Document:

Exhibit 10.45

 

 

 

 

 

 

State Power Investment Corporation Guizhou
Jinyuan Weining Energy Co., Ltd.

Jiangsu Zhonghong Photovoltaic Electric
Co., Ltd

Jiangsu Hongzhihan New Energy Co. Ltd

Qianxinan Zhonghong New Energy Co.,Ltd

Southwest Guizhou Autonomous Prefecture
Jinyuan New Energy Co., Ltd.

 

 

 

Yilong New District Ancha 50MWp Agricultural
PV Power Station

Project M&A (Cooperative Development) Agreement

 

 

 

 

 

 

 

 

 

 

Guiyang, China

February 2020

  

     

    

    

 

Party A: State Power Investment
Corporation Guizhou Jinyuan Weining Energy Co., Ltd.

Legal representative: Zheng Fasong

Domicile: Weishuang Avenue, Caohai
Town, Weining County, Guizhou Province

 

Party B: Jiangsu Zhonghong Photovoltaic
Electric Co., Ltd

Legal representative: Xu Aojun

Domicile: Room 1108, Chengxin Building,
No. 885 Chengxin Avenue, Jiangning District, Nanjing

 

Party C: Jiangsu Hongzhihan New
Energy Co. Ltd

Legal representative: Rui Yun

Domicile: Room 1108-1, Chengxin Building,
No. 885 Chengxin Avenue, Jiangning District, Nanjing

 

Party D: Southwest Guizhou Autonomous
Prefecture Yilong Zhonghong Green Energy Co., Ltd.

Legal representative: Wang Hui

Domicile: Daqiaodi group, muke village,
xinqiao town, anlong county, southwest buyi and miao autonomous prefecture, qiandanan, Guizhou province

 

Party E: Southwest Guizhou Autonomous
Prefecture Jinyuan New Energy Co., Ltd.

Legal representative: Geng Zhi

Domicile: 1401, Unit 1, Building 8,
Century Hongyuan Community, Jushan Avenue, Xingyi City, Southwest Guizhou Autonomous Prefecture, Guizhou Province

 

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Whereas:

 

		1.	Party A is a joint stock company registered and legally
existing in China. It is a subsidiary of State Power Investment Corporation Guizhou Jinyuan Co., Ltd. (hereinafter referred to
as “Guizhou Jinyuan), which is a subsidiary of State Power Investment Corporation (hereinafter referred to as “SPIC”);
Party’s main business scope includes the development, investment and operation of thermal power, hydropower, PV power generation,
wind power, biomass power generation, integrated energy supply, smart grid and other projects.

     

		2.	Party B is a limited company registered and legally existing
in China. It is a leading global provider of smart energy overall solution, specializing in engineering consulting and design,
Engineering Procurement Construction (EPC), equipment manufacturing, microgrid and energy storage operations and management in
new energy fields at home and abroad, and holding 100% equity of Party C.

     

		3.	Party C is a limited company registered and legally existing
in China. It is a professional company engaged in new energy power station project investment and operation management, and technology
development, technology transfer, technical consultation and technical services in the fields of wind energy, solar energy and
PV systems. It holds 100% equity of Party D.

     

		4.	Party D is a limited company registered and legally existing
in China. It is the investor of the Zhonghong Yilong New District Xinqiao 70,000 kW Agricultural PV Power Station Project (hereinafter
referred to as “Target Company”).

     

		5.	Party E is a limited company registered and legally existing
in China. It is a wholly-owned subsidiary of State Power Investment Corporation Guizhou Jinyuan Co., Ltd., responsible for the
development, construction and production operations of Guizhou Jinyuan’s new energy project in the southwestern region of
Guizhou.

 

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 According to the “Framework Agreement for Cooperation and Development of New Energy Projects in Southwest Guizhou” signed by Guizhou Jinyuan and Solarmax Technology (Jiangsu) Co., Ltd. in May 2019, the two Parties have agreed that under the same conditions, the two Parties shall take priority to cooperate with each other on the principle of substantially equal capacity.

 

On the principles of good faith,
mutual benefit, fairness and voluntariness, the Parties hereto have reached the following agreement on the M&A (cooperative
development) of the Yilong New District Ancha 50MW Agricultural PV Power Station.

 

		I.	Definition

     

		1.1	“Project” means “Yilong New District
Ancha 50MW Agricultural PV Power Station”.

     

		1.2	“This Agreement” means the agreement for the
cooperation and M&A of the Project, including all its annexes and modifications and supplements to this Agreement made by
the Parties hereto.

     

		1.3	“Parties” means Party A, Party B, Party C,
Party D and Party E of this Agreement.

     

		1.4	“Target Company” means the project investment
entity specified in the “ Letter on the Change of Ownership of Longguang Ancha Agricultural Photovoltaic Power Plant Project
in Longxin District of Tongyi “ on December 18, 2019, as the subject of project investment, namely “Southwest Guizhou
Autonomous Prefecture Yilong Zhonghong Green Energy Co., Ltd. (Party D)”.

     

		1.5	“Local government” means the people’s
government and other competent authorities at the level of the province (autonomous region), city and county where the Project
is located.

     

		1.6	“Construction period” means the period from
the commencement of the project construction to the full capacity electricity generation and grid connection of the Project.

 

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		II.	Project Overview

     

		2.1	Project site: Xinqiao Town, Yilong New District, Southwest
Guizhou Autonomous Prefecture, Guizhou Province

     

		2.2	Project scale: Planning capacity 50MW, Available design
installation capacity of 59.9082MWp, the actual component installation capacity is subject to the capacity designed in the approved
feasibility study.

     

		2.3	Status quo of the Project: On April 23, 2019, the Project
was included in the Notice of Guizhou Energy Administration on the Preliminary Work Plan for PV Power Generation Project in Guizhou
Province in 2019 (New Energy of Guizhou Energy Administration [2019] No. 81), which agrees to carry out preliminary work plan
for the Project. According to “Notice of the Department of General Affairs of the National Energy Administration on Publishing
the Results of National Subsidy Bidding for PV Power Generation Projects in 2019” (Notice of the Department of General Affairs
of NEA on New Energy [2019] No. 59) issued on July 10, 2019, the Project has been included in the list specified in the Notice.
The project scale proposed is 50MW, and the competitive electricity price is 0.4613 yuan / kWh. The project construction is scheduled
to start in August 2019. On December 18, 2019, the Guizhou Provincial Energy Bureau obtained the “Letter on the Change of
Ownership of Longguang Ancha Agricultural Photovoltaic Power Plant Project in Longxin District of Tongyi”, and the owner
of Longguang Ancha Agricultural Photovoltaic Power Plant Project in Longxin District of Tongyi changed to Southwest Guizhou Autonomous
Prefecture Yilong Zhonghong Green Energy Co., Ltd. The project is scheduled to start in March 2019, and it will be completed and
connected to the grid for power generation before June 30, 2020, with a price of 0.4413 yuan / kWh.

 

		III.	Cooperative Decision and Exclusion

     

		3.1	Unless otherwise agreed by the Parties, Party A has the
priority to carry out the M&A (cooperative development).

     

		3.2	Party B shall provide Party A with relevant information
for the Project to be legally compliant. Party B shall ensure the authenticity of the information provided, ensure that the approval
documents obtained meet the requirements of the competent local administration department, and provide other relevant information
that has been actually obtained according to the progress of the Project. See Annex 1 for the catalogue of legal compliance documents
concerning the Project.

 

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		3.3	Party A shall appoint a qualified consulting entity within
the State Power Investment Corporation to conduct a project feasibility study report review and obtain a feasibility study review
opinion. Party A shall perform the internal project establishment procedures after Party B has provided Party A with relevant
information mentioned in Clause 3.2 and this Agreement has been agreed and signed by all Parties.

     

		3.4	After the Project has been established and recorded by
SPIC, Party A will organize to carry out legal and financial due diligence, financial audit, asset evaluation, and project technical
and economic evaluation on the target company. When the project M&A conditions are met, Party A shall perform the procedures
for the internal review and filing of the project M&A implementation plan. After the project M&A implementation plan has
been approved and registered by SPIC, the Parties shall cooperate according to the cooperation mode specified in Clause 4 of this
Agreement. If Party A’s evaluation results prove that the conditions for the M&A are not met, or if there is no evaluation
result within 90 calendar days after Party A establishes the Project, then it shall be deemed that Party A has waived the M&A
and cooperation, and this Agreement shall be terminated.

     

		IV.	Cooperation Mode

     

		4.1	After the project M&A implementation plan has been
recorded by State Power Investment Corporation and the M&A prerequisites described in Clause 6.1. have been met, Party A,
Party C and Party D shall sign an agreement on the M&A of the target company based on the official reply on the asset evaluation
and filing, and Party A shall hold 70% of the equity of the target company through M&A and Party C shall hold 30% of the equity.
The Parties have unanimously confirmed that the date on which the market supervisory authority completes the relevant equity change
registration is the completion date of the M&A. Party A and Party B shall use 40% of the total investment of the Project as
the registered capital of the target company. The deadline for actual payment of capital shall be no later than the time assets
appraisal initiating by Party A.

 

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		4.2	After the Project has been put into operation at its full
capacity for one year, all legal compliance procedures required by the Project have been completed and other agreement between
the Parties have been met, Party C may propose to transfer the equity of the target company it holds, and Party A shall have the
right of first refusal. After the equity purchase price evaluation is performed in accordance with the relevant provisions of
the State Power Investment Corporation, the two Parties shall sign an equity purchase agreement clarifying the specific matters
based on the evaluation price recognized by both Parties, but the purchase price shall not be higher than the paid-in capital
of Party C. The relevant taxes and fees shall be born by the two Parties respectively. Party A shall purchase rest of 30% equity
of the target company held by Party C in 3 months after Party C make a written application . If Party A does not agree or does
not reply within 3 months, it shall be deemed that Party A have waived the right of first refusal and Party A agrees that Party
C may transfer the equity of the target company to a third party.

     

		V.	Cooperation Related Agreement

     

		5.1	The unit static investment of the Project shall not be
higher than 3900.12yuan/kW, and the static total investment of the Project shall be calculated according to the actual installed
capacity. The static total investment of the Project mentioned in this clause includes all equipment and installation engineering,
construction engineering, other expenses (project construction land cost, project construction management fee, farm land occupation
tax, production preparation fee, survey and design fee, etc.), basic reserve fee, transmission project, SPIC Guiyang new energy
production and operation center access fee, special acceptance, project settlement (including audit, etc.) and all other investment
required for completing and putting into operation the Project. The static total investment of the Project shall be determined
in accordance with the feasibility study jointly approved by the Parties, and the investment exceeding the agreed static total
investment of the Project shall be borne by Party B. the static total investment of the project including following.

     

		5.1.1.	Equipment procurement and installation project (Including
SPIC production and operation platform costs)

     

		5.1.2	Constructional engineering.

     

		5.1.3	Other expenses, include but not limited to construction
land fee (land acquisition, ground attachment compensate, five year land rent), project construction management fee (Pre-construction
cost, construction management fee, construction supervision fee, project consulting service fee, project economic evaluation fee,
construction quality inspection fee, project acceptance cost, construction insurance), production arrangements, survey and design
service fee and others.

 

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		5.1.4	Basic reserve funds

     

		5.1.5	Project overhead line

     

		5.2	The project budget estimates shall be subject to the relevant
regulations and requirements of SPIC and Guizhou Jinyuan. The technical and economic review fees (design document review, technical
and economic evaluation, etc.), consulting service fees (legal due diligence, financial due diligence, financial audit, asset
evaluation, project settlement (including audit, etc.)) and other expenses required for Party A’s M&A (cooperative development)
of the Project shall be included in the project budget estimates. The technical and economic review fee, consulting service fee,
project construction management fee, production preparation fee, project construction supervision fees (including main equipment
manufacturing supervision) incurred for the project M&A shall be subject to relevant contract signed by the project company
upon confirmation by Party E. That is to say, in the static total investment of the Project, the fees confirmed by Party E is
RMB 1 million.

     

		5.3	During the project construction period, the target company
appoints Party E to implement project construction quality and progress management, for which a separate agency agreement for
construction management shall be signed, and the relevant expenses shall be included in the project budget estimates.

     

		5.4	The main components such as PV modules and inverters used
in the Project shall be supplied by suppliers in the SPIC’s list of qualified suppliers. The equipment manufacturers shall
be liable to the target company for the warranty of the PV modules and inverters and bear related liability for breach of contract;
other equipment shall be purchased through tendering in accordance with the technical standards of SPIC. Party E shall propose
opinions on the main equipment manufacturing supervision, engineering quality inspection, and project supervision, and the target
company shall appoint qualified entities to undertake such supervision and inspection in accordance with relevant national regulations.

 

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		5.5	Before Party A initiates the M&A of the target company,
Party B shall, in the name of the target company, carry out project financing from banks, financial leasing companies and other
financial institutions to pay the project engineering contract price. However, before the signing of financing agreement, the
financing plan and agreement shall be reported to Party A for confirmation. Party A shall confirm in writing within 10 days after
receiving the financing plan and agreement submitted by Party B or the target company. In the event of delay in reply, it shall
be deemed that Party A agrees to the financing plan and agreement. After the completion of M&A of the target company, both
Party A and Party C undertake to undertake the target company’s financing agreement or use other funds to replace the target
company’s financing; if the loan amount is insufficient, the two Parties shall negotiate the settlement according to the
shareholding ratio. Financing fund should be received within one month after this agreement signed, otherwise should be negotiated
and settled amicably by party A and party C.

     

		5.6	Party C shall pledge the share of Target Company and pledge
the assets of Target Company to Party A. Related management of signet shall be regulated in the payment management agreement.

     

		5.7	Funds management of share pledge

     

		5.7.1	The financing fund shall be managed by escrow account held
by party C and party E, see details in payment management agreement.

     

		5.7.2	The use of financing fund as ear-marked, party A has authority
of fund management.

     

		5.7.3	Before use of financing fund, Party C shall provide project
contract, requisition for payment, project progress settlement table and confirmed by supervising unit and party E, the payment
process shall be complied with regulation of SPIC.

     

		5.8	All the profit and loss before the Project’s grid-connection
and power generation shall be borne by the original shareholders of the target company; the income rights and electricity charges
after grid-connection and power generation shall be owned by the target company, and by the target company’s shareholders
after the completion of M&A of the target company.

 

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		VI.	M&A

     

		6.1	M&A prerequisites:

     

		6.1.1	There are no any major risks and hazards with substantial
influence (including but not limited to external guarantees, litigation, false assets, administrative penalties, major operational
risks, etc. that are not disclosed by the target company).

     

		6.1.2	The project equipment procurement standards and construction
standards meet the technical agreement (EPC) confirmed by Party E.

     

		6.1.3	The target company has signed a electricity purchase and
sale contract with Guizhou Power Grid Co., Ltd. (according to the requirements of Guizhou Power Grid Co., Ltd.), which stipulates
that the electricity price shall be 0.4413 yuan / kWh.

