Document:

Exhibit
10.6

 

Exclusive
Option Agreement

 

This
Exclusive Option Agreement (this “Agreement”) is executed by and among the following Parties as of November 6, 2018,
in Jiaxing, the People’s Republic of China (“China” or the “PRC”):

 

Party
A: Jiaxing Bangtong Electronic technology Co., Ltd. (嘉兴市邦同电子科技有限公司)

 

Address:
***

 

Party
B: Xianyi HAO(郝显义) (a Chinese citizen with Identification No.: ***)

 

Party
C: Shenzhen Bangtong Ecommerce Co., Ltd.(深圳市邦同电子商务有限公司)

 

Address:
***

 

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

Whereas:

 

	1.	Party
    B is the shareholder of Party C and as of the date hereof hold 97.55% of the equity interests of Party C, representing RMB
    11,930,000 in the registered capital of Party C.

 

	2.	Party
    A and Party B executed a Loan Agreement (“Loan Agreement”) on November 6,
    2018, according to which Party A agreed to provide to Party B a loan in the amount of RMB 11,930,000 for the purpose
    as designated in the Loan Agreement.

 

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

 

	1.	Sale
    and Purchase of Equity Interest

 

	 	1.1	Option
    Granted

 

Party
B hereby irrevocably and unconditionally grants Party A an irrevocable and exclusive right to purchase, or designate one or more
persons (each, a “Designee”) to purchase the equity interests in Party C then held by Party B once or at multiple
times at any time in part or in whole at Party A’s sole and absolute discretion to the extent permitted by Chinese laws
and at the price described in Section 1.3 herein (such right being the “Equity Interest Purchase Option”). Except
for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with
respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option
to Party A. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises,
trusts or non-corporate organizations.

 

    	 	 	 

     

    

 

	 	1.2	Steps
    for Exercise of the Equity Interest Purchase Option

 

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

 

	 	1.3	Equity
    Interest Purchase Price

 

Optioned
Interests

 

The
total price for the purchase by Party A of all Optioned Interests held by Party B upon exercise of the Equity Interest Purchase
Option by Party A shall equal to the amount of registered capital contributed by Party B in Party C for such Optioned Interests
(or such price may be as set forth in the equity transfer agreement to be executed between Party A (or the Designee) and Party
B separately, provided that such price does not violate PRC laws and regulations and is acceptable to Party A); if Party A exercises
the Equity Interest Purchase Option to purchase part of the Optioned Interests held by Party B in Party C, then the purchase price
shall be calculated on a pro rata basis. If at the time when Party A exercises the Equity Interest Purchase Option, the PRC laws
impose mandatory requirements on the purchase price of such Optioned Interests, such that the minimum price permitted under PRC
law is higher than the aforementioned price, then the purchase price shall be such minimum price permitted by PRC law (collectively,
the “Equity Interest Purchase Price”).

 

	 	1.4	Transfer
    of Optioned Interests

 

For
each exercise of the Equity Interest Purchase Option:

 

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

 

	 	1.4.2	Party
    B shall obtain written statements from the other shareholders of Party C giving consent to the transfer of the Optioned Interests
    by Party B to Party A and/or the Designee(s) and waiving any right of first refusal with respect thereto;

 

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

 

    	 	 	 

     

    

 

	 	1.4.4	Party
    B shall, within thirty (30) days after receipt of the Equity Interest Purchase Option Notice, execute all necessary contracts,
    agreements or documents with relevant parties, obtain all necessary government approvals and permits, and complete all necessary
    registrations and filings, so as to transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s),
    unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the registered owner(s) of the
    Optioned Interests. For the purpose of this Section and this Agreement, “security interests” shall include securities,
    mortgages, third party’s rights or interests, any stock options, acquisition right, right of first refusal, right to
    offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created by
    this Agreement, Party B’s Equity Interest Pledge Agreement and Party B’s Power of Attorney; “Party B’s
    Equity Interest Pledge Agreement” as used in this Agreement shall refer to the Interest Pledge Agreement executed by
    and among Party A, Party B and Party C on the date hereof and any modification, amendment and restatement thereto.; “Party
    B’s Power of Attorney” as used in this Agreement shall refer to the Power of Attorney executed by Party B on the
    date hereof granting Party A with a power of attorney and any modification, amendment and restatement thereto.

 

	 	1.5	Payment

 

The
Parties have agreed in the Loan Agreement that any proceeds obtained by Party B through the transfer of its equity interests in
Party C shall be used for repayment of the loan provided by Party A (and any interest thereon) in accordance with the Loan Agreement.
Accordingly, upon exercise of the Equity Interest Purchase Option, Party A may make the payment of the Equity Interest Purchase
Price by way of offset of the outstanding debts owed by Party B to Party A (including without limitation the outstanding amount
of the loan owed by Party B to Party A and any interest thereon) (such debts, the “Offset Debts”), in which case Party
A shall not be required to pay any additional purchase price to Party B, unless the Equity Interest Purchase Price set forth herein
is required to be adjusted in accordance with the PRC laws. If the PRC laws impose mandatory requirements on the Equity Interest
Purchase Price agreed under this Agreement, such that the minimum Equity Interest Purchase Price permitted under PRC laws exceeds
the price already offset with the Offset Debts, Party B hereby waives its right to receive the amount of price that exceeds the
amount offset with the Offset Debts.

 

	2.	Covenants

 

	 	2.1	Covenants
    regarding Party C

 

Party
B (as a shareholder of Party C) and Party C hereby covenant as follows:

 

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

 

    	 	 	 

     

    

 

	 	2.1.2	They
    shall maintain Party C’s corporate existence in accordance with good financial and business standards and practices,
    obtain and maintain all necessary government licenses and permits by prudently and effectively operating its business and
    handling its affairs;

 

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

 

	 	2.1.4	Without
    the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer the existence of any debt, except
    for payables incurred in the ordinary course of business other than through loans;

 

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

 

	 	2.1.6	Without
    the prior written consent of Party A, they shall not cause Party C to execute any major contract, except the contracts in
    the ordinary course of business;

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	 	 

     

    

 

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

 

	 	2.1.14	At
    the request of Party A, they shall appoint any person designated by Party A as the director or executive director of Party
    C.

 

	 	2.1.15	Without
    Party A’s prior written consent, they shall not engage in any business in competition with Party A or its affiliates;
    and

 

	 	2.1.16	Unless
    otherwise required by PRC law, Party C shall not be dissolved or liquated without prior written consent by Party A;

 

	 	2.1.17	Once
    PRC laws permits foreign investors to invest in the principal business of Party C in China, with a controlling stake and/or
    in the form of wholly foreign-owned enterprises, and the competent government authorities of China begin to approve such investments,
    upon Party’s exercise of the Equity Interest Purchase Option, Party B shall immediately transfer to Party A or the Designee(s)
    the equity interest in Party C held by Party B.

 

	 	2.2	Covenants
    of Party B

 

Party
B hereby covenants as follows:

 

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

 

	 	2.2.2	Without
    the prior written consent of Party A, Party B shall ensure the shareholders’ meeting and/or the directors (or the executive
    director) of Party C not to approve any sale, transfer, mortgage or disposition in any other manner of any legal or beneficial
    interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, except
    for the interest placed in accordance with Party B’s Equity Interest Pledge Agreement, Party B’s Power of Attorney
    and this Agreement;

 

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

 

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

 

    	 	 	 

     

    

 

	 	2.2.5	Party
    B shall ensure the shareholders’ meeting or the directors (or the executive director) of Party C to vote in favor of
    the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that may be requested
    by Party A;

 

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

 

	 	2.2.7	Party
    B shall appoint any designee of Party A as the director or the executive director of Party C, at the request of Party A;

 

	 	2.2.8	Party
    B gives consent to the execution by each of the other shareholders of Party C with Party A and Party C of the exclusive option
    agreement, the equity interest pledge agreement and the power of attorney similar to this Agreement, Party B’s Equity
    Interest Pledge Agreement and Party B’s Power of Attorney, and undertakes not to take any action in conflict with such
    documents executed by such other shareholders; with respect to the transfer of equity interest of Party C by any of the other
    shareholders of Party C to Party A and/or the Designee(s) pursuant to such shareholder’s exclusive option agreement,
    Party B hereby waives all of its right of first refusal (if any).

 

	 	2.2.9	If
    Party received any profit distribution, interest, dividend or proceeds of liquidation from Party C, Party B shall promptly
    donate all such profit distribution, interest, dividend or proceeds of liquidation to Party A or any other person designated
    by Party A in the manner permitted by the applicable PRC laws; and

 

	 	2.2.10	Party
    B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by and among
    Party B, Party C and Party A, perform the obligations hereunder and thereunder, and refrain from any action/omission that
    may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining rights with respect
    to the equity interests subject to this Agreement hereunder or under the Party B’s Equity Interest Pledge Agreement
    or under the Party B’s Power of Attorney, Party B shall not exercise such rights except in accordance with the written
    instructions of Party A.

