party A. If Party B provides financing for
Party A, Party A shall immediately pay the repurchase price to Party B. Otherwise, Party A agrees that Party B has the right to
deduct money directly from any account opened by Party A in financial institutions or from other inbounding payments. If there
is insufficient fund in Party A’s account at that time, Party B has the right to claim from Party A by any means, and Party A
guarantees that it will not raise any defense for any reason and will bear all expenses paid by Party B. Before Party A fails
to pay the above amount in full, Party B has the right not to notify the Debtor of the reassignment of the accounts receivable,
and all rights related to the accounts receivable are still owned by Party B.

 

Determination of repurchase
price:

 

(1) If the repurchase
is completed within the term of factoring financing, the amount payable by Party A shall be the outstanding principal of factoring
financing and the reasonable expenses incurred by Party B in realizing the Creditor’s rights;

 

(2) If the repurchase
is completed after the due date of the accounts receivable, the amount payable by Party A shall include the amount specified in
Paragraph 1 and the penalty interest of 0.05% per day calculated based on the outstanding principal of factoring financing from
the due date of the accounts receivable to the date when the factoring financing principal is fully repaid.

 

Article 28  Regardless
of the reassignment, once all the preconditions in Article 29 of the Contract have been met

 

and within the period
specified in Article 30 of the Contract, if the commercial dispute is settled in favor of Party A (including the approval of the
person responsible for the custody of the Debtor’s bankrupt property) , Party B shall regard the accounts involved in the commercial
dispute as the approved accounts receivable (not exceeding the scope of favorable results).

 

Article 29  The
preconditions for Party B to regard the accounts involved in commercial disputes as approved accounts receivable are as follows:

 

(1) Party A has made
continuous efforts to solve the commercial disputes and ensure that the commercial disputes are settled as soon as possible;

 

(2) Party A regularly
and in detail informs Party B of the progress of negotiation, litigation or arbitration;

 

(3) The result of settlement
requires the Debtor to pay within 30 days from the date of negotiation settlement or the effective date of judgment and ruling
(according to the laws).

 

    13

     

    

 

Article 30  The
time limits for Party B to regard the accounts in commercial disputes as approved accounts receivable are as follows:

 

(1) 180 days in the
case of a settlement through negotiation;

 

(2) One and a half years
in the case of litigation or arbitration;

 

The above period shall
be calculated from the time when Party B sends or receives the notice of commercial dispute in accordance with Article 18 of the
Contract.

 

Article 31  In
the case that Party B regards the accounts in commercial disputes as the approved accounts receivable according to the Articles
28, 29 and 30 of the Contract, if the accounts have been reassigned to Party A , all rights granted to Party A by the settlement
results shall be transferred to Party B automatically, and Party A shall assign the accounts receivable to Party B again.

 

Chapter VI Recovery of Accounts Receivable

 

Article 32 Party
B is entitled to actively take or require Party A to take measures (such as by phone, mailing and in person) to collect from the
Debtor as per the due date of transferred account receivable, Party B is obliged to timely take and undertake costs herefrom.

 

Chapter VII Party A’s Representations
and Warranties

 

Article 33 Party
A hereby represents, warrants and undertakes to Party B as follows:

 

(1) Party
A warrants to submit all documents and information relating to the accounts receivable to Party B and to have explained the relevant
material information to Party B. Party A guarantees the reality and legality of the transactions under the commercial contract,
as well as the truthfulness, completeness, legality and effectiveness of documents and information submitted by Party A to Party
B relating to the accounts receivable assigned, which is free of any fraud or misleading.

 

(2) As of the Assignment
Date (including the date), Party A has obtained internal and/or relevant permits from governmental authorities required for the
assignment of the accounts receivable. Any assignment made by Party A to Party B under the Contract neither violates any law or
regulation, nor violates any agreement or undertaking binding on Party A.

 

(3) As of the Assignment
Date (including the date), Party A has fully and properly performed all of its obligations under the commercial contract.

 

(4) Regardless of whether
or not party B is or should be aware of or acknowledge that, as of the Assignment Date (including the date), all the receivables
under the accounts receivable have been or will be legally recognized as true and certain in amounts in accordance with the relevant
laws and regulations, accounting standards and the internal accounting system of Party A. All or any part of the accounts receivable
has not any defect, and any part is free from any security or fiduciary interest held by any third party, or has not been assigned
to any third party. Nor will Party A create such an interest or reassign any part of the accounts receivable to any third party
after the Assignment Date.