     

		6.1.4	The target company has obtained necessary approvals/licenses
related to the development and construction of PV power generation projects in accordance with Chinese laws and regulation and
the requirements of local administration departments, and Party B, Party C or the target company has provided Party A with the
true and effective originals of relevant licenses, payment vouchers and other documents.(See Annex 1)

     

		6.1.5	The project M&A implementation plan has been recorded
by SPIC

     

		6.1.6	The Project’s “EPC contract” is confirmed
by Party A, or confirmed by Party A after amendment to corresponding contents thereof and the signing of supplemental agreement
in accordance with the requirements of Party A.

     

		6.1.7	The target company signs an Agreement for Lease of Land
with the holder of the use right of the project land. The lease area under the Agreement for Lease of Land matches the requirements
of the Project for land use, and the lease term matches the project operation period.

     

		6.1.8	The Project has been put into operation at its full capacity
and has been accepted by Party A.

     

		6.2	After the Project satisfies the “M&A Prerequisites”
as described in Clause 6.1, and on the premise that Party B, Party C and Party D fully comply with the provisions of this Agreement,
Party A will initiate the M&A of the target company.

 

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		VII.	Commitment and Guarantee of Parties

     

		7.1	Party A undertakes that Party A is a limited liability
company legally established and validly existing under Chinese law, able to independently undertake and fulfill its responsibilities
and obligations under this Agreement.

     

		7.2	Party A undertakes that Party A’s signing of this
Agreement does not violate any other contractual obligations that are legally binding on Party A, and does not violate currently
effective laws and regulations applicable to it.

     

		7.3	Party B undertakes that Party B is a limited liability
company legally established and validly existing under Chinese law, able to independently undertake and fulfill its responsibilities
and obligations under this Agreement.

     

		7.4	Party B undertakes that Party B’s signing of this
Agreement does not violate any other contractual obligations that are legally binding on Party B, and does not violate currently
effective laws and regulations applicable to it.

     

		7.5	Party B undertakes that the Project will generate electricity
and be connected to the grid at its full capacity before June 30, 2020. It will be achieved on schedule that the electricity of
the Project is sold at a competitive price of 0.4413 yuan/kW. If the actual electricity price is less than 0.4413 yuan / kWh,
Party B agrees to deduct the corresponding actual loss from the Project’s EPC contract price. If the actual electricity
price is 0.01 Yuan/kwh, EPC contract price will be going down 103 Yuan /kWh.

     

		7.6	Party B undertakes to bear responsibility for all the preliminary,
construction and completion acceptance work of the Project, specifically including the following:

     

		7.6.1	Dealing with all the formalities and documents required
for the construction commencement of the Project, and ensure that the Project is constructed in accordance with the law to meet
the relevant requirements of national and local governments. For details, see Annex 1.

     

		7.6.2	Responsible for project environmental assessment, water
conservation, fire control, agricultural planting and other special acceptance, so as to meet the project completion acceptance
requirements. Letting the PV project be accepted by the local energy authority, and the agricultural planting plan be accepted
(if any) by the local agricultural authority. All the above-mentioned fees are included in the static total investment of the
Project, and the target company may not be required to pay separately.

 

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		7.6.3	Cooperate with project settlement and transfer project
files in time.

     

		7.7	Party B undertakes that after the Project generates electricity
and is connected to the grid at its full capacity, if the available hour using for power generation of the Project in the first
year is lower over 5% than the hour stated in the feasibility study report, the amount of loss which will be deducted from quality
guarantee deposit under the EPC contract. The compensation will be calculated by: [(the hour stated in the feasibility study report)*(1-0.05)
- available hour using for power generation of the Project]* installed capacity*20*0.4413+ [the hour stated in the feasibility
study report*(1-0.05) - available hour using for power generation of the Project]* installed capacity*5*0.3515

     

		7.8	Party B undertakes that if the total efficiency of the
PV system in the first year is less than 80% of that approved in the feasibility study report, Party B agrees that for
every 1% reduction in the total efficiency of the PV system. If there is any deficiency, Party B shall be responsible for compensation.

     

		7.9	Party B undertakes that, before the signing of this Agreement,
all the equity shares of the target company held by Party C are not subject to any pledge, mortgage or other security interest
(excluding pledge, mortgage or other security interest agreed by Party A for the purpose of project construction financing) or
shareholding entrustment, ownership disputes, etc. As of the date of signing this Agreement, there is no existing or potential
dispute or risk for the Project; if there is any, Party A has the right to terminate this Agreement unilaterally, and any costs
and losses arising from this Agreement or related risk shall ultimately be borne by Party B.

     

		7.10	Party B undertakes that all written materials, including
project documents and materials, submitted to Party A, are complete, accurate and effective, free from material omission or false;
if such written materials are the duplicate thereof, they are consistent with the original; and undertakes that the target company
does not have debts and contingent liabilities that are not disclosed in the accounting books. If the undisclosed debts and contingent
liabilities cause losses to the target company, Party A has the right to recover such losses from Party B.

 

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		7.11	Party B undertakes that if the “M&A Prerequisites”
mentioned in Clause 6.1 are not completely satisfied due to reasons not attributable to Party A, Party A has no obligation to
acquire and hold the equity of the target company, and has the right to unilaterally terminate this Agreement. If Party A still
decides to acquire and hold the equity of the target company, Party B and Party C shall fully cooperate with Party A to complete
the relevant matters concerning the M&A.

     

		7.12	Party B undertakes that if the relevant administrative
license documents during the construction period of the Project are incomplete or the relevant taxes and fees (farmland occupation
tax, etc.) are not paid, and thus the competent government authorities require the target company to obtain relevant licenses
or pay relevant taxes and fees (farmland occupation tax, etc.) or impose administrative penalties on the target company (no matter
when such penalties occur), Party B shall be responsible for dealing with such administrative license documents and bear all costs
incurred therefor, including administrative penalties. If the land is confiscated and the project equipment and facilities are
demolished due to administrative penalty, the losses arising therefrom shall be borne by Party B.

     

		7.13	Party C undertakes that Party C is a limited liability
company legally established and validly existing under Chinese law, able to independently undertake and fulfill its responsibilities
and obligations under this Agreement.

     

		7.14	Party C undertakes that Party C’s signing of this
Agreement does not violate any other contractual obligations that are legally binding on Party B, and does not violate currently
effective laws and regulations applicable to it.

     

		7.15	Party E undertakes that Party E is a limited liability
company legally established and validly existing under Chinese law, able to independently undertake and fulfill its responsibilities
and obligations under this Agreement.

     

		7.16	Party E undertakes that Party E’s signing of this
Agreement does not violate any other contractual obligations that are legally binding on Party B, and does not violate currently
effective laws and regulations applicable to it.

     

		7.17	Full capacity of project connect to the grid and after
the acceptance conditions are met, Party B shall apply for the engineering acceptance and party E shall start to acceptance inspection
in one week after receive the application.

 

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		7.18	The Parties undertake that after the signing of this Agreement,
they shall all fulfill the relevant responsibilities and obligations under this Agreement.

     

		VIII.	Liability for Breach of Contract and Termination of
Project Cooperation

     

		8.1	If the Project fails to meet the “M&A Prerequisites”
as described in Clause 6.1, or Party B fails to fulfill the commitments set out in Clauses 7.10 and 7.11 of this Agreement before
Party A and Party C sign the target company M&A agreement, resulting in disputes over and obstacle to the M&A of the target
company which cannot be resolved, then this Agreement is automatically terminated.

     

		8.2	After all the “M&A Prerequisites” mentioned
in Clause 6.1 are met, Party A and Party C shall be obliged to complete the M&A within 30 days. If either Party fails to perform
the obligation, the other party has the right to unilaterally terminate this Agreement, and the breaching party shall be liable
for all losses caused thereby to the non-breaching party.

     

		8.3	If after Party A and Party C sign the agreement for M&A
of the target company, Party A finds that there is a matter described in Clause 7.11 of this Agreement with significant negative
influence on the follow-up cooperation and Party C fails to properly resolve the problem, causing losses to Party A, Party A has
the right to recover the losses from Party C and from Party B.

     

		8.4	If Clause 6.1 are not met and Party A and Party E decide
to terminate the acquisition of this project, the parties agree ,Party A and Party E shall be exemption from responsibility for
breach of contract.

     

		8.5	Other than the acts mentioned in Clause 8.1, 8.2 and 8.3,
if any Party hereto violates the provisions of this Agreement, it shall be deemed to constitute a breach of contract, and the
breaching party shall bear the liability for breach of contract to the non-breaching party. Specifically, the non-breaching party
shall have right to request the termination of this Agreement and require the breaching party to return the property or articles
(if any) already paid or delivered by the non-breaching party and compensate for the loss; if the non-breaching party requires
the breaching party to continue to perform this Agreement, the breaching party shall compensate the loss suffered by the non-breaching
party and continue to fulfill this Agreement.

 

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		IX.	Miscellaneous

     

		9.1	The Parties hereto shall be obliged to keep confidential
the contents of this Agreement. Unless required by national laws, regulations or relevant authorities, any Party may not disclose
the details and relevant information of this cooperation to any unrelated third party without the written consent of other Parties
and shall cause their respective related parties to fulfill the confidentiality obligations.

     

		9.2	If a Party fails to perform or fails to fully perform its
obligations under this Agreement due to force majeure event, the Party shall not be deemed to be in breach of contract. However,
the Party that is affected by the above-mentioned force majeure event shall immediately notify the other party in writing after
the occurrence of the event and provide sufficient evidence to prove the occurrence and duration of the force majeure event within
15 days thereafter. In the event of force majeure, the Parties hereto shall immediately consult each other in order to seek a
fair solution to minimize the influence of the force majeure event.

     

		9.3	Any dispute arising during the performance of this Agreement
shall be settled through friendly negotiation; if the negotiation fails, either Party may file a law suit with the people’s
court with jurisdiction over the place where the Project is located.

     

		9.4	This Agreement shall become effective upon signature by
the legal representative or authorized agent of the Parties and affixation of the official seal of the Parties. This Agreement
shall be made in ten copies, with each Party holding two copies, which shall have the same legal effect.

     

 Annex:

 

		1.	Catalogue of legal compliance documents concerning the
Project.

 

		2	General budget estimate table for construction projects

 

		3.	Budget estimate table for cost control and management

  

The remainder of this page is
intentionally left blank

 

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(This page is the signature and seal
page of the Agreement on the M&A (Cooperative Development) of the Zhonghong Yilong New District Xinqiao 70000kW Agricultural
PV Power Station Project

 

Party A: State Power Investment Corporation
Guizhou Jinyuan Weining Energy Co., Ltd. (seal)

Legal representative (or authorized
agent) (signature):

 

Party B: Jiangsu Zhonghong Photovoltaic
Electric Co., Ltd (seal)

Legal representative (or authorized
agent) (signature):

 

Party C: Jiangsu Hongzhihan New Energy
Co. Ltd (seal)

Legal representative (or authorized
agent) (signature):

 

Party D: Qianxinan Zhonghong New Energy
Co.,Ltd (seal)

Legal representative (or authorized
agent) (signature):

 

Party E: Southwest Guizhou Autonomous
Prefecture Jinyuan New Energy Co., Ltd. (seal)

Legal representative (or authorized
agent) (signature):

 

Place of signing contract: Guiyang
City, Guizhou Date of signing:

 

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Annex 1: Catalogue of legal compliance
documents concerning the Project.

 

	No.	 	Document name	 	Official reply No.	 	Official reply entity	 	Date of official reply	 	Remarks
	1	 	Project Investment and Development Agreement	 	 	     		 	 	   	 	 	 	       	 	 	 	         	 
	2	 	Project Filing Documents	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	Feasibility study report and review opinion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	Solar resource assessment report and review opinion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	Access to system report and review opinion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	Transmission project approval documents	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	Land use pre-review documents and official reply on land use(including outdoor electric lining engineering)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	EIA approval (record) document(including outdoor electric lining engineering)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	Water and soil conservation plan and official reply(including outdoor electric lining engineering)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	Project planning site selection document	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	11	 	Construction land planning documents	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	12	 	Forest land occupation approval(including outdoor electric lining engineering)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	13	 	Covered mineral
    resources assessment report and review opinions (including material submission certificate) (including
    outdoor electric lining engineering)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	14	 	Geological hazard risk assessment report and review opinion (including
    outdoor electric lining engineering)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	Safety assessment report and review and official reply	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	16	 	Engineering quality supervision and inspection report	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	17	 	Social stability assessment report	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	18	 	Electricity generation approval	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	19	 	Environmental impact assessment report(including outdoor electric lining engineering)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	20	 	Conservation of water and soil inspection report(including outdoor electric lining engineering)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    - 16 -

    

    

 

Annex 2: General budget estimate table
for construction projects

 

工程设计概算/ General budget estimate table for construction projects

总概算表

     

	 	 	 	 	 	 	 	 	 	 	RMB 0000
	序号/

NO	 	工程或费用名称/

ITEM	 	设备购置费/

equipment procurement cost	 	建安工程费/

Construction and installation cost	 	其他费用/

others	 	合计/

total
	一	 	设备及安装工程/Equipment and installation engineering	 	 	 	14909.55	 	 	2938.71	 	 	 	 	 	17848.26
	1	 	发电设备及安装/Power generation equipment and installation	 	 	 	14033.90	 	 	2643.37	 	 	 	 	 	16677.27
	2	 	升压站设备及安装/Booster station equipment and installation	 	 	 	552.5	 	 	63.30	 	 	 	 	 	615.80
	3	 	升压站控制保护设备及安装/Booster station control protection equipment and installation	 	 	 	214.15	 	 	228.15	 	 	 	 	 	442.3
	4	 	其他设备及安装/Other equipment and installation	 	 	 	109	 	 	3.89	 	 	 	 	 	112.89
	二	 	建筑工程/constructional engineering 	 	 	 	 	 	 	2547.33	 	 	 	 	 	2547.33
	1	 	发电场工程/Power plant engineering	 	 	 	 	 	 	1947.71	 	 	 	 	 	1947.71
	2	 	升压站工程/Booster station project	 	 	 	 	 	 	126.21	 	 	 	 	 	126.21
	3	 	房屋建筑工程/building construction engineering	 	 	 	 	 	 	243.42	 	 	 	 	 	243.42
	4	 	其他建筑工程/Other construction works	 	 	 	 	 	 	230	 	 	 	 	 	230
	三	 	其他费用/others	 	 	 	 	 	 	 	 	 	1805.31	 	 	1805.31
	1	 	项目建设用地费/Construction land fees	 	 	 	 	 	 	 	 	 	1171.38	 	 	1171.38
	2	 	项目建设管理费/Project construction management fee	 	 	 	 	 	 	 	 	 	340.99	 	 	340.99
	3	 	生产准备费/Production preparation cost	 	 	 	 	 	 	 	 	 	10.00	 	 	10.00
	4	 	勘查设计费/survey and design expense	 	 	 	 	 	 	 	 	 	182.93	 	 	182.93
	5	 	其他/others	 	 	 	 	 	 	 	 	 	100	 	 	100
	 	 	(部分合计)/subtotal	 	 	 	14909.55	 	 	5486.04	 	 	1805.31	 	 	22200.90
	四	 	基本预备费/ basic reserve funds 	 	 	 	 	 	 	 	 	 	 	 	 	444.02
	 	 	光伏电站静态投资(一至四)部分合计/Static investment in photovoltaic power stations	 	 	 	 	 	 	 	 	 	 	 	 	22644.92
	五	 	接入系统费/Access cost	 	 	 	 	 	 	 	 	 	 	 	 	720
	六	 	价差预备费	 	 	 	 	 	 	 	 	 	 	 	 	0
	 	 	工程静态总投资(一~六合计)Static investment	 	 	 	 	 	 	 	 	 	 	 	 	23364.92
	七	 	建设期利息/interest	 	 	 	 	 	 	 	 	 	 	 	 	228.42
	 	 	工程动态总投资(一至七)部分合计/total investment	 	 	 	 	 	 	 	 	 	 	 	 	23593.34
	 	 	单位千瓦静态投资(元/KW)/Static investment per kilowatt	 	 	 	 	 	 	 	 	 	 	 	 	3900.12
	 	 	单位千瓦动态投资(元/KW)/unit investment per kilowatt	 	 	 	 	 	 	 	 	 	 	 	 	3938.25