 

	3.	Representations
    and Warranties

 

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

 

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

 

    	 	 	 

     

    

 

	 	3.2	Party
    B and Party C have obtained any and all approvals and consents from the competent government authorities and third parties
    (if required) for the execution, delivery and performance of this Agreement.

 

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

 

	 	3.4	Party
    B has the legal and complete title to the equity interests held by it in Party C. Except for Party B’s Equity Interest
    Pledge Agreement and Party B’s Power of Attorney, Party B has not placed any security interest or encumbrances on such
    equity interests;

 

	 	3.5	Party
    C is a limited liability company duly organized and validly existing under the laws of the PRC. Party C has the legal and
    complete title to all of the assets used in connection with its business operation, and has not placed any security interest
    on the aforementioned assets;

 

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

 

	 	3.7	Party
    C has complied with all PRC laws and regulations in material aspects; and

 

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

 

	4.	Effective
    Date and Term

 

This
Agreement shall become effective upon execution by the Parties, and remain effective until all equity interests held by Party
B in Party C have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this
Agreement.

 

    	 	 	 

     

    

 

	5.	Governing
    Law and Resolution of Disputes

 

	 	5.1	Governing
    Law

 

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

 

	 	5.2	Methods
    of Resolution of Disputes

 

In
the event of any dispute with respect to the interpretation and performance of this Agreement, the Parties shall first resolve
the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute, either Party may
submit the relevant dispute to the Shenzhen Court
of International Arbitration(Shenzhen Arbitration Commission) for arbitration, in accordance
with the arbitration rules of such arbitration commission effective at that time. The place of the hearing of the arbitration
shall be Shenzhen. The arbitration award shall be final and binding on both Parties.

 

	6.	Taxes
    and Fees

 

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

 

	7.	Notices

 

	 	7.1
	All
    notices and other communications required to be given pursuant to this Agreement or otherwise given in connection with this
    Agreement shall be delivered personally, or sent by registered mail, prepaid postage, a commercial courier service, facsimile
    transmission or email to the address of such Party set forth below. The dates on which notices shall be deemed to have been
    effectively given shall be determined as follows:

 

	 	7.1.1	Notices
    given by personal delivery shall be deemed effectively given on the date of receipt at the address set forth below, or the
    date on which such notices are placed at the address set forth below;

 

	 	7.1.2	Notices
    given by courier service, registered mail or prepaid postage shall be deemed effectively given on the date of receipt, refusal
    or return for any reason at the address set forth below;

 

	 	7.1.3	Notices
    given by facsimile transmission shall be deemed effectively given on the date of successful transmission to the Fax no. set
    forth below (as evidenced by an automatically generated confirmation of transmission). Notices given by email shall be deemed
    effectively given on the date of successful transmission, provided that the sending Party has received a system message indicating
    successful transmission or has not received a system message within 24 hours indicating failure of delivery or return of email.

 

    	 	 	 

     

    

 

	 	7.2	For the purpose of notification, each party’s address is as follows:
	 	 	 
	 	 	Party A: Jiaxing Bangtong Electronic technology Co., Ltd.
	 	 	Address: ***
	 	 	 
	 	 	PartyB: Xianyi HAO
	 	 	Address:***
	 	 	 
	 	 	PartyC: Shenzhen Bangtong Ecommerce Co., Ltd.
	 	 	Address: ***
	 	 	 
	 	7.3	Any Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms of this Section.

 

	8.	Confidentiality

 

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

 

	9.	Further
    Warranties

 

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

 

    	 	 	 

     

    

 

	10.	Breach
    of Agreement

 

	 	10.1	If
    Party B or Party C materially breaches any provision under this Agreement, or fails to perform, performs incompletely or delays
    to perform any obligation under this Agreement, it shall constitute a breach under this Agreement on the part of Party B or
    Party C (as the case may be). Party A is entitled to require Party B or Party C to rectify or take remedial measures. If within
    ten (10) days after Party A delivers a written notice to Party B or Party C and requires for rectification (or within any
    other reasonable period required by Party A), Party B or Party C (as the case may be) fails to rectify or take remedial measures,
    Party A is entitled to, at its sole discretion, (1) terminate this Agreement and require Party B or Party C (as the case may
    be) to compensate all the losses; or (2) require specific performance of the obligations of Party B or Party C (as the case
    may be) under this Agreement and require Party B or Party C (as the case may be) to compensate all the losses. This Section
    shall not prejudice any other rights of Party A under this Agreement.

 

	 	10.2	Party
    B or Party C shall not terminate this Agreement unilaterally in any event unless otherwise required by the applicable laws.

 

	11.	Miscellaneous

 

	 	11.1	Amendments,
    changes and supplements

 

Any
amendment, change and supplement to this Agreement shall be made in writing by all of the Parties. Any amendment agreement and
supplementary agreement duly executed by the Parties hereto with regard to this Agreement shall constitute an integral part of
this Agreement, and shall have equal legal validity as this Agreement.

 

	 	11.2	Entire
    agreement

 

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

 

	 	11.3	Headings

 

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

 

	 	11.4	Severability

 

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

 

    	 	 	 

     

    

 

	 	11.5	Successors

 

The
terms of this Agreement shall be binding on the Parties hereto and their respective successors, heirs (including who inherited
the Optioned Interests) and permitted assigns, and shall be valid with respect to the Parties and each of their successors, heirs
and permitted assigns.

 

	 	11.6	Survival

 

	 	11.6.1	Any
    obligations that occurred or that are due in connection with this Agreement before the expiration or early termination of
    this Agreement shall survive the expiration or early termination thereof.

 

	 	11.6.2	The
    provisions of Sections 5, 8, 10 and this Section 11.6 shall survive the termination of this Agreement.

 

	 	11.7	Waivers

 

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

 

	 	11.8	Language

 

This
Agreement is written in English language in three copies, each Party having one copy.

 

    	 	 	 

     

    

 

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

 

Party
A: Jiaxing Bangtong Electronic technology Co., Ltd.

 

	By:	/s/
                                         Qi Wang
	 
	Name:	Qi
    WANG	 
	Title:	Legal
                                         Representative
	 

 

Party
B: Xianyi HAO

 

	By:	/s/
                                         Xianyi Hao
	 

 

Party
C: Shenzhen Bangtong Ecommerce Co., Ltd.

 

	By:	/s/
                                         Xianyi Hao
	 
	Name:	Xianyi
    HAO	 
	Title:	Legal
    Representative	 

 

    	 	 	 

     

    

 

Exclusive
Option Agreement

 

This
Exclusive Option Agreement (this “Agreement”) is executed by and among the following Parties as of November 6, 2018,
in Jiaxing, the People’s Republic of China (“China” or the “PRC”):

 

Party
A: Jiaxing Bangtong Electronic technology Co., Ltd. (嘉兴市邦同电子科技有限公司)

 

Address:
***

 

Party
B: Nan DING(丁楠) (a Chinese citizen with Identification No.: ***)

 

Party
C: Shenzhen Bangtong Ecommerce Co., Ltd.(深圳市邦同电子商务有限公司)

 

Address:
***

 

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

 

Whereas:

 

	1.	Party
    B is the shareholder of Party C and as of the date hereof hold 2.45% of the equity interests of Party C, representing RMB
    300,000 in the registered capital of Party C.

 

	2.	Party
    A and Party B executed a Loan Agreement (“Loan Agreement”) on November 6,
    2018, according to which Party A agreed to provide to Party B a loan in the amount of RMB 300,000 for the purpose as
    designated in the Loan Agreement.

 

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

 

	1.	Sale
    and Purchase of Equity Interest

 

	 	1.1	Option
    Granted

 

Party
B hereby irrevocably and unconditionally grants Party A an irrevocable and exclusive right to purchase, or designate one or more
persons (each, a “Designee”) to purchase the equity interests in Party C then held by Party B once or at multiple
times at any time in part or in whole at Party A’s sole and absolute discretion to the extent permitted by Chinese laws
and at the price described in Section 1.3 herein (such right being the “Equity Interest Purchase Option”). Except
for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with
respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option
to Party A. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises,
trusts or non-corporate organizations.

 

    	 	 	 

     

    

 

	 	1.2	Steps
    for Exercise of the Equity Interest Purchase Option

 

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

 

	 	1.3	Equity
    Interest Purchase Price

 

Optioned
Interests

 

The
total price for the purchase by Party A of all Optioned Interests held by Party B upon exercise of the Equity Interest Purchase
Option by Party A shall equal to the amount of registered capital contributed by Party B in Party C for such Optioned Interests
(or such price may be as set forth in the equity transfer agreement to be executed between Party A (or the Designee) and Party
B separately, provided that such price does not violate PRC laws and regulations and is acceptable to Party A); if Party A exercises
the Equity Interest Purchase Option to purchase part of the Optioned Interests held by Party B in Party C, then the purchase price
shall be calculated on a pro rata basis. If at the time when Party A exercises the Equity Interest Purchase Option, the PRC laws
impose mandatory requirements on the purchase price of such Optioned Interests, such that the minimum price permitted under PRC
law is higher than the aforementioned price, then the purchase price shall be such minimum price permitted by PRC law (collectively,
the “Equity Interest Purchase Price”).