 

(5) Party A will fully
perform all obligations and responsibilities under the Contract, such as notifying the Debtor, and will execute all of its warranties,
promises, obligations and responsibilities under the commercial contract in strict accordance with provisions of relevant laws
and regulations and the commercial contract, so that the Debtor is not entitled to raise any defense, counter-claims or set-offs
against any part of the accounts receivable assigned by Party B.

 

    14

     

    

 

(6) As of the Assignment
Date (including the date), the Debtor is not in default of any payment due under the commercial contract and is not in breach of
the commercial contract.

 

(7) As of the Assignment
Date (including the date) and until all rights in the accounts receivable assigned by Party B are fully realized, the Debtor shall
not have any claim against Party A which is prior to or at the same time as the accounts receivable and which will be capable of
being set off against the accounts receivable at the date of the assignment and in anticipation thereof.

 

(8) After Party A applies
to Party B for factoring financing, Party A may not vary, terminate, extend or waive any contents of the Commercial Contract with
the Debtor without the written consent from Party B.

 

(9) When discovers any
change in the Debtor’s legal representative/principal, shareholders, business status, address or creditworthiness and so on, Party
A shall immediately notify Party B.

 

(10) During the follow-up
period after the assignment, Party A shall not merge, transfer or cancel the special account for payment collection, except at
the written request of Party B or with the prior written consent of Party B.

 

(11) During the follow-up
period after the assignment, Party A shall transmit or notify Party B of any documents and materials related to the assigned accounts
receivable received by the Debtor and the Debtor’s violation of the business contract learned by Party A within one working day
from the date of receipt or learning.

 

(12) Party A shall cooperate
with Party B to inquire about the Creditor’s rights to be assigned and go through the assignment registration in the “Publicity
System for Pledge Registration of Accounts Receivable of the People’s Bank of China” in accordance with the relevant requirements
in the Operating Rules for Pledge Registration of Accounts Receivable by Credit Reference Center, the People’s Bank of China.

 

(13) Party A shall,
at the request of Party B, provide Party B with documents that truly reflect the business and financial situation of Party A
and the Debtor as well as the performance of the commercial contract at any time. In case of any circumstances that may
affect the financial status and performance ability of Party A and the Debtor, including but not limited to any changes in
business modes such as separation, merger, joint venture, joint investment with foreign investors, cooperation, contracted
operation, reorganization, restructuring, and planned listing; reduction of registered capital, major asset or equity
transfer, undertaking major liabilities, dissolution, revocation, application for bankruptcy, acceptance of bankruptcy
application, declaration of bankruptcy, revocation or withdrawal of permission or licenses required for its legal existence
and/or operation, and involved in major litigation or arbitration cases, Party A shall notify Party B within one working day
from the date of receipt or learning of such event.

 

(14) If Party A is a
related party of the Debtor, Party A has made a comprehensive and accurate disclosure to Party B.

 

(15) Party B is entitled
to request Party A to assign all its accounts receivable for a specific Debtor to Party B.

 

(16) Party A warranties
to pay Party B the factoring financing principal, interest and other payables on the factoring financing maturity date, and actively
assist Party B to collect from the Debtor as agreed in the Contract.

 

(17) Party A warranties
to pay Party B the payment service fee in full and on time in accordance with the Contract.

 

    15

     

    

 

Chapter VIII Liability for Breach of
Contract

 

Article 34  In
case of any of the following circumstances, Party A shall constitute or be deemed to be in breach of the Contract:

 

(1) Violation of any
representation or warranties made by it under the Contract and its annexes, or any representation or warranty made by it under
the contract and its annexes is proved to be untrue, inaccurate, incomplete, illegal, and misleading;

 

(2) Defects in the authenticity,
legality, completeness and validity of the materials provided to Party B;

 

(3) Party A fails to
pay the principal and interest of financing, factoring expenses or other amounts payable by Party A according to the agreement
in the Contract and its annexes;

 

(4) Party A fails to
fulfill its repurchase obligations in accordance with the Contract;

 

(5) During the validity
period of the Contract, Party A clearly indicates to Party B that it will not perform the Contract without justifiable reasons,
or Party B has conclusive evidence that Party A will not perform or cannot perform the contract when the performance period of
the Contract comes;

 

(6) The Debtor fails
to pay directly to the special collection account or the collection account agreed by both parties, but pays to other settlement
accounts of Party A or pays to Party A by other payment and settlement instruments, and Party A fails to inform Party B in time
or transfer to Party B as required;

 

(7) Party A fails to
notify Party B in time (within three days after the occurrence of the dispute) after is informed of the occurrence of the commercial
dispute;

 

