Document:

Exhibit 10.31

 Exhibit 10.31 
 RECON TECHNOLOGY, LTD 
 WARRANT AGREEMENT 
                     
        ,              
 Anderson & Strudwick, Incorporated 
 707 East Main Street 
 20th Floor

 Richmond, Virginia 23219 
 Ladies and Gentlemen: 

Recon Technology, Ltd, a Cayman Islands exempted company (the “Company”), agrees to issue and sell to you a warrant (the “Warrant”)
to purchase the number of ordinary shares of the Company set forth herein, subject to the terms and conditions contained herein. 
 1.
Issuance of Warrant; Exercise Price. The Warrant, which shall be in the form attached hereto as Exhibit A, shall be issued to you concurrently with the execution hereof in consideration of the payment by you to the Company of
the sum of US $0.001 cash per ordinary share subject to the Warrant, the receipt and sufficiency of which are hereby acknowledged. The Warrant shall provide that you and such other holder(s) of the Warrant, as such may be assigned in accordance
herewith, shall have the right to purchase an aggregate of up to              ordinary shares for an exercise price equal to
$             per share (the “Exercise Price”), as described more fully herein. The number, character and Exercise Price of such shares are subject to adjustment as
hereinafter provided, and the term “shares” shall mean, unless the context otherwise requires, the ordinary shares and other securities and property receivable upon exercise of the Warrant. The term “Exercise Price” shall mean,
unless the context otherwise requires, the price per share purchasable under the Warrant as set forth in this Section 1, as adjusted from time to time pursuant to Section 5. 
 2. Notices of Record Date. In the event of (i) any taking by the Company of a record date with respect to the holder(s) of any class
of securities of the Company for purposes of determining which of such holder(s) are entitled to dividends or other distributions, or any right to subscribe for, purchase or otherwise acquire shares of any class or any other securities or property,
or to receive any other right, (ii) any capital reorganization of the Company, or reclassification or recapitalization of ordinary shares of the Company or any transfer in one or more related transactions of all or a majority of the assets or
revenue or income generating capacity of the Company to, or consolidation or merger of the Company with or into, any other entity or person, or (iii) any voluntary or involuntary dissolution or winding up of the Company, then and in each such
event the Company will mail or cause to be mailed to each holder of a Warrant at the time outstanding a notice specifying, as the case may be, (a) the date on which any such record is to be taken for the purpose of such dividend, distribution
or right, and stating the amount and character of such dividend, distribution or right; or (b) the date on which any 

 
such reorganization, reclassification, recapitalization, transfer, consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take place
and the time, if any is to be fixed, as of which the holders of record of shares (or any other class of shares or securities of the Company, or another issuer pursuant to Section 5, receivable upon the exercise of the Warrant) shall be entitled
to exchange their shares (or such other shares or securities) for securities or other property deliverable upon such event. Any such notice shall be deposited in the United States mail, postage prepaid, at least ten (10) days prior to the date
therein specified, and the holder(s) of the Warrant(s) may exercise the Warrant(s) and participate in such event as a registered holder of shares, upon exercise of the Warrant(s) so held, within the ten (10) day period from the date of mailing
such notice. 
 3. No Impairment. The Company shall not, by amendment of its organizational documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other action, avoid or seek to avoid the observance or performance of any other action, avoid or seek to avoid the observance or performance
of any of the terms of this Agreement or of the Warrant, but will at all times in good faith take any and all action as may be necessary in order to protect the rights of the holder(s) of the Warrant against impairment. Without limiting the
generality of the foregoing, the Company (a) will at all times reserve and keep available, solely for issuance and delivery upon exercise of the Warrant, shares issuable from time to time upon exercise of the Warrant, (b) will not increase
the par value of any ordinary shares receivable upon exercise of the Warrant above the amount payable in respect thereof upon such exercise, and (c) will take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and non-assessable shares upon the exercise of the Warrant, or any portion of it. 
 4. Exercise
of Warrant. 
 (a) Exercise for Cash. At any time and from time to time on and after one hundred eighty (180) days
after the closing of the initial public offering of the Company’s ordinary shares (the “IPO”) and expiring on
                             ,
             at 11:59 p.m., Richmond, Virginia time (the “Exercise Period”), the Warrant may be exercised as to all or any portion of the whole number of shares covered by
the Warrant by the holder thereof by surrender of the Warrant, accompanied by a subscription for shares to be purchased in the form attached hereto as Exhibit B and by a check payable to the order of the Company in the amount required for
purchase of the shares as to which the Warrant is being exercised, delivered to the Company at its principal office at Room 1401 Yong Feng Mansion, 123 Jiqing Road, Nanjing, People’s Republic of China 210006, Attention: Yin Shenping, Chief
Executive Officer, 
 (b) Cashless Exercise. In addition, during the Exercise Period and to the extent that the Company has
failed to register the shares issuable hereunder in accordance with Section 7 hereof within 90 days of the notification of the Company of the exercise of such demand registration right, the Warrant may be exercised as to all or any portion of
the whole number of shares covered by the Warrant by the holder thereof by surrender of the Warrant together with irrevocable instructions to the Company to issue in exchange for the Warrant the number of shares equal to the product of (i) the
number of shares as to which the Warrant is 