 

Annex 3: Budget estimate table for cost
control and management (To be determined)

 

 

- 17 -Exhibit
10.46

 

Financial
Lease (Direct Lease) Contract

 

No.:
[7851309712020050107Y2026266]

 

	Lessee:	Southwest
                                       Guizhou Autonomous Prefecture Zhonghong New Energies Co., Ltd. (hereinafter referred to
                                       as “Party A”)

 

Registered
Address: Daqiaodi Group, Muke Village, Xinqiao Town, Anlong County,  Buyi and  Miao Southwest Guizhou Autonomous
Prefecture, Guizhou Province]

 

	Post Code:	552401

                                           

	Tel.:	18156903677

 

		Fax:	

 

Legal
representative: Wang Hui

 

	Lessor:	CSPG
                                       Financial Lease Co., Ltd. (hereinafter referred to as “Party B”)

 

Registered
Address: X1301-G4639, Self-numbered Building 1, 106 East Fengze Road, Nansha District, Guangzhou

 

	Post Code:	610623
	 	 
	Tel.:	020-38120621

 

		Fax:	020-38120622

 

Legal
representative: Huo Zhigang

 

     

    

    

 

Contents

 

目录

	Article 1 	Definition	2
	Article 2 	Business Mode	3
	Article 3 	Rights and Obligations	3
	Article 4. 	Representation and Commitment	5
	Article 5 	Lease Items	7
	Article 6 	Ownership of Lease Items	8
	Article 7 	Lease Loan Principal	9
	Article 8 	Lease Commencement Date, Grace Period, Rent
    and Lease Loan Interest Rate	9
	Article 9 	Receiving Account and Invoicing Information	11
	Article 10 	Lease Commission Fee	12
	Article 11 	Security Deposit	12
	Article 12	Early Performance	13
	Article 13	Guarantee	14
	Article 14	Delivery and Acceptance of Lease Items	15
	Article 15	Keeping, Repair and Overhaul Obligations of
Lease Items	15
	Article 16	Lease Items Insurance	16
	Article 17	Risk in Damage or Loss of Lease Items and Risk
Treatment	19
	Article 18	Disposal of Lease Items upon Expiration of Lease
Term	20
	Article 19	Financial Materials	20
	Article 20	Breach Treatment	20
	Article 21	Information Disclosure	23
	Article 22	Assignment, Mortgage and Pledge of Contractual
Rights	24
	Article 23	Force Majeure	24
	Article 24	Expropriation and Levy of Lease Items	24
	Article 25	Dispute Solution	25
	Article 26	Establishment, Effectiveness, Change, Cancellation
and Termination of Contract	25
	Article 27	Communication	26
	Article 28	Miscellaneous	27
	Article
    29	Annex	27

 

    1

     

    

 

Through
amicable negotiations, Party A and Party B determine to fulfill the demand of [50MWp Agricultural PV Power Station Project of
Ancha Village of Longguang Town of Yilong New Area] Party A (hereinafter referred to as the “Project”) for the fund
and equipment procurement in the mode of financial lease and hereby enter into the contract below for both parties to obey and
execute.

 

Article
1 Definition

 

Following
terms shall contain the meaning specified in this article:

 

1.1 “Seller”
refers to the legal person or other organization, including its legal successor and licensed assignee, who enters into the Equipment
Procurement Contract and corresponding Change Agreement (if any) with Party A, user of the lease items and Party B, buyer of the
lease items (if any) to supply the lease items and technical service.

 

1.2 “Equipment
Procurement Contract” refers to the [Contracting Contract of 50MWp Agricultural PV Power Station Project of Ancha Village
of Longguang Town of Yilong New Area (No.: SMX-JSZH-2020-003)] entered into on the procurement of lease items under this Contract.

 

1.3 “Change
Agreement” refers to the [Change Agreement to Equipment Procurement Contract (No.: 7851309712020050107Y2026166)] among Party
A, Party B and the Seller.

 

1.4 “Lease
Items” refer to the object of the Equipment Procurement Contract, that is, the equipment listed in the List of Lease Items
(Annex II).

 

1.5 “Acceptance”
refers to the inspection and acceptance by Party A of the goods delivered by the seller according to the Equipment Procurement
Contract and Change Agreement (if any). Such acceptance also equals to the acceptance by Party A of the lease items delivered
by Party B.

 

1.6 “Acceptance
Document” refers to the acceptance materials and certificates issued by Party A to the seller after inspecting and accepting
the goods delivered by the seller according to the Equipment Procurement Contract and Change Agreement (if any).

 

1.7 “Due
Date of Rent” refers to the due date of rent specified in Estimated Payment of Rent (Annex III) or Actual Payment of Rent
(Annex IV).

 

1.8 “Lease
Commencement Date” refers to the date when Party B pays the lease item purchase price for the first time, regardless of
whether the lease items have been delivered.

 

1.9 “Lease
Term” refers to the term since the lease commencement date, during which Party A shall perform the payment obligation of
the rent and other payable amounts under the Contract to be granted with the ownership of the lease items.

 

1.10 “Grace
Period” refers to the period during which Party B allows Party A to delay to perform the payment obligation of lease loan
principal under the Contract without being deemed as committing a breach.

 

1.11 “Retention
Price” refers to the nominal purchase price of the lease items paid by Party A to Party B according to the Contract when
Party A has performed the payment obligation of rent under the Contract or the payment obligation under the circumstance of early
performance; when Party B has received such nominal purchase price and issued the Ownership Transfer Certificate of Lease Items
(Annex V) to Party A, Party A shall obtain the ownership of the lease items.

 

    2

     

    

 

1.12 “Lease
Loan Principal” refers to the part of the lease item purchase price to be actually paid by Party B to the seller according
to the Equipment Procurement Contract and Change Agreement (if any), including but not limited to the payment for goods, tax and
relevant expenses.

 

1.13 “Rent”
refers to the rent to be paid by Party A to Party B in accordance with the Contract, including the lease loan principal and lease
loan interest for Party B to purchase the lease items.

 

1.14 “Lease
Loan Interest Rate” refers to the interest rate applicable to the calculation of the lease loan interest.

 

1.15 “Other
Payable Amounts” refer to the amounts to be paid by Party A to Party B according to the Contract other than the rent, including
but not limited to the lease commission fee, security deposit, compensation, liquidated damages, overdue interest/penalty interest,
early performance bond, idle fund loss, expense for Party B to control and dispose the lease items, retention price, attorney’s
fee for Party B to realize the creditor’s right, litigation/arbitration expense, security expense, notarization fee, assessment/appraisal/auction
fee,execution fee,announcement fee and travel expense; if any amount is already regulated in any specific article
of the Contract, “Other Payable Amounts” in such article shall exclude such amount.

 

1.16 “Tax”
includes various natures of levy, charge and relevant interest, overdue fine, penalty and fine that are collected, deducted and
regulated by the taxation or any other administration at present or in the future.

 

1.17 “Day”,
“Month” and “Year” shall be construed according to the Gregorian calendar.

 

1.18 “Insurance”
refers to the payment made by the insurer under any insurance.

 

Article
2 Business Mode

 

The
business mode under the Contract is direct financial lease. Party A is the user and lessee of the lease items and Party B is the
purchaser (buyer) and lessor of the lease items. Party B shall pay the lease item purchase price to the seller selected by Party
A in view of the selection of seller and lease items by Party A to purchase the lease items selected and confirmed by Party A,
and lease such lease items to Party A to collect the rent and other payable amounts.

 

Article
3 Rights and Obligations

 

3.1 Basic
Rights and Obligations of Party A

 

3.1.1 Basic
Rights of Party A

 

(1) Party
A may select the seller and lease items according to the law.

 

(2) Party
A shall be granted with the rights in relation to the received lease items other than the ownership of such lease items according
to the Equipment Procurement Contract, while Party B shall assume no liability thereof.

 

    3

     

    

 

(3) If
the seller does not perform any obligation under the Equipment Procurement Contract and Change Agreement (if any), Party A may
exercise the claim right against the seller.

 

(4) Party
A may install and use the lease items at the agreed place.

 

(5) Other
rights of Party A specified in the Contract.

 

3.1.2 Basic
Obligations of Party A

 

(1) Party
A shall keep and use the lease items properly.

 

(2) Party
A shall perform the repair obligation during the occupancy period of the lease items.

 

(3) Party
A shall pay the rent and other payable amounts to Party B according to the Contract.

 

(4) Party
A shall perform obligations of the buyer in relation to the received lease items except for paying the lease item purchase price.

 

(5) With
respect to the collection notice or collection document Party B sends or delivers to Party A in any other manner, Party A shall
send back the written receipt via EMS or deliver it to Party B personally within 5 business days upon receiving such notice
or document; otherwise Party A shall be deemed as already acknowledging such document sent by Party B and Party A shall perform
corresponding obligations according to such document.

 

(6) Once
Party A plans to conduct any contract operation, shareholding transformation, shareholding reform, joint operation, merger, combination,
joint venture, separation, capital decrease, stock right transfer, significant investment, significant financing, significant
assets transfer or any other act that may influence Party B’s realization of any interest, Party A shall send a written
notice to Party B at least 30 business days in advance; in case of any influence or possible influence on Party B’s the
realization of any interest, Party A shall obtain the written consent from Party B.

 

(7) In
case of any other event endangering the normal operation of Party A or posing significant adverse influence on Party A’s
performance of the repayment obligation under the Contract, including but not limited to the involvement in any significant economic
dispute, bankruptcy or deterioration of financial status, Party A shall send a written notice to Party B immediately.

 

(8) Once
any item of industrial and commercial registration, such as the domicile, address, business scope or legal representative is changed,
Party A shall send a written notice to Party B within 5 days since such change.

 

(9) If
Party A closes the business, dissolves, stops the business for internal rectification or Party A’s business license is canceled
or withdrawn, Party A shall send a written notice to Party B within 3 days since the occurrence of such event, and guarantee to
return all the rent and other payable amounts immediately.

 

(10) Without
the prior written consent from Party B, Party A may not change the setting place and operating environment of the lease items.

 

    4

     

    

 

(11) Party
A shall report the project fund plan to Party B at lease [30] business days before the lease commencement date;

 

(12) Other
obligations of Party A specified in the Contract.

 

3.2 Basic
Rights and Obligations of Party B

 

3.2.1 Basic
Rights of Party B

 

(1) Ownership
of the lease items shall belong to Party B during the lease term.

 

(2) Party
B shall be granted with the right to collect the rent and other payable amounts from Party A according to the Contract.

 

(3) When
Party B has performed all the payment obligations under the Equipment Procurement Contract and Change Agreement (if any), without
prejudice to Party A’s use of the lease items and ensuring that the Contract may be inherited by the third party, Party
B may assign the real right, such as the mortgage right over the lease items, or any other right under the Contract to any third
party.

 

(4) If
the objective of the Contract may not be achieved due to any cause of Party A after Party B raises the fund according to the project
fund plan reported by Party A, Party B may require Party A to assume the idle fund loss and other breach liabilities thereof.

 

(5) Other
rights of Party B specified in the Contract.

 

3.2.2 Basic
Obligations of Party B

 

(1) Party
B shall guarantee Party A’s occupancy and use of the lease items.

 

(2) In
view of Party A’s selection of the seller and lease items, Party B shall: assist Party A and the seller in entering into
the corresponding Change Agreement according to the Equipment Procurement Contract between Party A and the seller; or enter into
the corresponding Equipment Procurement Contract with Party A and the seller.

 

(3) Party
B shall assist Party A in exercising the right of claim and deduction.

 

(4) Other
obligations of Party B specified in the Contract.

 

Article
4. Representation and Commitment

 

4.1 Party
A hereby makes following representations and commitments to Party B, which shall survive to the termination of the Contract:

 

(1) Party
A is legally incorporated and validly existing according to laws of China with the complete capacity for civil rights and civil
conducts.

 

(2) Party
A has handled all the approval procedures necessary for the signing and performance of the Contract and has obtained the corresponding
internal authorization of the company.

 

    5

     

    

 

(3) If
the effectiveness or performance of the Contract requires any government agreement or relevant registration, Party A commits to
handle such approval and registration procedures.

 

(4) If
the operation or use of the lease items requires any legal qualification, Party A commits to handle relevant approval and registration
procedures and arrange the personnel with the corresponding qualification to operate the lease items.

 

(5) Unless
posed with definite restrictive regulations by any law or rule of China or any other regulatory document on the information disclosure,
Party A guarantees that during the performance period of the Contract, Party A shall provide Party B with the accounting statements
and relevant documents audited by Party A upon the request from Party B. Such accounting statements include but not limited to
the Balance Sheet, Profit Distribution Sheet, Cash Flow Sheet and other materials reasonably required by Party B, and such statements
shall meet relevant laws and rules of China to demonstrate Party A’s financial status in a genuine and objective manner.
Party A guarantees to make the sufficient disclosure of accounting statements to Party B without any contingent matter not included
in such accounting statements or the relevant annotation that may pose any substantial adverse influence on Party A’s financial
status, including but not limited to any guarantee or litigation.

 

(6) All
the documents, materials, signatures and seals provided by Party A are genuine, valid, complete and accurate without any concealment.

 

(7) Party
A does not violate any applicable law or rule, or any regulation in relation to the operation; there is no litigation, arbitration
or administrative procedure posing any significant adverse influence on Party A’s assets, operation or financial status;
there has never been or does not exist any breach or potential breach, and Party A has made all the tax declaration according
to the law and paid all the taxes required by relevant authorities to be paid by Party A appropriately.

 

(8) Party
A confirms that it has obtained various qualification, licenses and approvals necessary for its business operation and use of
the lease items required by laws and relevant government sectors, including but not limited to requirements involving the franchise,
work safety and environment protection (if necessary). Party A commits that it will obtain, maintain and guarantee the validity
and continuity of all the licenses, approvals and certificates necessary for the performance of the Contract and use of the lease
items during the lease term.

 

(9) Since
the lease commencement date, Party A shall guarantee that Party B is the sole owner of the lease items before Party A completes
the performance of the payment obligations of relevant amounts under the Contract, and shall guarantee not to use the lease items
to set any mortgage or generate any other defect of right.