(8) Party A terminates
its business or applies for bankruptcy, accepts the bankruptcy application, is declared bankrupt, liquidated, dissolved, appoints
an administrator or other similar procedures;

 

(9) Where Party B provides
factoring financing or bad debt guarantee services, Party A defaults under other agreements with Party B;

 

(10) Party A fails to
perform its obligations under the Contract and its annexes, fails to comply with the agreement in performing its obligations under
the Contract and its annexes, or commits any violation of other clauses under this Contract and its annexes;

 

(11) Without Party B’s written consent, Party A disposes of (including but not limited to transfer to a third party, or waiving of rights, donation,
pledge/trust setting) the receivables transferred in any form;

 

(12) Without Party B’s written consent, Party A revokes or changes the special factoring collection account agreed under the Contract, or the Buyer
is required or allowed to pay off the transferred accounts receivable in any other form;

 

(13) Party A fails to
assign the payment of transferred accounts receivable to Party B as agreed in the Contract;

 

(14) Party A fails to
fulfill the payment obligations under the reassignment section as contemplated in the Contract;

 

(15) Party A fails to
abide by the obligations under other contracts signed with Party B or Party B’s affiliated enterprises, leading to major default.

 

    16

     

    

 

In case of the above
default of Party A, Party B is entitled to take one or more of the following remedies:

 

(1) Send a notice of
default to Party A, requiring it to correct the breach within a time limit and continue to perform the Contract;

 

(2) Require Party A
to bear the liability for breach of contract and compensate all losses suffered by Party B;

 

(3) Exercise all the
right of recourse against Party A in respect of accounts receivable assigned by Party B;

 

(4) Terminate the Contract
and require Party A to compensate Party B for all losses suffered for this reason;

 

(5) Party A hereby irrevocably
authorizes Party B to deduct relevant funds directly from the account opened by Party A in financial institutions at any time,
and continue to recover from Party A for the insufficient deduction;

 

(6) Stop the use of
the credit line of the specific Debtor approved by Party A, recover the financing in advance, and take necessary asset preservation
measures;

 

(7) Require Party A
to pay damages to Party B according to 30% of the factoring financing actually paid by Party B;

 

(8) Offset Party B’s debt to
Party A against all arrears due from party A to party B;

 

(9) Provide Party A’s default information to the credit reference center, the credit reference agency, industry authorities, industry associations
and the public;

 

(10) Require Party A
to compensate all economic losses caused to Party B and the expenses incurred in recourse to Creditor’s rights and subordinate
rights (including the expenses for interpellation, lawsuit, arbitration, property preservation, announcement, counsel and compulsory
execution);

 

(11) Apply to the JDH
platform to take measures for Party B’s receipts on the JDH platform, such as freezing, automatic sign-off and order financing
(with an order financing interest of no less than 7.2%/year), and all the proceeds from the order financing will be used to pay
off the debts of the Party A under the Contract. Party A shall cooperate in strict accordance with the Service Agreement
and the rules and guidelines of the JDH platform.

 

(12) Other relief measures
stipulated by laws and regulations or the Contract.

 

Except as otherwise
stipulated in the Contract, all expenses incurred by one party to safeguard its legitimate rights and interests infringed by the
other Party’s breach of contract (including but not limited to the paid expenses, attorney fees and travel expenses during the
litigation or arbitration proceedings) shall be borne and compensated by the breaching party.

 

Article 35  If
Party A fails to pay its factoring expenses under the Contract, the expenses incurred by Party for realizing the principal Creditor’s
rights and guarantee rights in full and on tme, Party A shall pay liquidated damages to Party B according to 5/10000 of the total
unpaid amount payable for each day of delay.

 

    17

     

    

 

Chapter IX Applicable Laws and Dispute
Resolution

 

Article 36  The
Contract is governed by the laws of the People’s Republic of China (for the purpose of the Contract, the laws of Hong Kong, Macao
and Taiwan excluded).

 

Article 37  Any
dispute arising from or in connection with the Contract shall be settled by both parties through negotiation. If negotiation fails,
both parties agree to bring a lawsuit to the People’s court where Party B resides.

 

Chapter X Others

 

Article 38  All
obligations of Party A under the Contract are continuous and have complete binding force on its successors, receivers, assignees
and their merged, reorganized and renamed subjects.

 

Article 39  Party
B’s rights under the Contract are cumulative and will not affect and exclude any of Party B’s rights against Party A in accordance
with laws and other contracts. Unless Party B gives a written indication, Party B’s failure to exercise any of its rights, partial
exercise and/or delayed exercise of its rights will not cause the waiver or partial waiver of such rights, and will not affect,
prevent or hinder Party B’s continued exercise of such rights or the exercise of any other right.