  

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being exercised multiplied by (ii) a fraction the numerator of which is the Current Value of any share less the Exercise Price therefor and the
denominator of which is such Current Value. In the case of the purchase of less than all the shares purchasable under the Warrant, the Company shall cancel such Warrant and shall execute and deliver a new Warrant of like tenor for the unexercised
balance. For the purposes hereof, “Exercise Date” shall mean the date on which all deliveries required to be made to the Company upon exercise of the Warrant pursuant to this Section 4 shall have been made. 
 (c) Issuance of Certificates. Upon the exercise of a Warrant in whole or in part, the Company will within five (5) days thereafter, at
its expense (including the payment by the Company of any applicable issue or transfer taxes), cause to be issued in the name of and delivered to the Warrant holder a certificate or certificates for the number of fully paid and non-assessable shares
to which such holder is entitled upon exercise of the Warrant. In the event such holder is entitled to a fractional share, in lieu thereof such holder shall be paid a cash amount equal to such fraction, multiplied by the Current Value of one full
share on the date of exercise. Certificates for shares issuable by reason of the exercise of the Warrant shall be dated and shall be effective as of the date of the surrendering of the Warrant for exercise, notwithstanding any delays in the actual
execution, issuance or delivery of the certificates for the shares so purchased. In the event the Warrant is exercised as to less than the aggregate amount of all shares issuable upon exercise of the Warrant held by such person, the Company shall
issue a new Warrant to the holder of the Warrant so exercised covering the aggregate number of shares as to which the Warrant remains unexercised. In addition to the foregoing, should the Company fail to issue the share certificate or certificates
within the time limits referenced in the first sentence of this Section 4(c), if and to the extent not already utilized as to the Warrant or the shares underlying the Warrant, the holder may utilize the cashless exercise contained in
Section 4(b) hereof. 
 (d) Current Value. For purposes of this section, “Current Value” is defined (i) in
the case for which a public market exists for the shares at the time of such exercise, at a price per share equal to (A) the average of the means between the closing bid and asked prices of the shares in the over-the-counter market for 20
consecutive business days commencing 30 business days before the date of such notice, (B) if the shares are quoted on the NASDAQ Capital Market, at the average of the means of the daily closing bid and asked prices of the shares for 20
consecutive business days commencing 30 business days before the date of such notice, or (C) if the shares are listed on any national securities exchange or The NASDAQ National Market, at the average of the daily closing prices of the shares
for 20 consecutive business days commencing 30 business days before the date of such notice, and (ii) in the case no public market exists at the time of such exercise, at the Appraised Value. For the purposes of this Agreement, “Appraised
Value” is the value determined in accordance with the following procedures. For a period of five (5) days after the date of an event (a “Valuation Event”) requiring determination of Current Value at a time when no public market
exists for the shares (the “Negotiation Period”), each party to this Agreement agrees to negotiate in good faith to reach agreement upon the Appraised Value of the securities or property at issue, as of the date of the Valuation Event,
which will be the fair market value of such securities or property, without premium for control or discount for minority interests, illiquidity or restrictions on transfer. In 

  

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the event that the parties are unable to agree upon the Appraised Value of such securities or other property by the end of the Negotiation Period, then the
Appraised Value of such securities or property will be determined for purposes of this Agreement by a recognized appraisal or investment banking firm mutually agreeable to the holder(s) of the Warrant and the Company (the “Appraiser”). If
the holder(s) of the Warrant and the Company cannot agree on an Appraiser within two (2) business days after the end of the Negotiation Period, the Company, on the one hand, and the holder(s) of the Warrant, on the other hand, will each select
an Appraiser within ten (10) business days after the end of the Negotiation Period and those Appraisers will determine the fair market value of such securities or property, without premium for control or discount for minority interests. Such
independent Appraiser(s) will be directed to determine fair market value of such securities or property as soon as practicable, but in no event later than thirty (30) days after the date of its selection. The determination by Appraiser(s) of
the fair market value will be conclusive and binding on all parties to this Agreement. If there are two Appraisers, and they do not agree as to fair market value, then fair market value shall be determined to be the average of the fair market values
as determined by each Appraiser. Appraised Value of each share at a time when (i) the Company is not a reporting company under the Securities Exchange Act of 1934 and (ii) the shares are not traded in the organized securities markets,
will, in all cases, be calculated by determining the Appraised Value of the entire Company taken as a whole and dividing that value by the number of shares then outstanding, without premium for control or discount for minority interests, illiquidity
or restrictions on transfer. The costs of the Appraiser(s) will be borne by the Company. In no event will the Appraised Value of the shares be less than the per share consideration received or receivable with respect to the shares or securities or
property of the same class in connection with a pending transaction involving a sale, merger, recapitalization, reorganization, consolidation, or share exchange, dissolution of the Company, sale or transfer of all or a majority of its assets or
revenue or income generating capacity, or similar transaction. 
 5. Protection Against Dilution. The Exercise Price for the
shares and number of shares issuable upon exercise of the Warrant, in whole or in part, is subject to adjustment from time to time as described in this Section 5. Notwithstanding the foregoing, nothing in this Warrant Agreement is intended or
may be construed to violate any NASD Conduct Rule. In particular, the anti-dilution provisions of this Warrant Agreement shall be interpreted in compliance with Rule 2710(f)(2)(H)(vi) and (vii) of the NASD Conduct Rules. 
 (a) Dividends, Subdivisions, Reclassifications, Etc. In case at any time or from time to time after the date of execution of this Agreement,
the Company shall (i) take a record of the holders of shares for the purpose of entitling them to receive a dividend or a distribution on shares payable in shares or other class of securities, (ii) subdivide or reclassify its outstanding
shares of shares into a greater number shares, or (iii) combine or reclassify its outstanding shares into a smaller number of shares, then, and in each such case, the Exercise Price in effect at the time of the record date for such dividend or
distribution or the effective date of such subdivision, combination or reclassification shall be adjusted in such a manner that the Exercise Price for the shares issuable upon exercise of the Warrant immediately after such event shall bear the same
ratio to the Exercise Price in effect immediately prior to any such event as the total number of shares outstanding immediately prior to such event shall bear to the total number of shares outstanding immediately after such event. 
  