 

(10) Party
A commits that it shall assume any creditor’s right or liability arising from the lease items, including but not limited
to any litigation claim resulted from any quality defect of the lease items or any infringement compensation resulted from any
infringement by the lease items, from which Party B shall be completely relieved.

 

    6

     

    

 

(11) Party
A guarantees that it has made the selection of the seller and lease items carefully and will be responsible for the result of
such selection, and has made the sufficient representation and instruction to Party B without any reservation. Party A guarantees
that Party B shall assume no liability for any defect of quality or right of the lease items. Party A may not propose any objection
against Party B or require Party B to assume any legal liability with respect to the quality or ownership of the lease items,
and may not refuse to accept the lease items.

 

(12) During
the lease term, Party B may, for the purpose of post-lease management, inquire and learn about the financial status, credit status,
industrial and commercial registration information and litigation information of Party A and the use of lease items personally
or through any third party. Party A is obliged to offer the cooperation and provide corresponding materials to Party B or such
third party.

 

(13) Party
A commits that it shall provide the Enterprise Credit Report of Party A at the Credit Reference Center of the People’s Bank
of China for Party B to appraise the credit status of Party A.

 

4.2 Party
B hereby makes following representations and commitments to Party A, which shall survive to the termination of the Contract:

 

(1) Party
B is a company legally incorporated according to laws of China with an independent legal person status and has the capacity for
civil conducts and civil rights corresponding to the business scope specified in its business license without any defect of the
main body.

 

(2) Party
B guarantees that it has handled all the approval procedures necessary for the signing of the Contract and has obtained the corresponding
internal authorization.

 

(3) Party
B guarantees that all the approval documents it provides to Party A in relation to the performance of obligations under the Contract
are genuine, legal and complete.

 

(4) Party
B hereby guarantees that all the representations it makes to Party A are accurate without any misleading content.

 

4.3 The
Contract is the expression of the unanimous intention of both parties through negotiations. The part of the Contract about right
restrictions, aggravated obligations and exemptions has been explained by Party A to Party B and has been understood and accepted
by Party B. The Contract is not a model contract provided by either party.

 

Article
5 Lease Items

 

5.1 Lease
items specified in the Contract are listed in Article 1.4 of the Contract, and details like name, model/specification, price,
unit and quantity are listed in the List of Lease Items.

 

5.2 The
lease items shall be independently selected by Party A. Party A is entitled to the decision-making right as to matters in relation
to the lease items, such as seller, model/specification, price, unit, quantity, technical service and delivery time, and shall
negotiate with the seller directly. Party A shall be responsible for the content of the lease items selected and negotiated by
it. Details shall be subject to the Equipment Procurement Contract and List of Lease Items.

 

    7

     

    

 

5.3 Purpose
of lease items:

 

(1) The
purpose of lease items under the Contract shall be subject to the Financial Lease Business (Direct Lease) Confirmation Letter
(Annex I).

 

(2) Party
A shall use the lease items for the design purpose and normal commercial purpose of lease items.

 

5.4 Party
A shall manage the lease items as its self-owned assets when performing the repair and overhaul obligation for the lease items.

 

5.5 Party
A shall handle relevant procedures and obtain relevant approvals, licenses, corresponding certificates or operation qualifications
necessary for the Contract. If Party B suffers from any loss or is affected in purchasing the lease items due to any absence of
any procedure mentioned above, including but not limited to the idle fund loss, Party A shall assume liabilities thereof.

 

5.6 Delivery
of the lease items shall be determined according to the Equipment Procurement Contract. Party B shall assume no liability for
any quality problem or any loss resulted from any other cause of the delivered lease items.

 

5.7 If
the delivery of lease items is delayed or disabled due to any cause or Party A is unable to receive the lease items due to any
other cause, Party A and the seller shall apply the Equipment Procurement Contract while Party B shall be relieved from any liability
thereof. The occurrence of such event shall not affect Party A’s performance of the payment obligation of rent and other
payable amounts and any other obligation under the Contract.

 

Article
6 Ownership of Lease Items

 

6.1 Party
A shall complete the inspection and acceptance within the period regulated by the Equipment Procurement Contract. Party A and
Party B confirm that the acceptance document issued by Party A in accordance with the Equipment Procurement Contract shall prove
that the lease items have been received by Party A and passed the final acceptance. In the delivery of the lease items by the
seller, whether Party B arrives at the delivery site, the delivery and ownership transfer of the lease items shall not be affected.

 

6.2 Unless
there is any claim from any third person over the lease items due to any cause of Party B, if Party A is unable to use the lease
items due to any cause of any third party, Party A may not be relieved from any obligation under the Contract (including but not
limited to the payment obligation of any amount under the Contract) that Party A shall continue to perform obligations under the
Contract. If necessary, Party A may bring a litigation or claim against any third person.

 

6.3 Ownership
of the lease items under the Contract shall belong to Party B. Party A shall be entitled to the right of occupancy and use during
the lease term. Party A may not use the lease items for sales, transfer, sublease, mortgage (pledge), investment or any other
purpose infringing the ownership of Party B. Party B may learn about the use, damage or repair of the lease items at any time
and Party A shall offer the cooperation and assistance.

 

    8

     

    

 

6.4 In
accordance with relevant regulations, Party B shall register the ownership of the lease items or handle relevant registration
and public announcement in the Unified Registration and Public Announcement System of Movable Property Financing of the Credit
Reference Center of the People’s Bank of China. Party B shall handle the registration procedure and Party A shall offer
the assistance.

 

6.5 Party
A shall mark on the notable location of the lease items that Party B is the owner of the lease items, and shall identify the lease
items well to prevent any infringement of the ownership of Party B’s lease items. Party A may not indicate, whether expressed
or implied that Party A is the owner of the lease items or allow any act or event to lead any other person to consider that Party
A is the owner of the lease items. Party B may identify and check the status of the lease items at any time, and Party A shall
facilitate such process.

 

6.6 Party
A shall repair, overhaul or replace the lease items at the cost of Party A but the corresponding interest shall belong to Party
B. No act of Party A may damage the lease items or obstruct or change the original purpose or function of the lease items.

 

6.7 Party
B’s complete ownership of the lease items may confront any kind of creditor of Party A, including the bankruptcy creditor;
neither Party A nor any third person may exercise any lien over the lease items without permission.

 

6.8 When
the lease items are attached to any other movable property or real estate, the right of Party B over the lease items shall not
be changed. In any case, without the prior written consent from Party B, Party A may not transfer the lease items together with
other movable property or real estate to which the lease items are attached or impose other rights restrictions thereon. The attachment
mentioned above may not depreciate the lease items.

 

6.9 Party
B may require mortgaging the lease items and handle the mortgage registration regarding Party B as the mortgagee, and Party A
shall offer the cooperation positively.

 

Article
7 Lease Loan Principal

 

7.1 The
lease loan principal specified in the Contract is contained in Article 1.12 of the Contract. Details are subject to the Financial
Lease Business (Direct Lease) Confirmation Letter and the Actual Payment of Rent. In case of any inconsistency between the Financial
Lease Business (Direct Lease) Confirmation Letter and the Actual Payment of Rent, the latter shall prevail.

 

7.2 Once
any detail of the rent payment has to be adjusted due to any variation of the lease loan principal, Party B shall separately issue
and sign the Actual Payment of Rent to Party A, based on which Party A shall perform the payment obligation of rent.

 

Article
8 Lease Commencement Date, Grace Period, Rent and Lease Loan Interest Rate

 

8.1 Lease
Commencement Date

 

The
lease commencement date specified in the Contract is defined in Article 1.8 of the Contract and subject to the date listed in
the Actual Payment of Rent.

 

    9

     

    

 

8.2 Grace
Period

 

8.2.1 In
accordance with the agreement between Party A and Party B, Party B agrees to grant Party A with [11] periods as the grace period
of the lease items since the lease commencement date.

 

8.2.2 During
the grace period, Party B shall collect the interest from Party A at the lease loan interest rate specified in the Financial Lease
Business (Direct Lease) Confirmation Letter.

 

8.2.3 Party
A only needs to pay the lease loan interest but not the lease loan principal during the grace period.

 

8.2.4 Upon
the expiration of the grace period, Party A shall pay the rent to Party B according to the Actual Payment of Rent.

 

8.3 Rent
and Lease Loan Interest Rate

 

8.3.1 The
rent specified in the Contract is defined in Article 1.13 of the Contract.

 

8.3.2 The
lease loan interest rate specified in the Contract is defined in Article 1.14 of the Contract. The lease loan interest rate shall
be [146.1] BP (1BP=0.01%) higher than the [1]-year loan prime rate (LPR) published by the National Inter-bank Funding Center on
[April 20, 2020] (i.e. the lease loan interest rate is [5.311]%). (Details are subject to the Financial Lease Business (Direct
Lease) Confirmation Letter). The lease loan interest rate specified in the Contract includes the tax. In case of any adjustment
to any national taxation policy, the lease loan interest rate shall be adjusted correspondingly.

 

8.3.3 Party
A and Party B agree to determine the form of the applicable lease loan interest rate in the [2nd] manner below:

 

(1) Fixed
interest rate, that is, the rent will not be adjusted during the lease term.

 

(2) Floating
interest rate, that is, the lease loan interest rate of the already repaid lease loan principal will not be adjusted during the
lease term of the Contract; with respect to that of the outstanding lease loan principal, both parties agree to make an adjustment
once [12 months] at the rate contained in Article 8.3.2 of the Contract higher than the [1]-year LPR at the date of such adjustment.
Party B shall send a notice to Party A before making such adjustment.

 

8.3.4
The rent of each period shall include the current lease loan principal and the current lease loan interest:

 

(1) The
current lease loan principal is defined in Article 7.1.

 

(2) The
current lease loan interest = outstanding lease loan principal X lease loan interest rate / 360 X actual days of lease.

 

8.3.5 The
rent, lease loan interest rate, VAT to be paid by Party A, payment date, payment time and payment amount of each period shall
be specified in the Estimated Payment of Rent and Actual Payment of Rent. In case of any inconsistence between the Estimated Payment
of Rent and Actual Payment of Rent in the actual payment, the latter shall prevail.

 

    10

     

    

 

8.3.6 The
estimated rent in the Estimated Payment of Rent is the lease cost based on the lease item purchase price and relevant expenses
at the scheduled lease commencement date. After having paid the lease loan principal as scheduled, Party B shall prepare the Actual
Payment of Rent separately in accordance with the actually generated lease loan principal and submit it to Party A for the signing;
unless there is any error in computation, Party A shall sign and seal on the Actual Payment of Rent submitted by Party B and return
it to Party B within 10 business days upon receiving it; otherwise Party A shall be deemed as recognizing that such Actual Payment
of Rent submitted by Party B is legal and valid that Party A shall perform the payment obligation for the corresponding amount
as scheduled. The Actual Payment of Rent does not belong to any revision to the Contract. It is an indispensable part of the Contract.
Whether Party A signs on the Actual Payment of Rent, the effectiveness of the Contract shall not be affected.

 

8.3.7 If
the rent determined in the Actual Payment of Rent of the Contract varies along with any adjustment of the lease loan interest
rate or tax rate or any variation of the lease loan principal, Party B shall make and submit to Party A the Rent Change Notice
(Annex VI) upon the occurrence of the event causing such change and the Actual Payment of Rent made with the corresponding revision,
and Party A hereby agrees to pay the rent to Party B according to the Rent Change Notice and the Actual Payment of Rent made
with the corresponding revision; unless there is any error in computation, Party A shall sign and seal on the adjusted Actual
Payment of Rent submitted by Party B and return it to Party B within 10 business days upon receiving it; otherwise Party A shall
be deemed as recognizing that such Actual Payment of Rent submitted by Party B is legal and valid that Party A shall perform the
payment obligation for the corresponding amount as scheduled. Rent Change Notice is also an indispensable part of the Contract.

 

8.3.8 Party
A guarantees to pay the rent to the bank account designated by Party B specified in Article 9.1.1 according to the Actual Payment
of Rent.

 

8.3.9 Rent
payment date refers to the date when Party A remits the rent to the account designated by Party B through the bank transfer. Party
A shall prepare the payable rent of the current period in the corresponding account before the due date of each period of rent
regulated by the Contract and shall ensure that the rent is sufficiently transferred to the account designated by Party B before
the due date of rent. In case of any legal holiday, Party A shall complete the payment of rent on the last business day before
such legal holiday, while the corresponding interest shall be computed until the due date of the current period of rent.

 

Article
9 Receiving Account and Invoicing Information

 

9.1 Receiving
account of Party B

 

9.1.1 Receiving
account of Party B is as follows:

 

Account
Name: CSPG Financial Lease Co., Ltd.

 

Bank
of Deposit: [Construction Bank of China Guangzhou CSPG Sub-branch]

 

Account
No.: 【00-10-2402-2】

 

9.1.2 In
case of any change to the receiving account, Party B shall send a written notice to Party A 20 business days in advance.

 

    11

     

    

 

9.2 Invoicing
information

 

Party
B shall issue the invoice to Party A within [5] business days [☐before/þafter] the rent payment date. Invoicing information
of Party A is as follows:

 

Unit:
[Southwest Guizhou Autonomous Prefecture Zhonghong New Energies Co.,Ltd.]

 

Address:
[Daqiaodi Group, Muke Village, Xinqiao Town, Anlong County, Buyi and  Miao Southwest Guizhou Autonomous Prefecture,
Guizhou Province]

 

Tel:
[18156903677]

 

Taxation
No.: [91522320MA6J7W2U9Y]

 

Bank
of Deposit:[Industrial and Commercial Bank of China Guizhou Xingyi Jushan Sub-branch]

 

Account
No.: 【2409010609200178582】

 

Article
10 Lease Commission Fee

 

10.1 Lease
commission fee refers to the lease service fee other than the rent collected by Party B from Party A due to the financial lease
service provided by Party B to Party A.

 

10.2 The
lease commission fee under the Contract shall be subject to the Financial Lease Business (Direct Lease) Confirmation Letter.

 

10.3 The
lease commission fee under the Contract shall be paid in the [2nd] manner below:

 

(1) If
the lease commission fee is paid in a lump sum, Party B shall issue the invoice with the equal amount to Party A within [/] business
day(s) since the effectiveness of the Contract. Party A shall pay the lease commission fee to the account designated by Party
B within [/] business day(s) upon receiving such invoice.

 

(2) The
specific payment mode of the lease commission fee shall be subject to the Financial Lease Business (Direct Lease) Confirmation
Letter.

 

10.4 Lease
commission fee refers to the consideration of the operation cost, labor cost and commercial opportunity spent by Party B on this
lease project, which will not be refunded once collected.

 

Article
11 Security Deposit

 

11.1 The
security deposit under the Contract, which is without any interest, includes the rent, liquidated damages, early performance bond,
retention price, Party B’s realization expense of the creditor’s right and other payable amounts.

 

11.2 In
the event that Party A breaches the Contract during the performance period, Party B may offset the following amounts by the security
deposit and may determine the sequence of such offset: (1) liquidated damages and/or early performance bond; (2) realization expense
of creditor’s right; (3) commission fee; (4) all the outstanding overdue lease loan principal; (5) all the undue lease loan
principal; (6) retention price; (7) other payable amounts.