 

Article 40  After
the Contract goes into effect, unless otherwise agreed in the Contract, no party is allowed to change or dissolve the Contract
without authorization; when necessary for change or dissolution of the Contract, both parties shall reach a written agreement upon
consultation.

 

Article 41  In
case that any clause or any part of the clause under the Contract is deemed to be invalid, the invalid clause or part shall not
influence the validity of the Contract and other clauses or other parts of the clause under the Contract.

 

Article 42  After
Party A and Party B settle all the credit and debt under the Contract, the validity of the Contract shall be terminated, and the
Contract may be postponed or re-signed after consultation between both parties.

 

Article 43  Other
agreed matters: After the endorsement of the bill under this factoring business is assigned to Party B, Party B is entitled to
exercise its rights to all the Debtor of the bill according to law and recovers the funds, and to assert factoring claims in other
ways agreed in the Contract until all principal, interest and other expenses have been settled. In case of conflict between the
article and other articles, the article shall prevail.

 

Article 44  The
payments obtained by Party B under the Contract shall be paid off in the following order: (1) the expenses for realizing the principal
Creditor’s rights and security interests (including the expenses for interpellation, lawsuit, arbitration, property preservation,
announcement, counsel and compulsory execution); (2) liquidated damages; (3) factoring expenses; (4) compound interest; (5) penalty
interest; (6) interest; (7) principal. Party B is entitled to adjust the above-mentioned offset sequence as required.

 

Article 45  Both
Party A and Party B may formulate supplementary agreements on the basis of equal consultation.

 

Article 46 Party
B has taken appropriate methods to remind Party A of the exceptions and restrictions under the Contract and given full explanations
to relevant clauses in accordance with the requirement of Party A; both Party A and Party B have no objections regarding all clauses
in the Contract.

 

Article 47  The
Contract and its related annexes are signed through the JDH platform, and shall come into force as of the date when both parties
affix their electronic signatures.

 

(No text on this page,
left for signatures) 

 

Party A: Guizhou United
Time Technology Co., Ltd. (Electronic Seal Affixed) 

 

Party B: TCL Commercial
Factoring (Shenzhen) Co., Ltd. (Electronic Seal Affixed)

 

    18

     

    

 

Factoring Financing Application

No.: QT20200717000103253

To: TCL Commercial Factoring
(Shenzhen) Co., Ltd.

 

According to
the Domestic Recourse Factoring Contract (No.: QT20200717000098985, referred to as “Factoring Contract”) signed by
both parties on July 17, 2020, we intend to apply for the factoring financing under the factoring limit approved by your company.
This application and the Factoring Contract constitute the basic agreement of the factoring financing business.

 

Article 1 Accounts Receivable
Assigned

 

We assign all
accounts receivable under the underlying transaction contract signed with the Debtor to your company.

 

	S/N	 	Underlying Transaction

Contract Name	 	Underlying Transaction

Contract No.	 	Name of the

Debtor	 	Period when

Accounts Receivable

Accrue
	1	 	UTime GZ - Huizhou TCL Mobile Phone Project Cooperation Framework Contract	 	 	 	Huizhou TCL Mobile Communication Co., Ltd.	 	Between January 1, 2020 and July 1, 2021
	2	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 
	5	 	 	 	 	 	 	 	 
	6	 	 	 	 	 	 	 	 
	7	 	 	 	 	 	 	 	 
	8	 	 	 	 	 	 	 	 
	9	 	 	 	 	 	 	 	 
	10	 	 	 	 	 	 	 	 

 

We promise to
accept your request to collect accounts receivable on your behalf from the signing date of this application until the financing
maturity date , and to assign all accounts receivable to your account (Account Name: TCL Commercial Factoring (Shenzhen) Co.,
Ltd.; Account Number: 2008021219200069962; Bank of Deposit: Huizhou Huitai Branch of Industrial and Commercial Bank of China)
on the financing maturity date. 

 

Article 2 Key Elements of Factoring
Financing

 

We apply to
your company for factoring financing as follows:

 

	S/N	 	Financing 

Amount

(RMB)	 	Financing

 Maturity

Date	 	Financing 

Period

(Day)	 	Financing 

Rate

(Annual)
	1	 	1800000.00	 	20210113	 	180	 	8.00
	2	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 
	5	 	 	 	 	 	 	 	 
	Total factoring financing amount (RMB)	 	1800000.00	 	 	 	 	 	 

 

    19

     

    

 

Article 3 Release of Factoring
Financing Funds

 

1. Your
company will remit the factoring financing funds to the following account designated by us:

 

Account name:
Guizhou United Time Technology Co., Ltd.