 

	 	1.4	Transfer
    of Optioned Interests

 

For
each exercise of the Equity Interest Purchase Option:

 

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

 

	 	1.4.2	Party
    B shall obtain written statements from the other shareholders of Party C giving consent to the transfer of the Optioned Interests
    by Party B to Party A and/or the Designee(s) and waiving any right of first refusal with respect thereto;

 

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

 

    	 	 	 

     

    

 

	 	1.4.4	Party
    B shall, within thirty (30) days after receipt of the Equity Interest Purchase Option Notice, execute all necessary contracts,
    agreements or documents with relevant parties, obtain all necessary government approvals and permits, and complete all necessary
    registrations and filings, so as to transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s),
    unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the registered owner(s) of the
    Optioned Interests. For the purpose of this Section and this Agreement, “security interests” shall include securities,
    mortgages, third party’s rights or interests, any stock options, acquisition right, right of first refusal, right to
    offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created by
    this Agreement, Party B’s Equity Interest Pledge Agreement and Party B’s Power of Attorney; “Party B’s
    Equity Interest Pledge Agreement” as used in this Agreement shall refer to the Interest Pledge Agreement executed by
    and among Party A, Party B and Party C on the date hereof and any modification, amendment and restatement thereto.; “Party
    B’s Power of Attorney” as used in this Agreement shall refer to the Power of Attorney executed by Party B on the
    date hereof granting Party A with a power of attorney and any modification, amendment and restatement thereto.

 

	 	1.5	Payment

 

The
Parties have agreed in the Loan Agreement that any proceeds obtained by Party B through the transfer of its equity interests in
Party C shall be used for repayment of the loan provided by Party A (and any interest thereon) in accordance with the Loan Agreement.
Accordingly, upon exercise of the Equity Interest Purchase Option, Party A may make the payment of the Equity Interest Purchase
Price by way of offset of the outstanding debts owed by Party B to Party A (including without limitation the outstanding amount
of the loan owed by Party B to Party A and any interest thereon) (such debts, the “Offset Debts”), in which case Party
A shall not be required to pay any additional purchase price to Party B, unless the Equity Interest Purchase Price set forth herein
is required to be adjusted in accordance with the PRC laws. If the PRC laws impose mandatory requirements on the Equity Interest
Purchase Price agreed under this Agreement, such that the minimum Equity Interest Purchase Price permitted under PRC laws exceeds
the price already offset with the Offset Debts, Party B hereby waives its right to receive the amount of price that exceeds the
amount offset with the Offset Debts.

 

	2.	Covenants

 

	 	2.1	Covenants
    regarding Party C

 

Party
B (as a shareholder of Party C) and Party C hereby covenant as follows:

 

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

 

    	 	 	 

     

    

 

	 	2.1.2	They
    shall maintain Party C’s corporate existence in accordance with good financial and business standards and practices,
    obtain and maintain all necessary government licenses and permits by prudently and effectively operating its business and
    handling its affairs;

 

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

 

	 	2.1.4	Without
    the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer the existence of any debt, except
    for payables incurred in the ordinary course of business other than through loans;

 

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

 

	 	2.1.6	Without
    the prior written consent of Party A, they shall not cause Party C to execute any major contract, except the contracts in
    the ordinary course of business;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	 	 

     

    

 

	 	2.1.14	At
    the request of Party A, they shall appoint any person designated by Party A as the director or executive director of Party
    C.

 

	 	2.1.15	Without
    Party A’s prior written consent, they shall not engage in any business in competition with Party A or its affiliates;
    and

 

	 	2.1.16	Unless
    otherwise required by PRC law, Party C shall not be dissolved or liquated without prior written consent by Party A;

 

	 	2.1.17	Once
    PRC laws permits foreign investors to invest in the principal business of Party C in China, with a controlling stake and/or
    in the form of wholly foreign-owned enterprises, and the competent government authorities of China begin to approve such investments,
    upon Party’s exercise of the Equity Interest Purchase Option, Party B shall immediately transfer to Party A or the Designee(s)
    the equity interest in Party C held by Party B.

 

	 	2.2	Covenants
    of Party B

 

Party
B hereby covenants as follows:

 

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

 

	 	2.2.2	Without
    the prior written consent of Party A, Party B shall ensure the shareholders’ meeting and/or the directors (or the executive
    director) of Party C not to approve any sale, transfer, mortgage or disposition in any other manner of any legal or beneficial
    interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, except
    for the interest placed in accordance with Party B’s Equity Interest Pledge Agreement, Party B’s Power of Attorney
    and this Agreement;

 

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

 

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

 

	 	2.2.5	Party
    B shall ensure the shareholders’ meeting or the directors (or the executive director) of Party C to vote in favor of
    the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that may be requested
    by Party A;

 

    	 	 	 

     

    

 

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

 

	 	2.2.7	Party
    B shall appoint any designee of Party A as the director or the executive director of Party C, at the request of Party A;

 

	 	2.2.8	Party
    B gives consent to the execution by each of the other shareholders of Party C with Party A and Party C of the exclusive option
    agreement, the equity interest pledge agreement and the power of attorney similar to this Agreement, Party B’s Equity
    Interest Pledge Agreement and Party B’s Power of Attorney, and undertakes not to take any action in conflict with such
    documents executed by such other shareholders; with respect to the transfer of equity interest of Party C by any of the other
    shareholders of Party C to Party A and/or the Designee(s) pursuant to such shareholder’s exclusive option agreement,
    Party B hereby waives all of its right of first refusal (if any).

 

	 	2.2.9	If
    Party received any profit distribution, interest, dividend or proceeds of liquidation from Party C, Party B shall promptly
    donate all such profit distribution, interest, dividend or proceeds of liquidation to Party A or any other person designated
    by Party A in the manner permitted by the applicable PRC laws; and

 

	 	2.2.10	Party
    B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by and among
    Party B, Party C and Party A, perform the obligations hereunder and thereunder, and refrain from any action/omission that
    may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining rights with respect
    to the equity interests subject to this Agreement hereunder or under the Party B’s Equity Interest Pledge Agreement
    or under the Party B’s Power of Attorney, Party B shall not exercise such rights except in accordance with the written
    instructions of Party A.

 

	3.	Representations
    and Warranties

 

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

 

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

 

    	 	 	 

     

    

 

	 	3.2	Party
    B and Party C have obtained any and all approvals and consents from the competent government authorities and third parties
    (if required) for the execution, delivery and performance of this Agreement.

 

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

 

	 	3.4	Party
    B has the legal and complete title to the equity interests held by it in Party C. Except for Party B’s Equity Interest
    Pledge Agreement and Party B’s Power of Attorney, Party B has not placed any security interest or encumbrances on such
    equity interests;

 

	 	3.5	Party
    C is a limited liability company duly organized and validly existing under the laws of the PRC. Party C has the legal and
    complete title to all of the assets used in connection with its business operation, and has not placed any security interest
    on the aforementioned assets;

 

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

 

	 	3.7	Party
    C has complied with all PRC laws and regulations in material aspects; and

 

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

 

	4.	Effective
    Date and Term

 

This
Agreement shall become effective upon execution by the Parties, and remain effective until all equity interests held by Party
B in Party C have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this
Agreement.

 

	5.	Governing
    Law and Resolution of Disputes

 

	 	5.1	Governing
    Law

 

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

 

    	 	 	 

     

    

 

	 	5.2	Methods
    of Resolution of Disputes

 

In
the event of any dispute with respect to the interpretation and performance of this Agreement, the Parties shall first resolve
the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute, either Party may
submit the relevant dispute to the Shenzhen Court
of International Arbitration(Shenzhen Arbitration Commission) for arbitration, in accordance
with the arbitration rules of such arbitration commission effective at that time. The place of the hearing of the arbitration
shall be Shenzhen. The arbitration award shall be final and binding on both Parties.

 

	6.	Taxes
    and Fees

 

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

 

	7.	Notices

 

	 	7.1	All
    notices and other communications required to be given pursuant to this Agreement or otherwise given in connection with this
    Agreement shall be delivered personally, or sent by registered mail, prepaid postage, a commercial courier service, facsimile
    transmission or email to the address of such Party set forth below. The dates on which notices shall be deemed to have been
    effectively given shall be determined as follows:

 

	 	7.1.1	Notices
    given by personal delivery shall be deemed effectively given on the date of receipt at the address set forth below, or the
    date on which such notices are placed at the address set forth below;

 

	 	7.1.2	Notices
    given by courier service, registered mail or prepaid postage shall be deemed effectively given on the date of receipt, refusal
    or return for any reason at the address set forth below;

 

	 	7.1.3	Notices
    given by facsimile transmission shall be deemed effectively given on the date of successful transmission to the Fax no. set
    forth below (as evidenced by an automatically generated confirmation of transmission). Notices given by email shall be deemed
    effectively given on the date of successful transmission, provided that the sending Party has received a system message indicating
    successful transmission or has not received a system message within 24 hours indicating failure of delivery or return of email.