 

    12

     

    

 

11.3 Party
A may not require offsetting any aforementioned amount by the security deposit at its own discretion. Party B’s offsetting
of any aforementioned expense by the security deposit shall not relieve or mitigate Party A from the breach liability for the
corresponding overdue payment. If the security deposit is insufficient to cover the payable amount of Party A mentioned above,
Party A shall continue to assume the breach liability to Party B.

 

11.4 Once
Party A breaches to the extent that Party B deducts the security deposit, Party A shall make up the security deposit within 5
business days upon receiving Party B’s notice, otherwise Party A shall be deemed as breaching the Contract.

 

11.5 Upon
the expiration of the lease term of the Contract: if Party A has paid up all the payable amounts, Party B shall return the security
deposit to Party A; or Party B may offset part of or the whole rent of the last period or any other payable amount by the security
deposit.

 

Article
12 Early Performance

 

12.1 Once
Party A requires any early performance, the [2nd] manner below shall apply:

 

(1) Party
A shall perform the payment obligation of rent according to the Actual Payment of Rent. Unless otherwise regulated in the Financial
Lease Business (Direct Lease) Confirmation Letter or any other part of the Contract, Party A may not pay the lease loan principal
in advance. Party A shall be deemed as breaching the Contract if it makes any repayment in advance without the consent from Party
B, under which circumstance Party B may investigate the breach liability of Party A according to the Contract.

 

(2) If
Party A requires any early repayment of the lease loan principal without any breach to the Contract by Party A, Party A shall
submit a written application to Party B 30 business days in advance and repay all the undue lease loan principal in advance with
the written consent from Party B (undue lease loan principal = lease loan principal - accumulatively repaid lease loan principal),
and shall pay the early performance bond to Party B in manner [A] below:

 

A. The
early performance bond shall be collected on the basis of the actual duration of lease term

 

If
the actual duration is more than [1] year, Party A is allowed to make the early repayment without paying any early performance
bond.

 

B. Early
performance bond = total mount of undue lease loan principal * days from early performance date of the Contract to expiration
date of the lease term * [/]%/360.

 

12.2 If
Party B requires Party A to make any early repayment of the rent without any breach to the Contract by Party A, Party B shall
submit a written application to Party A 30 business days in advance and require Party A to repay all or part of the undue lease
loan principal in advance with the written consent from Party A; if Party B only requires Party A to repay part of the undue lease
loan principal, both parties shall sign and execute the adjusted Actual Payment of Rent according to Article 8.3.7.

 

    13

     

    

 

12.3 If
Party A makes the early performance or is required to pay the rent in advance, Party B may retain any lease commission fee already
collected, and no liability of Party A occurring before such early performance shall be relieved.

 

12.4 In
case of any early performance (including but not limited to the circumstance specified in Article 12, Article 16.2.13 and Article
20.3 of the Contract), the payment time of any amount to be paid by Party A due to such early performance shall be subject to
the direction by Party B.

 

12.5 When
Party A has paid up all the amounts under the Contract, the lease items shall be disposed in the way negotiated by both parties;
in case of any early performance due to any damage or loss of the lease items, the remaining lease items and relevant interests
shall belong to Party A when Party A has performed all the payment obligations of corresponding amounts.

 

Article
13 Guarantee

 

13.1 Party
A or any third party shall provide relevant guarantee measures to Party B with the consent from Party B. If any relevant guarantee
needs to be registered at any relevant authority according to any law, Party A is obliged to handle such registration positively.
The specific guarantee matter shall be agreed separately.

 

13.2 Under
any circumstance below, Party B may require Party A to provide the new guarantee recognized by Party B for the performance of
obligations under the Contract within [10] business days since the occurrence of any such circumstance, otherwise Party A shall
be deemed as committing a fundamental breach to the Contract:

 

(1) The
operation status of Party A is deteriorated seriously;

 

(2) Party
A transfers property or secretly withdraws funds to avoid debts;

 

(3) Party
A suffers from any loss of commercial reputation, such as bankruptcy, shutdown, dissolution, suspension for rectification, or
cancellation of business license;

 

(4) Party
A disposes any business or assets in the form of sales, transfer, capital increases, investment or in any other manner abnormally
in violation to the principle of fairness, or the whole or any substantial part of Party A’s property or right is confiscated,
retained, expropriated, sealed, compulsorily enforced or deprived to be recognized by Party B as affecting the capability of Party
A to perform the Contract;

 

(5) Party
A is involved in any separation, combination, merger or purchase, or Party A suspends the operation of any main business, or Party
A initiates or is initiated with any litigation, bankruptcy or shutdown, or any relevant authority makes any approval or decision
over any aforementioned matter to be recognized by Party B as affecting the capability of Party A to perform the Contract;

 

(6) The
actual controller of Party A is changed, Party A or any key personnel of Party A suffers from any administrative or judicial punishment
(including but not limited to the fine, shutdown, rectification, compulsory measure, punishment) to be recognized by Party B as
affecting the capability of Party A to perform the Contract;

 

    14

     

    

 

(7) Party
A provides any guarantee to any third party beyond the guarantee capability of Party A to be recognized by Party B as affecting
the capability of Party A to perform the Contract;

 

(8) Party
A issues any dividend in violation to the accounting standard to be recognized by Party B as affecting the capability of Party
A to perform the Contract;

 

(9) There
is any change to the guarantee under the Contract to pose any adverse effect on the realization of Party B’s creditor’s
right, including but not limited to the declination of guarantor’s credit and depreciation of the guarantee;

 

(10) There
is any other circumstance under which Party A has lost or may lose the performance capability.

 

Article
14 Delivery and Acceptance of Lease Items

 

14.1 The
lease items shall be delivered between Party A and the seller directly.

 

14.2 Completing
the acceptance by Party A according to the Equipment Procurement Contract shall indicate the completion of the acceptance under
the Contract. Party A shall submit the acceptance document and other payment application materials (subject to the Equipment Procurement
Contract or Change Agreement (if any)) to Party B when applying for the payment. If Party A does not complete the acceptance during
the regulated period (in the absence of such period in the Equipment Procurement Contract, Party A shall complete the acceptance
within 3 days since the seller delivers the lease items), Party B may deem that the lease items have been accepted by Party A
in a favorable status upon being delivered. The acceptance document and other payment application materials submitted by Party
A shall be affixed by Party A with the common seal or special seal for contract for the confirmation.

 

14.3 In
case of any loss of the lease items due to the seller’s non-performance of the Equipment Procurement Contract or Change
Agreement (if any) or due to any fault of the seller, Party A shall exercise the right of claim against the seller according to
the Equipment Procurement Contract and Change Agreement (if any) and Party B shall offer the necessary assistance. Such claim
shall not affect Party A’s payment of any rent to Party B according to the Contract.

 

14.4 If
the lease items do not meet the Equipment Procurement Contract or the purpose, or contain any defect of quality, Party B shall
be relieved from all the liabilities but is obliged to cooperate with Party A in claiming the compensation from the seller. Party
A shall still pay the rent and other payable amounts to Party B according to the Contract.

 

Article
15 Keeping, Repair and Overhaul Obligations of Lease Items

 

15.1 Before
completing the performance of the Contract, Party A shall keep and use the lease items properly and perform the repair and overhaul
obligations. Other than the reasonable wearing and any transformation of the equipment permitted by Party B, Party A shall ensure
the normal status and effect of the lease items at its own cost. Party A shall confirm the repair and overhaul of the lease items
with the supplier, and Party B shall be relieved from any liability thereof (if any part of the lease items needs to be replaced
due to any normal demand, Party A shall use the part produced by the original producer of the lease items with the same specification
and model). Any replacement of any major part of the lease items must obtain the written consent from Party B, unless the seller
produces the new part at a standard no lower than the replaced part.

 

    15

     

    

 

15.2 During
the performance period of the Contract, Party A shall assume any personal injury or property loss resulted from the lease items
or the use, repair, overhaul or keeping, while Party B shall be released from such liabilities. If Party B makes any compensation
to any other due to the lease items, Party B may recover such compensation from Party A.

 

15.3 With
respect to any part, device or service of the lease items replaced, added or updated in such repair, maintenance and overhaul,
such replaced, added or updated part and device shall belong to Party B automatically. The replaced old/damaged part shall belong
to Party A.

 

15.4 Such
repair, maintenance or overhaul by Party A shall not affect the computation of the lease term or affect the performance by Party
A of obligations under the Contract.

 

15.5 Once
the lease items is out of occupancy by Party A during the lease term (unless Party A proves that the lease items are out of occupancy
by Party A due to any cause of Party B), Party A shall make the claim independently to request the return of the lease items at
its own cost. The circumstance mentioned above shall not affect Party A’s performance of the payment obligation of rent
and other payable amounts under the Contract, or affect any other obligation of Party A under the Contract.

 

15.6 If
Party A needs to refit, improve or update the lease items during the performance period of the Contract, Party A shall submit
an application to Party B to obtain the prior written consent from Party B before making such refit, improvement or update at
its own cost. The increased facility, equipment or value of lease items attributed to such refit, improvement or update shall
belong to Party B and the rent shall not be adjusted correspondingly. Such repair, maintenance or overhaul by Party A shall not
affect the computation of the lease term or affect the performance by Party A of obligations under the Contract.

 

15.7 Party
A accepts the investigation, understanding and supervision by Party B of the use of lease items under the Contract at any time.

 

Article
16 Lease Items Insurance

 

16.1 Without
involving the construction period of the project, the insurance of lease items under the Contract shall be determined in the manner
below:

 

Party
A shall purchase the insurance recognized by Party B at a standard no lower than the lease item purchase price, which shall regard
Party B as the primary beneficiary and shall be kept valid during the lease term.

 

16.2 Party
A and Party B agrees to make clear relevant matters as below about the insurance of lease items.

 

16.2.1 Party
A shall purchase the insurance of the lease items and maintain such insurance valid during the whole lease term of the Contract
(Party A shall handle the insurance renewal before the expiration of insurance and the insured amount shall be no less than the
remaining lease loan principal × [100]%). Party A shall assume the premium and Party B shall be entitled to the corresponding
insurance benefit.

 

    16

     

    

 

16.2.2 If
any insurance of the lease items has been purchased but the type, amount, underwriting condition or term does not meet the Contract,
Party A shall supplement the insurance or change the policy or any other document in relation to the insurance in time to change
Party B to the primary beneficiary of the insurance;

 

16.2.3 If
any project construction period is involved in the Contract, Party A shall purchase relevant insurances about the construction
period before the lease items are delivered. Party B shall be listed as the primary beneficiary and any insurance benefit shall
be used to repay the debt of Party A to Party B under the Contract with priority in case of any claim settlement; otherwise Party
B may cancel the Contract and require Party A to compensate all the losses of Party B thereof.

 

16.2.4 Party
A shall purchase any other insurance of the lease items required by any national law or rule or any industrial practice at its
own cost and list Party B as the primary beneficiary.

 

16.2.5 Without
the prior written consent from Party B, neither Party A nor the insurance company may change any clause of insurance. After purchasing
the insurance, Party A shall submit the duplicate of insurance policy/insurance endorsement affixed with the common seal to Party
B. Without the prior written consent from Party B, Party A may not assign any insurance interest. Party B may assign the insurance
interest and Party A shall provide relevant materials and cooperate in handling relevant procedures.

 

16.2.6 Party
A shall assume the risk in the damage or loss of the lease items, whether it actually occupies such lease items. The damage or
loss of the lease items shall not affect Party A’s performance of any obligation under the Contract. In case of any insurance
accident of the lease items, Party A shall send a notice to Party B within 24 hours since such damage or loss, and make a report
to the insurance company for the claim settlement. Whether or how much the insurance benefit has been obtained shall not affect
Party A’s performance of any obligation under the Contract.

 

16.2.7 If
Party A does not perform Article 16.2.1, Article 16.2.3 or Article 16.2.4 of the Contract, Party B may choose to purchase or renew
the insurance at the cost of Party A, or account the insurance premium into the lease loan principal since the actual payment
date; the specific manner shall be determined by Party B at its own discretion. Within 3 business days upon receiving details
of the insurance premium, Party A shall pay the corresponding amount to the account designated by Party B; or both parties shall
perform corresponding obligations according to Article 8.3.7 and other articles of the Contract. If Party A delays to pay any
insurance premium or fails to pay up any insurance premium, Party B may deduct the corresponding insurance premium from the security
deposit (if any) and collect the liquidated damages according to the agreement without prejudice to any other claim that Party
B may propose against Party A.

 

16.2.8 In
case of any insurance accident, the insurance benefit shall be used to pay following amounts in the sequence below:

 

16.2.8.1
If the lease items are damaged but may be restored or repaired to the normal status, the insurance benefit shall be used to pay
following amounts in the sequence below: (1) expense of restoration or repair (ownership of newly purchased or replaced lease
items still belongs to Party B); (2) liquidated damages; (3) compensation; (4) lease commission fee; (5) outstanding due rent;
(6) other payable amounts.

 

    17

     

    

 

16.2.8.2 In
the event that the lease items are damaged to be unrepairable or irreplaceable or are lost, all the amounts shall be paid in the
sequence below: (1) liquidated damages; (2) compensation; (3) lease commission fee; (4) outstanding overdue rent; (5) all the
undue lease loan principal; (6) retention price; (7) other payable amounts.

 

16.2.9 If
the lease items do not suffer the total loss in the accident and the insurance benefit to be received by Party B is less than
RMB[10,000,000.00] (included), the insurance benefit shall be treated in the manner below:

 

16.2.9.1 With
conditions that Party A does not delay to make any payment to Party B, Party B shall authorize Party A to receive the insurance
benefit. Party A shall use such insurance benefit to purchase, repair or replace the lease items while continuing to perform the
Contract;

 

16.2.9.2 Party
B shall receive the insurance benefit if Party A delays to make any payment to Party B. The insurance benefit shall be firstly
used to offset the delayed payment by Party A and then to purchase, repair or replace the lease items.

 

16.2.9.3 If
the insurance benefit is insufficient to cover the renovation expense of lease items mentioned above, Party A shall make up the
balance.

 

16.2.10 If
the lease items suffers the total loss in the accident and the insurance benefit to be received by Party B is more than RMB[10,000,000.00],
the insurance benefit shall be collected by Party B; Party A shall renovate the lease items before the deadline directed by Party
B according to the renovation plan recognized by Party B in writing. Relevant expenses shall be paid by the insurance benefit
actually collected by Party B, and Party A shall make up the balance.

 

16.2.11 If
the lease items suffer any total loss in any accident, Party A shall settle the claim and Party B shall collect the corresponding
insurance benefit. In the event that Party B requires terminating the Contract in advance, the received insurance benefit shall
be used to pay all the amounts to be paid by Party A to Party B in the sequence below: (1) liquidated damages; (2) compensation;
(3) lease commission fee; (4) outstanding overdue rent; (5) all the undue lease loan principal; (6) retention price; (7) other
payable amounts. Party B shall transfer any balance of the insurance benefit after such offset to Party A. If the insurance benefit
is insufficient to cover the expenses mentioned above, Party A shall make up the balance to Party B.