 

Account No.: 2191010801201100004380

 

Bank of deposit:
Xinpu Branch of Guizhou Zunyi Huichuan Rural Commercial Bank Co., Ltd.

 

2. The factoring
financing funds under the Contract are used as working capital. We shall not put such factoring financing funds to other uses
without your written consent.

 

3. We
promise to pay the financing amount in full to your company on the financing maturity date. The formula for calculating the financing
amount repaid by our company to your company is as follows:

 

Financing amount to be repaid
= financing amount + financing amount * financing period (day) * financing rate/360

 

4. Default
Interest

 

(1) In
case of overdue repayment of financing funds, the interest shall be collected at the default interest rate agreed in this paragraph
from the overdue date until the principal and interest are paid off.

 

(2) For
the prescribed interest and the default interest that our company fails to pay on schedule, compound interest shall be calculated
and collected monthly according to the default interest rate agreed in this paragraph.

 

(3) Default
interest rate: The default interest rate for overdue financing is 5/10000 of the daily interest rate.

 

Article 4 Representations and
Commitments

 

1. Our
company is a business entity or other organization registered in accordance with the laws of the People’s Republic of China,
and has all necessary civil-law capacities to conduct business operations, and has been fully and legally authorized to sign and
perform the Contract.

 

2. We
guarantee that the accounts receivable under the factoring financing business are collected through real transactions, which is
legal and good faith.

 

3. We
promise to submit the required financing application according to your requirements, and take full responsibilities for its accuracy,
authenticity and validity.

 

4. We
voluntarily use the accounts receivable under the Contract to raise funds from your company. Once the funds are raised, your company
will have all the rights related to this payment receipt.

 

    20

     

    

 

Article 5 Factoring Financing
Application to Take Effect 

 

1. Once
confirmed and approved by the Factoring Provider, this application has legal effect on both parties.

 

2. Matters
not covered in this application shall be governed by the Factoring Contract if they have been agreed upon in the Factoring Contract.
Otherwise, both parties shall sign a supplementary agreement through negotiation, and the supplementary agreement has the same
legal effect as the Contract.

 

3. This
application and its modification or supplement are made in electronic text format through JDH platform. Such documents may be made
in one or multiple copies, each of which has the same legal effect, and shall be saved on the special server set by JDH platform
for future reference. Both parties acknowledge the validity of this form.

 

4. Note: The
platform has the ultimate right to interpret its operating rules. Before the rollout of new system of JDH platform, if receipts
issued on the platform has not expired, related operations such as invoicing, transfer and financing will be executed according
to the agreements signed by all parties on the original system. However, the receipts issued after the rollout of new system of
JDH platform and all related operations, and those operations originating from the receipts issued before the rollout of new system
of JDH platform but occurs after the rollout of the new system should be implemented in accordance with the relevant agreements
on the new system.

 

Party A: Guizhou United Time Technology
Co., Ltd. (Electronic Seal Affixed)

 

Party B: TCL Commercial Factoring (Shenzhen)
Co., Ltd. (Electronic Seal Affixed) 

 

 

21Exhibit 10.33

 

Maximum Amount Guarantee Contract

(Applicable to third-party guarantee)

 

[Unofficial English Translation]

 

No.: BL-ZGEBZ-2020-099

 

Party A (Creditor): TCL Commercial Factoring
(Shenzhen) Co., Ltd.

 

Legal Representative: Li Jian

 

Address: F37, Pearl River Tower, No.15
Zhujiang West Road, Tianhe District, Guangzhou, Guangdong Province

 

Party B (Guarantor):  United Time
Technology Co., Ltd.

 

Unified social credit code/ID number: 914403006766520412

 

Legal Representative: Bao Minfei

 

Address: F2.64D-403, Tianzhan Building,
Tianan Cyber Park, Futian District, Shenzhen

 

Contact information: 0755-86512180

 

Whereas:

 

Party A and Guizhou
United Time Technology Co., Ltd. (hereinafter referred to as " the Applicant") will sign one or more Domestic
Recourse Factoring Contract with Recourse and its annexes (hereinafter referred to as "the Contract") from January
1, 2020 to January 1, 2022. Party A agrees to provide factoring services for the Applicant.

 

Party B agrees to provide
the maximum joint liability guarantee for the creditor's rights of Party A to the Applicant in accordance with the Contract to
protect the rights and interests of Party A.