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 (b) Adjustment of Number of Shares Purchasable. When any adjustment is required to be made
in the Exercise Price under this Section 5, (i) the number of shares issuable upon exercise of the Warrant, in whole or in part, shall be changed (upward to the nearest full share) to the number of shares determined by dividing (x) an
amount equal to the number of shares issuable pursuant to the exercise of the Warrant immediately prior to the adjustment, multiplied by the Exercise Price in effect immediately prior to the adjustment, by (y) the Exercise Price in effect
immediately after such adjustment, and (ii) upon exercise of the Warrant, the holder will be entitled to receive the number of shares of other securities referred to in Section 5(a) that such holder would have received had the Warrant been
exercised prior to the events referred to in Section 5(a). 
 (c) Adjustment for Reorganization, Consolidation, Merger,
Etc. In case of any reorganization or consolidation of the Company with, or any merger of the Company with or into, another entity (other than a consolidation or merger in which the Company is the surviving corporation) or in case of any
sale or transfer to another entity of the majority of assets of the Company, the entity resulting from such reorganization or consolidation or surviving such merger or to which such sale or transfer shall be made, as the case may be, shall make
suitable provision (which shall be fair and equitable to each holder of a Warrant) and shall assume the obligations of the Company hereunder (by written instrument executed and mailed to each holder of a Warrant then outstanding) pursuant to which,
upon exercise of the Warrant, at any time after the consummation of such reorganization, consolidation, merger or conveyance, the holder shall be entitled to receive the ordinary shares or other securities or property that such holder would have
been entitled to upon consummation if such holder had exercised the Warrant immediately prior thereto, all subject to further adjustment as provided in this Section 5. 
 (d) Certificate as to Adjustments. In the event of adjustment as herein provided in paragraphs of this Section 5, the Company shall
promptly mail to each Warrant holder a certificate setting forth the Exercise Price and number of shares issuable upon exercise after such adjustment and setting forth a brief statement of facts requiring such adjustment. Such certificate shall also
set forth the kind and amount of shares or other securities or property into which the Warrant shall be exercisable after any adjustment of the Exercise Price as provided in this Agreement. 
 (e) Minimum Adjustment. Notwithstanding the foregoing, no certificate as to adjustment of the Exercise Price hereunder shall be made if
such adjustment results in a change in the Exercise Price then in effect of less than five cents ($0.05) and any adjustment of less than five cents ($0.05) of any Exercise Price shall be carried forward and shall be made at the time of and together
with any subsequent adjustment that, together with any subsequent adjustment that, together with the adjustment or adjustments so carried forward, amounts to five cents ($0.05) or more; provided however, that upon the exercise of a Warrant, the
Company shall have made all necessary adjustments (to the nearest cent) not theretofore made to the Exercise Price up to and including the date upon which such Warrant is exercised. 
  

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 7. Registration Rights. 
 (a) Demand Registration Under the Securities Act of 1933. To the extent that sufficient shares have not been registered to permit exercise
of the Warrant, then at any time commencing after the closing of the IPO, through and including                     
        ,              parties who collectively hold a majority of the shares issued or issuable upon the exercise of the Warrant shall
have the right, exercisable by written notice to the Company, to have the Company prepare and file with the Securities and Exchange Commission (the “Commission”), on one occasion, a registration statement and such other documents,
including a prospectus, as may be necessary in the opinion of both counsel for the Company and counsel for you and any other holder of a Warrant, in order to comply with the provisions of the Act, so as to permit a public offering and sale of their
respective Warrant, the shares underlying the Warrant or other securities held as a result of any adjustment made pursuant to Section 5 hereof (collectively, the “Registrable Securities”). The Company shall notify each holder of a
Warrant and the shares underlying the Warrant of any such demand registration request within ten (10) days of receipt of such request. The notified holder(s) may participate in such demand registration by notifying the Company within ten
(10) days after receiving the Company’s notification. 
 (b) Notice to Be Delivered. The Company covenants and agrees
to give written notice of any registration request under Section 7(a) by you or any holder(s) to you and to all other holder(s) of a Warrant or the shares underlying a Warrant within ten (10) days from the date of the receipt of any such
registration request. 
 (c) Covenants of the Company With Respect to Registration. In connection with any registration under
Section 7(a) hereof, the Company covenants and agrees as follows: 
 (i) The Company shall use its best efforts to file a registration
statement within ninety (90) days of receipt of any demand therefore in accordance with Section 7(a), shall use its best efforts to have any registration statement declared effective at the earliest practicable time, and shall furnish you
and each holder desiring to sell the Registrable Securities held by you or the other holder(s) as a result of any adjustment made pursuant to the provisions of Section 5 hereof, such number of prospectuses as shall reasonably be requested.