 

16.2.12 Whether
the insurance benefit is received does not constitute any cause for Party A to delay or reduce the payment of any amount under
the Contract to Party B. Party A may not require offsetting any rent or any other amount to be paid to Party B by the insurance
benefit at its own discretion. In case of any dispute over the insurance, Party A shall initiate a negotiation with or bring a
lawsuit to the insurance company. Party B shall offer the cooperation and Party A shall assume all the expenses thereof.

 

    18

     

    

 

Article
17 Risk in Damage or Loss of Lease Items and Risk Treatment

 

17.1 Party
A shall assume the risk in the damage or loss of the lease items during the lease term. The damage or loss of lease items does
not affect any debt of Party A to Party B, including but not limited to the liquidated damages, compensation, lease commission
fee, outstanding due rent, undue lease loan principal and other payable amounts.

 

17.2 In
case of any insurance accident to the lease items, Party A shall send a notice to Party B and notify the insurance company simultaneously.
In the event that Party B encounters any loss brought by any delayed inspection or claim due to any cause of Party A, Party A
shall assume the compensation liability to Party B.

 

17.3 Party
A shall send a written notice to Party B about details of the accident within 5 business days since the occurrence of the accident.
Upon receiving the accident appraisal (assessment) report from the insurance company (if any), Party A shall send a written notice
to Party B about the assessment report, accident analysis and loss within 5 days.

 

17.4 If
the lease items are damaged but may be repaired or replaced, Party B may select any manner below for Party A to execute at the
cost of Party A to resume performing the Contract:

 

(1) Party
A shall restore or repair the lease items to a normal status for use;

 

(2) Party
A shall replace the lease items with a substitute under the same conditions.

 

During
the period of repair or replacement of the lease items, Party A shall still perform obligations like paying the rent as scheduled.
If Party A fails to perform the obligation of repair or replacement of the lease items mentioned above, Party B may investigate
the fundamental breach liability of Party A.

 

17.5 If
Party B, based on a reasonable judgment, recognizes that the lease items have been lost or damaged to an unrepairable or irreplaceable
status, Party B may make any choice below:

 

17.5.1 Party
B may choose to terminate the Contract in advance at its own discretion by sending a Lease Termination Notice (Annex VII) to Party
A to require Party A to pay the corresponding amounts and compensate the relevant loss to Party B, including:

 

(1) Outstanding
due rent and interest;

 

(2) Undue
lease loan principal;

 

(3) Retention
price;

 

(4) Liquidated
damages;

 

(5) Other
payable amounts.

 

Party
A shall pay the corresponding amounts specified in the Lease Termination Notice to the account designated by Party B in a lump
sum. After Party A has fulfilled the above-mentioned payment obligations, Party B shall transfer the ownership of the lease items
to Party A.

 

    19

     

    

 

17.5.2 Party
B may require Party A to replace the lease items with the equipment that is recognized by Party B in writing and possessing at
least the same performance and value to the original lease items at the cost of Party A. The replaced equipment shall become the
property of Party B automatically. Party A may not propose any objection against Party B’s ownership and Party A is obliged
to ensure that any right of Party B over the replaced equipment shall not be affected by any other person, and Party A’s
obligations under the Contract shall also not be affected.

 

17.6 Once
any damage or loss of the lease items belongs to any insurance accident, Article 16 of the Contract shall apply.

 

Article
18 Disposal of Lease Items upon Expiration of Lease Term

 

18.1 Upon
the expiration of the lease term, if Party A does not commit any breach to the Contract and Party A has completed the performance
of obligations under the Contract, Party A shall pay the retention price to the account designated by Party B according to the
Financial Lease Business (Direct Lease) Confirmation Letter. Within 30 business days since Party A pays the retention price, Party
B shall issue the Ownership Transfer Certificate of Lease Items to Party A to transfer the ownership of the lease items to Party
A. Party B shall cooperate with Party A in handling the ownership transfer procedures of the lease items at the cost of Party
A.

 

18.2 Party
B does not make any representation or warranty regarding the performance and conditions of the lease items as they are occupied
and used by Party A during the whole lease term.

 

18.3 If
the lease items have been set with guarantee by Party B, Party B handle procedures to cancel the corresponding guarantee.

 

Article
19 Financial Materials

 

Party
B shall send a notice to Party A 5 business days in advance to learn about the operation situation of Party A. Party A agrees
to provide Party B with the Balance Sheet, Profit Distribution Sheet, Cash Flow Sheet or any other material required by Party
B audited by Party A upon the request from Party B.

 

Article
20 Breach Treatment

 

20.1 If
Party A delays to pay any due rent, lease commission fee, security deposit or any other payable amount according to the contract,
since the due date (included), Party A shall pay the liquidated damages to Party B at the rate of five-ten thousandths per
day (i.e. 0.05%/day) of the outstanding amount until it is paid up. Party B may be relieved from performing any obligation
under the Contract during the period mentioned above. The liquidated damages paid by Party A to Party B mentioned above shall
not exceed [30]% of the lease loan principal specified in the Contract.

 

20.2 If
Party A breaches any obligation under the Contract, Party B may take any measure below other than applying Article 20.1 of the
Contract:

 

(1) Party
B may require Party A to suspend the breach and restore the lease items to the original status when it was delivered;

 

    20

     

    

 

(2) Party
A shall pay the liquidated damages to Party B at the rate of [5]% of the lease loan principal of the Contract;

 

(3) Party
B may require Party A to pay part of or the whole rent in advance, and require Party A to pay up any liquidated damages, lease
commission fee, outstanding due rent, undue lease loan principal, security deposit and other payable amounts under the Contract
immediately.

 

20.3 Party
A shall be deemed as committing the fundamental breach in case of any circumstance below:

 

(1) Party
A delays to pay or does not pay up the rent of any period, lease commission fee, security deposit or any other payable amount
under the Contract for 10 business days;

 

(2) Party
A commits any act damaging Party B’s ownership of the lease items or damaging the lease items, but refuses to make the correction
upon receiving the written notice from Party B or does not correct such act within 5 business days upon receiving the notice from
Party B, or fails to remedy such loss within 30 business days since Party B sends the notice, or the loss is appraised to be irremediable;

 

(3) Without
the written consent from Party B, Party A assigns, sublease, mortgages, pledges or invests the lease items or disposes the lease
items in any other manner, or assign all or part of its rights and obligations under the Contract to any third person;

 

(4) The
lease items are damages or lost due to any willful or gross misconduct of Party A;

 

(5) Party
A breaks any representation or guarantee it makes in the Contract, or any such representation or guarantee or any other written
statement is proved to be false when made;

 

(6) Party
A does not perform or conform to any other representation, guarantee, commitment or obligation under the Contract or any other
relevant agreement, and still does not take any remedial measure within 10 business days upon receiving the written notice from
Party B;

 

(7) Party
A does not provide the guarantee according to the Contract and still fails to provide the guarantee within 10 business days upon
receiving the notice from Party B;

 

(8) The
lease items are judicially enforced, detained or sealed due to any cause not attributed to Party B, and Party A still fails to
cancel such detention or sealing within 30 business days since such detention or sealing;

 

(9) There
occurs any circumstance specified in Article 11.4, Article 12.1, Article 13.2 or Article 17.4 of the Contract;

 

(10) There
is any other event of Party A that may affect its capability in performing the Contract, or there occurs any other event or circumstance
recognized by Party B to possibly affect Party A’s capability in performing obligations under the Contract.

 

    21

     

    

 

20.4 In
case of any circumstance specified in Article 20.3 of the Contract (i.e. fundamental breach by Party A), Party B may announce
that the Contract becomes due immediately and require Party A to pay all the outstanding due rent, liquidated damages, undue rent,
retention price and other payable amounts to the bank account designated by Party B. Other than compensating all the losses of
Party B, Party A shall also pay the liquidated damages to Party B at a rate of [20]% of the lease loan principal. Party B may
also take one or several remedial measures below:

 

(1) Party
A or shareholder of Party A shall regulate or resell the lease items and compensate the loss of Party B. Party A shall assume
relevant expenses arising from such regulation or resale of the lease items while Party B shall be relieved from any liability
or obligation thereof;

 

(2) Party
B may withdraw the lease items or prohibit Party A from using the lease items, and require Party A to compensate all the losses
of Party B thereof;

 

(3) Party
B may force Party A to perform the Contract through the judicial channel and require Party A to compensate all the losses of Party
B thereof;

 

(4) Party
B may exercise the security interest or secured creditor’s right;

 

(5) Party
B may take other remedies permitted by law.

 

20.5 If
the seller cancels the Equipment Procurement Contract or Change Agreement (if any) due to Party B’s failure to pay the lease
item purchase price to the seller according to the Equipment Procurement Contract or Change Agreement (if any), Party B shall
compensate all the losses of Party A thereof and pay the liquidated damages to Party A at the rate of 5% of the lease loan principal.

 

20.6 If
Party A is unable to occupy and use the lease items due to any cause attributed to Party B, Party A may cancel the Contract. Party
A may require Party B to compensate the corresponding loss in case of any circumstance below:

 

(1) Party
B withdraws the lease items without a reasonable cause.

 

(2) Party
B interferes with or disturbs Party A’s occupancy and use of the lease items without a reasonable cause.

 

(3) Party
B does not perform corresponding obligations according to Article 18.1 of the Contract, refuses to perform such obligations upon
receiving the notice from Party A or still does not perform such obligations within the reasonable grace period granted by Party
A.

 

(3) Party
A’s occupancy or use of the lease items is affected by any claim from any third person due to any cause completely attributed
to Party B.

 

20.7 The
breaching or infringing party shall assume all the expenses for the other party to realize the creditor’s right (including
but not limited to the litigation expense, arbitration expense, attorney’s fee and other expenses).

 

20.8 Party
B’s exercise of such measures shall not affect any other right that Party B enjoys under the Contract, nor shall it affect
other obligations of Party A under the Contract.

 

    22

     

    

 

20.9 Party
B may withdraw the lease items according to Article 20.4 (2) of the Contract in following manners, including but not limited to:

 

(1) Party
B may take measures to prevent Party A from using the lease items or prevent the lease items from being operated normally;

 

(2) Party
B may require Party A to return the lease items to Party B in a complete status at the cost of Party A;

 

(3) Party
B or its agent may directly enter the site of lease items to occupy and transfer the lease items depending on the situation at
the cost of Party A.

 

20.10 After
withdrawing the lease items, Party B may appoint an appraisal institution to appraise the lease items to organize sales or auction
of the lease items on the basis of the appraised value, and any revenue from such sales or auction shall be used to offset following
expenses in the sequence below:

 

(1) All
the expenses for Party B to withdraw, transfer, keep, repair and dispose the lease items;

 

(2) All
the liquidated damages, outstanding due rent, all the undue rent and lease commission fee to be paid by Party A and any loss of
Party B thereof;

 

(3) Any
other outstanding payable amounts.

 

Article
21 Information Disclosure

 

21.1 If
the audited report provided by Party A is reviewed by any third to be unable to demonstrate the operation situation of Party A
in an authentic manner, Party A must employ the certified public accountants designated by Party B to conduct the annual audit
again.

 

21.2 Party
B shall send a notice to Party A 5 business days in advance to learn about the operation situation of Party A. Party A agrees
to provide Party B with the financial statements or any other material reasonably required by Party B.

 

21.3 Party
A shall issue the record of use, maintenance and overhaul of the lease items to Party B and accept Party B’s investigation
of Party A’s operation status.

 

21.4 Once
Party A’s any item of industrial and commercial registration, such as the name, address, telephone and fax number, registered
capital, domicile, business scope or legal representative is changed, Party A shall send a written notice to Party B within 5
business days since such change.

 

21.5 Without
the written consent from Party A, Party B may not disclose any confidential material provided by Party A to any third party (unless
regulated by any law or administrative rule). If Party B breaches this article to bring any loss to Party A, Party B shall compensate
the actual losses thereof.

 

21.6 With
respect to any confidential information of Party B that Party A obtains due to this project, Party A shall take corresponding
confidentiality measures and assume the same confidentiality obligations and liabilities with Party B.

 

    23

     

    

 

Article
22 Assignment, Mortgage and Pledge of Contractual Rights

 

22.1 Party
A hereby acknowledges that Party B may assign all or part of its interests under the Contract to any third person or set any mortgage
on the lease items without Party A’s consent. Such third person shall be entitled to the corresponding rights of Party B
under the Contract and perform corresponding obligations. Party A shall perform corresponding obligations under the Contract towards
such third person. Such third person may claim against Party A for the corresponding rights of Party B under the Contract.

 

22.2 Without
the written consent from Party B, Party A may not assign all or part of its rights or obligations under the Contract to any third
person or set any pledge or mortgage on the lease items..

 

Article
23 Force Majeure

 

23.1 Force
majeure refers to the objective circumstance that may not be predicted, avoided or overcome, including but not limited to: accident,
explosion, plague, lightning, earthquake, fire, flood, storm, tsunami or other natural disaster; strike or labor dispute; embargo,
announcement or order of local or central government, and change of relevant national laws or policies; military action, war,
riot and terrorist activity.

 

23.2 In
case of any force majeure, the party affected by the force majeure shall immediately notify the other party in writing and take
remedial measures to reduce the loss. Within 5 business days since the occurrence of any force majeure, the party affected by
such force majeure shall provide details of the force majeure and report of loss, together with relevant certificates, to the
other party.

 

23.3 If
the party affected by the force majeure is unable to perform or has to delay to perform any obligation under the Contract due
to such force majeure, both parties shall solve the problem through negotiations depending on the extent of influence posed by
such force majeure on the performance of the Contract.

 

23.4 After
the end of force majeure, the party affected by the force majeure shall immediately notify the other party. Both parties shall
continue to perform the obligations hereunder after the end of force majeure, and the lease term under the Contract shall be extended
accordingly.

 

Article
24 Expropriation and Levy of Lease Items

 

24.1 If
the lease items are expropriated or levied by the government during the lease term, both parties may negotiate to continue to
perform, suspend or terminate the Contract in view of the situation of such governmental expropriation and levy. If no agreement
is reached through such negotiations, the Contract shall be deemed as terminated when the government orders such expropriation
or levy. If the lease items are levied by the government to the extent that Party B loses the ownership of the lease items, the
Contract shall be deemed as terminated when the government orders such levy.

 

24.2 Unless
separately agreed by Party A and Party B, if the lease items are expropriated or levied, the corresponding indemnity and preferential
policy granted by the government shall belong to Party A and all the governmental indemnity shall be firstly used to pay the liquidated
damages, compensation, outstanding payable lease commission fee, outstanding due rent, undue lease loan principal and other payable
amounts to be paid by Party A to Party B under the Contract. The amounts to be paid by Party A to Party B mentioned above shall
be limited to the governmental indemnity.

 

    24

     

    

 

24.3 If
the lease items are levied, when Party B has received the liquidated damages, compensation, outstanding payable lease commission
fee, outstanding due rent, undue lease loan principal and other payable amounts paid by Party A, Party B shall issue the Ownership
Transfer Certificate to Party A, according to which the ownership of the lease items shall belong to Party A.