 

Party A and Party B
enter into the Contract through fair consultation in accordance with the Contract Law of the People's Republic of China, the
Guarantee Law of the People's Republic of China and other relevant laws, regulations and rules to clarify the rights and
obligations of Party A and Party B.

 

Article 1  Interpretation

 

1.1  Master
Contract: Refers to the Domestic Factoring Contract with Recourse and its annexes signed by Party A and Guizhou United Time
Technology Co., Ltd. between January 1, 2020 to January 1, 2022 on JDH platform (the website established and operated by JDH
Information Tech (Guangzhou) Co., Ltd., URL: www.jdh.com.cn (including the second-level domain names) and the mobile
applications that have been developed and will be developed from time to time to perform some or all functions of the above
website).

 

1.2  Primary
Debtor: Guizhou United Time Technology Co., Ltd.

 

Article 2  The
Maximum Amount of Secured Principal Creditor's Rights and the Period During Which the Principal Creditor's Rights Occur

 

2.1   According
to the Contract, the maximum guarantee amount of Party B for the principal of factoring financing is RMB 4,000,000.00, (in words:
RMB four million only).

 

    1

     

    

 

2.2  The
maximum guarantee amount is not set for the principal creditor's rights except for the principal of factoring financing as agreed
in Article 3 of the Contract, and Party B bears joint guarantee liabilities for these principal creditor's rights.

 

2.3  The
principal creditor's right occurs from January 1, 2020 to January 1, 2022.

 

Article 3  Principal
Creditor's Right

 

Principal creditor's
rights include but are not limited to:

 

(1)  All
contract-related creditor's right against the Debtors under the master contract from January 1, 2020 to January 1, 2022.

 

(2)  All
contract-related creditor's rights include but are not limited to factoring financing principal, interest, management fee,
handling fee, liquidated damages, compensation and all expenses incurred by creditors in realizing creditor's rights under
the master contract.

 

(3)  All
expenses incurred by creditors in realizing their creditor's rights include but are not limited to expediting charges, legal
fees, preservation costs, execution costs, announcement costs, attorney costs, travel expenses, notarization fees, appraisal
fees, preservation guarantee fees and preservation insurance fees.

 

Article 4  Guarantee
Period

 

4.1  Three years
after the due date of each specific debt under the master contract; If the creditor declares that a specific debt is due in
advance according to the terms of the main contract, the guarantee period of the specific debt shall be three years from the
next day of the advanced due date of the specific debt.

 

4.2  The
guarantee period of each specific debt is calculated separately. If any specific debt is extended, the guarantee period will
be extended for three years from the next day after the expiration of the extended guarantee period.

 

Article 5  Determination
of Secured Creditor's Rights

 

5.1  Under
the following circumstances, the secured creditor's rights under the Contract are determined:

 

(1)  The
occurrence period of the principal creditor's rights agreed in Article 2 of the Contract expires;

 

(2)  The
date when the factoring contract is dissolved, expired or deemed invalid;

 

(3)  Other
circumstances specified in laws.

 

5.2  The
secured creditor's rights under the Contract are determined and have the following effects:

 

(1)  When the
secured creditor's rights are determined, the creditor's rights under the master contract that are not paid off fall into the
scope of the secured creditor's rights regardless of whether the performance period of the creditor's rights has expired or
whether conditions are attached;

 

(2)  From the
date when the secured creditor's rights are determined and until all the secured creditor's rights are paid off, if the
applicant fails to fulfill its debt repayment obligations as agreed, the creditor has the right to demand the guarantor to
assume the guarantee responsibility.

 

    2

     

    

 

Article 6  Party
B's Statements, Warranties and Obligations

 

6.1  If
Party B is a natural person, it shall have full capacity for civil rights and full capacity for civil conduct, and have obtained
the consent of spouse (if any) for providing guarantee to Party A.

 

6.2  If Party B
is a non-natural person, it shall possess the qualification to become an entity-guarantor according to Chinese laws, and can provide
external guarantee. Moreover, the signing of the Contract by Party B has been approved by Party B's superior department or
the Board of Directors, shareholders' (general) meeting and other departments of Party B in accordance with the provisions of
laws and the company’s articles of association, and all necessary authorizations have been obtained.

 

6.3  Party
B promises to sign and perform the Contract, without violating any regulations or agreements binding on Party B and its assets,
any guarantee agreements signed between Party B and other party, or any other documents, agreements or commitments binding on Party
B.

 

6.4  Party
B knows and agrees to all terms and conditions of the master contract, voluntarily provides guarantee for the Applicant, and performs
joint and several liquidation obligations according to the Contract.