 

	 	7.2	For
    the purpose of notification, each party’s address is as follows:
	 	 	 
	 	 	Party
    A: Jiaxing Bangtong Electronic technology Co., Ltd.
	 	 	Address:***
	 	 	 
	 	 	PartyB:
    Nan DING
	 	 	Address:***

 

    	 	 	 

     

    

 

	 	 	PartyC:
    Shenzhen Bangtong Ecommerce Co., Ltd.
	 	 	Address:***
	 	 	 
	 	7.3	Any
    Party may at any time change its address for notices by a notice delivered to the other Parties in accordance with the terms
    of this Section.

 

	8.	Confidentiality

 

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

 

	9.	Further
    Warranties

 

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

 

	10.	Breach
    of Agreement

 

	 	10.1	If
    Party B or Party C materially breaches any provision under this Agreement, or fails to perform, performs incompletely or delays
    to perform any obligation under this Agreement, it shall constitute a breach under this Agreement on the part of Party B or
    Party C (as the case may be). Party A is entitled to require Party B or Party C to rectify or take remedial measures. If within
    ten (10) days after Party A delivers a written notice to Party B or Party C and requires for rectification (or within any
    other reasonable period required by Party A), Party B or Party C (as the case may be) fails to rectify or take remedial measures,
    Party A is entitled to, at its sole discretion, (1) terminate this Agreement and require Party B or Party C (as the case may
    be) to compensate all the losses; or (2) require specific performance of the obligations of Party B or Party C (as the case
    may be) under this Agreement and require Party B or Party C (as the case may be) to compensate all the losses. This Section
    shall not prejudice any other rights of Party A under this Agreement.

 

    	 	 	 

     

    

 

	 	10.2	Party
    B or Party C shall not terminate this Agreement unilaterally in any event unless otherwise required by the applicable laws.

 

	11.	Miscellaneous

 

	 	11.1	Amendments,
    changes and supplements

 

Any
amendment, change and supplement to this Agreement shall be made in writing by all of the Parties. Any amendment agreement and
supplementary agreement duly executed by the Parties hereto with regard to this Agreement shall constitute an integral part of
this Agreement, and shall have equal legal validity as this Agreement.

 

	 	11.2	Entire
    agreement

 

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

 

	 	11.3	Headings

 

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

 

	 	11.4	Severability

 

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

 

	 	11.5	Successors

 

The
terms of this Agreement shall be binding on the Parties hereto and their respective successors, heirs (including who inherited
the Optioned Interests) and permitted assigns, and shall be valid with respect to the Parties and each of their successors, heirs
and permitted assigns.

 

    	 	 	 

     

    

 

	 	11.6	Survival

 

	 	11.6.1	Any
    obligations that occurred or that are due in connection with this Agreement before the expiration or early termination of
    this Agreement shall survive the expiration or early termination thereof.

 

	 	11.6.2	The
    provisions of Sections 5, 8, 10 and this Section 11.6 shall survive the termination of this Agreement.

 

	 	11.7	Waivers

 

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

 

	 	11.8	Language

 

This
Agreement is written in English language in three copies, each Party having one copy.

 

    	 	 	 

     

    

 

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

 

Party
A: Jiaxing Bangtong Electronic technology Co., Ltd.

 

	By:	/s/
                                         Qi Wang
	 
	Name:	Qi
    WANG	 
	Title:	Legal
                                         Representative

        
	 

 

Party
B:   Nan DING

 

	By:	/s/
                                         Nan Ding
	 

 

Party
C:   Shenzhen Bangtong Ecommerce Co., Ltd.

 

	By:	/s/
                                         Xianyi Hao
	 
	Name:	Xianyi
    HAO	 
	Title:	Legal
    RepresentativeExhibit
10.7

 

Property
Leasing Contract

 

(Contract
No.:                     )

 

Parties
Involved:

 

Lessor:
Jiaxing Innovation Park Development Co., Ltd. (嘉兴创新园发展有限公司)
(Hereinafter referred to as Party A)

 

Lessee:
Jiaxing Bangtong Electronic Commerce Limited (嘉兴市邦同电子商务有限公司)
(Hereinafter referred to as Party B)

 

    	 	 	 

    	 

    

 

Property
Lease Contract

 

Party
A (Lessor): Lessor: Jiaxing Innovation Park Development Co., Ltd. (嘉兴创新园发展有限公司)

Legal
Representative: Wang Huijun

Registered
Address: ***

Communication
Address: ***

Contact
Number: ***

 

Party
B (Lessee): Jiaxing Bangtong Electronic Commerce Limited (嘉兴市邦同电子商务有限公司)

Registration
Number (ID Number): ***

Legal
Representative: Wei Wei

Registered
Address: ***.

Communication
Address: ***

Contact
Number: ***

 

According
to the “Contract Law of the People’s Republic of China” and other relevant laws and regulations, on the basis
of equality, voluntariness and consensus, the two parties reached the following agreement for both parties to abide by regarding
the lease of Room 202, Building 21, Zhifu Center, Xiuzhou District, Jiaxing, Zhejiang, China (浙江省嘉兴市秀洲区智富中心21幢202室).

 

Article
1 Basic information of the property to be leased

 

	1.1	The
    property to be leased is located at: Room 202, Building 21, Intelligence and Wealth Center, Jiaxing, Zhejiang, China (浙江省嘉兴市秀洲区智富中心21幢202室).
	 	(Refer
    to Attachment 1 for Floor Plan of the property)
	1.2	Both
    parties agree that the lease area of the property to be leased in this contract which is chargeable for rent, property management
    fees, and other fees is 787.24 square meters (The final area is subject to verification by the property rights
    department).
	1.3	Accessories
    of the property to be leased in this contract include:
	 	Fire
    facilities (such as fire hydrants, smoke-detection); air conditioning
	1.4	Party
    A promises that its right to own and lease the property hereof is legal.

 

Article
2 Property usage

 

Party
B intends to lease the property hereof for: usage as office. Party B shall not modify the above purpose without Party A’s
written consent.

 

Article
3: Lease period

 

3.1
Delivery date: 1st Oct. 2018.

 

3.2
Before Party A delivers the property hereof, Party B shall, according to agreement, pay the rent for the first billing period
and lease deposit. Otherwise, Party A reserves the right to deny the delivery of the property hereof.

 

3.3
Lease period lasts from 1st Oct. 2018 (Rent date) to 30th Sep. 2021, which is three years in total.

 

Article
4 Rent and payment

 

4.1
Rent standard

 

For
the first year, which is from 1st Oct. 2018 to 30th Sep. 2019, the standard applicable for the rent payable by Party
B is RMB 1.0¥/square meter/day. The total rent payable for the first year of the lease period is RMB 287,342.6¥
ONLY (RMB TWO HUNDRED AND EIGHTY SEVEN THOUSAND THREE HUNDRED AND FOURTY TWO POINT SIX¥). Payment for the first billing
period should be paid by Party B to Party A within 7 days after this contract is signed. The first billing period is from
1st Oct. 2018 to 31st Dec. 2018, which is 92 days in total. Amount payable for the first billing period is
RMB 72,426.08 ONLY (SEVENTY TWO THOUSAND FOUR HUNDRED AND TWENTY SIX POINT ZERO EIGHT¥)

 

    	 	 	 

    	 

    

 

For
the second year, which is from 1st Oct. 2019 to 30th Sep. 2020, the standard applicable for the rent payable by
Party B is RMB 1.0¥/square meter/day. The total rent payable for the second year of the lease period is RMB 288,129.84¥
ONLY (RMB TWO HUNDRED AND EIGHTY EIGHT THOUSAND ONE HUNDRED AND TWENTY NINE POINT EIGHT FOUR¥).

 

For
the third year, which is from 1st Oct. 2020 to 30th Sep. 2021, the standard applicable for the rent payable by Party
B is RMB 1.1¥/square meter/day. The total rent payable for the second year of the lease period is RMB 316,076.86¥
ONLY (RMB THREE HUNDERD AND SIXTEEN THOUSAND AND SEVENTY SIX POINT EIGHT SIX ¥).

 

Note:
The above rent standard includes VAT (value-added tax) at a rate of 5%.

 

4.2
Payment method

 

After
paying the first billing period rent, the billing cycle in which Party B pays the rent is calculated on a quarterly basis. Party
B shall pay Party A in advance for the next quarter’s rent before the 15th of the end of this quarter. The rent and settlement
under this contract is denominated in RMB. If Party B uses foreign exchange payment, Party B shall exchange th foreign currency
into the amount of RMB payable and then pay it to Party A. Party B shall bear the expenses for bank procedures incurred in foreign
exchange. Party A shall issue an invoice to Party B after receiving the rent.