 (ii) The Company shall pay all costs (excluding fees and expenses of counsel for you and any other holder(s) and any underwriting or
selling commissions), fees and expenses in connection with all registration statements filed pursuant to Section 7(a) hereof including, without limitation, the Company’s legal and accounting fees, printing expenses, and blue sky fees and
expenses. If the Company shall fail to comply with the provisions of Section 7(d), the Company shall, in addition to any other equitable or other relief available to you and any other holder(s), be liable for any or all actual damages (which
may include damages due to a loss of profit). 
  

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 (iii) The Company will take all necessary action which may be required in qualifying or registering the
Registrable Securities included in a registration statement for offering and sale under the securities or blue sky laws of such states as reasonably are requested by you and any other holder(s), provided that the Company shall not be obligated to
execute or file any general consent to service of process or to qualify as a foreign corporation to do business under the laws of any such jurisdiction. 
 (iv) The Company shall indemnify you and any other holder(s) of the Registrable Securities to be sold pursuant to any registration statement and each person, if any, who controls you or any other holder(s) within the
meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), against all loss, claim, damage, expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Act, the 1934 Act or otherwise, arising from such registration statement to the same extent and with the same effect as the
provisions pursuant to which the Company has agreed to indemnify you in the Placement Agreement to be entered into by and between you and the Company (the “Placement Agreement”) and to provide for just and equitable contribution as set
forth in the Placement Agreement. 
 (v) You and any other holder(s) of the Registrable Securities to be sold pursuant to a registration
statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a)
of the 1934 Act, against all loss, claim, damage or expense or liability (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the 1934 Act
or otherwise, arising from information furnished by or on behalf of such holder(s), or their successors or assigns, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in the
Placement Agreement pursuant to which you have agreed to indemnify the Company and to provide for just and equitable contribution as set forth in the Placement Agreement. 
 (vi) Nothing contained in this Agreement shall be construed as requiring you or any other holder(s) to exercise any portion of their Warrant prior to
the initial filing of any registration statement or the effectiveness thereof. 
 (vii) The Company shall deliver promptly to you and any
other holder(s) of the Registrable Securities participating in the offering copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with
respect to the registration statement and permit you and the other holder(s) of the Registrable Securities to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of the Financial Industry Regulatory Authority (“FINRA”); provided that you and each such holder of the Registrable Securities agree not to disclose such
information without the prior consent of the Company. Such investigation shall include access to books, records and properties 

  

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and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable
times and as often as you and any other holder(s) of the Registrable Securities shall reasonably request. 
 (viii) If required by the
underwriters in connection with an underwritten offering which includes Registrable Securities pursuant to this Section 7, the Company shall enter into an underwriting agreement with one or more underwriters selected for such underwriting. Such
underwriting agreement shall be satisfactory in form and substance to the Company, you and each other holder of the Registrable Securities, and shall contain such representations, warranties and covenants by the Company and such other terms as are
customarily contained in agreements of that type used by the underwriters. If required by the underwriters, you and the other holder(s) of the Registrable Securities shall be parties to any underwriting agreement relating to an underwritten sale of
their Registrable Securities and may, at their option, require that any or all the representations and warranties of the Company to or for the benefit of such underwriters shall, to the extent that they may be applicable, also be made to and for the
benefit of you and the other holder(s) of the Registrable Securities. You and the other holder(s) of the Registrable Securities shall not be required to make any representations or warranties to or agreements with the Company or the underwriters
except as they may relate to you and the other holder(s) of the Registrable Securities and their intended methods of distribution. 
 (ix)
In connection with any registration statement filed pursuant to Section 7 hereof, the Company shall furnish, or cause to be furnished, to you and each holder participating in any underwritten offering and to each underwriter, a signed
counterpart, addressed to you, such holder(s) or underwriter, of (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under the underwriting agreement), and (ii) a “cold comfort” letter, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter
dated the date of the closing under the underwriting agreement), signed by the independent public accountants who have issued a report on the Company’s financial statements included in such registration statement, in each case covering
substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are
customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. 
 (x) The Company shall promptly notify you and each holder of the Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Act,
upon the Company’s discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and upon receipt of such notice you and each holder shall not effect any sale of
securities and shall immediately 

  