 

Article
25 Dispute Solution

 

With
respect to any dispute arising from the performance of the Contract, both parties shall solve the dispute through negotiations
according to relevant laws of China and the Contract. Once the dispute may not be solved through negotiations, both parties agree
to apply the 2nd method below.

 

		1	Arbitration:
                                         Applying to / for the arbitration;

 

		2	Lawsuit:
                                         Bringing a lawsuit to the competent People’s Court at the place of
                                         Party B.

 

Article
26 Establishment, Effectiveness, Change, Cancellation and Termination of Contract

 

26.1 The
Contract shall take effect with signatures or seals by legal representatives or authorized representatives, together with common
seals or special contract seals of both parties until all the rent, lease commission fee, liquidated damages and all other payable
amounts are paid up.

 

26.2 Since
the Contract takes effect, unless otherwise regulated in the Contract, neither party may change or cancel the Contract in advance
without permission. Once the Contract needs to be changed or canceled, both parties shall negotiate to enter into a written agreement
about the change or cancellation of the Contract. The Contract shall be continued to perform before such change or cancellation.

 

26.3 Party
B may cancel the Contract at its own discretion under any circumstance below:

 

(1) There
occurs any circumstance specified in Article 20.3 of the Contract.

 

(2) Party
A delays to pay the rent for twice accumulatively.

 

(3) There
occurs any other circumstance under which the objective of the Contract may not be realized due to any cause of Party A.

 

26.4 Party
A or Party B may cancel the Contract at its own discretion under any circumstance below:

 

(1) The
Equipment Procurement Contract is canceled, recognized as invalid or revoked and is not established again due to any cause not
attributed to either party.

 

(2) There
occurs any other circumstance under which the objective of the Contract may not be realized due to any cause of the seller.

 

26.5 If
the seller does not deliver the lease items as scheduled in the Equipment Procurement Contract, Party B may terminate the Contract
in advance at its own discretion and Party A shall pay up all the outstanding due rent, undue lease loan principal and other payable
amounts within 30 business days since Party B notifies to terminate the Contract. Upon paying up all the amounts mentioned above,
Party A shall become the buyer of the lease items automatically instead of Party B to assume the payment obligation of the remaining
lease item purchase price, from which Party B shall be relieved.

 

    25

     

    

 

26.6 If
the Equipment Procurement Contract is changed to affect any substantial article of the Contract, both parties may negotiate to
change or cancel the Contract correspondingly.

 

26.7 With
respect to any matter not included in the Contract, Party A and Party B may enter into the supplementary agreement separately.

 

Article
27 Communication

 

27.1 Contact
details of Party A:

 

Address:
[Daqiaodi Group, Muke Village, Xinqiao Town, Anlong County, Buyi and  Miao Southwest Guizhou Autonomous Prefecture,
Guizhou Province]

 

Post
Code: [552401]

 

Tel:
[18156903677]

 

Fax:
[]

 

Contact:
[Wang Hui]

 

27.2 Contact
details of Party B:

 

Address:
[CSPG Financial Lease Co., Ltd., 6 Huasui Road, Zhujiang New Town, Tianhe District, Guangzhou]

 

Post
Code: [511458]

 

Tel:
[020-38120677]

 

Fax:
[020-38120622]

 

Contact:
[Chen Youyu]

 

27.3 All
the notices sent by either party to the other party for the purpose of the Contract, all the communications between both parties
and all the notices and requirements in relation to the Contract may be sent via mail, fax, telegram, e-mail and personal delivery.

 

27.4 Any
notice sent by either party to the other party of the Contract, once sent via fax and e-mail, shall be deemed as properly delivered
when sent to the system of the other party; or once sent via express delivery, shall be deemed as properly delivered on the 5th
day after being sent.

 

27.5 Either
party of the Contract shall inform the other party in time of any change of its contact detail. Otherwise any notice sent by the
other party to the contact detail specified in the Contract shall be deemed as properly delivered.

 

    26

     

    

 

Article
28 Miscellaneous

 

28.1 Both
parties of the Contract have read all the articles of the Contract carefully and have adopted reasonable methods to remind the
other party of any article of the Contract under which the other party may assume any liability, and have explained relevant articles
as requested by the other party.

 

28.2 The
Contract shall be made in four copies with each party holding two copies. Both parties shall make any other copy
in need and all such copies contain the same legal effect.

 

Article
29 Annex

 

29.1 The
annexes to this Contract shall be an integral part of this Contract and have the same legal effect as the main text of this Contract.

 

29.2 Annexes
of the Contract:

 

(1) Annex
I: Financial Lease Business (Direct Lease) Confirmation Letter

 

(2) Annex
II: List of Lease Items;

 

(3) Annex
III: Estimated Payment of Rent (Format);

 

(4) Annex
IV: Actual Payment of Rent (Format);

 

(5) Annex
V: Ownership Transfer Certificate of Lease Items;

 

(6) Annex
VI: Rent Change Notice (Format);

 

(7) Annex
VII: Lease Termination Notice (Format).

 

[No
Text Below]

 

 

    27

     

    

 

(This
is the signature page of Financial Lease (Direct Lease) Contract in the number of

[7851309712020050107Y2026266])

 

 

	Party A:	(Common Seal)	Party B:	(Common Seal)
	 	 	 	 
	 	Southwest Guizhou Autonomous Prefecture
    Zhonghong New Energies Co., Ltd.	 	CSPG Financial Lease Co., Ltd.
	 	 	 	 
	Legal
    representative / authorized representative:	Legal
    representative / authorized representative:
	 	 
	 	 
	 	 
	Wang
    Hui (seal)	Huo Zhigang
	 	 
	Date:	Date: 2020-05-21
	Place:	 

 

    28

     

    

 

Annex
I

 

Financial
Lease (Direct Lease) Confirmation Letter

 

No.:
[7851309712020050107Y2026266-01]

 

	

Lessee:
[Southwest Guizhou Autonomous Prefecture Zhonghong New Energies Co.,Ltd.]

 

Domicile:
[Daqiaodi Group, Muke Village, Xinqiao Town, Anlong County, Buyi and  Miao Southwest Guizhou Autonomous Prefecture,
Guizhou Province]

 

Legal
Representative: [Wang Hui]

 

Unified
Social Credit Code: [91522320MA6J7W2U9Y]

 

Through
amicable negotiations, Party A and Party B reach the following agreement for both parties to obey and execute.

 

I.
Lease Items

 

	Details of lease items:	 	Details
    of lease items are contained in List of Lease Items.
	 	 	 
	Purpose of lease items:	 	[Power generating
    equipment and other supporting equipment of 50MWp Agricultural PV Power Station Project of Ancha Village of Longguang Town
    of Yilong New Area]
	 	 	 
	Using site of lease items:	 	[50MWp Agricultural
    PV Power Station Project of Ancha Village of Longguang Town of Yilong New Area, Hehua Village, Xinqiao Town, Yilong New Area,
    Southwest Guizhou Autonomous Prefecture, Guizhou Province]
	II. Lease Loan Principal
	 	 	 
	Lease loan principal
    (lease item purchase price):	 	RMB [one hundred
    and sixty-three million five hundred thousand yuan only] (¥[163,500,000.00])
	 	 	 
	Payment mode of lease loan principal:	 	þ  Bank transfer  

                                    ☐
                                    Acceptance bill  

                                    ☐ Other [/]

	 	 	 
	III. Time Point of Lease
	 	 	 
	Lease commencement date:	 	Subject to the corresponding
    Actual Payment of Rent
	 	 	 
	Lease term:	 	[36 months], altogether
    [12] periods
	 	 	 
	Grace period:	 	Altogether [11] periods

                                    [Lease
commencement date] to [December] [20], [2022]

	 	 	 
	IV. Leasing Claims
	 	 	 
	Confirmation of lease loan interest rate:	 	[146.1] BP (1BP=0.01%)
    higher than the [1]-year LPR published on [April 20, 2020] (i.e. the lease loan interest rate is [5.311]% (tax-included)).

 

    29

     

    

 

	 	 	☐ Fixed interest rate
	 	 	 
	Adjustment after applying
    the interest rate:	 	

        þ  Floating
        interest rate: the rent already paid will not be adjusted while the outstanding part will be adjusted once every [12 months]
        with the aforementioned BP higher than the [1]-year LPR published on the adjustment date.

 

		 	☐ Once a month 	þ  Once a quarter
	 	 	 	 
	Payment frequency of rent:	 	☐ Once half a year	 ☐ Once a year
	 	 	 	 
	 	 	☐ Other [/]	 

 

	Payment method of rent:	 	þ Average
capital	☐ Average capital plus
    interest	     Other [/]
	 	 	 	 	 
	Payment mode of rent:	 	☐ Advance	þ  Post	     Other [/]

  

	Payment of rent:	 	Bank transfer
	 	 	 
	Retention price:	 	RMB [a hundred] yuan only, RMB[100])
	 	 	 
	V. Lease Commission Fee
	 
	Total lease commission fee (tax-included):	 	Subject to the Actual Payment of Rent
	 	 	☐ Lump sum
	 	 	 
	Payment mode of lease commission fee:	 	

        þ Other
[0.88% of the loan amount within 5 days each time when the loan is made (about 0.9944% including 13% of VAT); 0.88% of the remaining
principal every 12 months after the making of the loan (about 0.9944% including 13% of VAT), subject to the Actual Payment of
Rent]

	 	 	 
	Payment schedule of lease commission fee:	 	[Paid by years subject to the Actual Payment
    of Rent]
	 	 	 
	Payment method of lease commission fee:	 	þ  Bank
        transfer

        ☐
        Other [/]

	 	 	 
	VI. Security Deposit	 	 
	 	 	 
	Total amount of security deposit:	 	RMB [/] yuan only, (¥[/])
	 	 	 
	Payment schedule of security deposit	 	【/】
	 	 	 
	Payment method of security deposit:	 	☐ Bank
        transfer

        ☐
        Other [/]

	 	 	 
	Return method of security deposit:	 	☐
        Bank transfer

        ☐
        Deduction from the last period of rent

 

    30

     

    

 

	VII. Insurance	 	 
	 	 	 
	 	 	(I) Construction period of the project
	 	 	 
	 	 	þ  Construction and installation engineering all risks
    insurance
	 	 	 
	 	 	☐ Transportation insurance (MC)
	 	 	 
	 	 	☐ Profit loss insurance (DSU) under construction and installation
    engineering all risks insurance
	 	 	 
	 	 	☐ Profit loss insurance (DSU) under transportation insurance
	 	 	 
	Insurance arrangement
    of lease items:	 	(II) Operation period of the project
	 	 	 
		 	

        

        þ Property
all risks insurance

         

        þ Machine
and equipment damage insurance

         

        þ Third
        person liability insurance/public liability insurance

         

        ☐
        Profit loss insurance under property all risks insurance

         

        ☐
        Profit loss insurance under machine and equipment damage insurance

         

        ☐
        Other [/]

 

VIII. Guarantee

 

[SPIC
Guizhou Jinyuan Weining Energy Co., Ltd. issues the Commitment Letter to make the irrevocable guarantee of the joint liability
for the debt of the lessee resulted from the Contract]

 

[No.
of Commitment Letter: 7851309712020050107Y2026266-CNH]

 

IX. Other
credit enhancement measures

 

1. [The
paid-in capital by Party A shall be no less than RMB42.76 million]

 

2. [Jiangsu
Hongzhihan New Energy Co., Ltd. enters into the Equity Pledge Agreement and handle relevant registration procedures to pledge
Party A’s equity it holds to Party B]

 

3. [Party
A enters into the Per-pledge Agreement of Electricity Fee Charging Right to pledge the contingent electricity fee charging right
generated from the project involved in the Contract to Party B]

 

X. Special
Provision

 

1. Preconditions
for Party B to pay the lease item purchase price according to the Equipment Procurement Contract:

 

    Aforementioned
guarantees and other credit enhancement measures have been completed.

 

2. Early
performance: [If the actual duration of lease is more than [1] year, early repayment is allowed without any early performance
bond].

 

3. This
confirmation letter is made with [four] copies. Party A holds [two] copies and Party B holds [two] copies, all of which contain
the same legal effect.

 

    31

     

    

 

4. Party
A shall purchase the insurances specified in Article 7 of this confirmation letter and list Party B as the primary beneficiary
of such insurances. Construction and installation engineering all risks insurance shall be purchased within [10] days since Party
B pays the lease item purchase price for the first time, otherwise Party B may suspend paying any subsequent lease item purchase
price and Party A shall assume all the consequences thereof.

 

5. After
being confirmed by your company, this application will be signed as an attachment of the Financial Lease (Direct Lease) Contract
in the number of [7851309712020050107Y2026266]. Upon becoming effective, all the articles of this confirmation letter will be
included in the Financial Lease (Direct Lease) Contract as an integral part. In case of any inconsistency between this confirmation
letter and the Financial Lease (Direct Lease) Contract, this confirmation letter shall prevail.

 

Party
A (Lessee): Southwest Guizhou Autonomous Prefecture Zhonghong New Energies Co.,Ltd. (Common Seal)

  

Legal
representative / authorized representative:

 

 

 

Date:
Wang Hui (seal)

 

 

Party
B (Lessor): [CSPG Financial Lease Co., Ltd.] (Common Seal)

 

 

 

Legal
representative / authorized representative:

 

Date:
2020-05-21

 

 

Huo
Zhigang

 

 

 

    32

     

    

    

Annex
II

 

List
of Lease Items

 

No.:
[7851309712020050107Y2026266-02]

 

No.
of Financial Lease (Direct Lease) Contract: [7851309712020050107Y2026266]

 

þ Equipment
Procurement Contract: [Contracting Contract of 50MWp Agricultural PV Power Station Project of Ancha Village of Longguang Town
of Yilong New Area. No.: [SMX-JSZH-2020-003]

 

þ  Change
Agreement: [Change Agreement to Equipment Procurement Contract], No.: [7851309712020050107Y2026166]

 

	No.	Equipment	Specification (Model)	Seller	Measuring Unit	Quantity	Tax-included Unit Price (Yuan)	Tax-included Total Price (Yuan)	Remarks
	1	435 monocrystalline module	LR4-72HPH435M	Longi Solar Technology Co., Ltd.	Piece	137720	716.967	98,740,696.00	 
	2	2*10 steel structure bracket equipment	Hot-dip galvanized steel support	Jiangsu Yanshan Solar Equipment Co., Ltd.	Set	6886	2820.2279	19,420,089.00	 
	3	2MWp distributed all-in-one machine	35KV distributed PV inverting and boosting integrated equipment	Sineng Electric Co., Ltd.	Set	24	442200	10,612,800.00	 
	4	1*4 PV cable	PV1-F-1*4 (half red and half black)	Shanghai Jinyou Jinhong Intelligent Electric Co., Ltd.	m	612000	2.5618	1,567,800.00	 

 

    33

     

    

 