 

Article
5 Agreement on Lease Deposit and Various Fees

 

5.1
Renting Margin

 

5.1.1
After the signing of this contract, Party B will pay the first billing period rent to Party A as well as the rent deposit for
60 days, which is RMB 47,234.4¥ (RMB FROUTY SEVEN THOUSAND TWO HUNDRED AND THIRTY FOUR POINT FOUR¥) to guarantee
the execution of the contract.

 

Party
A shall issue a receipt to Party B after receiving the rent security deposit.

 

5.1.2
Party A has the right not to accept the rent security deposit to as the rent or other fees payable by Party B at any time during
the lease term. If Party B fails to pay the rent, property management fee, energy fee, and other fees that Party B shall pay in
accordance with the relevant legal documents, Party A shall have the right to choose to recover directly from Party B arrears
and delays in performing liquidated damages.

 

5.1.3
Within the term of the contract, Party B shall pay Party A the liquidated damages in accordance with the contract, Party B shall
pay Party A the penalty separately and shall not be entitled to require Party A to deduct from the rent deposit.

 

5.1.4
Party A shall notify Party B in writing of the amount of the deduction from the rent deposit should it decide to use part or all
of the rent deposit as accounts payable by Party B to Party A. If the rent deposit is insufficient, Party A has the right to continue
to recover from Party B and to hold Party B responsible for its corresponding breach of contract in accordance with Article 14.2
of this contract. Within 7 days after receiving the notice from Party A regarding the deduction of the rent deposit, Party B shall
pay Party A to replenish the original rent deposit amount, otherwise the situation shall be handled in accordance with Article
14.2 of this contract.

 

5.1.5
If the contract cannot be enforced due to the reasons caused by Party B, or if Party B breaches and terminates this contract,
the rent deposit shall be deemed as liquidated damages, and Party A shall not refund it. If it is insufficient to make up for
Party A’s loses, Party B shall compensate.

 

5.1.6
When the performance of the contract is completed, Party A shall, within 30 days after Party B delivers the property back to Party
A, return the rent deposit to Party B without interest. If Party B has registered the leased area within this contract at the
industrial and commercial registration body, Party B shall change its registration address to another place at the industrial
and commercial registration body within 20 working days after the termination of this contract, and report the approval of the
relevant government authorities to Party A. After Party B completes the above work, Party A and Party B shall then enter the rent
deposit refund process if Party B does not have any breach of contract.

 

    	 	 	 

    	 

    

 

5.1.7
After the expiration of the lease term under this contract, if both parties can reach an agreement on the renewal of the lease,
the contractual lease deposit will continue to be the lease deposit for the renewal contract. If the amount of the lease deposit
is adjusted, both parties may agree on a new amount in a renewal version of the lease contract.

 

5.2
In addition to the property rent and property management fees, Party B shall also bear the expenses for electricity, water, natural
gas (if any), communications, equipment and facilities leasing, heating, etc. incurred by itself. The property management fee
and energy consumption fee (including but not limited to electricity, water and natural gas) shall be collected by the property
management company entrusted by Party A, but Party A reserves the right to collect or recover from Party B; Party A may entrust
a property management company to assist in collecting equipment rental fees and other related fees. Upon expiration of the lease
term or the early termination of the contract or the early termination of the contract, Party B shall settle the fees of electricity,
water, gas (if any) and communication. If these fees are not settled, Party A shall have the right to ask Party B to recover,
no matter Party A has paid the above fees in Party B’s stead or not.

 

5.3
If the lease contract is terminated in advance and Party B still owes property management fees, Party A has the right to recover
property fees and overdue interest from Party B whether it has advanced the property fees or not. The interest rate is consistent
with the interest rate for overdue rent.

 

Article
6 Property delivery and return

 

6.1
Delivery of the property

 

The
leased property shall be delivered in accordance with the “Property Delivery Standards” (Attachment 2) on the delivery
date stipulated in Article 3.1 of this Agreement. Party A shall issue the “Notice of Arrival” and Party B shall, according
to the Property Management Agreement of the Property Company, hold the “Notice of Arrival” at the time of check-in
of the property company and pay various fees (renovation management fee, property management fee, decoration deposit, heating
fee, etc.), in which no property fee is charged during the decoration period, and other expenses such as water and electricity
are payable by Party B. If Party B fails to pay rent or any other fees or payments, Party A has the right to refuse to deliver
property to Party B and the rent during the delayed period is still calculated and this does not constitute a breach of contract
on Party A’s side.

 

6.2
Delivery delay

 

If
the leased property is delayed due to Party A’s reasons, Party A shall notify Party B within 15 working days before the
delivery date, and the delivery date shall be postponed. The lease date and lease term will be postponed according to the actual
delay. If the delay lasts for more than one month and Party A still fails to deliver the leased property to Party B, the two parties
may negotiate. If no agreement can be reached, Party B has the right to terminate this contract.

 

When
this contract is terminated in accordance with this Article, Party A shall refund the rent deposit and rent to Party B without
interest within 10 working days, apart from which none of the parties shall be liable for any breach of contract.

 

6.3
Property renovation

 

6.3.1
Party B may carry out renovations from the date of delivery. The decoration period shall be reported to Party A and the property
management company.

 

6.3.2
Party B shall pay the decoration management fee and decoration deposit in full on the day of delivery of the property according
to the requirements of Party A or the property management company entrusted by Party A. Should Party B or any person employed
or entrusted by Party B damage any of Party A’s facilities, Party A’s repair costs incurred for repairing such facilities
will be deducted from the decoration deposit. If the decoration deposit is insufficient to compensate for Party A’s losses,
Party B shall compensate Party A the amount uncovered by the decoration deposit.

 

6.3.3
If Party B does not violate this contract or the relevant decoration regulations, the property management company entrusted by
Party A shall return the renovation deposit to Party B without interest within three months after the acceptance of Party A and
the fire department upon Party B’s completion of decoration.

 

    	 	 	 

    	 

    

 

6.3.4
Party B shall complete the renovation within the decoration period. If it exceeds the decoration period, it shall report to Party
A and the property management company.

 

6.3.5
Party B shall complete the internal decoration, separation, installation facilities or alteration of the property according to
the following requirements, and at the same time, record the renovation and renovation plan to the park:

 

6.3.5.1
The building decoration and related mechanical and electrical engineering in the property, all interior design drawings, plane
spacing, mechanical and electrical requirements, and the selection of various decoration materials, Party B shall report such
information to Party A for review within 10 working days before commencing decoration work, and obtain the written consent of
Party A;

 

6.3.5.2
Obtain the necessary approval, license or license from the relevant government department and file it with the park;

 

6.3.5.3
Submit to Party A the application for such interior decoration, separation, installation equipment or alteration for Party A to
review, and Party B shall submit the approval documents to the relevant government departments for approval by the government
department: Party B shall pay all the expenses in achieving conformity with this Article. Party B is solely responsible for all
costs and consequences caused by the delays and losses caused by the government’s refusal or revision of the Party B’s
renovation project application form.

 

6.3.5.4
Party B undertakes the above-mentioned internal decoration, separation, installation facilities, and maintenance responsibility
after the renovation: If a safety accident occurs due to internal decoration, separation, installation facilities or alteration,
Party B shall bear full responsibility for it, if Party A suffers any loss, Party A has the right to request compensation from
Party B for the loss.

 

6.3.6
Party B shall perform decoration in accordance with the “Renovation Manual” provided by the property management company
entrusted by Party A to ensure the safety of the decoration.

 

6.3.7
Before acquiring the written approval or consent of the property management company entrusted by Party A or Party A, Party B shall
not have the following acts during the renovation:

 

6.3.7.1
construct, install, dismantle or modify any firmware, partitions, buildings and facilities in any part of the property, making
any changes to the building structure of the property, destroying the structure or the appearance of the property;

 

6.3.7.2
modify, add or allow others to modify, add electrical facilities, gas facilities, air conditioning equipment, sewers, fire/fire
monitoring or security systems;

 

6.3.7.3
Install or allow others to install any equipment/machines that require additional electrical/gas, mains wiring/pipeline, or electricity/gas
that is not metered by sub-meter, or whose design weight exceeds the design load of the building or the ground:

 

6.3.7.4
Lay or use any covering that may damage or penetrate the floor.

 

6.3.8
Party B shall not use sealed iron gates unless Party A has agreed in writing in advance and meets the requirements of the local
fire department to install fire doors. The existing door locks, door numbers and assembly of fire exits shall not be modified.

 

6.3.9
Party A has the right to standardize and manage Party B’s decoration, division, installation equipment or alteration of
the property, including reasonable management of Party B’s construction personnel’s access, material transportation,
construction time, construction safety, etc. to ensure that the overall operation of Party A’s project is safe and smooth,
and avoid nuisance caused by Party B’s to other users and tenants of Party A’s project. Party B shall obey the regulations
and management of the property management company entrusted by Party A and Party A.