 

6.5  Party B has
sufficient ability to undertake the guarantee responsibility under the Contract, which will not be reduced or forgiven due to
any directive, change of financial situation or any agreement signed with any organization.

 

6.6  Party B
undertakes to perform the guarantee obligation within three working days after receiving the written notice from the
creditor requesting it to undertake the guarantee responsibility.

 

6.7  Within
the validity period of the Contract, Party B shall notify Party A in writing within three days when any of the following circumstances
occurs:

 

6.7.1  Party
B's financial or operating conditions deteriorate or Party B is involved in major commercial disputes;

 

6.7.2  If Party
B is a natural person, Party B's assets are sealed up, detained, frozen or enforced or damaged or lost for other reasons;

 

6.7.3  If Party
B is a non-natural person, Party B is declared bankrupt, discontinued, closed, dissolved, temporarily detained or revoked the
license, revoked the business license, and its major assets are sealed up, confiscated, frozen or enforced or damaged or lost
for other reasons;

 

6.7.4  Other
events occurred to Party B which may affect or cause it to lose its guarantee ability.

 

6.8  Without
the written consent of Party A, Party B shall not assign the rights and obligations hereunder to a third party.

 

6.9  All
documents and materials provided by Party B to Party A are legal, accurate, true, complete and valid.

 

6.10  If Party B
is a natural person, all obligations and joint liabilities of Party B under the Contract are continuous and have full binding
force on its successors. They are not subject to any dispute, claim, any order from legal procedure, any contract and
document signed between the Applicant and any natural person or legal person, and do not vary due to the bankruptcy of the
Applicant, inability to repay debts, loss of enterprise qualification, change of articles of association and any essential
changes.

 

    3

     

    

 

6.11  If Party B
is a non-natural person, all obligations and joint liabilities of Party B under the Contract are continuous, and have full
binding force on its successors, receivers, assignees and their merged, reorganized and renamed subjects. They are not
subject to any dispute, claim, any order from legal procedure and superior units, any contract and document signed
between the Applicant and any natural person or legal person, and do not vary due to bankruptcy of the Applicant,
inability to repay debts, loss of enterprise qualification, change of articles of association and any essential changes.

 

6.12  Party B
promises to give up the right of defense enjoyed by the Applicant against the primary debt that can be exercised against
Party A as stipulated in Article 20 of the Guarantee Law of the People's Republic of China.

 

Article 7  Rights
and Obligations of Party A

 

7.1  Party
A has the right to demand Party B to provide credit report and other materials reflecting its credit status at any time.

 

7.2  If the term
of any principal creditor's right against the Applicant under the master contract expires, Party A shall have the right to
demand Party B to bear joint and several guarantee liabilities according to the Contract.

 

7.3  When
Party A signs a specific business contract (or agreement) with the Applicant according to the master contract, it is not necessary
to notify Party B.

 

7.4  Party
A has the right to assign all or creditor's rights under the master contract to a third party.

 

Article 8  Liability
for Breach of Contract

 

8.1  In
case of any of the following circumstances, Party B shall be deemed to be in breach of the Contract:

 

8.1.1  Party
B fails to perform the guarantee responsibility in time as agreed in the Contract;

 

8.1.2  Party B's
representations and warranties made in the Contract are untrue or Party B violates its commitments made in the Contract;

 

8.1.3  The
event covered in Article 6.7 of the Contract occurs, which seriously affects Party B's financial conditions and fulfilling capability;

 

8.1.4  Party
B violates other terms on the rights and obligations of the parties in the Contract;

 

8.1.5  Party
B defaults under other contracts with Party A or affiliated institutions of the Applicant.

 

8.2  When
the default event specified in the preceding paragraph occurs, Party A is entitled to respectively or simultaneously adopt the
following measures depending on specific circumstance:

 

8.2.1  Party
A demands Party B to correct its breach of contract within a definite time.

 

8.2.2  Ask
Party B to compensate the losses suffered by the Creditor due to Party B’s breach of contract;

 

    4

     

    

 

8.2.3  Apply
to the JDH platform to take measures for Party B's receipts on the JDH platform, such as freezing, automatic sign-off and order
financing, and all the proceeds from the order financing will be used to pay off the debts of the main debtor under the Contract.
Party B shall cooperate in strict accordance with the Service Agreement and the rules and guidelines of JDH platform.

 

8.2.4  Other
Measures that Party A Considers Necessary.

 

Article 9  Effectiveness,
Change, Cancellation and Termination of the Contract

 

9.1  The
Contract shall become effective upon being signed and sealed by the legal representatives or authorized representatives of
both parties.