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cease utilizing or distributing such prospectus. At the request of you or any such holder(s), the Company shall promptly prepare and furnish to you or such
holder(s) and each underwriter, if any, a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made. 
 (xi) For purposes of this Agreement, the term “majority” in reference to you and the other holder(s) of a Warrant or the shares underlying an
unexercised Warrant, shall mean in excess of fifty percent (50%) of the shares underlying the then outstanding Warrant(s) that have not been resold to the public pursuant to Rule 144 under the Act or a registration statement filed with the
Commission under the Act. 
 8. Stock Exchange Listing. In the event the Company lists its shares on any national securities
exchange or market, the Company will, at its expense, also list on such exchange, upon exercise of a Warrant, all shares issuable pursuant to such Warrant. 
 9. Restrictive Legend. Executed copies of this Agreement shall be filed in the principal office of the Company. Instruments evidencing all or part of the Warrant shall contain the legend shown on
Exhibit A until one hundred eighty (180) days after the closing of the IPO, after which time such legend may be removed at the request of the holder thereof. 
 10. Successors and Assigns; Binding Effect. This Agreement shall be binding upon and inure to the benefit of you and the Company and their respective successors and permitted assigns. 
 11. Notices. Any notice hereunder shall be given by registered or certified mail, if to the Company, at its principal office referred to in
Section 5 and, if to a holder, to the holder’s address shown in the Warrant ledger of the Company, provided that any holder may at any time on three (3) days’ written notice to the Company designate or substitute another address
where notice is to be given. Notice shall be deemed given and received after a certified or registered letter, properly addressed with postage prepaid, is deposited in the U.S. mail. 
 12. Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for
any reason whatsoever, such illegality or invalidity shall not affect the remainder of this Agreement. 
 13. Assignment; Replacement
of Warrant. The Warrant and the shares underlying the Warrant may be sold, transferred, assigned, pledged or hypothecated by you prior to one hundred eighty (180) days after the closing of the IPO only to bona fide officers of
Anderson & Strudwick, Incorporated, who in turn shall be subject to the same restriction. Any assignment shall be effected in accordance with the Form of Assignment attached hereto as Exhibit C. If the Warrant is assigned, in whole
or in part, the Warrant shall be surrendered at the principal office of the Company, and thereupon, in the case of a partial assignment, a new Warrant shall be 

  

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issued to the holder thereof covering the number of shares not assigned, and the assignee shall be entitled to receive a new Warrant covering the number of
shares so assigned. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Warrant and appropriate bond or indemnification protection, the Company shall issue a new Warrant of like tenor.

 14. Rights of Shareholders. Until exercised, the Warrant shall not entitle the holder thereof to any of the rights of a
shareholder of the Company. 
 15. Governing Law. This Agreement shall be governed and construed in accordance with the laws of
the Commonwealth of Virginia without giving effect to the principles of choice of laws thereof. 
 16. Definition. All
references to the word “you” in this Agreement shall be deemed to apply with equal effect to any persons or entities to whom a Warrant has been transferred in accordance with the terms hereof, and, where appropriate, to any persons or
entities holding shares issuable upon exercise of a Warrant. 
 17. Headings. The headings herein are for purposes of reference
only and shall not limit or otherwise affect the meaning of any of the provisions hereof. 
 [Execution Page Follows – Recon
Technology, Ltd Warrant Agreement] 
  

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 [Execution Page – Recon Technology, Ltd Warrant Agreement] 
  

			
	Very truly yours,
	
	RECON TECHNOLOGY, LTD
		
	By:	 	  

	Name:	 	Yin Shenping
	Title:	 	Chief Executive Officer

 Accepted as of the      day of
                    ,             . 
  

			
	ANDERSON & STRUDWICK, INCORPORATED
		
	By:	 	  

	Name:	 	L. McCarthy Downs, III
	Title:	 	Senior Vice President

  

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 EXHIBIT A 
  

					
		  		  	 No.         
                      Ordinary Shares
 (as may be adjusted pursuant to the
 terms of the Warrant Agreement)

 RECON TECHNOLOGY, LTD 
 ORDINARY SHARES PURCHASE WARRANT 
 THIS IS TO CERTIFY that
ANDERSON & STRUDWICK, INCORPORATED or its assigns as permitted in that certain Warrant Agreement (the “Warrant Agreement”) dated
                             ,
             between the Company (as hereafter defined) and Anderson & Strudwick, Incorporated is entitled to purchase at any time or from time to time on or after the
closing of the initial public offering of the Company’s ordinary shares and before                     
        ,             ,
                     ordinary shares of Recon Technology, Ltd, a Cayman Islands exempted company (the “Company”), for an exercise
price of $             per share. This Warrant is issued pursuant to the Agreement, and all rights of the holder of this Warrant are further governed by, and subject to the terms and
provisions of such Warrant Agreement, copies of which are available upon request to the Company. The holder of this Warrant and the shares issuable upon the exercise hereof shall be entitled to the benefits, rights and privileges and subject to the
obligations, duties and liabilities provided in the Warrant Agreement. 
 UNTIL ONE HUNDRED EIGHTY (180) DAYS AFTER THE CLOSING
OF THE INITIAL PUBLIC OFFERING OF THE ORDINARY SHARES OF RECON TECHNOLOGY, LTD, NEITHER ANDERSON & STRUDWICK, INCORPORATED NOR ANY ASSIGNEE OF ALL OR A PORTION OF THE RIGHTS PURSUANT TO THIS WARRANT MAY SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE ANY OF ITS RIGHTS PURSUANT TO THIS WARRANT OTHER THAN TO BONA FIDE OFFICERS OF ANDERSON & STRUDWICK, INCORPORATED. 
 Subject to the provisions of the Securities Act of 1933, of the Warrant Agreement and of this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, only to the extent expressly permitted in such documents and
then only at the office of the Company at Recon Technology, Ltd, Room 1401 Yong Feng Mansion, 123 Jiqing Road, Nanjing, People’s Republic of China 210006, Attention: Chief Executive Officer, by the holder hereof or by a duly authorized
attorney-in-fact, upon surrender of this Warrant duly endorsed, together with the Assignment hereof duly endorsed. Until transfer hereof on the books of the Company, the Company may treat the registered holder hereof as the owner hereof for all
purposes. 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its proper corporate officers thereunto duly
authorized. 
  