 

6.3.10
During the decoration period, Party A shall provide Party B with temporary water and electricity for decoration in the property
in accordance with the prior written request of Party B, but Party B shall bear all expenses incurred thereby.

 

6.3.11
Remove any substandard structures, buildings, partitions or other alterations constructed by Party B at any time during the lease
period, regardless of the structure, building, separation, etc., at the request of the relevant government department. Party B
shall bear the all the expenses whether it obtained or failed to obtain the consent of Party A at the time of establishment of
the alteration and other alterations. Party A shall not be liable for the losses suffered by Party B.

 

    	 	 	 

    	 

    

 

6.3.12
Party A has the right to inspect the decoration work of Party B from time to time. If Party B fails to follow the drawings and
approvals of Party A and the government departments, or Party B violates the relevant government regulations, Party A has the
right to request Party B to rectify and stop working. If Party B does not comply immediately, Party A shall have the right to
cut water or power, and Party B shall bear the corresponding responsibility and compensate for the corresponding losses.

 

6.3.13
Before the completion of the renovation, Party B shall report to Party A for internal engineering acceptance and report to the
fire department for fire inspection and acceptance by other government authorities. After Party A’s internal engineering
acceptance, fire inspection and acceptance by relevant government authorities, Party B may use the property. The above-mentioned
Party A’s acceptance behavior does not exempt Party B from the quality and other related responsibilities of the renovation
project.

 

6.3.14
Both parties confirm that Party A’s approval or examination of Party B’s various reports, documents, plans, materials,
applications, etc. will not increase Party A’s obligations or responsibilities in any way, and will not mitigate or exempt
Party B’ obligations or liabilities in any way under this contract. If Party B constructs any property or installs any attachments,
Party A may request Party B to remove or remove without damaging the building structure and without affecting the normal use of
the property upon the termination of the contract and Party B’s return of the property back to Party A. Party B shall pay
all expenses incurred thereby.

 

6.3.15
Within the contract period, if Party A needs to rebuild, expand or renovate the property, Party A shall notify Party B in writing
30 days in advance. If such decisions violates Party B’s normal usage of the property, the two parties shall separately
negotiate and determine the solution in another agreement.

 

6.3.16
During the renovation of the property, Party B shall provide cooperation and assistance if Party A’s contractor carries
out construction or other related work at the same time.

 

6.3.17
If Party B re-renovates the property during the lease period, it shall submit an application to Party A in writing 30 days
in advance, and shall handle the application in accordance with the relevant provisions of this Article, but no longer enjoy the
preferential rent exemption.

 

6.3.18
Party B shall fully comply with the relevant national and local decoration regulations for the decoration of the leased property,
and ensure that the renovation project shall not affect or hinder the neighboring tenants of the leased property and the public
areas and other areas of the project, and ensure that the decoration company hired by Party B has the corresponding legal qualifications.
Otherwise, Party A has the right to stop and correct Party B’s behaviors at any time.

 

If
the property of Party A or a third party is lost as a result, Party B shall be liable for compensation.

 

6.4
Return of the property

 

6.4.1
When the contract expires, Party B shall return the leased property to Party A on or before the expiration of the lease term.
When this contract is terminated early by Party B due to Party B’s breach of contract, Party B shall return the leased property
to Party A within 3 days from the date of receiving from Party A the written notice of early termination of the contract.
When the contract is terminated early by negotiation between the two parties, Party B shall return the leased property to Party
A on or before the early termination date negotiated by both parties.

 

6.4.2
When the leased property is returned, Party B shall restore the leased property and its equipment and facilities to the state
of the property at the time of delivery, and keep it intact (except for the natural wear), and return it to Party A, and pass
the acceptance of Party A. With written confirmation, the return of the leased property will be completed.

 

6.4.3
When returning the property, Party B shall dismantle and move out all the furniture, decoration and additions in the leased property,
and restore the leased property to the property status (except for natural wear) that Party A first delivered to Party B at its
own expense, and repair it at the same time. Demolition and removal of damage to the leased property: Party B shall bear the cost
of dismantling all the fonts and distinctive marks or signs set by Party B on the doors, walls and windows inside the leased property;
At its own expense, Party B is responsible for the garbage removal and related cleaning work in the rental property after the
dismantling.

 

    	 	 	 

    	 

    

 

6.4.4
After receiving Party A’s consent, Party B may leave the interior decoration, decoration, attachments, etc. of the leased
property behind, and Party A shall not pay compensation or reimbursement to Party B for the aforementioned reservations. Party
B guarantees that the items and equipment it leaves behind can be used normally.

 

6.5
If Party B fails to return the leased property to Party A within the time of return of the leased property as stipulated in this
contract, Party A has the right to take any measures to exercise the ownership and usage rights of the leased property. At the
same time, Party B shall be liable for breach of contract in accordance with the provisions of Article 14.1 of this contract;
in this case, any items and property left by Party B shall be deemed to have been abandoned by Party B, and Party A shall have
the right to handle it by itself: the expenses incurred, including but not limited to lawyers’ fees, relocation fees, clearing
freight, auction fees, custodian fees, notary fees, etc. shall be borne by Party B.

 

If
the proceeds after processing are not enough to pay the expenses payable by Party B, Party A has the right to seek compensation
from Party B.

 

Article
7 Property Use Requirements and Maintenance Responsibilities

 

7.1
During the lease period, Party A guarantees that the property and its affiliated utilities are in a normal usable and safe state.
Should Party B discover that the property and its affiliated public facilities (but subject to Party B’s written request
for the decoration and addition of the facilities, equipment and other decoration attachments of Party B) are damaged or caused
by natural attributes or reasonable use, it should report promptly to the property management company for repairing: the property
management company shall immediately respond to the inspection or repair after receiving written notice from Party B, and repair
it within the agreed or reasonable period of time. If it is not repaired within the time limit, Party B may repair it on its behalf
and all reasonable costs incurred shall be borne by Party A.

 

7.2
During the lease period, Party B promises to use and protect the property and its affiliated utilities reasonably, and take various
precautions to protect the interior from rain, wind or other natural factors. Party B shall be responsible for the repair or damage
of the property and its affiliated utilities due to improper use or unreasonable use by Party B. Should Party B refuse to repair
damages caused by such improper use by Party B, Party A can repair it on its behalf, and reasonable maintenance costs shall be
borne by Party B. The maintenance of non-public facilities of Party B’s own use parts may be entrusted to the property management
company assigned by Party A, and the maintenance costs shall be borne by Party B.

 

7.3
Party B undertakes to strictly use the property in accordance with the applicable laws, regulations and rules of China and the
purposes agreed in this contract, and shall not make any unreasonable or unethical use of the property. Party B will not use the
property in any way that would invalidate the insurance or increase the risk of insurance. Party B guarantees that its business
activities in the use of the property have obtained the business license issued by the government administration for industry
and commerce, and guarantees that legal registration and permission will be maintained throughout the lease period.

 

7.4
During the lease period, Party A reserves the right to issue or authorize others to publish advertisements, improve or add shared
facilities at other appropriate locations not for Party B. However, Party A’s exercise of the above rights shall not affect
Party B’s normal use of the property and Party B’s normal business operation. Non-Party-specific locations include,
but are not limited to, national public areas, exteriors of property buildings, and rooftops.

 

7.5
Party B agrees to ensure that Party A is exempted from various claims, liabilities, litigation, fees, losses or damage or damages
to persons or property, and damages caused by Party B’s use of the property, unless such matters are completely caused by
Party A.

 

Article
8 Renewal

 

8.1
Upon expiration of the lease, Party A has the right to take back the leased property. If Party B intends to renew the lease of
the property, it shall submit a written renewal intention to Party A 3 month before the expiration of the contract lease
term. If both parties agree to renew the lease, a renewal contract should be signed at least 2 months before the expiration
of the lease term; Failure to sign the renewal contract as scheduled is deemed to Party B’s true intention to refuse renewal.

 

    	 	 	 

    	 

    

 

8.2
If Party B does not intend to renew the lease, or if the two parties fail to sign the renewal contract 2 months before
the expiration of the lease term, Party B will be regarded as to forfeit renewing the leased property. In this case, within 2
months prior to the expiration of the lease term, Party A has the right to conduct re-lease work, including but not limited
to presenting the property to the customer at a pre-agreed time and performing necessary inspections and repairs on the property.
In this regard, Party B should cooperate with it.

 

Article
9 Sublease

 

9.1
Without the written consent of Party A, Party B shall not sublease the whole or part of the property in whole or in part to a
third party, handle the property to a third party, or use it with a third party.

 

9.2
If Party A agrees in writing with Party B’ request for sublease, Party B shall notify Party A in writing in advance, and
shall submit the sublease contract to Party A for review and filing. The lessee and Party B shall be jointly and jointly liable
to Party A for the payment of the relevant expenses such as the rental of the property.

 

9.3
If Party A agrees to sublease by Party B, its rights and obligations and the creditor’s rights and debts of this contract
will not be transferred. Party B shall still bear the obligations in accordance with this contract.