 

9.2  After
the Contract comes into effect, either party shall not change or terminate it without authorization. Where it is required to change
or terminate the Contract, both parties shall reach written agreement through consultation. The Contract shall remain valid until
a written agreement is reached.

 

9.3  The
Contract is independent of the Master Contract, and shall not become invalid due to the invalidity of the Master Contract. If the
Master Contract is deemed invalid, Party B shall bear joint and several liability for the debts incurred by the Creditor of the
Master Contract due to the return of property or compensation for losses.

 

Article 10  Dispute
Resolution

 

The law of the People’s
Republic of China shall apply to the establishment, effectiveness, interpretation, performance and dispute resolution of the Contract.
Both Parties shall settle the disputes and controversies arising from or related to the Contract through negotiation. If negotiation
fails, such disputes or controversies shall be settled according to the method specified in the Master Contract.

 

During the dispute resolution
period, other articles of the contract shall be performed continuously during the period if the dispute does not affect their performance.

 

Article 11  Notice

 

11.1  All
notices, requirements or other correspondence under the Contract shall be made in writing and sent to the relevant parties through
the following addresses or emails:

 

Party A: TCL Commercial Factoring (Shenzhen)
Co., Ltd.

 

Contact:

 

Address: FL37, Pearl River Tower, No.15
Zhujiang West Road, Tianhe District, Guangzhou, Guangdong Province

 

Tel.:

 

E-mail:

 

Party B: United Time Technology
Co., Ltd.

 

Address: F2.64D-403, Tianzhan Building,
Tianan Cyber Park, Futian District, Shenzhen

 

Tel: 0755-86512180

 

E-mail:

 

    5

     

    

 

11.2  Any
notice, request or other correspondence sent to the relevant parties at the above address under the Contract shall be deemed to
have been delivered:

 

11.2.1  If
it is sent by letter, it will be deemed as delivered when it is actually delivered to the relevant address;

 

11.2.2  If
it is sent by mail, it will be deemed as delivered on the date when the specific system sends the mail;

 

11.3  Unless
otherwise agreed, the address specified in Article 11.1 shall be the contact address. When the contact address is changed, the
other party shall be notified in writing in time. Such changes will not take effect until the Creditor has recorded them correctly.

 

11.4  The
Guarantor specially acknowledges and agrees with the Creditor that the address and contact information under the Contract can
be regarded as the address and contact information for service of process or arbitration proceedings. The
Guarantor shall ensure that all legal documents of the creditor can be served through the contact address and number under
the Contract, and shall not raise defense on the grounds that the address and contact information become invalid.

 

Article 12  Counter
Guarantee

 

If Party B signs a counter-guarantee
contract with the factoring applicant for the Contract, the counter-guarantee contract shall not infringe any rights and interests
of Party A. When Both Parties are in the same order when recovering debt from the Applicant due to the counter-guarantee contract,
Party A shall have the right to take priority over Party B.

 

Without Party A's written
consent, Party B shall not require the Applicant to set up counter-guarantee in the form of property mortgage or pledge for Party
B's obligations under the Contract.

 

Article 13  Miscellaneous

 

13.1  That
Party A fails to exercise or partially exercises or delays exercising any right under the Contract shall not constitute the abandonment
or modification of the right or other rights and shall not affect its further exercise of the right or other rights.

 

13.2  Any
tolerance, period extension, or permit for delay in performing any rights under the contract granted by Party A to Party B, shall
not affect any rights of Party A as per the contract and relevant laws and regulations, and shall not be deemed as Party A's waiving
of rights under the contract.

 

13.3  Any
invalid or non-executable article of the Contract shall not affect the validity or enforceability of other articles and shall not
affect the effectiveness of the Contract as a whole.

 

13.4  The
Contract is made in duplicate, one for each Party, and each copy shall have equal legal effect.

 

Party A has taken
reasonable measures to draw Party B's attention to the clauses exempting or limiting Party A's liabilities under the Contract,
and fully explained the relevant clauses as required by Party B. Both Parties have no objection to the understanding of all terms
and conditions of the Contract.

 

(No text below)

 

    6

     

    

 

(No text on this page. It is the signature
page of the Maximum Guarantee Amount Contract - No. BL-ZGEBZ-2020-099)

 

Party A: TCL Commercial
Factoring (Shenzhen) Co., Ltd. (Seal Affixed)

 

Legal Representative
(or Authorized Representative):

 

MM/DD/YYYY

 

Party B: United Time
Technology Co., Ltd.

 

Legal Representative
(or Authorized Representative): /s/Bao Minfei (with fingerprints)

 

MM/DD/YYYY

 

 

 

7

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