			
	 RECON TECHNOLOGY, LTD

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	 ATTEST:

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 EXHIBIT B 
 FORM OF SUBSCRIPTION 
 To Recon Technology, Ltd: 
 The undersigned, the holder of Warrant Number
                    , hereby irrevocably elects to exercise the purchase right represented by such Warrant, and to purchase thereunder
                     * ordinary shares of Recon Technology, Ltd. 
 As payment therefor, the undersigned (mark one): 
              herewith makes a payment in cash or by check of U.S. $            , or 
              requests to utilize the cashless exercise provision in Section 4(b)
of the Warrant Agreement. 
 Further, the undersigned requests that the certificate or certificates for such shares be issued in the name of
and delivered to the undersigned. The undersigned acknowledges and agrees that shares to be received by the undersigned are subject to the restrictions on transfer set forth in the Warrant. 
  

	
	  

	(Signature)
	
	  
	
	  

	(Address)

  

			
	Dated:	 	  

		 	

  
  

	*	Insert here the number of ordinary shares set forth on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is being
exercised), in either case without making any adjustment (which adjustment will be made in the issuance of such shares, other stock, securities, property, or cash) for additional ordinary shares or any other stock or other securities or property or
cash that, pursuant to the adjustment provisions of the Warrant, is deliverable upon exercise. 

 EXHIBIT C 
 FORM OF ASSIGNMENT 
 (To be signed only upon transfer of Warrant) 
 For value received, Anderson & Strudwick, Incorporated, the registered holder of the Warrant issued by Recon Technology, Ltd to purchase
                     ordinary shares represented by Warrant         , hereby sells, assigns and
transfers                      of such Warrants to officers of Anderson & Strudwick, Incorporated as set forth below, with the
remaining balance (                    ) to be reissued to Anderson & Strudwick, Incorporated: 
  

					
	Assignee/Transferee	  		  	Amount Assigned/Transferred
			
	  
	  		  	  

 Anderson & Strudwick, Incorporated does hereby irrevocably constitute and appoint the
undersigned’s attorney to make such transfer on the books of the Warrant Agent maintained for that purpose, with full power of substitution in the premises. 
 The undersigned represents and warrants that the transfer of the attached Warrant is permitted by the terms of the Warrant Agreement pursuant to which the attached Warrant has been issued, and the transferees hereof,
by acceptance of this Agreement, agrees to be bound by the terms of the Warrant Agreement with the same force and effect as if a signatory thereto. 
  

			
	ANDERSON & STRUDWICK, INCORPORATED
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Date:	 	  

		 	

 Signature Guaranteed by: 
 THE SIGNATURE SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM) PURSUANT TO S.E.C RULE 17
Ad-15.Exhibit 10.32

 Exhibit 10.32 
 ESCROW AGREEMENT 
 This Escrow Agreement is made and entered into as of the
     day of             ,             , by and among ANDERSON & STRUDWICK,
INCORPORATED, a Virginia corporation (the “Placement Agent”), RECON TECHNOLOGY, LTD a Cayman Islands exempted company (the “Company”) and SUNTRUST BANK, N.A. (the “Escrow Agent”). 
 RECITALS: 
 A. The Company proposes to sell a
minimum of              ordinary shares and a maximum of              ordinary shares (the “Shares”) of
the Company at a price of $             per share (the “Offering”). 
 B. The Company has retained the Placement Agent, as agent for the Company on a best efforts, minimum-maximum basis, to sell the Shares in the Offering, and the Placement Agent has agreed to sell the Shares in the Offering as the
Company’s agent on a best efforts minimum-maximum basis. 
 C. The Escrow Agent is willing to hold the proceeds of the Offering in
escrow pursuant to this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained in
this Agreement, it is hereby agreed as follows: 
 1. Establishment of the Escrow Agent. Contemporaneously herewith, the parties
have established a non-interest-bearing account with the Escrow Agent, which escrow account is entitled “Recon Technology, Ltd IPO Escrow Account” (the “Escrow Account”). The Placement Agent will transfer funds directly to the
Escrow Agent as directed by its customers and will instruct other purchasers of the Shares to make checks payable to “SunTrust Bank – Recon Technology, Ltd IPO Escrow Account.” 
 2. Escrow Period. The escrow period (the “Escrow Period”) shall begin with the commencement of the Offering and shall terminate
upon the earlier to occur of the following dates: 
 (a) the date on which the Escrow Agent confirms that it has received
in the Escrow Account gross proceeds of $             (the “Maximum”); 
 (b)                  ,             ; 
 (c) the date on which the Placement Agent and the Company notify the Escrow Agent that the Offering has been terminated in writing.