 

Article
10 Leases Priority Purchase and Guarantee

 

10.1
During the lease of the property, Party B shall have the right of first refusal under the same conditions, but Party A shall notify
Party B in writing that if Party B fails to sign the relevant contract with Party A within 7 working days, Party B shall
be seen as giving up the right of first refusal from the date of the preemption right.

 

10.2
Party A guarantees that Party A shall not bring any economic or equity damages to Party B in any form such as guarantee, mortgage
or transfer of the leased property, and ensure that no adverse effects will be inflicted upon Party B or its business operations
in the leased property.

 

Article
11 Party A’s rights and obligations

 

In
addition to Party A’s rights and obligations as stipulated in other clauses of this contract, Party A shall also perform
the following rights and obligations:

 

11.1
Party A has the right to collect the rent, lease deposit and related fees from Party B according to the standards stipulated in
this contract.

 

11.2
Party A shall provide the leased property as agreed in this contract to Party B for use.

 

11.3
Party A guarantees that it has the legal ownership of the leased property as agreed in this contract.

 

11.4
Party A provides the following public facilities: water supply and drainage, power supply, lighting (excluding the lighting of
the room rented by Party B), fire fighting facilities, safety facilities and other necessary facilities.

 

11.5
During the lease term, Party B shall, in the case of occupying the property and the parking space, Party B hereby agrees that
Party A shall not be liable for any fault, unless caused by Party A’s fault, any loss, damage and personal injury caused
to Party B due to any of the following circumstances. And the rent and property management fees and other expenses under this
contract shall not be reduced or suspended:

 

11.5.1
Loss or damage caused by any theft, robbery and other criminal cases;

 

11.5.2
At any time, the water, electricity, and other services and public facilities of the property cut due to reasons beyond Party
A’s control;

 

11.5.3
Loss and damage caused to Party B due to other tenants and third parties;

 

11.5.4
Loss and damage caused to Party B’s not by negligence or breach of contract of Party A. (The security services provided
by Party A or the security personnel and duty personnel of the property management company entrusted by Party A do not constitute
Party A’s Responsibility for the protection of internal personnel and property).

 

11.6
Party A reserves the right to use the external walls and roofs. Party A may install any equipment and facilities (such as solar
collectors) on the roof, on the condition of not affecting Party B’s normal use of the leased property.

 

11.7
If Party B violates this contract and fails to fully compensate Party A for all losses, Party A has the right to further seek
compensation and legal liability from Party B in accordance with the degree of loss, in addition to other rights stipulated in
the contract.

 

11.8
Upon prior notification to Party B, Party A has the right to inspect the property and inspect the internal facilities of the property,
but may not notify Party B in advance of handling urgent matters.

 

    	 	 	 

    	 

    

 

11.9
If Party B fails to fulfill its obligations as specified in the contract (including but not limited to payment of various types
of fees, etc.), Party A has the right to stop supplying water, electricity, gas, heating and other energy sources, and Party B
shall bear the consequences.

 

Article
12 Party B’s rights and obligations

 

In
addition to the rights and obligations of Party B as stipulated in other clauses of this contract, Party B shall also perform
the following rights and obligations;

 

12.1
Party B has all the rights of the lessee to the leased property.

 

12.2
Party B shall pay the rent on time and pay other fees on time according to the contract.

 

12.3
Party B must strictly abide by the park regulations formulated by Party A and the property management company entrusted by Party
A, and carry out business activities in accordance with the law. Party B shall bear the losses caused to Party A should the property
be seized due to Party B’s actions by the judicial and administrative departments.

 

12.4
Party B shall not use the rented property to carry out, permit, condone, or connive any illegal or unethical activities, or various
religious activities or other activities deemed inappropriate by Party A, or interfere with or may interfere with the normal use
of the tenancy property and public by other tenants. Do not store or use dangerous materials such as flammable or explosive materials
and contraband.

 

12.5
Party B shall not be liable for the loss caused by the nature or reasonable use of the leased property and its ancillary facilities
(except for the modification of Party B).

 

12.6
Party B has the right to use the public areas and facilities reasonably, but the property management company entrusted by Party
A has the right to make reasonable restrictions according to the building regulations, and Party B shall comply with it and shall
bear reasonable expenses.

 

12.7
Without the written consent of Party A and the property company entrusted by Party A, Party B shall not erect any propaganda items
such as words, marks or advertisements outside any part of the leased area. The location of Party B’s signboard shall be
in accordance with the instructions of Party A and the property company. Party B shall not alter the structure of the building
or the appearance of any part, nor shall it block any windows or fire exits.

 

12.8
Party B shall keep the property clean, keep the equipment and facilities in the property in good condition, and be responsible
for the safety of the person and the properties on the premises; when Party B’s employees, their relatives, friends, visitors
or licensees use and manage the property Party B shall bear the legal responsibility for the act of default, breach of contract
or infringement, and Party A or the infringed third party shall have the right to request Party B to make compensation.

 

12.9
Without the written consent of the property management company entrusted by Party A, Party B shall not modify, add or dismantle
the equipment in the leased property, and may not arbitrarily change the use of the leased property.

 

12.10
During the lease period, Party B shall submit the application for renovation and modification of the property to Party A’s
property management company in advance, and submit the construction drawings and construction documents of the construction unit
and other construction documents, and accept the audit of Party A’s property management company. Party B is responsible
for handling the formalities required for renovation and modification projects and for all the costs incurred.

 

12.11
During the lease period, if Party B intentionally, negligently, alienates or fails to comply with Party A’s management regulations
and directly or indirectly causes damages to Party A’s buildings and other facilities, any person’s personal injury,
or property damage, Party B should take full responsibility for the damages and bear the liquidated damages. If Party A suffers
from being sued, etc., the corresponding responsibilities and expenses shall be borne by Party B. If Party B takes the insurance
to purchase or compensate for the losses caused by the above risks, Party B shall notify Party A and provide relevant and valid
proof materials for record keeping.

 

12.12
Party B shall bear the fire protection responsibility in the area of ​​the property, and sign a safety and security
responsibility letter and a fire safety responsibility letter with the property management company entrusted by Party A and install
a safety responsibility system.

 

12.13
If the registered place of Party B is required to be in the area leased within the contract, the industrial and commercial registration
shall be completed within 3 months after the signing of the lease contract.

 

    	 	 	 

    	 

    

 

Article
13 Termination of the contract

 

13.1
Upon the expiration of this contract, the contract is terminated.

 

13.2
In any of the following circumstances, if the contract is terminated early, Party A and Party B shall not be liable for breach
of contract:

 

13.2.1
The land use right within the scope of the property is recovered in advance according to law;

 

13.2.2
The property is legally expropriated for social public interest;

 

13.2.3
The property is included in the scope of property demolition permit due to urban construction needs;

 

13.2.4
If the property is damaged or lost due to force majeure such as earthquake or fire, or the property is seriously damaged, it is
identified as a dangerous property;

 

Article
14: Contract Dissolution and Liability for Breach of Contract

 

14.1
When the contract period expires/the contract is cancelled in advance, if Party B fails to return the leased property to Party
A according to the rental property returning standard within the lease term of the leased property as stipulated in this contract,
Party B shall pay Party A liquidated damages for delaying the return of the property daily. The default for such breaches of contract
is twice the daily rent for the last year of the lease term.

 

14.2
If Party B overdue the payment of the relevant fees and the deposits agreed in this contract, Party B shall pay Party A an extra
fee at a rate of three thousandths of total accounts payable yet unpaid by Party B to Party A. The method of calculating such
liquidated damages shall be three thousandths of the corresponding expenses owed by Party B to Party A daily, calculated from
the day payable by Party B until Party B pays the full amount of the outstanding payment.

 

If
Party B’ delay of payment exceeds _30 days, Party A has the right to terminate the contract. If Party A chooses to
terminate the contract, Party B shall, in addition to making up the rent owed, pay Party A the liquidated damages on the date
of termination of the contract in accordance with the aforementioned agreed standards of this Article. At the same time, Party
B shall also compensate Party A for the taxes and fees paid for this contract. If Party A chooses to continue to perform the contract,
Party B shall pay the amount of money owed to Party A in addition to the rent owed to the rent and the energy-saving enterprise,
and Party B shall pay the amount of the payment in accordance with the standard stipulated in this Article until all owed accounts
are paid up.