	 5 	Aluminum alloy power cable	
        ZC-KVVRP222*1.0

        ZRC-YJLHV22-0.6/lkV-

        2×95

        ZRC-YJLHV22-0.6/lkV-

        2×120

        ZRC-YJLHV22-0.6/lkV-

        2×150

        ZRC- YJLHV22-0.6/lkV-

        2×185

        ZRC-YJLHV22-26/35Kv

        3×95

        ZRC-YJLHV22-26/35kV

        3×120

        ZRC-YJLHV22-26/35Kv

        3×150

        ZRC-YJLHV22-26/35Kv
	Jiangsu Changfeng Cable Co., Ltd.	Set	11061	267.0287	2,953,605.00	           
	6	110kV main transformer (including neutral point equipment)	110kV three-phase duplex winding transformer, installation capacity: 50000kVA (SZ11-50000/110,115±8×1.25%/38.5kV,Uk=10.5%,YN,d11,ONAN)	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	6359850.67	6,359,850.67	 
	7	110kV disconnecting switch	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	2	89322.865	178,645.73	 

 

    34

     

    

 

	8	110kV breaker	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	114274.45	114,274.45	           
	9	110kV current transformer	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Group	1	82139.08	82,139.08	 
	10	110kV capacitor voltage transformer	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Group	1	92315.13	92,315.13	 
	11	110kV lightning arrester	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Group	1	88824.86	88,824.86	 

 

    35

     

    

 

	12	High voltage switchgear	Steel-clad movable (including 3 PV incoming cabinets, 1 main transformer incoming cabinet, 1 SVG incoming cabinet, 1 station transformer incoming cabinet and 1 PT cabinet)	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Cabinet	7	328311.1243	2,298,177.87	           
	13	SVG reactive power compensation device	±10MVar	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	3280876.93	3,280,876.93	 
	14	Station and grounding transformer	250kva	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	131722.76	131,722.76	 
	15	35KV grounding resistance complete set	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	889523.85	889,523.85	 

 

    36

     

    

 

	16	Station low voltage outlet cabinet	MNS	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	3	102295.7667	306,887.30	           
	17	10kV station transformer	S11-250/10,250kVA, 

10±2×2.5%/0.4kV	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	128500.64	128,500.64	 
	18	10kV power overhead line	Including wire LGJ-95, pole and hardware, etc.	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	km	3	620046.7767	1,860,140.33	 
	19	ZR-YJV22-26/35- 

3×50	Switchgear to SVG/grounding transformer	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	m	300	432.4109	129,723.27	 

 

    37

     

    

 

	20	35kV cable terminal	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	4	4990.315	19,961.26	           
	21	fireproof bulkhead	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	m2	500	480.9916	240,495.81	 
	22	PFB cable fire protection package	AB-2 organic fireproof blockage	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	t	10	15115.193	151,151.93	 

 

    38

     

    

 

	23	Fireproof blockage	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	t	3	24532.9433	73,598.83	           
	24	Fireproof painting	G60-3 vinylidene chloride painting	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	t	3	48486.46	145,459.38	 
	25	Galvanized steel pipe 	Φ40	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	m	50	102.3014	5,115.07	 
	26	Booster station independent lightning rod	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	270724.65	270,724.65	 

 

    39

     

    

 

	27	Vertical grounding electrode	Galvanized angle steel Ð50×50×5 

L=2.5m	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Stick	50	249.516	12,475.80	           
	28	Galvanized flat iron	-60×6	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	m	1000	67.3693	67,369.27	 
	29	Galvanized flat iron	—50×5	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	m	800	59.8838	47,907.03	 
	30	Primary system debugging	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Item	1	124757.9	124,757.90	 

 

    40

     

    

 

	31	Computer monitoring system	1) 2 hosts and operator workstations (LINUX system)	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	897384.67	897,384.67	           
	32	Full station (including field area) video security monitoring system	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	777980.77	777,980.77	 
	33	Fault recording system	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	216800.07	216,800.07	 
	34	Protection and fault information management sub-station	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	141945.32	141,945.32	 

 

    41

     

    

 

	35	Telecontrol communication system	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	141945.32	141,945.32	           
	36	Low frequency low voltage decoupling and high frequency cutting machine	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	129469.53	129,469.53	 
	37	220V DC system	1 220V, 200Ah charging tank, 1 feeder tank, 2 accumulator tanks	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Cabinet	4	98756•585	395,026.34	 

 

    42

     

    

 

	38	UPS inverter power cabinet	(1) 2 5kVAUPS hosts; rated current: 16A; feed breaker: 26 loops; rated current: 32A; feed breaker: 4 loops. (2) A set of display and accessories.	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Cabinet	1	66319.53	66,319.53	           
	39	Optical fiber communication equipment	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	202627.34	202,627.34	 
	40	Regional dispatch data network access equipment	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	102821.02	102,821.02	 
	41	Communication power cabinet	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	52917.86	52,917.86	 

 

    43

     

    

 

	42	Secondary interface fee	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Item	1	77300.92	77,300.92	           
	43	Scheduling communication	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	77300.92	77,300.92	 
	44	110kV measuring and controlling device of optical difference protection of line	Micro type, integrated measuring and protection, 3 Ethernet ports, B code time check	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	256451.45	256,451.45	 
	45	110kV main transformer protection device	Micro type, integrated measuring and protection, 3 Ethernet ports, B code time check	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	158167.62	158,167.62	 

 

    44

     

    

 

	46	110kV measuring and controlling device of main transformer	Micro type, integrated measuring and protection, 3 Ethernet ports, B code time check	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	160662.78	160,662.78	           
	47	Electric energy metering screen	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Cabinet	1	214558.34	214,558.34	 
	48	Optical power prediction system equipment	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	465321.73	465,321.73	 
	49	PV power station environmental monitor	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	91048.02	91,048.02	 

 

    45

     

    

 

	50	Electric energy monitoring device	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	128475.39	128,475.39	           
	51	Secondary safety equipment	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	527700.68	527,700.68	 
	52	Active power and reactive power control system	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	203330.13	203,330.13	 

 

    46

     

    

 

	53	Clock synchronization system screen	2 master clock devices and accessories	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Cabinet	1	128126.96	128,126.96	           
	54	Secondary control cable and power line	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Item	1	4177974.38	4,177,974.38	 
	55	Secondary system launch debugging	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Item	1	495869.37	495,869.37	 
	56	Fire fighting apparatus	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	261961.33	261,961.33	 

 

    47

     

    

 

	57	Fire alarm system	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	498945.9	498,945.90	           
	58	HVAC system	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Set	1	399198.56	399,198.56	 
	59	Lighting equipment and installation	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Item	1	159663.12	159,663.12	 
	60	SPIC remote control	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Item	1	998063.22	998,063.22	 
	61	Network security expense and situation awareness	 	No. 5 Construction Engineering Group Co., Ltd. of Guizhou Construction and Engineering Group	Item	1	499031.61	499,031.61	 
	Total	 	 	 	163,500,000.00	 

 

The lessee hereby acknowledges that the
information specified in the List of Lease Items is authentic and valid, and is willing to assume all the legal risks and liabilities
resulted from any inaccurate part of the aforementioned information.

 

[No Text Below]

 

    48

     

    

 

(This
is the signature page of List of Lease Items in the number of [7851309712020050107Y2026266-02])

 

Party
A (Lessee): Southwest Guizhou Autonomous Prefecture Zhonghong New Energies Co.,Ltd. (Common Seal)

 

Legal
Representative/Authorized Representative:

 

 

 

Wang
Hui (seal)

 

Date:

 

Party
B (Lessor): CSPG Financial Lease Co., Ltd. (Common Seal)

 

Legal
representative / authorized representative:

 

 

 

Huo
Zhigang

 

Date:
2020-05-21

 

 

 

 

    49

     

    

 

Annex III

Estimated Payment of Rent

 

Unit: Yuan

 

	No. of Financial Lease (Direct Lease) Contract	7851309712020050107Y2026266	No. of Estimated Payment of Rent	7851309712020050 

107Y2026266-GSB
	Lessee	Southwest Guizhou Autonomous Prefecture Zhonghong New Energies Co., Ltd.	Security Deposit	/
	Lease loan principal (tax-included)	163,500,000.00	Lease loan interest rate (tax-included)	5.311%
	Lease Commencement Date	2020-05-15	Retention price (tax-included)	100.00
	Number of Periods	Due date of rent	Current principal (tax-included)	Current interest (tax-included)	Lease commission fee (tax-included)	Current payable amount
	0	2020-5-20	 	 	1,625,844.00	1,625,844.00
	1	2020-6-20	0.00	868,348.50	 	868,348.50
	2	2020-9-20	0.00	2,219,112.83	 	2,219,112.83
	3	2020-12-20	0.00	2,194,992.04	 	2,194,992.04
	4	2021-3-20	0.00	2,170,871.25	1,625,844.00	3,796,715.25
	5	2021-6-20	0.00	2,219,112.83	 	2,219,112.83
	6	2021-9-20	0.00	2,219,112.83	 	2,219,112.83
	7	2021-12-20	0.00	2,194,992.04	 	2,194,992.04
	8	2022-3-20	0.00	2,170,871.25	1,625,844.00	3,796,715.25
	9	2022-6-20	0.00	2,219,112.83	 	2,219,112.83
	10	2022-9-20	0.00	2,219,112.83	 	2,219,112.83
	11	2022-12-20	0.00	2,194,992.04	 	2,194,992.04
	12	2023-5-15	163,500,000.00	3,521,635.58	 	167,021,635.58
	Total	163,500,000.00	26,412,266.85	4,877,532.00	194,789,798.85

 

Note: The Estimated Payment of Rent,
which is computed by regarding [May] [15], [2020] as the lease commencement date, is only for the reference. The lease commencement
date is the date when Party B pays the lease item purchase price for the first time, whether the leave items have been delivered.
Our company will make and send the Actual Payment of Rent to Party A at that time.

    50

     

    

 

Annex IV

 

Actual Payment of Rent (Format)

 

Unit: Yuan

 

	No. of Financial Lease (Direct Lease) Contract	 	No. of Estimated Payment of Rent	 
	Lessee	 	Security Deposit	 
	Lease loan principal (tax-included)	 	Lease loan interest rate (tax-included)	 
	Lease Commencement Date	 	Retention price (tax-included)	 
	Number of Periods	Due date of rent	Current principal (tax-included)	Current interest (tax-included)	Lease commission fee (tax-included)	Current payable amount
	0	 	 	 	 	 
	1	 	 	 	 	 
	2	 	 	 	 	 
	3	 	 	 	 	 
	Total	 	 	 	 

 

[No Text Below]

 

(This is the signature page of the
           Actual Payment of Rent in the number of [   ])

 

	Party A (Lessee):	(Common Seal)
	 	 
	Legal representative / authorized representative:	 
	Date:	 
	 	 

 

 

	Party B (Lessor): CSPG Financial Lease Co., Ltd.	(Common Seal)

                                                 

	Legal representative / authorized representative:	 

                                     

	Date:	 

 

    51

     

    

 

Annex V (to be signed after the end
of lease term)

 

Ownership Transfer Certificate of
Lease Items (Format)

No.: [     ]

To: [     ] (Lessee)

 

Our company hereby
confirms and makes following representations in accordance with the Financial Lease (Direct Lease) Contract in the number of [  
], together with relevant ancillary agreements:

 

By [   ] [   ], [   ],
our company ha received all the rent and other payable amounts under the Financial Lease (Direct Lease) Contract in the number
of [   ] paid by your company, and has received the retention price paid by your company, that is, RMB[ ] (¥[  
]).

 

The ownership
of all the lease items under the Financial Lease (Direct Lease) Contract in the number of [   ] shall be transferred to your company
since the date mentioned above. It is hereby certified.

 

[No Text Below]

 

    52

     

    

 

(This is the signature page of the
Ownership Transfer Certificate of Lease Items in the number of [    ])

 

	Party A (Lessee):	(Common Seal)
	 	 
	Legal representative / authorized representative:	 
	 	 
	Date:	 

 

	Party B (Lessor): CSPG Financial Lease Co., Ltd.	(Common Seal)
	 	 
	Legal representative / authorized representative:	 
	 	 
	Date:	 

 

    53

     

    

 

Annex VI

Rent Change Notice (Format)

No. [     ]

To: [   ] (Lessee)

 

Due to the [☐
adjustment of lease loan interest rate;☐  adjustment of tax rate;☐  variation of actual lease loan principal], the
amount of rent determined in the Actual Payment of Rent is changed; as per Article [ ] of the Financial Lease (Direct Lease) Contract
in the number of [ ] entered into on [ ] [ ], [ ], following adjustments are hereby made to the Actual Payment of Rent in the number
of [   ]:

 

Adjustment
date: [   ] [   ], [   ]

 

Adjusted result:
[   ]

 

According to the
computation of rent after the adjustment, your company shall pay the rent according to the adjusted Actual Payment of Rent (No.
[   ]) since [   ] [   ], [   ].

 

Unless there is
any error in computation, your company shall sign on the adjusted Actual Payment of Rent and send it to the place designated by
our company within 10 business days upon receiving this notice; otherwise your company will be deemed as admitting that such Actual
Payment of Rent sent by our company is legal and valid and your company shall perform the payment obligation for relevant amounts
according to such Actual Payment of Rent and other agreements.

 

Unless otherwise
regulated, terms in this rent adjustment notice shall contain the same meaning with those in the Financial Lease (Direct Lease)
Contract and other relevant attachments.

 

[No Text Below]

 

    54

     

    

(This is the signature page of the
Rent Change Notice in the number of [ ]

 

	Party B (Lessor): CSPG Financial Lease Co., Ltd.	(Common Seal)
	 	 
	 	 
	Legal representative / authorized representative:	 
	 	 
	 	 
	Date:	 

 

    55

     

    

 

Annex
VII

 

Lease
Termination Notice (Format)

 

[
  ] (Party A):

 

As
per the Financial Lease (Direct Lease) Contract in the number of [   ], our company determines to terminate the lease under the
Contract. Your company shall pay up the following amounts in a lump sum before [   ] [   ], [   ]:

 

	No.	Type of amount	Amount (Yuan)
	1	 	 
	2	 	 
	3	 	 

 

	No.	Type of amount	Amount (Yuan)
	1	 	 
	2	 	 
	3	 	 

 

The
total amount is RMB [ ] (in words: [ ]yuan). Please pay the amount to our company on time:

 

Account
Name:

 

Account
No.:

 

Bank
of Deposit:

 

Contact:

 

Tel.:

 

Please
note: unless there is any error in computation, your company shall sign and seal on the notice and send it to the place designated
by our company within 10 business days upon receiving this notice; otherwise your company will be deemed as admitting that such
notice sent by our company is legal and valid and your company shall perform the relevant payment obligation according to such
notice and other corresponding agreements. If your company delays to make the payment, our company may investigate the corresponding
breach liability according to the Financial Lease (Direct Lease) Contract.

 

The
Financial Lease (Direct Lease) Contract shall be terminated at the date when your company pays up the amounts mentioned above,
after which all the obligations of your company under the Financial Lease (Direct Lease) Contract shall be terminated and all
the interests in the lease items shall belong to your company.

 

It
is hereby notified.

 

 

	Lessor:
    CSPG Financial Lease Co., Ltd. (Common Seal)	Lessee:   (Common
    Seal)
	 	 
	Legal
    representative / authorized representative:	Legal
    representative / authorized representative:
	 	 
	Date:	Date:

 

 

56

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