 During the Escrow Period, the Company is aware and understands that it is not entitled to any funds received into escrow and no amounts
deposited in the Escrow Account shall become the property of the Company or any other entity, or be subject to the debts of the Company or any other entity. 
 3. Deposits into the Escrow Account. The Placement Agent agrees that it shall deliver to the Escrow Agent for deposit in the Escrow Account all monies received from purchasers of the Shares by noon of the
next business day after receipt together with a written account of each sale, which account shall set forth, among other things, (i) the purchaser’s name and address, (ii) the number of Shares purchased by the purchaser,
(iii) the amount paid therefor by the purchaser, (iv) whether the consideration received from the purchaser was in the form of a check, draft or money order, and (v) the purchaser’s social security or tax identification number.
The Escrow Agent agrees to hold all monies so deposited in the Escrow Account (the “Escrow Amount”) for the benefit of the parties hereto until authorized to disburse such monies under the terms of this Agreement. 

 4. Disbursements from the Escrow Account. In the event the Escrow Agent does not receive
minimum deposits totaling $             prior to the termination of the Escrow Period, or if the Placement Agent and the Company notify the Escrow Agent that the Offering has been
terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without deduction, penalty, or expense to the purchaser, and the Escrow Agent shall notify the Company and the Placement Agent of its
distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company or any of its creditors. 
 In the event the Escrow Agent does receive minimum deposits totaling $             prior to termination of the Escrow Period, on the date of Closing,
the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, provided, however, in no event will the Escrow Amount be released to the Company until such amount is received by the Escrow Agent in collected
funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels. 
 5. Collection Procedure. 
 (a) The Escrow Agent is hereby authorized to deposit each check in the Escrow Account. 
 (b) In the event any check paid
by a purchaser and deposited in the Escrow Account shall be returned, the Escrow Agent shall notify the Placement Agent by telephone of such occurrence and advise it of the name of the purchaser, the amount of the check returned, and any other
pertinent information. The Escrow Agent shall then transmit the returned check directly to the purchaser and shall transmit the statement previously delivered by the Placement Agent relating to such purchase to the Underwriter. 
 (c) If the Company rejects any purchase of Shares for which the Escrow Agent has already collected funds, the Escrow Agent shall promptly issue a
refund check to the rejected purchaser. If the Placement Agent rejects any purchase for which the Escrow Agent has not yet collected funds but has submitted the purchaser’s check for collection, the Escrow Agent shall promptly issue a check in
the amount of the purchaser’s check to the rejected purchaser after the Escrow Agent has cleared such funds. If the Escrow Agent has not yet submitted a rejected purchaser’s check for collection, the Escrow Agent shall promptly remit the
purchaser’s check directly to the purchaser. 
 6. Delivery of Escrow Account. 
 (a) Prior to the Closing (as defined in Section 8 of this Agreement), the Placement Agent and the Company shall provide the Escrow Agent with a
statement, executed by each party, containing the following information: 
 (i) The total number of Shares sold by the Placement Agent
directly to purchasers and a list of each purchaser, and the number of Shares purchased by such purchaser, and specification of the manner in which the Shares should be issued; and 
 (ii) A calculation by the Placement Agent and the Company as to the manner in which the Escrow Account should be distributed to the Company and the
Placement Agent and in the event of oversubscription or rejection of certain purchasers, the aggregate amount to be returned to individual purchasers and a listing of the exact amount to be returned to each such purchaser. 
  