 

14.3
If Party B has one of the following circumstances and has not rectified in time within 15 days after Party A’s written
notice, Party A may notify Party B in writing to terminate the contract. All the fees paid by Party B, such as the rent, rent
deposit, and other fees, will not be refunded. At the same time, Party B must also pay Party A for the breach of the rent for
an amount equal to two months of rent (based on Party A’s annual average rent for the year in which the contract was terminated).
If the liquidated damages are not enough to compensate for the losses caused to Party A, Party B shall make up the difference
between Party A’s loss and the sum paid for breaching the contract:

 

14.3.1
Unauthorized changes to the use of rental properties;

 

14.3.2
Arbitrarily dismantle, change or damage the main structure of the property, or the overall property facilities of the building
and the safe gas system, sewage system, fire protection system, electromechanical system;

 

14.3.3
Unauthorized lease of the leased property to a third party, or use it with a third party, or hand it over to a third party:

 

14.3.4
Using rental properties to engage in illegal activities;

 

14.3.5
Causing damage to the leased house by decorating the house or adding additional facilities without obtaining the written consent
of Party A or by exceeding the scope and requirements of Party A’s written consent;

 

14.3.6
Unauthorized termination of the contract, or late payment of the rent, causes Party A to terminate the contract, or other breach
of contract causes Party A to terminate the contract;

 

14.3.7
Others violations to Party A’s legitimate rights and interests.

 

    	 	 	 

    	 

    

 

14.4
If Party A causes the property to be lost or seriously damaged, or the property is identified as a dangerous property and therefore
unusable, and if Party A is unable to rectify the situation within 30 days after Party B’s written notice, Party
B may notify Party A in writing to terminate this contract. Party A shall refund Party B’s prepaid rent (including other
prepaid expenses) and the lease deposit. At the same time, Party A must also pay Party B the compensation equivalent to two months’
rent as the liquidated damages (based on Party B’s annual rent for the year). If the funds are insufficient to make up for
the losses caused to Party B, Party A shall make up the difference between the loss of Party B and the paid liquidated damages.

 

14.5
Party B shall be subject to administrative penalties in violation of the relevant laws, regulations and provisions of the People’s
Republic of China, or the dispute arising between Party B and a third party. Therefore, any loss caused to Party A (including
the administrative penalty suffered by Party A in signing this contract in accordance with Party B’s requirements), Party
B must compensate for it.

 

14.6
If Party B causes losses to Party A in violation of the provisions of this contract, Party A shall have the right to deduct from
the rent deposit as compensation for the losses suffered by Party A. After the deduction, Party B shall make up the original rent
deposit amount within 3 working days after receiving the notice from Party A, otherwise the situation shall be settled
in accordance with Article 14.2 of this contract.

 

14.7
If Party B proposes to terminate the contract in advance due to its own reasons, the rent and deposit paid by Party B shall not
be refunded.

 

14.8
If, due to Party B, the decoration project has not commenced within 30 days from the date of delivery of the property,
Party A has the right to take back the property, terminate the contract and investigate Party B’s liability for breach of
contract, and the lease deposit will be compensated to Party A as liquidated damages. The remaining prepaid rent of Party B will
be returned without interest. If Party A loses more than the rent deposit, Party A still has the right to pursue it.

 

14.9
If Party B does not start office or operation within 30 days from the date of check-in, Party A has the right to take back
the property and terminate this contract. Party B has no right to request Party A to compensate for any expenses. After the contract
is terminated, Party B shall also bear the expenses incurred by Party A for cleaning up the goods and equipment of Party B.

 

14.10
If Party B fails to go through the procedures for changing the industrial and commercial address in accordance with this contract,
Party B shall pay Party A a penalty of RMB 1 per square meter for each day after the expiration of the lease, until the relevant
formalities are completed.

 

14.11
Except as otherwise provided in this contract, if any party violates the agreement of this contract and causes the observant party
to suffer economic losses, the observant party has the right to demand compensation from the defaulting party for the economic
losses suffered, including legal fees, attorney fees, and other fees incurred during rights protection.

 

14.12
If there is a dispute between the two parties in the performance of this contract, it shall be settled first through consultation.
During the negotiation period, Party B shall continue to perform the above payment obligations under this contract. If the two
parties reach an agreement through consultation, the situation shall be settled in accordance with the results of the consultation.
If the parties are unable to reach a consensus, the situation shall be addressed according to the dispute resolution method under
this contract. During the processing according to the dispute resolution method, Party B shall continue to perform the above or
the obligation to make payments under this contract.

 

14.13
If Party B fails to perform in accordance with Article 12.13 of this contract, Party A has the right to terminate the contract,
and the rent deposit is compensated to Party A as liquidated damages. If Party A loses more than the rent deposit, Party A still
has the right to pursue for more.

 

14.14
The decision to “termination of the contract” of the observant party described in this contract means that the party
is entitled to the right of rescission by sending a notice of termination of the contract in writing (including email).

 

Article
15 Force Majeure

 

15.1
Force majeure is caused by natural causes, such as floods, premature disasters, blizzards, earthquakes, etc., or caused by social
reasons, such as war, government policies, etc., and other objective situations that the two parties cannot foresee, cannot avoid,
or cannot overcome. Either party is not responsible for the failure to perform part or all of the contract due to force majeure,
but shall take all necessary remedies to reduce the damages caused by force majeure if conditions permit.

 

    	 	 	 

    	 

    

 

15.2
If force majeure occurs during the delay in the enforcement of the contract, the parties for delaying the enforcement shall not
be exempted from the responsibility.

 

15.3
In the event of force majeure, the party inflicted by the incident shall notify to the other party by letter, telegram, electronic
data exchange, fax, e-mail, etc. within 24 hours after the incident, and submit to the other party the supporting documents
issued by the local notary office and a report that the contract cannot be performed or partially unable to be performed or need
to be extended within 3 working days after the incident. Therefore, the two sides should resolve the impact and consequences
of the performance of the contract by both parties under the principle of fairness and reasonableness.

 

Article
16 Notification and Service

 

16.1
Any notice or other communication required to be issued by one party under this contract shall be made in writing in Chinese and
sent to the other party at the following address by means of personal delivery, postal delivery, etc.:

 

Party
A Address: Room 401, Building 75, Zhifu Center, Xiuzhou District, Jiaxing City, Zhejiang Province

 

Tel:
0573-82763773

Postal
code: 314000

 

Party
B Address: Room 202-1, Building 21, Zhifu Center, Xiuzhou District, Jiaxing City, Zhejiang Province

 

Phone:
13325730996

Postal
code: 314000

 

(Notices
may also be delivered to the address of the property of this contract or the legal representative’s residence when Party
A sends notices to Party B)

 

16.2
Notices delivered by hand shall be deemed to have been served on the date of receipt by the recipient: a notice sent by Special
Delivery shall be deemed to have been served on the next working day from the date of delivery.

 

16.3
The notice under this contract shall come into effect on the date of delivery in accordance with this contract.

 

16.4
In the enforcement period of this contract, if the address of one party changes, it shall notify the other party in writing within
5 days after the change of address, and shall be responsible for all consequences caused by failing to notify the other
party.

 

Article
17 Confidentiality

 

The
parties agree that any undisclosed information received by one party from the other party or on behalf of the other party in connection
with this contract and the following matters related to the disclosing party, the related party of the disclosing party, investment
behaviors, and the potential investment behaviors, the existence of this contract and / or any undisclosed information of the
transactions involved in this contract, will be kept secret by the party for a period of not less than 2 years. The parties also
agree to use such information only for the purposes of each transaction under this contract.

 

Article
18 Dispute Resolution

 

18.1
Disputes arising from the performance of this contract shall be settled by negotiation between Party A and Party B.

 

18.2
When the negotiation fails, any of the two parties may file a lawsuit in the people’s court where the property of this lease
contract is located.

 

Article
19 Others

 

19.1
Other content agreed by the parties: / .

 

19.2
The invalidity of one or part of this contract does not affect the validity of other terms.

 

    	 	 	 

    	 

    

 

19.3
After the signing of this contract, if the contract form and contents are properly adjusted to complete the filing formalities
of this contract, the parties agree to actively cooperate with the signing of the format contract required by the government department
(basic contents of this contract should still be completed in accordance with this contract) to complete the contract filing process.
However, the two parties specifically confirmed that the above-mentioned filing contract is only used for the filing procedures,
and the rights and obligations of both parties shall be subject to this contract.

 

19.4
The signing, establishment, entry into force, performance, and cancellation of this contract shall be governed by the laws, regulations
and relevant provisions of the mainland of the People’s Republic of China.

 

19.5
This contract and the Attachment are in the form of four copies, and the two copies held by both parties shall have the same legal
effect.

 

19.6
In the event that the contract is not completed, both parties may sign a supplementary contract with the same legal effect as
this contract.

 

19.7
The Attachment to the contract is an integral part of the contract, and the rights and obligations stated in it shall be performed
and shall have the same legal effect as the main contract.

 

19.8
The contract shall take effect from the date of affixation of seals of both parties.

 

(No
text below)

 

Attachment
1: Property Floor Plan

 

Attachment
2: Property Delivery Standards

 

Attachment
3: Description of the accounts and information of both parties

 

Attachment
4: Copy of the business license of Party A and Party B

 

    	 	 	 

    	 

    

 

(This
page is the signing page of the “Property Leasing Contract” between Party A and Party B, without text)

 

Party
A (Seal):

 

Legal
representative or authorized representative:

 

/s/
Huijun Wang

 

Party
B (Seal)

 

Legal
representative or authorized representative:

 

/s/
Wei Wei

 

Date
of signing:

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