 2 

 The Escrow Agent shall hold the Escrow Account and distribute it in accordance with the above-described
statement on the date of Closing or such later date that it receives the above-described statement. 
 (b) Upon termination of the
Offering by the Company or the Placement Agent for any reason, the Escrow Agent shall return to the purchasers who contributed to the Escrow Account the exact amount contributed by them. 
 7. Investment of Escrow Account. The Escrow Agent shall deposit funds received from purchasers in the Escrow Account, which shall be a
non-interest-bearing bank account at SunTrust Bank. 
 8. Closing Date. The “Closing” shall be the date of closing of
the Offering, and the “Closing Date” shall be the date on or subsequent to the date on which the Escrow Agent has received minimum deposits of at least $             in
collected funds that is designated to the Escrow Agent by the Placement Agent and the Company as the Closing Date. 
 9. Compensation
of Escrow Agent. The Company shall pay the Escrow Agent a fee for its services hereunder in an amount equal to              Dollars
($            ), which amount shall be paid on the Closing Date. In the event the Offering is canceled for any reason, the Company shall pay the Escrow Agent its fee within ten
(10) days after the Escrow Amount is refunded to purchasers. No such fee or any other monies whatsoever shall be paid out of or chargeable to the funds on deposit in the Escrow Account. 
 10. Disbursement Into Court. If, at any time, there shall exist any dispute between the Company, the Placement Agent and/or the purchasers
with respect to the holding or disposition of any portion of the Escrow Amount or any other obligations of the Escrow Agent hereunder, or if at any time the Escrow Agent is unable to determine, to the Escrow Agent’s sole satisfaction, the
proper disposition of any portion of the Escrow Amount or the Escrow Agent’s proper actions with respect to its obligations hereunder, or if the Company and the Placement Agent have not within 30 days of the furnishing by the Escrow Agent of a
notice of resignation appointed a successor Escrow Agent to act hereunder, then the Escrow Agent may, in its sole discretion, take either both of the following actions: 
 (a) suspend the performance of any of its obligations under this Escrow Agreement until such dispute or uncertainty shall be resolved to the sole satisfaction of the Escrow Agent or until a successor Escrow Agent
shall have been appointed (as the case my be); provided however, that the Escrow Agent shall continue to hold the Escrow Amount in accordance with Section 7 hereof; and/or 
 (b) petition (by means of an interpleader action or any other appropriate method) any court of competent jurisdiction in Richmond, Virginia, for
instructions with respect to such dispute or uncertainty, and pay into court all funds held by it in the Escrow Account for holding and disposition in accordance with the instructions of such court. 
 The Escrow Agent shall have no liability to the Company, the Placement Agent or any other person with respect to any such suspension of performance or
disbursement into court, specifically including any liability or claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the disbursement of funds held in the Escrow Account or any delay in or with
respect to any other action required or requested of the Escrow Agent. 
 11. Duties and Rights of the Escrow Agent. The
foregoing agreements and obligations of the Escrow Agent are subject to the following provisions: 
 (a) The Escrow Agent’s duties
hereunder are limited solely to the safekeeping of the Escrow Account in accordance with the terms of this Agreement. It is agreed that the duties of the Escrow Agent are only such as herein specifically provided, being purely of a ministerial
nature, and the Escrow Agent shall incur no liability whatsoever except for negligence, willful misconduct or bad faith. 
  

 3 

 (b) The Escrow Agent is authorized to rely on any document believed by the Escrow Agent to be
authentic in making any delivery of the Escrow Account or the certificates representing the Shares. It shall have no responsibility for the genuineness or the validity of any document or any other item deposited with it and it shall be fully
protected in acting in accordance with this Agreement or instructions received.
 (c) The Company and the Placement Agent hereby waive
any suit, claim, demand or cause of action of any kind which they may have or may assert against the Escrow Agent arising out of or relating to the execution or performance by the Escrow Agent of this Agreement, unless such suit, claim, demand or
cause of action is based upon the gross negligence, willful misconduct, or bad faith of the Escrow Agent. 
 12. Notices. It if
further agreed as follows: 
 (a) All notices given hereunder will be in writing, served by registered or certified mail, return receipt
requested, postage prepaid, or by hand-delivery, to the parties at the following addresses: 
 to the Company: 
 Recon Technology, Ltd 
 Room 1401 Yong Feng
Mansion 
 123 Jiqing Road 
 Nanjing, 210006 
 People’s Republic of China 
 Attention: Yin Shenping, Chief Executive Officer 
 with a copy to: 
 Jingtian & Gongcheng 

					
			
	 	  		  	
			
	 	  		  	
			
	 	  		  	
			
	 	  		  	

 To the Underwriter: 
 Anderson & Strudwick, Incorporated 
 707 East
Main Street, 20th Floor 
 Richmond,
Virginia 23219 
 Attention: L. McCarthy Downs, III 
 Facsimile: (804) 648-3404 
 with a copy to: 
 Kaufman & Canoles, P.C. 
 Three James
Center 
 12th Floor 
 1051 East Cary Street 
 Richmond, Virginia 23219 
 Attention: Bradley A. Haneberg, Esq. 
 Facsimile: (804) 771-5777 
  

 4 

 To the Escrow Agent: 
 SunTrust Bank 
 919 East Main Street 
 10th Floor 
 Richmond, Virginia 23219 
 Attention: 
 Facsimile:
(804)             -             
 12. Miscellaneous. 
 (a) This Agreement shall be binding upon, inure to the benefit of and
be enforceable by the parties hereto and their respective successors and assigns. 
 (b) If any provision of this Agreement shall be
held invalid by any court of competent jurisdiction, such holding shall not invalidate any other provision hereof. 
 (c) This Agreement
shall be governed by the applicable laws of the Commonwealth of Virginia. 
 (d) This Agreement may not be modified except in writing
signed by the parties hereto. 
 (e) All demands, notices, approvals, consents, requests and other communications hereunder shall be
given in the manner provided in this Agreement. 
 (f) This Agreement may be executed in one or more counterparts, and if executed in
more than one counterpart, the executed counterparts shall together constitute a single instrument. 
 IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed in their respective names, all as of the date first above written. 
  

			
	ANDERSON & STRUDWICK, INCORPORATED
		
	By:	 	  

		 	L. McCarthy Downs, III
		 	Senior Vice President

  

			
	RECON TECHNOLOGY, LTD
		
	By:	 	  

	Name:	 	Yin Shenping
	Title:	 	Chief Executive Officer

  

 5 

			
	SUNTRUST BANK
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 6

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